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annyeonggg

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2021-07-05

Oh no

抱歉，原内容已删除

2021-06-29

Good company

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2021-07-11

Hodl hodl

The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易还远未结束。投资者需要知道的。</blockquote>

2021-07-03

Great

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2021-07-02

Nice one

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2021-07-14

Oh

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2021-07-12

Try harder

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2021-07-08

Wow

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2021-07-06

Great

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2021-07-15

Good

Taiwan Semiconductor Manufacturing Reports Earnings Thursday. Here’s What to Expect.<blockquote>台积电周四公布财报。这是可以期待的。</blockquote>

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on try harder&nbsp;","listText":"Come on try harder&nbsp;","text":"Come on try 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09:33","market":"us","language":"en","title":"2 Blue Chip Stocks Investors Can't Afford to Ignore<blockquote>投资者不能忽视的2只蓝筹股</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129331624","media":"Motley Fool","summary":"Investors looking for great companies should scope them out.\n\nKey Points\n\nMarkets were mixed Thursda","content":"<p>  Investors looking for great companies should scope them out.  <b>Key Points</b></p><p><blockquote>寻找伟大公司的投资者应该仔细研究它们。<b>要点</b></blockquote></p><p> <ul>  <li>Markets were mixed Thursday morning.</li>  <li>During times of stock market volatility, blue chip stocks can be great ideas.</li>  <li>These two blue chips issued solid earnings reports Thursday morning.</li> </ul> </p><p><blockquote><ul><li>周四上午市场涨跌互现。</li><li>在股市波动时期，蓝筹股可能是很好的主意。</li><li>这两只蓝筹股周四上午发布了稳健的收益报告。</li></ul></blockquote></p><p> With the stock market near all-time highs, investors are on the lookout for places to invest spare cash. Thursday morning brought a brief break to the upward momentum on Wall Street, but declines for major market benchmarks were inconsequential. As of 10:15 a.m. EDT, the&nbsp;<b>Dow Jones Industrial Average</b>&nbsp;(DJINDICES:^DJI)was down just 16 points to 34,917. The&nbsp;<b>S&amp;P 500</b>(SNPINDEX:^GSPC)gave up seven points to 4,367, while the&nbsp;<b>Nasdaq Composite</b>&nbsp;(NASDAQINDEX:^IXIC)fell just a single point to 14,644.</p><p><blockquote>随着股市接近历史高点，投资者正在寻找投资闲钱的地方。周四上午，华尔街的上涨势头短暂中断，但主要市场基准的下跌无关紧要。截至美国东部时间上午10:15，<b>道琼斯工业平均指数</b>(DJINDICES：^DJI)仅下跌16点，至34,917点。The<b>标普500</b>(SNPINDEX：^GSPC)下跌7点至4,367点，而<b>纳斯达克复合材料</b>（纳斯达克指数：^IXIC）仅下跌一个点，至14,644点。</blockquote></p><p> In good times and bad,blue chip stocksoffer a level of stability and security that fit many investors' risk profiles. This morning,&nbsp;<b>UnitedHealth Group</b>(NYSE:UNH)&nbsp;and&nbsp;<b>Taiwan Semiconductor Manufacturing</b>&nbsp;(NYSE:TSM)&nbsp;weighed in with their latest financial reports, and even though their share prices were mixed, both companies have high-quality businesses with plenty of prospects for growth. Below, we'll look more closely at what each company said and how they see the future playing out.</p><p><blockquote>无论顺境还是逆境，蓝筹股都提供一定程度的稳定性和安全性，适合许多投资者的风险状况。今天早上，<b>联合健康集团</b>（纽约证券交易所代码：UNH）和<b>台积电</b>（纽约证券交易所股票代码：TSM）发布了最新的财务报告，尽管股价涨跌互现，但两家公司都拥有高质量的业务，具有广阔的增长前景。下面，我们将更仔细地看看每家公司的言论以及他们对未来的看法。</blockquote></p><p> <b>A healthy health insurer</b></p><p><blockquote><b>健康的健康保险公司</b></blockquote></p><p> Health insurance giant UnitedHealth saw its stock ease lower by about half a percent at mid-morning after having been up during the premarket trading session Thursday. The company's second-quarter financial results showed just how resilient the healthcare industry has been even under highly challenging conditions.</p><p><blockquote>健康保险巨头联合健康(UnitedHealth)的股价在周四盘前交易时段上涨后，在上午中旬下跌了约0.5%。该公司第二季度的财务业绩显示了医疗保健行业即使在极具挑战性的条件下也具有多么大的弹性。</blockquote></p><p> UnitedHealth got good results throughout its business. Overall sales grew 15% year over year, with roughly equal top-line gains for the UnitedHealthcare insurance division and the Optum health services business segment. Adjusted earnings of $4.70 per share topped expectations, and the company increased its outlook for the rest of 2021.</p><p><blockquote>联合健康在整个业务中取得了良好的业绩。整体销售额同比增长15%，UnitedHealthcare保险部门和Optum health services业务部门的营收增幅大致相同。调整后每股收益为4.70美元，超出预期，该公司上调了2021年剩余时间的预期。</blockquote></p><p> Nevertheless, UnitedHealth's profits were down substantially from year-ago levels. That's largely because lockdowns during the second quarter of 2020 led to the near-elimination of routine doctor visits and non-essential medical procedures, and that in turn led to a huge decrease in healthcare claims activity during the year-ago period. Investors should expect future earnings to remain closer to current levels, as that one-time spike is highly unlikely to recur.</p><p><blockquote>尽管如此，联合健康的利润较去年同期大幅下降。这主要是因为2020年第二季度的封锁导致常规医生就诊和非必要的医疗程序几乎取消，这反过来又导致去年同期医疗索赔活动大幅减少。投资者应该预计未来的收益将保持接近当前水平，因为这种一次性飙升不太可能再次发生。</blockquote></p><p> Investors see UnitedHealth's prospects remaining strongfor the foreseeable future. With such a strong track record of handling the ever-shifting healthcare industry in the U.S., UnitedHealth has proven its ability to roll with the punches and maintain steady growth.</p><p><blockquote>投资者认为，在可预见的未来，联合健康的前景依然强劲。凭借在应对美国不断变化的医疗保健行业方面的良好记录，UnitedHealth已经证明了其应对挑战并保持稳定增长的能力。</blockquote></p><p> <b>Chip shortages help Taiwan Semi</b></p><p><blockquote><b>芯片短缺帮助台积电</b></blockquote></p><p> Elsewhere, Taiwan Semiconductor Manufacturing saw its stock drop 5%. The decline in the stock didn't seem consistent with the strong results the foundry had during the second quarter.</p><p><blockquote>其他方面，台积电股价下跌5%。该股的下跌似乎与该代工厂第二季度的强劲业绩并不一致。</blockquote></p><p> Taiwan Semi saw revenue jump nearly 20% year over year, which in part stemmed from the ongoing shortage of semiconductor chips that has affected so many industries across the stock market. Companies in the high-performance computing, mobile device, and automotive industriesall rely on Taiwan Semifor its top-of-the-line 5-nanometer and 7-nanometer chip technology, and many of those companies have had to cut production and prioritize their needs because of their inability to get sufficient volumes of semiconductors.</p><p><blockquote>台积电的收入同比增长近20%，部分原因是半导体芯片持续短缺，影响了股市的许多行业。高性能计算、移动设备和汽车行业的公司都依赖台积电的顶级5纳米和7纳米芯片技术，其中许多公司不得不削减产量并优先考虑他们的需求，因为他们无法获得足够数量的半导体。</blockquote></p><p> However, what might have prompted the decline in the stock were comments from Taiwan Semi's CEO. C.C. Wei believes the company will continue to boost deliveries to customers in need, particularly in the auto industry. Because the semiconductor business is cyclical, investors are used to big swings between shortages and supply gluts, and any sign of such a reversal often comes with a hit to the share price.</p><p><blockquote>然而，导致该股下跌的可能是台积电首席执行官的言论。C.C.魏相信，该公司将继续增加对有需要的客户的交付，特别是在汽车行业。由于半导体业务具有周期性，投资者习惯于短缺和供应过剩之间的大幅波动，任何此类逆转的迹象往往都会对股价造成打击。</blockquote></p><p> Taiwan Semi shares had already doubledin just over a year's time, so a slight pullback isn't unwarranted. Nevertheless, the stock drop is a good reminder that even top companies can be vulnerable to cyclical swings in their businesses.</p><p><blockquote>台积电股价在一年多的时间里已经翻了一番，因此小幅回调并非没有道理。尽管如此，股价下跌很好地提醒人们，即使是顶级公司也可能容易受到业务周期性波动的影响。</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>2 Blue Chip Stocks Investors Can't Afford to Ignore<blockquote>投资者不能忽视的2只蓝筹股</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\">\n2 Blue Chip Stocks Investors Can't Afford to Ignore<blockquote>投资者不能忽视的2只蓝筹股</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-07-16 09:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  Investors looking for great companies should scope them out.  <b>Key Points</b></p><p><blockquote>寻找伟大公司的投资者应该仔细研究它们。<b>要点</b></blockquote></p><p> <ul>  <li>Markets were mixed Thursday morning.</li>  <li>During times of stock market volatility, blue chip stocks can be great ideas.</li>  <li>These two blue chips issued solid earnings reports Thursday morning.</li> </ul> </p><p><blockquote><ul><li>周四上午市场涨跌互现。</li><li>在股市波动时期，蓝筹股可能是很好的主意。</li><li>这两只蓝筹股周四上午发布了稳健的收益报告。</li></ul></blockquote></p><p> With the stock market near all-time highs, investors are on the lookout for places to invest spare cash. Thursday morning brought a brief break to the upward momentum on Wall Street, but declines for major market benchmarks were inconsequential. As of 10:15 a.m. EDT, the&nbsp;<b>Dow Jones Industrial Average</b>&nbsp;(DJINDICES:^DJI)was down just 16 points to 34,917. The&nbsp;<b>S&amp;P 500</b>(SNPINDEX:^GSPC)gave up seven points to 4,367, while the&nbsp;<b>Nasdaq Composite</b>&nbsp;(NASDAQINDEX:^IXIC)fell just a single point to 14,644.</p><p><blockquote>随着股市接近历史高点，投资者正在寻找投资闲钱的地方。周四上午，华尔街的上涨势头短暂中断，但主要市场基准的下跌无关紧要。截至美国东部时间上午10:15，<b>道琼斯工业平均指数</b>(DJINDICES：^DJI)仅下跌16点，至34,917点。The<b>标普500</b>(SNPINDEX：^GSPC)下跌7点至4,367点，而<b>纳斯达克复合材料</b>（纳斯达克指数：^IXIC）仅下跌一个点，至14,644点。</blockquote></p><p> In good times and bad,blue chip stocksoffer a level of stability and security that fit many investors' risk profiles. This morning,&nbsp;<b>UnitedHealth Group</b>(NYSE:UNH)&nbsp;and&nbsp;<b>Taiwan Semiconductor Manufacturing</b>&nbsp;(NYSE:TSM)&nbsp;weighed in with their latest financial reports, and even though their share prices were mixed, both companies have high-quality businesses with plenty of prospects for growth. Below, we'll look more closely at what each company said and how they see the future playing out.</p><p><blockquote>无论顺境还是逆境，蓝筹股都提供一定程度的稳定性和安全性，适合许多投资者的风险状况。今天早上，<b>联合健康集团</b>（纽约证券交易所代码：UNH）和<b>台积电</b>（纽约证券交易所股票代码：TSM）发布了最新的财务报告，尽管股价涨跌互现，但两家公司都拥有高质量的业务，具有广阔的增长前景。下面，我们将更仔细地看看每家公司的言论以及他们对未来的看法。</blockquote></p><p> <b>A healthy health insurer</b></p><p><blockquote><b>健康的健康保险公司</b></blockquote></p><p> Health insurance giant UnitedHealth saw its stock ease lower by about half a percent at mid-morning after having been up during the premarket trading session Thursday. The company's second-quarter financial results showed just how resilient the healthcare industry has been even under highly challenging conditions.</p><p><blockquote>健康保险巨头联合健康(UnitedHealth)的股价在周四盘前交易时段上涨后，在上午中旬下跌了约0.5%。该公司第二季度的财务业绩显示了医疗保健行业即使在极具挑战性的条件下也具有多么大的弹性。</blockquote></p><p> UnitedHealth got good results throughout its business. Overall sales grew 15% year over year, with roughly equal top-line gains for the UnitedHealthcare insurance division and the Optum health services business segment. Adjusted earnings of $4.70 per share topped expectations, and the company increased its outlook for the rest of 2021.</p><p><blockquote>联合健康在整个业务中取得了良好的业绩。整体销售额同比增长15%，UnitedHealthcare保险部门和Optum health services业务部门的营收增幅大致相同。调整后每股收益为4.70美元，超出预期，该公司上调了2021年剩余时间的预期。</blockquote></p><p> Nevertheless, UnitedHealth's profits were down substantially from year-ago levels. That's largely because lockdowns during the second quarter of 2020 led to the near-elimination of routine doctor visits and non-essential medical procedures, and that in turn led to a huge decrease in healthcare claims activity during the year-ago period. Investors should expect future earnings to remain closer to current levels, as that one-time spike is highly unlikely to recur.</p><p><blockquote>尽管如此，联合健康的利润较去年同期大幅下降。这主要是因为2020年第二季度的封锁导致常规医生就诊和非必要的医疗程序几乎取消，这反过来又导致去年同期医疗索赔活动大幅减少。投资者应该预计未来的收益将保持接近当前水平，因为这种一次性飙升不太可能再次发生。</blockquote></p><p> Investors see UnitedHealth's prospects remaining strongfor the foreseeable future. With such a strong track record of handling the ever-shifting healthcare industry in the U.S., UnitedHealth has proven its ability to roll with the punches and maintain steady growth.</p><p><blockquote>投资者认为，在可预见的未来，联合健康的前景依然强劲。凭借在应对美国不断变化的医疗保健行业方面的良好记录，UnitedHealth已经证明了其应对挑战并保持稳定增长的能力。</blockquote></p><p> <b>Chip shortages help Taiwan Semi</b></p><p><blockquote><b>芯片短缺帮助台积电</b></blockquote></p><p> Elsewhere, Taiwan Semiconductor Manufacturing saw its stock drop 5%. The decline in the stock didn't seem consistent with the strong results the foundry had during the second quarter.</p><p><blockquote>其他方面，台积电股价下跌5%。该股的下跌似乎与该代工厂第二季度的强劲业绩并不一致。</blockquote></p><p> Taiwan Semi saw revenue jump nearly 20% year over year, which in part stemmed from the ongoing shortage of semiconductor chips that has affected so many industries across the stock market. Companies in the high-performance computing, mobile device, and automotive industriesall rely on Taiwan Semifor its top-of-the-line 5-nanometer and 7-nanometer chip technology, and many of those companies have had to cut production and prioritize their needs because of their inability to get sufficient volumes of semiconductors.</p><p><blockquote>台积电的收入同比增长近20%，部分原因是半导体芯片持续短缺，影响了股市的许多行业。高性能计算、移动设备和汽车行业的公司都依赖台积电的顶级5纳米和7纳米芯片技术，其中许多公司不得不削减产量并优先考虑他们的需求，因为他们无法获得足够数量的半导体。</blockquote></p><p> However, what might have prompted the decline in the stock were comments from Taiwan Semi's CEO. C.C. Wei believes the company will continue to boost deliveries to customers in need, particularly in the auto industry. Because the semiconductor business is cyclical, investors are used to big swings between shortages and supply gluts, and any sign of such a reversal often comes with a hit to the share price.</p><p><blockquote>然而，导致该股下跌的可能是台积电首席执行官的言论。C.C.魏相信，该公司将继续增加对有需要的客户的交付，特别是在汽车行业。由于半导体业务具有周期性，投资者习惯于短缺和供应过剩之间的大幅波动，任何此类逆转的迹象往往都会对股价造成打击。</blockquote></p><p> Taiwan Semi shares had already doubledin just over a year's time, so a slight pullback isn't unwarranted. Nevertheless, the stock drop is a good reminder that even top companies can be vulnerable to cyclical swings in their businesses.</p><p><blockquote>台积电股价在一年多的时间里已经翻了一番，因此小幅回调并非没有道理。尽管如此，股价下跌很好地提醒人们，即使是顶级公司也可能容易受到业务周期性波动的影响。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/07/15/2-blue-chip-stocks-investors-cant-afford-to-ignore/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSM":"台积电","UNH":"联合健康"},"source_url":"https://www.fool.com/investing/2021/07/15/2-blue-chip-stocks-investors-cant-afford-to-ignore/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129331624","content_text":"Investors looking for great companies should scope them out.\n\nKey Points\n\nMarkets were mixed Thursday morning.\nDuring times of stock market volatility, blue chip stocks can be great ideas.\nThese two blue chips issued solid earnings reports Thursday morning.\n\n\nWith the stock market near all-time highs, investors are on the lookout for places to invest spare cash. Thursday morning brought a brief break to the upward momentum on Wall Street, but declines for major market benchmarks were inconsequential. As of 10:15 a.m. EDT, the Dow Jones Industrial Average (DJINDICES:^DJI)was down just 16 points to 34,917. The S&P 500(SNPINDEX:^GSPC)gave up seven points to 4,367, while the Nasdaq Composite (NASDAQINDEX:^IXIC)fell just a single point to 14,644.\nIn good times and bad,blue chip stocksoffer a level of stability and security that fit many investors' risk profiles. This morning, UnitedHealth Group(NYSE:UNH) and Taiwan Semiconductor Manufacturing (NYSE:TSM) weighed in with their latest financial reports, and even though their share prices were mixed, both companies have high-quality businesses with plenty of prospects for growth. Below, we'll look more closely at what each company said and how they see the future playing out.\nA healthy health insurer\nHealth insurance giant UnitedHealth saw its stock ease lower by about half a percent at mid-morning after having been up during the premarket trading session Thursday. The company's second-quarter financial results showed just how resilient the healthcare industry has been even under highly challenging conditions.\nUnitedHealth got good results throughout its business. Overall sales grew 15% year over year, with roughly equal top-line gains for the UnitedHealthcare insurance division and the Optum health services business segment. Adjusted earnings of $4.70 per share topped expectations, and the company increased its outlook for the rest of 2021.\nNevertheless, UnitedHealth's profits were down substantially from year-ago levels. That's largely because lockdowns during the second quarter of 2020 led to the near-elimination of routine doctor visits and non-essential medical procedures, and that in turn led to a huge decrease in healthcare claims activity during the year-ago period. Investors should expect future earnings to remain closer to current levels, as that one-time spike is highly unlikely to recur.\nInvestors see UnitedHealth's prospects remaining strongfor the foreseeable future. With such a strong track record of handling the ever-shifting healthcare industry in the U.S., UnitedHealth has proven its ability to roll with the punches and maintain steady growth.\nChip shortages help Taiwan Semi\nElsewhere, Taiwan Semiconductor Manufacturing saw its stock drop 5%. The decline in the stock didn't seem consistent with the strong results the foundry had during the second quarter.\nTaiwan Semi saw revenue jump nearly 20% year over year, which in part stemmed from the ongoing shortage of semiconductor chips that has affected so many industries across the stock market. Companies in the high-performance computing, mobile device, and automotive industriesall rely on Taiwan Semifor its top-of-the-line 5-nanometer and 7-nanometer chip technology, and many of those companies have had to cut production and prioritize their needs because of their inability to get sufficient volumes of semiconductors.\nHowever, what might have prompted the decline in the stock were comments from Taiwan Semi's CEO. C.C. Wei believes the company will continue to boost deliveries to customers in need, particularly in the auto industry. Because the semiconductor business is cyclical, investors are used to big swings between shortages and supply gluts, and any sign of such a reversal often comes with a hit to the share price.\nTaiwan Semi shares had already doubledin just over a year's time, so a slight pullback isn't unwarranted. Nevertheless, the stock drop is a good reminder that even top companies can be vulnerable to cyclical swings in their businesses.","news_type":1,"symbols_score_info":{"TSM":0.9,"UNH":0.9}},"isVote":1,"tweetType":1,"viewCount":3209,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147061242,"gmtCreate":1626320596786,"gmtModify":1631890225645,"author":{"id":"3582883940430405","authorId":"3582883940430405","name":"annyeonggg","avatar":"https://static.tigerbbs.com/4a24793800dbc5c64a06fb4d43641145","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582883940430405","authorIdStr":"3582883940430405"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/147061242","repostId":"1138248041","repostType":4,"repost":{"id":"1138248041","kind":"news","pubTimestamp":1626319474,"share":"https://www.laohu8.com/m/news/1138248041?lang=zh_CN&edition=full","pubTime":"2021-07-15 11:24","market":"us","language":"en","title":"Taiwan Semiconductor Manufacturing Reports Earnings Thursday. Here’s What to Expect.<blockquote>台积电周四公布财报。这是可以期待的。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138248041","media":"Barron's","summary":"With any luck, investors will get some fresh insight about the global chip shortage Thursday when Ta","content":"<p>With any luck, investors will get some fresh insight about the global chip shortage Thursday when Taiwan Semiconductor Manufacturing reports earnings—and about whether the company is still on track to pour billions into meeting demand.</p><p><blockquote>如果幸运的话，当台积电周四公布财报时，投资者将对全球芯片短缺有一些新的了解，以及该公司是否仍有望投入数十亿美元来满足需求。</blockquote></p><p> But if the chip maker’s executives stick with their tradition of being tight-lipped, investors might not get much more than the numbers for insight.</p><p><blockquote>但如果这家芯片制造商的高管坚持守口如瓶的传统，投资者可能不会得到比数据更多的洞察力。</blockquote></p><p> Wall Street has high expectations for Taiwan Semi (ticker: TSM), which is set to release second-quarter results before the opening bell.</p><p><blockquote>华尔街对台积电（股票代码：TSM）寄予厚望，该公司将在开盘前发布第二季度业绩。</blockquote></p><p> The consensus calls for earnings to grow nearly 13% to NT$5.24 a share on revenue of NT$371.7 billion ($13.3 billion), an increase of 19% compared to the year-ago period. Revenue is all but a lock because Taiwan Semi discloses its monthly figure every month—that sum is about NT$372 billion.</p><p><blockquote>普遍评级是盈利将增长近13%，达到每股新台币5.24元，营收为新台币3,717亿元（133亿美元），比去年同期增长19%。收入几乎是锁定的，因为台积电每个月都会披露其月度数据——总额约为3720亿新台币。</blockquote></p><p> Earlier this year, Taiwan Semi executives increased the company’s 2021 capital spending plan to $30 billion, from an expected $25 billion to $28 billion—and put the three-year figure at $100 billion.</p><p><blockquote>今年早些时候，台积电高管将公司2021年资本支出计划从预期的250亿美元增加到280亿美元，并将三年数字定为1000亿美元。</blockquote></p><p> The company will divert most of the capital spending cash to building manufacturing capacity for its most advanced processors used by Advanced Micro Devices (AMD), Apple (AAPL), and Intel (INTC).</p><p><blockquote>该公司将把大部分资本支出现金用于建设超微设备(AMD)、苹果(AAPL)和英特尔(INTC)使用的最先进处理器的制造能力。</blockquote></p><p> J.P. Morgan analyst Gokul Hariharan expects Apple to contribute a hefty amount to Taiwan Semi’s sales since Apple’s new iPhone and Mac processors are manufactured by Taiwan chip giant. The analyst didn’t offer an dollar estimate, though.</p><p><blockquote>摩根大通分析师Gokul Hariharan预计，由于苹果的新款iPhone和Mac处理器是由台湾芯片巨头制造的，苹果将为台积电的销售做出巨大贡献。不过，该分析师没有提供美元预估。</blockquote></p><p> Bernstein analyst Mark Li sees a risk for Taiwan Semi in the possible slowing of demand for smartphone and cryptocurrency mining chips. He softened his assessment, however, by pointing out that the company’s older processing manufacturing capacity would be full, and that Apple could be expected to make a big contribution to third-quarter revenue. Li predicts Taiwan Semi may grow revenue about 15% in 2022.</p><p><blockquote>Bernstein分析师Mark Li认为，台积电面临的风险是智能手机和加密货币挖矿芯片的需求可能放缓。不过，他软化了自己的评估，指出该公司较旧的加工制造能力将已满，预计苹果将为第三季度收入做出巨大贡献。Li预测台积电2022年收入可能增长15%左右。</blockquote></p><p> If Taiwan Semi executives do talk about the future, they could touch on the company’s new 3-nanometer production technology. Intel and Apple may be the first two companies to adopt the technology, according to Nikkei Asia, a financial news website. Mass production is set to begin in 2022, with Intel taking more chip volume than Apple, the report said.</p><p><blockquote>如果台积电高管确实谈论未来，他们可能会谈到该公司新的3纳米生产技术。据财经新闻网站日经亚洲报道，英特尔和苹果可能是最先采用该技术的两家公司。报道称，大规模生产将于2022年开始，英特尔的芯片产量将超过苹果。</blockquote></p><p> New Street Research analyst Pierre Ferragu writes that Intel’s decision to outsource production to Taiwan Semi “remains more tactical than strategic.” Given the report in Nikkei, Intel appears to be adopting the production technology ahead of AMD, Ferragu said.</p><p><blockquote>New Street Research分析师Pierre Ferragu写道，英特尔将生产外包给台积电的决定“仍然是战术性的，而不是战略性的”。Ferragu表示，鉴于《日经新闻》的报道，英特尔似乎在AMD之前采用了该生产技术。</blockquote></p><p> Of the analysts that cover Taiwan Semi, 34 rate the stock a Buy, and three have Hold ratings. There are no Sell ratings. The average target price for American depositary receipts is $146.18, which implies upside of about 17%.</p><p><blockquote>在研究台积电的分析师中，34名分析师给予该股买入评级，3名分析师给予持有评级。没有卖出评级。美国存托凭证的平均目标价为146.18美元，意味着约17%的上涨空间。</blockquote></p><p> Taiwan Semi shares advanced roughly 90% this year, as the PHLX Semiconductor index, or Sox, gained about 63%.</p><p><blockquote>台积电股价今年上涨了约90%，PHLX半导体指数(Sox)上涨了约63%。</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Taiwan Semiconductor Manufacturing Reports Earnings Thursday. Here’s What to Expect.<blockquote>台积电周四公布财报。这是可以期待的。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTaiwan Semiconductor Manufacturing Reports Earnings Thursday. Here’s What to Expect.<blockquote>台积电周四公布财报。这是可以期待的。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-07-15 11:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>With any luck, investors will get some fresh insight about the global chip shortage Thursday when Taiwan Semiconductor Manufacturing reports earnings—and about whether the company is still on track to pour billions into meeting demand.</p><p><blockquote>如果幸运的话，当台积电周四公布财报时，投资者将对全球芯片短缺有一些新的了解，以及该公司是否仍有望投入数十亿美元来满足需求。</blockquote></p><p> But if the chip maker’s executives stick with their tradition of being tight-lipped, investors might not get much more than the numbers for insight.</p><p><blockquote>但如果这家芯片制造商的高管坚持守口如瓶的传统，投资者可能不会得到比数据更多的洞察力。</blockquote></p><p> Wall Street has high expectations for Taiwan Semi (ticker: TSM), which is set to release second-quarter results before the opening bell.</p><p><blockquote>华尔街对台积电（股票代码：TSM）寄予厚望，该公司将在开盘前发布第二季度业绩。</blockquote></p><p> The consensus calls for earnings to grow nearly 13% to NT$5.24 a share on revenue of NT$371.7 billion ($13.3 billion), an increase of 19% compared to the year-ago period. Revenue is all but a lock because Taiwan Semi discloses its monthly figure every month—that sum is about NT$372 billion.</p><p><blockquote>普遍评级是盈利将增长近13%，达到每股新台币5.24元，营收为新台币3,717亿元（133亿美元），比去年同期增长19%。收入几乎是锁定的，因为台积电每个月都会披露其月度数据——总额约为3720亿新台币。</blockquote></p><p> Earlier this year, Taiwan Semi executives increased the company’s 2021 capital spending plan to $30 billion, from an expected $25 billion to $28 billion—and put the three-year figure at $100 billion.</p><p><blockquote>今年早些时候，台积电高管将公司2021年资本支出计划从预期的250亿美元增加到280亿美元，并将三年数字定为1000亿美元。</blockquote></p><p> The company will divert most of the capital spending cash to building manufacturing capacity for its most advanced processors used by Advanced Micro Devices (AMD), Apple (AAPL), and Intel (INTC).</p><p><blockquote>该公司将把大部分资本支出现金用于建设超微设备(AMD)、苹果(AAPL)和英特尔(INTC)使用的最先进处理器的制造能力。</blockquote></p><p> J.P. Morgan analyst Gokul Hariharan expects Apple to contribute a hefty amount to Taiwan Semi’s sales since Apple’s new iPhone and Mac processors are manufactured by Taiwan chip giant. The analyst didn’t offer an dollar estimate, though.</p><p><blockquote>摩根大通分析师Gokul Hariharan预计，由于苹果的新款iPhone和Mac处理器是由台湾芯片巨头制造的，苹果将为台积电的销售做出巨大贡献。不过，该分析师没有提供美元预估。</blockquote></p><p> Bernstein analyst Mark Li sees a risk for Taiwan Semi in the possible slowing of demand for smartphone and cryptocurrency mining chips. He softened his assessment, however, by pointing out that the company’s older processing manufacturing capacity would be full, and that Apple could be expected to make a big contribution to third-quarter revenue. Li predicts Taiwan Semi may grow revenue about 15% in 2022.</p><p><blockquote>Bernstein分析师Mark Li认为，台积电面临的风险是智能手机和加密货币挖矿芯片的需求可能放缓。不过，他软化了自己的评估，指出该公司较旧的加工制造能力将已满，预计苹果将为第三季度收入做出巨大贡献。Li预测台积电2022年收入可能增长15%左右。</blockquote></p><p> If Taiwan Semi executives do talk about the future, they could touch on the company’s new 3-nanometer production technology. Intel and Apple may be the first two companies to adopt the technology, according to Nikkei Asia, a financial news website. Mass production is set to begin in 2022, with Intel taking more chip volume than Apple, the report said.</p><p><blockquote>如果台积电高管确实谈论未来，他们可能会谈到该公司新的3纳米生产技术。据财经新闻网站日经亚洲报道，英特尔和苹果可能是最先采用该技术的两家公司。报道称，大规模生产将于2022年开始，英特尔的芯片产量将超过苹果。</blockquote></p><p> New Street Research analyst Pierre Ferragu writes that Intel’s decision to outsource production to Taiwan Semi “remains more tactical than strategic.” Given the report in Nikkei, Intel appears to be adopting the production technology ahead of AMD, Ferragu said.</p><p><blockquote>New Street Research分析师Pierre Ferragu写道，英特尔将生产外包给台积电的决定“仍然是战术性的，而不是战略性的”。Ferragu表示，鉴于《日经新闻》的报道，英特尔似乎在AMD之前采用了该生产技术。</blockquote></p><p> Of the analysts that cover Taiwan Semi, 34 rate the stock a Buy, and three have Hold ratings. There are no Sell ratings. The average target price for American depositary receipts is $146.18, which implies upside of about 17%.</p><p><blockquote>在研究台积电的分析师中，34名分析师给予该股买入评级，3名分析师给予持有评级。没有卖出评级。美国存托凭证的平均目标价为146.18美元，意味着约17%的上涨空间。</blockquote></p><p> Taiwan Semi shares advanced roughly 90% this year, as the PHLX Semiconductor index, or Sox, gained about 63%.</p><p><blockquote>台积电股价今年上涨了约90%，PHLX半导体指数(Sox)上涨了约63%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/taiwan-semiconductor-manufacturing-earnings-51626299252?mod=hp_LATEST\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSM":"台积电"},"source_url":"https://www.barrons.com/articles/taiwan-semiconductor-manufacturing-earnings-51626299252?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138248041","content_text":"With any luck, investors will get some fresh insight about the global chip shortage Thursday when Taiwan Semiconductor Manufacturing reports earnings—and about whether the company is still on track to pour billions into meeting demand.\nBut if the chip maker’s executives stick with their tradition of being tight-lipped, investors might not get much more than the numbers for insight.\nWall Street has high expectations for Taiwan Semi (ticker: TSM), which is set to release second-quarter results before the opening bell.\nThe consensus calls for earnings to grow nearly 13% to NT$5.24 a share on revenue of NT$371.7 billion ($13.3 billion), an increase of 19% compared to the year-ago period. Revenue is all but a lock because Taiwan Semi discloses its monthly figure every month—that sum is about NT$372 billion.\nEarlier this year, Taiwan Semi executives increased the company’s 2021 capital spending plan to $30 billion, from an expected $25 billion to $28 billion—and put the three-year figure at $100 billion.\nThe company will divert most of the capital spending cash to building manufacturing capacity for its most advanced processors used by Advanced Micro Devices (AMD), Apple (AAPL), and Intel (INTC).\nJ.P. Morgan analyst Gokul Hariharan expects Apple to contribute a hefty amount to Taiwan Semi’s sales since Apple’s new iPhone and Mac processors are manufactured by Taiwan chip giant. The analyst didn’t offer an dollar estimate, though.\nBernstein analyst Mark Li sees a risk for Taiwan Semi in the possible slowing of demand for smartphone and cryptocurrency mining chips. He softened his assessment, however, by pointing out that the company’s older processing manufacturing capacity would be full, and that Apple could be expected to make a big contribution to third-quarter revenue. Li predicts Taiwan Semi may grow revenue about 15% in 2022.\nIf Taiwan Semi executives do talk about the future, they could touch on the company’s new 3-nanometer production technology. Intel and Apple may be the first two companies to adopt the technology, according to Nikkei Asia, a financial news website. Mass production is set to begin in 2022, with Intel taking more chip volume than Apple, the report said.\nNew Street Research analyst Pierre Ferragu writes that Intel’s decision to outsource production to Taiwan Semi “remains more tactical than strategic.” Given the report in Nikkei, Intel appears to be adopting the production technology ahead of AMD, Ferragu said.\nOf the analysts that cover Taiwan Semi, 34 rate the stock a Buy, and three have Hold ratings. There are no Sell ratings. The average target price for American depositary receipts is $146.18, which implies upside of about 17%.\nTaiwan Semi shares advanced roughly 90% this year, as the PHLX Semiconductor index, or Sox, gained about 63%.","news_type":1,"symbols_score_info":{"TSM":0.9}},"isVote":1,"tweetType":1,"viewCount":1377,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145533921,"gmtCreate":1626229011863,"gmtModify":1631890225646,"author":{"id":"3582883940430405","authorId":"3582883940430405","name":"annyeonggg","avatar":"https://static.tigerbbs.com/4a24793800dbc5c64a06fb4d43641145","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582883940430405","authorIdStr":"3582883940430405"},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/145533921","repostId":"2151560584","repostType":4,"isVote":1,"tweetType":1,"viewCount":2658,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142899719,"gmtCreate":1626139663831,"gmtModify":1631890225650,"author":{"id":"3582883940430405","authorId":"3582883940430405","name":"annyeonggg","avatar":"https://static.tigerbbs.com/4a24793800dbc5c64a06fb4d43641145","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582883940430405","authorIdStr":"3582883940430405"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/142899719","repostId":"1131092552","repostType":4,"repost":{"id":"1131092552","kind":"news","pubTimestamp":1626138797,"share":"https://www.laohu8.com/m/news/1131092552?lang=zh_CN&edition=full","pubTime":"2021-07-13 09:13","market":"us","language":"en","title":"Super Mario 64 Video Game Sells for $1.56 Million<blockquote>《超级马里奥64》电子游戏售价156万美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1131092552","media":"newyork times","summary":"The sale, to an anonymous bidder, set a record just two days after a copy of The Legend of Zelda sol","content":"<p>  The sale, to an anonymous bidder, set a record just two days after a copy of The Legend of Zelda sold for $870,000, according to Heritage Auctions.  An anonymous buyer has paid $1.56 million for a 25-year-old copy of Super Mario 64 in its original packaging, a record price for a video game, according to the auction house that sold it.</p><p><blockquote>据Heritage Auctions称，就在一本《塞尔达传说》以87万美元的价格售出两天后，这场拍卖给了一位匿名竞标者，创下了纪录。据出售该游戏的拍卖行称，一位匿名买家以156万美元的价格购买了一本已有25年历史的原始包装《超级马里奥64》，这是视频游戏的创纪录价格。</blockquote></p><p> Heritage Auctions said that it received 16 bids leading up to and during the live auction on Sunday for the mainly pristine condition 3-D Super Mario game, which sold for about $60 when it was released in 1996 and was the best-selling game for the Nintendo 64 console.</p><p><blockquote>Heritage Auctions表示，在周日的现场拍卖之前和期间，它收到了16个出价，拍卖主要是原始状态的3D超级马里奥游戏，该游戏在1996年发布时售价约为60美元，是任天堂64游戏机最畅销的游戏。</blockquote></p><p> The top bid was $1.3 million, according to Heritage Auctions, which added a buyer’s premium of 20 percent to the gavel price to bring the total to $1.56 million.</p><p><blockquote>根据Heritage Auctions的数据，最高出价为130万美元，在拍卖价格的基础上增加了20%的买家溢价，使总出价达到156万美元。</blockquote></p><p> The price sent shock waves through gaming and collecting circles, even aftera recent uptick in five- and six-figure salesof rare video games to investment-minded buyers. The sale was announced just two days after Heritage Auctions said that an early production copy of The Legend of Zelda from 1987 had sold for $870,000.</p><p><blockquote>尽管最近向具有投资意识的买家出售的稀有视频游戏达到了五位数和六位数，但这一价格还是在游戏和收藏界引起了冲击波。就在两天前，Heritage Auctions表示，1987年《塞尔达传说》的早期制作副本以87万美元的价格售出。</blockquote></p><p> Valarie McLeckie, the consignment director for video games at Heritage Auctions, said in an interview on Monday that she was astounded by the outcome of the Mario 64 auction.</p><p><blockquote>Heritage Auctions视频游戏寄售总监Valarie McLeckie在周一接受采访时表示，她对《马里奥64》拍卖的结果感到震惊。</blockquote></p><p> “I was blindsided, to be quite honest with you,” she said. “Never in my wildest dreams did I expect the price that was realized would become a reality.”</p><p><blockquote>“老实说，我措手不及，”她说。“我做梦也没想到，实现的代价会变成现实。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7d7105186c23b4b61192148846dc21ac\" tg-width=\"589\" tg-height=\"544\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The game, which was part of a private collection, is sealed inside a clear plastic case resembling the anti-theft boxes used by retail stores. It includes a certification from Wata Games, an authentication company, attesting to its “like new” and factory-sealed condition, in its original shrink-wrapping.</p><p><blockquote>这款游戏是私人收藏的一部分，被密封在一个透明的塑料盒里，类似于零售店使用的防盗盒。它包括认证公司Wata Games的认证，证明其原始收缩包装中的“像新的一样”和工厂密封状态。</blockquote></p><p> Ms. McLeckie said that video game characters often evoke a sense of nostalgia, particularly Mario, who, with his brother, Luigi, first appeared on the screens of Nintendo players in 1985 inSuper Mario Bros.</p><p><blockquote>麦克莱基女士说，电子游戏角色经常唤起人们的怀旧感，尤其是马里奥，他和他的兄弟路易吉在1985年的《马里奥兄弟》中首次出现在任天堂玩家的屏幕上。</blockquote></p><p> In the original game, Mario must save the peace-loving Mushroom People from the Koopa, a tribe of turtles known for their black magic. The game spawned an enduring theme song and multiple variations, including Super Mario 64, in which Mario faces an array of obstacles and adversaries as he tries to rescue the kidnapped Princess Peach from the villain Bowser.</p><p><blockquote>在最初的游戏中，马里奥必须从库帕人手中拯救热爱和平的蘑菇人，库帕人是一个以黑魔法闻名的海龟部落。这款游戏催生了一首经久不衰的主题曲和多种变体，包括《超级马里奥64》，其中马里奥在试图从反派布瑟手中救出被绑架的桃子公主时面临着一系列障碍和对手。</blockquote></p><p> “He’s like the Mickey Mouse of video games,” Ms. McLeckie said of Mario. “He’s just so recognizable and really resonates with a wide audience of people.”</p><p><blockquote>“他就像电子游戏中的米老鼠，”麦克莱基女士谈到马里奥时说。“他的辨识度很高，确实能引起广大观众的共鸣。”</blockquote></p><p> Chris Kohler, a video game historian and the editorial director of Digital Eclipse, a video game studio that makes collections of classic games, said in an interview on Monday that he would have expected an older video game to contend for the sales record. He said that collectors could find copies of Super Mario 64 — not in mint condition but with the original box — for much less.</p><p><blockquote>视频游戏历史学家、制作经典游戏合集的视频游戏工作室Digital Eclipse的编辑总监克里斯·科勒(Chris Kohler)在周一接受采访时表示，他原本预计一款较老的视频游戏会争夺销售记录。他说，收藏家可以以更低的价格找到《超级马里奥64》的副本——不是全新的，而是有原包装盒的。</blockquote></p><p> “That was what kind of blew me away about that sale,” he said.</p><p><blockquote>“这就是那次销售让我大吃一惊的地方，”他说。</blockquote></p><p> Mr. Kohler said he remembered spending part of his first paycheck on Super Mario 64 when it was released.</p><p><blockquote>科勒先生说，他记得当《超级马里奥64》发行时，他把第一份薪水的一部分花在了这部电影上。</blockquote></p><p> “If you had told me at that point that somebody was going to buy a sealed one for $1.5 million in 25 years’ time, I don’t know what I would have done,” he said.</p><p><blockquote>“如果你当时告诉我，25年后有人要花150万美元购买一个密封的，我不知道我会怎么做，”他说。</blockquote></p><p> Many buyers are new to collecting video games and have crossed over from comic books and coins, according to Mr. Kohler.</p><p><blockquote>科勒表示，许多买家是收集电子游戏的新手，已经从漫画书和硬币转向了收藏。</blockquote></p><p> Don’t expect an unboxing video from the buyer, whom the auction house declined to identify. Ms. McLeckie laughed when asked whether the collector would actually play the game.</p><p><blockquote>不要指望买家会发布拆箱视频，拍卖行拒绝透露买家的身份。当被问及收藏家是否真的会玩这个游戏时，麦克莱基女士笑了。</blockquote></p><p> “I can say with certainty they’re going to leave it as is,” she said.</p><p><blockquote>“我可以肯定地说，他们会让它保持原样，”她说。</blockquote></p><p> In April, an unopened copy of Super Mario Bros. that had been bought in 1986 as a Christmas gift but sat forgotten in a desk drawerfetched $660,000, a record at the time, according to Heritage Auctions, which also brokered that sale.</p><p><blockquote>据Heritage Auctions称，今年4月，一本未开封的《超级马里奥兄弟》(Super Mario Bros.)以66万美元的价格售出，创下了当时的纪录，该公司也是此次拍卖的经纪人。</blockquote></p><p> Then on Friday, a 1987 edition of The Legend of Zelda sold for $870,000. Heritage Auctions said it was one of two sealed copies from the game’s earliest production runs that had been authenticated.</p><p><blockquote>然后在周五，一本1987年版的《塞尔达传说》以87万美元的价格售出。Heritage Auctions表示，这是该游戏最早生产的两份已被认证的密封副本之一。</blockquote></p><p> As the sales records keep toppling, the resulting frenzy has sent serious and casual gamers alike rummaging through their drawers and closets.</p><p><blockquote>随着销售记录不断被打破，由此产生的狂热让严肃和休闲的游戏玩家都翻遍了他们的抽屉和壁橱。</blockquote></p><p> “As you can imagine,” Ms. McLeckie said, “I’ve gotten a lot of inquiries this morning from hopefuls that maybe their video game is worth $1 million.”</p><p><blockquote>“你可以想象，”麦克莱基女士说，“今天早上我收到了很多有希望的人的询问，他们的视频游戏可能价值100万美元。”</blockquote></p><p></p>","source":"lsy1605590967916","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>Super Mario 64 Video Game Sells for $1.56 Million<blockquote>《超级马里奥64》电子游戏售价156万美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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\">\nSuper Mario 64 Video Game Sells for $1.56 Million<blockquote>《超级马里奥64》电子游戏售价156万美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">newyork times</strong><span class=\"h-time small\">2021-07-13 09:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  The sale, to an anonymous bidder, set a record just two days after a copy of The Legend of Zelda sold for $870,000, according to Heritage Auctions.  An anonymous buyer has paid $1.56 million for a 25-year-old copy of Super Mario 64 in its original packaging, a record price for a video game, according to the auction house that sold it.</p><p><blockquote>据Heritage Auctions称，就在一本《塞尔达传说》以87万美元的价格售出两天后，这场拍卖给了一位匿名竞标者，创下了纪录。据出售该游戏的拍卖行称，一位匿名买家以156万美元的价格购买了一本已有25年历史的原始包装《超级马里奥64》，这是视频游戏的创纪录价格。</blockquote></p><p> Heritage Auctions said that it received 16 bids leading up to and during the live auction on Sunday for the mainly pristine condition 3-D Super Mario game, which sold for about $60 when it was released in 1996 and was the best-selling game for the Nintendo 64 console.</p><p><blockquote>Heritage Auctions表示，在周日的现场拍卖之前和期间，它收到了16个出价，拍卖主要是原始状态的3D超级马里奥游戏，该游戏在1996年发布时售价约为60美元，是任天堂64游戏机最畅销的游戏。</blockquote></p><p> The top bid was $1.3 million, according to Heritage Auctions, which added a buyer’s premium of 20 percent to the gavel price to bring the total to $1.56 million.</p><p><blockquote>根据Heritage Auctions的数据，最高出价为130万美元，在拍卖价格的基础上增加了20%的买家溢价，使总出价达到156万美元。</blockquote></p><p> The price sent shock waves through gaming and collecting circles, even aftera recent uptick in five- and six-figure salesof rare video games to investment-minded buyers. The sale was announced just two days after Heritage Auctions said that an early production copy of The Legend of Zelda from 1987 had sold for $870,000.</p><p><blockquote>尽管最近向具有投资意识的买家出售的稀有视频游戏达到了五位数和六位数，但这一价格还是在游戏和收藏界引起了冲击波。就在两天前，Heritage Auctions表示，1987年《塞尔达传说》的早期制作副本以87万美元的价格售出。</blockquote></p><p> Valarie McLeckie, the consignment director for video games at Heritage Auctions, said in an interview on Monday that she was astounded by the outcome of the Mario 64 auction.</p><p><blockquote>Heritage Auctions视频游戏寄售总监Valarie McLeckie在周一接受采访时表示，她对《马里奥64》拍卖的结果感到震惊。</blockquote></p><p> “I was blindsided, to be quite honest with you,” she said. “Never in my wildest dreams did I expect the price that was realized would become a reality.”</p><p><blockquote>“老实说，我措手不及，”她说。“我做梦也没想到，实现的代价会变成现实。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7d7105186c23b4b61192148846dc21ac\" tg-width=\"589\" tg-height=\"544\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The game, which was part of a private collection, is sealed inside a clear plastic case resembling the anti-theft boxes used by retail stores. It includes a certification from Wata Games, an authentication company, attesting to its “like new” and factory-sealed condition, in its original shrink-wrapping.</p><p><blockquote>这款游戏是私人收藏的一部分，被密封在一个透明的塑料盒里，类似于零售店使用的防盗盒。它包括认证公司Wata Games的认证，证明其原始收缩包装中的“像新的一样”和工厂密封状态。</blockquote></p><p> Ms. McLeckie said that video game characters often evoke a sense of nostalgia, particularly Mario, who, with his brother, Luigi, first appeared on the screens of Nintendo players in 1985 inSuper Mario Bros.</p><p><blockquote>麦克莱基女士说，电子游戏角色经常唤起人们的怀旧感，尤其是马里奥，他和他的兄弟路易吉在1985年的《马里奥兄弟》中首次出现在任天堂玩家的屏幕上。</blockquote></p><p> In the original game, Mario must save the peace-loving Mushroom People from the Koopa, a tribe of turtles known for their black magic. The game spawned an enduring theme song and multiple variations, including Super Mario 64, in which Mario faces an array of obstacles and adversaries as he tries to rescue the kidnapped Princess Peach from the villain Bowser.</p><p><blockquote>在最初的游戏中，马里奥必须从库帕人手中拯救热爱和平的蘑菇人，库帕人是一个以黑魔法闻名的海龟部落。这款游戏催生了一首经久不衰的主题曲和多种变体，包括《超级马里奥64》，其中马里奥在试图从反派布瑟手中救出被绑架的桃子公主时面临着一系列障碍和对手。</blockquote></p><p> “He’s like the Mickey Mouse of video games,” Ms. McLeckie said of Mario. “He’s just so recognizable and really resonates with a wide audience of people.”</p><p><blockquote>“他就像电子游戏中的米老鼠，”麦克莱基女士谈到马里奥时说。“他的辨识度很高，确实能引起广大观众的共鸣。”</blockquote></p><p> Chris Kohler, a video game historian and the editorial director of Digital Eclipse, a video game studio that makes collections of classic games, said in an interview on Monday that he would have expected an older video game to contend for the sales record. He said that collectors could find copies of Super Mario 64 — not in mint condition but with the original box — for much less.</p><p><blockquote>视频游戏历史学家、制作经典游戏合集的视频游戏工作室Digital Eclipse的编辑总监克里斯·科勒(Chris Kohler)在周一接受采访时表示，他原本预计一款较老的视频游戏会争夺销售记录。他说，收藏家可以以更低的价格找到《超级马里奥64》的副本——不是全新的，而是有原包装盒的。</blockquote></p><p> “That was what kind of blew me away about that sale,” he said.</p><p><blockquote>“这就是那次销售让我大吃一惊的地方，”他说。</blockquote></p><p> Mr. Kohler said he remembered spending part of his first paycheck on Super Mario 64 when it was released.</p><p><blockquote>科勒先生说，他记得当《超级马里奥64》发行时，他把第一份薪水的一部分花在了这部电影上。</blockquote></p><p> “If you had told me at that point that somebody was going to buy a sealed one for $1.5 million in 25 years’ time, I don’t know what I would have done,” he said.</p><p><blockquote>“如果你当时告诉我，25年后有人要花150万美元购买一个密封的，我不知道我会怎么做，”他说。</blockquote></p><p> Many buyers are new to collecting video games and have crossed over from comic books and coins, according to Mr. Kohler.</p><p><blockquote>科勒表示，许多买家是收集电子游戏的新手，已经从漫画书和硬币转向了收藏。</blockquote></p><p> Don’t expect an unboxing video from the buyer, whom the auction house declined to identify. Ms. McLeckie laughed when asked whether the collector would actually play the game.</p><p><blockquote>不要指望买家会发布拆箱视频，拍卖行拒绝透露买家的身份。当被问及收藏家是否真的会玩这个游戏时，麦克莱基女士笑了。</blockquote></p><p> “I can say with certainty they’re going to leave it as is,” she said.</p><p><blockquote>“我可以肯定地说，他们会让它保持原样，”她说。</blockquote></p><p> In April, an unopened copy of Super Mario Bros. that had been bought in 1986 as a Christmas gift but sat forgotten in a desk drawerfetched $660,000, a record at the time, according to Heritage Auctions, which also brokered that sale.</p><p><blockquote>据Heritage Auctions称，今年4月，一本未开封的《超级马里奥兄弟》(Super Mario Bros.)以66万美元的价格售出，创下了当时的纪录，该公司也是此次拍卖的经纪人。</blockquote></p><p> Then on Friday, a 1987 edition of The Legend of Zelda sold for $870,000. Heritage Auctions said it was one of two sealed copies from the game’s earliest production runs that had been authenticated.</p><p><blockquote>然后在周五，一本1987年版的《塞尔达传说》以87万美元的价格售出。Heritage Auctions表示，这是该游戏最早生产的两份已被认证的密封副本之一。</blockquote></p><p> As the sales records keep toppling, the resulting frenzy has sent serious and casual gamers alike rummaging through their drawers and closets.</p><p><blockquote>随着销售记录不断被打破，由此产生的狂热让严肃和休闲的游戏玩家都翻遍了他们的抽屉和壁橱。</blockquote></p><p> “As you can imagine,” Ms. McLeckie said, “I’ve gotten a lot of inquiries this morning from hopefuls that maybe their video game is worth $1 million.”</p><p><blockquote>“你可以想象，”麦克莱基女士说，“今天早上我收到了很多有希望的人的询问，他们的视频游戏可能价值100万美元。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.nytimes.com/2021/07/12/business/super-mario-64-auction.html?searchResultPosition=1\">newyork times</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.nytimes.com/2021/07/12/business/super-mario-64-auction.html?searchResultPosition=1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131092552","content_text":"The sale, to an anonymous bidder, set a record just two days after a copy of The Legend of Zelda sold for $870,000, according to Heritage Auctions.\n\nAn anonymous buyer has paid $1.56 million for a 25-year-old copy of Super Mario 64 in its original packaging, a record price for a video game, according to the auction house that sold it.\nHeritage Auctions said that it received 16 bids leading up to and during the live auction on Sunday for the mainly pristine condition 3-D Super Mario game, which sold for about $60 when it was released in 1996 and was the best-selling game for the Nintendo 64 console.\nThe top bid was $1.3 million, according to Heritage Auctions, which added a buyer’s premium of 20 percent to the gavel price to bring the total to $1.56 million.\nThe price sent shock waves through gaming and collecting circles, even aftera recent uptick in five- and six-figure salesof rare video games to investment-minded buyers. The sale was announced just two days after Heritage Auctions said that an early production copy of The Legend of Zelda from 1987 had sold for $870,000.\nValarie McLeckie, the consignment director for video games at Heritage Auctions, said in an interview on Monday that she was astounded by the outcome of the Mario 64 auction.\n“I was blindsided, to be quite honest with you,” she said. “Never in my wildest dreams did I expect the price that was realized would become a reality.”\n\nThe game, which was part of a private collection, is sealed inside a clear plastic case resembling the anti-theft boxes used by retail stores. It includes a certification from Wata Games, an authentication company, attesting to its “like new” and factory-sealed condition, in its original shrink-wrapping.\nMs. McLeckie said that video game characters often evoke a sense of nostalgia, particularly Mario, who, with his brother, Luigi, first appeared on the screens of Nintendo players in 1985 inSuper Mario Bros.\nIn the original game, Mario must save the peace-loving Mushroom People from the Koopa, a tribe of turtles known for their black magic. The game spawned an enduring theme song and multiple variations, including Super Mario 64, in which Mario faces an array of obstacles and adversaries as he tries to rescue the kidnapped Princess Peach from the villain Bowser.\n“He’s like the Mickey Mouse of video games,” Ms. McLeckie said of Mario. “He’s just so recognizable and really resonates with a wide audience of people.”\nChris Kohler, a video game historian and the editorial director of Digital Eclipse, a video game studio that makes collections of classic games, said in an interview on Monday that he would have expected an older video game to contend for the sales record. He said that collectors could find copies of Super Mario 64 — not in mint condition but with the original box — for much less.\n“That was what kind of blew me away about that sale,” he said.\nMr. Kohler said he remembered spending part of his first paycheck on Super Mario 64 when it was released.\n“If you had told me at that point that somebody was going to buy a sealed one for $1.5 million in 25 years’ time, I don’t know what I would have done,” he said.\nMany buyers are new to collecting video games and have crossed over from comic books and coins, according to Mr. Kohler.\nDon’t expect an unboxing video from the buyer, whom the auction house declined to identify. Ms. McLeckie laughed when asked whether the collector would actually play the game.\n“I can say with certainty they’re going to leave it as is,” she said.\nIn April, an unopened copy of Super Mario Bros. that had been bought in 1986 as a Christmas gift but sat forgotten in a desk drawerfetched $660,000, a record at the time, according to Heritage Auctions, which also brokered that sale.\nThen on Friday, a 1987 edition of The Legend of Zelda sold for $870,000. Heritage Auctions said it was one of two sealed copies from the game’s earliest production runs that had been authenticated.\nAs the sales records keep toppling, the resulting frenzy has sent serious and casual gamers alike rummaging through their drawers and closets.\n“As you can imagine,” Ms. McLeckie said, “I’ve gotten a lot of inquiries this morning from hopefuls that maybe their video game is worth $1 million.”","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146716184,"gmtCreate":1626099204948,"gmtModify":1631890225652,"author":{"id":"3582883940430405","authorId":"3582883940430405","name":"annyeonggg","avatar":"https://static.tigerbbs.com/4a24793800dbc5c64a06fb4d43641145","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582883940430405","authorIdStr":"3582883940430405"},"themes":[],"htmlText":"Try harder","listText":"Try harder","text":"Try harder","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/146716184","repostId":"2150580297","repostType":4,"isVote":1,"tweetType":1,"viewCount":1375,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146323444,"gmtCreate":1626054822388,"gmtModify":1631888361083,"author":{"id":"3582883940430405","authorId":"3582883940430405","name":"annyeonggg","avatar":"https://static.tigerbbs.com/4a24793800dbc5c64a06fb4d43641145","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582883940430405","authorIdStr":"3582883940430405"},"themes":[],"htmlText":"Agree","listText":"Agree","text":"Agree","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/146323444","repostId":"1131667592","repostType":4,"isVote":1,"tweetType":1,"viewCount":1388,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148231854,"gmtCreate":1625976889378,"gmtModify":1631890225655,"author":{"id":"3582883940430405","authorId":"3582883940430405","name":"annyeonggg","avatar":"https://static.tigerbbs.com/4a24793800dbc5c64a06fb4d43641145","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582883940430405","authorIdStr":"3582883940430405"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/148231854","repostId":"1195812364","repostType":4,"repost":{"id":"1195812364","kind":"news","pubTimestamp":1625875523,"share":"https://www.laohu8.com/m/news/1195812364?lang=zh_CN&edition=full","pubTime":"2021-07-10 08:05","market":"us","language":"en","title":"US IPO Week Ahead: Real estate, post-pandemic plays and more in an 9 IPO week<blockquote>美国IPO周：9周IPO中的房地产、大流行后游戏等</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195812364","media":"Renaissance Capital","summary":"Italian drug container supplier Stevanato Group plans to raise $900 million at a $6.8 billion market cap. Controlled by its founding family, the profitable company supplies glass vials, syringes, and other medical-grade containers to more than 700 customers, including 41 of the top 50 pharmaceutical companies.Shopping center REIT Phillips Edison & Company plans to raise $502 million at a $3.7 billion market cap. This REIT owns equity interests in 300 shopping centers across the US, focusing on l","content":"<p>After a slow holiday week, nine IPOs are scheduled to raise over $3 billion in the week ahead.</p><p><blockquote>在经历了一周的缓慢假期后，未来一周将有9起IPO筹集超过30亿美元的资金。</blockquote></p><p> Italian drug container supplier&nbsp;<b>Stevanato Group</b>(STVN) plans to raise $900 million at a $6.8 billion market cap. Controlled by its founding family, the profitable company supplies glass vials, syringes, and other medical-grade containers to more than 700 customers, including 41 of the top 50 pharmaceutical companies.</p><p><blockquote>意大利药品容器供应商<b>Stevanato集团</b>(STVN)计划以68亿美元的市值筹集9亿美元。这家盈利的公司由其创始家族控制，向700多家客户供应玻璃瓶、注射器和其他医疗级容器，其中包括排名前50的制药公司中的41家。</blockquote></p><p> Shopping center REIT&nbsp;<b>Phillips Edison &amp; Company</b>(PECO) plans to raise $502 million at a $3.7 billion market cap. This REIT owns equity interests in 300 shopping centers across the US, focusing on locations that are anchored by grocers like Kroger and Public. It targets a 3.5% annualized yield at the midpoint.</p><p><blockquote>购物中心房地产投资信托基金<b>菲利普斯爱迪生公司</b>(PECO)计划以37亿美元的市值筹集5.02亿美元。该房地产投资信托基金拥有美国300家购物中心的股权，重点关注Kroger和Public等杂货商入驻的地点。它的中点年化收益率目标为3.5%。</blockquote></p><p> Known for its member-only luxury hotel brand Soho House,<b>Membership Collective Group</b>(MCG) plans to raise $450 at a $3.2 billion market cap. The company boasts a large and loyal member base, though it has no track record of profitability and saw revenue fall by almost half in the 1Q21.</p><p><blockquote>以会员专属豪华酒店品牌Soho House而闻名，<b>会员集体组</b>(MCG)计划以32亿美元的市值筹集450美元。该公司拥有庞大而忠诚的会员基础，尽管它没有盈利记录，而且在2021年第一季度的收入下降了近一半。</blockquote></p><p> Mark Wahlberg-backed fitness franchise&nbsp;<b>F45 Training</b>(FXLV) plans to raise $325 million at a $1.5 billion market cap. Specializing in 45-minute workouts, F45 has over 1,500 studios worldwide. The company managed a 37% EBITDA in the trailing 12 months, though the company’s expected post-pandemic growth has yet to show through in the numbers.</p><p><blockquote>马克·沃尔伯格支持的健身特许经营权<b>F45训练</b>(FXLV)计划以15亿美元的市值筹集3.25亿美元。F45专注于45分钟的锻炼，在全球拥有1500多个工作室。该公司在过去12个月中实现了37%的EBITDA，尽管该公司预期的大流行后增长尚未在数字中体现出来。</blockquote></p><p> Mortgage software provider&nbsp;<b>Blend Labs</b>(BLND) plans to raise $340 million at a $4.5 billion market cap. Blend Labs provides a digital platform to financial services firms that improves the consumer experience when applying for mortgages and loans. Despite doubling revenue in 2020, the core software business is highly unprofitable due to R&amp;D and S&amp;M spend.</p><p><blockquote>抵押贷款软件提供商<b>混合实验室</b>(BLND)计划以45亿美元的市值筹集3.4亿美元。Blend Labs为金融服务公司提供了一个数字平台，改善了消费者申请抵押贷款和贷款时的体验。尽管2020年收入翻了一番，但由于研发和S&amp;M支出，核心软件业务非常无利可图。</blockquote></p><p> <b>Bridge Investment Group</b>(BRDG) plans to raise $300 million at a $1.8 billion market cap. This investment manager specializes in real estate equity and debt across multiple sectors. As of 3/31/2021, Bridge Investment Group has approximately $26 billion of AUM with more than 6,500 individual investors across 25 investment vehicles.</p><p><blockquote><b>桥梁投资集团</b>(BRDG)计划以18亿美元的市值筹集3亿美元。这位投资经理专门从事多个行业的房地产股权和债务。截至2021年3月31日，桥梁投资集团拥有约260亿美元的AUM，在25个投资工具中拥有超过6,500名个人投资者。</blockquote></p><p> Ocular medical device provider&nbsp;<b>Sight Sciences</b>(SGHT) plans to raise $150 million at a $1 billion market cap. The company develops and sells medical and surgical devices that present new treatment options for eye diseases. The highly unprofitable company showed signs of re-accelerating growth in the 1Q21 (+32%) after the pandemic delayed elective procedures in 2020.</p><p><blockquote>眼科医疗器械供应商<b>视觉科学</b>(SGHT)计划以10亿美元的市值筹集1.5亿美元。该公司开发和销售医疗和手术设备，为眼病提供新的治疗选择。在疫情推迟了2020年的选择性手术后，这家高度无利可图的公司在2021年第一季度显示出重新加速增长的迹象（+32%）。</blockquote></p><p> Pregnancy diagnostics company&nbsp;<b>Sera Prognostics</b>(SERA) plans to raise $75 million at a $564 million market cap. The company uses its proteomics and bioinformatics platform to develop biomarker tests aimed at improving pregnancy outcomes. Sera Prognostics’ sole commercial product, the PreTRM test, predicts the risk of a premature delivery, though it has yet to generate meaningful revenue.</p><p><blockquote>妊娠诊断公司<b>血清预后</b>(SERA)计划以5.64亿美元的市值筹集7500万美元。该公司利用其蛋白质组学和生物信息学平台开发旨在改善妊娠结局的生物标志物测试。Sera Prognostics唯一的商业产品PreTRM测试可以预测早产的风险，尽管它尚未产生有意义的收入。</blockquote></p><p> A hold-over from last week, early-stage kidney disease biotech&nbsp;<b>Unicycive Therapeutics</b>(UNCY) plans to raise $25 million at a $79 million market cap.</p><p><blockquote>上周的延期，早期肾病生物技术<b>单环疗法</b>(UNCY)计划以7900万美元的市值筹集2500万美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ad3dc9b07583a28aad047e44802c899e\" tg-width=\"942\" tg-height=\"732\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/8/21, the Renaissance IPO Index was down 0.8% year-to-date, while the S&amp;P 500 was up 15.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 5.2% year-to-date, while the ACWX was up 7.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年7月8日，文艺复兴IPO指数今年迄今下跌0.8%，而标普500上涨15.0%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有的顶级ETF包括Snowflake（SNOW）和Palantir Technologies（PLTR）。Renaissance International IPO指数今年迄今下跌5.2%，而ACWX指数上涨7.3%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有的顶级ETF包括思摩尔国际和殷拓合伙人。</blockquote></p><p></p>","source":"lsy1603787993745","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>US IPO Week Ahead: Real estate, post-pandemic plays and more in an 9 IPO week<blockquote>美国IPO周：9周IPO中的房地产、大流行后游戏等</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\">\nUS IPO Week Ahead: Real estate, post-pandemic plays and more in an 9 IPO week<blockquote>美国IPO周：9周IPO中的房地产、大流行后游戏等</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-07-10 08:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After a slow holiday week, nine IPOs are scheduled to raise over $3 billion in the week ahead.</p><p><blockquote>在经历了一周的缓慢假期后，未来一周将有9起IPO筹集超过30亿美元的资金。</blockquote></p><p> Italian drug container supplier&nbsp;<b>Stevanato Group</b>(STVN) plans to raise $900 million at a $6.8 billion market cap. Controlled by its founding family, the profitable company supplies glass vials, syringes, and other medical-grade containers to more than 700 customers, including 41 of the top 50 pharmaceutical companies.</p><p><blockquote>意大利药品容器供应商<b>Stevanato集团</b>(STVN)计划以68亿美元的市值筹集9亿美元。这家盈利的公司由其创始家族控制，向700多家客户供应玻璃瓶、注射器和其他医疗级容器，其中包括排名前50的制药公司中的41家。</blockquote></p><p> Shopping center REIT&nbsp;<b>Phillips Edison &amp; Company</b>(PECO) plans to raise $502 million at a $3.7 billion market cap. This REIT owns equity interests in 300 shopping centers across the US, focusing on locations that are anchored by grocers like Kroger and Public. It targets a 3.5% annualized yield at the midpoint.</p><p><blockquote>购物中心房地产投资信托基金<b>菲利普斯爱迪生公司</b>(PECO)计划以37亿美元的市值筹集5.02亿美元。该房地产投资信托基金拥有美国300家购物中心的股权，重点关注Kroger和Public等杂货商入驻的地点。它的中点年化收益率目标为3.5%。</blockquote></p><p> Known for its member-only luxury hotel brand Soho House,<b>Membership Collective Group</b>(MCG) plans to raise $450 at a $3.2 billion market cap. The company boasts a large and loyal member base, though it has no track record of profitability and saw revenue fall by almost half in the 1Q21.</p><p><blockquote>以会员专属豪华酒店品牌Soho House而闻名，<b>会员集体组</b>(MCG)计划以32亿美元的市值筹集450美元。该公司拥有庞大而忠诚的会员基础，尽管它没有盈利记录，而且在2021年第一季度的收入下降了近一半。</blockquote></p><p> Mark Wahlberg-backed fitness franchise&nbsp;<b>F45 Training</b>(FXLV) plans to raise $325 million at a $1.5 billion market cap. Specializing in 45-minute workouts, F45 has over 1,500 studios worldwide. The company managed a 37% EBITDA in the trailing 12 months, though the company’s expected post-pandemic growth has yet to show through in the numbers.</p><p><blockquote>马克·沃尔伯格支持的健身特许经营权<b>F45训练</b>(FXLV)计划以15亿美元的市值筹集3.25亿美元。F45专注于45分钟的锻炼，在全球拥有1500多个工作室。该公司在过去12个月中实现了37%的EBITDA，尽管该公司预期的大流行后增长尚未在数字中体现出来。</blockquote></p><p> Mortgage software provider&nbsp;<b>Blend Labs</b>(BLND) plans to raise $340 million at a $4.5 billion market cap. Blend Labs provides a digital platform to financial services firms that improves the consumer experience when applying for mortgages and loans. Despite doubling revenue in 2020, the core software business is highly unprofitable due to R&amp;D and S&amp;M spend.</p><p><blockquote>抵押贷款软件提供商<b>混合实验室</b>(BLND)计划以45亿美元的市值筹集3.4亿美元。Blend Labs为金融服务公司提供了一个数字平台，改善了消费者申请抵押贷款和贷款时的体验。尽管2020年收入翻了一番，但由于研发和S&amp;M支出，核心软件业务非常无利可图。</blockquote></p><p> <b>Bridge Investment Group</b>(BRDG) plans to raise $300 million at a $1.8 billion market cap. This investment manager specializes in real estate equity and debt across multiple sectors. As of 3/31/2021, Bridge Investment Group has approximately $26 billion of AUM with more than 6,500 individual investors across 25 investment vehicles.</p><p><blockquote><b>桥梁投资集团</b>(BRDG)计划以18亿美元的市值筹集3亿美元。这位投资经理专门从事多个行业的房地产股权和债务。截至2021年3月31日，桥梁投资集团拥有约260亿美元的AUM，在25个投资工具中拥有超过6,500名个人投资者。</blockquote></p><p> Ocular medical device provider&nbsp;<b>Sight Sciences</b>(SGHT) plans to raise $150 million at a $1 billion market cap. The company develops and sells medical and surgical devices that present new treatment options for eye diseases. The highly unprofitable company showed signs of re-accelerating growth in the 1Q21 (+32%) after the pandemic delayed elective procedures in 2020.</p><p><blockquote>眼科医疗器械供应商<b>视觉科学</b>(SGHT)计划以10亿美元的市值筹集1.5亿美元。该公司开发和销售医疗和手术设备，为眼病提供新的治疗选择。在疫情推迟了2020年的选择性手术后，这家高度无利可图的公司在2021年第一季度显示出重新加速增长的迹象（+32%）。</blockquote></p><p> Pregnancy diagnostics company&nbsp;<b>Sera Prognostics</b>(SERA) plans to raise $75 million at a $564 million market cap. The company uses its proteomics and bioinformatics platform to develop biomarker tests aimed at improving pregnancy outcomes. Sera Prognostics’ sole commercial product, the PreTRM test, predicts the risk of a premature delivery, though it has yet to generate meaningful revenue.</p><p><blockquote>妊娠诊断公司<b>血清预后</b>(SERA)计划以5.64亿美元的市值筹集7500万美元。该公司利用其蛋白质组学和生物信息学平台开发旨在改善妊娠结局的生物标志物测试。Sera Prognostics唯一的商业产品PreTRM测试可以预测早产的风险，尽管它尚未产生有意义的收入。</blockquote></p><p> A hold-over from last week, early-stage kidney disease biotech&nbsp;<b>Unicycive Therapeutics</b>(UNCY) plans to raise $25 million at a $79 million market cap.</p><p><blockquote>上周的延期，早期肾病生物技术<b>单环疗法</b>(UNCY)计划以7900万美元的市值筹集2500万美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ad3dc9b07583a28aad047e44802c899e\" tg-width=\"942\" tg-height=\"732\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/8/21, the Renaissance IPO Index was down 0.8% year-to-date, while the S&amp;P 500 was up 15.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 5.2% year-to-date, while the ACWX was up 7.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年7月8日，文艺复兴IPO指数今年迄今下跌0.8%，而标普500上涨15.0%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有的顶级ETF包括Snowflake（SNOW）和Palantir Technologies（PLTR）。Renaissance International IPO指数今年迄今下跌5.2%，而ACWX指数上涨7.3%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有的顶级ETF包括思摩尔国际和殷拓合伙人。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/83879/US-IPO-Week-Ahead-Real-estate-post-pandemic-plays-and-more-in-an-9-IPO-week\">Renaissance Capital</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":{"PECO":"Phillips Edison & Company, Inc.","SERA":"Sera Prognostics, Inc.","STVN":"Stevanato Group S.p.A.","SGHT":"Sight Sciences, Inc.","BLND":"Blend Labs, Inc.",".IXIC":"NASDAQ Composite","BRDG":"Bridge Investment Group Holdings Inc.",".DJI":"道琼斯","FXLV":"F45 Training Holdings Inc.",".SPX":"S&P 500 Index"},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/83879/US-IPO-Week-Ahead-Real-estate-post-pandemic-plays-and-more-in-an-9-IPO-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195812364","content_text":"After a slow holiday week, nine IPOs are scheduled to raise over $3 billion in the week ahead.\nItalian drug container supplier Stevanato Group(STVN) plans to raise $900 million at a $6.8 billion market cap. Controlled by its founding family, the profitable company supplies glass vials, syringes, and other medical-grade containers to more than 700 customers, including 41 of the top 50 pharmaceutical companies.\nShopping center REIT Phillips Edison & Company(PECO) plans to raise $502 million at a $3.7 billion market cap. This REIT owns equity interests in 300 shopping centers across the US, focusing on locations that are anchored by grocers like Kroger and Public. It targets a 3.5% annualized yield at the midpoint.\nKnown for its member-only luxury hotel brand Soho House,Membership Collective Group(MCG) plans to raise $450 at a $3.2 billion market cap. The company boasts a large and loyal member base, though it has no track record of profitability and saw revenue fall by almost half in the 1Q21.\nMark Wahlberg-backed fitness franchise F45 Training(FXLV) plans to raise $325 million at a $1.5 billion market cap. Specializing in 45-minute workouts, F45 has over 1,500 studios worldwide. The company managed a 37% EBITDA in the trailing 12 months, though the company’s expected post-pandemic growth has yet to show through in the numbers.\nMortgage software provider Blend Labs(BLND) plans to raise $340 million at a $4.5 billion market cap. Blend Labs provides a digital platform to financial services firms that improves the consumer experience when applying for mortgages and loans. Despite doubling revenue in 2020, the core software business is highly unprofitable due to R&D and S&M spend.\nBridge Investment Group(BRDG) plans to raise $300 million at a $1.8 billion market cap. This investment manager specializes in real estate equity and debt across multiple sectors. As of 3/31/2021, Bridge Investment Group has approximately $26 billion of AUM with more than 6,500 individual investors across 25 investment vehicles.\nOcular medical device provider Sight Sciences(SGHT) plans to raise $150 million at a $1 billion market cap. The company develops and sells medical and surgical devices that present new treatment options for eye diseases. The highly unprofitable company showed signs of re-accelerating growth in the 1Q21 (+32%) after the pandemic delayed elective procedures in 2020.\nPregnancy diagnostics company Sera Prognostics(SERA) plans to raise $75 million at a $564 million market cap. The company uses its proteomics and bioinformatics platform to develop biomarker tests aimed at improving pregnancy outcomes. Sera Prognostics’ sole commercial product, the PreTRM test, predicts the risk of a premature delivery, though it has yet to generate meaningful revenue.\nA hold-over from last week, early-stage kidney disease biotech Unicycive Therapeutics(UNCY) plans to raise $25 million at a $79 million market cap.\n\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/8/21, the Renaissance IPO Index was down 0.8% year-to-date, while the S&P 500 was up 15.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 5.2% year-to-date, while the ACWX was up 7.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.","news_type":1,"symbols_score_info":{"FXLV":0.9,"BRDG":0.9,"PECO":0.9,"STVN":0.9,".DJI":0.9,"SGHT":0.9,".SPX":0.9,"SERA":0.9,".IXIC":0.9,"BLND":0.9,"MCG":0.9}},"isVote":1,"tweetType":1,"viewCount":2591,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148239862,"gmtCreate":1625976726656,"gmtModify":1631890225659,"author":{"id":"3582883940430405","authorId":"3582883940430405","name":"annyeonggg","avatar":"https://static.tigerbbs.com/4a24793800dbc5c64a06fb4d43641145","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582883940430405","authorIdStr":"3582883940430405"},"themes":[],"htmlText":"Hodl hodl&nbsp;","listText":"Hodl hodl&nbsp;","text":"Hodl hodl","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/148239862","repostId":"1112201050","repostType":4,"repost":{"id":"1112201050","kind":"news","pubTimestamp":1625966101,"share":"https://www.laohu8.com/m/news/1112201050?lang=zh_CN&edition=full","pubTime":"2021-07-11 09:15","market":"us","language":"en","title":"The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易还远未结束。投资者需要知道的。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112201050","media":"Barrons","summary":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the de","content":"<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达（Blockbuster）的干涸尸体在一月份突然复活时，他们再次崩溃的时间已经在滴答作响。是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经半年了，核心“模因股”的交易水平仍然被研究它们多年的人认为令人发指。Clover Health Investments(CLOV)和Newegg Commerce(NEGG)等新名字最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易者——长期以来被嘲笑为“愚蠢的钱”——的集体努力成功地保持了股票的高位，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型或扭亏为盈的迹象，但情况确实如此。黑莓在最近一个季度烧钱，并警告其关键的网络安全部门将触及收入指引的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>尽管大型经纪商的交易量较2月份的峰值略有下降，但仍是大流行前的两到三倍。散户交易者青睐的股票中发生了数量惊人的此类活动。例如，AMC院线控股公司(AMC)6月份股票日均交易价值达到131亿美元，超过苹果(AAPL)的95亿美元和亚马逊(AMZN)的103亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉酸面团面包；交易者只会越来越饥渴。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种胃口，就像互联网泡沫破裂时一样。就目前而言，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“我发现‘逢低买入’的情绪一刻也没有减弱，”与朋友在线交易的美国海军电子技术员布兰登·卢泽克(Brandon Luczek)在给《巴伦周刊》的电子邮件中写道。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>散户投资者交易量的增加推动了模因股票的飙升。2020年，在线经纪商以创纪录的速度签约客户，新开户人数超过1000万人。这一纪录几乎肯定会在2021年被打破。一些顶级公司透露，今年不到一半，经纪商就已经增加了超过1000万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这一现象的马车，也是马。它们的价格突然飙升是由新投资者推动的，然后这种行为会推动更多的新人投资。数百万人在一月底和二月初下载了投资应用程序，只是为了享受乐趣。嘉信理财(SCHW)最近的一项调查发现，15%的当前交易者在2020年之后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>这一激增中最突出的参与者是Robinhood，该公司表示仅在第一季度就增加了550万个受资助账户。但它并不孤单。例如，富达宣布第一季度吸引了160万35岁以下的新客户，比去年同期增长了223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在Robinhood零佣金模式的压力下，所有主要经纪商都在2019年将佣金降至零。这为新的客户群体打开了闸门——他们可能没有那么多闲钱可供交易，但比前辈更加活跃和多样化。经纪人正在兑现。富达希望在投资者拥有驾驶执照之前就吸引他们，允许年仅13岁的儿童开设交易账户。Robinhood正在乘势进行首次公开募股，分析师预计其估值将超过其收入的10倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与老客户不同。E*Trade（现归摩根士丹利(MS)所有）交易主管克里斯·拉金(Chris Larkin)表示，多年来，“ETF的吸引力很大”。但挑选个股显然是“2021年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，股票交易所交易基金仍然表现良好，因为世界各地的投资者都押注于疫情复苏，并避免债券收益率疲软。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但ETF不像股票那样点亮留言板。对于顶级品牌来说，这并不是一条单程之旅。游戏驿站确实在二月份下跌，华尔街享受了一段幸灾乐祸的时刻。这并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>盈透证券(Interactive Brokers)首席策略师史蒂夫·索斯尼克(Steve Sosnick)写道：“就像蝉一样，模因交易者在看似地下几个月后，又以疯狂的活动回归。”索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种股票转向另一种股票。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>他写道：“我认为，在比特币和其他加密货币大幅调整后，模因股票重新焕发生机，这绝非巧合。”</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为模因股票是一个“独立的行业”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对模因股票革命的反应是孤立市场中专业人士认为非理性的部分。大多数卖空者不会碰这些股票，分析师也放弃了报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样将零售大军赶走，也不能指望它们在未来17年消失。股票交易已经永久转移。今年，零售活动占股本的24%，高于2019年的15%。新信条的追随者并不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>哥伦比亚大学法学院专门研究证券市场的教授约书亚·米茨(Joshua Mitts)表示：“这真正反映了我们看到的与个别公司的接触越来越少的趋势的逆转。”“技术正在拉近普通投资者与他或她投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>——Matt Kohrs，26岁，每天在YouTube上播放股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早期进入的人的生活，并且仍然名气更高。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯（Matt Kohrs）为例，他很早就投资了AMC院线。今年2月，他辞去了在纽约的程序员工作，搬到了费城，并开始每天在YouTube上播放7个小时的股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>它在YouTube上拥有35万粉丝，正在支付账单。科尔斯表示，凭借广告和股票的收入，他可以降低与以前大致相同的工资。但他也知道，像这样依赖股票的收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“你得到的挥杆肯定会让你有某种感觉，”他说。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给模因学家来理解新华尔街充满表情符号的语言，这样他们就可以避开他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC甚至在过去一周取消了拟议的股权融资，因为该公司显然不喜欢Reddit人群的氛围。过去一年，AMC的股票数量已经增加了五倍。首席执行官Adam Aron在推特上表示，他看到了对他增发2500万股股票的提议“许多是，许多不是”的反应，因此该提议将被取消，而不是在本月晚些时候的AMC年会上进行投票。该公司没有回应有关如何对股东进行民意调查的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室中确定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者花更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕散户行为进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在“阿尔法”，但可能需要一些激烈的数字运算才能达到这一目标。当然，并非所有留言板上的喋喋不休都会导致价格持续上涨，而且在没有大量数据分析的情况下，零售订单流无法轻易与机构订单流分开。对于拥有工具来确定散户投资者正在买入和卖出哪些股票的投资者，摩根大通建议做多买入兴趣最高的20%的股票，做空卖出兴趣最高的20%的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他们认为这几乎就像一份保险单，以限制他们的下行风险，”他说。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于散户来说，这种方法并不总是科学的。这一行动得到了社区精神的支持。其背后的力量既是经济上的，也是情感上的和道德上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是证明自己和惩罚保守派的愿望，就像利润一样。他们互相了解市场，有时会放大或揭穿有关华尔街的阴谋论。一些人将模因股票走势与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“华尔街让我们的经济陷入瘫痪，没有人因此惹上麻烦，”26岁的科尔斯说。“所以，我认为他们认为这不仅可以让我们赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格(Claire Hirschberg)是一名28岁的工会组织者，她在从朋友那里听说此事后，于1月份在Robinhood上购买了价值约50美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他父亲是一位长期的资金经理。“他对我买下游戏驿站并拒绝出售感到非常生气，”她笑着说。“这让我想永远拥有它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像旧华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，直到你成为合伙人后，你才会戴菲拉格慕领带。在总经理离开之前，你永远不会离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而不是这个顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万零售交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认经济损失是一种勇敢的行为，是内部坚韧和对集团信念的证明。你不把自己当回事，也不监管语言。你是“猿”或“弱智”大军的一员。你坚持住了崩溃，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>群体行动不仅仅是为了道义上的支持。交易策略取决于人们保持购买压力以迫使空头挤压或购买看涨期权，从而触发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔(Keith Gill)二月份几乎出现在众议院金融服务委员会听证会上，成为Reddit零售交易员大军的代言人，推动游戏驿站股价走高。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来为模因运动提供氧气。6月中旬，AMC的空头利息占该股流通量的17%，低于1月份的28%，但幅度不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格的上涨，空头们也身不由己。Wedbush Securities分析师Michael Pachter表示，他们开始“流口水，耳朵里冒出火焰”，多年来一直关注游戏驿站。“让我有点震惊的是精神错乱的定义，即一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头不断回来，”他说。“[游戏驿站公牛]基思·吉尔和他的Reddit攻略不断挤压他们，而且它一直在发挥作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit人群需要团结一致，但社区有时会出现裂痕。拥有最坚定粉丝群的两只模因股票——游戏驿站和AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更多善变的支持者。几只陷入迷因疯狂的股票已经暴跌。Bed Bath&amp;Beyond(BBBY)在1月底和6月初两次飙升，但现在的交易价格仅略高于1月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心wallstreetbets——最初引发游戏驿站狂热的Reddit留言板——发展如此之快，以至于失去了最初的精神，并可能变得容易受到操纵。一些人已经转移到其他留言板，如r/superstonk，希望恢复旧社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司Hype Equity的创始人特拉维斯·雷尔(Travis Rehl)表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常是由代表网上谈论的公司的公关公司雇佣的。现在，他看到越来越多的股票突然出现在留言板上，收到积极的议论，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“这引发了人们对什么是真正的讨论与什么是某人只是想炒作的讨论的质疑，”他说。wallstreetbets的版主禁止在该平台上进行市场操纵，Rehl表示，他们似乎正在努力监管错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>索斯尼克表示：“如果你能制造足够的轰动效应，让股票在短时间内上涨10%、20%甚至50%，那么就有巨大的动力这样做。”</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>证券交易委员会正在留言板上关注有趣的事情。美国证券交易委员会主席加里·詹斯勒(Gary Gensler)和一些国会议员讨论了改变市场规则，旨在增加保护零售交易者的透明度——尽管如果这些变化减慢交易速度或提高交易成本，也可能会激怒散户。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一可能抑制这一趋势的因素。fintech Betterment行为金融和投资副总裁丹·伊根(Dan Egan)认为，这一势头可能会在9月份失去动力。即使是“猿”也有责任。“孩子们开始回到学校；父母可以再次自由地去工作，”他说。“那是下一次从房间里抽出一些氧气的时候。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金激发的暂时疯狂。但那将是一个错误。如果零佣金经纪公司和游戏驿站的乐趣打破了数百万新投资者开户的障碍，这几乎肯定是一件好事，只要大多数人用他们并不立即需要的钱下注。许多新零售交易员表示，他们正在自学如何交易，并已开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>以这样或那样的形式，这就是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授Hendrik Bessembinder在2018年发表了开创性的研究，发现“在随机选择的月份随机选择的股票更有可能亏损而不是赚钱。”简而言之，挑选单一股票并持有集中的投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是受到了新一波交易的鼓舞。“我欢迎零售交易的增加，以及股票市场是一个广泛参与的地方的想法，”贝森宾德说。“经济学家不能告诉人们他们不应该找点乐子。”</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易还远未结束。投资者需要知道的。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易还远未结束。投资者需要知道的。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-11 09:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达（Blockbuster）的干涸尸体在一月份突然复活时，他们再次崩溃的时间已经在滴答作响。是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经半年了，核心“模因股”的交易水平仍然被研究它们多年的人认为令人发指。Clover Health Investments(CLOV)和Newegg Commerce(NEGG)等新名字最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易者——长期以来被嘲笑为“愚蠢的钱”——的集体努力成功地保持了股票的高位，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型或扭亏为盈的迹象，但情况确实如此。黑莓在最近一个季度烧钱，并警告其关键的网络安全部门将触及收入指引的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>尽管大型经纪商的交易量较2月份的峰值略有下降，但仍是大流行前的两到三倍。散户交易者青睐的股票中发生了数量惊人的此类活动。例如，AMC院线控股公司(AMC)6月份股票日均交易价值达到131亿美元，超过苹果(AAPL)的95亿美元和亚马逊(AMZN)的103亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉酸面团面包；交易者只会越来越饥渴。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种胃口，就像互联网泡沫破裂时一样。就目前而言，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“我发现‘逢低买入’的情绪一刻也没有减弱，”与朋友在线交易的美国海军电子技术员布兰登·卢泽克(Brandon Luczek)在给《巴伦周刊》的电子邮件中写道。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>散户投资者交易量的增加推动了模因股票的飙升。2020年，在线经纪商以创纪录的速度签约客户，新开户人数超过1000万人。这一纪录几乎肯定会在2021年被打破。一些顶级公司透露，今年不到一半，经纪商就已经增加了超过1000万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这一现象的马车，也是马。它们的价格突然飙升是由新投资者推动的，然后这种行为会推动更多的新人投资。数百万人在一月底和二月初下载了投资应用程序，只是为了享受乐趣。嘉信理财(SCHW)最近的一项调查发现，15%的当前交易者在2020年之后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>这一激增中最突出的参与者是Robinhood，该公司表示仅在第一季度就增加了550万个受资助账户。但它并不孤单。例如，富达宣布第一季度吸引了160万35岁以下的新客户，比去年同期增长了223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在Robinhood零佣金模式的压力下，所有主要经纪商都在2019年将佣金降至零。这为新的客户群体打开了闸门——他们可能没有那么多闲钱可供交易，但比前辈更加活跃和多样化。经纪人正在兑现。富达希望在投资者拥有驾驶执照之前就吸引他们，允许年仅13岁的儿童开设交易账户。Robinhood正在乘势进行首次公开募股，分析师预计其估值将超过其收入的10倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与老客户不同。E*Trade（现归摩根士丹利(MS)所有）交易主管克里斯·拉金(Chris Larkin)表示，多年来，“ETF的吸引力很大”。但挑选个股显然是“2021年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，股票交易所交易基金仍然表现良好，因为世界各地的投资者都押注于疫情复苏，并避免债券收益率疲软。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但ETF不像股票那样点亮留言板。对于顶级品牌来说，这并不是一条单程之旅。游戏驿站确实在二月份下跌，华尔街享受了一段幸灾乐祸的时刻。这并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>盈透证券(Interactive Brokers)首席策略师史蒂夫·索斯尼克(Steve Sosnick)写道：“就像蝉一样，模因交易者在看似地下几个月后，又以疯狂的活动回归。”索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种股票转向另一种股票。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>他写道：“我认为，在比特币和其他加密货币大幅调整后，模因股票重新焕发生机，这绝非巧合。”</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为模因股票是一个“独立的行业”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对模因股票革命的反应是孤立市场中专业人士认为非理性的部分。大多数卖空者不会碰这些股票，分析师也放弃了报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样将零售大军赶走，也不能指望它们在未来17年消失。股票交易已经永久转移。今年，零售活动占股本的24%，高于2019年的15%。新信条的追随者并不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>哥伦比亚大学法学院专门研究证券市场的教授约书亚·米茨(Joshua Mitts)表示：“这真正反映了我们看到的与个别公司的接触越来越少的趋势的逆转。”“技术正在拉近普通投资者与他或她投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>——Matt Kohrs，26岁，每天在YouTube上播放股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早期进入的人的生活，并且仍然名气更高。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯（Matt Kohrs）为例，他很早就投资了AMC院线。今年2月，他辞去了在纽约的程序员工作，搬到了费城，并开始每天在YouTube上播放7个小时的股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>它在YouTube上拥有35万粉丝，正在支付账单。科尔斯表示，凭借广告和股票的收入，他可以降低与以前大致相同的工资。但他也知道，像这样依赖股票的收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“你得到的挥杆肯定会让你有某种感觉，”他说。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给模因学家来理解新华尔街充满表情符号的语言，这样他们就可以避开他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC甚至在过去一周取消了拟议的股权融资，因为该公司显然不喜欢Reddit人群的氛围。过去一年，AMC的股票数量已经增加了五倍。首席执行官Adam Aron在推特上表示，他看到了对他增发2500万股股票的提议“许多是，许多不是”的反应，因此该提议将被取消，而不是在本月晚些时候的AMC年会上进行投票。该公司没有回应有关如何对股东进行民意调查的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室中确定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者花更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕散户行为进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在“阿尔法”，但可能需要一些激烈的数字运算才能达到这一目标。当然，并非所有留言板上的喋喋不休都会导致价格持续上涨，而且在没有大量数据分析的情况下，零售订单流无法轻易与机构订单流分开。对于拥有工具来确定散户投资者正在买入和卖出哪些股票的投资者，摩根大通建议做多买入兴趣最高的20%的股票，做空卖出兴趣最高的20%的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他们认为这几乎就像一份保险单，以限制他们的下行风险，”他说。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于散户来说，这种方法并不总是科学的。这一行动得到了社区精神的支持。其背后的力量既是经济上的，也是情感上的和道德上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是证明自己和惩罚保守派的愿望，就像利润一样。他们互相了解市场，有时会放大或揭穿有关华尔街的阴谋论。一些人将模因股票走势与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“华尔街让我们的经济陷入瘫痪，没有人因此惹上麻烦，”26岁的科尔斯说。“所以，我认为他们认为这不仅可以让我们赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格(Claire Hirschberg)是一名28岁的工会组织者，她在从朋友那里听说此事后，于1月份在Robinhood上购买了价值约50美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他父亲是一位长期的资金经理。“他对我买下游戏驿站并拒绝出售感到非常生气，”她笑着说。“这让我想永远拥有它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像旧华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，直到你成为合伙人后，你才会戴菲拉格慕领带。在总经理离开之前，你永远不会离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而不是这个顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万零售交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认经济损失是一种勇敢的行为，是内部坚韧和对集团信念的证明。你不把自己当回事，也不监管语言。你是“猿”或“弱智”大军的一员。你坚持住了崩溃，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>群体行动不仅仅是为了道义上的支持。交易策略取决于人们保持购买压力以迫使空头挤压或购买看涨期权，从而触发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔(Keith Gill)二月份几乎出现在众议院金融服务委员会听证会上，成为Reddit零售交易员大军的代言人，推动游戏驿站股价走高。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来为模因运动提供氧气。6月中旬，AMC的空头利息占该股流通量的17%，低于1月份的28%，但幅度不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格的上涨，空头们也身不由己。Wedbush Securities分析师Michael Pachter表示，他们开始“流口水，耳朵里冒出火焰”，多年来一直关注游戏驿站。“让我有点震惊的是精神错乱的定义，即一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头不断回来，”他说。“[游戏驿站公牛]基思·吉尔和他的Reddit攻略不断挤压他们，而且它一直在发挥作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit人群需要团结一致，但社区有时会出现裂痕。拥有最坚定粉丝群的两只模因股票——游戏驿站和AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更多善变的支持者。几只陷入迷因疯狂的股票已经暴跌。Bed Bath&amp;Beyond(BBBY)在1月底和6月初两次飙升，但现在的交易价格仅略高于1月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心wallstreetbets——最初引发游戏驿站狂热的Reddit留言板——发展如此之快，以至于失去了最初的精神，并可能变得容易受到操纵。一些人已经转移到其他留言板，如r/superstonk，希望恢复旧社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司Hype Equity的创始人特拉维斯·雷尔(Travis Rehl)表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常是由代表网上谈论的公司的公关公司雇佣的。现在，他看到越来越多的股票突然出现在留言板上，收到积极的议论，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“这引发了人们对什么是真正的讨论与什么是某人只是想炒作的讨论的质疑，”他说。wallstreetbets的版主禁止在该平台上进行市场操纵，Rehl表示，他们似乎正在努力监管错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>索斯尼克表示：“如果你能制造足够的轰动效应，让股票在短时间内上涨10%、20%甚至50%，那么就有巨大的动力这样做。”</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>证券交易委员会正在留言板上关注有趣的事情。美国证券交易委员会主席加里·詹斯勒(Gary Gensler)和一些国会议员讨论了改变市场规则，旨在增加保护零售交易者的透明度——尽管如果这些变化减慢交易速度或提高交易成本，也可能会激怒散户。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一可能抑制这一趋势的因素。fintech Betterment行为金融和投资副总裁丹·伊根(Dan Egan)认为，这一势头可能会在9月份失去动力。即使是“猿”也有责任。“孩子们开始回到学校；父母可以再次自由地去工作，”他说。“那是下一次从房间里抽出一些氧气的时候。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金激发的暂时疯狂。但那将是一个错误。如果零佣金经纪公司和游戏驿站的乐趣打破了数百万新投资者开户的障碍，这几乎肯定是一件好事，只要大多数人用他们并不立即需要的钱下注。许多新零售交易员表示，他们正在自学如何交易，并已开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>以这样或那样的形式，这就是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授Hendrik Bessembinder在2018年发表了开创性的研究，发现“在随机选择的月份随机选择的股票更有可能亏损而不是赚钱。”简而言之，挑选单一股票并持有集中的投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是受到了新一波交易的鼓舞。“我欢迎零售交易的增加，以及股票市场是一个广泛参与的地方的想法，”贝森宾德说。“经济学家不能告诉人们他们不应该找点乐子。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WKHS":"Workhorse Group, Inc.","CLOV":"Clover Health Corp","AMC":"AMC院线","BBBY":"Bed Bath & Beyond, Inc.","SCHW":"嘉信理财","BB":"黑莓","GME":"游戏驿站","CARV":"卡弗储蓄","NEGG":"Newegg Comm Inc."},"source_url":"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112201050","content_text":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?\nIt has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like Clover Health Investments(CLOV) and Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.\nThe collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.\nThat is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.\nWhile trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.\nEven as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.\nA sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.\n\n“I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to Barron’s.\nThe meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.\nMeme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.\n\nThe most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.\nUnder pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.\nThese new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”\nTo be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.\nBut ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.\n“Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.\n“I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.\nSosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.\nIndeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.\nBut Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.\n\n“What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”\nThe swings you get can definitely make you feel some sort of way.\n— Matt Kohrs, 26, who streams stock analysis daily on YouTube\nIt is now changing the lives of those who got in early and are still riding the names higher.\nTake Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming stock analysis on YouTube for seven hours a day.\nWith 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.\n“The swings you get can definitely make you feel some sort of way,” he says.\nCompanies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.\nAMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.\nForget the boardroom. Corporate policy is now being determined in the chat room.\nBig investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.\nIn the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.\nThere can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.\nFor now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.\nFor retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.\nNew investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.\n“Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”\nClaire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”\nJust like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.\nThe new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.\nThe group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.\nKeith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.\nMany short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.\nAs the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”\nTo beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath & Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.\nDistrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.\nTravis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.\n“It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from Barron’s for comment.\n“If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.\nThe Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.\nRegulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”\nTraditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.\nIn one form or another, this is the future client base of Wall Street.\nArizona State University professor Hendrik Bessembinder published groundbreaking research in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.\nEven so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”","news_type":1,"symbols_score_info":{"MRIN":0.9,"GME":0.9,"AMC":0.9,"BB":0.9,"BBBY":0.9,"WKHS":0.9,"CLOV":0.9,"NEGG":0.9,"SCHW":0.9,"CARV":0.9}},"isVote":1,"tweetType":1,"viewCount":2415,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148030059,"gmtCreate":1625897788471,"gmtModify":1631890225661,"author":{"id":"3582883940430405","authorId":"3582883940430405","name":"annyeonggg","avatar":"https://static.tigerbbs.com/4a24793800dbc5c64a06fb4d43641145","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582883940430405","authorIdStr":"3582883940430405"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/148030059","repostId":"1195812364","repostType":4,"repost":{"id":"1195812364","kind":"news","pubTimestamp":1625875523,"share":"https://www.laohu8.com/m/news/1195812364?lang=zh_CN&edition=full","pubTime":"2021-07-10 08:05","market":"us","language":"en","title":"US IPO Week Ahead: Real estate, post-pandemic plays and more in an 9 IPO week<blockquote>美国IPO周：9周IPO中的房地产、大流行后游戏等</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195812364","media":"Renaissance Capital","summary":"Italian drug container supplier Stevanato Group plans to raise $900 million at a $6.8 billion market cap. Controlled by its founding family, the profitable company supplies glass vials, syringes, and other medical-grade containers to more than 700 customers, including 41 of the top 50 pharmaceutical companies.Shopping center REIT Phillips Edison & Company plans to raise $502 million at a $3.7 billion market cap. This REIT owns equity interests in 300 shopping centers across the US, focusing on l","content":"<p>After a slow holiday week, nine IPOs are scheduled to raise over $3 billion in the week ahead.</p><p><blockquote>在经历了一周的缓慢假期后，未来一周将有9起IPO筹集超过30亿美元的资金。</blockquote></p><p> Italian drug container supplier&nbsp;<b>Stevanato Group</b>(STVN) plans to raise $900 million at a $6.8 billion market cap. Controlled by its founding family, the profitable company supplies glass vials, syringes, and other medical-grade containers to more than 700 customers, including 41 of the top 50 pharmaceutical companies.</p><p><blockquote>意大利药品容器供应商<b>Stevanato集团</b>(STVN)计划以68亿美元的市值筹集9亿美元。这家盈利的公司由其创始家族控制，向700多家客户供应玻璃瓶、注射器和其他医疗级容器，其中包括排名前50的制药公司中的41家。</blockquote></p><p> Shopping center REIT&nbsp;<b>Phillips Edison &amp; Company</b>(PECO) plans to raise $502 million at a $3.7 billion market cap. This REIT owns equity interests in 300 shopping centers across the US, focusing on locations that are anchored by grocers like Kroger and Public. It targets a 3.5% annualized yield at the midpoint.</p><p><blockquote>购物中心房地产投资信托基金<b>菲利普斯爱迪生公司</b>(PECO)计划以37亿美元的市值筹集5.02亿美元。该房地产投资信托基金拥有美国300家购物中心的股权，重点关注Kroger和Public等杂货商入驻的地点。它的中点年化收益率目标为3.5%。</blockquote></p><p> Known for its member-only luxury hotel brand Soho House,<b>Membership Collective Group</b>(MCG) plans to raise $450 at a $3.2 billion market cap. The company boasts a large and loyal member base, though it has no track record of profitability and saw revenue fall by almost half in the 1Q21.</p><p><blockquote>以会员专属豪华酒店品牌Soho House而闻名，<b>会员集体组</b>(MCG)计划以32亿美元的市值筹集450美元。该公司拥有庞大而忠诚的会员基础，尽管它没有盈利记录，而且在2021年第一季度的收入下降了近一半。</blockquote></p><p> Mark Wahlberg-backed fitness franchise&nbsp;<b>F45 Training</b>(FXLV) plans to raise $325 million at a $1.5 billion market cap. Specializing in 45-minute workouts, F45 has over 1,500 studios worldwide. The company managed a 37% EBITDA in the trailing 12 months, though the company’s expected post-pandemic growth has yet to show through in the numbers.</p><p><blockquote>马克·沃尔伯格支持的健身特许经营权<b>F45训练</b>(FXLV)计划以15亿美元的市值筹集3.25亿美元。F45专注于45分钟的锻炼，在全球拥有1500多个工作室。该公司在过去12个月中实现了37%的EBITDA，尽管该公司预期的大流行后增长尚未在数字中体现出来。</blockquote></p><p> Mortgage software provider&nbsp;<b>Blend Labs</b>(BLND) plans to raise $340 million at a $4.5 billion market cap. Blend Labs provides a digital platform to financial services firms that improves the consumer experience when applying for mortgages and loans. Despite doubling revenue in 2020, the core software business is highly unprofitable due to R&amp;D and S&amp;M spend.</p><p><blockquote>抵押贷款软件提供商<b>混合实验室</b>(BLND)计划以45亿美元的市值筹集3.4亿美元。Blend Labs为金融服务公司提供了一个数字平台，改善了消费者申请抵押贷款和贷款时的体验。尽管2020年收入翻了一番，但由于研发和S&amp;M支出，核心软件业务非常无利可图。</blockquote></p><p> <b>Bridge Investment Group</b>(BRDG) plans to raise $300 million at a $1.8 billion market cap. This investment manager specializes in real estate equity and debt across multiple sectors. As of 3/31/2021, Bridge Investment Group has approximately $26 billion of AUM with more than 6,500 individual investors across 25 investment vehicles.</p><p><blockquote><b>桥梁投资集团</b>(BRDG)计划以18亿美元的市值筹集3亿美元。这位投资经理专门从事多个行业的房地产股权和债务。截至2021年3月31日，桥梁投资集团拥有约260亿美元的AUM，在25个投资工具中拥有超过6,500名个人投资者。</blockquote></p><p> Ocular medical device provider&nbsp;<b>Sight Sciences</b>(SGHT) plans to raise $150 million at a $1 billion market cap. The company develops and sells medical and surgical devices that present new treatment options for eye diseases. The highly unprofitable company showed signs of re-accelerating growth in the 1Q21 (+32%) after the pandemic delayed elective procedures in 2020.</p><p><blockquote>眼科医疗器械供应商<b>视觉科学</b>(SGHT)计划以10亿美元的市值筹集1.5亿美元。该公司开发和销售医疗和手术设备，为眼病提供新的治疗选择。在疫情推迟了2020年的选择性手术后，这家高度无利可图的公司在2021年第一季度显示出重新加速增长的迹象（+32%）。</blockquote></p><p> Pregnancy diagnostics company&nbsp;<b>Sera Prognostics</b>(SERA) plans to raise $75 million at a $564 million market cap. The company uses its proteomics and bioinformatics platform to develop biomarker tests aimed at improving pregnancy outcomes. Sera Prognostics’ sole commercial product, the PreTRM test, predicts the risk of a premature delivery, though it has yet to generate meaningful revenue.</p><p><blockquote>妊娠诊断公司<b>血清预后</b>(SERA)计划以5.64亿美元的市值筹集7500万美元。该公司利用其蛋白质组学和生物信息学平台开发旨在改善妊娠结局的生物标志物测试。Sera Prognostics唯一的商业产品PreTRM测试可以预测早产的风险，尽管它尚未产生有意义的收入。</blockquote></p><p> A hold-over from last week, early-stage kidney disease biotech&nbsp;<b>Unicycive Therapeutics</b>(UNCY) plans to raise $25 million at a $79 million market cap.</p><p><blockquote>上周的延期，早期肾病生物技术<b>单环疗法</b>(UNCY)计划以7900万美元的市值筹集2500万美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ad3dc9b07583a28aad047e44802c899e\" tg-width=\"942\" tg-height=\"732\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/8/21, the Renaissance IPO Index was down 0.8% year-to-date, while the S&amp;P 500 was up 15.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 5.2% year-to-date, while the ACWX was up 7.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年7月8日，文艺复兴IPO指数今年迄今下跌0.8%，而标普500上涨15.0%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有的顶级ETF包括Snowflake（SNOW）和Palantir Technologies（PLTR）。Renaissance International IPO指数今年迄今下跌5.2%，而ACWX指数上涨7.3%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有的顶级ETF包括思摩尔国际和殷拓合伙人。</blockquote></p><p></p>","source":"lsy1603787993745","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>US IPO Week Ahead: Real estate, post-pandemic plays and more in an 9 IPO week<blockquote>美国IPO周：9周IPO中的房地产、大流行后游戏等</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\">\nUS IPO Week Ahead: Real estate, post-pandemic plays and more in an 9 IPO week<blockquote>美国IPO周：9周IPO中的房地产、大流行后游戏等</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-07-10 08:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After a slow holiday week, nine IPOs are scheduled to raise over $3 billion in the week ahead.</p><p><blockquote>在经历了一周的缓慢假期后，未来一周将有9起IPO筹集超过30亿美元的资金。</blockquote></p><p> Italian drug container supplier&nbsp;<b>Stevanato Group</b>(STVN) plans to raise $900 million at a $6.8 billion market cap. Controlled by its founding family, the profitable company supplies glass vials, syringes, and other medical-grade containers to more than 700 customers, including 41 of the top 50 pharmaceutical companies.</p><p><blockquote>意大利药品容器供应商<b>Stevanato集团</b>(STVN)计划以68亿美元的市值筹集9亿美元。这家盈利的公司由其创始家族控制，向700多家客户供应玻璃瓶、注射器和其他医疗级容器，其中包括排名前50的制药公司中的41家。</blockquote></p><p> Shopping center REIT&nbsp;<b>Phillips Edison &amp; Company</b>(PECO) plans to raise $502 million at a $3.7 billion market cap. This REIT owns equity interests in 300 shopping centers across the US, focusing on locations that are anchored by grocers like Kroger and Public. It targets a 3.5% annualized yield at the midpoint.</p><p><blockquote>购物中心房地产投资信托基金<b>菲利普斯爱迪生公司</b>(PECO)计划以37亿美元的市值筹集5.02亿美元。该房地产投资信托基金拥有美国300家购物中心的股权，重点关注Kroger和Public等杂货商入驻的地点。它的中点年化收益率目标为3.5%。</blockquote></p><p> Known for its member-only luxury hotel brand Soho House,<b>Membership Collective Group</b>(MCG) plans to raise $450 at a $3.2 billion market cap. The company boasts a large and loyal member base, though it has no track record of profitability and saw revenue fall by almost half in the 1Q21.</p><p><blockquote>以会员专属豪华酒店品牌Soho House而闻名，<b>会员集体组</b>(MCG)计划以32亿美元的市值筹集450美元。该公司拥有庞大而忠诚的会员基础，尽管它没有盈利记录，而且在2021年第一季度的收入下降了近一半。</blockquote></p><p> Mark Wahlberg-backed fitness franchise&nbsp;<b>F45 Training</b>(FXLV) plans to raise $325 million at a $1.5 billion market cap. Specializing in 45-minute workouts, F45 has over 1,500 studios worldwide. The company managed a 37% EBITDA in the trailing 12 months, though the company’s expected post-pandemic growth has yet to show through in the numbers.</p><p><blockquote>马克·沃尔伯格支持的健身特许经营权<b>F45训练</b>(FXLV)计划以15亿美元的市值筹集3.25亿美元。F45专注于45分钟的锻炼，在全球拥有1500多个工作室。该公司在过去12个月中实现了37%的EBITDA，尽管该公司预期的大流行后增长尚未在数字中体现出来。</blockquote></p><p> Mortgage software provider&nbsp;<b>Blend Labs</b>(BLND) plans to raise $340 million at a $4.5 billion market cap. Blend Labs provides a digital platform to financial services firms that improves the consumer experience when applying for mortgages and loans. Despite doubling revenue in 2020, the core software business is highly unprofitable due to R&amp;D and S&amp;M spend.</p><p><blockquote>抵押贷款软件提供商<b>混合实验室</b>(BLND)计划以45亿美元的市值筹集3.4亿美元。Blend Labs为金融服务公司提供了一个数字平台，改善了消费者申请抵押贷款和贷款时的体验。尽管2020年收入翻了一番，但由于研发和S&amp;M支出，核心软件业务非常无利可图。</blockquote></p><p> <b>Bridge Investment Group</b>(BRDG) plans to raise $300 million at a $1.8 billion market cap. This investment manager specializes in real estate equity and debt across multiple sectors. As of 3/31/2021, Bridge Investment Group has approximately $26 billion of AUM with more than 6,500 individual investors across 25 investment vehicles.</p><p><blockquote><b>桥梁投资集团</b>(BRDG)计划以18亿美元的市值筹集3亿美元。这位投资经理专门从事多个行业的房地产股权和债务。截至2021年3月31日，桥梁投资集团拥有约260亿美元的AUM，在25个投资工具中拥有超过6,500名个人投资者。</blockquote></p><p> Ocular medical device provider&nbsp;<b>Sight Sciences</b>(SGHT) plans to raise $150 million at a $1 billion market cap. The company develops and sells medical and surgical devices that present new treatment options for eye diseases. The highly unprofitable company showed signs of re-accelerating growth in the 1Q21 (+32%) after the pandemic delayed elective procedures in 2020.</p><p><blockquote>眼科医疗器械供应商<b>视觉科学</b>(SGHT)计划以10亿美元的市值筹集1.5亿美元。该公司开发和销售医疗和手术设备，为眼病提供新的治疗选择。在疫情推迟了2020年的选择性手术后，这家高度无利可图的公司在2021年第一季度显示出重新加速增长的迹象（+32%）。</blockquote></p><p> Pregnancy diagnostics company&nbsp;<b>Sera Prognostics</b>(SERA) plans to raise $75 million at a $564 million market cap. The company uses its proteomics and bioinformatics platform to develop biomarker tests aimed at improving pregnancy outcomes. Sera Prognostics’ sole commercial product, the PreTRM test, predicts the risk of a premature delivery, though it has yet to generate meaningful revenue.</p><p><blockquote>妊娠诊断公司<b>血清预后</b>(SERA)计划以5.64亿美元的市值筹集7500万美元。该公司利用其蛋白质组学和生物信息学平台开发旨在改善妊娠结局的生物标志物测试。Sera Prognostics唯一的商业产品PreTRM测试可以预测早产的风险，尽管它尚未产生有意义的收入。</blockquote></p><p> A hold-over from last week, early-stage kidney disease biotech&nbsp;<b>Unicycive Therapeutics</b>(UNCY) plans to raise $25 million at a $79 million market cap.</p><p><blockquote>上周的延期，早期肾病生物技术<b>单环疗法</b>(UNCY)计划以7900万美元的市值筹集2500万美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ad3dc9b07583a28aad047e44802c899e\" tg-width=\"942\" tg-height=\"732\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/8/21, the Renaissance IPO Index was down 0.8% year-to-date, while the S&amp;P 500 was up 15.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 5.2% year-to-date, while the ACWX was up 7.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年7月8日，文艺复兴IPO指数今年迄今下跌0.8%，而标普500上涨15.0%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有的顶级ETF包括Snowflake（SNOW）和Palantir Technologies（PLTR）。Renaissance International IPO指数今年迄今下跌5.2%，而ACWX指数上涨7.3%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有的顶级ETF包括思摩尔国际和殷拓合伙人。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/83879/US-IPO-Week-Ahead-Real-estate-post-pandemic-plays-and-more-in-an-9-IPO-week\">Renaissance Capital</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":{"PECO":"Phillips Edison & Company, Inc.","SERA":"Sera Prognostics, Inc.","STVN":"Stevanato Group S.p.A.","SGHT":"Sight Sciences, Inc.","BLND":"Blend Labs, Inc.",".IXIC":"NASDAQ Composite","BRDG":"Bridge Investment Group Holdings Inc.",".DJI":"道琼斯","FXLV":"F45 Training Holdings Inc.",".SPX":"S&P 500 Index"},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/83879/US-IPO-Week-Ahead-Real-estate-post-pandemic-plays-and-more-in-an-9-IPO-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195812364","content_text":"After a slow holiday week, nine IPOs are scheduled to raise over $3 billion in the week ahead.\nItalian drug container supplier Stevanato Group(STVN) plans to raise $900 million at a $6.8 billion market cap. Controlled by its founding family, the profitable company supplies glass vials, syringes, and other medical-grade containers to more than 700 customers, including 41 of the top 50 pharmaceutical companies.\nShopping center REIT Phillips Edison & Company(PECO) plans to raise $502 million at a $3.7 billion market cap. This REIT owns equity interests in 300 shopping centers across the US, focusing on locations that are anchored by grocers like Kroger and Public. It targets a 3.5% annualized yield at the midpoint.\nKnown for its member-only luxury hotel brand Soho House,Membership Collective Group(MCG) plans to raise $450 at a $3.2 billion market cap. The company boasts a large and loyal member base, though it has no track record of profitability and saw revenue fall by almost half in the 1Q21.\nMark Wahlberg-backed fitness franchise F45 Training(FXLV) plans to raise $325 million at a $1.5 billion market cap. Specializing in 45-minute workouts, F45 has over 1,500 studios worldwide. The company managed a 37% EBITDA in the trailing 12 months, though the company’s expected post-pandemic growth has yet to show through in the numbers.\nMortgage software provider Blend Labs(BLND) plans to raise $340 million at a $4.5 billion market cap. Blend Labs provides a digital platform to financial services firms that improves the consumer experience when applying for mortgages and loans. Despite doubling revenue in 2020, the core software business is highly unprofitable due to R&D and S&M spend.\nBridge Investment Group(BRDG) plans to raise $300 million at a $1.8 billion market cap. This investment manager specializes in real estate equity and debt across multiple sectors. As of 3/31/2021, Bridge Investment Group has approximately $26 billion of AUM with more than 6,500 individual investors across 25 investment vehicles.\nOcular medical device provider Sight Sciences(SGHT) plans to raise $150 million at a $1 billion market cap. The company develops and sells medical and surgical devices that present new treatment options for eye diseases. The highly unprofitable company showed signs of re-accelerating growth in the 1Q21 (+32%) after the pandemic delayed elective procedures in 2020.\nPregnancy diagnostics company Sera Prognostics(SERA) plans to raise $75 million at a $564 million market cap. The company uses its proteomics and bioinformatics platform to develop biomarker tests aimed at improving pregnancy outcomes. Sera Prognostics’ sole commercial product, the PreTRM test, predicts the risk of a premature delivery, though it has yet to generate meaningful revenue.\nA hold-over from last week, early-stage kidney disease biotech Unicycive Therapeutics(UNCY) plans to raise $25 million at a $79 million market cap.\n\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/8/21, the Renaissance IPO Index was down 0.8% year-to-date, while the S&P 500 was up 15.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 5.2% year-to-date, while the ACWX was up 7.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT 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don't always go short it goes long as well&nbsp;[得意]&nbsp;[得意]&nbsp;[得意]&nbsp;","listText":"Things don't always go short it goes long as well&nbsp;[得意]&nbsp;[得意]&nbsp;[得意]&nbsp;","text":"Things don't always go short it goes long as well [得意] [得意] [得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/156667044","repostId":"1121860286","repostType":2,"repost":{"id":"1121860286","kind":"news","pubTimestamp":1625212613,"share":"https://www.laohu8.com/m/news/1121860286?lang=zh_CN&edition=full","pubTime":"2021-07-02 15:56","market":"us","language":"en","title":"AMC: 'Record' Weekend Is Terrible News For The Stock<blockquote>AMC：“创纪录”的周末对该股来说是个坏消息</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1121860286","media":"seekingalpha","summary":"Summary\n\nAttendance of 2 million is terrible for AMC.\nThe company needs to more than double attendan","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Attendance of 2 million is terrible for AMC.</li>  <li>The company needs to more&nbsp;than double attendance to return to 2019 - when it still lost money.</li>  <li>Someday shares will fall 90% from this point.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/798af80ddf8412e6beabc5bf60891141\" tg-width=\"768\" tg-height=\"576\" referrerpolicy=\"no-referrer\"><span>RichLegg/E+ via Getty Images</span></p><p><blockquote><ul><li>200万的上座率对于AMC来说是可怕的。</li><li>该公司需要将出勤率增加一倍以上才能回到2019年——当时它仍然亏损。</li><li>总有一天，股价将从这一点下跌90%。</li></ul><p class=\"t-img-caption\"><span>RichLegg/E+来自盖蒂图片社</span></p></blockquote></p><p> I'm pretty bad at predicting what makes AMC Entertainment(NYSE:AMC)go up or down in the short term. After all, I said to short it at $26/share (Short Squeeze Presents Many Ways to Make Money) and then explained why there was no fundamental news behind the run up at $58/share (Recent Events are Just Re-Runs). But I'm pretty good at reading press releases, news articles and financial statements, and it's clear from recent news just how big a hole AMC has to climb out of on an operating basis.</p><p><blockquote>我不太擅长预测AMC院线（纽约证券交易所股票代码：AMC）短期内上涨或下跌的原因。毕竟，我说在26美元/股做空（轧空提供了许多赚钱的方法），然后解释了为什么在58美元/股的上涨背后没有基本面消息（最近的事件只是重新运行）。但我很擅长阅读新闻稿、新闻文章和财务报表，从最近的新闻中可以清楚地看出，AMC在运营基础上必须爬出多大的漏洞。</blockquote></p><p> <b>Attendance at theaters is terrible and AMC will continue to lose money</b></p><p><blockquote><b>影院上座率惨淡AMC将继续亏损</b></blockquote></p><p> On Monday, AMC put out a&nbsp;press release&nbsp;touting its \"post-reopening record\" of 2 million attendees and highlighting the biggest box office draw \"Fast and the Furious 9\" which grossed $70 million:</p><p><blockquote>周一，AMC发布了一份新闻稿，宣传其200万观众的“重新开放后记录”，并强调了票房最高的《速度与激情9》，票房收入为7000万美元：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c6c54d7e40d29666bf8b78f554f233e9\" tg-width=\"640\" tg-height=\"83\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1b9f8c597b1ba417c6b478358caa9cc7\" tg-width=\"640\" tg-height=\"62\" referrerpolicy=\"no-referrer\"><span>Source: Businesswire</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Businesswire</span></p></blockquote></p><p> For reasons that should be clear to all,these numbers are terrible. As you can see from the company's earnings release showing results for 2018 and 2019:</p><p><blockquote>出于所有人都应该清楚的原因，这些数字是可怕的。从该公司2018年和2019年业绩的财报中可以看出：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b604e216de76939782f86a868e40889d\" tg-width=\"640\" tg-height=\"412\"><span>Source: AMC Entertainment</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMC院线</span></p></blockquote></p><p> The pace for attendance in 2019 was 250 million in the US, or 4.8 million customers per week and in 2018 it was 4.9 million customers. So it's very nice to learn that 2 million customers is the largest number of people to see a movie at AMC since COVID-19 led to lockdowns, but the real numbers mean show attendance is down almost 60% from 2018 and 2019.</p><p><blockquote>2019年美国的出席率为2.5亿，即每周480万客户，2018年为490万客户。因此，很高兴得知200万顾客是自新冠肺炎导致封锁以来在AMC看电影的人数最多的一次，但实际数字意味着放映上座率比2018年和2019年下降了近60%。</blockquote></p><p> As you can see above, 2018 and 2019 were not great years for the company, either. AMC lost $149 million in the second of two years and made $110 million in the first one. At the end of 2019, the stock price of a money-losing AMC was just over $7/share. Bullish shareholders (\"Apes\" as they style themselves) are excited about the move of more than 700% to this week's price of over $55/share:</p><p><blockquote>正如您在上面看到的，2018年和2019年对该公司来说也不是很好的年份。AMC在两年的第二年亏损1.49亿美元，第一年盈利1.1亿美元。2019年底，一家亏损的AMC股价刚刚超过7美元/股。看涨的股东（他们自称为“猿”）对本周超过55美元/股的价格上涨超过700%感到兴奋：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1ce4607284db107f9758f4735a99ccd3\" tg-width=\"640\" tg-height=\"331\"><span>Source: Koyfin</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Koyfin</span></p></blockquote></p><p> But what many of them don't seem to be paying attention to is the market capitalization. As you can see in the chart above, increasing the share count from 100 million to almost 480 million shares outstanding in the last year has pushed the market cap far higher leading to an increase of almost 3,900%.</p><p><blockquote>但他们中的许多人似乎没有注意到的是市值。如上图所示，去年流通股数量从1亿股增加到近4.8亿股，推动市值大幅上涨，涨幅近3,900%。</blockquote></p><p> This kind of securities analysis is not \"optional\" and shareholders are now paying almost 40 times as much to own this company as they did at the end of the last full year before COVID-19.</p><p><blockquote>这种证券分析不是“可选的”，股东现在为拥有这家公司支付的费用几乎是COVID-19之前最后一个全年年底的40倍。</blockquote></p><p> <b>Not all MemeStocks are created Equal</b></p><p><blockquote><b>并非所有模因股票都是平等的</b></blockquote></p><p> The first \"memestock\" to capture everyone's attention this year was GameStop (GME). After a number of years of declining sales, a new class of investors such as&nbsp;Chewy founder Ryan&nbsp;took interest in the company and eventually took over the board of directors. At the same time this change in leadership was underway, a number of hedge funds who had been short the stock&nbsp;began losing money&nbsp;at an alarming clip.</p><p><blockquote>今年第一个引起大家注意的“模因股”是游戏驿站（GME）。经过多年的销售额下降后，Chewy创始人Ryan等新一代投资者对该公司产生了兴趣，并最终接管了董事会。在领导层变动的同时，一些做空该股的对冲基金开始以惊人的速度亏损。</blockquote></p><p> In the popular imagination, the rise in GameStop shares was a&nbsp;win for retail investors&nbsp;sharing information on Reddit such as the now-famous \"Roaring Kitty,\" but the evidence is the biggest winners were in fact other hedge funds (see \"This Hedge Fund Made $700 million on GameStop\"). Since Cohen took over the company, he is shifting its business model to online sales and hiring executives from leading companies such as&nbsp;Amazon(NASDAQ:AMZN).</p><p><blockquote>在大众的想象中，游戏驿站股价的上涨是在Reddit上分享信息的散户投资者的胜利，例如现在著名的“咆哮的小猫”，但证据是最大的赢家实际上是其他对冲基金（见“这家对冲基金在游戏驿站赚了7亿美元”）。自从科恩接管该公司以来，他正在将其商业模式转向在线销售，并从亚马逊（纳斯达克：AMZN）等领先公司聘请高管。</blockquote></p><p> None of the kinds of positive things that are happening at GameStop are even close to being talked about at AMC. AMC has had thesame CEO since 2015. There is no change in business model, and now that he has cash from equity sales, thebest ideahe's come up with is just buying more movie theaters! Meanwhile, many of the most successful companies on the planet such as Disney(NYSE:DIS), Netflix(NASDAQ:NFLX)and Amazon are all developing streaming services to entertain customers at home - which keeps them from going to the movies.</p><p><blockquote>游戏驿站发生的任何积极的事情都没有在AMC上被谈论过。自2015年以来，AMC一直担任同一位首席执行官。商业模式没有改变，现在他从股权出售中获得了现金，他想出的最好的主意就是购买更多的电影院！与此同时，地球上许多最成功的公司，例如Disney（纽约证券交易所股票代码：DIS）、Netflix（纳斯达克股票代码：NFLX）和Amazon都在开发流媒体服务来娱乐在家的客户，这使得他们无法去看电影。</blockquote></p><p></p><p> Likewise, the entire growth of the online gaming industry with services such as Twitch from Amazon and Microsoft(NASDAQ:MSFT)with Xbox is another substantial competitor getting in the way of customers going to the movies. All this is to say that the future is not getting brighter for AMC.</p><p><blockquote>同样，在线游戏行业的整体增长（例如Amazon的Twitch和微软（纳斯达克：MSFT）的Xbox）是另一个阻碍客户看电影的重要竞争对手。这一切都表明，AMC的未来并没有变得更加光明。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Maybe AMC's share price will double next week. Maybe it will get cut in half. I don't know and neither does anyone else. But one month, one quarter or one year from now, shareholders will own a money-losing company in a fading industry at an extremely high valuation.</p><p><blockquote>也许下周AMC的股价会翻倍。也许它会被切成两半。我不知道，其他人也不知道。但从现在起一个月、一个季度或一年后，股东们将以极高的估值拥有一家处于衰落行业的亏损公司。</blockquote></p><p> I'm short shares in this stock because one day in the not-too-distant future, those shareholders will start selling, and then once the stock goes down regularly I expect them to start selling shares rapidly. Ultimately, I expect the shares to go back to the level they were at the end of 2019 - only when that happens, they won't be $7/share anymore. They'll be closer to $2.00.</p><p><blockquote>我做空这只股票，因为在不久的将来有一天，这些股东将开始出售，然后一旦股票定期下跌，我预计他们将开始迅速出售股票。最终，我预计股价将回到2019年底的水平——只是当这种情况发生时，股价将不再是7美元/股。它们将接近2美元。</blockquote></p><p> Good luck to all!</p><p><blockquote>祝大家好运！</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>AMC: 'Record' Weekend Is Terrible News For The Stock<blockquote>AMC：“创纪录”的周末对该股来说是个坏消息</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\">\nAMC: 'Record' Weekend Is Terrible News For The Stock<blockquote>AMC：“创纪录”的周末对该股来说是个坏消息</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-02 15:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Attendance of 2 million is terrible for AMC.</li>  <li>The company needs to more&nbsp;than double attendance to return to 2019 - when it still lost money.</li>  <li>Someday shares will fall 90% from this point.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/798af80ddf8412e6beabc5bf60891141\" tg-width=\"768\" tg-height=\"576\" referrerpolicy=\"no-referrer\"><span>RichLegg/E+ via Getty Images</span></p><p><blockquote><ul><li>200万的上座率对于AMC来说是可怕的。</li><li>该公司需要将出勤率增加一倍以上才能回到2019年——当时它仍然亏损。</li><li>总有一天，股价将从这一点下跌90%。</li></ul><p class=\"t-img-caption\"><span>RichLegg/E+来自盖蒂图片社</span></p></blockquote></p><p> I'm pretty bad at predicting what makes AMC Entertainment(NYSE:AMC)go up or down in the short term. After all, I said to short it at $26/share (Short Squeeze Presents Many Ways to Make Money) and then explained why there was no fundamental news behind the run up at $58/share (Recent Events are Just Re-Runs). But I'm pretty good at reading press releases, news articles and financial statements, and it's clear from recent news just how big a hole AMC has to climb out of on an operating basis.</p><p><blockquote>我不太擅长预测AMC院线（纽约证券交易所股票代码：AMC）短期内上涨或下跌的原因。毕竟，我说在26美元/股做空（轧空提供了许多赚钱的方法），然后解释了为什么在58美元/股的上涨背后没有基本面消息（最近的事件只是重新运行）。但我很擅长阅读新闻稿、新闻文章和财务报表，从最近的新闻中可以清楚地看出，AMC在运营基础上必须爬出多大的漏洞。</blockquote></p><p> <b>Attendance at theaters is terrible and AMC will continue to lose money</b></p><p><blockquote><b>影院上座率惨淡AMC将继续亏损</b></blockquote></p><p> On Monday, AMC put out a&nbsp;press release&nbsp;touting its \"post-reopening record\" of 2 million attendees and highlighting the biggest box office draw \"Fast and the Furious 9\" which grossed $70 million:</p><p><blockquote>周一，AMC发布了一份新闻稿，宣传其200万观众的“重新开放后记录”，并强调了票房最高的《速度与激情9》，票房收入为7000万美元：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c6c54d7e40d29666bf8b78f554f233e9\" tg-width=\"640\" tg-height=\"83\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1b9f8c597b1ba417c6b478358caa9cc7\" tg-width=\"640\" tg-height=\"62\" referrerpolicy=\"no-referrer\"><span>Source: Businesswire</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Businesswire</span></p></blockquote></p><p> For reasons that should be clear to all,these numbers are terrible. As you can see from the company's earnings release showing results for 2018 and 2019:</p><p><blockquote>出于所有人都应该清楚的原因，这些数字是可怕的。从该公司2018年和2019年业绩的财报中可以看出：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b604e216de76939782f86a868e40889d\" tg-width=\"640\" tg-height=\"412\"><span>Source: AMC Entertainment</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMC院线</span></p></blockquote></p><p> The pace for attendance in 2019 was 250 million in the US, or 4.8 million customers per week and in 2018 it was 4.9 million customers. So it's very nice to learn that 2 million customers is the largest number of people to see a movie at AMC since COVID-19 led to lockdowns, but the real numbers mean show attendance is down almost 60% from 2018 and 2019.</p><p><blockquote>2019年美国的出席率为2.5亿，即每周480万客户，2018年为490万客户。因此，很高兴得知200万顾客是自新冠肺炎导致封锁以来在AMC看电影的人数最多的一次，但实际数字意味着放映上座率比2018年和2019年下降了近60%。</blockquote></p><p> As you can see above, 2018 and 2019 were not great years for the company, either. AMC lost $149 million in the second of two years and made $110 million in the first one. At the end of 2019, the stock price of a money-losing AMC was just over $7/share. Bullish shareholders (\"Apes\" as they style themselves) are excited about the move of more than 700% to this week's price of over $55/share:</p><p><blockquote>正如您在上面看到的，2018年和2019年对该公司来说也不是很好的年份。AMC在两年的第二年亏损1.49亿美元，第一年盈利1.1亿美元。2019年底，一家亏损的AMC股价刚刚超过7美元/股。看涨的股东（他们自称为“猿”）对本周超过55美元/股的价格上涨超过700%感到兴奋：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1ce4607284db107f9758f4735a99ccd3\" tg-width=\"640\" tg-height=\"331\"><span>Source: Koyfin</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Koyfin</span></p></blockquote></p><p> But what many of them don't seem to be paying attention to is the market capitalization. As you can see in the chart above, increasing the share count from 100 million to almost 480 million shares outstanding in the last year has pushed the market cap far higher leading to an increase of almost 3,900%.</p><p><blockquote>但他们中的许多人似乎没有注意到的是市值。如上图所示，去年流通股数量从1亿股增加到近4.8亿股，推动市值大幅上涨，涨幅近3,900%。</blockquote></p><p> This kind of securities analysis is not \"optional\" and shareholders are now paying almost 40 times as much to own this company as they did at the end of the last full year before COVID-19.</p><p><blockquote>这种证券分析不是“可选的”，股东现在为拥有这家公司支付的费用几乎是COVID-19之前最后一个全年年底的40倍。</blockquote></p><p> <b>Not all MemeStocks are created Equal</b></p><p><blockquote><b>并非所有模因股票都是平等的</b></blockquote></p><p> The first \"memestock\" to capture everyone's attention this year was GameStop (GME). After a number of years of declining sales, a new class of investors such as&nbsp;Chewy founder Ryan&nbsp;took interest in the company and eventually took over the board of directors. At the same time this change in leadership was underway, a number of hedge funds who had been short the stock&nbsp;began losing money&nbsp;at an alarming clip.</p><p><blockquote>今年第一个引起大家注意的“模因股”是游戏驿站（GME）。经过多年的销售额下降后，Chewy创始人Ryan等新一代投资者对该公司产生了兴趣，并最终接管了董事会。在领导层变动的同时，一些做空该股的对冲基金开始以惊人的速度亏损。</blockquote></p><p> In the popular imagination, the rise in GameStop shares was a&nbsp;win for retail investors&nbsp;sharing information on Reddit such as the now-famous \"Roaring Kitty,\" but the evidence is the biggest winners were in fact other hedge funds (see \"This Hedge Fund Made $700 million on GameStop\"). Since Cohen took over the company, he is shifting its business model to online sales and hiring executives from leading companies such as&nbsp;Amazon(NASDAQ:AMZN).</p><p><blockquote>在大众的想象中，游戏驿站股价的上涨是在Reddit上分享信息的散户投资者的胜利，例如现在著名的“咆哮的小猫”，但证据是最大的赢家实际上是其他对冲基金（见“这家对冲基金在游戏驿站赚了7亿美元”）。自从科恩接管该公司以来，他正在将其商业模式转向在线销售，并从亚马逊（纳斯达克：AMZN）等领先公司聘请高管。</blockquote></p><p> None of the kinds of positive things that are happening at GameStop are even close to being talked about at AMC. AMC has had thesame CEO since 2015. There is no change in business model, and now that he has cash from equity sales, thebest ideahe's come up with is just buying more movie theaters! Meanwhile, many of the most successful companies on the planet such as Disney(NYSE:DIS), Netflix(NASDAQ:NFLX)and Amazon are all developing streaming services to entertain customers at home - which keeps them from going to the movies.</p><p><blockquote>游戏驿站发生的任何积极的事情都没有在AMC上被谈论过。自2015年以来，AMC一直担任同一位首席执行官。商业模式没有改变，现在他从股权出售中获得了现金，他想出的最好的主意就是购买更多的电影院！与此同时，地球上许多最成功的公司，例如Disney（纽约证券交易所股票代码：DIS）、Netflix（纳斯达克股票代码：NFLX）和Amazon都在开发流媒体服务来娱乐在家的客户，这使得他们无法去看电影。</blockquote></p><p></p><p> Likewise, the entire growth of the online gaming industry with services such as Twitch from Amazon and Microsoft(NASDAQ:MSFT)with Xbox is another substantial competitor getting in the way of customers going to the movies. All this is to say that the future is not getting brighter for AMC.</p><p><blockquote>同样，在线游戏行业的整体增长（例如Amazon的Twitch和微软（纳斯达克：MSFT）的Xbox）是另一个阻碍客户看电影的重要竞争对手。这一切都表明，AMC的未来并没有变得更加光明。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Maybe AMC's share price will double next week. Maybe it will get cut in half. I don't know and neither does anyone else. But one month, one quarter or one year from now, shareholders will own a money-losing company in a fading industry at an extremely high valuation.</p><p><blockquote>也许下周AMC的股价会翻倍。也许它会被切成两半。我不知道，其他人也不知道。但从现在起一个月、一个季度或一年后，股东们将以极高的估值拥有一家处于衰落行业的亏损公司。</blockquote></p><p> I'm short shares in this stock because one day in the not-too-distant future, those shareholders will start selling, and then once the stock goes down regularly I expect them to start selling shares rapidly. Ultimately, I expect the shares to go back to the level they were at the end of 2019 - only when that happens, they won't be $7/share anymore. They'll be closer to $2.00.</p><p><blockquote>我做空这只股票，因为在不久的将来有一天，这些股东将开始出售，然后一旦股票定期下跌，我预计他们将开始迅速出售股票。最终，我预计股价将回到2019年底的水平——只是当这种情况发生时，股价将不再是7美元/股。它们将接近2美元。</blockquote></p><p> Good luck to all!</p><p><blockquote>祝大家好运！</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4437461-amc-record-weekend-is-terrible-news-for-the-stock\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://seekingalpha.com/article/4437461-amc-record-weekend-is-terrible-news-for-the-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121860286","content_text":"Summary\n\nAttendance of 2 million is terrible for AMC.\nThe company needs to more than double attendance to return to 2019 - when it still lost money.\nSomeday shares will fall 90% from this point.\n\nRichLegg/E+ via Getty Images\nI'm pretty bad at predicting what makes AMC Entertainment(NYSE:AMC)go up or down in the short term. After all, I said to short it at $26/share (Short Squeeze Presents Many Ways to Make Money) and then explained why there was no fundamental news behind the run up at $58/share (Recent Events are Just Re-Runs). But I'm pretty good at reading press releases, news articles and financial statements, and it's clear from recent news just how big a hole AMC has to climb out of on an operating basis.\nAttendance at theaters is terrible and AMC will continue to lose money\nOn Monday, AMC put out a press release touting its \"post-reopening record\" of 2 million attendees and highlighting the biggest box office draw \"Fast and the Furious 9\" which grossed $70 million:\n\nSource: Businesswire\nFor reasons that should be clear to all,these numbers are terrible. As you can see from the company's earnings release showing results for 2018 and 2019:\nSource: AMC Entertainment\nThe pace for attendance in 2019 was 250 million in the US, or 4.8 million customers per week and in 2018 it was 4.9 million customers. So it's very nice to learn that 2 million customers is the largest number of people to see a movie at AMC since COVID-19 led to lockdowns, but the real numbers mean show attendance is down almost 60% from 2018 and 2019.\nAs you can see above, 2018 and 2019 were not great years for the company, either. AMC lost $149 million in the second of two years and made $110 million in the first one. At the end of 2019, the stock price of a money-losing AMC was just over $7/share. Bullish shareholders (\"Apes\" as they style themselves) are excited about the move of more than 700% to this week's price of over $55/share:\nSource: Koyfin\nBut what many of them don't seem to be paying attention to is the market capitalization. As you can see in the chart above, increasing the share count from 100 million to almost 480 million shares outstanding in the last year has pushed the market cap far higher leading to an increase of almost 3,900%.\nThis kind of securities analysis is not \"optional\" and shareholders are now paying almost 40 times as much to own this company as they did at the end of the last full year before COVID-19.\nNot all MemeStocks are created Equal\nThe first \"memestock\" to capture everyone's attention this year was GameStop (GME). After a number of years of declining sales, a new class of investors such as Chewy founder Ryan took interest in the company and eventually took over the board of directors. At the same time this change in leadership was underway, a number of hedge funds who had been short the stock began losing money at an alarming clip.\nIn the popular imagination, the rise in GameStop shares was a win for retail investors sharing information on Reddit such as the now-famous \"Roaring Kitty,\" but the evidence is the biggest winners were in fact other hedge funds (see \"This Hedge Fund Made $700 million on GameStop\"). Since Cohen took over the company, he is shifting its business model to online sales and hiring executives from leading companies such as Amazon(NASDAQ:AMZN).\nNone of the kinds of positive things that are happening at GameStop are even close to being talked about at AMC. AMC has had thesame CEO since 2015. There is no change in business model, and now that he has cash from equity sales, thebest ideahe's come up with is just buying more movie theaters! Meanwhile, many of the most successful companies on the planet such as Disney(NYSE:DIS), Netflix(NASDAQ:NFLX)and Amazon are all developing streaming services to entertain customers at home - which keeps them from going to the movies.\nLikewise, the entire growth of the online gaming industry with services such as Twitch from Amazon and Microsoft(NASDAQ:MSFT)with Xbox is another substantial competitor getting in the way of customers going to the movies. All this is to say that the future is not getting brighter for AMC.\nConclusion\nMaybe AMC's share price will double next week. Maybe it will get cut in half. I don't know and neither does anyone else. But one month, one quarter or one year from now, shareholders will own a money-losing company in a fading industry at an extremely high valuation.\nI'm short shares in this stock because one day in the not-too-distant future, those shareholders will start selling, and then once the stock goes down regularly I expect them to start selling shares rapidly. Ultimately, I expect the shares to go back to the level they were at the end of 2019 - only when that happens, they won't be $7/share anymore. They'll be closer to $2.00.\nGood luck to all!","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":811,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":156180803,"gmtCreate":1625201906402,"gmtModify":1631892531700,"author":{"id":"3582883940430405","authorId":"3582883940430405","name":"annyeonggg","avatar":"https://static.tigerbbs.com/4a24793800dbc5c64a06fb4d43641145","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582883940430405","authorIdStr":"3582883940430405"},"themes":[],"htmlText":"Stock market is full of risk to begin with&nbsp;[笑哭]&nbsp;[笑哭]&nbsp;[笑哭]&nbsp;","listText":"Stock market is full of risk to begin with&nbsp;[笑哭]&nbsp;[笑哭]&nbsp;[笑哭]&nbsp;","text":"Stock market is full of risk to begin with [笑哭] [笑哭] [笑哭]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/156180803","repostId":"1133090424","repostType":4,"isVote":1,"tweetType":1,"viewCount":758,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":156305477,"gmtCreate":1625193558499,"gmtModify":1631883984773,"author":{"id":"3582883940430405","authorId":"3582883940430405","name":"annyeonggg","avatar":"https://static.tigerbbs.com/4a24793800dbc5c64a06fb4d43641145","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582883940430405","authorIdStr":"3582883940430405"},"themes":[],"htmlText":"Nice one","listText":"Nice one","text":"Nice one","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/156305477","repostId":"2148781558","repostType":4,"isVote":1,"tweetType":1,"viewCount":495,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":155738438,"gmtCreate":1625452569324,"gmtModify":1631892531658,"author":{"id":"3582883940430405","authorId":"3582883940430405","name":"annyeonggg","avatar":"https://static.tigerbbs.com/4a24793800dbc5c64a06fb4d43641145","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582883940430405","authorIdStr":"3582883940430405"},"themes":[],"htmlText":"Oh no","listText":"Oh no","text":"Oh no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/155738438","repostId":"1169840279","repostType":4,"isVote":1,"tweetType":1,"viewCount":561,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159065724,"gmtCreate":1624931805568,"gmtModify":1631893966352,"author":{"id":"3582883940430405","authorId":"3582883940430405","name":"annyeonggg","avatar":"https://static.tigerbbs.com/4a24793800dbc5c64a06fb4d43641145","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582883940430405","authorIdStr":"3582883940430405"},"themes":[],"htmlText":"Good company","listText":"Good company","text":"Good company","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/159065724","repostId":"2147539638","repostType":4,"isVote":1,"tweetType":1,"viewCount":542,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148239862,"gmtCreate":1625976726656,"gmtModify":1631890225659,"author":{"id":"3582883940430405","authorId":"3582883940430405","name":"annyeonggg","avatar":"https://static.tigerbbs.com/4a24793800dbc5c64a06fb4d43641145","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582883940430405","authorIdStr":"3582883940430405"},"themes":[],"htmlText":"Hodl hodl&nbsp;","listText":"Hodl hodl&nbsp;","text":"Hodl hodl","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/148239862","repostId":"1112201050","repostType":4,"repost":{"id":"1112201050","kind":"news","pubTimestamp":1625966101,"share":"https://www.laohu8.com/m/news/1112201050?lang=zh_CN&edition=full","pubTime":"2021-07-11 09:15","market":"us","language":"en","title":"The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易还远未结束。投资者需要知道的。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112201050","media":"Barrons","summary":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the de","content":"<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达（Blockbuster）的干涸尸体在一月份突然复活时，他们再次崩溃的时间已经在滴答作响。是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经半年了，核心“模因股”的交易水平仍然被研究它们多年的人认为令人发指。Clover Health Investments(CLOV)和Newegg Commerce(NEGG)等新名字最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易者——长期以来被嘲笑为“愚蠢的钱”——的集体努力成功地保持了股票的高位，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型或扭亏为盈的迹象，但情况确实如此。黑莓在最近一个季度烧钱，并警告其关键的网络安全部门将触及收入指引的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>尽管大型经纪商的交易量较2月份的峰值略有下降，但仍是大流行前的两到三倍。散户交易者青睐的股票中发生了数量惊人的此类活动。例如，AMC院线控股公司(AMC)6月份股票日均交易价值达到131亿美元，超过苹果(AAPL)的95亿美元和亚马逊(AMZN)的103亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉酸面团面包；交易者只会越来越饥渴。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种胃口，就像互联网泡沫破裂时一样。就目前而言，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“我发现‘逢低买入’的情绪一刻也没有减弱，”与朋友在线交易的美国海军电子技术员布兰登·卢泽克(Brandon Luczek)在给《巴伦周刊》的电子邮件中写道。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>散户投资者交易量的增加推动了模因股票的飙升。2020年，在线经纪商以创纪录的速度签约客户，新开户人数超过1000万人。这一纪录几乎肯定会在2021年被打破。一些顶级公司透露，今年不到一半，经纪商就已经增加了超过1000万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这一现象的马车，也是马。它们的价格突然飙升是由新投资者推动的，然后这种行为会推动更多的新人投资。数百万人在一月底和二月初下载了投资应用程序，只是为了享受乐趣。嘉信理财(SCHW)最近的一项调查发现，15%的当前交易者在2020年之后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>这一激增中最突出的参与者是Robinhood，该公司表示仅在第一季度就增加了550万个受资助账户。但它并不孤单。例如，富达宣布第一季度吸引了160万35岁以下的新客户，比去年同期增长了223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在Robinhood零佣金模式的压力下，所有主要经纪商都在2019年将佣金降至零。这为新的客户群体打开了闸门——他们可能没有那么多闲钱可供交易，但比前辈更加活跃和多样化。经纪人正在兑现。富达希望在投资者拥有驾驶执照之前就吸引他们，允许年仅13岁的儿童开设交易账户。Robinhood正在乘势进行首次公开募股，分析师预计其估值将超过其收入的10倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与老客户不同。E*Trade（现归摩根士丹利(MS)所有）交易主管克里斯·拉金(Chris Larkin)表示，多年来，“ETF的吸引力很大”。但挑选个股显然是“2021年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，股票交易所交易基金仍然表现良好，因为世界各地的投资者都押注于疫情复苏，并避免债券收益率疲软。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但ETF不像股票那样点亮留言板。对于顶级品牌来说，这并不是一条单程之旅。游戏驿站确实在二月份下跌，华尔街享受了一段幸灾乐祸的时刻。这并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>盈透证券(Interactive Brokers)首席策略师史蒂夫·索斯尼克(Steve Sosnick)写道：“就像蝉一样，模因交易者在看似地下几个月后，又以疯狂的活动回归。”索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种股票转向另一种股票。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>他写道：“我认为，在比特币和其他加密货币大幅调整后，模因股票重新焕发生机，这绝非巧合。”</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为模因股票是一个“独立的行业”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对模因股票革命的反应是孤立市场中专业人士认为非理性的部分。大多数卖空者不会碰这些股票，分析师也放弃了报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样将零售大军赶走，也不能指望它们在未来17年消失。股票交易已经永久转移。今年，零售活动占股本的24%，高于2019年的15%。新信条的追随者并不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>哥伦比亚大学法学院专门研究证券市场的教授约书亚·米茨(Joshua Mitts)表示：“这真正反映了我们看到的与个别公司的接触越来越少的趋势的逆转。”“技术正在拉近普通投资者与他或她投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>——Matt Kohrs，26岁，每天在YouTube上播放股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早期进入的人的生活，并且仍然名气更高。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯（Matt Kohrs）为例，他很早就投资了AMC院线。今年2月，他辞去了在纽约的程序员工作，搬到了费城，并开始每天在YouTube上播放7个小时的股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>它在YouTube上拥有35万粉丝，正在支付账单。科尔斯表示，凭借广告和股票的收入，他可以降低与以前大致相同的工资。但他也知道，像这样依赖股票的收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“你得到的挥杆肯定会让你有某种感觉，”他说。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给模因学家来理解新华尔街充满表情符号的语言，这样他们就可以避开他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC甚至在过去一周取消了拟议的股权融资，因为该公司显然不喜欢Reddit人群的氛围。过去一年，AMC的股票数量已经增加了五倍。首席执行官Adam Aron在推特上表示，他看到了对他增发2500万股股票的提议“许多是，许多不是”的反应，因此该提议将被取消，而不是在本月晚些时候的AMC年会上进行投票。该公司没有回应有关如何对股东进行民意调查的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室中确定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者花更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕散户行为进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在“阿尔法”，但可能需要一些激烈的数字运算才能达到这一目标。当然，并非所有留言板上的喋喋不休都会导致价格持续上涨，而且在没有大量数据分析的情况下，零售订单流无法轻易与机构订单流分开。对于拥有工具来确定散户投资者正在买入和卖出哪些股票的投资者，摩根大通建议做多买入兴趣最高的20%的股票，做空卖出兴趣最高的20%的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他们认为这几乎就像一份保险单，以限制他们的下行风险，”他说。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于散户来说，这种方法并不总是科学的。这一行动得到了社区精神的支持。其背后的力量既是经济上的，也是情感上的和道德上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是证明自己和惩罚保守派的愿望，就像利润一样。他们互相了解市场，有时会放大或揭穿有关华尔街的阴谋论。一些人将模因股票走势与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“华尔街让我们的经济陷入瘫痪，没有人因此惹上麻烦，”26岁的科尔斯说。“所以，我认为他们认为这不仅可以让我们赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格(Claire Hirschberg)是一名28岁的工会组织者，她在从朋友那里听说此事后，于1月份在Robinhood上购买了价值约50美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他父亲是一位长期的资金经理。“他对我买下游戏驿站并拒绝出售感到非常生气，”她笑着说。“这让我想永远拥有它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像旧华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，直到你成为合伙人后，你才会戴菲拉格慕领带。在总经理离开之前，你永远不会离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而不是这个顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万零售交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认经济损失是一种勇敢的行为，是内部坚韧和对集团信念的证明。你不把自己当回事，也不监管语言。你是“猿”或“弱智”大军的一员。你坚持住了崩溃，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>群体行动不仅仅是为了道义上的支持。交易策略取决于人们保持购买压力以迫使空头挤压或购买看涨期权，从而触发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔(Keith Gill)二月份几乎出现在众议院金融服务委员会听证会上，成为Reddit零售交易员大军的代言人，推动游戏驿站股价走高。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来为模因运动提供氧气。6月中旬，AMC的空头利息占该股流通量的17%，低于1月份的28%，但幅度不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格的上涨，空头们也身不由己。Wedbush Securities分析师Michael Pachter表示，他们开始“流口水，耳朵里冒出火焰”，多年来一直关注游戏驿站。“让我有点震惊的是精神错乱的定义，即一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头不断回来，”他说。“[游戏驿站公牛]基思·吉尔和他的Reddit攻略不断挤压他们，而且它一直在发挥作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit人群需要团结一致，但社区有时会出现裂痕。拥有最坚定粉丝群的两只模因股票——游戏驿站和AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更多善变的支持者。几只陷入迷因疯狂的股票已经暴跌。Bed Bath&amp;Beyond(BBBY)在1月底和6月初两次飙升，但现在的交易价格仅略高于1月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心wallstreetbets——最初引发游戏驿站狂热的Reddit留言板——发展如此之快，以至于失去了最初的精神，并可能变得容易受到操纵。一些人已经转移到其他留言板，如r/superstonk，希望恢复旧社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司Hype Equity的创始人特拉维斯·雷尔(Travis Rehl)表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常是由代表网上谈论的公司的公关公司雇佣的。现在，他看到越来越多的股票突然出现在留言板上，收到积极的议论，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“这引发了人们对什么是真正的讨论与什么是某人只是想炒作的讨论的质疑，”他说。wallstreetbets的版主禁止在该平台上进行市场操纵，Rehl表示，他们似乎正在努力监管错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>索斯尼克表示：“如果你能制造足够的轰动效应，让股票在短时间内上涨10%、20%甚至50%，那么就有巨大的动力这样做。”</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>证券交易委员会正在留言板上关注有趣的事情。美国证券交易委员会主席加里·詹斯勒(Gary Gensler)和一些国会议员讨论了改变市场规则，旨在增加保护零售交易者的透明度——尽管如果这些变化减慢交易速度或提高交易成本，也可能会激怒散户。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一可能抑制这一趋势的因素。fintech Betterment行为金融和投资副总裁丹·伊根(Dan Egan)认为，这一势头可能会在9月份失去动力。即使是“猿”也有责任。“孩子们开始回到学校；父母可以再次自由地去工作，”他说。“那是下一次从房间里抽出一些氧气的时候。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金激发的暂时疯狂。但那将是一个错误。如果零佣金经纪公司和游戏驿站的乐趣打破了数百万新投资者开户的障碍，这几乎肯定是一件好事，只要大多数人用他们并不立即需要的钱下注。许多新零售交易员表示，他们正在自学如何交易，并已开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>以这样或那样的形式，这就是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授Hendrik Bessembinder在2018年发表了开创性的研究，发现“在随机选择的月份随机选择的股票更有可能亏损而不是赚钱。”简而言之，挑选单一股票并持有集中的投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是受到了新一波交易的鼓舞。“我欢迎零售交易的增加，以及股票市场是一个广泛参与的地方的想法，”贝森宾德说。“经济学家不能告诉人们他们不应该找点乐子。”</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易还远未结束。投资者需要知道的。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易还远未结束。投资者需要知道的。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-11 09:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达（Blockbuster）的干涸尸体在一月份突然复活时，他们再次崩溃的时间已经在滴答作响。是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经半年了，核心“模因股”的交易水平仍然被研究它们多年的人认为令人发指。Clover Health Investments(CLOV)和Newegg Commerce(NEGG)等新名字最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易者——长期以来被嘲笑为“愚蠢的钱”——的集体努力成功地保持了股票的高位，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型或扭亏为盈的迹象，但情况确实如此。黑莓在最近一个季度烧钱，并警告其关键的网络安全部门将触及收入指引的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>尽管大型经纪商的交易量较2月份的峰值略有下降，但仍是大流行前的两到三倍。散户交易者青睐的股票中发生了数量惊人的此类活动。例如，AMC院线控股公司(AMC)6月份股票日均交易价值达到131亿美元，超过苹果(AAPL)的95亿美元和亚马逊(AMZN)的103亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉酸面团面包；交易者只会越来越饥渴。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种胃口，就像互联网泡沫破裂时一样。就目前而言，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“我发现‘逢低买入’的情绪一刻也没有减弱，”与朋友在线交易的美国海军电子技术员布兰登·卢泽克(Brandon Luczek)在给《巴伦周刊》的电子邮件中写道。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>散户投资者交易量的增加推动了模因股票的飙升。2020年，在线经纪商以创纪录的速度签约客户，新开户人数超过1000万人。这一纪录几乎肯定会在2021年被打破。一些顶级公司透露，今年不到一半，经纪商就已经增加了超过1000万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这一现象的马车，也是马。它们的价格突然飙升是由新投资者推动的，然后这种行为会推动更多的新人投资。数百万人在一月底和二月初下载了投资应用程序，只是为了享受乐趣。嘉信理财(SCHW)最近的一项调查发现，15%的当前交易者在2020年之后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>这一激增中最突出的参与者是Robinhood，该公司表示仅在第一季度就增加了550万个受资助账户。但它并不孤单。例如，富达宣布第一季度吸引了160万35岁以下的新客户，比去年同期增长了223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在Robinhood零佣金模式的压力下，所有主要经纪商都在2019年将佣金降至零。这为新的客户群体打开了闸门——他们可能没有那么多闲钱可供交易，但比前辈更加活跃和多样化。经纪人正在兑现。富达希望在投资者拥有驾驶执照之前就吸引他们，允许年仅13岁的儿童开设交易账户。Robinhood正在乘势进行首次公开募股，分析师预计其估值将超过其收入的10倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与老客户不同。E*Trade（现归摩根士丹利(MS)所有）交易主管克里斯·拉金(Chris Larkin)表示，多年来，“ETF的吸引力很大”。但挑选个股显然是“2021年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，股票交易所交易基金仍然表现良好，因为世界各地的投资者都押注于疫情复苏，并避免债券收益率疲软。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但ETF不像股票那样点亮留言板。对于顶级品牌来说，这并不是一条单程之旅。游戏驿站确实在二月份下跌，华尔街享受了一段幸灾乐祸的时刻。这并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>盈透证券(Interactive Brokers)首席策略师史蒂夫·索斯尼克(Steve Sosnick)写道：“就像蝉一样，模因交易者在看似地下几个月后，又以疯狂的活动回归。”索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种股票转向另一种股票。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>他写道：“我认为，在比特币和其他加密货币大幅调整后，模因股票重新焕发生机，这绝非巧合。”</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为模因股票是一个“独立的行业”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对模因股票革命的反应是孤立市场中专业人士认为非理性的部分。大多数卖空者不会碰这些股票，分析师也放弃了报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样将零售大军赶走，也不能指望它们在未来17年消失。股票交易已经永久转移。今年，零售活动占股本的24%，高于2019年的15%。新信条的追随者并不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>哥伦比亚大学法学院专门研究证券市场的教授约书亚·米茨(Joshua Mitts)表示：“这真正反映了我们看到的与个别公司的接触越来越少的趋势的逆转。”“技术正在拉近普通投资者与他或她投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>——Matt Kohrs，26岁，每天在YouTube上播放股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早期进入的人的生活，并且仍然名气更高。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯（Matt Kohrs）为例，他很早就投资了AMC院线。今年2月，他辞去了在纽约的程序员工作，搬到了费城，并开始每天在YouTube上播放7个小时的股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>它在YouTube上拥有35万粉丝，正在支付账单。科尔斯表示，凭借广告和股票的收入，他可以降低与以前大致相同的工资。但他也知道，像这样依赖股票的收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“你得到的挥杆肯定会让你有某种感觉，”他说。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给模因学家来理解新华尔街充满表情符号的语言，这样他们就可以避开他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC甚至在过去一周取消了拟议的股权融资，因为该公司显然不喜欢Reddit人群的氛围。过去一年，AMC的股票数量已经增加了五倍。首席执行官Adam Aron在推特上表示，他看到了对他增发2500万股股票的提议“许多是，许多不是”的反应，因此该提议将被取消，而不是在本月晚些时候的AMC年会上进行投票。该公司没有回应有关如何对股东进行民意调查的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室中确定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者花更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕散户行为进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在“阿尔法”，但可能需要一些激烈的数字运算才能达到这一目标。当然，并非所有留言板上的喋喋不休都会导致价格持续上涨，而且在没有大量数据分析的情况下，零售订单流无法轻易与机构订单流分开。对于拥有工具来确定散户投资者正在买入和卖出哪些股票的投资者，摩根大通建议做多买入兴趣最高的20%的股票，做空卖出兴趣最高的20%的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他们认为这几乎就像一份保险单，以限制他们的下行风险，”他说。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于散户来说，这种方法并不总是科学的。这一行动得到了社区精神的支持。其背后的力量既是经济上的，也是情感上的和道德上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是证明自己和惩罚保守派的愿望，就像利润一样。他们互相了解市场，有时会放大或揭穿有关华尔街的阴谋论。一些人将模因股票走势与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“华尔街让我们的经济陷入瘫痪，没有人因此惹上麻烦，”26岁的科尔斯说。“所以，我认为他们认为这不仅可以让我们赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格(Claire Hirschberg)是一名28岁的工会组织者，她在从朋友那里听说此事后，于1月份在Robinhood上购买了价值约50美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他父亲是一位长期的资金经理。“他对我买下游戏驿站并拒绝出售感到非常生气，”她笑着说。“这让我想永远拥有它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像旧华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，直到你成为合伙人后，你才会戴菲拉格慕领带。在总经理离开之前，你永远不会离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而不是这个顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万零售交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认经济损失是一种勇敢的行为，是内部坚韧和对集团信念的证明。你不把自己当回事，也不监管语言。你是“猿”或“弱智”大军的一员。你坚持住了崩溃，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>群体行动不仅仅是为了道义上的支持。交易策略取决于人们保持购买压力以迫使空头挤压或购买看涨期权，从而触发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔(Keith Gill)二月份几乎出现在众议院金融服务委员会听证会上，成为Reddit零售交易员大军的代言人，推动游戏驿站股价走高。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来为模因运动提供氧气。6月中旬，AMC的空头利息占该股流通量的17%，低于1月份的28%，但幅度不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格的上涨，空头们也身不由己。Wedbush Securities分析师Michael Pachter表示，他们开始“流口水，耳朵里冒出火焰”，多年来一直关注游戏驿站。“让我有点震惊的是精神错乱的定义，即一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头不断回来，”他说。“[游戏驿站公牛]基思·吉尔和他的Reddit攻略不断挤压他们，而且它一直在发挥作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit人群需要团结一致，但社区有时会出现裂痕。拥有最坚定粉丝群的两只模因股票——游戏驿站和AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更多善变的支持者。几只陷入迷因疯狂的股票已经暴跌。Bed Bath&amp;Beyond(BBBY)在1月底和6月初两次飙升，但现在的交易价格仅略高于1月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心wallstreetbets——最初引发游戏驿站狂热的Reddit留言板——发展如此之快，以至于失去了最初的精神，并可能变得容易受到操纵。一些人已经转移到其他留言板，如r/superstonk，希望恢复旧社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司Hype Equity的创始人特拉维斯·雷尔(Travis Rehl)表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常是由代表网上谈论的公司的公关公司雇佣的。现在，他看到越来越多的股票突然出现在留言板上，收到积极的议论，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“这引发了人们对什么是真正的讨论与什么是某人只是想炒作的讨论的质疑，”他说。wallstreetbets的版主禁止在该平台上进行市场操纵，Rehl表示，他们似乎正在努力监管错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>索斯尼克表示：“如果你能制造足够的轰动效应，让股票在短时间内上涨10%、20%甚至50%，那么就有巨大的动力这样做。”</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>证券交易委员会正在留言板上关注有趣的事情。美国证券交易委员会主席加里·詹斯勒(Gary Gensler)和一些国会议员讨论了改变市场规则，旨在增加保护零售交易者的透明度——尽管如果这些变化减慢交易速度或提高交易成本，也可能会激怒散户。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一可能抑制这一趋势的因素。fintech Betterment行为金融和投资副总裁丹·伊根(Dan Egan)认为，这一势头可能会在9月份失去动力。即使是“猿”也有责任。“孩子们开始回到学校；父母可以再次自由地去工作，”他说。“那是下一次从房间里抽出一些氧气的时候。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金激发的暂时疯狂。但那将是一个错误。如果零佣金经纪公司和游戏驿站的乐趣打破了数百万新投资者开户的障碍，这几乎肯定是一件好事，只要大多数人用他们并不立即需要的钱下注。许多新零售交易员表示，他们正在自学如何交易，并已开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>以这样或那样的形式，这就是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授Hendrik Bessembinder在2018年发表了开创性的研究，发现“在随机选择的月份随机选择的股票更有可能亏损而不是赚钱。”简而言之，挑选单一股票并持有集中的投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是受到了新一波交易的鼓舞。“我欢迎零售交易的增加，以及股票市场是一个广泛参与的地方的想法，”贝森宾德说。“经济学家不能告诉人们他们不应该找点乐子。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WKHS":"Workhorse Group, Inc.","CLOV":"Clover Health Corp","AMC":"AMC院线","BBBY":"Bed Bath & Beyond, Inc.","SCHW":"嘉信理财","BB":"黑莓","GME":"游戏驿站","CARV":"卡弗储蓄","NEGG":"Newegg Comm Inc."},"source_url":"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112201050","content_text":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?\nIt has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like Clover Health Investments(CLOV) and Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.\nThe collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.\nThat is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.\nWhile trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.\nEven as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.\nA sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.\n\n“I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to Barron’s.\nThe meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.\nMeme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.\n\nThe most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.\nUnder pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.\nThese new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”\nTo be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.\nBut ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.\n“Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.\n“I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.\nSosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.\nIndeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.\nBut Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.\n\n“What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”\nThe swings you get can definitely make you feel some sort of way.\n— Matt Kohrs, 26, who streams stock analysis daily on YouTube\nIt is now changing the lives of those who got in early and are still riding the names higher.\nTake Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming stock analysis on YouTube for seven hours a day.\nWith 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.\n“The swings you get can definitely make you feel some sort of way,” he says.\nCompanies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.\nAMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.\nForget the boardroom. Corporate policy is now being determined in the chat room.\nBig investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.\nIn the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.\nThere can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.\nFor now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.\nFor retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.\nNew investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.\n“Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”\nClaire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”\nJust like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.\nThe new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.\nThe group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.\nKeith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.\nMany short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.\nAs the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”\nTo beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath & Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.\nDistrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.\nTravis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.\n“It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from Barron’s for comment.\n“If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.\nThe Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.\nRegulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”\nTraditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.\nIn one form or another, this is the future client base of Wall Street.\nArizona State University professor Hendrik Bessembinder published groundbreaking research in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.\nEven so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some 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11:24","market":"us","language":"en","title":"Taiwan Semiconductor Manufacturing Reports Earnings Thursday. Here’s What to Expect.<blockquote>台积电周四公布财报。这是可以期待的。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138248041","media":"Barron's","summary":"With any luck, investors will get some fresh insight about the global chip shortage Thursday when Ta","content":"<p>With any luck, investors will get some fresh insight about the global chip shortage Thursday when Taiwan Semiconductor Manufacturing reports earnings—and about whether the company is still on track to pour billions into meeting demand.</p><p><blockquote>如果幸运的话，当台积电周四公布财报时，投资者将对全球芯片短缺有一些新的了解，以及该公司是否仍有望投入数十亿美元来满足需求。</blockquote></p><p> But if the chip maker’s executives stick with their tradition of being tight-lipped, investors might not get much more than the numbers for insight.</p><p><blockquote>但如果这家芯片制造商的高管坚持守口如瓶的传统，投资者可能不会得到比数据更多的洞察力。</blockquote></p><p> Wall Street has high expectations for Taiwan Semi (ticker: TSM), which is set to release second-quarter results before the opening bell.</p><p><blockquote>华尔街对台积电（股票代码：TSM）寄予厚望，该公司将在开盘前发布第二季度业绩。</blockquote></p><p> The consensus calls for earnings to grow nearly 13% to NT$5.24 a share on revenue of NT$371.7 billion ($13.3 billion), an increase of 19% compared to the year-ago period. Revenue is all but a lock because Taiwan Semi discloses its monthly figure every month—that sum is about NT$372 billion.</p><p><blockquote>普遍评级是盈利将增长近13%，达到每股新台币5.24元，营收为新台币3,717亿元（133亿美元），比去年同期增长19%。收入几乎是锁定的，因为台积电每个月都会披露其月度数据——总额约为3720亿新台币。</blockquote></p><p> Earlier this year, Taiwan Semi executives increased the company’s 2021 capital spending plan to $30 billion, from an expected $25 billion to $28 billion—and put the three-year figure at $100 billion.</p><p><blockquote>今年早些时候，台积电高管将公司2021年资本支出计划从预期的250亿美元增加到280亿美元，并将三年数字定为1000亿美元。</blockquote></p><p> The company will divert most of the capital spending cash to building manufacturing capacity for its most advanced processors used by Advanced Micro Devices (AMD), Apple (AAPL), and Intel (INTC).</p><p><blockquote>该公司将把大部分资本支出现金用于建设超微设备(AMD)、苹果(AAPL)和英特尔(INTC)使用的最先进处理器的制造能力。</blockquote></p><p> J.P. Morgan analyst Gokul Hariharan expects Apple to contribute a hefty amount to Taiwan Semi’s sales since Apple’s new iPhone and Mac processors are manufactured by Taiwan chip giant. The analyst didn’t offer an dollar estimate, though.</p><p><blockquote>摩根大通分析师Gokul Hariharan预计，由于苹果的新款iPhone和Mac处理器是由台湾芯片巨头制造的，苹果将为台积电的销售做出巨大贡献。不过，该分析师没有提供美元预估。</blockquote></p><p> Bernstein analyst Mark Li sees a risk for Taiwan Semi in the possible slowing of demand for smartphone and cryptocurrency mining chips. He softened his assessment, however, by pointing out that the company’s older processing manufacturing capacity would be full, and that Apple could be expected to make a big contribution to third-quarter revenue. Li predicts Taiwan Semi may grow revenue about 15% in 2022.</p><p><blockquote>Bernstein分析师Mark Li认为，台积电面临的风险是智能手机和加密货币挖矿芯片的需求可能放缓。不过，他软化了自己的评估，指出该公司较旧的加工制造能力将已满，预计苹果将为第三季度收入做出巨大贡献。Li预测台积电2022年收入可能增长15%左右。</blockquote></p><p> If Taiwan Semi executives do talk about the future, they could touch on the company’s new 3-nanometer production technology. Intel and Apple may be the first two companies to adopt the technology, according to Nikkei Asia, a financial news website. Mass production is set to begin in 2022, with Intel taking more chip volume than Apple, the report said.</p><p><blockquote>如果台积电高管确实谈论未来，他们可能会谈到该公司新的3纳米生产技术。据财经新闻网站日经亚洲报道，英特尔和苹果可能是最先采用该技术的两家公司。报道称，大规模生产将于2022年开始，英特尔的芯片产量将超过苹果。</blockquote></p><p> New Street Research analyst Pierre Ferragu writes that Intel’s decision to outsource production to Taiwan Semi “remains more tactical than strategic.” Given the report in Nikkei, Intel appears to be adopting the production technology ahead of AMD, Ferragu said.</p><p><blockquote>New Street Research分析师Pierre Ferragu写道，英特尔将生产外包给台积电的决定“仍然是战术性的，而不是战略性的”。Ferragu表示，鉴于《日经新闻》的报道，英特尔似乎在AMD之前采用了该生产技术。</blockquote></p><p> Of the analysts that cover Taiwan Semi, 34 rate the stock a Buy, and three have Hold ratings. There are no Sell ratings. The average target price for American depositary receipts is $146.18, which implies upside of about 17%.</p><p><blockquote>在研究台积电的分析师中，34名分析师给予该股买入评级，3名分析师给予持有评级。没有卖出评级。美国存托凭证的平均目标价为146.18美元，意味着约17%的上涨空间。</blockquote></p><p> Taiwan Semi shares advanced roughly 90% this year, as the PHLX Semiconductor index, or Sox, gained about 63%.</p><p><blockquote>台积电股价今年上涨了约90%，PHLX半导体指数(Sox)上涨了约63%。</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Taiwan Semiconductor Manufacturing Reports Earnings Thursday. Here’s What to Expect.<blockquote>台积电周四公布财报。这是可以期待的。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTaiwan Semiconductor Manufacturing Reports Earnings Thursday. Here’s What to Expect.<blockquote>台积电周四公布财报。这是可以期待的。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-07-15 11:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>With any luck, investors will get some fresh insight about the global chip shortage Thursday when Taiwan Semiconductor Manufacturing reports earnings—and about whether the company is still on track to pour billions into meeting demand.</p><p><blockquote>如果幸运的话，当台积电周四公布财报时，投资者将对全球芯片短缺有一些新的了解，以及该公司是否仍有望投入数十亿美元来满足需求。</blockquote></p><p> But if the chip maker’s executives stick with their tradition of being tight-lipped, investors might not get much more than the numbers for insight.</p><p><blockquote>但如果这家芯片制造商的高管坚持守口如瓶的传统，投资者可能不会得到比数据更多的洞察力。</blockquote></p><p> Wall Street has high expectations for Taiwan Semi (ticker: TSM), which is set to release second-quarter results before the opening bell.</p><p><blockquote>华尔街对台积电（股票代码：TSM）寄予厚望，该公司将在开盘前发布第二季度业绩。</blockquote></p><p> The consensus calls for earnings to grow nearly 13% to NT$5.24 a share on revenue of NT$371.7 billion ($13.3 billion), an increase of 19% compared to the year-ago period. Revenue is all but a lock because Taiwan Semi discloses its monthly figure every month—that sum is about NT$372 billion.</p><p><blockquote>普遍评级是盈利将增长近13%，达到每股新台币5.24元，营收为新台币3,717亿元（133亿美元），比去年同期增长19%。收入几乎是锁定的，因为台积电每个月都会披露其月度数据——总额约为3720亿新台币。</blockquote></p><p> Earlier this year, Taiwan Semi executives increased the company’s 2021 capital spending plan to $30 billion, from an expected $25 billion to $28 billion—and put the three-year figure at $100 billion.</p><p><blockquote>今年早些时候，台积电高管将公司2021年资本支出计划从预期的250亿美元增加到280亿美元，并将三年数字定为1000亿美元。</blockquote></p><p> The company will divert most of the capital spending cash to building manufacturing capacity for its most advanced processors used by Advanced Micro Devices (AMD), Apple (AAPL), and Intel (INTC).</p><p><blockquote>该公司将把大部分资本支出现金用于建设超微设备(AMD)、苹果(AAPL)和英特尔(INTC)使用的最先进处理器的制造能力。</blockquote></p><p> J.P. Morgan analyst Gokul Hariharan expects Apple to contribute a hefty amount to Taiwan Semi’s sales since Apple’s new iPhone and Mac processors are manufactured by Taiwan chip giant. The analyst didn’t offer an dollar estimate, though.</p><p><blockquote>摩根大通分析师Gokul Hariharan预计，由于苹果的新款iPhone和Mac处理器是由台湾芯片巨头制造的，苹果将为台积电的销售做出巨大贡献。不过，该分析师没有提供美元预估。</blockquote></p><p> Bernstein analyst Mark Li sees a risk for Taiwan Semi in the possible slowing of demand for smartphone and cryptocurrency mining chips. He softened his assessment, however, by pointing out that the company’s older processing manufacturing capacity would be full, and that Apple could be expected to make a big contribution to third-quarter revenue. Li predicts Taiwan Semi may grow revenue about 15% in 2022.</p><p><blockquote>Bernstein分析师Mark Li认为，台积电面临的风险是智能手机和加密货币挖矿芯片的需求可能放缓。不过，他软化了自己的评估，指出该公司较旧的加工制造能力将已满，预计苹果将为第三季度收入做出巨大贡献。Li预测台积电2022年收入可能增长15%左右。</blockquote></p><p> If Taiwan Semi executives do talk about the future, they could touch on the company’s new 3-nanometer production technology. Intel and Apple may be the first two companies to adopt the technology, according to Nikkei Asia, a financial news website. Mass production is set to begin in 2022, with Intel taking more chip volume than Apple, the report said.</p><p><blockquote>如果台积电高管确实谈论未来，他们可能会谈到该公司新的3纳米生产技术。据财经新闻网站日经亚洲报道，英特尔和苹果可能是最先采用该技术的两家公司。报道称，大规模生产将于2022年开始，英特尔的芯片产量将超过苹果。</blockquote></p><p> New Street Research analyst Pierre Ferragu writes that Intel’s decision to outsource production to Taiwan Semi “remains more tactical than strategic.” Given the report in Nikkei, Intel appears to be adopting the production technology ahead of AMD, Ferragu said.</p><p><blockquote>New Street Research分析师Pierre Ferragu写道，英特尔将生产外包给台积电的决定“仍然是战术性的，而不是战略性的”。Ferragu表示，鉴于《日经新闻》的报道，英特尔似乎在AMD之前采用了该生产技术。</blockquote></p><p> Of the analysts that cover Taiwan Semi, 34 rate the stock a Buy, and three have Hold ratings. There are no Sell ratings. The average target price for American depositary receipts is $146.18, which implies upside of about 17%.</p><p><blockquote>在研究台积电的分析师中，34名分析师给予该股买入评级，3名分析师给予持有评级。没有卖出评级。美国存托凭证的平均目标价为146.18美元，意味着约17%的上涨空间。</blockquote></p><p> Taiwan Semi shares advanced roughly 90% this year, as the PHLX Semiconductor index, or Sox, gained about 63%.</p><p><blockquote>台积电股价今年上涨了约90%，PHLX半导体指数(Sox)上涨了约63%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/taiwan-semiconductor-manufacturing-earnings-51626299252?mod=hp_LATEST\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSM":"台积电"},"source_url":"https://www.barrons.com/articles/taiwan-semiconductor-manufacturing-earnings-51626299252?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138248041","content_text":"With any luck, investors will get some fresh insight about the global chip shortage Thursday when Taiwan Semiconductor Manufacturing reports earnings—and about whether the company is still on track to pour billions into meeting demand.\nBut if the chip maker’s executives stick with their tradition of being tight-lipped, investors might not get much more than the numbers for insight.\nWall Street has high expectations for Taiwan Semi (ticker: TSM), which is set to release second-quarter results before the opening bell.\nThe consensus calls for earnings to grow nearly 13% to NT$5.24 a share on revenue of NT$371.7 billion ($13.3 billion), an increase of 19% compared to the year-ago period. Revenue is all but a lock because Taiwan Semi discloses its monthly figure every month—that sum is about NT$372 billion.\nEarlier this year, Taiwan Semi executives increased the company’s 2021 capital spending plan to $30 billion, from an expected $25 billion to $28 billion—and put the three-year figure at $100 billion.\nThe company will divert most of the capital spending cash to building manufacturing capacity for its most advanced processors used by Advanced Micro Devices (AMD), Apple (AAPL), and Intel (INTC).\nJ.P. Morgan analyst Gokul Hariharan expects Apple to contribute a hefty amount to Taiwan Semi’s sales since Apple’s new iPhone and Mac processors are manufactured by Taiwan chip giant. The analyst didn’t offer an dollar estimate, though.\nBernstein analyst Mark Li sees a risk for Taiwan Semi in the possible slowing of demand for smartphone and cryptocurrency mining chips. He softened his assessment, however, by pointing out that the company’s older processing manufacturing capacity would be full, and that Apple could be expected to make a big contribution to third-quarter revenue. Li predicts Taiwan Semi may grow revenue about 15% in 2022.\nIf Taiwan Semi executives do talk about the future, they could touch on the company’s new 3-nanometer production technology. Intel and Apple may be the first two companies to adopt the technology, according to Nikkei Asia, a financial news website. Mass production is set to begin in 2022, with Intel taking more chip volume than Apple, the report said.\nNew Street Research analyst Pierre Ferragu writes that Intel’s decision to outsource production to Taiwan Semi “remains more tactical than strategic.” Given the report in Nikkei, Intel appears to be adopting the production technology ahead of AMD, Ferragu said.\nOf the analysts that cover Taiwan Semi, 34 rate the stock a Buy, and three have Hold ratings. There are no Sell ratings. The average target price for American depositary receipts is $146.18, which implies upside of about 17%.\nTaiwan Semi shares advanced roughly 90% this year, as the PHLX Semiconductor index, or Sox, gained about 63%.","news_type":1,"symbols_score_info":{"TSM":0.9}},"isVote":1,"tweetType":1,"viewCount":1377,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}