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IcyMystique

IcyMystique

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2021-08-10

Hello

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2021-08-10

Wooohoo?

@小虎综合资讯:盘前：大涨15%！这只电动汽车股被机构“疯狂唱多”

2021-08-10

Hello

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2021-08-09

Hmmmmm

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2021-08-07

Go higher pls

@狂赚未来:$滴滴(DIDI)$研究一下

2021-08-05

Hello

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2021-08-03

Jiayou

Can Bloated U.S. Large Caps Make Room For Small Caps?<blockquote>臃肿的美国大盘股能否为小盘股腾出空间？</blockquote>

2021-07-31

Nice

@骚Will搞美股:今日账户操作🚀

2021-07-28

Gogogo

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2021-07-27

$VanEck Vectors Retail ETF(RTH)$are you in too?

2021-07-27

Ohhhh?

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2021-07-24

$DiDi Global Inc.(DIDI)$disappointing

2021-07-24

$VanEck Vectors Retail ETF(RTH)$up it goes

2021-07-20

$DiDi Global Inc.(DIDI)$up pls

2021-07-19

$VanEck Vectors Retail ETF(RTH)$what are your thoughts

2021-07-18

$DiDi Global Inc.(DIDI)$oh no :(

2021-07-17

$VanEck Vectors Retail ETF(RTH)$hmmmmmm

2021-07-16

Hmmmmm

2021-07-15

$DiDi Global Inc.(DIDI)$when is it going up

2021-07-14

Go go go

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部分明星中概股盘前走强：雾芯科技涨超4%，<a href=\"https://laohu8.com/S/PDD\">$拼多多(PDD)$</a>涨超3%，<a href=\"https://laohu8.com/S/BILI\">$哔哩哔哩(BILI)$</a>、<a href=\"https://laohu8.com/S/GOTU\">$高途(GOTU)$</a>、<a href=\"https://laohu8.com/S/DIDI\">$滴滴(DIDI)$</a>、<a href=\"https://laohu8.com/S/JD\">$京东(JD)$</a>、<a href=\"https://laohu8.com/S/TAL\">$好未来(TAL)$</a>、<a href=\"https://laohu8.com/S/EDU\">$新东方(EDU)$</a>、<a href=\"https://laohu8.com/S/BEKE\">$贝壳(BEKE)$</a>、<a href=\"https://laohu8.com/S/TME\">$腾讯音乐(TME)$</a>、<a href=\"https://laohu8.com/S/HUYA\">$虎牙(HUYA)$</a>涨超2%，<a href=\"https://laohu8.com/S/LI\">$理想汽车(LI)$</a>、<a href=\"https://laohu8.com/S/BABA\">$阿里巴巴(BABA)$</a>、<a href=\"https://laohu8.com/S/BIDU\">$百度(BIDU)$</a>、<a href=\"https://laohu8.com/S/XPEV\">$小鹏</a>","listText":"8月10日，美股三大股指期货涨跌不一，截至发稿，道指期货跌0.04%；标普500指数期货涨0.01%；纳斯达克100指数期货涨0.12%。盘前行情 部分明星中概股盘前走强：雾芯科技涨超4%，<a href=\"https://laohu8.com/S/PDD\">$拼多多(PDD)$</a>涨超3%，<a href=\"https://laohu8.com/S/BILI\">$哔哩哔哩(BILI)$</a>、<a href=\"https://laohu8.com/S/GOTU\">$高途(GOTU)$</a>、<a href=\"https://laohu8.com/S/DIDI\">$滴滴(DIDI)$</a>、<a href=\"https://laohu8.com/S/JD\">$京东(JD)$</a>、<a href=\"https://laohu8.com/S/TAL\">$好未来(TAL)$</a>、<a href=\"https://laohu8.com/S/EDU\">$新东方(EDU)$</a>、<a href=\"https://laohu8.com/S/BEKE\">$贝壳(BEKE)$</a>、<a href=\"https://laohu8.com/S/TME\">$腾讯音乐(TME)$</a>、<a href=\"https://laohu8.com/S/HUYA\">$虎牙(HUYA)$</a>涨超2%，<a href=\"https://laohu8.com/S/LI\">$理想汽车(LI)$</a>、<a href=\"https://laohu8.com/S/BABA\">$阿里巴巴(BABA)$</a>、<a href=\"https://laohu8.com/S/BIDU\">$百度(BIDU)$</a>、<a href=\"https://laohu8.com/S/XPEV\">$小鹏</a>","text":"8月10日，美股三大股指期货涨跌不一，截至发稿，道指期货跌0.04%；标普500指数期货涨0.01%；纳斯达克100指数期货涨0.12%。盘前行情 部分明星中概股盘前走强：雾芯科技涨超4%，$拼多多(PDD)$涨超3%，$哔哩哔哩(BILI)$、$高途(GOTU)$、$滴滴(DIDI)$、$京东(JD)$、$好未来(TAL)$、$新东方(EDU)$、$贝壳(BEKE)$、$腾讯音乐(TME)$、$虎牙(HUYA)$涨超2%，$理想汽车(LI)$、$阿里巴巴(BABA)$、$百度(BIDU)$、$小鹏","images":[{"img":"https://static.tigerbbs.com/1fcd37b846de8da6a630988409a2e746","width":"856","height":"617"},{"img":"https://static.tigerbbs.com/ac00b61ce4412ebf05aa2c24038dd665","width":"825","height":"356"},{"img":"https://static.tigerbbs.com/cabd94da27a42dc667c09f99ea0bc40e","width":"828","height":"243"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/896573574","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2934,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896575496,"gmtCreate":1628598444115,"gmtModify":1631885071520,"author":{"id":"3584234820747668","authorId":"3584234820747668","name":"IcyMystique","avatar":"https://static.tigerbbs.com/9439224a99e598d4c932b2654768ee4d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584234820747668","authorIdStr":"3584234820747668"},"themes":[],"title":"","htmlText":"Hello","listText":"Hello","text":"Hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/896575496","repostId":"1121272269","repostType":4,"isVote":1,"tweetType":1,"viewCount":2719,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898047152,"gmtCreate":1628465541376,"gmtModify":1631885071532,"author":{"id":"3584234820747668","authorId":"3584234820747668","name":"IcyMystique","avatar":"https://static.tigerbbs.com/9439224a99e598d4c932b2654768ee4d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584234820747668","authorIdStr":"3584234820747668"},"themes":[],"title":"","htmlText":"Hmmmmm","listText":"Hmmmmm","text":"Hmmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/898047152","repostId":"1136322726","repostType":4,"isVote":1,"tweetType":1,"viewCount":3310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893406594,"gmtCreate":1628293575018,"gmtModify":1631885071543,"author":{"id":"3584234820747668","authorId":"3584234820747668","name":"IcyMystique","avatar":"https://static.tigerbbs.com/9439224a99e598d4c932b2654768ee4d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584234820747668","authorIdStr":"3584234820747668"},"themes":[],"title":"","htmlText":"Go higher pls","listText":"Go higher pls","text":"Go higher pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/893406594","repostId":"893409113","repostType":1,"repost":{"id":893409113,"gmtCreate":1628293200532,"gmtModify":1628293200532,"author":{"id":"3579166671227034","authorId":"3579166671227034","name":"狂赚未来","avatar":"https://static.tigerbbs.com/aba97c6964229d7598265af83aa09f73","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579166671227034","authorIdStr":"3579166671227034"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/DIDI\">$滴滴(DIDI)$</a>研究一下","listText":"<a href=\"https://laohu8.com/S/DIDI\">$滴滴(DIDI)$</a>研究一下","text":"$滴滴(DIDI)$研究一下","images":[{"img":"https://static.tigerbbs.com/0eefb2e3d50734170066f2ba33bbe495","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/893409113","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1903,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899326226,"gmtCreate":1628162185765,"gmtModify":1631885071555,"author":{"id":"3584234820747668","authorId":"3584234820747668","name":"IcyMystique","avatar":"https://static.tigerbbs.com/9439224a99e598d4c932b2654768ee4d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584234820747668","authorIdStr":"3584234820747668"},"themes":[],"title":"","htmlText":"Hello","listText":"Hello","text":"Hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/899326226","repostId":"2157436238","repostType":4,"isVote":1,"tweetType":1,"viewCount":3302,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804441574,"gmtCreate":1627975766898,"gmtModify":1631885071570,"author":{"id":"3584234820747668","authorId":"3584234820747668","name":"IcyMystique","avatar":"https://static.tigerbbs.com/9439224a99e598d4c932b2654768ee4d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584234820747668","authorIdStr":"3584234820747668"},"themes":[],"title":"","htmlText":"Jiayou","listText":"Jiayou","text":"Jiayou","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/804441574","repostId":"1105113028","repostType":4,"repost":{"id":"1105113028","kind":"news","pubTimestamp":1627975176,"share":"https://www.laohunote.com/m/news/1105113028?lang=zh_CN&edition=full","pubTime":"2021-08-03 15:19","market":"us","language":"en","title":"Can Bloated U.S. Large Caps Make Room For Small Caps?<blockquote>臃肿的美国大盘股能否为小盘股腾出空间？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105113028","media":"seekingalpha","summary":"Summary\n\nUntil recently, small caps were this year’s darling, comfortably outperforming their large-","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Until recently, small caps were this year’s darling, comfortably outperforming their large-cap brethren as the economic recovery manifested.</li>  <li>The S&amp;P SmallCap 600 finished the first half strong, posting its best performance through the first six months of any year since it was created.</li>  <li>But the proverbial tortoise caught up to the hare at the start of the second half, as the S&amp;P 500 Index virtually erased its underperformance relative to the S&amp;P SmallCap 600 over the last two weeks.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fefa76b6b80fbad76b9427f757e402bd\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>primeimages/E+ via Getty Images</span></p><p><blockquote><ul><li>直到最近，小盘股还是今年的宠儿，随着经济复苏的显现，小盘股的表现轻松超过了大盘股。</li><li>标准普尔小型股 600 指数上半年表现强劲，创下自成立以来上半年的最佳表现。</li><li>但众所周知的乌龟在下半年开始时赶上了野兔，标普500指数几乎抹去了过去两周相对于标准普尔小型股 600 指数的表现不佳。</li></ul><p class=\"t-img-caption\"><span>primeimages/E+ 来自 Getty Images</span></p></blockquote></p><p> Over the last few weeks, U.S. equities have staged a reversal within the very markets that have been this year’s most reliable trade.</p><p><blockquote>在过去的几周里，美国股市在今年最可靠的交易市场中出现了逆转。</blockquote></p><p> Until recently, small caps were this year’s darling, comfortably outperforming their large-cap brethren as the economic recovery manifested. The S&amp;P SmallCap 600 finished the first half strong, posting its best performance through the first six months of any year since it was created.</p><p><blockquote>直到最近，小盘股还是今年的宠儿，随着经济复苏的显现，小盘股的表现轻松超过了大盘股。标准普尔小型股 600 指数上半年表现强劲，创下自成立以来上半年的最佳表现。</blockquote></p><p> <b>S&amp;P SmallCap 600 - Return Through First 6 Months of the Year</b></p><p><blockquote><b>S&amp;P SmallCap 600 - 今年前 6 个月的回报</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/74af8ccc0d1010e404c1f6e38a1dde47\" tg-width=\"600\" tg-height=\"403\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> But the proverbial tortoise caught up to the hare at the start of the second half, as the S&amp;P 500 Index virtually erased its underperformance relative to the S&amp;P SmallCap 600 over the last two weeks.</p><p><blockquote>但众所周知的乌龟在下半年开始时赶上了野兔，标普500指数几乎抹去了过去两周相对于标准普尔小型股 600 指数的表现不佳。</blockquote></p><p> The change in market leadership is the result of a number of factors: surging cases of the COVID-19 delta variant, impressive Q2 earnings results from large-cap stalwarts and perhaps even some small-cap investors booking gains after a stellar first half.</p><p><blockquote>市场领导地位的变化是多种因素的结果：COVID-19 德尔塔变异毒株病例激增、大盘股中坚力量令人印象深刻的第二季度盈利结果，甚至一些小盘股投资者在上半年表现出色后也实现了收益。</blockquote></p><p> No matter the narrative, however, there are already significant implications of the swift, sudden reversal. One cautionary flag is already being waved: after their recent rally, U.S. large caps are the most expensive they have ever been, relative to small caps, since the 2001 tech bubble.</p><p><blockquote>然而，无论叙述如何，这种迅速、突然的逆转已经有了重要的含义。一个警告信号已经在挥舞：在最近的反弹之后，美国大盘股相对于小盘股而言是自 2001 年科技泡沫以来最昂贵的。</blockquote></p><p> <b>S&amp;P 500 Forward P/E / S&amp;P 600 Forward P/E</b></p><p><blockquote><b>标普500远期市盈率 / 标准普尔 600 远期市盈率</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/39a4e15c427952c240d02916954deeeb\" tg-width=\"600\" tg-height=\"389\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Specifically, the forward P/E of the S&amp;P 500 relative to that of the S&amp;P SmallCap 600 is measuring at levels last seen at the end of the 2001. Similar relative valuations temporarily spiked at the onset of the COVID-19 pandemic in March 2020 but corrected quickly.</p><p><blockquote>具体来说，标普500相对于标准普尔小型股 600 指数的远期市盈率处于 2001 年底的水平。类似的相对估值在 2020 年 3 月 COVID-19 大流行爆发时暂时飙升，但很快修正。</blockquote></p><p> The recent run-up would be less concerning if the gauge was less than 1. Historically, large caps often commanded a lower valuation than small caps, since the latter were perceived to be riskier (hence, lower earnings in the ratio’s denominator). The former, with higher earnings and perceived relative safety, had their valuations kept in check.</p><p><blockquote>如果指标小于 1，最近的上涨就不会那么令人担忧了。从历史上看，大盘股的估值往往低于小盘股，因为小盘股被认为风险更高（因此，该比率的分母收益较低）。前者收益更高，被认为相对安全，因此其估值受到控制。</blockquote></p><p> But this trend has also been reversed, with large caps now trading at a forward P/E premium to small caps of about 20%. If history is any indication, this may signal that there are frothy and bloated valuations in the large-cap market, with small caps perhaps due for a tailwind or the former for a correction.</p><p><blockquote>但这一趋势也发生了逆转，目前大盘股的远期市盈率比小盘股溢价约 20%。如果历史有任何迹象的话，这可能表明大盘股市场存在泡沫和臃肿的估值，小盘股可能会迎来顺风，或者前者会出现调整。</blockquote></p><p> It’s hard to ignore the opportunity that this creates for small caps, and only reinforces our optimism on the “reopening” trade: bullish on cyclical sectors, value and small caps. While fears over the surging COVID-19 delta variant have given investors pause, we think that this may just delay the economic recovery, rather than derail it.</p><p><blockquote>很难忽视这为小盘股创造的机会，这只会更加坚定我们对 “重新开放 ”交易的乐观态度：看好周期性板块、价值和小盘股。尽管对 COVID-19 德尔塔变异毒株飙升的担忧让投资者犹豫不决，但我们认为这可能只会推迟经济复苏，而不是破坏经济复苏。</blockquote></p><p> Once fears of the delta variant subside and the recovery continues, we believe that small caps may continue this year’s upward trajectory as important pieces of the economic recovery. Until then, be wary of prevailing large-cap valuations in your portfolio.</p><p><blockquote>一旦对德尔塔变异毒株的担忧消退，经济复苏得以持续，我们相信小盘股可能会继续保持今年的上升趋势，成为经济复苏的重要组成部分。在此之前，请警惕投资组合中盛行的大盘估值。</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>Can Bloated U.S. Large Caps Make Room For Small Caps?<blockquote>臃肿的美国大盘股能否为小盘股腾出空间？</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\">\nCan Bloated U.S. Large Caps Make Room For Small Caps?<blockquote>臃肿的美国大盘股能否为小盘股腾出空间？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-03 15:19</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>Until recently, small caps were this year’s darling, comfortably outperforming their large-cap brethren as the economic recovery manifested.</li>  <li>The S&amp;P SmallCap 600 finished the first half strong, posting its best performance through the first six months of any year since it was created.</li>  <li>But the proverbial tortoise caught up to the hare at the start of the second half, as the S&amp;P 500 Index virtually erased its underperformance relative to the S&amp;P SmallCap 600 over the last two weeks.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fefa76b6b80fbad76b9427f757e402bd\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>primeimages/E+ via Getty Images</span></p><p><blockquote><ul><li>直到最近，小盘股还是今年的宠儿，随着经济复苏的显现，小盘股的表现轻松超过了大盘股。</li><li>标准普尔小型股 600 指数上半年表现强劲，创下自成立以来上半年的最佳表现。</li><li>但众所周知的乌龟在下半年开始时赶上了野兔，标普500指数几乎抹去了过去两周相对于标准普尔小型股 600 指数的表现不佳。</li></ul><p class=\"t-img-caption\"><span>primeimages/E+ 来自 Getty Images</span></p></blockquote></p><p> Over the last few weeks, U.S. equities have staged a reversal within the very markets that have been this year’s most reliable trade.</p><p><blockquote>在过去的几周里，美国股市在今年最可靠的交易市场中出现了逆转。</blockquote></p><p> Until recently, small caps were this year’s darling, comfortably outperforming their large-cap brethren as the economic recovery manifested. The S&amp;P SmallCap 600 finished the first half strong, posting its best performance through the first six months of any year since it was created.</p><p><blockquote>直到最近，小盘股还是今年的宠儿，随着经济复苏的显现，小盘股的表现轻松超过了大盘股。标准普尔小型股 600 指数上半年表现强劲，创下自成立以来上半年的最佳表现。</blockquote></p><p> <b>S&amp;P SmallCap 600 - Return Through First 6 Months of the Year</b></p><p><blockquote><b>S&amp;P SmallCap 600 - 今年前 6 个月的回报</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/74af8ccc0d1010e404c1f6e38a1dde47\" tg-width=\"600\" tg-height=\"403\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> But the proverbial tortoise caught up to the hare at the start of the second half, as the S&amp;P 500 Index virtually erased its underperformance relative to the S&amp;P SmallCap 600 over the last two weeks.</p><p><blockquote>但众所周知的乌龟在下半年开始时赶上了野兔，标普500指数几乎抹去了过去两周相对于标准普尔小型股 600 指数的表现不佳。</blockquote></p><p> The change in market leadership is the result of a number of factors: surging cases of the COVID-19 delta variant, impressive Q2 earnings results from large-cap stalwarts and perhaps even some small-cap investors booking gains after a stellar first half.</p><p><blockquote>市场领导地位的变化是多种因素的结果：COVID-19 德尔塔变异毒株病例激增、大盘股中坚力量令人印象深刻的第二季度盈利结果，甚至一些小盘股投资者在上半年表现出色后也实现了收益。</blockquote></p><p> No matter the narrative, however, there are already significant implications of the swift, sudden reversal. One cautionary flag is already being waved: after their recent rally, U.S. large caps are the most expensive they have ever been, relative to small caps, since the 2001 tech bubble.</p><p><blockquote>然而，无论叙述如何，这种迅速、突然的逆转已经有了重要的含义。一个警告信号已经在挥舞：在最近的反弹之后，美国大盘股相对于小盘股而言是自 2001 年科技泡沫以来最昂贵的。</blockquote></p><p> <b>S&amp;P 500 Forward P/E / S&amp;P 600 Forward P/E</b></p><p><blockquote><b>标普500远期市盈率 / 标准普尔 600 远期市盈率</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/39a4e15c427952c240d02916954deeeb\" tg-width=\"600\" tg-height=\"389\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Specifically, the forward P/E of the S&amp;P 500 relative to that of the S&amp;P SmallCap 600 is measuring at levels last seen at the end of the 2001. Similar relative valuations temporarily spiked at the onset of the COVID-19 pandemic in March 2020 but corrected quickly.</p><p><blockquote>具体来说，标普500相对于标准普尔小型股 600 指数的远期市盈率处于 2001 年底的水平。类似的相对估值在 2020 年 3 月 COVID-19 大流行爆发时暂时飙升，但很快修正。</blockquote></p><p> The recent run-up would be less concerning if the gauge was less than 1. Historically, large caps often commanded a lower valuation than small caps, since the latter were perceived to be riskier (hence, lower earnings in the ratio’s denominator). The former, with higher earnings and perceived relative safety, had their valuations kept in check.</p><p><blockquote>如果指标小于 1，最近的上涨就不会那么令人担忧了。从历史上看，大盘股的估值往往低于小盘股，因为小盘股被认为风险更高（因此，该比率的分母收益较低）。前者收益更高，被认为相对安全，因此其估值受到控制。</blockquote></p><p> But this trend has also been reversed, with large caps now trading at a forward P/E premium to small caps of about 20%. If history is any indication, this may signal that there are frothy and bloated valuations in the large-cap market, with small caps perhaps due for a tailwind or the former for a correction.</p><p><blockquote>但这一趋势也发生了逆转，目前大盘股的远期市盈率比小盘股溢价约 20%。如果历史有任何迹象的话，这可能表明大盘股市场存在泡沫和臃肿的估值，小盘股可能会迎来顺风，或者前者会出现调整。</blockquote></p><p> It’s hard to ignore the opportunity that this creates for small caps, and only reinforces our optimism on the “reopening” trade: bullish on cyclical sectors, value and small caps. While fears over the surging COVID-19 delta variant have given investors pause, we think that this may just delay the economic recovery, rather than derail it.</p><p><blockquote>很难忽视这为小盘股创造的机会，这只会更加坚定我们对 “重新开放 ”交易的乐观态度：看好周期性板块、价值和小盘股。尽管对 COVID-19 德尔塔变异毒株飙升的担忧让投资者犹豫不决，但我们认为这可能只会推迟经济复苏，而不是破坏经济复苏。</blockquote></p><p> Once fears of the delta variant subside and the recovery continues, we believe that small caps may continue this year’s upward trajectory as important pieces of the economic recovery. Until then, be wary of prevailing large-cap valuations in your portfolio.</p><p><blockquote>一旦对德尔塔变异毒株的担忧消退，经济复苏得以持续，我们相信小盘股可能会继续保持今年的上升趋势，成为经济复苏的重要组成部分。在此之前，请警惕投资组合中盛行的大盘估值。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4444194-can-bloated-us-large-caps-make-room-for-small-caps\">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":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://seekingalpha.com/article/4444194-can-bloated-us-large-caps-make-room-for-small-caps","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105113028","content_text":"Summary\n\nUntil recently, small caps were this year’s darling, comfortably outperforming their large-cap brethren as the economic recovery manifested.\nThe S&P SmallCap 600 finished the first half strong, posting its best performance through the first six months of any year since it was created.\nBut the proverbial tortoise caught up to the hare at the start of the second half, as the S&P 500 Index virtually erased its underperformance relative to the S&P SmallCap 600 over the last two weeks.\n\nprimeimages/E+ via Getty Images\nOver the last few weeks, U.S. equities have staged a reversal within the very markets that have been this year’s most reliable trade.\nUntil recently, small caps were this year’s darling, comfortably outperforming their large-cap brethren as the economic recovery manifested. The S&P SmallCap 600 finished the first half strong, posting its best performance through the first six months of any year since it was created.\nS&P SmallCap 600 - Return Through First 6 Months of the Year\n\nBut the proverbial tortoise caught up to the hare at the start of the second half, as the S&P 500 Index virtually erased its underperformance relative to the S&P SmallCap 600 over the last two weeks.\nThe change in market leadership is the result of a number of factors: surging cases of the COVID-19 delta variant, impressive Q2 earnings results from large-cap stalwarts and perhaps even some small-cap investors booking gains after a stellar first half.\nNo matter the narrative, however, there are already significant implications of the swift, sudden reversal. One cautionary flag is already being waved: after their recent rally, U.S. large caps are the most expensive they have ever been, relative to small caps, since the 2001 tech bubble.\nS&P 500 Forward P/E / S&P 600 Forward P/E\n\nSpecifically, the forward P/E of the S&P 500 relative to that of the S&P SmallCap 600 is measuring at levels last seen at the end of the 2001. Similar relative valuations temporarily spiked at the onset of the COVID-19 pandemic in March 2020 but corrected quickly.\nThe recent run-up would be less concerning if the gauge was less than 1. Historically, large caps often commanded a lower valuation than small caps, since the latter were perceived to be riskier (hence, lower earnings in the ratio’s denominator). The former, with higher earnings and perceived relative safety, had their valuations kept in check.\nBut this trend has also been reversed, with large caps now trading at a forward P/E premium to small caps of about 20%. If history is any indication, this may signal that there are frothy and bloated valuations in the large-cap market, with small caps perhaps due for a tailwind or the former for a correction.\nIt’s hard to ignore the opportunity that this creates for small caps, and only reinforces our optimism on the “reopening” trade: bullish on cyclical sectors, value and small caps. While fears over the surging COVID-19 delta variant have given investors pause, we think that this may just delay the economic recovery, rather than derail it.\nOnce fears of the delta variant subside and the recovery continues, we believe that small caps may continue this year’s upward trajectory as important pieces of the economic recovery. Until then, be wary of prevailing large-cap valuations in your 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365 8/6的call 10张 均价2.3买入qcom 155 8/20的call 10张 均价1.29分享作为参考，盈亏自负。","listText":"买入QQQ 365 8/6的call 10张 均价2.3买入qcom 155 8/20的call 10张 均价1.29分享作为参考，盈亏自负。","text":"买入QQQ 365 8/6的call 10张 均价2.3买入qcom 155 8/20的call 10张 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15:19","market":"us","language":"en","title":"Can Bloated U.S. Large Caps Make Room For Small Caps?<blockquote>臃肿的美国大盘股能否为小盘股腾出空间？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105113028","media":"seekingalpha","summary":"Summary\n\nUntil recently, small caps were this year’s darling, comfortably outperforming their large-","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Until recently, small caps were this year’s darling, comfortably outperforming their large-cap brethren as the economic recovery manifested.</li>  <li>The S&amp;P SmallCap 600 finished the first half strong, posting its best performance through the first six months of any year since it was created.</li>  <li>But the proverbial tortoise caught up to the hare at the start of the second half, as the S&amp;P 500 Index virtually erased its underperformance relative to the S&amp;P SmallCap 600 over the last two weeks.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fefa76b6b80fbad76b9427f757e402bd\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>primeimages/E+ via Getty Images</span></p><p><blockquote><ul><li>直到最近，小盘股还是今年的宠儿，随着经济复苏的显现，小盘股的表现轻松超过了大盘股。</li><li>标准普尔小型股 600 指数上半年表现强劲，创下自成立以来上半年的最佳表现。</li><li>但众所周知的乌龟在下半年开始时赶上了野兔，标普500指数几乎抹去了过去两周相对于标准普尔小型股 600 指数的表现不佳。</li></ul><p class=\"t-img-caption\"><span>primeimages/E+ 来自 Getty Images</span></p></blockquote></p><p> Over the last few weeks, U.S. equities have staged a reversal within the very markets that have been this year’s most reliable trade.</p><p><blockquote>在过去的几周里，美国股市在今年最可靠的交易市场中出现了逆转。</blockquote></p><p> Until recently, small caps were this year’s darling, comfortably outperforming their large-cap brethren as the economic recovery manifested. The S&amp;P SmallCap 600 finished the first half strong, posting its best performance through the first six months of any year since it was created.</p><p><blockquote>直到最近，小盘股还是今年的宠儿，随着经济复苏的显现，小盘股的表现轻松超过了大盘股。标准普尔小型股 600 指数上半年表现强劲，创下自成立以来上半年的最佳表现。</blockquote></p><p> <b>S&amp;P SmallCap 600 - Return Through First 6 Months of the Year</b></p><p><blockquote><b>S&amp;P SmallCap 600 - 今年前 6 个月的回报</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/74af8ccc0d1010e404c1f6e38a1dde47\" tg-width=\"600\" tg-height=\"403\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> But the proverbial tortoise caught up to the hare at the start of the second half, as the S&amp;P 500 Index virtually erased its underperformance relative to the S&amp;P SmallCap 600 over the last two weeks.</p><p><blockquote>但众所周知的乌龟在下半年开始时赶上了野兔，标普500指数几乎抹去了过去两周相对于标准普尔小型股 600 指数的表现不佳。</blockquote></p><p> The change in market leadership is the result of a number of factors: surging cases of the COVID-19 delta variant, impressive Q2 earnings results from large-cap stalwarts and perhaps even some small-cap investors booking gains after a stellar first half.</p><p><blockquote>市场领导地位的变化是多种因素的结果：COVID-19 德尔塔变异毒株病例激增、大盘股中坚力量令人印象深刻的第二季度盈利结果，甚至一些小盘股投资者在上半年表现出色后也实现了收益。</blockquote></p><p> No matter the narrative, however, there are already significant implications of the swift, sudden reversal. One cautionary flag is already being waved: after their recent rally, U.S. large caps are the most expensive they have ever been, relative to small caps, since the 2001 tech bubble.</p><p><blockquote>然而，无论叙述如何，这种迅速、突然的逆转已经有了重要的含义。一个警告信号已经在挥舞：在最近的反弹之后，美国大盘股相对于小盘股而言是自 2001 年科技泡沫以来最昂贵的。</blockquote></p><p> <b>S&amp;P 500 Forward P/E / S&amp;P 600 Forward P/E</b></p><p><blockquote><b>标普500远期市盈率 / 标准普尔 600 远期市盈率</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/39a4e15c427952c240d02916954deeeb\" tg-width=\"600\" tg-height=\"389\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Specifically, the forward P/E of the S&amp;P 500 relative to that of the S&amp;P SmallCap 600 is measuring at levels last seen at the end of the 2001. Similar relative valuations temporarily spiked at the onset of the COVID-19 pandemic in March 2020 but corrected quickly.</p><p><blockquote>具体来说，标普500相对于标准普尔小型股 600 指数的远期市盈率处于 2001 年底的水平。类似的相对估值在 2020 年 3 月 COVID-19 大流行爆发时暂时飙升，但很快修正。</blockquote></p><p> The recent run-up would be less concerning if the gauge was less than 1. Historically, large caps often commanded a lower valuation than small caps, since the latter were perceived to be riskier (hence, lower earnings in the ratio’s denominator). The former, with higher earnings and perceived relative safety, had their valuations kept in check.</p><p><blockquote>如果指标小于 1，最近的上涨就不会那么令人担忧了。从历史上看，大盘股的估值往往低于小盘股，因为小盘股被认为风险更高（因此，该比率的分母收益较低）。前者收益更高，被认为相对安全，因此其估值受到控制。</blockquote></p><p> But this trend has also been reversed, with large caps now trading at a forward P/E premium to small caps of about 20%. If history is any indication, this may signal that there are frothy and bloated valuations in the large-cap market, with small caps perhaps due for a tailwind or the former for a correction.</p><p><blockquote>但这一趋势也发生了逆转，目前大盘股的远期市盈率比小盘股溢价约 20%。如果历史有任何迹象的话，这可能表明大盘股市场存在泡沫和臃肿的估值，小盘股可能会迎来顺风，或者前者会出现调整。</blockquote></p><p> It’s hard to ignore the opportunity that this creates for small caps, and only reinforces our optimism on the “reopening” trade: bullish on cyclical sectors, value and small caps. While fears over the surging COVID-19 delta variant have given investors pause, we think that this may just delay the economic recovery, rather than derail it.</p><p><blockquote>很难忽视这为小盘股创造的机会，这只会更加坚定我们对 “重新开放 ”交易的乐观态度：看好周期性板块、价值和小盘股。尽管对 COVID-19 德尔塔变异毒株飙升的担忧让投资者犹豫不决，但我们认为这可能只会推迟经济复苏，而不是破坏经济复苏。</blockquote></p><p> Once fears of the delta variant subside and the recovery continues, we believe that small caps may continue this year’s upward trajectory as important pieces of the economic recovery. Until then, be wary of prevailing large-cap valuations in your portfolio.</p><p><blockquote>一旦对德尔塔变异毒株的担忧消退，经济复苏得以持续，我们相信小盘股可能会继续保持今年的上升趋势，成为经济复苏的重要组成部分。在此之前，请警惕投资组合中盛行的大盘估值。</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>Can Bloated U.S. Large Caps Make Room For Small Caps?<blockquote>臃肿的美国大盘股能否为小盘股腾出空间？</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\">\nCan Bloated U.S. Large Caps Make Room For Small Caps?<blockquote>臃肿的美国大盘股能否为小盘股腾出空间？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-03 15:19</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>Until recently, small caps were this year’s darling, comfortably outperforming their large-cap brethren as the economic recovery manifested.</li>  <li>The S&amp;P SmallCap 600 finished the first half strong, posting its best performance through the first six months of any year since it was created.</li>  <li>But the proverbial tortoise caught up to the hare at the start of the second half, as the S&amp;P 500 Index virtually erased its underperformance relative to the S&amp;P SmallCap 600 over the last two weeks.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fefa76b6b80fbad76b9427f757e402bd\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>primeimages/E+ via Getty Images</span></p><p><blockquote><ul><li>直到最近，小盘股还是今年的宠儿，随着经济复苏的显现，小盘股的表现轻松超过了大盘股。</li><li>标准普尔小型股 600 指数上半年表现强劲，创下自成立以来上半年的最佳表现。</li><li>但众所周知的乌龟在下半年开始时赶上了野兔，标普500指数几乎抹去了过去两周相对于标准普尔小型股 600 指数的表现不佳。</li></ul><p class=\"t-img-caption\"><span>primeimages/E+ 来自 Getty Images</span></p></blockquote></p><p> Over the last few weeks, U.S. equities have staged a reversal within the very markets that have been this year’s most reliable trade.</p><p><blockquote>在过去的几周里，美国股市在今年最可靠的交易市场中出现了逆转。</blockquote></p><p> Until recently, small caps were this year’s darling, comfortably outperforming their large-cap brethren as the economic recovery manifested. The S&amp;P SmallCap 600 finished the first half strong, posting its best performance through the first six months of any year since it was created.</p><p><blockquote>直到最近，小盘股还是今年的宠儿，随着经济复苏的显现，小盘股的表现轻松超过了大盘股。标准普尔小型股 600 指数上半年表现强劲，创下自成立以来上半年的最佳表现。</blockquote></p><p> <b>S&amp;P SmallCap 600 - Return Through First 6 Months of the Year</b></p><p><blockquote><b>S&amp;P SmallCap 600 - 今年前 6 个月的回报</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/74af8ccc0d1010e404c1f6e38a1dde47\" tg-width=\"600\" tg-height=\"403\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> But the proverbial tortoise caught up to the hare at the start of the second half, as the S&amp;P 500 Index virtually erased its underperformance relative to the S&amp;P SmallCap 600 over the last two weeks.</p><p><blockquote>但众所周知的乌龟在下半年开始时赶上了野兔，标普500指数几乎抹去了过去两周相对于标准普尔小型股 600 指数的表现不佳。</blockquote></p><p> The change in market leadership is the result of a number of factors: surging cases of the COVID-19 delta variant, impressive Q2 earnings results from large-cap stalwarts and perhaps even some small-cap investors booking gains after a stellar first half.</p><p><blockquote>市场领导地位的变化是多种因素的结果：COVID-19 德尔塔变异毒株病例激增、大盘股中坚力量令人印象深刻的第二季度盈利结果，甚至一些小盘股投资者在上半年表现出色后也实现了收益。</blockquote></p><p> No matter the narrative, however, there are already significant implications of the swift, sudden reversal. One cautionary flag is already being waved: after their recent rally, U.S. large caps are the most expensive they have ever been, relative to small caps, since the 2001 tech bubble.</p><p><blockquote>然而，无论叙述如何，这种迅速、突然的逆转已经有了重要的含义。一个警告信号已经在挥舞：在最近的反弹之后，美国大盘股相对于小盘股而言是自 2001 年科技泡沫以来最昂贵的。</blockquote></p><p> <b>S&amp;P 500 Forward P/E / S&amp;P 600 Forward P/E</b></p><p><blockquote><b>标普500远期市盈率 / 标准普尔 600 远期市盈率</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/39a4e15c427952c240d02916954deeeb\" tg-width=\"600\" tg-height=\"389\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Specifically, the forward P/E of the S&amp;P 500 relative to that of the S&amp;P SmallCap 600 is measuring at levels last seen at the end of the 2001. Similar relative valuations temporarily spiked at the onset of the COVID-19 pandemic in March 2020 but corrected quickly.</p><p><blockquote>具体来说，标普500相对于标准普尔小型股 600 指数的远期市盈率处于 2001 年底的水平。类似的相对估值在 2020 年 3 月 COVID-19 大流行爆发时暂时飙升，但很快修正。</blockquote></p><p> The recent run-up would be less concerning if the gauge was less than 1. Historically, large caps often commanded a lower valuation than small caps, since the latter were perceived to be riskier (hence, lower earnings in the ratio’s denominator). The former, with higher earnings and perceived relative safety, had their valuations kept in check.</p><p><blockquote>如果指标小于 1，最近的上涨就不会那么令人担忧了。从历史上看，大盘股的估值往往低于小盘股，因为小盘股被认为风险更高（因此，该比率的分母收益较低）。前者收益更高，被认为相对安全，因此其估值受到控制。</blockquote></p><p> But this trend has also been reversed, with large caps now trading at a forward P/E premium to small caps of about 20%. If history is any indication, this may signal that there are frothy and bloated valuations in the large-cap market, with small caps perhaps due for a tailwind or the former for a correction.</p><p><blockquote>但这一趋势也发生了逆转，目前大盘股的远期市盈率比小盘股溢价约 20%。如果历史有任何迹象的话，这可能表明大盘股市场存在泡沫和臃肿的估值，小盘股可能会迎来顺风，或者前者会出现调整。</blockquote></p><p> It’s hard to ignore the opportunity that this creates for small caps, and only reinforces our optimism on the “reopening” trade: bullish on cyclical sectors, value and small caps. While fears over the surging COVID-19 delta variant have given investors pause, we think that this may just delay the economic recovery, rather than derail it.</p><p><blockquote>很难忽视这为小盘股创造的机会，这只会更加坚定我们对 “重新开放 ”交易的乐观态度：看好周期性板块、价值和小盘股。尽管对 COVID-19 德尔塔变异毒株飙升的担忧让投资者犹豫不决，但我们认为这可能只会推迟经济复苏，而不是破坏经济复苏。</blockquote></p><p> Once fears of the delta variant subside and the recovery continues, we believe that small caps may continue this year’s upward trajectory as important pieces of the economic recovery. Until then, be wary of prevailing large-cap valuations in your portfolio.</p><p><blockquote>一旦对德尔塔变异毒株的担忧消退，经济复苏得以持续，我们相信小盘股可能会继续保持今年的上升趋势，成为经济复苏的重要组成部分。在此之前，请警惕投资组合中盛行的大盘估值。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4444194-can-bloated-us-large-caps-make-room-for-small-caps\">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":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://seekingalpha.com/article/4444194-can-bloated-us-large-caps-make-room-for-small-caps","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105113028","content_text":"Summary\n\nUntil recently, small caps were this year’s darling, comfortably outperforming their large-cap brethren as the economic recovery manifested.\nThe S&P SmallCap 600 finished the first half strong, posting its best performance through the first six months of any year since it was created.\nBut the proverbial tortoise caught up to the hare at the start of the second half, as the S&P 500 Index virtually erased its underperformance relative to the S&P SmallCap 600 over the last two weeks.\n\nprimeimages/E+ via Getty Images\nOver the last few weeks, U.S. equities have staged a reversal within the very markets that have been this year’s most reliable trade.\nUntil recently, small caps were this year’s darling, comfortably outperforming their large-cap brethren as the economic recovery manifested. The S&P SmallCap 600 finished the first half strong, posting its best performance through the first six months of any year since it was created.\nS&P SmallCap 600 - Return Through First 6 Months of the Year\n\nBut the proverbial tortoise caught up to the hare at the start of the second half, as the S&P 500 Index virtually erased its underperformance relative to the S&P SmallCap 600 over the last two weeks.\nThe change in market leadership is the result of a number of factors: surging cases of the COVID-19 delta variant, impressive Q2 earnings results from large-cap stalwarts and perhaps even some small-cap investors booking gains after a stellar first half.\nNo matter the narrative, however, there are already significant implications of the swift, sudden reversal. One cautionary flag is already being waved: after their recent rally, U.S. large caps are the most expensive they have ever been, relative to small caps, since the 2001 tech bubble.\nS&P 500 Forward P/E / S&P 600 Forward P/E\n\nSpecifically, the forward P/E of the S&P 500 relative to that of the S&P SmallCap 600 is measuring at levels last seen at the end of the 2001. Similar relative valuations temporarily spiked at the onset of the COVID-19 pandemic in March 2020 but corrected quickly.\nThe recent run-up would be less concerning if the gauge was less than 1. Historically, large caps often commanded a lower valuation than small caps, since the latter were perceived to be riskier (hence, lower earnings in the ratio’s denominator). The former, with higher earnings and perceived relative safety, had their valuations kept in check.\nBut this trend has also been reversed, with large caps now trading at a forward P/E premium to small caps of about 20%. If history is any indication, this may signal that there are frothy and bloated valuations in the large-cap market, with small caps perhaps due for a tailwind or the former for a correction.\nIt’s hard to ignore the opportunity that this creates for small caps, and only reinforces our optimism on the “reopening” trade: bullish on cyclical sectors, value and small caps. While fears over the surging COVID-19 delta variant have given investors pause, we think that this may just delay the economic recovery, rather than derail it.\nOnce fears of the delta variant subside and the recovery continues, we believe that small caps may continue this year’s upward trajectory as important pieces of the economic recovery. Until then, be wary of prevailing large-cap valuations in your portfolio.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2210,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898047152,"gmtCreate":1628465541376,"gmtModify":1631885071532,"author":{"id":"3584234820747668","authorId":"3584234820747668","name":"IcyMystique","avatar":"https://static.tigerbbs.com/9439224a99e598d4c932b2654768ee4d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584234820747668","idStr":"3584234820747668"},"themes":[],"title":"","htmlText":"Hmmmmm","listText":"Hmmmmm","text":"Hmmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/898047152","repostId":"1136322726","repostType":4,"isVote":1,"tweetType":1,"viewCount":3310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140694841,"gmtCreate":1625651875283,"gmtModify":1631892734468,"author":{"id":"3584234820747668","authorId":"3584234820747668","name":"IcyMystique","avatar":"https://static.tigerbbs.com/9439224a99e598d4c932b2654768ee4d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584234820747668","idStr":"3584234820747668"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>can go up more, please 🚀","listText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>can go up more, please 🚀","text":"$Exela Technologies, Inc.(XELA)$can go up more, please 🚀","images":[{"img":"https://static.tigerbbs.com/5255c4980809956e96294d85e0fe9cfe","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/140694841","isVote":1,"tweetType":1,"viewCount":379,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":142926470,"gmtCreate":1626128341690,"gmtModify":1631884025061,"author":{"id":"3584234820747668","authorId":"3584234820747668","name":"IcyMystique","avatar":"https://static.tigerbbs.com/9439224a99e598d4c932b2654768ee4d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584234820747668","idStr":"3584234820747668"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>woohoooo","listText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>woohoooo","text":"$Exela Technologies, Inc.(XELA)$woohoooo","images":[{"img":"https://static.tigerbbs.com/a942e6e3359a6db2a55658098ac787da","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/142926470","isVote":1,"tweetType":1,"viewCount":526,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":148903054,"gmtCreate":1625908438078,"gmtModify":1631884026645,"author":{"id":"3584234820747668","authorId":"3584234820747668","name":"IcyMystique","avatar":"https://static.tigerbbs.com/9439224a99e598d4c932b2654768ee4d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584234820747668","idStr":"3584234820747668"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>🚀","listText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>🚀","text":"$Exela Technologies, Inc.(XELA)$🚀","images":[{"img":"https://static.tigerbbs.com/73ab35b5a6b4117eeba7705ab3802607","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/148903054","isVote":1,"tweetType":1,"viewCount":617,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3586363134913865","authorId":"3586363134913865","name":"瓶尔小草","avatar":"https://static.tigerbbs.com/e51ce53c9e6d0507ff9ea411b1a4a4bd","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3586363134913865","idStr":"3586363134913865"},"content":"发现老虎社区配图还挺有意思。最好笑的是有幅跌了配的文字：看到乞丐抖碗都觉得在炫富 [捂脸]","text":"发现老虎社区配图还挺有意思。最好笑的是有幅跌了配的文字：看到乞丐抖碗都觉得在炫富 [捂脸]","html":"发现老虎社区配图还挺有意思。最好笑的是有幅跌了配的文字：看到乞丐抖碗都觉得在炫富 [捂脸]"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":158590893,"gmtCreate":1625153943112,"gmtModify":1631892734473,"author":{"id":"3584234820747668","authorId":"3584234820747668","name":"IcyMystique","avatar":"https://static.tigerbbs.com/9439224a99e598d4c932b2654768ee4d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584234820747668","idStr":"3584234820747668"},"themes":[],"title":"","htmlText":"Well well....","listText":"Well well....","text":"Well well....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/158590893","repostId":"1199212665","repostType":4,"repost":{"id":"1199212665","kind":"news","pubTimestamp":1625146084,"share":"https://www.laohunote.com/m/news/1199212665?lang=zh_CN&edition=full","pubTime":"2021-07-01 21:28","market":"us","language":"en","title":"3 Expensive Tech Stocks to Buy in the Next Market Crash<blockquote>下一次市场崩盘中值得购买的 3 只昂贵科技股</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199212665","media":"Motley Fool","summary":"Get ready to buy Snowflake and two other hot tech stocks if this frothy market collapses.","content":"<p>Many high-growth tech stocks have seen price pullbacks over the past few months, due to concerns about higher bond yields, inflation, and decelerating growth for companies that benefited from the pandemic.</p><p><blockquote>由于对债券收益率上升、通货膨胀以及受益于疫情的公司增长放缓的担忧，许多高增长科技股在过去几个月出现了价格回调。</blockquote></p><p> That sell-off created some buying opportunities -- but some of the sector's pricier names merely pulled back slightly, held onto their gains, or even rallied. That relative strength is admirable, but it's a bit frustrating for investors who don't want to pay the wrong price for the right company.</p><p><blockquote>这种抛售创造了一些买入机会，但该行业一些价格较高的股票只是小幅回调，守住了涨幅，甚至反弹。这种相对实力令人钦佩，但对于不想为合适的公司付出错误代价的投资者来说，这有点令人沮丧。</blockquote></p><p> That's why I'm making a shopping list of expensive tech stocks which I'd eagerly buy during the next market crash. Let's take a look at three of those companies:<b>Snowflake</b>(NYSE:SNOW),<b>Twilio</b>(NYSE:TWLO), and&nbsp;<b>CrowdStrike</b>(NASDAQ:CRWD).</p><p><blockquote>这就是为什么我正在列出一份昂贵的科技股购物清单，我会在下一次市场崩盘时急切地购买这些股票。让我们来看看其中的三家公司：<b>雪花</b>（纽约证券交易所代码：SNOW），<b>特维利奥</b>（纽约证券交易所代码：TWLO），以及<b>人群罢工</b>（纳斯达克股票代码：CRWD）</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fde232ce39d9cd52a01fd6ec018cae53\" tg-width=\"700\" tg-height=\"466\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>1. Snowflake</b></p><p><blockquote><b>1. 雪花</b></blockquote></p><p> Snowflake was one of the hottest tech IPOs of 2020, thanks to its jaw-dropping growth rates and big investments from&nbsp;<b>Berkshire Hathaway</b>&nbsp;and&nbsp;<b>salesforce.com</b>.</p><p><blockquote>雪花是 2020 年最热门的科技 IPO 之一，这要归功于其令人瞠目结舌的增长率和来自<b>伯克希尔哈撒韦公司</b>和<b>销售力量网站</b>.</blockquote></p><p> Snowflake'scloud-baseddata warehouse pulls all of a company's data onto a single platform, where it can then be fed into third-party data visualization apps. Its service breaks down the silos between different departments and computing platforms, which makes it easier for large companies to make data-driven decisions.</p><p><blockquote>Snowflake基于云的数据仓库将公司的所有数据拉到一个平台上，然后可以将其输入到第三方数据可视化应用程序中。它的服务打破了不同部门和计算平台之间的孤岛，这使得大公司更容易做出数据驱动的决策。</blockquote></p><p> Snowflake's number of customers jumped 73% to 4,139 in fiscal 2021 (which ended this January), including 186 of the Fortune 500 companies. Its revenue surged 124% to $592 million, as its net retention rate -- which gauges its year-over-year revenue growth per existing customer -- hit 165%.</p><p><blockquote>2021 财年（截至今年 1 月），Snowflake 的客户数量增长了 73%，达到 4,139 家，其中包括 186 家财富 500 强公司。其收入飙升 124%，达到 5.92 亿美元，其净保留率（衡量其每个现有客户的收入同比增长）达到 165%。</blockquote></p><p> That growth continued in the first quarter of 2022. Its revenue rose 110% year over year to $228.9 million, its number of customers increased 67% to 4,532, and it achieved a net retention rate of 168%.</p><p><blockquote>这种增长在 2022 年第一季度仍在继续。其收入同比增长 110%，达到 2.289 亿美元，客户数量增长 67%，达到 4,532 家，净保留率达到 168%。</blockquote></p><p> But Snowflake isn't profitable yet. ItsGAAPnet loss widened from $348.5 million in fiscal 2020 to $539.1 million in fiscal 2021, and<i>more than doubled</i>from $93.6 million to $203.2 million in the first quarter of 2022. It's also unprofitable on a non-GAAP basis, which excludes its stock-based compensation expenses.</p><p><blockquote>但雪花还没有盈利。ITSGAAP净亏损从2020财年的3.485亿美元扩大到2021财年的5.391亿美元，并且<i>翻倍多</i>2022 年第一季度从 9360 万美元增至 2.032 亿美元。在非 GAAP 基础上，它也不盈利，这不包括基于股票的薪酬费用。</blockquote></p><p> Analysts expect Snowflake's revenue to rise 88% this year, with a narrower loss. However, its stock still trades at 65 times this year's sales -- which indicates there's still far too much growth baked into the stock. But if Snowflake gets cut in half in a crash, I'd considerstarting a big position.</p><p><blockquote>分析师预计 Snowflake 今年的收入将增长 88%，亏损幅度将收窄。然而，其股价仍为今年销售额的 65 倍，这表明该股仍有太多增长空间。但如果雪花在车祸中被切成两半，我会考虑开始一个大头寸。</blockquote></p><p> <b>2. Twilio</b></p><p><blockquote><b>2. 怀疑</b></blockquote></p><p> Twilio's cloud platform processes text messages, calls, and videos within apps. For example, it helps&nbsp;<b>Lyft</b>'s passengers contact their drivers, and&nbsp;<b>Airbnb</b>'s guests reach their hosts.</p><p><blockquote>Twilio的云平台在应用程序中处理短信、评级和视频。例如，它有助于<b>Lyft</b>乘客联系他们的司机，<b>爱彼迎</b>的客人到达他们的主人。</blockquote></p><p> In the past, developers built those tools from scratch, which was generally time-consuming, buggy, and difficult to scale. However, developers can now outsource those features to Twilio's cloud service by simply adding a few lines of code to their apps.</p><p><blockquote>在过去，开发人员从头开始构建这些工具，这通常很耗时、有缺陷且难以扩展。然而，开发人员现在只需在他们的应用程序中添加几行代码，就可以将这些功能外包给Twilio的云服务。</blockquote></p><p> Twilio's revenue rose 55% to $1.76 billion in 2020. Its net expansion rate, which is comparable to Snowflake's net retention rate, reached 137%. In the first quarter of 2021, its revenue jumped 62% year over year to $590 million as it integrated its recent purchase of the customer data firm Segment.</p><p><blockquote>2020 年，Twilio 的收入增长了 55%，达到 17.6 亿美元。其净扩张率，与雪花的净保留率相当，达到了137%。2021 年第一季度，由于整合了最近收购的客户数据公司部门，其收入同比增长 62%，达到 5.9 亿美元。</blockquote></p><p> Twilio remains unprofitable on a GAAP basis, but its non-GAAP net income rose 62% to $35.9 million in 2020. In the first quarter of 2021, its non-GAAP net income rose another 15% to $9.6 million.</p><p><blockquote>按 GAAP 计算，Twilio 仍不盈利，但其 2020 年非 GAAP 净利润增长 62%，达到 3590 万美元。2021年第一季度，其非GAAP净利润再增长15%，达到960万美元。</blockquote></p><p> Analysts expect its revenue to rise 44% this year, but for its non-GAAP earnings to dip into the red again amid higher investments and rising A2P (application-to-person) fees, which are now charged by carriers whenever an app accesses an SMS network.</p><p><blockquote>分析师预计其今年的收入将增长 44%，但由于投资增加和 A2P（应用对个人）费用上涨，其非 GAAP 盈利将再次陷入亏损，现在运营商在应用程序访问短信网络时都会收取这些费用。</blockquote></p><p> That near-term outlook doesn't look great for a stock that trades at nearly 30 times this year's sales. However, I still think Twilio has great growth potential, and I'd definitely buy its stock at a lower price.</p><p><blockquote>对于一只交易价格接近今年销售额 30 倍的股票来说，近期前景看起来并不乐观。不过，我仍然认为Twilio具有巨大的增长潜力，我肯定会以较低的价格购买其股票。</blockquote></p><p> <b>3. CrowdStrike</b></p><p><blockquote><b>3. CrowdStrike</b></blockquote></p><p> CrowdStrike is a cybersecurity company that differs from its industry peers in one major way. Most cybersecurity companies install on-site appliances to support their services, which can be expensive to maintain and difficult to scale as an organization expands. CrowdStrike eliminates those appliances by offering its end-to-end security platform as a cloud-based service.</p><p><blockquote>CrowdStrike是一家网络安全公司，在一个主要方面不同于行业同行。大多数网络安全公司安装现场设备来支持他们的服务，但随着组织的扩展，维护成本可能很高，而且难以扩展。CrowdStrike通过将其端到端安全平台作为基于云的服务提供来消除这些设备。</blockquote></p><p> CrowdStrike's growth clearly reflects its disruptive potential. Its revenue rose 82% to $874.4 million in fiscal 2021 (which ended this January), its number of subscription customers increased 82% to 9,896, and its net retention rate stayed above 120%.</p><p><blockquote>CrowdStrike 的增长清楚地反映了其颠覆性潜力。2021财年（截至今年1月），其收入增长82%，达到8.744亿美元，订阅客户数量增长82%，达到9,896家，净保留率保持在120%以上。</blockquote></p><p> In the first quarter of fiscal 2022, its revenue rose 70% year over year to $302.8 million, its subscriber base expanded 82% year over year to 11,420, and it kept its retention rate above 120%.</p><p><blockquote>2022财年第一季度，其收入同比增长70%至3.028亿美元，用户群同比增长82%至11,420人，保留率保持在120%以上。</blockquote></p><p></p><p> CrowdStrike also turned profitable on a non-GAAP basis in 2021, with a net profit of $62.6 million. Its non-GAAP net income rose more than fivefold year over year to $23.3 million in the first quarter of 2022.</p><p><blockquote>CrowdStrike 在 2021 年也在非 GAAP 基础上实现盈利，净利润为 6260 万美元。2022 年第一季度，其非 GAAP 净利润同比增长五倍多，达到 2330 万美元。</blockquote></p><p> Those&nbsp;numbers are impressive, but CrowdStrike still trades at about 350 times forward earnings and more than 40 times this year's sales. Therefore, this is another stock I won't buy unless the market crashes.</p><p><blockquote>这些数字令人印象深刻，但 CrowdStrike 的预期市盈率仍然约为 350 倍，是今年销售额的 40 多倍。因此，这是另一只除非市场崩盘，否则我不会购买的股票。</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>3 Expensive Tech Stocks to Buy in the Next Market Crash<blockquote>下一次市场崩盘中值得购买的 3 只昂贵科技股</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\">\n3 Expensive Tech Stocks to Buy in the Next Market Crash<blockquote>下一次市场崩盘中值得购买的 3 只昂贵科技股</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\">2021-07-01 21:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Many high-growth tech stocks have seen price pullbacks over the past few months, due to concerns about higher bond yields, inflation, and decelerating growth for companies that benefited from the pandemic.</p><p><blockquote>由于对债券收益率上升、通货膨胀以及受益于疫情的公司增长放缓的担忧，许多高增长科技股在过去几个月出现了价格回调。</blockquote></p><p> That sell-off created some buying opportunities -- but some of the sector's pricier names merely pulled back slightly, held onto their gains, or even rallied. That relative strength is admirable, but it's a bit frustrating for investors who don't want to pay the wrong price for the right company.</p><p><blockquote>这种抛售创造了一些买入机会，但该行业一些价格较高的股票只是小幅回调，守住了涨幅，甚至反弹。这种相对实力令人钦佩，但对于不想为合适的公司付出错误代价的投资者来说，这有点令人沮丧。</blockquote></p><p> That's why I'm making a shopping list of expensive tech stocks which I'd eagerly buy during the next market crash. Let's take a look at three of those companies:<b>Snowflake</b>(NYSE:SNOW),<b>Twilio</b>(NYSE:TWLO), and&nbsp;<b>CrowdStrike</b>(NASDAQ:CRWD).</p><p><blockquote>这就是为什么我正在列出一份昂贵的科技股购物清单，我会在下一次市场崩盘时急切地购买这些股票。让我们来看看其中的三家公司：<b>雪花</b>（纽约证券交易所代码：SNOW），<b>特维利奥</b>（纽约证券交易所代码：TWLO），以及<b>人群罢工</b>（纳斯达克股票代码：CRWD）</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fde232ce39d9cd52a01fd6ec018cae53\" tg-width=\"700\" tg-height=\"466\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>1. Snowflake</b></p><p><blockquote><b>1. 雪花</b></blockquote></p><p> Snowflake was one of the hottest tech IPOs of 2020, thanks to its jaw-dropping growth rates and big investments from&nbsp;<b>Berkshire Hathaway</b>&nbsp;and&nbsp;<b>salesforce.com</b>.</p><p><blockquote>雪花是 2020 年最热门的科技 IPO 之一，这要归功于其令人瞠目结舌的增长率和来自<b>伯克希尔哈撒韦公司</b>和<b>销售力量网站</b>.</blockquote></p><p> Snowflake'scloud-baseddata warehouse pulls all of a company's data onto a single platform, where it can then be fed into third-party data visualization apps. Its service breaks down the silos between different departments and computing platforms, which makes it easier for large companies to make data-driven decisions.</p><p><blockquote>Snowflake基于云的数据仓库将公司的所有数据拉到一个平台上，然后可以将其输入到第三方数据可视化应用程序中。它的服务打破了不同部门和计算平台之间的孤岛，这使得大公司更容易做出数据驱动的决策。</blockquote></p><p> Snowflake's number of customers jumped 73% to 4,139 in fiscal 2021 (which ended this January), including 186 of the Fortune 500 companies. Its revenue surged 124% to $592 million, as its net retention rate -- which gauges its year-over-year revenue growth per existing customer -- hit 165%.</p><p><blockquote>2021 财年（截至今年 1 月），Snowflake 的客户数量增长了 73%，达到 4,139 家，其中包括 186 家财富 500 强公司。其收入飙升 124%，达到 5.92 亿美元，其净保留率（衡量其每个现有客户的收入同比增长）达到 165%。</blockquote></p><p> That growth continued in the first quarter of 2022. Its revenue rose 110% year over year to $228.9 million, its number of customers increased 67% to 4,532, and it achieved a net retention rate of 168%.</p><p><blockquote>这种增长在 2022 年第一季度仍在继续。其收入同比增长 110%，达到 2.289 亿美元，客户数量增长 67%，达到 4,532 家，净保留率达到 168%。</blockquote></p><p> But Snowflake isn't profitable yet. ItsGAAPnet loss widened from $348.5 million in fiscal 2020 to $539.1 million in fiscal 2021, and<i>more than doubled</i>from $93.6 million to $203.2 million in the first quarter of 2022. It's also unprofitable on a non-GAAP basis, which excludes its stock-based compensation expenses.</p><p><blockquote>但雪花还没有盈利。ITSGAAP净亏损从2020财年的3.485亿美元扩大到2021财年的5.391亿美元，并且<i>翻倍多</i>2022 年第一季度从 9360 万美元增至 2.032 亿美元。在非 GAAP 基础上，它也不盈利，这不包括基于股票的薪酬费用。</blockquote></p><p> Analysts expect Snowflake's revenue to rise 88% this year, with a narrower loss. However, its stock still trades at 65 times this year's sales -- which indicates there's still far too much growth baked into the stock. But if Snowflake gets cut in half in a crash, I'd considerstarting a big position.</p><p><blockquote>分析师预计 Snowflake 今年的收入将增长 88%，亏损幅度将收窄。然而，其股价仍为今年销售额的 65 倍，这表明该股仍有太多增长空间。但如果雪花在车祸中被切成两半，我会考虑开始一个大头寸。</blockquote></p><p> <b>2. Twilio</b></p><p><blockquote><b>2. 怀疑</b></blockquote></p><p> Twilio's cloud platform processes text messages, calls, and videos within apps. For example, it helps&nbsp;<b>Lyft</b>'s passengers contact their drivers, and&nbsp;<b>Airbnb</b>'s guests reach their hosts.</p><p><blockquote>Twilio的云平台在应用程序中处理短信、评级和视频。例如，它有助于<b>Lyft</b>乘客联系他们的司机，<b>爱彼迎</b>的客人到达他们的主人。</blockquote></p><p> In the past, developers built those tools from scratch, which was generally time-consuming, buggy, and difficult to scale. However, developers can now outsource those features to Twilio's cloud service by simply adding a few lines of code to their apps.</p><p><blockquote>在过去，开发人员从头开始构建这些工具，这通常很耗时、有缺陷且难以扩展。然而，开发人员现在只需在他们的应用程序中添加几行代码，就可以将这些功能外包给Twilio的云服务。</blockquote></p><p> Twilio's revenue rose 55% to $1.76 billion in 2020. Its net expansion rate, which is comparable to Snowflake's net retention rate, reached 137%. In the first quarter of 2021, its revenue jumped 62% year over year to $590 million as it integrated its recent purchase of the customer data firm Segment.</p><p><blockquote>2020 年，Twilio 的收入增长了 55%，达到 17.6 亿美元。其净扩张率，与雪花的净保留率相当，达到了137%。2021 年第一季度，由于整合了最近收购的客户数据公司部门，其收入同比增长 62%，达到 5.9 亿美元。</blockquote></p><p> Twilio remains unprofitable on a GAAP basis, but its non-GAAP net income rose 62% to $35.9 million in 2020. In the first quarter of 2021, its non-GAAP net income rose another 15% to $9.6 million.</p><p><blockquote>按 GAAP 计算，Twilio 仍不盈利，但其 2020 年非 GAAP 净利润增长 62%，达到 3590 万美元。2021年第一季度，其非GAAP净利润再增长15%，达到960万美元。</blockquote></p><p> Analysts expect its revenue to rise 44% this year, but for its non-GAAP earnings to dip into the red again amid higher investments and rising A2P (application-to-person) fees, which are now charged by carriers whenever an app accesses an SMS network.</p><p><blockquote>分析师预计其今年的收入将增长 44%，但由于投资增加和 A2P（应用对个人）费用上涨，其非 GAAP 盈利将再次陷入亏损，现在运营商在应用程序访问短信网络时都会收取这些费用。</blockquote></p><p> That near-term outlook doesn't look great for a stock that trades at nearly 30 times this year's sales. However, I still think Twilio has great growth potential, and I'd definitely buy its stock at a lower price.</p><p><blockquote>对于一只交易价格接近今年销售额 30 倍的股票来说，近期前景看起来并不乐观。不过，我仍然认为Twilio具有巨大的增长潜力，我肯定会以较低的价格购买其股票。</blockquote></p><p> <b>3. CrowdStrike</b></p><p><blockquote><b>3. CrowdStrike</b></blockquote></p><p> CrowdStrike is a cybersecurity company that differs from its industry peers in one major way. Most cybersecurity companies install on-site appliances to support their services, which can be expensive to maintain and difficult to scale as an organization expands. CrowdStrike eliminates those appliances by offering its end-to-end security platform as a cloud-based service.</p><p><blockquote>CrowdStrike是一家网络安全公司，在一个主要方面不同于行业同行。大多数网络安全公司安装现场设备来支持他们的服务，但随着组织的扩展，维护成本可能很高，而且难以扩展。CrowdStrike通过将其端到端安全平台作为基于云的服务提供来消除这些设备。</blockquote></p><p> CrowdStrike's growth clearly reflects its disruptive potential. Its revenue rose 82% to $874.4 million in fiscal 2021 (which ended this January), its number of subscription customers increased 82% to 9,896, and its net retention rate stayed above 120%.</p><p><blockquote>CrowdStrike 的增长清楚地反映了其颠覆性潜力。2021财年（截至今年1月），其收入增长82%，达到8.744亿美元，订阅客户数量增长82%，达到9,896家，净保留率保持在120%以上。</blockquote></p><p> In the first quarter of fiscal 2022, its revenue rose 70% year over year to $302.8 million, its subscriber base expanded 82% year over year to 11,420, and it kept its retention rate above 120%.</p><p><blockquote>2022财年第一季度，其收入同比增长70%至3.028亿美元，用户群同比增长82%至11,420人，保留率保持在120%以上。</blockquote></p><p></p><p> CrowdStrike also turned profitable on a non-GAAP basis in 2021, with a net profit of $62.6 million. Its non-GAAP net income rose more than fivefold year over year to $23.3 million in the first quarter of 2022.</p><p><blockquote>CrowdStrike 在 2021 年也在非 GAAP 基础上实现盈利，净利润为 6260 万美元。2022 年第一季度，其非 GAAP 净利润同比增长五倍多，达到 2330 万美元。</blockquote></p><p> Those&nbsp;numbers are impressive, but CrowdStrike still trades at about 350 times forward earnings and more than 40 times this year's sales. Therefore, this is another stock I won't buy unless the market crashes.</p><p><blockquote>这些数字令人印象深刻，但 CrowdStrike 的预期市盈率仍然约为 350 倍，是今年销售额的 40 多倍。因此，这是另一只除非市场崩盘，否则我不会购买的股票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/07/01/expensive-tech-stocks-to-buy-in-next-market-crash/\">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":{"TWLO":"Twilio Inc","CRWD":"CrowdStrike Holdings, Inc.","SNOW":"Snowflake"},"source_url":"https://www.fool.com/investing/2021/07/01/expensive-tech-stocks-to-buy-in-next-market-crash/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199212665","content_text":"Many high-growth tech stocks have seen price pullbacks over the past few months, due to concerns about higher bond yields, inflation, and decelerating growth for companies that benefited from the pandemic.\nThat sell-off created some buying opportunities -- but some of the sector's pricier names merely pulled back slightly, held onto their gains, or even rallied. That relative strength is admirable, but it's a bit frustrating for investors who don't want to pay the wrong price for the right company.\nThat's why I'm making a shopping list of expensive tech stocks which I'd eagerly buy during the next market crash. Let's take a look at three of those companies:Snowflake(NYSE:SNOW),Twilio(NYSE:TWLO), and CrowdStrike(NASDAQ:CRWD).\nIMAGE SOURCE: GETTY IMAGES.\n1. Snowflake\nSnowflake was one of the hottest tech IPOs of 2020, thanks to its jaw-dropping growth rates and big investments from Berkshire Hathaway and salesforce.com.\nSnowflake'scloud-baseddata warehouse pulls all of a company's data onto a single platform, where it can then be fed into third-party data visualization apps. Its service breaks down the silos between different departments and computing platforms, which makes it easier for large companies to make data-driven decisions.\nSnowflake's number of customers jumped 73% to 4,139 in fiscal 2021 (which ended this January), including 186 of the Fortune 500 companies. Its revenue surged 124% to $592 million, as its net retention rate -- which gauges its year-over-year revenue growth per existing customer -- hit 165%.\nThat growth continued in the first quarter of 2022. Its revenue rose 110% year over year to $228.9 million, its number of customers increased 67% to 4,532, and it achieved a net retention rate of 168%.\nBut Snowflake isn't profitable yet. ItsGAAPnet loss widened from $348.5 million in fiscal 2020 to $539.1 million in fiscal 2021, andmore than doubledfrom $93.6 million to $203.2 million in the first quarter of 2022. It's also unprofitable on a non-GAAP basis, which excludes its stock-based compensation expenses.\nAnalysts expect Snowflake's revenue to rise 88% this year, with a narrower loss. However, its stock still trades at 65 times this year's sales -- which indicates there's still far too much growth baked into the stock. But if Snowflake gets cut in half in a crash, I'd considerstarting a big position.\n2. Twilio\nTwilio's cloud platform processes text messages, calls, and videos within apps. For example, it helps Lyft's passengers contact their drivers, and Airbnb's guests reach their hosts.\nIn the past, developers built those tools from scratch, which was generally time-consuming, buggy, and difficult to scale. However, developers can now outsource those features to Twilio's cloud service by simply adding a few lines of code to their apps.\nTwilio's revenue rose 55% to $1.76 billion in 2020. Its net expansion rate, which is comparable to Snowflake's net retention rate, reached 137%. In the first quarter of 2021, its revenue jumped 62% year over year to $590 million as it integrated its recent purchase of the customer data firm Segment.\nTwilio remains unprofitable on a GAAP basis, but its non-GAAP net income rose 62% to $35.9 million in 2020. In the first quarter of 2021, its non-GAAP net income rose another 15% to $9.6 million.\nAnalysts expect its revenue to rise 44% this year, but for its non-GAAP earnings to dip into the red again amid higher investments and rising A2P (application-to-person) fees, which are now charged by carriers whenever an app accesses an SMS network.\nThat near-term outlook doesn't look great for a stock that trades at nearly 30 times this year's sales. However, I still think Twilio has great growth potential, and I'd definitely buy its stock at a lower price.\n3. CrowdStrike\nCrowdStrike is a cybersecurity company that differs from its industry peers in one major way. Most cybersecurity companies install on-site appliances to support their services, which can be expensive to maintain and difficult to scale as an organization expands. CrowdStrike eliminates those appliances by offering its end-to-end security platform as a cloud-based service.\nCrowdStrike's growth clearly reflects its disruptive potential. Its revenue rose 82% to $874.4 million in fiscal 2021 (which ended this January), its number of subscription customers increased 82% to 9,896, and its net retention rate stayed above 120%.\nIn the first quarter of fiscal 2022, its revenue rose 70% year over year to $302.8 million, its subscriber base expanded 82% year over year to 11,420, and it kept its retention rate above 120%.\nCrowdStrike also turned profitable on a non-GAAP basis in 2021, with a net profit of $62.6 million. Its non-GAAP net income rose more than fivefold year over year to $23.3 million in the first quarter of 2022.\nThose numbers are impressive, but CrowdStrike still trades at about 350 times forward earnings and more than 40 times this year's sales. Therefore, this is another stock I won't buy unless the market crashes.","news_type":1,"symbols_score_info":{"SNOW":0.9,"TWLO":0.9,"CRWD":0.9}},"isVote":1,"tweetType":1,"viewCount":495,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}