Laulau的个人主页 - 老虎社区

Laulau

Laulau

暂无个人介绍

IP属地：未知

165关注

12粉丝

0主题

0勋章

2021-09-05

Ok

Beat the market with this quant system that’s very bullish on stocks at record highs<blockquote>利用这个非常看好历史新高股票的量化系统击败市场</blockquote>

2021-09-08

Ok

抱歉，原内容已删除

2021-10-06

Ok

Don't worry (too much) about an October market crash<blockquote>不要（过于）担心十月市场崩盘</blockquote>

2021-09-07

Ok

抱歉，原内容已删除

2021-08-24

Cool

抱歉，原内容已删除

2021-08-04

Like

抱歉，原内容已删除

2021-07-29

Like

抱歉，原内容已删除

2021-09-23

Ok

抱歉，原内容已删除

2021-09-19

Okie

抱歉，原内容已删除

2021-09-09

Ok

抱歉，原内容已删除

去老虎APP查看更多动态

{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"4090224668853230","uuid":"4090224668853230","gmtCreate":1627121820872,"gmtModify":1627126471553,"name":"Laulau","pinyin":"laulau","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":12,"headSize":165,"tweetSize":63,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-1","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"出道虎友","description":"加入老虎社区500天","bigImgUrl":"https://static.tigerbbs.com/0e4d0ca1da0456dc7894c946d44bf9ab","smallImgUrl":"https://static.tigerbbs.com/0f2f65e8ce4cfaae8db2bea9b127f58b","grayImgUrl":"https://static.tigerbbs.com/c5948a31b6edf154422335b265235809","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.12.19","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.28","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":2,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"hot","tweets":[{"id":857223916,"gmtCreate":1635532126423,"gmtModify":1635532126543,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"[难过]&nbsp;","listText":"[难过]&nbsp;","text":"[难过]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/857223916","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"36984908995200","authorIdStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1725,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":857229100,"gmtCreate":1635531807177,"gmtModify":1635531807298,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/857229100","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"36984908995200","authorIdStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3150,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":856425093,"gmtCreate":1635208631377,"gmtModify":1635208631876,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/856425093","repostId":"1182426097","repostType":4,"isVote":1,"tweetType":1,"viewCount":1898,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":856030188,"gmtCreate":1635128029149,"gmtModify":1635128029419,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/856030188","repostId":"2178808449","repostType":4,"isVote":1,"tweetType":1,"viewCount":2151,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":853688307,"gmtCreate":1634800749734,"gmtModify":1634800750054,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/853688307","repostId":"1114856613","repostType":4,"repost":{"id":"1114856613","kind":"news","pubTimestamp":1634799659,"share":"https://www.laohu8.com/m/news/1114856613?lang=zh_CN&edition=full","pubTime":"2021-10-21 15:00","market":"us","language":"en","title":"Marathon Digital Stock: More Upside With A Breakout In Bitcoin<blockquote>马拉松数字股票：比特币突破带来更多上涨空间</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114856613","media":"Seeking Alpha","summary":"Summary\n\nMarathon Digital Holdings is benefiting from the strong momentum in bitcoin approaching an ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Marathon Digital Holdings is benefiting from the strong momentum in bitcoin approaching an all-time high.</li>  <li>The company has reported strong bitcoin mining production growth which is expected to accelerate as it increases capacity.</li>  <li>We are bullish on the stock which we believe can continue to outperform the price of bitcoin.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9d7bf6e4e906ea0634d29e16cfcb23d9\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>24K-Production/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>Marathon Digital Holdings受益于比特币接近历史新高的强劲势头。</li><li>该公司报告称，比特币矿业产量增长强劲，预计随着产能的增加，产量将加速增长。</li><li>我们看好该股，我们相信该股的表现可以继续跑赢比特币的价格。</li></ul><p class=\"t-img-caption\"><span>24K-Production/iStock社论来自Getty Images</span></p></blockquote></p><p> Marathon Digital Holdings Inc(NASDAQ:MARA)&nbsp;has achieved juggernaut status as the leading Bitcoin mining stock benefiting from the ongoing crypto bull market. Shares are up over 360% this year and there is a strong case for more upside. The key is to put aside any outdated misconceptions about the industry and recognize that the company is generating massive revenue growth with earnings set to ramp up. Indeed, with the price of Bitcoin climbing back above $60k, MARA's own all-time high of $58 set back in early April is again within reach. In many ways, the outlook for Bitcoin mining and the broader crypto space has never been more positive. We are bullish on MARA expect shares to continue outperforming through 2022, gaining momentum as it captures a higher valuation premium.</p><p><blockquote>Marathon Digital Holdings Inc（纳斯达克股票代码：MARA）受益于持续的加密货币牛市，已成为比特币领先的矿业股。今年股价上涨了360%以上，并且有充分的理由进一步上涨。关键是抛开对该行业任何过时的误解，并认识到该公司正在产生巨大的收入增长，盈利将会增加。事实上，随着比特币的价格回升至6万美元以上，MARA在4月初创下的58美元的历史高点再次触手可及。在许多方面，比特币挖矿和更广泛的加密领域的前景从未如此乐观。我们看好MARA，预计其股价将在2022年继续跑赢大盘，并随着其获得更高的估值溢价而获得动力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ae131d9493e92d6449acd5fe4aae4a0\" tg-width=\"640\" tg-height=\"245\" referrerpolicy=\"no-referrer\"><span>Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>寻求阿尔法</span></p></blockquote></p><p> <b>MARA Strong Bitcoin Mining Growth</b></p><p><blockquote><b>MARA比特币矿业增长强劲</b></blockquote></p><p> The company provided a production update in early October with the headline of mining 1,252.4 Bitcoins in Q3, nearly double the 664.3 total mined in Q2. While the price of Bitcoin averaged around $42k in the quarter, the current market price of $60k implies a quarterly revenue run rate of $75 million that is expected to accelerate going forward as the company continues to expand its capacity. Marathon now holds 7,035 Bitcoin on its balance sheet with a value of over $422 million in addition to a separate cash position of $33 million.</p><p><blockquote>该公司在10月初提供了生产更新，标题是第三季度开采了1,252.4个比特币，几乎是第二季度开采总量664.3个的两倍。虽然比特币本季度的平均价格约为4.2万美元，但目前6万美元的市场价格意味着季度收入运行率为7500万美元，随着公司继续扩大产能，预计未来将加速增长。Marathon目前在其资产负债表上持有7,035份比特币，价值超过4.22亿美元，此外还有3300万美元的单独现金头寸。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6280bcec6f8519e422b36b50f1ad702\" tg-width=\"640\" tg-height=\"292\" referrerpolicy=\"no-referrer\"><span>source: company IR</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司IR</span></p></blockquote></p><p> From a reported 29,960 mining machines at the end of September and 2.7 EH/s in hash rate, the plan is to deploy a total of 133,000 miners by mid-2022 meaning the company's mining capacity will be 5x larger than its current level. Management noted some recent logistical issues have impacted shipping times to the company's facility in Hardin, Montana but reaffirmed its schedule of installations through next year.</p><p><blockquote>根据9月底报告的29,960台矿机和2.7 EH/s的哈希率，该计划是到2022年中期部署总共133,000名矿工，这意味着该公司的采矿能力将是目前水平的5倍。管理层指出，最近的一些物流问题影响了该公司位于蒙大拿州哈丁工厂的运输时间，但重申了明年的安装计划。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a3dda9d658a8671363d36682b39de88f\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>source: company IR</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司IR</span></p></blockquote></p><p> Assuming the entire fleet of miners was fully deployed right now, it is estimated Marathon would control around 8.4% of the global Bitcoin network based on the current network difficulty of around 158 EH/s compared to the current 2% as per the chart above. At 8.4%, Marathon could theoretically be mining close to 2,275 Bitcoins per month representing a market value of $137 million or $1.6 billion as an annualized run rate. These are the types of figures that help justify the company's current market cap near $5 billion.</p><p><blockquote>假设整个矿工机队现在已完全部署，根据当前约158 EH/s的网络难度，预计Marathon将控制全球比特币网络约8.4%的份额，而根据上图，目前为2%。理论上，Marathon每月可以开采近2,275个比特币，市值为1.37亿美元，年化运行率为16亿美元。这些数字有助于证明该公司目前近50亿美元的市值是合理的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1a148065410a5daa0467a904f95e710\" tg-width=\"640\" tg-height=\"344\" referrerpolicy=\"no-referrer\"><span>source: company IR</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司IR</span></p></blockquote></p><p> According to consensus estimates, the market is forecasting MARA 2021 revenue to reach $225 million along with positive EPS of $0.94 this year. Again, the real optimism is for next year as capacity and production ramps ups through the second half of 2022 with an estimate for revenue to approach $790 million and EPS of $4.16. Even considering the breathtaking rally in shares of MARA this year, we believe the current valuation metrics including a 1-year forward price to sales multiple of 6.2x and 12x P/E ratio on the 2022 consensus EPS are attractive. The reality is that there are few stocks in any sector generating this type of growth with a bullish outlook for Bitcoin.</p><p><blockquote>根据普遍预测，市场预测MARA 2021年收入将达到2.25亿美元，今年每股收益为0.94美元。同样，真正乐观的是明年，随着2022年下半年产能和产量的增加，预计收入将接近7.9亿美元，每股收益将达到4.16美元。即使考虑到今年MARA股价的惊人上涨，我们也认为当前的估值指标（包括2022年共识每股收益的6.2倍和12倍市盈率）具有吸引力。现实情况是，任何行业中都很少有股票能够产生这种类型的增长，并且对比特币前景乐观。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e6ee8bb568d2b57f5f9bee2201acb45\" tg-width=\"640\" tg-height=\"272\" referrerpolicy=\"no-referrer\"><span>Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>寻求阿尔法</span></p></blockquote></p><p> <b>Bullish on Bitcoin</b></p><p><blockquote><b>看好比特币</b></blockquote></p><p></p><p> Compared to the \"crypto winter\" during the summer months when the price of Bitcoin briefly traded under $30k in what was a painful 50% correction, the sentiment has decisively turned positive. Our sense is that many of the long-term drivers for Bitcoin including the growing recognition at the institutional level of cryptocurrencies as an alternative asset class along with ongoing adoption for payments continue to represent fundamental tailwinds that can drive the price of Bitcoin higher.</p><p><blockquote>与夏季的“加密货币冬天”相比，当时比特币的价格短暂低于3万美元，痛苦地回调了50%，市场情绪已经决定性地转向积极。我们的感觉是，比特币的许多长期驱动因素，包括机构层面对加密货币作为替代资产类别的日益认可以及支付的持续采用，继续代表着可能推高比特币价格的基本推动力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b24b52a2b30b155f858d4c78704db52c\" tg-width=\"640\" tg-height=\"328\" referrerpolicy=\"no-referrer\"><span>source: company IR</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司IR</span></p></blockquote></p><p> From a technical standpoint, the selloff likely helped to consolidate the multi-year gains in Bitcoin following a particularly strong 2020 which now establishes a stronger base of support for the next leg higher. While Bitcoin is still a few percentage points below its April all-time high of $65k, there are some good reasons to believe a breakout is on tap.</p><p><blockquote>从技术角度来看，抛售可能有助于巩固比特币在经历了特别强劲的2020年之后的多年涨幅，现在为下一轮上涨奠定了更强大的支撑基础。尽管比特币仍比4月份6.5万美元的历史高点低几个百分点，但有一些充分的理由相信即将突破。</blockquote></p><p> First, reports are that a&nbsp;Bitcoin ETF&nbsp;linked to traded Bitcoin futures is set to begin trading this week through the ProShares Bitcoin Strategy ETF(NYSEARCA:BITO). The expectation is for many other Bitcoin exchange-traded products to be approved still this year which can be interpreted as an apparent stamp of approval by regulators that cryptocurrencies are here to stay. The potential that the new instruments funnel more capital into the space can directly drive the price of Bitcoin further.</p><p><blockquote>首先，有报道称，与比特币期货交易挂钩的比特币ETF将于本周通过ProShares比特币策略ETF（NYSEARCA：BITO）开始交易。预计许多其他比特币交易所交易产品今年仍将获得批准，这可以被解释为监管机构明显批准加密货币将继续存在。新工具将更多资本注入该领域的潜力可能会直接进一步推高比特币的价格。</blockquote></p><p> We have a year-ahead price target of $100,000 for Bitcoin (BTC-USD) which is about 60% higher than the current level. Our base case is that even with some expected volatility and pullbacks on profit-taking, the trend higher can be accelerated through Q4 with a repeat of the action from 2020. While the run in Bitcoin likely had some doubters in Q1 this year, its ability to brush aside the headwinds between concerns over environmental impacts and global regulation only helps reinforce the long-term outlook.</p><p><blockquote>我们对比特币(BTC-USD)的未来一年目标价为100,000美元，比当前水平高出约60%。我们的基本情况是，即使存在一些预期的波动和获利回吐，随着2020年的重复，第四季度的上涨趋势也可能会加速。尽管比特币今年第一季度的表现可能引起了一些怀疑，但它能够抛开对环境影响的担忧和全球监管之间的阻力，只会有助于增强长期前景。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4fba484e07c8f9f005525cba220d0c34\" tg-width=\"640\" tg-height=\"267\" referrerpolicy=\"no-referrer\"><span>finviz.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>finviz.com</span></p></blockquote></p><p> The fund manager ARK Invest has published research suggesting a growing allocation by institutional investors towards Bitcoin could impact the price between $200,000 and $500,000 long term. The group believes just a 1% allocation towards Bitcoin by all groups of institutional investors would incrementally add $100,000 to the price of Bitcoin. We expect the wider availability of Bitcoin and crypto investment products to gradually become a staple of diversified portfolios for all investors. In the near term, in our view, the $100k price level will eventually act as a magnet for traders to target through momentum based on the psychological importance of the round number.</p><p><blockquote>基金管理公司ARK Invest发表的研究表明，机构投资者对比特币的配置不断增加，可能会长期影响20万至50万美元的价格。该组织认为，所有机构投资者团体仅向比特币分配1%的资金，比特币的价格就会增加10万美元。我们预计比特币和加密货币投资产品的更广泛使用将逐渐成为所有投资者多元化投资组合的主要内容。在我们看来，短期内，10万美元的价格水平最终将成为交易者根据整数的心理重要性通过动量来瞄准的磁铁。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a9f6776e72cad8d908f9b9c270810e92\" tg-width=\"640\" tg-height=\"338\" referrerpolicy=\"no-referrer\"><span>source: Ark Invest</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：方舟投资</span></p></blockquote></p><p> <b>MARA Stock Forecast</b></p><p><blockquote><b>MARA股票预测</b></blockquote></p><p> As it relates to MARA, the higher the price of Bitcoin directly translates into higher revenue and earnings potential. We expect Bitcoin miners to outperform the crypto price to the upside based on the concept of operating leverage. Simply put, higher revenues can correspond to an even higher impact to operating income and earnings. Marathon's advantage is both its current scale with a leg up on other miners attempting to secure production capacity through next year. The company's low cost of electricity with an estimated production cost of $5,612 per Bitcoin highlights the profitability potential. MARA's efforts at sustainability with a plan to be 100% carbon neutral by the end of 2022 is a benchmark for the entire industry.</p><p><blockquote>就MARA而言，比特币的价格越高，直接转化为更高的收入和盈利潜力。基于运营杠杆的概念，我们预计比特币矿商的表现将优于加密货币价格。简而言之，更高的收入可能会对营业收入和收益产生更大的影响。马拉松的优势在于其目前的规模和其他试图确保明年产能的矿商的优势。该公司的电力成本较低，估计每比特币的生产成本为5,612美元，凸显了盈利潜力。MARA在可持续发展方面的努力是整个行业的标杆，计划到2022年底实现100%碳中和。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16f2a439d461073969566bfb6372e5a1\" tg-width=\"640\" tg-height=\"338\" referrerpolicy=\"no-referrer\"><span>source: company IR</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司IR</span></p></blockquote></p><p> To forecast how many Bitcoins and revenue MARA will be generating by this time next year, we need to consider not only the price of Bitcoin but also the Bitcoin network difficulty. It's understood that as more mining machines go online, the network hash rate will climb and thereby dilute each existing miners' share of the Bitcoin mining potential. Over the course of a year, 52,560 Bitcoin blocks are awarded by the network with each block representing 6.25 BTC. The 328,500 newly minted Bitcoin mined over the course of a year is the market potential MARA is attempting to capture.</p><p><blockquote>要预测明年这个时候MARA将产生多少比特币和收入，我们不仅需要考虑比特币的价格，还需要考虑比特币网络的难度。据了解，随着更多矿机上线，网络哈希率将攀升，从而稀释每个现有矿工在比特币挖矿潜力中的份额。在一年的时间里，该网络授予了52,560个比特币区块，每个区块代表6.25 BTC。一年内新开采的328,500辆比特币是MARA试图抓住的市场潜力。</blockquote></p><p></p><p> We mentioned the company's guidance for 13.3 EH/s represents about 8.4% of the current global hash rate. In reality, by the time the full fleet of mining machines is deployed, it's likely the network difficulty will be above 200 EH/s meaning the 8.4% share will be reduced down towards 6.7% or lower. There is a great deal of uncertainty as to how this rate will progress although the general consensus is that the network difficultly will trend higher. From the chart below, we can observe a large drop in the global hash rate in mid-2021 which coincided with Chinese miners going offline as mining was banned in the country. The other dynamic at play is that some of the oldest mining machines online currently go past their lifecycle and need to be replaced generating a regular turnover.</p><p><blockquote>我们提到该公司13.3 EH/s的指导约占当前全球哈希率的8.4%。事实上，当所有矿机部署完毕时，网络难度可能会超过200 EH/s，这意味着8.4%的份额将降至6.7%或更低。尽管普遍的共识是网络很难走高，但这一速度将如何发展还存在很大的不确定性。从下图中，我们可以观察到2021年年中全球哈希率大幅下降，恰逢中国矿商因该国禁止采矿而下线。另一个因素是，一些最古老的在线矿机目前已经过了生命周期，需要更换，以产生定期的营业额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/22dda2e73253a8137117a0f57124b926\" tg-width=\"635\" tg-height=\"417\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> We are extrapolating how much Marathon's revenue run rate could be by the second half of next year when it fully deploys all announced mining machine purchases. For example, with a hash rate capacity of 13.3 EH/s by mid-2022, assuming a network difficultly level of 215 EH/s at that point, MARA would control 6.2% of the global hash rate and be able to mine approximately 1,693 Bitcoins in a single month. At the current market price of $60k, the monthly revenue would approach $102 million which is annualized to $1.219 billion. By this measure, we can state that shares of MARA are trading at a forward price to sales multiple of 4.3x based on its expected annualized revenue run rate by next year against the current market cap for the stock at $5.2 billion.</p><p><blockquote>我们正在推断，到明年下半年，当马拉松全面部署所有已宣布的矿机采购时，其收入运行率可能会达到多少。例如，到2022年年中，哈希速率容量为13.3 EH/s，假设网络难度水平为215 EH/s，MARA将控制全球哈希速率的6.2%，并能够在一个月内挖掘大约1,693个比特币。以目前6万美元的市场价格计算，月收入将接近1.02亿美元，年化收入为12.19亿美元。通过这一衡量标准，我们可以说，根据明年的预期年化收入运行率，MARA股票的远期市销率为4.3倍，而该股目前的市值为52亿美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a9a91df4ee0c4ed3b80e6e4733b6247d\" tg-width=\"640\" tg-height=\"414\" referrerpolicy=\"no-referrer\"><span>source: author estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者估计</span></p></blockquote></p><p> In our view, MARA is undervalued at its current level in the context of the Bitcoin pricing environment and growth outlook. A forward P/S multiple closer to 5x would better reflect an appropriate growth premium and the company's positive outlook in our opinion. By this measure, at a constant BTC price of $60k and an outlook for the hash rate to trend towards 215 EH/s, we believe MARA should be valued closer to $61.50 as a near-term price target.</p><p><blockquote>我们认为，在比特币定价环境和增长前景的背景下，MARA目前的估值被低估。我们认为，接近5倍的远期市盈率将更好地反映适当的增长溢价和公司的积极前景。按照这一标准，在BTC价格保持在6万美元的情况下，哈希率有望达到215 EH/s，我们认为MARA的近期目标价应接近61.50美元。</blockquote></p><p> Going a step further, with an outlook for Bitcoin to potentially reach $100k by next year, we see shares of MARA trending towards $100. From the table above, the Bitcoin market price of $100k at a 215 EH/s hash rate for next year implies MARA is currently trading at a forward P/S of 2.6x. The stock would need to climb at least 92% from the current level to maintain the valuation parity of 5x based on our model.</p><p><blockquote>更进一步，预计比特币明年可能达到10万美元，我们认为MARA的股价将趋向100美元。从上表来看，明年比特币市场价格为10万美元，哈希率为215 EH/s，这意味着MARA目前的远期市盈率为2.6倍。根据我们的模型，该股需要从当前水平上涨至少92%才能维持5倍的估值平价。</blockquote></p><p> <b>The Big Picture</b></p><p><blockquote><b>大图</b></blockquote></p><p> The Bitcoin mining industry continues to mature with more and more investors beginning to recognize the intrinsic value the leading stocks are generating. Marathon Digital as a U.S.-based leader remains one of the most exciting companies in the segment in the middle of a transformative year. We are encouraged by the recent operating and financial results and expect the company to continue executing successfully. We rate shares of MARA as a buy with a bullish price target of $100 per share in a scenario where Bitcoin trends towards $100k.</p><p><blockquote>随着越来越多的投资者开始认识到龙头股所产生的内在价值，比特币采矿业不断成熟。Marathon Digital作为美国的领导者，在变革的一年中仍然是该领域最令人兴奋的公司之一。我们对最近的运营和财务业绩感到鼓舞，并预计公司将继续成功执行。在比特币股价趋于10万美元的情况下，我们将MARA股票评级为买入，看涨目标价为每股100美元。</blockquote></p><p> Longer-term, the company's scale and growing balance sheet Bitcoin position will offer it more flexibility to expand into related crypto services while adding to its mining capacity. For the upcoming quarters, the Q3 earnings report will provide an opportunity to take a look at the cost structure as production accelerates. Monitoring points include the monthly updates while it will be important for the company to remain on schedule with the mining machines deliveries and deployments.</p><p><blockquote>从长远来看，该公司的规模和不断增长的资产负债表比特币地位将为其提供更大的灵活性，以扩展到相关的加密服务，同时增加其采矿能力。对于未来几个季度，第三季度收益报告将提供一个机会来了解随着生产加速的成本结构。监控点包括每月更新，而公司保持采矿机交付和部署的进度非常重要。</blockquote></p><p> It goes without saying that the main risk here continues to be the price of Bitcoin. While we are bullish, shares are of MARA will be highly sensitive to the cryptocurrency market price. A selloff in BTC under $50k would likely drive some renewed bearish sentiment and higher volatility. The regulatory landscape also remains uncertain. Efforts by some U.S. states to limit Bitcoin mining along with environmental impact concerns can generate headlines that pressure the segment lower. For 2022, we believe the market will begin to look more closely at earnings and cash flows beyond the high-level themes and momentum.</p><p><blockquote>不言而喻，这里的主要风险仍然是比特币的价格。虽然我们看好，但MARA的股票将对加密货币市场价格高度敏感。BTC跌破5万美元可能会引发新的看跌情绪和更高的波动性。监管格局也仍然不确定。美国一些州限制比特币采矿的努力以及对环境影响的担忧可能会成为头条新闻，给该行业带来下行压力。对于2022年，我们认为市场将开始更密切地关注高层主题和势头之外的盈利和现金流。</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>Marathon Digital Stock: More Upside With A Breakout In Bitcoin<blockquote>马拉松数字股票：比特币突破带来更多上涨空间</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\">\nMarathon Digital Stock: More Upside With A Breakout In Bitcoin<blockquote>马拉松数字股票：比特币突破带来更多上涨空间</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-10-21 15:00</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>Marathon Digital Holdings is benefiting from the strong momentum in bitcoin approaching an all-time high.</li>  <li>The company has reported strong bitcoin mining production growth which is expected to accelerate as it increases capacity.</li>  <li>We are bullish on the stock which we believe can continue to outperform the price of bitcoin.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9d7bf6e4e906ea0634d29e16cfcb23d9\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>24K-Production/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>Marathon Digital Holdings受益于比特币接近历史新高的强劲势头。</li><li>该公司报告称，比特币矿业产量增长强劲，预计随着产能的增加，产量将加速增长。</li><li>我们看好该股，我们相信该股的表现可以继续跑赢比特币的价格。</li></ul><p class=\"t-img-caption\"><span>24K-Production/iStock社论来自Getty Images</span></p></blockquote></p><p> Marathon Digital Holdings Inc(NASDAQ:MARA)&nbsp;has achieved juggernaut status as the leading Bitcoin mining stock benefiting from the ongoing crypto bull market. Shares are up over 360% this year and there is a strong case for more upside. The key is to put aside any outdated misconceptions about the industry and recognize that the company is generating massive revenue growth with earnings set to ramp up. Indeed, with the price of Bitcoin climbing back above $60k, MARA's own all-time high of $58 set back in early April is again within reach. In many ways, the outlook for Bitcoin mining and the broader crypto space has never been more positive. We are bullish on MARA expect shares to continue outperforming through 2022, gaining momentum as it captures a higher valuation premium.</p><p><blockquote>Marathon Digital Holdings Inc（纳斯达克股票代码：MARA）受益于持续的加密货币牛市，已成为比特币领先的矿业股。今年股价上涨了360%以上，并且有充分的理由进一步上涨。关键是抛开对该行业任何过时的误解，并认识到该公司正在产生巨大的收入增长，盈利将会增加。事实上，随着比特币的价格回升至6万美元以上，MARA在4月初创下的58美元的历史高点再次触手可及。在许多方面，比特币挖矿和更广泛的加密领域的前景从未如此乐观。我们看好MARA，预计其股价将在2022年继续跑赢大盘，并随着其获得更高的估值溢价而获得动力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ae131d9493e92d6449acd5fe4aae4a0\" tg-width=\"640\" tg-height=\"245\" referrerpolicy=\"no-referrer\"><span>Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>寻求阿尔法</span></p></blockquote></p><p> <b>MARA Strong Bitcoin Mining Growth</b></p><p><blockquote><b>MARA比特币矿业增长强劲</b></blockquote></p><p> The company provided a production update in early October with the headline of mining 1,252.4 Bitcoins in Q3, nearly double the 664.3 total mined in Q2. While the price of Bitcoin averaged around $42k in the quarter, the current market price of $60k implies a quarterly revenue run rate of $75 million that is expected to accelerate going forward as the company continues to expand its capacity. Marathon now holds 7,035 Bitcoin on its balance sheet with a value of over $422 million in addition to a separate cash position of $33 million.</p><p><blockquote>该公司在10月初提供了生产更新，标题是第三季度开采了1,252.4个比特币，几乎是第二季度开采总量664.3个的两倍。虽然比特币本季度的平均价格约为4.2万美元，但目前6万美元的市场价格意味着季度收入运行率为7500万美元，随着公司继续扩大产能，预计未来将加速增长。Marathon目前在其资产负债表上持有7,035份比特币，价值超过4.22亿美元，此外还有3300万美元的单独现金头寸。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6280bcec6f8519e422b36b50f1ad702\" tg-width=\"640\" tg-height=\"292\" referrerpolicy=\"no-referrer\"><span>source: company IR</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司IR</span></p></blockquote></p><p> From a reported 29,960 mining machines at the end of September and 2.7 EH/s in hash rate, the plan is to deploy a total of 133,000 miners by mid-2022 meaning the company's mining capacity will be 5x larger than its current level. Management noted some recent logistical issues have impacted shipping times to the company's facility in Hardin, Montana but reaffirmed its schedule of installations through next year.</p><p><blockquote>根据9月底报告的29,960台矿机和2.7 EH/s的哈希率，该计划是到2022年中期部署总共133,000名矿工，这意味着该公司的采矿能力将是目前水平的5倍。管理层指出，最近的一些物流问题影响了该公司位于蒙大拿州哈丁工厂的运输时间，但重申了明年的安装计划。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a3dda9d658a8671363d36682b39de88f\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>source: company IR</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司IR</span></p></blockquote></p><p> Assuming the entire fleet of miners was fully deployed right now, it is estimated Marathon would control around 8.4% of the global Bitcoin network based on the current network difficulty of around 158 EH/s compared to the current 2% as per the chart above. At 8.4%, Marathon could theoretically be mining close to 2,275 Bitcoins per month representing a market value of $137 million or $1.6 billion as an annualized run rate. These are the types of figures that help justify the company's current market cap near $5 billion.</p><p><blockquote>假设整个矿工机队现在已完全部署，根据当前约158 EH/s的网络难度，预计Marathon将控制全球比特币网络约8.4%的份额，而根据上图，目前为2%。理论上，Marathon每月可以开采近2,275个比特币，市值为1.37亿美元，年化运行率为16亿美元。这些数字有助于证明该公司目前近50亿美元的市值是合理的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1a148065410a5daa0467a904f95e710\" tg-width=\"640\" tg-height=\"344\" referrerpolicy=\"no-referrer\"><span>source: company IR</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司IR</span></p></blockquote></p><p> According to consensus estimates, the market is forecasting MARA 2021 revenue to reach $225 million along with positive EPS of $0.94 this year. Again, the real optimism is for next year as capacity and production ramps ups through the second half of 2022 with an estimate for revenue to approach $790 million and EPS of $4.16. Even considering the breathtaking rally in shares of MARA this year, we believe the current valuation metrics including a 1-year forward price to sales multiple of 6.2x and 12x P/E ratio on the 2022 consensus EPS are attractive. The reality is that there are few stocks in any sector generating this type of growth with a bullish outlook for Bitcoin.</p><p><blockquote>根据普遍预测，市场预测MARA 2021年收入将达到2.25亿美元，今年每股收益为0.94美元。同样，真正乐观的是明年，随着2022年下半年产能和产量的增加，预计收入将接近7.9亿美元，每股收益将达到4.16美元。即使考虑到今年MARA股价的惊人上涨，我们也认为当前的估值指标（包括2022年共识每股收益的6.2倍和12倍市盈率）具有吸引力。现实情况是，任何行业中都很少有股票能够产生这种类型的增长，并且对比特币前景乐观。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e6ee8bb568d2b57f5f9bee2201acb45\" tg-width=\"640\" tg-height=\"272\" referrerpolicy=\"no-referrer\"><span>Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>寻求阿尔法</span></p></blockquote></p><p> <b>Bullish on Bitcoin</b></p><p><blockquote><b>看好比特币</b></blockquote></p><p></p><p> Compared to the \"crypto winter\" during the summer months when the price of Bitcoin briefly traded under $30k in what was a painful 50% correction, the sentiment has decisively turned positive. Our sense is that many of the long-term drivers for Bitcoin including the growing recognition at the institutional level of cryptocurrencies as an alternative asset class along with ongoing adoption for payments continue to represent fundamental tailwinds that can drive the price of Bitcoin higher.</p><p><blockquote>与夏季的“加密货币冬天”相比，当时比特币的价格短暂低于3万美元，痛苦地回调了50%，市场情绪已经决定性地转向积极。我们的感觉是，比特币的许多长期驱动因素，包括机构层面对加密货币作为替代资产类别的日益认可以及支付的持续采用，继续代表着可能推高比特币价格的基本推动力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b24b52a2b30b155f858d4c78704db52c\" tg-width=\"640\" tg-height=\"328\" referrerpolicy=\"no-referrer\"><span>source: company IR</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司IR</span></p></blockquote></p><p> From a technical standpoint, the selloff likely helped to consolidate the multi-year gains in Bitcoin following a particularly strong 2020 which now establishes a stronger base of support for the next leg higher. While Bitcoin is still a few percentage points below its April all-time high of $65k, there are some good reasons to believe a breakout is on tap.</p><p><blockquote>从技术角度来看，抛售可能有助于巩固比特币在经历了特别强劲的2020年之后的多年涨幅，现在为下一轮上涨奠定了更强大的支撑基础。尽管比特币仍比4月份6.5万美元的历史高点低几个百分点，但有一些充分的理由相信即将突破。</blockquote></p><p> First, reports are that a&nbsp;Bitcoin ETF&nbsp;linked to traded Bitcoin futures is set to begin trading this week through the ProShares Bitcoin Strategy ETF(NYSEARCA:BITO). The expectation is for many other Bitcoin exchange-traded products to be approved still this year which can be interpreted as an apparent stamp of approval by regulators that cryptocurrencies are here to stay. The potential that the new instruments funnel more capital into the space can directly drive the price of Bitcoin further.</p><p><blockquote>首先，有报道称，与比特币期货交易挂钩的比特币ETF将于本周通过ProShares比特币策略ETF（NYSEARCA：BITO）开始交易。预计许多其他比特币交易所交易产品今年仍将获得批准，这可以被解释为监管机构明显批准加密货币将继续存在。新工具将更多资本注入该领域的潜力可能会直接进一步推高比特币的价格。</blockquote></p><p> We have a year-ahead price target of $100,000 for Bitcoin (BTC-USD) which is about 60% higher than the current level. Our base case is that even with some expected volatility and pullbacks on profit-taking, the trend higher can be accelerated through Q4 with a repeat of the action from 2020. While the run in Bitcoin likely had some doubters in Q1 this year, its ability to brush aside the headwinds between concerns over environmental impacts and global regulation only helps reinforce the long-term outlook.</p><p><blockquote>我们对比特币(BTC-USD)的未来一年目标价为100,000美元，比当前水平高出约60%。我们的基本情况是，即使存在一些预期的波动和获利回吐，随着2020年的重复，第四季度的上涨趋势也可能会加速。尽管比特币今年第一季度的表现可能引起了一些怀疑，但它能够抛开对环境影响的担忧和全球监管之间的阻力，只会有助于增强长期前景。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4fba484e07c8f9f005525cba220d0c34\" tg-width=\"640\" tg-height=\"267\" referrerpolicy=\"no-referrer\"><span>finviz.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>finviz.com</span></p></blockquote></p><p> The fund manager ARK Invest has published research suggesting a growing allocation by institutional investors towards Bitcoin could impact the price between $200,000 and $500,000 long term. The group believes just a 1% allocation towards Bitcoin by all groups of institutional investors would incrementally add $100,000 to the price of Bitcoin. We expect the wider availability of Bitcoin and crypto investment products to gradually become a staple of diversified portfolios for all investors. In the near term, in our view, the $100k price level will eventually act as a magnet for traders to target through momentum based on the psychological importance of the round number.</p><p><blockquote>基金管理公司ARK Invest发表的研究表明，机构投资者对比特币的配置不断增加，可能会长期影响20万至50万美元的价格。该组织认为，所有机构投资者团体仅向比特币分配1%的资金，比特币的价格就会增加10万美元。我们预计比特币和加密货币投资产品的更广泛使用将逐渐成为所有投资者多元化投资组合的主要内容。在我们看来，短期内，10万美元的价格水平最终将成为交易者根据整数的心理重要性通过动量来瞄准的磁铁。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a9f6776e72cad8d908f9b9c270810e92\" tg-width=\"640\" tg-height=\"338\" referrerpolicy=\"no-referrer\"><span>source: Ark Invest</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：方舟投资</span></p></blockquote></p><p> <b>MARA Stock Forecast</b></p><p><blockquote><b>MARA股票预测</b></blockquote></p><p> As it relates to MARA, the higher the price of Bitcoin directly translates into higher revenue and earnings potential. We expect Bitcoin miners to outperform the crypto price to the upside based on the concept of operating leverage. Simply put, higher revenues can correspond to an even higher impact to operating income and earnings. Marathon's advantage is both its current scale with a leg up on other miners attempting to secure production capacity through next year. The company's low cost of electricity with an estimated production cost of $5,612 per Bitcoin highlights the profitability potential. MARA's efforts at sustainability with a plan to be 100% carbon neutral by the end of 2022 is a benchmark for the entire industry.</p><p><blockquote>就MARA而言，比特币的价格越高，直接转化为更高的收入和盈利潜力。基于运营杠杆的概念，我们预计比特币矿商的表现将优于加密货币价格。简而言之，更高的收入可能会对营业收入和收益产生更大的影响。马拉松的优势在于其目前的规模和其他试图确保明年产能的矿商的优势。该公司的电力成本较低，估计每比特币的生产成本为5,612美元，凸显了盈利潜力。MARA在可持续发展方面的努力是整个行业的标杆，计划到2022年底实现100%碳中和。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16f2a439d461073969566bfb6372e5a1\" tg-width=\"640\" tg-height=\"338\" referrerpolicy=\"no-referrer\"><span>source: company IR</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司IR</span></p></blockquote></p><p> To forecast how many Bitcoins and revenue MARA will be generating by this time next year, we need to consider not only the price of Bitcoin but also the Bitcoin network difficulty. It's understood that as more mining machines go online, the network hash rate will climb and thereby dilute each existing miners' share of the Bitcoin mining potential. Over the course of a year, 52,560 Bitcoin blocks are awarded by the network with each block representing 6.25 BTC. The 328,500 newly minted Bitcoin mined over the course of a year is the market potential MARA is attempting to capture.</p><p><blockquote>要预测明年这个时候MARA将产生多少比特币和收入，我们不仅需要考虑比特币的价格，还需要考虑比特币网络的难度。据了解，随着更多矿机上线，网络哈希率将攀升，从而稀释每个现有矿工在比特币挖矿潜力中的份额。在一年的时间里，该网络授予了52,560个比特币区块，每个区块代表6.25 BTC。一年内新开采的328,500辆比特币是MARA试图抓住的市场潜力。</blockquote></p><p></p><p> We mentioned the company's guidance for 13.3 EH/s represents about 8.4% of the current global hash rate. In reality, by the time the full fleet of mining machines is deployed, it's likely the network difficulty will be above 200 EH/s meaning the 8.4% share will be reduced down towards 6.7% or lower. There is a great deal of uncertainty as to how this rate will progress although the general consensus is that the network difficultly will trend higher. From the chart below, we can observe a large drop in the global hash rate in mid-2021 which coincided with Chinese miners going offline as mining was banned in the country. The other dynamic at play is that some of the oldest mining machines online currently go past their lifecycle and need to be replaced generating a regular turnover.</p><p><blockquote>我们提到该公司13.3 EH/s的指导约占当前全球哈希率的8.4%。事实上，当所有矿机部署完毕时，网络难度可能会超过200 EH/s，这意味着8.4%的份额将降至6.7%或更低。尽管普遍的共识是网络很难走高，但这一速度将如何发展还存在很大的不确定性。从下图中，我们可以观察到2021年年中全球哈希率大幅下降，恰逢中国矿商因该国禁止采矿而下线。另一个因素是，一些最古老的在线矿机目前已经过了生命周期，需要更换，以产生定期的营业额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/22dda2e73253a8137117a0f57124b926\" tg-width=\"635\" tg-height=\"417\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> We are extrapolating how much Marathon's revenue run rate could be by the second half of next year when it fully deploys all announced mining machine purchases. For example, with a hash rate capacity of 13.3 EH/s by mid-2022, assuming a network difficultly level of 215 EH/s at that point, MARA would control 6.2% of the global hash rate and be able to mine approximately 1,693 Bitcoins in a single month. At the current market price of $60k, the monthly revenue would approach $102 million which is annualized to $1.219 billion. By this measure, we can state that shares of MARA are trading at a forward price to sales multiple of 4.3x based on its expected annualized revenue run rate by next year against the current market cap for the stock at $5.2 billion.</p><p><blockquote>我们正在推断，到明年下半年，当马拉松全面部署所有已宣布的矿机采购时，其收入运行率可能会达到多少。例如，到2022年年中，哈希速率容量为13.3 EH/s，假设网络难度水平为215 EH/s，MARA将控制全球哈希速率的6.2%，并能够在一个月内挖掘大约1,693个比特币。以目前6万美元的市场价格计算，月收入将接近1.02亿美元，年化收入为12.19亿美元。通过这一衡量标准，我们可以说，根据明年的预期年化收入运行率，MARA股票的远期市销率为4.3倍，而该股目前的市值为52亿美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a9a91df4ee0c4ed3b80e6e4733b6247d\" tg-width=\"640\" tg-height=\"414\" referrerpolicy=\"no-referrer\"><span>source: author estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者估计</span></p></blockquote></p><p> In our view, MARA is undervalued at its current level in the context of the Bitcoin pricing environment and growth outlook. A forward P/S multiple closer to 5x would better reflect an appropriate growth premium and the company's positive outlook in our opinion. By this measure, at a constant BTC price of $60k and an outlook for the hash rate to trend towards 215 EH/s, we believe MARA should be valued closer to $61.50 as a near-term price target.</p><p><blockquote>我们认为，在比特币定价环境和增长前景的背景下，MARA目前的估值被低估。我们认为，接近5倍的远期市盈率将更好地反映适当的增长溢价和公司的积极前景。按照这一标准，在BTC价格保持在6万美元的情况下，哈希率有望达到215 EH/s，我们认为MARA的近期目标价应接近61.50美元。</blockquote></p><p> Going a step further, with an outlook for Bitcoin to potentially reach $100k by next year, we see shares of MARA trending towards $100. From the table above, the Bitcoin market price of $100k at a 215 EH/s hash rate for next year implies MARA is currently trading at a forward P/S of 2.6x. The stock would need to climb at least 92% from the current level to maintain the valuation parity of 5x based on our model.</p><p><blockquote>更进一步，预计比特币明年可能达到10万美元，我们认为MARA的股价将趋向100美元。从上表来看，明年比特币市场价格为10万美元，哈希率为215 EH/s，这意味着MARA目前的远期市盈率为2.6倍。根据我们的模型，该股需要从当前水平上涨至少92%才能维持5倍的估值平价。</blockquote></p><p> <b>The Big Picture</b></p><p><blockquote><b>大图</b></blockquote></p><p> The Bitcoin mining industry continues to mature with more and more investors beginning to recognize the intrinsic value the leading stocks are generating. Marathon Digital as a U.S.-based leader remains one of the most exciting companies in the segment in the middle of a transformative year. We are encouraged by the recent operating and financial results and expect the company to continue executing successfully. We rate shares of MARA as a buy with a bullish price target of $100 per share in a scenario where Bitcoin trends towards $100k.</p><p><blockquote>随着越来越多的投资者开始认识到龙头股所产生的内在价值，比特币采矿业不断成熟。Marathon Digital作为美国的领导者，在变革的一年中仍然是该领域最令人兴奋的公司之一。我们对最近的运营和财务业绩感到鼓舞，并预计公司将继续成功执行。在比特币股价趋于10万美元的情况下，我们将MARA股票评级为买入，看涨目标价为每股100美元。</blockquote></p><p> Longer-term, the company's scale and growing balance sheet Bitcoin position will offer it more flexibility to expand into related crypto services while adding to its mining capacity. For the upcoming quarters, the Q3 earnings report will provide an opportunity to take a look at the cost structure as production accelerates. Monitoring points include the monthly updates while it will be important for the company to remain on schedule with the mining machines deliveries and deployments.</p><p><blockquote>从长远来看，该公司的规模和不断增长的资产负债表比特币地位将为其提供更大的灵活性，以扩展到相关的加密服务，同时增加其采矿能力。对于未来几个季度，第三季度收益报告将提供一个机会来了解随着生产加速的成本结构。监控点包括每月更新，而公司保持采矿机交付和部署的进度非常重要。</blockquote></p><p> It goes without saying that the main risk here continues to be the price of Bitcoin. While we are bullish, shares are of MARA will be highly sensitive to the cryptocurrency market price. A selloff in BTC under $50k would likely drive some renewed bearish sentiment and higher volatility. The regulatory landscape also remains uncertain. Efforts by some U.S. states to limit Bitcoin mining along with environmental impact concerns can generate headlines that pressure the segment lower. For 2022, we believe the market will begin to look more closely at earnings and cash flows beyond the high-level themes and momentum.</p><p><blockquote>不言而喻，这里的主要风险仍然是比特币的价格。虽然我们看好，但MARA的股票将对加密货币市场价格高度敏感。BTC跌破5万美元可能会引发新的看跌情绪和更高的波动性。监管格局也仍然不确定。美国一些州限制比特币采矿的努力以及对环境影响的担忧可能会成为头条新闻，给该行业带来下行压力。对于2022年，我们认为市场将开始更密切地关注高层主题和势头之外的盈利和现金流。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4460632-marathon-digital-more-upside-with-breakout-in-bitcoin\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e3cdd0b2f46028be0fdb985c3d97141c","relate_stocks":{"MARA":"MARA Holdings"},"source_url":"https://seekingalpha.com/article/4460632-marathon-digital-more-upside-with-breakout-in-bitcoin","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114856613","content_text":"Summary\n\nMarathon Digital Holdings is benefiting from the strong momentum in bitcoin approaching an all-time high.\nThe company has reported strong bitcoin mining production growth which is expected to accelerate as it increases capacity.\nWe are bullish on the stock which we believe can continue to outperform the price of bitcoin.\n\n24K-Production/iStock Editorial via Getty Images\nMarathon Digital Holdings Inc(NASDAQ:MARA) has achieved juggernaut status as the leading Bitcoin mining stock benefiting from the ongoing crypto bull market. Shares are up over 360% this year and there is a strong case for more upside. The key is to put aside any outdated misconceptions about the industry and recognize that the company is generating massive revenue growth with earnings set to ramp up. Indeed, with the price of Bitcoin climbing back above $60k, MARA's own all-time high of $58 set back in early April is again within reach. In many ways, the outlook for Bitcoin mining and the broader crypto space has never been more positive. We are bullish on MARA expect shares to continue outperforming through 2022, gaining momentum as it captures a higher valuation premium.\nSeeking Alpha\nMARA Strong Bitcoin Mining Growth\nThe company provided a production update in early October with the headline of mining 1,252.4 Bitcoins in Q3, nearly double the 664.3 total mined in Q2. While the price of Bitcoin averaged around $42k in the quarter, the current market price of $60k implies a quarterly revenue run rate of $75 million that is expected to accelerate going forward as the company continues to expand its capacity. Marathon now holds 7,035 Bitcoin on its balance sheet with a value of over $422 million in addition to a separate cash position of $33 million.\nsource: company IR\nFrom a reported 29,960 mining machines at the end of September and 2.7 EH/s in hash rate, the plan is to deploy a total of 133,000 miners by mid-2022 meaning the company's mining capacity will be 5x larger than its current level. Management noted some recent logistical issues have impacted shipping times to the company's facility in Hardin, Montana but reaffirmed its schedule of installations through next year.\nsource: company IR\nAssuming the entire fleet of miners was fully deployed right now, it is estimated Marathon would control around 8.4% of the global Bitcoin network based on the current network difficulty of around 158 EH/s compared to the current 2% as per the chart above. At 8.4%, Marathon could theoretically be mining close to 2,275 Bitcoins per month representing a market value of $137 million or $1.6 billion as an annualized run rate. These are the types of figures that help justify the company's current market cap near $5 billion.\nsource: company IR\nAccording to consensus estimates, the market is forecasting MARA 2021 revenue to reach $225 million along with positive EPS of $0.94 this year. Again, the real optimism is for next year as capacity and production ramps ups through the second half of 2022 with an estimate for revenue to approach $790 million and EPS of $4.16. Even considering the breathtaking rally in shares of MARA this year, we believe the current valuation metrics including a 1-year forward price to sales multiple of 6.2x and 12x P/E ratio on the 2022 consensus EPS are attractive. The reality is that there are few stocks in any sector generating this type of growth with a bullish outlook for Bitcoin.\nSeeking Alpha\nBullish on Bitcoin\nCompared to the \"crypto winter\" during the summer months when the price of Bitcoin briefly traded under $30k in what was a painful 50% correction, the sentiment has decisively turned positive. Our sense is that many of the long-term drivers for Bitcoin including the growing recognition at the institutional level of cryptocurrencies as an alternative asset class along with ongoing adoption for payments continue to represent fundamental tailwinds that can drive the price of Bitcoin higher.\nsource: company IR\nFrom a technical standpoint, the selloff likely helped to consolidate the multi-year gains in Bitcoin following a particularly strong 2020 which now establishes a stronger base of support for the next leg higher. While Bitcoin is still a few percentage points below its April all-time high of $65k, there are some good reasons to believe a breakout is on tap.\nFirst, reports are that a Bitcoin ETF linked to traded Bitcoin futures is set to begin trading this week through the ProShares Bitcoin Strategy ETF(NYSEARCA:BITO). The expectation is for many other Bitcoin exchange-traded products to be approved still this year which can be interpreted as an apparent stamp of approval by regulators that cryptocurrencies are here to stay. The potential that the new instruments funnel more capital into the space can directly drive the price of Bitcoin further.\nWe have a year-ahead price target of $100,000 for Bitcoin (BTC-USD) which is about 60% higher than the current level. Our base case is that even with some expected volatility and pullbacks on profit-taking, the trend higher can be accelerated through Q4 with a repeat of the action from 2020. While the run in Bitcoin likely had some doubters in Q1 this year, its ability to brush aside the headwinds between concerns over environmental impacts and global regulation only helps reinforce the long-term outlook.\nfinviz.com\nThe fund manager ARK Invest has published research suggesting a growing allocation by institutional investors towards Bitcoin could impact the price between $200,000 and $500,000 long term. The group believes just a 1% allocation towards Bitcoin by all groups of institutional investors would incrementally add $100,000 to the price of Bitcoin. We expect the wider availability of Bitcoin and crypto investment products to gradually become a staple of diversified portfolios for all investors. In the near term, in our view, the $100k price level will eventually act as a magnet for traders to target through momentum based on the psychological importance of the round number.\nsource: Ark Invest\nMARA Stock Forecast\nAs it relates to MARA, the higher the price of Bitcoin directly translates into higher revenue and earnings potential. We expect Bitcoin miners to outperform the crypto price to the upside based on the concept of operating leverage. Simply put, higher revenues can correspond to an even higher impact to operating income and earnings. Marathon's advantage is both its current scale with a leg up on other miners attempting to secure production capacity through next year. The company's low cost of electricity with an estimated production cost of $5,612 per Bitcoin highlights the profitability potential. MARA's efforts at sustainability with a plan to be 100% carbon neutral by the end of 2022 is a benchmark for the entire industry.\nsource: company IR\nTo forecast how many Bitcoins and revenue MARA will be generating by this time next year, we need to consider not only the price of Bitcoin but also the Bitcoin network difficulty. It's understood that as more mining machines go online, the network hash rate will climb and thereby dilute each existing miners' share of the Bitcoin mining potential. Over the course of a year, 52,560 Bitcoin blocks are awarded by the network with each block representing 6.25 BTC. The 328,500 newly minted Bitcoin mined over the course of a year is the market potential MARA is attempting to capture.\nWe mentioned the company's guidance for 13.3 EH/s represents about 8.4% of the current global hash rate. In reality, by the time the full fleet of mining machines is deployed, it's likely the network difficulty will be above 200 EH/s meaning the 8.4% share will be reduced down towards 6.7% or lower. There is a great deal of uncertainty as to how this rate will progress although the general consensus is that the network difficultly will trend higher. From the chart below, we can observe a large drop in the global hash rate in mid-2021 which coincided with Chinese miners going offline as mining was banned in the country. The other dynamic at play is that some of the oldest mining machines online currently go past their lifecycle and need to be replaced generating a regular turnover.\nData by YCharts\nWe are extrapolating how much Marathon's revenue run rate could be by the second half of next year when it fully deploys all announced mining machine purchases. For example, with a hash rate capacity of 13.3 EH/s by mid-2022, assuming a network difficultly level of 215 EH/s at that point, MARA would control 6.2% of the global hash rate and be able to mine approximately 1,693 Bitcoins in a single month. At the current market price of $60k, the monthly revenue would approach $102 million which is annualized to $1.219 billion. By this measure, we can state that shares of MARA are trading at a forward price to sales multiple of 4.3x based on its expected annualized revenue run rate by next year against the current market cap for the stock at $5.2 billion.\nsource: author estimates\nIn our view, MARA is undervalued at its current level in the context of the Bitcoin pricing environment and growth outlook. A forward P/S multiple closer to 5x would better reflect an appropriate growth premium and the company's positive outlook in our opinion. By this measure, at a constant BTC price of $60k and an outlook for the hash rate to trend towards 215 EH/s, we believe MARA should be valued closer to $61.50 as a near-term price target.\nGoing a step further, with an outlook for Bitcoin to potentially reach $100k by next year, we see shares of MARA trending towards $100. From the table above, the Bitcoin market price of $100k at a 215 EH/s hash rate for next year implies MARA is currently trading at a forward P/S of 2.6x. The stock would need to climb at least 92% from the current level to maintain the valuation parity of 5x based on our model.\nThe Big Picture\nThe Bitcoin mining industry continues to mature with more and more investors beginning to recognize the intrinsic value the leading stocks are generating. Marathon Digital as a U.S.-based leader remains one of the most exciting companies in the segment in the middle of a transformative year. We are encouraged by the recent operating and financial results and expect the company to continue executing successfully. We rate shares of MARA as a buy with a bullish price target of $100 per share in a scenario where Bitcoin trends towards $100k.\nLonger-term, the company's scale and growing balance sheet Bitcoin position will offer it more flexibility to expand into related crypto services while adding to its mining capacity. For the upcoming quarters, the Q3 earnings report will provide an opportunity to take a look at the cost structure as production accelerates. Monitoring points include the monthly updates while it will be important for the company to remain on schedule with the mining machines deliveries and deployments.\nIt goes without saying that the main risk here continues to be the price of Bitcoin. While we are bullish, shares are of MARA will be highly sensitive to the cryptocurrency market price. A selloff in BTC under $50k would likely drive some renewed bearish sentiment and higher volatility. The regulatory landscape also remains uncertain. Efforts by some U.S. states to limit Bitcoin mining along with environmental impact concerns can generate headlines that pressure the segment lower. For 2022, we believe the market will begin to look more closely at earnings and cash flows beyond the high-level themes and momentum.","news_type":1,"symbols_score_info":{"MARA":0.9}},"isVote":1,"tweetType":1,"viewCount":1971,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":829639821,"gmtCreate":1633495974387,"gmtModify":1633495974622,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/829639821","repostId":"1103782575","repostType":4,"repost":{"id":"1103782575","kind":"news","pubTimestamp":1633486462,"share":"https://www.laohu8.com/m/news/1103782575?lang=zh_CN&edition=full","pubTime":"2021-10-06 10:14","market":"us","language":"en","title":"Don't worry (too much) about an October market crash<blockquote>不要（过于）担心十月市场崩盘</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1103782575","media":"CNN Business","summary":"New York (CNN Business) - October has often been a spooky month on Wall Street. Stocks famously cras","content":"<p><b>New York (CNN Business)&nbsp;-&nbsp;</b>October has often been a spooky month on Wall Street. Stocks famously crashed in October 1929, 1987 and, most recently, 2008.</p><p><blockquote><b>纽约（CNN商业）——</b>十月在华尔街通常是一个阴森的月份。股市在1929年10月、1987年以及最近的2008年暴跌。</blockquote></p><p> But&nbsp;the marketisn't always a terrifying place to be just before Halloween. In fact,stocks typically go up&nbsp;in October.</p><p><blockquote>但万圣节前夕，市场并不总是一个可怕的地方。事实上，股市通常会在十月份上涨。</blockquote></p><p> According to data from Ryan Detrick, chief market strategist at LPL Financial, October is just about in the middle of the pack: It has been the 7th best month for the S&amp;P 500 since 1950 and the 4th best over the past 10 and 20 years.</p><p><blockquote>根据LPL Financial首席市场策略师Ryan Detrick的数据，10月份几乎处于中间位置：它是标普500自1950年以来第7个最佳月份，也是过去10年和20年中第4个最佳月份。</blockquote></p><p> \"October is known for some spectacular crashes and many expect bad things to happen again this year,\" Detrick said in a report last week. \"But the truth is this month is simply misunderstood, as historically it is about an average month.\"</p><p><blockquote>德特里克在上周的一份报告中表示：“十月份因一些壮观的车祸而闻名，许多人预计今年会再次发生糟糕的事情。”“但事实是这个月只是被误解了，因为从历史上看，它大约是一个普通的月份。”</blockquote></p><p> And it could be better than average this October, because there are no potentially game-changing election results coming in November.</p><p><blockquote>今年10月的情况可能会好于平均水平，因为11月没有可能改变游戏规则的选举结果。</blockquote></p><p> Since 1999, the S&amp;P 500 has gained 3.6% in odd-year Octobers and fallen 1.1% in even-numbered ones, corresponding to the US election schedule.</p><p><blockquote>自1999年以来，标普500在奇数年10月上涨3.6%，在偶数年10月下跌1.1%，与美国大选时间表相对应。</blockquote></p><p> \"It turns out stocks don't like politics much,\" Detrick said.</p><p><blockquote>“事实证明，股票不太喜欢政治，”德特里克说。</blockquote></p><p> <b>Many risks remain but outlook still promising for stocks</b></p><p><blockquote><b>许多风险依然存在，但股市前景仍然乐观</b></blockquote></p><p> Of course DC headlines could still roil the market this year, albeit not because of an election.</p><p><blockquote>当然，今年DC的头条新闻仍可能扰乱市场，尽管不是因为选举。</blockquote></p><p> The debt ceiling debate has yet to be resolved, and Congress still hasn't passed President Joe Biden's infrastructure and social spending plans. Meanwhile Biden also must soon decide whether he wants to nominate Jerome Powell for a second term as Fed chairman or pick someone else.</p><p><blockquote>债务上限争论尚未解决，国会仍未通过总统乔·拜登的基础设施和社会支出计划。与此同时，拜登还必须很快决定是提名杰罗姆·鲍威尔连任美联储主席，还是选择其他人。</blockquote></p><p> \"The fourth quarter — like the conclusion of sporting events or Broadway plays — is where the drama lies,\" Louis Navellier, chairman of Navellier &amp; Associates, said in a report last week.</p><p><blockquote>Navellier&amp;Associates董事长路易斯·纳维利尔(Louis Navellier)在上周的一份报告中表示：“第四季度——就像体育赛事或百老汇戏剧的结局一样——是戏剧所在。”</blockquote></p><p> That said, Navellier is hopeful the usual seasonal tailwinds for the markets and the broader economy will lift stocks this year.</p><p><blockquote>尽管如此，纳维利尔希望市场和整体经济通常的季节性顺风能够提振今年的股市。</blockquote></p><p> Stocks tend to enjoy not just solid gains in October, but also for the remainder of the fourth quarter. Consumer spending surges during the holiday shopping season and businesses often look to boost investments before annual budgets run out.</p><p><blockquote>股市往往不仅在10月份强劲上涨，而且在第四季度剩余时间也是如此。消费者支出在假日购物季激增，企业通常希望在年度预算用完之前增加投资。</blockquote></p><p> With that in mind, some strategists think that investors will continue to focus on the positive when looking ahead to earnings for Q4 and 2022.</p><p><blockquote>考虑到这一点，一些策略师认为，在展望第四季度和2022年的收益时，投资者将继续关注积极的一面。</blockquote></p><p> Yes, worries remain about Covid-19, Fed policy, inflation, global shipping delays and numerous other economic warning signs.</p><p><blockquote>是的，对新冠肺炎、美联储政策、通货膨胀、全球航运延误和许多其他经济警告信号的担忧仍然存在。</blockquote></p><p> But although this could create more volatility than usual in October and the rest of the fourth quarter, few expect that these challenges will lead to another recession. So the path of least resistance for stocks is still upward.</p><p><blockquote>不过，尽管这可能会在10月份和第四季度剩余时间造成比往常更大的波动，但很少有人预计这些挑战会导致另一场衰退。所以股票阻力最小的路径仍然是向上。</blockquote></p><p> \"Virtually all of these problems are showing tangible signs toward resolution,\" Robert Teeter, managing director at Silvercrest Asset Management, said in a report Monday, \"and should not inflict any long-term damage to stock valuations.\"</p><p><blockquote>Silvercrest Asset Management董事总经理罗伯特·蒂特(Robert Teeter)在周一的一份报告中表示：“几乎所有这些问题都显示出解决的切实迹象，并且不会对股票估值造成任何长期损害。”</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>Don't worry (too much) about an October market crash<blockquote>不要（过于）担心十月市场崩盘</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\">\nDon't worry (too much) about an October market crash<blockquote>不要（过于）担心十月市场崩盘</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN Business</strong><span class=\"h-time small\">2021-10-06 10:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>New York (CNN Business)&nbsp;-&nbsp;</b>October has often been a spooky month on Wall Street. Stocks famously crashed in October 1929, 1987 and, most recently, 2008.</p><p><blockquote><b>纽约（CNN商业）——</b>十月在华尔街通常是一个阴森的月份。股市在1929年10月、1987年以及最近的2008年暴跌。</blockquote></p><p> But&nbsp;the marketisn't always a terrifying place to be just before Halloween. In fact,stocks typically go up&nbsp;in October.</p><p><blockquote>但万圣节前夕，市场并不总是一个可怕的地方。事实上，股市通常会在十月份上涨。</blockquote></p><p> According to data from Ryan Detrick, chief market strategist at LPL Financial, October is just about in the middle of the pack: It has been the 7th best month for the S&amp;P 500 since 1950 and the 4th best over the past 10 and 20 years.</p><p><blockquote>根据LPL Financial首席市场策略师Ryan Detrick的数据，10月份几乎处于中间位置：它是标普500自1950年以来第7个最佳月份，也是过去10年和20年中第4个最佳月份。</blockquote></p><p> \"October is known for some spectacular crashes and many expect bad things to happen again this year,\" Detrick said in a report last week. \"But the truth is this month is simply misunderstood, as historically it is about an average month.\"</p><p><blockquote>德特里克在上周的一份报告中表示：“十月份因一些壮观的车祸而闻名，许多人预计今年会再次发生糟糕的事情。”“但事实是这个月只是被误解了，因为从历史上看，它大约是一个普通的月份。”</blockquote></p><p> And it could be better than average this October, because there are no potentially game-changing election results coming in November.</p><p><blockquote>今年10月的情况可能会好于平均水平，因为11月没有可能改变游戏规则的选举结果。</blockquote></p><p> Since 1999, the S&amp;P 500 has gained 3.6% in odd-year Octobers and fallen 1.1% in even-numbered ones, corresponding to the US election schedule.</p><p><blockquote>自1999年以来，标普500在奇数年10月上涨3.6%，在偶数年10月下跌1.1%，与美国大选时间表相对应。</blockquote></p><p> \"It turns out stocks don't like politics much,\" Detrick said.</p><p><blockquote>“事实证明，股票不太喜欢政治，”德特里克说。</blockquote></p><p> <b>Many risks remain but outlook still promising for stocks</b></p><p><blockquote><b>许多风险依然存在，但股市前景仍然乐观</b></blockquote></p><p> Of course DC headlines could still roil the market this year, albeit not because of an election.</p><p><blockquote>当然，今年DC的头条新闻仍可能扰乱市场，尽管不是因为选举。</blockquote></p><p> The debt ceiling debate has yet to be resolved, and Congress still hasn't passed President Joe Biden's infrastructure and social spending plans. Meanwhile Biden also must soon decide whether he wants to nominate Jerome Powell for a second term as Fed chairman or pick someone else.</p><p><blockquote>债务上限争论尚未解决，国会仍未通过总统乔·拜登的基础设施和社会支出计划。与此同时，拜登还必须很快决定是提名杰罗姆·鲍威尔连任美联储主席，还是选择其他人。</blockquote></p><p> \"The fourth quarter — like the conclusion of sporting events or Broadway plays — is where the drama lies,\" Louis Navellier, chairman of Navellier &amp; Associates, said in a report last week.</p><p><blockquote>Navellier&amp;Associates董事长路易斯·纳维利尔(Louis Navellier)在上周的一份报告中表示：“第四季度——就像体育赛事或百老汇戏剧的结局一样——是戏剧所在。”</blockquote></p><p> That said, Navellier is hopeful the usual seasonal tailwinds for the markets and the broader economy will lift stocks this year.</p><p><blockquote>尽管如此，纳维利尔希望市场和整体经济通常的季节性顺风能够提振今年的股市。</blockquote></p><p> Stocks tend to enjoy not just solid gains in October, but also for the remainder of the fourth quarter. Consumer spending surges during the holiday shopping season and businesses often look to boost investments before annual budgets run out.</p><p><blockquote>股市往往不仅在10月份强劲上涨，而且在第四季度剩余时间也是如此。消费者支出在假日购物季激增，企业通常希望在年度预算用完之前增加投资。</blockquote></p><p> With that in mind, some strategists think that investors will continue to focus on the positive when looking ahead to earnings for Q4 and 2022.</p><p><blockquote>考虑到这一点，一些策略师认为，在展望第四季度和2022年的收益时，投资者将继续关注积极的一面。</blockquote></p><p> Yes, worries remain about Covid-19, Fed policy, inflation, global shipping delays and numerous other economic warning signs.</p><p><blockquote>是的，对新冠肺炎、美联储政策、通货膨胀、全球航运延误和许多其他经济警告信号的担忧仍然存在。</blockquote></p><p> But although this could create more volatility than usual in October and the rest of the fourth quarter, few expect that these challenges will lead to another recession. So the path of least resistance for stocks is still upward.</p><p><blockquote>不过，尽管这可能会在10月份和第四季度剩余时间造成比往常更大的波动，但很少有人预计这些挑战会导致另一场衰退。所以股票阻力最小的路径仍然是向上。</blockquote></p><p> \"Virtually all of these problems are showing tangible signs toward resolution,\" Robert Teeter, managing director at Silvercrest Asset Management, said in a report Monday, \"and should not inflict any long-term damage to stock valuations.\"</p><p><blockquote>Silvercrest Asset Management董事总经理罗伯特·蒂特(Robert Teeter)在周一的一份报告中表示：“几乎所有这些问题都显示出解决的切实迹象，并且不会对股票估值造成任何长期损害。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/10/05/investing/october-stocks/index.html\">CNN Business</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":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://edition.cnn.com/2021/10/05/investing/october-stocks/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103782575","content_text":"New York (CNN Business) - October has often been a spooky month on Wall Street. Stocks famously crashed in October 1929, 1987 and, most recently, 2008.\nBut the marketisn't always a terrifying place to be just before Halloween. In fact,stocks typically go up in October.\nAccording to data from Ryan Detrick, chief market strategist at LPL Financial, October is just about in the middle of the pack: It has been the 7th best month for the S&P 500 since 1950 and the 4th best over the past 10 and 20 years.\n\"October is known for some spectacular crashes and many expect bad things to happen again this year,\" Detrick said in a report last week. \"But the truth is this month is simply misunderstood, as historically it is about an average month.\"\nAnd it could be better than average this October, because there are no potentially game-changing election results coming in November.\nSince 1999, the S&P 500 has gained 3.6% in odd-year Octobers and fallen 1.1% in even-numbered ones, corresponding to the US election schedule.\n\"It turns out stocks don't like politics much,\" Detrick said.\nMany risks remain but outlook still promising for stocks\nOf course DC headlines could still roil the market this year, albeit not because of an election.\nThe debt ceiling debate has yet to be resolved, and Congress still hasn't passed President Joe Biden's infrastructure and social spending plans. Meanwhile Biden also must soon decide whether he wants to nominate Jerome Powell for a second term as Fed chairman or pick someone else.\n\"The fourth quarter — like the conclusion of sporting events or Broadway plays — is where the drama lies,\" Louis Navellier, chairman of Navellier & Associates, said in a report last week.\nThat said, Navellier is hopeful the usual seasonal tailwinds for the markets and the broader economy will lift stocks this year.\nStocks tend to enjoy not just solid gains in October, but also for the remainder of the fourth quarter. Consumer spending surges during the holiday shopping season and businesses often look to boost investments before annual budgets run out.\nWith that in mind, some strategists think that investors will continue to focus on the positive when looking ahead to earnings for Q4 and 2022.\nYes, worries remain about Covid-19, Fed policy, inflation, global shipping delays and numerous other economic warning signs.\nBut although this could create more volatility than usual in October and the rest of the fourth quarter, few expect that these challenges will lead to another recession. So the path of least resistance for stocks is still upward.\n\"Virtually all of these problems are showing tangible signs toward resolution,\" Robert Teeter, managing director at Silvercrest Asset Management, said in a report Monday, \"and should not inflict any long-term damage to stock valuations.\"","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2042,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":864681474,"gmtCreate":1633097662351,"gmtModify":1633097662630,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/864681474","repostId":"2172295185","repostType":4,"isVote":1,"tweetType":1,"viewCount":2129,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862928842,"gmtCreate":1632831687566,"gmtModify":1632831687683,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/862928842","repostId":"1198385948","repostType":4,"isVote":1,"tweetType":1,"viewCount":3251,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868472353,"gmtCreate":1632702968472,"gmtModify":1632798501153,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/868472353","repostId":"2170485596","repostType":4,"isVote":1,"tweetType":1,"viewCount":3755,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868944958,"gmtCreate":1632583150174,"gmtModify":1632655154607,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/868944958","repostId":"1149730497","repostType":4,"isVote":1,"tweetType":1,"viewCount":2028,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861271180,"gmtCreate":1632506374640,"gmtModify":1632714693523,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/861271180","repostId":"1104085778","repostType":4,"repost":{"id":"1104085778","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1632498166,"share":"https://www.laohu8.com/m/news/1104085778?lang=zh_CN&edition=full","pubTime":"2021-09-24 23:42","market":"us","language":"en","title":"IPO opening reminder: Cue Health opens for trading at $19.2, up 20% from IPO price.<blockquote>IPO开盘提醒：Cue Health开盘价为19.2美元，较IPO价格上涨20%。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104085778","media":"Tiger Newspress","summary":"(Sept 24) Cue Health Inc. opens for trading at $19.2, up 20% from IPO price.\n\nCompany & Technology\nS","content":"<p>(Sept 24)&nbsp;<a href=\"https://laohu8.com/S/HLTH\">Cue Health Inc.</a> opens for trading at $19.2, up 20% from IPO price.</p><p><blockquote>（9月24日）<a href=\"https://laohu8.com/S/HLTH\">提示健康公司。</a>开盘价为19.2美元，较IPO价格上涨20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c7270662a08ec3dac176aa52bf5cbd1a\" tg-width=\"902\" tg-height=\"560\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Company &amp; Technology</b></p><p><blockquote><b>公司与技术</b></blockquote></p><p> San Diego, California-based Cue was founded to first develop a COVID-19 test kit and integrated information platform for processing and communication.</p><p><blockquote>总部位于加利福尼亚州圣地亚哥的Cue成立的目的是首先开发新冠肺炎测试套件和用于处理和通信的集成信息平台。</blockquote></p><p> Management is headed by co-founder, Chairman and CEO Ayub Khattak, who has been with the firm since inception and holds a B.S. in mathematics from UCLA.</p><p><blockquote>管理层由联合创始人、董事长兼首席执行官Ayub Khattak领导，他自公司成立以来一直在公司工作，并拥有学士学位。加州大学洛杉矶分校数学专业。</blockquote></p><p> The company’s primary offerings in its Cue Integrated Care Platform:</p><p><blockquote>该公司在其Cue综合护理平台中的主要产品：</blockquote></p><p> <ul>  <li>Health monitoring system</p><p><blockquote><ul><li>健康监测系统</li></ul></blockquote></p><p></li>  <li>Rader</p><p><blockquote><li>雷达</li></blockquote></p><p></li>  <li>Cartridge</p><p><blockquote><li>弹壳</li></blockquote></p><p></li>  <li>Wand</p><p><blockquote><li>墙</li></blockquote></p><p></li>  <li>Data</p><p><blockquote><li>数据</li></blockquote></p><p></li>  <li>Delivery apps</p><p><blockquote><li>交付应用程序</li></blockquote></p><p></li>  <li>Enterprise dashboard</p><p><blockquote><li>企业仪表板</li></blockquote></p><p></li>  <li>Ecosystem integrations</p><p><blockquote><li>生态系统集成</li></blockquote></p><p></li> </ul> Cue has received at least $176 million in equity investment from investors including ACME Capital, Cove Investors, Decheng Capital China Life Sciences, Madrone and NVGA I.</p><p><blockquote>Cue已经获得了包括ACME Capital、Cove Investors、德诚资本中国生命科学、Madrone和NVGA I在内的投资者至少1.76亿美元的股权投资。</blockquote></p><p> <b>Customer/User Acquisition</b></p><p><blockquote><b>客户/用户获取</b></blockquote></p><p> The company pursues healthcare provider relationships through its in-house direct sales team focused on healthcare providers, large enterprises and public sector clients.</p><p><blockquote>该公司通过其专注于医疗保健提供商、大型企业和公共部门客户的内部直销团队寻求医疗保健提供商关系。</blockquote></p><p> Management expects 2021 customer demand for its COVID-19 test kits to exceed its manufacturing capacity.</p><p><blockquote>管理层预计，2021年客户对其COVID-19检测试剂盒的需求将超过其生产能力。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenues have increased sharply, as the figures below indicate:</p><p><blockquote>销售及营销开支佔总收入的百分比随着收入急剧增加而变化，如下图所示：</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Expenses vs. Revenue</b></p><p><blockquote><td><b>费用与收入</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Percentage</p><p><blockquote><td>百分比</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>3.1%</p><p><blockquote><td>3.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>1.3%</p><p><blockquote><td>1.3%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, was 100.5x in the most recent reporting period, as shown in the table below:</p><p><blockquote>销售和营销效率率（定义为每美元销售和营销支出产生多少美元的额外新收入）在最近一个报告期内为100.5倍，如下表所示：</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Efficiency Rate</b></p><p><blockquote><td><b>效率率</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Multiple</p><p><blockquote><td>多个的</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>100.5</p><p><blockquote><td>100.5</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>22.9</p><p><blockquote><td>22.9</td></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Market &amp; Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2020 marketresearch reportby Grand View Research, the global market for COVID-19 detection kits was an estimated $3.28 billion in 2020 and is expected to reach $5 billion by 2027.</p><p><blockquote>根据Grand View Research的2020年市场研究报告，2020年新冠肺炎检测试剂盒的全球市场估计为32.8亿美元，预计到2027年将达到50亿美元。</blockquote></p><p> This represents a forecast CAGR of 5.05% from 2021 to 2027.</p><p><blockquote>这意味着2021年至2027年的预测复合年增长率为5.05%。</blockquote></p><p> The main drivers for this expected growth are a strong growth in demand for testing services of all types on a global basis.</p><p><blockquote>这一预期增长的主要驱动力是全球对所有类型测试服务需求的强劲增长。</blockquote></p><p> Also, below is a chart showing the market share of use of detection kits by end-user type:</p><p><blockquote>此外，下图显示了按最终用户类型划分的检测试剂盒使用的市场份额：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4b7fc60b336bae7685e08132f8176b57\" tg-width=\"1158\" tg-height=\"618\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> (Source)</p><p><blockquote>（资料来源）</blockquote></p><p> Major competitive or other industry participants include:</p><p><blockquote>主要竞争对手或其他行业参与者包括：</blockquote></p><p> <ul>  <li>Abbott Laboratories(NYSE:ABT)</p><p><blockquote><ul><li>雅培实验室（纽约证券交易所代码：ABT）</li></ul></blockquote></p><p></li>  <li>Becton, Dickinson(NYSE:BDX)</p><p><blockquote><li>迪金森贝克顿（纽约证券交易所代码：BDX）</li></blockquote></p><p></li>  <li>bioMerieux(OTCPK:BMXMF)</p><p><blockquote><li>生物梅里埃（OTCPK：BMXMF）</li></blockquote></p><p></li>  <li>Bio-Rad Laboratories(NYSE:BIO)</p><p><blockquote><li>Bio-Rad实验室（纽约证券交易所股票代码：BIO）</li></blockquote></p><p></li>  <li>Danaher(NYSE:DHR)</p><p><blockquote><li>丹纳赫（纽约证券交易所代码：DHR）</li></blockquote></p><p></li>  <li>Ellume Limited</p><p><blockquote><li>Ellume有限公司</li></blockquote></p><p></li>  <li>Everly Health</p><p><blockquote><li>艾弗利健康</li></blockquote></p><p></li>  <li>Roche(OTCQX:RHHBY)(OTCQX:RHHBF)</p><p><blockquote><li>罗氏(OTCQX：RHHBY)(OTCQX：RHHBF)</li></blockquote></p><p></li>  <li>Fluidigm(NASDAQ:FLDM)</p><p><blockquote><li>Fluidigm（纳斯达克：FLDM）</li></blockquote></p><p></li>  <li>GenMark Diagnostics(NASDAQ:GNMK)</p><p><blockquote><li>GenMark Diagnostics（纳斯达克：GNMK）</li></blockquote></p><p></li>  <li>Others</p><p><blockquote><li>其他</li></blockquote></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> Cue’s recent financial results can be summarized as follows:</p><p><blockquote>Cue近期财务业绩可总结如下：</blockquote></p><p> <ul>  <li>Sharply growing top line revenue</p><p><blockquote><ul><li>营收急剧增长</li></ul></blockquote></p><p></li>  <li>Increasing gross profit and variable gross margin</p><p><blockquote><li>增加毛利及可变毛利率</li></blockquote></p><p></li>  <li>A swing to operating profit and net income</p><p><blockquote><li>营业利润和净利润的波动</li></blockquote></p><p></li>  <li>Variable cash flow from operations</p><p><blockquote><li>经营活动产生的可变现金流量</li></blockquote></p><p></li> </ul> Below are relevant financial results derived from the firm’s registration statement:</p><p><blockquote>以下是来自公司注册声明的相关财务业绩：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Total Revenue</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>收入总额</b></td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Total Revenue</p><p><blockquote><td>收入总额</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 201,922,000</p><p><blockquote><td>$201,922,000</td></blockquote></p><p></td>    <td>3971.0%</p><p><blockquote><td>3971.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 22,953,000</p><p><blockquote><td>$22,953,000</td></blockquote></p><p></td>    <td>246.4%</p><p><blockquote><td>246.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 6,626,000</p><p><blockquote><td>$6,626,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 116,745,000</p><p><blockquote><td>$116,745,000</td></blockquote></p><p></td>    <td>2253.7%</p><p><blockquote><td>2253.7%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 8,002,000</p><p><blockquote><td>$8,002,000</td></blockquote></p><p></td>    <td>20.8%</p><p><blockquote><td>20.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 6,626,000</p><p><blockquote><td>$6,626,000</td></blockquote></p><p></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>57.82%</p><p><blockquote><td>57.82%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>34.86%</p><p><blockquote><td>34.86%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>100.00%</p><p><blockquote><td>100.00%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>经营溢利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Operating Profit (Loss)</p><p><blockquote><td>经营溢利（亏损）</td></blockquote></p><p></td>    <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 79,463,000</p><p><blockquote><td>$79,463,000</td></blockquote></p><p></td>    <td>39.4%</p><p><blockquote><td>39.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (45,126,000)</p><p><blockquote><td>$(45,126,000)</td></blockquote></p><p></td>    <td>-196.6%</p><p><blockquote><td>-196.6%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (20,767,000)</p><p><blockquote><td>$(20,767,000)</td></blockquote></p><p></td>    <td>-313.4%</p><p><blockquote><td>-313.4%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净利润（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Net Income (Loss)</p><p><blockquote><td>净利润（亏损）</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 32,840,000</p><p><blockquote><td>$32,840,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (47,352,000)</p><p><blockquote><td>$(47,352,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (20,606,000)</p><p><blockquote><td>$(20,606,000)</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营所得现金流量</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Cash Flow From Operations</p><p><blockquote><td>经营所得现金流量</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ (37,812,000)</p><p><blockquote><td>$(37,812,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 92,655,000</p><p><blockquote><td>$92,655,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (12,996,000)</p><p><blockquote><td>$(12,996,000)</td></blockquote></p><p></td>   </tr>  </tbody> </table> As of June 30, 2021, Cue had $246.3 million in cash and $516.3 million in total liabilities.</p><p><blockquote>截至2021年6月30日，Cue拥有2.463亿美元现金，总负债为5.163亿美元。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was negative ($60 million).</p><p><blockquote>截至2021年6月30日的12个月内，自由现金流为负（6000万美元）。</blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> Below is a table of relevant capitalization and valuation figures for the company:</p><p><blockquote>下表为本公司的相关资本化及估值数字：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Measure [TTM]</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>测量[TTM]</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Amount</b></p><p><blockquote><td><b>数量</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Market Capitalization at IPO</p><p><blockquote><tr><td>IPO时的市值</td></tr></blockquote></p><p></td>    <td>$2,299,981,232</p><p><blockquote><td>$2,299,981,232</td></blockquote></p><p></td>   </tr>   <tr>    <td>Enterprise Value</p><p><blockquote><tr><td>企业价值</td></tr></blockquote></p><p></td>    <td>$1,874,455,232</p><p><blockquote><td>$1,874,455,232</td></blockquote></p><p></td>   </tr>   <tr>    <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td>    <td>10.46</p><p><blockquote><td>10.46</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td>    <td>8.52</p><p><blockquote><td>8.52</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>35.46</p><p><blockquote><td>35.46</td></blockquote></p><p></td>   </tr>   <tr>    <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td>    <td>$0.03</p><p><blockquote><td>$0.03</td></blockquote></p><p></td>   </tr>   <tr>    <td>Float To Outstanding Shares Ratio</p><p><blockquote><tr><td>流通股与流通股比率</td></tr></blockquote></p><p></td>    <td>8.70%</p><p><blockquote><td>8.70%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Proposed IPO Midpoint Price per Share</p><p><blockquote><tr><td>建议IPO每股中点价格</td></tr></blockquote></p><p></td>    <td>$16.00</p><p><blockquote><td>$16.00</td></blockquote></p><p></td>   </tr>   <tr>    <td>Net Free Cash Flow</p><p><blockquote><tr><td>净自由现金流</td></tr></blockquote></p><p></td>    <td>-$59,920,000</p><p><blockquote><td>-$59,920,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>Free Cash Flow Yield Per Share</p><p><blockquote><tr><td>每股自由现金流收益率</td></tr></blockquote></p><p></td>    <td>-2.61%</p><p><blockquote><td>-2.61%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td>    <td>3971.01%</p><p><blockquote><td>3971.01%</td></blockquote></p><p></td>   </tr>  </tbody> </table> As a reference, a potential partial and imperfect public comparable to Cue would be Bio-Rad (BIO); below is a comparison of their primary valuation metrics:</p><p><blockquote>作为参考，与Cue相当的潜在部分和不完美的公共将是Bio-Rad（BIO）；以下是其主要估值指标的比较：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Metric</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>公制</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Bio-Rad (BIO)</b></p><p><blockquote><td><b>Bio-Rad（生物）</b></td></blockquote></p><p></td>    <td><b>Cue Health (HLTH)</b></p><p><blockquote><td><b>提示健康（HLTH）</b></td></blockquote></p><p></td>    <td><b>Variance</b></p><p><blockquote><td><b>差异</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td>    <td>8.15</p><p><blockquote><td>8.15</td></blockquote></p><p></td>    <td>10.46</p><p><blockquote><td>10.46</td></blockquote></p><p></td>    <td>28.3%</p><p><blockquote><td>28.3%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td>    <td>7.82</p><p><blockquote><td>7.82</td></blockquote></p><p></td>    <td>8.52</p><p><blockquote><td>8.52</td></blockquote></p><p></td>    <td>9.0%</p><p><blockquote><td>9.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>31.66</p><p><blockquote><td>31.66</td></blockquote></p><p></td>    <td>35.46</p><p><blockquote><td>35.46</td></blockquote></p><p></td>    <td>12.0%</p><p><blockquote><td>12.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td>    <td>$134.05</p><p><blockquote><td>$134.05</td></blockquote></p><p></td>    <td>$0.03</p><p><blockquote><td>$0.03</td></blockquote></p><p></td>    <td>-100.0%</p><p><blockquote><td>-100.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td>    <td>25.6%</p><p><blockquote><td>25.6%</td></blockquote></p><p></td>    <td>3971.01%</p><p><blockquote><td>3971.01%</td></blockquote></p><p></td>    <td>15436.03%</p><p><blockquote><td>15436.03%</td></blockquote></p><p></td>   </tr>   <tr>    <td>(Glossary Of Terms)</p><p><blockquote><tr><td>（术语表）</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> Cue is seeking public investment capital to further scale its commercialization operations as well as continue its R &amp; D efforts.</p><p><blockquote>Cue正在寻求公共投资资本，以进一步扩大其商业化业务并继续其研发工作。</blockquote></p><p> The company’s financials show sharply growing top line revenue, strong growth in gross profit and variable gross margin, a swing to operating profit and net income and highly fluctuating cash flow from or use in operations</p><p><blockquote>该公司的财务数据显示，营收大幅增长，毛利润和可变毛利率强劲增长，营业利润和净利润出现波动，经营活动产生或使用的现金流高度波动</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was an eye-popping negative ($60 million).</p><p><blockquote>截至2021年6月30日的12个月的自由现金流是令人瞠目结舌的负值（6000万美元）。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have fluctuated as revenues have increased dramatically; its Sales and Marketing efficiency rate was an extremely high 100.5x in the most recent reporting period.</p><p><blockquote>销售和营销费用占总收入的百分比随着收入的急剧增加而波动；在最近的报告期内，其销售和营销效率高达100.5倍。</blockquote></p><p> The market opportunity for COVID-19 and related test kit platforms is large and will likely grow at a high rate of growth over the coming years as countries around the world seek to bolster their testing capabilities in the wake of the recent global pandemic.</p><p><blockquote>新冠肺炎和相关检测试剂盒平台的市场机会很大，并且在未来几年可能会以高增长率增长，因为世界各国在最近的全球疫情之后寻求增强其检测能力。</blockquote></p><p></p><p> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 39.9% since their IPO. This is a mid-tier performance for all major underwriters during the period.</p><p><blockquote>高盛是首席承销商，该公司在过去12个月内牵头的IPO自IPO以来的平均回报率为39.9%。这是期内所有主要承销商的中等表现。</blockquote></p><p> The primary risk to the firm now is that it is essentially a one-product company, so its revenue base is heavily concentrated.</p><p><blockquote>该公司现在面临的主要风险是，它本质上是一家单一产品公司，因此其收入基础高度集中。</blockquote></p><p> As for valuation, compared to partial competitor Bio-Rad Laboratories, the IPO is reasonably valued on a revenue multiple, although Cue is growing at a much higher rate of growth from a much lower revenue base, so the comparison is strained at best.</p><p><blockquote>至于估值，与部分竞争对手Bio-Rad Laboratories相比，IPO的收入倍数估值合理，尽管Cue在收入基础低得多的情况下以高得多的增长率增长，因此这种比较充其量是紧张的。</blockquote></p><p> Given Cue’s growth trajectory, profitability and reasonable IPO valuation, the IPO is worth consideration.</p><p><blockquote>鉴于Cue的增长轨迹、盈利能力和合理的IPO估值，此次IPO值得考虑。</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>IPO opening reminder: Cue Health opens for trading at $19.2, up 20% from IPO price.<blockquote>IPO开盘提醒：Cue Health开盘价为19.2美元，较IPO价格上涨20%。</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\">\nIPO opening reminder: Cue Health opens for trading at $19.2, up 20% from IPO price.<blockquote>IPO开盘提醒：Cue Health开盘价为19.2美元，较IPO价格上涨20%。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-24 23:42</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 24)&nbsp;<a href=\"https://laohu8.com/S/HLTH\">Cue Health Inc.</a> opens for trading at $19.2, up 20% from IPO price.</p><p><blockquote>（9月24日）<a href=\"https://laohu8.com/S/HLTH\">提示健康公司。</a>开盘价为19.2美元，较IPO价格上涨20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c7270662a08ec3dac176aa52bf5cbd1a\" tg-width=\"902\" tg-height=\"560\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Company &amp; Technology</b></p><p><blockquote><b>公司与技术</b></blockquote></p><p> San Diego, California-based Cue was founded to first develop a COVID-19 test kit and integrated information platform for processing and communication.</p><p><blockquote>总部位于加利福尼亚州圣地亚哥的Cue成立的目的是首先开发新冠肺炎测试套件和用于处理和通信的集成信息平台。</blockquote></p><p> Management is headed by co-founder, Chairman and CEO Ayub Khattak, who has been with the firm since inception and holds a B.S. in mathematics from UCLA.</p><p><blockquote>管理层由联合创始人、董事长兼首席执行官Ayub Khattak领导，他自公司成立以来一直在公司工作，并拥有学士学位。加州大学洛杉矶分校数学专业。</blockquote></p><p> The company’s primary offerings in its Cue Integrated Care Platform:</p><p><blockquote>该公司在其Cue综合护理平台中的主要产品：</blockquote></p><p> <ul>  <li>Health monitoring system</p><p><blockquote><ul><li>健康监测系统</li></ul></blockquote></p><p></li>  <li>Rader</p><p><blockquote><li>雷达</li></blockquote></p><p></li>  <li>Cartridge</p><p><blockquote><li>弹壳</li></blockquote></p><p></li>  <li>Wand</p><p><blockquote><li>墙</li></blockquote></p><p></li>  <li>Data</p><p><blockquote><li>数据</li></blockquote></p><p></li>  <li>Delivery apps</p><p><blockquote><li>交付应用程序</li></blockquote></p><p></li>  <li>Enterprise dashboard</p><p><blockquote><li>企业仪表板</li></blockquote></p><p></li>  <li>Ecosystem integrations</p><p><blockquote><li>生态系统集成</li></blockquote></p><p></li> </ul> Cue has received at least $176 million in equity investment from investors including ACME Capital, Cove Investors, Decheng Capital China Life Sciences, Madrone and NVGA I.</p><p><blockquote>Cue已经获得了包括ACME Capital、Cove Investors、德诚资本中国生命科学、Madrone和NVGA I在内的投资者至少1.76亿美元的股权投资。</blockquote></p><p> <b>Customer/User Acquisition</b></p><p><blockquote><b>客户/用户获取</b></blockquote></p><p> The company pursues healthcare provider relationships through its in-house direct sales team focused on healthcare providers, large enterprises and public sector clients.</p><p><blockquote>该公司通过其专注于医疗保健提供商、大型企业和公共部门客户的内部直销团队寻求医疗保健提供商关系。</blockquote></p><p> Management expects 2021 customer demand for its COVID-19 test kits to exceed its manufacturing capacity.</p><p><blockquote>管理层预计，2021年客户对其COVID-19检测试剂盒的需求将超过其生产能力。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenues have increased sharply, as the figures below indicate:</p><p><blockquote>销售及营销开支佔总收入的百分比随着收入急剧增加而变化，如下图所示：</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Expenses vs. Revenue</b></p><p><blockquote><td><b>费用与收入</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Percentage</p><p><blockquote><td>百分比</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>3.1%</p><p><blockquote><td>3.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>1.3%</p><p><blockquote><td>1.3%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, was 100.5x in the most recent reporting period, as shown in the table below:</p><p><blockquote>销售和营销效率率（定义为每美元销售和营销支出产生多少美元的额外新收入）在最近一个报告期内为100.5倍，如下表所示：</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Efficiency Rate</b></p><p><blockquote><td><b>效率率</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Multiple</p><p><blockquote><td>多个的</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>100.5</p><p><blockquote><td>100.5</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>22.9</p><p><blockquote><td>22.9</td></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Market &amp; Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2020 marketresearch reportby Grand View Research, the global market for COVID-19 detection kits was an estimated $3.28 billion in 2020 and is expected to reach $5 billion by 2027.</p><p><blockquote>根据Grand View Research的2020年市场研究报告，2020年新冠肺炎检测试剂盒的全球市场估计为32.8亿美元，预计到2027年将达到50亿美元。</blockquote></p><p> This represents a forecast CAGR of 5.05% from 2021 to 2027.</p><p><blockquote>这意味着2021年至2027年的预测复合年增长率为5.05%。</blockquote></p><p> The main drivers for this expected growth are a strong growth in demand for testing services of all types on a global basis.</p><p><blockquote>这一预期增长的主要驱动力是全球对所有类型测试服务需求的强劲增长。</blockquote></p><p> Also, below is a chart showing the market share of use of detection kits by end-user type:</p><p><blockquote>此外，下图显示了按最终用户类型划分的检测试剂盒使用的市场份额：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4b7fc60b336bae7685e08132f8176b57\" tg-width=\"1158\" tg-height=\"618\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> (Source)</p><p><blockquote>（资料来源）</blockquote></p><p> Major competitive or other industry participants include:</p><p><blockquote>主要竞争对手或其他行业参与者包括：</blockquote></p><p> <ul>  <li>Abbott Laboratories(NYSE:ABT)</p><p><blockquote><ul><li>雅培实验室（纽约证券交易所代码：ABT）</li></ul></blockquote></p><p></li>  <li>Becton, Dickinson(NYSE:BDX)</p><p><blockquote><li>迪金森贝克顿（纽约证券交易所代码：BDX）</li></blockquote></p><p></li>  <li>bioMerieux(OTCPK:BMXMF)</p><p><blockquote><li>生物梅里埃（OTCPK：BMXMF）</li></blockquote></p><p></li>  <li>Bio-Rad Laboratories(NYSE:BIO)</p><p><blockquote><li>Bio-Rad实验室（纽约证券交易所股票代码：BIO）</li></blockquote></p><p></li>  <li>Danaher(NYSE:DHR)</p><p><blockquote><li>丹纳赫（纽约证券交易所代码：DHR）</li></blockquote></p><p></li>  <li>Ellume Limited</p><p><blockquote><li>Ellume有限公司</li></blockquote></p><p></li>  <li>Everly Health</p><p><blockquote><li>艾弗利健康</li></blockquote></p><p></li>  <li>Roche(OTCQX:RHHBY)(OTCQX:RHHBF)</p><p><blockquote><li>罗氏(OTCQX：RHHBY)(OTCQX：RHHBF)</li></blockquote></p><p></li>  <li>Fluidigm(NASDAQ:FLDM)</p><p><blockquote><li>Fluidigm（纳斯达克：FLDM）</li></blockquote></p><p></li>  <li>GenMark Diagnostics(NASDAQ:GNMK)</p><p><blockquote><li>GenMark Diagnostics（纳斯达克：GNMK）</li></blockquote></p><p></li>  <li>Others</p><p><blockquote><li>其他</li></blockquote></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> Cue’s recent financial results can be summarized as follows:</p><p><blockquote>Cue近期财务业绩可总结如下：</blockquote></p><p> <ul>  <li>Sharply growing top line revenue</p><p><blockquote><ul><li>营收急剧增长</li></ul></blockquote></p><p></li>  <li>Increasing gross profit and variable gross margin</p><p><blockquote><li>增加毛利及可变毛利率</li></blockquote></p><p></li>  <li>A swing to operating profit and net income</p><p><blockquote><li>营业利润和净利润的波动</li></blockquote></p><p></li>  <li>Variable cash flow from operations</p><p><blockquote><li>经营活动产生的可变现金流量</li></blockquote></p><p></li> </ul> Below are relevant financial results derived from the firm’s registration statement:</p><p><blockquote>以下是来自公司注册声明的相关财务业绩：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Total Revenue</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>收入总额</b></td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Total Revenue</p><p><blockquote><td>收入总额</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 201,922,000</p><p><blockquote><td>$201,922,000</td></blockquote></p><p></td>    <td>3971.0%</p><p><blockquote><td>3971.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 22,953,000</p><p><blockquote><td>$22,953,000</td></blockquote></p><p></td>    <td>246.4%</p><p><blockquote><td>246.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 6,626,000</p><p><blockquote><td>$6,626,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 116,745,000</p><p><blockquote><td>$116,745,000</td></blockquote></p><p></td>    <td>2253.7%</p><p><blockquote><td>2253.7%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 8,002,000</p><p><blockquote><td>$8,002,000</td></blockquote></p><p></td>    <td>20.8%</p><p><blockquote><td>20.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 6,626,000</p><p><blockquote><td>$6,626,000</td></blockquote></p><p></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>57.82%</p><p><blockquote><td>57.82%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>34.86%</p><p><blockquote><td>34.86%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>100.00%</p><p><blockquote><td>100.00%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>经营溢利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Operating Profit (Loss)</p><p><blockquote><td>经营溢利（亏损）</td></blockquote></p><p></td>    <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 79,463,000</p><p><blockquote><td>$79,463,000</td></blockquote></p><p></td>    <td>39.4%</p><p><blockquote><td>39.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (45,126,000)</p><p><blockquote><td>$(45,126,000)</td></blockquote></p><p></td>    <td>-196.6%</p><p><blockquote><td>-196.6%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (20,767,000)</p><p><blockquote><td>$(20,767,000)</td></blockquote></p><p></td>    <td>-313.4%</p><p><blockquote><td>-313.4%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净利润（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Net Income (Loss)</p><p><blockquote><td>净利润（亏损）</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 32,840,000</p><p><blockquote><td>$32,840,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (47,352,000)</p><p><blockquote><td>$(47,352,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (20,606,000)</p><p><blockquote><td>$(20,606,000)</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营所得现金流量</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Cash Flow From Operations</p><p><blockquote><td>经营所得现金流量</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ (37,812,000)</p><p><blockquote><td>$(37,812,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 92,655,000</p><p><blockquote><td>$92,655,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (12,996,000)</p><p><blockquote><td>$(12,996,000)</td></blockquote></p><p></td>   </tr>  </tbody> </table> As of June 30, 2021, Cue had $246.3 million in cash and $516.3 million in total liabilities.</p><p><blockquote>截至2021年6月30日，Cue拥有2.463亿美元现金，总负债为5.163亿美元。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was negative ($60 million).</p><p><blockquote>截至2021年6月30日的12个月内，自由现金流为负（6000万美元）。</blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> Below is a table of relevant capitalization and valuation figures for the company:</p><p><blockquote>下表为本公司的相关资本化及估值数字：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Measure [TTM]</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>测量[TTM]</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Amount</b></p><p><blockquote><td><b>数量</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Market Capitalization at IPO</p><p><blockquote><tr><td>IPO时的市值</td></tr></blockquote></p><p></td>    <td>$2,299,981,232</p><p><blockquote><td>$2,299,981,232</td></blockquote></p><p></td>   </tr>   <tr>    <td>Enterprise Value</p><p><blockquote><tr><td>企业价值</td></tr></blockquote></p><p></td>    <td>$1,874,455,232</p><p><blockquote><td>$1,874,455,232</td></blockquote></p><p></td>   </tr>   <tr>    <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td>    <td>10.46</p><p><blockquote><td>10.46</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td>    <td>8.52</p><p><blockquote><td>8.52</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>35.46</p><p><blockquote><td>35.46</td></blockquote></p><p></td>   </tr>   <tr>    <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td>    <td>$0.03</p><p><blockquote><td>$0.03</td></blockquote></p><p></td>   </tr>   <tr>    <td>Float To Outstanding Shares Ratio</p><p><blockquote><tr><td>流通股与流通股比率</td></tr></blockquote></p><p></td>    <td>8.70%</p><p><blockquote><td>8.70%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Proposed IPO Midpoint Price per Share</p><p><blockquote><tr><td>建议IPO每股中点价格</td></tr></blockquote></p><p></td>    <td>$16.00</p><p><blockquote><td>$16.00</td></blockquote></p><p></td>   </tr>   <tr>    <td>Net Free Cash Flow</p><p><blockquote><tr><td>净自由现金流</td></tr></blockquote></p><p></td>    <td>-$59,920,000</p><p><blockquote><td>-$59,920,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>Free Cash Flow Yield Per Share</p><p><blockquote><tr><td>每股自由现金流收益率</td></tr></blockquote></p><p></td>    <td>-2.61%</p><p><blockquote><td>-2.61%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td>    <td>3971.01%</p><p><blockquote><td>3971.01%</td></blockquote></p><p></td>   </tr>  </tbody> </table> As a reference, a potential partial and imperfect public comparable to Cue would be Bio-Rad (BIO); below is a comparison of their primary valuation metrics:</p><p><blockquote>作为参考，与Cue相当的潜在部分和不完美的公共将是Bio-Rad（BIO）；以下是其主要估值指标的比较：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Metric</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>公制</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Bio-Rad (BIO)</b></p><p><blockquote><td><b>Bio-Rad（生物）</b></td></blockquote></p><p></td>    <td><b>Cue Health (HLTH)</b></p><p><blockquote><td><b>提示健康（HLTH）</b></td></blockquote></p><p></td>    <td><b>Variance</b></p><p><blockquote><td><b>差异</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td>    <td>8.15</p><p><blockquote><td>8.15</td></blockquote></p><p></td>    <td>10.46</p><p><blockquote><td>10.46</td></blockquote></p><p></td>    <td>28.3%</p><p><blockquote><td>28.3%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td>    <td>7.82</p><p><blockquote><td>7.82</td></blockquote></p><p></td>    <td>8.52</p><p><blockquote><td>8.52</td></blockquote></p><p></td>    <td>9.0%</p><p><blockquote><td>9.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>31.66</p><p><blockquote><td>31.66</td></blockquote></p><p></td>    <td>35.46</p><p><blockquote><td>35.46</td></blockquote></p><p></td>    <td>12.0%</p><p><blockquote><td>12.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td>    <td>$134.05</p><p><blockquote><td>$134.05</td></blockquote></p><p></td>    <td>$0.03</p><p><blockquote><td>$0.03</td></blockquote></p><p></td>    <td>-100.0%</p><p><blockquote><td>-100.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td>    <td>25.6%</p><p><blockquote><td>25.6%</td></blockquote></p><p></td>    <td>3971.01%</p><p><blockquote><td>3971.01%</td></blockquote></p><p></td>    <td>15436.03%</p><p><blockquote><td>15436.03%</td></blockquote></p><p></td>   </tr>   <tr>    <td>(Glossary Of Terms)</p><p><blockquote><tr><td>（术语表）</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> Cue is seeking public investment capital to further scale its commercialization operations as well as continue its R &amp; D efforts.</p><p><blockquote>Cue正在寻求公共投资资本，以进一步扩大其商业化业务并继续其研发工作。</blockquote></p><p> The company’s financials show sharply growing top line revenue, strong growth in gross profit and variable gross margin, a swing to operating profit and net income and highly fluctuating cash flow from or use in operations</p><p><blockquote>该公司的财务数据显示，营收大幅增长，毛利润和可变毛利率强劲增长，营业利润和净利润出现波动，经营活动产生或使用的现金流高度波动</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was an eye-popping negative ($60 million).</p><p><blockquote>截至2021年6月30日的12个月的自由现金流是令人瞠目结舌的负值（6000万美元）。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have fluctuated as revenues have increased dramatically; its Sales and Marketing efficiency rate was an extremely high 100.5x in the most recent reporting period.</p><p><blockquote>销售和营销费用占总收入的百分比随着收入的急剧增加而波动；在最近的报告期内，其销售和营销效率高达100.5倍。</blockquote></p><p> The market opportunity for COVID-19 and related test kit platforms is large and will likely grow at a high rate of growth over the coming years as countries around the world seek to bolster their testing capabilities in the wake of the recent global pandemic.</p><p><blockquote>新冠肺炎和相关检测试剂盒平台的市场机会很大，并且在未来几年可能会以高增长率增长，因为世界各国在最近的全球疫情之后寻求增强其检测能力。</blockquote></p><p></p><p> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 39.9% since their IPO. This is a mid-tier performance for all major underwriters during the period.</p><p><blockquote>高盛是首席承销商，该公司在过去12个月内牵头的IPO自IPO以来的平均回报率为39.9%。这是期内所有主要承销商的中等表现。</blockquote></p><p> The primary risk to the firm now is that it is essentially a one-product company, so its revenue base is heavily concentrated.</p><p><blockquote>该公司现在面临的主要风险是，它本质上是一家单一产品公司，因此其收入基础高度集中。</blockquote></p><p> As for valuation, compared to partial competitor Bio-Rad Laboratories, the IPO is reasonably valued on a revenue multiple, although Cue is growing at a much higher rate of growth from a much lower revenue base, so the comparison is strained at best.</p><p><blockquote>至于估值，与部分竞争对手Bio-Rad Laboratories相比，IPO的收入倍数估值合理，尽管Cue在收入基础低得多的情况下以高得多的增长率增长，因此这种比较充其量是紧张的。</blockquote></p><p> Given Cue’s growth trajectory, profitability and reasonable IPO valuation, the IPO is worth consideration.</p><p><blockquote>鉴于Cue的增长轨迹、盈利能力和合理的IPO估值，此次IPO值得考虑。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HLTH":"Cue Health Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104085778","content_text":"(Sept 24) Cue Health Inc. opens for trading at $19.2, up 20% from IPO price.\n\nCompany & Technology\nSan Diego, California-based Cue was founded to first develop a COVID-19 test kit and integrated information platform for processing and communication.\nManagement is headed by co-founder, Chairman and CEO Ayub Khattak, who has been with the firm since inception and holds a B.S. in mathematics from UCLA.\nThe company’s primary offerings in its Cue Integrated Care Platform:\n\nHealth monitoring system\nRader\nCartridge\nWand\nData\nDelivery apps\nEnterprise dashboard\nEcosystem integrations\n\nCue has received at least $176 million in equity investment from investors including ACME Capital, Cove Investors, Decheng Capital China Life Sciences, Madrone and NVGA I.\nCustomer/User Acquisition\nThe company pursues healthcare provider relationships through its in-house direct sales team focused on healthcare providers, large enterprises and public sector clients.\nManagement expects 2021 customer demand for its COVID-19 test kits to exceed its manufacturing capacity.\nSales and Marketing expenses as a percentage of total revenue have varied as revenues have increased sharply, as the figures below indicate:\n\n\n\nSales and Marketing\nExpenses vs. Revenue\n\n\nPeriod\nPercentage\n\n\nSix Mos. Ended June 30, 2021\n1.0%\n\n\n2020\n3.1%\n\n\n2019\n1.3%\n\n\n\nThe Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, was 100.5x in the most recent reporting period, as shown in the table below:\n\n\n\nSales and Marketing\nEfficiency Rate\n\n\nPeriod\nMultiple\n\n\nSix Mos. Ended June 30, 2021\n100.5\n\n\n2020\n22.9\n\n\n\nMarket & Competition\nAccording to a 2020 marketresearch reportby Grand View Research, the global market for COVID-19 detection kits was an estimated $3.28 billion in 2020 and is expected to reach $5 billion by 2027.\nThis represents a forecast CAGR of 5.05% from 2021 to 2027.\nThe main drivers for this expected growth are a strong growth in demand for testing services of all types on a global basis.\nAlso, below is a chart showing the market share of use of detection kits by end-user type:\n\n(Source)\nMajor competitive or other industry participants include:\n\nAbbott Laboratories(NYSE:ABT)\nBecton, Dickinson(NYSE:BDX)\nbioMerieux(OTCPK:BMXMF)\nBio-Rad Laboratories(NYSE:BIO)\nDanaher(NYSE:DHR)\nEllume Limited\nEverly Health\nRoche(OTCQX:RHHBY)(OTCQX:RHHBF)\nFluidigm(NASDAQ:FLDM)\nGenMark Diagnostics(NASDAQ:GNMK)\nOthers\n\nFinancial Performance\nCue’s recent financial results can be summarized as follows:\n\nSharply growing top line revenue\nIncreasing gross profit and variable gross margin\nA swing to operating profit and net income\nVariable cash flow from operations\n\nBelow are relevant financial results derived from the firm’s registration statement:\n\n\n\n\nTotal Revenue\n\n\nPeriod\nTotal Revenue\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 201,922,000\n3971.0%\n\n\n2020\n$ 22,953,000\n246.4%\n\n\n2019\n$ 6,626,000\n\n\n\nGross Profit (Loss)\n\n\nPeriod\nGross Profit (Loss)\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 116,745,000\n2253.7%\n\n\n2020\n$ 8,002,000\n20.8%\n\n\n2019\n$ 6,626,000\n\n\n\nGross Margin\n\n\nPeriod\nGross Margin\n\n\nSix Mos. Ended June 30, 2021\n57.82%\n\n\n2020\n34.86%\n\n\n2019\n100.00%\n\n\n\nOperating Profit (Loss)\n\n\nPeriod\nOperating Profit (Loss)\nOperating Margin\n\n\nSix Mos. Ended June 30, 2021\n$ 79,463,000\n39.4%\n\n\n2020\n$ (45,126,000)\n-196.6%\n\n\n2019\n$ (20,767,000)\n-313.4%\n\n\n\nNet Income (Loss)\n\n\nPeriod\nNet Income (Loss)\n\n\nSix Mos. Ended June 30, 2021\n$ 32,840,000\n\n\n2020\n$ (47,352,000)\n\n\n2019\n$ (20,606,000)\n\n\n\nCash Flow From Operations\n\n\nPeriod\nCash Flow From Operations\n\n\nSix Mos. Ended June 30, 2021\n$ (37,812,000)\n\n\n2020\n$ 92,655,000\n\n\n2019\n$ (12,996,000)\n\n\n\nAs of June 30, 2021, Cue had $246.3 million in cash and $516.3 million in total liabilities.\nFree cash flow during the twelve months ended June 30, 2021, was negative ($60 million).\nValuation Metrics\nBelow is a table of relevant capitalization and valuation figures for the company:\n\n\n\n\nMeasure [TTM]\nAmount\n\n\nMarket Capitalization at IPO\n$2,299,981,232\n\n\nEnterprise Value\n$1,874,455,232\n\n\nPrice / Sales\n10.46\n\n\nEV / Revenue\n8.52\n\n\nEV / EBITDA\n35.46\n\n\nEarnings Per Share\n$0.03\n\n\nFloat To Outstanding Shares Ratio\n8.70%\n\n\nProposed IPO Midpoint Price per Share\n$16.00\n\n\nNet Free Cash Flow\n-$59,920,000\n\n\nFree Cash Flow Yield Per Share\n-2.61%\n\n\nRevenue Growth Rate\n3971.01%\n\n\n\nAs a reference, a potential partial and imperfect public comparable to Cue would be Bio-Rad (BIO); below is a comparison of their primary valuation metrics:\n\n\n\n\nMetric\nBio-Rad (BIO)\nCue Health (HLTH)\nVariance\n\n\nPrice / Sales\n8.15\n10.46\n28.3%\n\n\nEV / Revenue\n7.82\n8.52\n9.0%\n\n\nEV / EBITDA\n31.66\n35.46\n12.0%\n\n\nEarnings Per Share\n$134.05\n$0.03\n-100.0%\n\n\nRevenue Growth Rate\n25.6%\n3971.01%\n15436.03%\n\n\n(Glossary Of Terms)\n\n\n\nCommentary\nCue is seeking public investment capital to further scale its commercialization operations as well as continue its R & D efforts.\nThe company’s financials show sharply growing top line revenue, strong growth in gross profit and variable gross margin, a swing to operating profit and net income and highly fluctuating cash flow from or use in operations\nFree cash flow for the twelve months ended June 30, 2021, was an eye-popping negative ($60 million).\nSales and Marketing expenses as a percentage of total revenue have fluctuated as revenues have increased dramatically; its Sales and Marketing efficiency rate was an extremely high 100.5x in the most recent reporting period.\nThe market opportunity for COVID-19 and related test kit platforms is large and will likely grow at a high rate of growth over the coming years as countries around the world seek to bolster their testing capabilities in the wake of the recent global pandemic.\nGoldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 39.9% since their IPO. This is a mid-tier performance for all major underwriters during the period.\nThe primary risk to the firm now is that it is essentially a one-product company, so its revenue base is heavily concentrated.\nAs for valuation, compared to partial competitor Bio-Rad Laboratories, the IPO is reasonably valued on a revenue multiple, although Cue is growing at a much higher rate of growth from a much lower revenue base, so the comparison is strained at best.\nGiven Cue’s growth trajectory, profitability and reasonable IPO valuation, the IPO is worth consideration.","news_type":1,"symbols_score_info":{"HLTH":0.9}},"isVote":1,"tweetType":1,"viewCount":768,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":863837360,"gmtCreate":1632372358050,"gmtModify":1632800833619,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/863837360","repostId":"2169650271","repostType":4,"isVote":1,"tweetType":1,"viewCount":704,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":869834371,"gmtCreate":1632271561993,"gmtModify":1632801610389,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/869834371","repostId":"2169324976","repostType":4,"isVote":1,"tweetType":1,"viewCount":290,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860251355,"gmtCreate":1632184060377,"gmtModify":1632802265244,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/860251355","repostId":"2169681424","repostType":4,"isVote":1,"tweetType":1,"viewCount":447,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":887229721,"gmtCreate":1632049767863,"gmtModify":1632803130684,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Okie","listText":"Okie","text":"Okie","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/887229721","repostId":"1198486138","repostType":4,"isVote":1,"tweetType":1,"viewCount":603,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":887018046,"gmtCreate":1631942972185,"gmtModify":1632805158116,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/887018046","repostId":"2168716185","repostType":4,"isVote":1,"tweetType":1,"viewCount":477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":884246339,"gmtCreate":1631899604421,"gmtModify":1632805464848,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/884246339","repostId":"2168885573","repostType":4,"isVote":1,"tweetType":1,"viewCount":712,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":885935139,"gmtCreate":1631750553021,"gmtModify":1631888713671,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/885935139","repostId":"2167592712","repostType":4,"isVote":1,"tweetType":1,"viewCount":336,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":882708333,"gmtCreate":1631717876922,"gmtModify":1631888713684,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/882708333","repostId":"1148341685","repostType":4,"repost":{"id":"1148341685","kind":"news","pubTimestamp":1631660884,"share":"https://www.laohu8.com/m/news/1148341685?lang=zh_CN&edition=full","pubTime":"2021-09-15 07:08","market":"us","language":"en","title":"U.S. stocks close lower on worries over recovery, corporate tax hikes<blockquote>美国股市因对复苏和企业增税的担忧而收低</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148341685","media":"Reuters","summary":"NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing","content":"<p>NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation.</p><p><blockquote>路透纽约-华尔街周二下跌，原因是经济不确定性和企业税率上调的可能性越来越大，抑制了投资者情绪，并引发了广泛的抛售，尽管通胀有缓解的迹象。</blockquote></p><p> Optimism faded throughout the session, reversing an initial rally following the Labor Department’s consumer price index report. All three major U.S. stock indexes ended in negative territory in a reminder that September is a historically rough month for stocks.</p><p><blockquote>整个交易日乐观情绪消退，扭转了劳工部消费者价格指数报告发布后最初的涨势。美国三大股指均收于负值，提醒人们9月份对于股市来说是历史上艰难的一个月。</blockquote></p><p> So far this month the S&amp;P 500 is down nearly 1.8% even as the benchmark index has gained over 18% since the beginning of the year.</p><p><blockquote>本月迄今为止，标普500已下跌近1.8%，尽管基准指数自年初以来已上涨超过18%。</blockquote></p><p> “There is a possibility that the market is simply ready to go through an overdue correction,” said Sam Stovall, chief investment strategist at CFRA Research in New York. “From a seasonality perspective, September tends to be the window dressing period for fund managers.”</p><p><blockquote>纽约CFRA Research首席投资策略师Sam Stovall表示：“市场有可能只是准备好经历一次迟来的调整。”“从季节性来看，9月往往是基金经理的粉饰期。”</blockquote></p><p> The advent of the highly contagious Delta COVID variant has driven an increase in bearish sentiment regarding the recovery from the global health crisis, and many now expect a substantial correction in stock markets by the end of the year.</p><p><blockquote>高度传染性的Delta COVID变种的出现导致人们对从全球健康危机中复苏的看跌情绪增加，许多人现在预计股市将在今年年底前大幅调整。</blockquote></p><p> “We’re still in a corrective mode that people have been calling for months,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “Economic data points have been missing estimates, and that has coincided with the rise in the Delta variant.”</p><p><blockquote>芝加哥Kingsview Asset Management投资组合经理保罗·诺尔特(Paul Nolte)表示：“我们仍处于人们几个月来一直呼吁的纠正模式。”“经济数据点一直低于预期，而这与德尔塔变异毒株的上升同时发生。”</blockquote></p><p> The CPI report delivered a lower-than-consensus August reading, a deceleration that supports Federal Reserve Chairman Jerome Powell’s assertion that spiking inflation is transitory and calms market fears that the central bank will begin tightening monetary policy sooner than expected.</p><p><blockquote>CPI报告公布的8月份读数低于市场普遍预期，这一减速支持了美联储主席杰罗姆·鲍威尔的说法，即通胀飙升是暂时的，并平息了市场对美联储将比预期更早开始收紧货币政策的担忧。</blockquote></p><p> U.S. Treasury yields dropped on the data, which pressured financial stocks, and investor favor pivoted back to growth at the expense of value. [US/]</p><p><blockquote>美国国债收益率因数据而下跌，这给金融股带来压力，投资者的青睐转向增长，而牺牲了价值。[美国/]</blockquote></p><p> The long expected corporate tax hikes, to 26.5% from 21% if Democrats prevail, are coming nearer to fruition with U.S. President Joe Biden’s $3.5 trillion budget package inching closer to passage.</p><p><blockquote>随着美国总统乔·拜登（Joe Biden）的3.5万亿美元预算计划逐渐接近通过，人们期待已久的公司税上调（如果民主党获胜，将从21%上调至26.5%）即将实现。</blockquote></p><p> The Dow Jones Industrial Average fell 292.06 points, or 0.84%, to 34,577.57; the S&amp;P 500 lost 25.68 points, or 0.57%, at 4,443.05; and the Nasdaq Composite dropped 67.82 points, or 0.45%, to 15,037.76.</p><p><blockquote>道琼工业指数跌292.06点，或0.84%，报34577.57点；标普500跌25.68点，跌幅0.57%，报4,443.05点；纳斯达克综合指数下跌67.82点，跌幅0.45%，至15037.76点。</blockquote></p><p> All 11 major sectors in the S&amp;P 500 ended the session red, with energy and financials suffering the largest percentage drops.</p><p><blockquote>标普500 11大板块全部收红，能源和金融板块跌幅最大。</blockquote></p><p> Apple Inc unveiled its iPhone 13 and added new features to its iPad and Apple Watch gadgets in its biggest product launch event of the year as the company faces increased scrutiny in the courts over its business practices. Its shares closed down 1.0% and were the heaviest drag on the S&amp;P 500 and the Nasdaq.</p><p><blockquote>苹果公司在今年最大的产品发布会上推出了iPhone 13，并为其iPad和苹果手表设备添加了新功能，因为该公司面临着法院对其商业行为的更严格审查。其股价收盘下跌1.0%，对标普500和纳斯达克拖累最大。</blockquote></p><p> Intuit Inc gained 1.9% following the TurboTax maker’s announcement that it would acquire digital marketing company Mailchimp for $12 billion.</p><p><blockquote>TurboTax制造商Intuit Inc宣布将以120亿美元收购数字营销公司Mailchimp后，该公司股价上涨1.9%。</blockquote></p><p> CureVac slid 8.0% after the German biotechnology company canceled manufacturing deals for its experimental COVID-19 vaccine.</p><p><blockquote>德国生物技术公司CureVac取消其实验性COVID-19疫苗的生产交易后，股价下跌8.0%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 2.25-to-1 ratio; on Nasdaq, a 2.40-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为2.25比1；在纳斯达克，2.40比1的比率有利于下跌股。</blockquote></p><p> The S&amp;P 500 posted two new 52-week highs and two new lows; the Nasdaq Composite recorded 50 new highs and 107 new lows.</p><p><blockquote>标普500创下两个52周新高和两个新低；纳斯达克综合指数录得50个新高和107个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.07 billion shares, compared with the 9.38 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为100.7亿股，而过去20个交易日的平均成交量为93.8亿股。</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>U.S. stocks close lower on worries over recovery, corporate tax hikes<blockquote>美国股市因对复苏和企业增税的担忧而收低</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\">\nU.S. stocks close lower on worries over recovery, corporate tax hikes<blockquote>美国股市因对复苏和企业增税的担忧而收低</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-09-15 07:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation.</p><p><blockquote>路透纽约-华尔街周二下跌，原因是经济不确定性和企业税率上调的可能性越来越大，抑制了投资者情绪，并引发了广泛的抛售，尽管通胀有缓解的迹象。</blockquote></p><p> Optimism faded throughout the session, reversing an initial rally following the Labor Department’s consumer price index report. All three major U.S. stock indexes ended in negative territory in a reminder that September is a historically rough month for stocks.</p><p><blockquote>整个交易日乐观情绪消退，扭转了劳工部消费者价格指数报告发布后最初的涨势。美国三大股指均收于负值，提醒人们9月份对于股市来说是历史上艰难的一个月。</blockquote></p><p> So far this month the S&amp;P 500 is down nearly 1.8% even as the benchmark index has gained over 18% since the beginning of the year.</p><p><blockquote>本月迄今为止，标普500已下跌近1.8%，尽管基准指数自年初以来已上涨超过18%。</blockquote></p><p> “There is a possibility that the market is simply ready to go through an overdue correction,” said Sam Stovall, chief investment strategist at CFRA Research in New York. “From a seasonality perspective, September tends to be the window dressing period for fund managers.”</p><p><blockquote>纽约CFRA Research首席投资策略师Sam Stovall表示：“市场有可能只是准备好经历一次迟来的调整。”“从季节性来看，9月往往是基金经理的粉饰期。”</blockquote></p><p> The advent of the highly contagious Delta COVID variant has driven an increase in bearish sentiment regarding the recovery from the global health crisis, and many now expect a substantial correction in stock markets by the end of the year.</p><p><blockquote>高度传染性的Delta COVID变种的出现导致人们对从全球健康危机中复苏的看跌情绪增加，许多人现在预计股市将在今年年底前大幅调整。</blockquote></p><p> “We’re still in a corrective mode that people have been calling for months,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “Economic data points have been missing estimates, and that has coincided with the rise in the Delta variant.”</p><p><blockquote>芝加哥Kingsview Asset Management投资组合经理保罗·诺尔特(Paul Nolte)表示：“我们仍处于人们几个月来一直呼吁的纠正模式。”“经济数据点一直低于预期，而这与德尔塔变异毒株的上升同时发生。”</blockquote></p><p> The CPI report delivered a lower-than-consensus August reading, a deceleration that supports Federal Reserve Chairman Jerome Powell’s assertion that spiking inflation is transitory and calms market fears that the central bank will begin tightening monetary policy sooner than expected.</p><p><blockquote>CPI报告公布的8月份读数低于市场普遍预期，这一减速支持了美联储主席杰罗姆·鲍威尔的说法，即通胀飙升是暂时的，并平息了市场对美联储将比预期更早开始收紧货币政策的担忧。</blockquote></p><p> U.S. Treasury yields dropped on the data, which pressured financial stocks, and investor favor pivoted back to growth at the expense of value. [US/]</p><p><blockquote>美国国债收益率因数据而下跌，这给金融股带来压力，投资者的青睐转向增长，而牺牲了价值。[美国/]</blockquote></p><p> The long expected corporate tax hikes, to 26.5% from 21% if Democrats prevail, are coming nearer to fruition with U.S. President Joe Biden’s $3.5 trillion budget package inching closer to passage.</p><p><blockquote>随着美国总统乔·拜登（Joe Biden）的3.5万亿美元预算计划逐渐接近通过，人们期待已久的公司税上调（如果民主党获胜，将从21%上调至26.5%）即将实现。</blockquote></p><p> The Dow Jones Industrial Average fell 292.06 points, or 0.84%, to 34,577.57; the S&amp;P 500 lost 25.68 points, or 0.57%, at 4,443.05; and the Nasdaq Composite dropped 67.82 points, or 0.45%, to 15,037.76.</p><p><blockquote>道琼工业指数跌292.06点，或0.84%，报34577.57点；标普500跌25.68点，跌幅0.57%，报4,443.05点；纳斯达克综合指数下跌67.82点，跌幅0.45%，至15037.76点。</blockquote></p><p> All 11 major sectors in the S&amp;P 500 ended the session red, with energy and financials suffering the largest percentage drops.</p><p><blockquote>标普500 11大板块全部收红，能源和金融板块跌幅最大。</blockquote></p><p> Apple Inc unveiled its iPhone 13 and added new features to its iPad and Apple Watch gadgets in its biggest product launch event of the year as the company faces increased scrutiny in the courts over its business practices. Its shares closed down 1.0% and were the heaviest drag on the S&amp;P 500 and the Nasdaq.</p><p><blockquote>苹果公司在今年最大的产品发布会上推出了iPhone 13，并为其iPad和苹果手表设备添加了新功能，因为该公司面临着法院对其商业行为的更严格审查。其股价收盘下跌1.0%，对标普500和纳斯达克拖累最大。</blockquote></p><p> Intuit Inc gained 1.9% following the TurboTax maker’s announcement that it would acquire digital marketing company Mailchimp for $12 billion.</p><p><blockquote>TurboTax制造商Intuit Inc宣布将以120亿美元收购数字营销公司Mailchimp后，该公司股价上涨1.9%。</blockquote></p><p> CureVac slid 8.0% after the German biotechnology company canceled manufacturing deals for its experimental COVID-19 vaccine.</p><p><blockquote>德国生物技术公司CureVac取消其实验性COVID-19疫苗的生产交易后，股价下跌8.0%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 2.25-to-1 ratio; on Nasdaq, a 2.40-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为2.25比1；在纳斯达克，2.40比1的比率有利于下跌股。</blockquote></p><p> The S&amp;P 500 posted two new 52-week highs and two new lows; the Nasdaq Composite recorded 50 new highs and 107 new lows.</p><p><blockquote>标普500创下两个52周新高和两个新低；纳斯达克综合指数录得50个新高和107个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.07 billion shares, compared with the 9.38 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为100.7亿股，而过去20个交易日的平均成交量为93.8亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-stocks/u-s-stocks-close-lower-on-worries-over-recovery-corporate-tax-hikes-idUSKBN2GA0W9\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.reuters.com/article/usa-stocks/u-s-stocks-close-lower-on-worries-over-recovery-corporate-tax-hikes-idUSKBN2GA0W9","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148341685","content_text":"NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation.\nOptimism faded throughout the session, reversing an initial rally following the Labor Department’s consumer price index report. All three major U.S. stock indexes ended in negative territory in a reminder that September is a historically rough month for stocks.\nSo far this month the S&P 500 is down nearly 1.8% even as the benchmark index has gained over 18% since the beginning of the year.\n“There is a possibility that the market is simply ready to go through an overdue correction,” said Sam Stovall, chief investment strategist at CFRA Research in New York. “From a seasonality perspective, September tends to be the window dressing period for fund managers.”\nThe advent of the highly contagious Delta COVID variant has driven an increase in bearish sentiment regarding the recovery from the global health crisis, and many now expect a substantial correction in stock markets by the end of the year.\n“We’re still in a corrective mode that people have been calling for months,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “Economic data points have been missing estimates, and that has coincided with the rise in the Delta variant.”\nThe CPI report delivered a lower-than-consensus August reading, a deceleration that supports Federal Reserve Chairman Jerome Powell’s assertion that spiking inflation is transitory and calms market fears that the central bank will begin tightening monetary policy sooner than expected.\nU.S. Treasury yields dropped on the data, which pressured financial stocks, and investor favor pivoted back to growth at the expense of value. [US/]\nThe long expected corporate tax hikes, to 26.5% from 21% if Democrats prevail, are coming nearer to fruition with U.S. President Joe Biden’s $3.5 trillion budget package inching closer to passage.\nThe Dow Jones Industrial Average fell 292.06 points, or 0.84%, to 34,577.57; the S&P 500 lost 25.68 points, or 0.57%, at 4,443.05; and the Nasdaq Composite dropped 67.82 points, or 0.45%, to 15,037.76.\nAll 11 major sectors in the S&P 500 ended the session red, with energy and financials suffering the largest percentage drops.\nApple Inc unveiled its iPhone 13 and added new features to its iPad and Apple Watch gadgets in its biggest product launch event of the year as the company faces increased scrutiny in the courts over its business practices. Its shares closed down 1.0% and were the heaviest drag on the S&P 500 and the Nasdaq.\nIntuit Inc gained 1.9% following the TurboTax maker’s announcement that it would acquire digital marketing company Mailchimp for $12 billion.\nCureVac slid 8.0% after the German biotechnology company canceled manufacturing deals for its experimental COVID-19 vaccine.\nDeclining issues outnumbered advancing ones on the NYSE by a 2.25-to-1 ratio; on Nasdaq, a 2.40-to-1 ratio favored decliners.\nThe S&P 500 posted two new 52-week highs and two new lows; the Nasdaq Composite recorded 50 new highs and 107 new lows.\nVolume on U.S. exchanges was 10.07 billion shares, compared with the 9.38 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":403,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":882902221,"gmtCreate":1631635958763,"gmtModify":1631888713697,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/882902221","repostId":"1132829556","repostType":4,"repost":{"id":"1132829556","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1631633374,"share":"https://www.laohu8.com/m/news/1132829556?lang=zh_CN&edition=full","pubTime":"2021-09-14 23:29","market":"us","language":"en","title":"ASML shares rose more than 2% to a record high<blockquote>ASML股价涨超2%创历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132829556","media":"Tiger Newspress","summary":"ASML shares rose more than 2% to a record high.\n\nASML Holding is a Dutch multinational company speci","content":"<p>ASML shares rose more than 2% to a record high.</p><p><blockquote>ASML股价涨超2%，创历史新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cd6348a23222a85407f86801d5c1403f\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> ASML Holding&nbsp;is a Dutch multinational company specializing in developing, producing, and maintaining photolithography machines. ASML is a major supplier to the semiconductor industry. The firm offers chipmakers with hardware, software, and services for mass-producing microchips. ASML works to develop more affordable, more powerful, and more energy-efficient microchips. ASML contributes to ground-breaking science that solves some of humanity's most pressing issues, such as healthcare, energy use and conservation, mobility, and agriculture. The semiconductor industry has been on a tear lately due to the shortage, lifting ASML to elevated levels.</p><p><blockquote>ASML控股公司是一家荷兰跨国公司，专门开发、生产和维护光刻机。ASML是半导体行业的主要供应商。该公司为芯片制造商提供大规模生产微芯片的硬件、软件和服务。ASML致力于开发更实惠、更强大、更节能的微芯片。ASML致力于突破性的科学，解决人类一些最紧迫的问题，如医疗保健、能源使用和节约、流动性和农业。由于短缺，半导体行业最近一直在蓬勃发展，将ASML提升到了更高的水平。</blockquote></p><p> ASML has benefited greatly from an increased emphasis on digitization among developed nations.</p><p><blockquote>ASML从发达国家对数字化的日益重视中受益匪浅。</blockquote></p><p> The recent repurchase creates an asymmetric risk-reward opportunity.</p><p><blockquote>最近的回购创造了一个风险回报不对称的机会。</blockquote></p><p> The valuation is quite high but the company's impressive growth prospects justify the premium.</p><p><blockquote>估值相当高，但该公司令人印象深刻的增长前景证明了溢价的合理性。</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>ASML shares rose more than 2% to a record high<blockquote>ASML股价涨超2%创历史新高</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\">\nASML shares rose more than 2% to a record high<blockquote>ASML股价涨超2%创历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-14 23:29</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>ASML shares rose more than 2% to a record high.</p><p><blockquote>ASML股价涨超2%，创历史新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cd6348a23222a85407f86801d5c1403f\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> ASML Holding&nbsp;is a Dutch multinational company specializing in developing, producing, and maintaining photolithography machines. ASML is a major supplier to the semiconductor industry. The firm offers chipmakers with hardware, software, and services for mass-producing microchips. ASML works to develop more affordable, more powerful, and more energy-efficient microchips. ASML contributes to ground-breaking science that solves some of humanity's most pressing issues, such as healthcare, energy use and conservation, mobility, and agriculture. The semiconductor industry has been on a tear lately due to the shortage, lifting ASML to elevated levels.</p><p><blockquote>ASML控股公司是一家荷兰跨国公司，专门开发、生产和维护光刻机。ASML是半导体行业的主要供应商。该公司为芯片制造商提供大规模生产微芯片的硬件、软件和服务。ASML致力于开发更实惠、更强大、更节能的微芯片。ASML致力于突破性的科学，解决人类一些最紧迫的问题，如医疗保健、能源使用和节约、流动性和农业。由于短缺，半导体行业最近一直在蓬勃发展，将ASML提升到了更高的水平。</blockquote></p><p> ASML has benefited greatly from an increased emphasis on digitization among developed nations.</p><p><blockquote>ASML从发达国家对数字化的日益重视中受益匪浅。</blockquote></p><p> The recent repurchase creates an asymmetric risk-reward opportunity.</p><p><blockquote>最近的回购创造了一个风险回报不对称的机会。</blockquote></p><p> The valuation is quite high but the company's impressive growth prospects justify the premium.</p><p><blockquote>估值相当高，但该公司令人印象深刻的增长前景证明了溢价的合理性。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ASML":"阿斯麦"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132829556","content_text":"ASML shares rose more than 2% to a record high.\n\nASML Holding is a Dutch multinational company specializing in developing, producing, and maintaining photolithography machines. ASML is a major supplier to the semiconductor industry. The firm offers chipmakers with hardware, software, and services for mass-producing microchips. ASML works to develop more affordable, more powerful, and more energy-efficient microchips. ASML contributes to ground-breaking science that solves some of humanity's most pressing issues, such as healthcare, energy use and conservation, mobility, and agriculture. The semiconductor industry has been on a tear lately due to the shortage, lifting ASML to elevated levels.\nASML has benefited greatly from an increased emphasis on digitization among developed nations.\nThe recent repurchase creates an asymmetric risk-reward opportunity.\nThe valuation is quite high but the company's impressive growth prospects justify the premium.","news_type":1,"symbols_score_info":{"ASML":0.9}},"isVote":1,"tweetType":1,"viewCount":370,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":814295578,"gmtCreate":1630820296594,"gmtModify":1631891746122,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/814295578","repostId":"1157895022","repostType":4,"repost":{"id":"1157895022","kind":"news","pubTimestamp":1630810619,"share":"https://www.laohu8.com/m/news/1157895022?lang=zh_CN&edition=full","pubTime":"2021-09-05 10:56","market":"us","language":"en","title":"Beat the market with this quant system that’s very bullish on stocks at record highs<blockquote>利用这个非常看好历史新高股票的量化系统击败市场</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157895022","media":"MarketWatch","summary":"Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do ","content":"<p>  <b>Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do so. So far his team of computer scientists’ strategy has paid off.</b>  Imagine you had a money-making machine to harvest gains in the stock market while you sat back to enjoy life.</p><p><blockquote><b>万斯·霍华德(Vance Howard)的HCM战术增长基金在谨慎的情况下让您进出股市。到目前为止，他的计算机科学家团队的策略已经得到了回报。</b>想象一下，当你坐下来享受生活时，你有一台赚钱机器在股市中收获收益。</blockquote></p><p> That’s everyone’s dream, right? Investor Vance Howard thinks he’s found it.</p><p><blockquote>那是每个人的梦想，对吧？投资者万斯·霍华德认为他已经找到了。</blockquote></p><p> Howard and his small army of computer programmers atHoward Capital Managementin Roswell, Ga., have a quantitative system that posts great returns.</p><p><blockquote>霍华德和他的一小队计算机程序员在佐治亚州罗斯威尔的资本管理公司工作。，有一个量化系统，张贴巨大的回报。</blockquote></p><p> His HCM Tactical Growth Fund&nbsp;HCMGX,+0.35%beats its Russell 1000&nbsp;benchmark index and large-blend fund category by 8.5-10.4 percentage points annualized over the past five years, according to Morningstar. That is no small feat, and not only because it has to overcome a 2.22% fee. Beating the market is simply not easy. His HCM Dividend Sector PlusHCMQX,-0.05%) and HCM Income PlusHCMLX,+0.30%funds post similar outperformance.</p><p><blockquote>根据晨星公司的数据，他的HCM战术增长基金HCMGX,+0.35%在过去五年中的年化增长率比罗素1000基准指数和大型混合基金类别高出8.5-10.4个百分点。这不是一个小壮举，不仅因为它必须克服2.22%的费用。战胜市场并不容易。他的HCM Dividend Sector PlusHCMQX,-0.05%)和HCM Income PlusHCMLX,+0.30%基金也表现类似。</blockquote></p><p> There are drawbacks, which I detail below. (Among them: Potentially long stretches of underperformance and regular tax bills.) But first, what can we learn from this winner?</p><p><blockquote>有缺点，我在下面详述。（其中包括：潜在的长期表现不佳和定期的税单。）但首先，我们能从这位赢家身上学到什么？</blockquote></p><p> So-called quants never share all the details of their proprietary systems, but Howard shares a lot, as you’ll see. And this Texas rancher has a lot of good advice based on “horse sense” — not surprising, given his infectious passion for the markets, and his three decades of experience as a pro.</p><p><blockquote>所谓的量化分析师从不分享他们专有系统的所有细节，但霍华德分享了很多，正如你将看到的。这位德克萨斯州牧场主有很多基于“马的感觉”的好建议——考虑到他对市场富有感染力的热情，以及他三十年的职业经验，这并不奇怪。</blockquote></p><p> Here are five lessons, 12 exchange traded funds (ETFs) and four stocks to consider, from a recent interview with him.</p><p><blockquote>以下是最近对他的采访中的五个教训、12只交易所交易基金(ETF)和四只值得考虑的股票。</blockquote></p><p> <b>Lesson #1: Don’t be emotional</b></p><p><blockquote><b>第一课：不要情绪化</b></blockquote></p><p> It’s no surprise so many people do poorly in the market. Evolution has programmed us to fail. For survival, we’ve learned to run from things that frightens us. And crave more of things that are pleasurable — like sweets or fats to store calories ahead of what might be a long stretch without food. But in the market, acting on the emotions of fear and greed invariably make us do the wrong thing at the wrong time. Sell at the bottom, buy at the top.</p><p><blockquote>难怪这么多人在市场上表现不佳。进化让我们注定要失败。为了生存，我们学会了逃避让我们害怕的事情。渴望更多令人愉快的东西——比如甜食或脂肪，以便在长时间没有食物之前储存卡路里。但在市场中，对恐惧和贪婪的情绪采取行动总是会让我们在错误的时间做错误的事情。底部卖出，顶部买入。</blockquote></p><p> Likewise, we’re programmed to believe being with the crowd brings safety. If you’re a zebra on the Savanna, you are more likely to get picked off by a predator if you go it alone. The problem here is being part of a crowd — and crowd psychology — dumb us down to a purely emotional level. This is why people in crowds do terrible things they would never do on their own. It doesn’t matter how smart you are. When you join a crowd, you lose a lot of IQ points. Base emotions take over.</p><p><blockquote>同样，我们被设定为相信和人群在一起会带来安全。如果你是稀树草原上的斑马，如果你单干，你更有可能被捕食者吃掉。这里的问题是，成为人群的一部分——以及人群心理——让我们变得愚蠢到纯粹的情感层面。这就是为什么人群中的人会做他们自己永远不会做的可怕的事情。你有多聪明并不重要。当你加入一个人群时，你会失去很多智商点。基本情绪占了上风。</blockquote></p><p> To do well in the market, you have to counteract these tendencies. “One of the biggest mistakes individual investors and money managers make is getting emotional,” says Howard. “Let your emotions go.”</p><p><blockquote>要想在市场上做得好，你必须抵制这些倾向。“个人投资者和基金经理犯的最大错误之一就是变得情绪化，”霍华德说。“放下你的情绪。”</blockquote></p><p> <b>Lesson #2: Have a system and stick to it</b></p><p><blockquote><b>第二课：有一个系统并坚持下去</b></blockquote></p><p> To exorcise emotion, have a system. “And don’t second guess it,” says Howard. “This keeps you from letting the pandemic or Afghanistan scare you out of the market.” He calls his system the HCM-BuyLine. It is basically a momentum and trend-following system — which often works well in the markets.</p><p><blockquote>驱除情绪，要有一个系统。“不要怀疑它，”霍华德说。“这可以防止你被大流行或阿富汗吓出市场。”他评级了他的系统HCM-购买线。它基本上是一个动量和趋势跟踪系统——通常在市场上运行良好。</blockquote></p><p> The HCM-BuyLine basically works like this. First, rather than use the S&amp;P 500SPX,-0.03%or the Dow Jones Industrial AverageDJIA,-0.21%,Howard blends several stock indices to create his own index. Then he uses a moving average that tells him whether the market is in an uptrend or downtrend.</p><p><blockquote>HCM-BuyLine基本上是这样工作的。首先，霍华德没有使用标准普尔500SPX（-0.03%）或道琼斯工业平均指数DJIA（-0.21%），而是混合了几个股票指数来创建自己的指数。然后他使用移动平均线来告诉他市场是处于上升趋势还是下降趋势。</blockquote></p><p> When the moving average drops 3.5%, he sells 35%. If it drops 6.5%, he sells another 35%. He rarely goes to 100% cash.</p><p><blockquote>当移动平均线下跌3.5%时，他卖出35%。如果下跌6.5%，他就再卖出35%。他很少100%现金。</blockquote></p><p> “If the BuyLine is positive, we will stay long no matter what,” he says. “We take all the emotion out of the equation by letting the math decide.”</p><p><blockquote>“如果买入线为正，无论如何我们都会长期持有，”他说。“我们通过让数学来决定，将所有情感从等式中剔除。”</blockquote></p><p> Right now, it’s bullish. (More on this below.)</p><p><blockquote>目前，情况看涨。（更多信息见下文。）</blockquote></p><p> Your system also has to tell you when to get back in.</p><p><blockquote>你的系统还必须告诉你什么时候回去。</blockquote></p><p> “That’s where most people screw up,” he says. “They get out of the market, and they don’t know when to get back in.” The HCM-BuyLine gives a buy signal when his custom index trades above its moving average for six consecutive sessions, and then goes on to trade above the high hit during those six days.</p><p><blockquote>“这就是大多数人搞砸的地方，”他说。“他们退出市场，不知道什么时候才能重新进入。”当他的定制指数连续六个交易日高于其移动平均线时，HCM-买入线会发出买入信号，然后继续高于这六天触及的高点。</blockquote></p><p> You don’t need a system that calls exact market tops or bottoms. Instead, the BuyLine keeps Howard out of down markets 85% of the time, and in for 85% of the good times.</p><p><blockquote>你不需要一个评级精确市场顶部或底部的系统。相反，买入线让霍华德在85%的时间里远离低迷的市场，在85%的好时光里远离。</blockquote></p><p> “If we can do that consistently, we have superior returns and a less stressful life,” he says. “Being all in during a bad tape is no fun.”</p><p><blockquote>“如果我们能够始终如一地做到这一点，我们就会获得更高的回报和更少的生活压力，”他说。“在一盘糟糕的磁带中全力以赴一点也不好玩。”</blockquote></p><p> His system is slow to get him out of the market, but quick to get him back in. Not even a 10% correction will necessarily move him out. He’s often buying those pullbacks. Getting back in fast makes sense, because recoveries off bottoms tend to happen fast.</p><p><blockquote>他的系统让他退出市场很慢，但让他回来很快。即使是10%的修正也不一定能让他出局。他经常买入那些回调。快速反弹是有意义的，因为从底部恢复往往会很快。</blockquote></p><p> “The HCM-BuyLine takes all the emotion out of the process,” says Howard.</p><p><blockquote>“HCM-BuyLine消除了整个过程中的所有情绪，”霍华德说。</blockquote></p><p> <b>Lesson #3: Don’t fight the tape</b></p><p><blockquote><b>第三课：不要和磁带作对</b></blockquote></p><p> This concept is one of the core pieces of wisdom from Marty Zweig’s classic book, “Winning on Wall Street.”</p><p><blockquote>这一概念是马蒂·茨威格经典著作《在华尔街获胜》中的核心智慧之一。</blockquote></p><p></p><p> “You have to stay on the right side of market,” agrees Howard. “If you try to trade long in a bad market, it is painful.”</p><p><blockquote>“你必须站在市场的正确一边，”霍华德表示同意。“如果你试图在糟糕的市场中做多，那是很痛苦的。”</blockquote></p><p> In other words, don’t try to be a hero.</p><p><blockquote>换句话说，不要试图成为英雄。</blockquote></p><p> “Sometimes, not losing money is where you want to be,” he says.</p><p><blockquote>“有时候，不赔钱才是你想要的，”他说。</blockquote></p><p> Likewise, don’t turn cautious just because the market hits new highs — like now. You should love new highs, because it is a sign of market strength that may likely endure.</p><p><blockquote>同样，不要仅仅因为市场创下新高就变得谨慎——就像现在这样。你应该喜欢新高，因为这是市场力量的标志，可能会持续下去。</blockquote></p><p> <b>Lesson #4: Keep it simple</b></p><p><blockquote><b>第四课：保持简单</b></blockquote></p><p> As you’ll see below, Howard doesn’t use esoteric instruments such as derivatives, swaps or index options. He doesn’t even trade foreign stocks or currencies. This is refreshing for individual investors, because we have a harder time accessing those tools.</p><p><blockquote>正如您将在下面看到的，霍华德不使用衍生品、掉期或指数期权等深奥工具。他甚至不交易外国股票或货币。这对个人投资者来说令人耳目一新，因为我们更难获得这些工具。</blockquote></p><p> “You don’t have to trade crazy stuff,” he says. “You can trade plain-vanilla ETFs and beat everybody out there.”</p><p><blockquote>“你不必交易疯狂的东西，”他说。“你可以交易普通的ETF并击败所有人。”</blockquote></p><p> <b>Lesson #5: How to trade the current market</b></p><p><blockquote><b>第5课：如何交易当前市场</b></blockquote></p><p> First, be long.</p><p><blockquote>首先，做长。</blockquote></p><p> “The HCM-BuyLine is very positive. We are 100% in,” says Howard. “The market is broadening out. It is getting pretty exciting. We do not see it turn around any time soon. We are buying pullbacks.”</p><p><blockquote>“HCM-购买线非常积极。我们100%参与，”霍华德说。“市场正在扩大。它变得相当令人兴奋。我们认为它不会很快好转。我们正在买入回调。”</blockquote></p><p> One bullish signal is all the cash on the sidelines. “If there is any relief in Covid, we may see a big rally. We may end up with a great fall [season].”</p><p><blockquote>一个看涨信号是所有现金都在观望。“如果新冠疫情有所缓解，我们可能会看到大幅反弹。我们可能会以一个伟大的秋季[季节]结束。”</blockquote></p><p> Howard uses momentum indicators to select stocks and ETFs, too. For sectors he favors the following.</p><p><blockquote>霍华德也使用动量指标来选择股票和ETF。对于行业，他倾向于以下几点。</blockquote></p><p> He likes health care, tradable through the iShares US HealthcareIYH,-0.04%and ProShares Ultra Health CareRXL,+0.12%ETFs. He’s turning more bullish on biotech, which he plays via the iShares Biotechnology ETFIBB,-0.11%.</p><p><blockquote>他喜欢医疗保健，可通过iShares US HealthcareIYH(-0.04%)和ProShares Ultra Health CareRXL(+0.12%)ETF进行交易。他变得更加看好生物技术，他通过iShares Biotechnology ETFIBB进行投资，-0.11%。</blockquote></p><p> He likes consumer discretionary tradable through the iShares US Consumer ServicesIYC,-0.30%,and airlines via US Global JetsJETS,-1.17%.He also likes tech exposure via the Invesco QQQ TrustQQQ,+0.31%,iShares US TechnologyIYW,+0.50%and&nbsp;iShares SemiconductorSOXX,+0.75%.</p><p><blockquote>他喜欢通过iShares US Consumer ServicesIYC(-0.30%)进行交易的非必需消费品，以及通过US Global JetsJETS(-1.17%)进行交易的航空公司。他还喜欢通过Invesco QQQ TrustQQQ(+0.31%)、iShares US TechnologyIYW(+0.50%)进行科技投资和iShares半导体SOXX，+0.75%。</blockquote></p><p> He likes small-caps via the Vanguard Small-Cap Growth Index FundVBK,+0.07%.And convertible bonds via SPDR Bloomberg Barclays Convertible SecuritiesCWB,+0.64%and iShares Convertible BondICVT,+0.37%.</p><p><blockquote>他喜欢Vanguard Small-Cap Growth Index FundVBK，+0.07%的小盘股。以及SPDR Bloomberg Barclays可转换证券CWB，+0.64%和iShares可转换债券ICVT，+0.37%的可转换债券。</blockquote></p><p> As for individual names, he singles out MicrosoftMSFT,-0.00%and AppleAAPL,+0.42%in tech, as well as Amazon.comAMZN,+0.43%and TeslaTSLA,+0.16%.</p><p><blockquote>至于个人名称，他特别提到了科技股中的微软MSFT(-0.00%)和苹果AAPL(+0.42%)，以及亚马逊MAMZN(+0.43%)和特斯拉TSLA(+0.16%)。</blockquote></p><p> Also consider Howard’s two ETFs: The HCM Defender 100 IndexQQH,+0.62%and HCM Defender 500 IndexLGH,+1.32%.</p><p><blockquote>另请考虑Howard的两只ETF：HCM Defender 100 IndexQQH，+0.62%和HCM Defender 500 IndexLGH，+1.32%。</blockquote></p><p> He prefers to add to holdings on 1%-3% dips.</p><p><blockquote>他更喜欢在下跌1%-3%时增持。</blockquote></p><p> <b>A few drawbacks</b></p><p><blockquote><b>一些缺点</b></blockquote></p><p> His HCM Tactical Growth fund has a history of posting two-year stretches of underperformance of 1.5% to 8.8%, since it was launched in 2015. The fund then came roaring back to net the very positive five-year outperformance cited above. Investing in his system can require patience.</p><p><blockquote>他的HCM战术增长基金自2015年推出以来，曾连续两年表现不佳，涨幅为1.5%至8.8%。随后，该基金卷土重来，实现了上述非常积极的五年优异表现。投资他的系统需要耐心。</blockquote></p><p> Every manager, including Warren Buffett, can have a stretch of underperformance, says Howard.</p><p><blockquote>霍华德说，每个经理人，包括沃伦·巴菲特，都可能有一段时间表现不佳。</blockquote></p><p> “We are in the odds game,” he says. “Even in the odds game, you can have a bad hand or two thrown at you.”</p><p><blockquote>“我们正处于赔率游戏中，”他说。“即使在赔率游戏中，你也可能会遇到一两手糟糕的牌。”</blockquote></p><p> Another challenge is the high turnover, which is 140% a year for Tactical Growth. This means Uncle Sam takes a big cut in the good years. So if you buy Howard’s funds, you may want to do so in a tax-protected account.</p><p><blockquote>另一个挑战是高流动率，战术增长每年140%。这意味着山姆大叔在好年景中会得到很大的提成。因此，如果您购买霍华德的基金，您可能希望在避税账户中购买。</blockquote></p><p></p>","source":"lsy1603348471595","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>Beat the market with this quant system that’s very bullish on stocks at record highs<blockquote>利用这个非常看好历史新高股票的量化系统击败市场</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\">\nBeat the market with this quant system that’s very bullish on stocks at record highs<blockquote>利用这个非常看好历史新高股票的量化系统击败市场</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-09-05 10:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do so. So far his team of computer scientists’ strategy has paid off.</b>  Imagine you had a money-making machine to harvest gains in the stock market while you sat back to enjoy life.</p><p><blockquote><b>万斯·霍华德(Vance Howard)的HCM战术增长基金在谨慎的情况下让您进出股市。到目前为止，他的计算机科学家团队的策略已经得到了回报。</b>想象一下，当你坐下来享受生活时，你有一台赚钱机器在股市中收获收益。</blockquote></p><p> That’s everyone’s dream, right? Investor Vance Howard thinks he’s found it.</p><p><blockquote>那是每个人的梦想，对吧？投资者万斯·霍华德认为他已经找到了。</blockquote></p><p> Howard and his small army of computer programmers atHoward Capital Managementin Roswell, Ga., have a quantitative system that posts great returns.</p><p><blockquote>霍华德和他的一小队计算机程序员在佐治亚州罗斯威尔的资本管理公司工作。，有一个量化系统，张贴巨大的回报。</blockquote></p><p> His HCM Tactical Growth Fund&nbsp;HCMGX,+0.35%beats its Russell 1000&nbsp;benchmark index and large-blend fund category by 8.5-10.4 percentage points annualized over the past five years, according to Morningstar. That is no small feat, and not only because it has to overcome a 2.22% fee. Beating the market is simply not easy. His HCM Dividend Sector PlusHCMQX,-0.05%) and HCM Income PlusHCMLX,+0.30%funds post similar outperformance.</p><p><blockquote>根据晨星公司的数据，他的HCM战术增长基金HCMGX,+0.35%在过去五年中的年化增长率比罗素1000基准指数和大型混合基金类别高出8.5-10.4个百分点。这不是一个小壮举，不仅因为它必须克服2.22%的费用。战胜市场并不容易。他的HCM Dividend Sector PlusHCMQX,-0.05%)和HCM Income PlusHCMLX,+0.30%基金也表现类似。</blockquote></p><p> There are drawbacks, which I detail below. (Among them: Potentially long stretches of underperformance and regular tax bills.) But first, what can we learn from this winner?</p><p><blockquote>有缺点，我在下面详述。（其中包括：潜在的长期表现不佳和定期的税单。）但首先，我们能从这位赢家身上学到什么？</blockquote></p><p> So-called quants never share all the details of their proprietary systems, but Howard shares a lot, as you’ll see. And this Texas rancher has a lot of good advice based on “horse sense” — not surprising, given his infectious passion for the markets, and his three decades of experience as a pro.</p><p><blockquote>所谓的量化分析师从不分享他们专有系统的所有细节，但霍华德分享了很多，正如你将看到的。这位德克萨斯州牧场主有很多基于“马的感觉”的好建议——考虑到他对市场富有感染力的热情，以及他三十年的职业经验，这并不奇怪。</blockquote></p><p> Here are five lessons, 12 exchange traded funds (ETFs) and four stocks to consider, from a recent interview with him.</p><p><blockquote>以下是最近对他的采访中的五个教训、12只交易所交易基金(ETF)和四只值得考虑的股票。</blockquote></p><p> <b>Lesson #1: Don’t be emotional</b></p><p><blockquote><b>第一课：不要情绪化</b></blockquote></p><p> It’s no surprise so many people do poorly in the market. Evolution has programmed us to fail. For survival, we’ve learned to run from things that frightens us. And crave more of things that are pleasurable — like sweets or fats to store calories ahead of what might be a long stretch without food. But in the market, acting on the emotions of fear and greed invariably make us do the wrong thing at the wrong time. Sell at the bottom, buy at the top.</p><p><blockquote>难怪这么多人在市场上表现不佳。进化让我们注定要失败。为了生存，我们学会了逃避让我们害怕的事情。渴望更多令人愉快的东西——比如甜食或脂肪，以便在长时间没有食物之前储存卡路里。但在市场中，对恐惧和贪婪的情绪采取行动总是会让我们在错误的时间做错误的事情。底部卖出，顶部买入。</blockquote></p><p> Likewise, we’re programmed to believe being with the crowd brings safety. If you’re a zebra on the Savanna, you are more likely to get picked off by a predator if you go it alone. The problem here is being part of a crowd — and crowd psychology — dumb us down to a purely emotional level. This is why people in crowds do terrible things they would never do on their own. It doesn’t matter how smart you are. When you join a crowd, you lose a lot of IQ points. Base emotions take over.</p><p><blockquote>同样，我们被设定为相信和人群在一起会带来安全。如果你是稀树草原上的斑马，如果你单干，你更有可能被捕食者吃掉。这里的问题是，成为人群的一部分——以及人群心理——让我们变得愚蠢到纯粹的情感层面。这就是为什么人群中的人会做他们自己永远不会做的可怕的事情。你有多聪明并不重要。当你加入一个人群时，你会失去很多智商点。基本情绪占了上风。</blockquote></p><p> To do well in the market, you have to counteract these tendencies. “One of the biggest mistakes individual investors and money managers make is getting emotional,” says Howard. “Let your emotions go.”</p><p><blockquote>要想在市场上做得好，你必须抵制这些倾向。“个人投资者和基金经理犯的最大错误之一就是变得情绪化，”霍华德说。“放下你的情绪。”</blockquote></p><p> <b>Lesson #2: Have a system and stick to it</b></p><p><blockquote><b>第二课：有一个系统并坚持下去</b></blockquote></p><p> To exorcise emotion, have a system. “And don’t second guess it,” says Howard. “This keeps you from letting the pandemic or Afghanistan scare you out of the market.” He calls his system the HCM-BuyLine. It is basically a momentum and trend-following system — which often works well in the markets.</p><p><blockquote>驱除情绪，要有一个系统。“不要怀疑它，”霍华德说。“这可以防止你被大流行或阿富汗吓出市场。”他评级了他的系统HCM-购买线。它基本上是一个动量和趋势跟踪系统——通常在市场上运行良好。</blockquote></p><p> The HCM-BuyLine basically works like this. First, rather than use the S&amp;P 500SPX,-0.03%or the Dow Jones Industrial AverageDJIA,-0.21%,Howard blends several stock indices to create his own index. Then he uses a moving average that tells him whether the market is in an uptrend or downtrend.</p><p><blockquote>HCM-BuyLine基本上是这样工作的。首先，霍华德没有使用标准普尔500SPX（-0.03%）或道琼斯工业平均指数DJIA（-0.21%），而是混合了几个股票指数来创建自己的指数。然后他使用移动平均线来告诉他市场是处于上升趋势还是下降趋势。</blockquote></p><p> When the moving average drops 3.5%, he sells 35%. If it drops 6.5%, he sells another 35%. He rarely goes to 100% cash.</p><p><blockquote>当移动平均线下跌3.5%时，他卖出35%。如果下跌6.5%，他就再卖出35%。他很少100%现金。</blockquote></p><p> “If the BuyLine is positive, we will stay long no matter what,” he says. “We take all the emotion out of the equation by letting the math decide.”</p><p><blockquote>“如果买入线为正，无论如何我们都会长期持有，”他说。“我们通过让数学来决定，将所有情感从等式中剔除。”</blockquote></p><p> Right now, it’s bullish. (More on this below.)</p><p><blockquote>目前，情况看涨。（更多信息见下文。）</blockquote></p><p> Your system also has to tell you when to get back in.</p><p><blockquote>你的系统还必须告诉你什么时候回去。</blockquote></p><p> “That’s where most people screw up,” he says. “They get out of the market, and they don’t know when to get back in.” The HCM-BuyLine gives a buy signal when his custom index trades above its moving average for six consecutive sessions, and then goes on to trade above the high hit during those six days.</p><p><blockquote>“这就是大多数人搞砸的地方，”他说。“他们退出市场，不知道什么时候才能重新进入。”当他的定制指数连续六个交易日高于其移动平均线时，HCM-买入线会发出买入信号，然后继续高于这六天触及的高点。</blockquote></p><p> You don’t need a system that calls exact market tops or bottoms. Instead, the BuyLine keeps Howard out of down markets 85% of the time, and in for 85% of the good times.</p><p><blockquote>你不需要一个评级精确市场顶部或底部的系统。相反，买入线让霍华德在85%的时间里远离低迷的市场，在85%的好时光里远离。</blockquote></p><p> “If we can do that consistently, we have superior returns and a less stressful life,” he says. “Being all in during a bad tape is no fun.”</p><p><blockquote>“如果我们能够始终如一地做到这一点，我们就会获得更高的回报和更少的生活压力，”他说。“在一盘糟糕的磁带中全力以赴一点也不好玩。”</blockquote></p><p> His system is slow to get him out of the market, but quick to get him back in. Not even a 10% correction will necessarily move him out. He’s often buying those pullbacks. Getting back in fast makes sense, because recoveries off bottoms tend to happen fast.</p><p><blockquote>他的系统让他退出市场很慢，但让他回来很快。即使是10%的修正也不一定能让他出局。他经常买入那些回调。快速反弹是有意义的，因为从底部恢复往往会很快。</blockquote></p><p> “The HCM-BuyLine takes all the emotion out of the process,” says Howard.</p><p><blockquote>“HCM-BuyLine消除了整个过程中的所有情绪，”霍华德说。</blockquote></p><p> <b>Lesson #3: Don’t fight the tape</b></p><p><blockquote><b>第三课：不要和磁带作对</b></blockquote></p><p> This concept is one of the core pieces of wisdom from Marty Zweig’s classic book, “Winning on Wall Street.”</p><p><blockquote>这一概念是马蒂·茨威格经典著作《在华尔街获胜》中的核心智慧之一。</blockquote></p><p></p><p> “You have to stay on the right side of market,” agrees Howard. “If you try to trade long in a bad market, it is painful.”</p><p><blockquote>“你必须站在市场的正确一边，”霍华德表示同意。“如果你试图在糟糕的市场中做多，那是很痛苦的。”</blockquote></p><p> In other words, don’t try to be a hero.</p><p><blockquote>换句话说，不要试图成为英雄。</blockquote></p><p> “Sometimes, not losing money is where you want to be,” he says.</p><p><blockquote>“有时候，不赔钱才是你想要的，”他说。</blockquote></p><p> Likewise, don’t turn cautious just because the market hits new highs — like now. You should love new highs, because it is a sign of market strength that may likely endure.</p><p><blockquote>同样，不要仅仅因为市场创下新高就变得谨慎——就像现在这样。你应该喜欢新高，因为这是市场力量的标志，可能会持续下去。</blockquote></p><p> <b>Lesson #4: Keep it simple</b></p><p><blockquote><b>第四课：保持简单</b></blockquote></p><p> As you’ll see below, Howard doesn’t use esoteric instruments such as derivatives, swaps or index options. He doesn’t even trade foreign stocks or currencies. This is refreshing for individual investors, because we have a harder time accessing those tools.</p><p><blockquote>正如您将在下面看到的，霍华德不使用衍生品、掉期或指数期权等深奥工具。他甚至不交易外国股票或货币。这对个人投资者来说令人耳目一新，因为我们更难获得这些工具。</blockquote></p><p> “You don’t have to trade crazy stuff,” he says. “You can trade plain-vanilla ETFs and beat everybody out there.”</p><p><blockquote>“你不必交易疯狂的东西，”他说。“你可以交易普通的ETF并击败所有人。”</blockquote></p><p> <b>Lesson #5: How to trade the current market</b></p><p><blockquote><b>第5课：如何交易当前市场</b></blockquote></p><p> First, be long.</p><p><blockquote>首先，做长。</blockquote></p><p> “The HCM-BuyLine is very positive. We are 100% in,” says Howard. “The market is broadening out. It is getting pretty exciting. We do not see it turn around any time soon. We are buying pullbacks.”</p><p><blockquote>“HCM-购买线非常积极。我们100%参与，”霍华德说。“市场正在扩大。它变得相当令人兴奋。我们认为它不会很快好转。我们正在买入回调。”</blockquote></p><p> One bullish signal is all the cash on the sidelines. “If there is any relief in Covid, we may see a big rally. We may end up with a great fall [season].”</p><p><blockquote>一个看涨信号是所有现金都在观望。“如果新冠疫情有所缓解，我们可能会看到大幅反弹。我们可能会以一个伟大的秋季[季节]结束。”</blockquote></p><p> Howard uses momentum indicators to select stocks and ETFs, too. For sectors he favors the following.</p><p><blockquote>霍华德也使用动量指标来选择股票和ETF。对于行业，他倾向于以下几点。</blockquote></p><p> He likes health care, tradable through the iShares US HealthcareIYH,-0.04%and ProShares Ultra Health CareRXL,+0.12%ETFs. He’s turning more bullish on biotech, which he plays via the iShares Biotechnology ETFIBB,-0.11%.</p><p><blockquote>他喜欢医疗保健，可通过iShares US HealthcareIYH(-0.04%)和ProShares Ultra Health CareRXL(+0.12%)ETF进行交易。他变得更加看好生物技术，他通过iShares Biotechnology ETFIBB进行投资，-0.11%。</blockquote></p><p> He likes consumer discretionary tradable through the iShares US Consumer ServicesIYC,-0.30%,and airlines via US Global JetsJETS,-1.17%.He also likes tech exposure via the Invesco QQQ TrustQQQ,+0.31%,iShares US TechnologyIYW,+0.50%and&nbsp;iShares SemiconductorSOXX,+0.75%.</p><p><blockquote>他喜欢通过iShares US Consumer ServicesIYC(-0.30%)进行交易的非必需消费品，以及通过US Global JetsJETS(-1.17%)进行交易的航空公司。他还喜欢通过Invesco QQQ TrustQQQ(+0.31%)、iShares US TechnologyIYW(+0.50%)进行科技投资和iShares半导体SOXX，+0.75%。</blockquote></p><p> He likes small-caps via the Vanguard Small-Cap Growth Index FundVBK,+0.07%.And convertible bonds via SPDR Bloomberg Barclays Convertible SecuritiesCWB,+0.64%and iShares Convertible BondICVT,+0.37%.</p><p><blockquote>他喜欢Vanguard Small-Cap Growth Index FundVBK，+0.07%的小盘股。以及SPDR Bloomberg Barclays可转换证券CWB，+0.64%和iShares可转换债券ICVT，+0.37%的可转换债券。</blockquote></p><p> As for individual names, he singles out MicrosoftMSFT,-0.00%and AppleAAPL,+0.42%in tech, as well as Amazon.comAMZN,+0.43%and TeslaTSLA,+0.16%.</p><p><blockquote>至于个人名称，他特别提到了科技股中的微软MSFT(-0.00%)和苹果AAPL(+0.42%)，以及亚马逊MAMZN(+0.43%)和特斯拉TSLA(+0.16%)。</blockquote></p><p> Also consider Howard’s two ETFs: The HCM Defender 100 IndexQQH,+0.62%and HCM Defender 500 IndexLGH,+1.32%.</p><p><blockquote>另请考虑Howard的两只ETF：HCM Defender 100 IndexQQH，+0.62%和HCM Defender 500 IndexLGH，+1.32%。</blockquote></p><p> He prefers to add to holdings on 1%-3% dips.</p><p><blockquote>他更喜欢在下跌1%-3%时增持。</blockquote></p><p> <b>A few drawbacks</b></p><p><blockquote><b>一些缺点</b></blockquote></p><p> His HCM Tactical Growth fund has a history of posting two-year stretches of underperformance of 1.5% to 8.8%, since it was launched in 2015. The fund then came roaring back to net the very positive five-year outperformance cited above. Investing in his system can require patience.</p><p><blockquote>他的HCM战术增长基金自2015年推出以来，曾连续两年表现不佳，涨幅为1.5%至8.8%。随后，该基金卷土重来，实现了上述非常积极的五年优异表现。投资他的系统需要耐心。</blockquote></p><p> Every manager, including Warren Buffett, can have a stretch of underperformance, says Howard.</p><p><blockquote>霍华德说，每个经理人，包括沃伦·巴菲特，都可能有一段时间表现不佳。</blockquote></p><p> “We are in the odds game,” he says. “Even in the odds game, you can have a bad hand or two thrown at you.”</p><p><blockquote>“我们正处于赔率游戏中，”他说。“即使在赔率游戏中，你也可能会遇到一两手糟糕的牌。”</blockquote></p><p> Another challenge is the high turnover, which is 140% a year for Tactical Growth. This means Uncle Sam takes a big cut in the good years. So if you buy Howard’s funds, you may want to do so in a tax-protected account.</p><p><blockquote>另一个挑战是高流动率，战术增长每年140%。这意味着山姆大叔在好年景中会得到很大的提成。因此，如果您购买霍华德的基金，您可能希望在避税账户中购买。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/beat-the-market-with-this-quant-system-thats-very-bullish-on-stocks-at-record-highs-11630761531?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/beat-the-market-with-this-quant-system-thats-very-bullish-on-stocks-at-record-highs-11630761531?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157895022","content_text":"Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do so. So far his team of computer scientists’ strategy has paid off.\n\nImagine you had a money-making machine to harvest gains in the stock market while you sat back to enjoy life.\nThat’s everyone’s dream, right? Investor Vance Howard thinks he’s found it.\nHoward and his small army of computer programmers atHoward Capital Managementin Roswell, Ga., have a quantitative system that posts great returns.\nHis HCM Tactical Growth Fund HCMGX,+0.35%beats its Russell 1000 benchmark index and large-blend fund category by 8.5-10.4 percentage points annualized over the past five years, according to Morningstar. That is no small feat, and not only because it has to overcome a 2.22% fee. Beating the market is simply not easy. His HCM Dividend Sector PlusHCMQX,-0.05%) and HCM Income PlusHCMLX,+0.30%funds post similar outperformance.\nThere are drawbacks, which I detail below. (Among them: Potentially long stretches of underperformance and regular tax bills.) But first, what can we learn from this winner?\nSo-called quants never share all the details of their proprietary systems, but Howard shares a lot, as you’ll see. And this Texas rancher has a lot of good advice based on “horse sense” — not surprising, given his infectious passion for the markets, and his three decades of experience as a pro.\nHere are five lessons, 12 exchange traded funds (ETFs) and four stocks to consider, from a recent interview with him.\nLesson #1: Don’t be emotional\nIt’s no surprise so many people do poorly in the market. Evolution has programmed us to fail. For survival, we’ve learned to run from things that frightens us. And crave more of things that are pleasurable — like sweets or fats to store calories ahead of what might be a long stretch without food. But in the market, acting on the emotions of fear and greed invariably make us do the wrong thing at the wrong time. Sell at the bottom, buy at the top.\nLikewise, we’re programmed to believe being with the crowd brings safety. If you’re a zebra on the Savanna, you are more likely to get picked off by a predator if you go it alone. The problem here is being part of a crowd — and crowd psychology — dumb us down to a purely emotional level. This is why people in crowds do terrible things they would never do on their own. It doesn’t matter how smart you are. When you join a crowd, you lose a lot of IQ points. Base emotions take over.\nTo do well in the market, you have to counteract these tendencies. “One of the biggest mistakes individual investors and money managers make is getting emotional,” says Howard. “Let your emotions go.”\nLesson #2: Have a system and stick to it\nTo exorcise emotion, have a system. “And don’t second guess it,” says Howard. “This keeps you from letting the pandemic or Afghanistan scare you out of the market.” He calls his system the HCM-BuyLine. It is basically a momentum and trend-following system — which often works well in the markets.\nThe HCM-BuyLine basically works like this. First, rather than use the S&P 500SPX,-0.03%or the Dow Jones Industrial AverageDJIA,-0.21%,Howard blends several stock indices to create his own index. Then he uses a moving average that tells him whether the market is in an uptrend or downtrend.\nWhen the moving average drops 3.5%, he sells 35%. If it drops 6.5%, he sells another 35%. He rarely goes to 100% cash.\n“If the BuyLine is positive, we will stay long no matter what,” he says. “We take all the emotion out of the equation by letting the math decide.”\nRight now, it’s bullish. (More on this below.)\nYour system also has to tell you when to get back in.\n“That’s where most people screw up,” he says. “They get out of the market, and they don’t know when to get back in.” The HCM-BuyLine gives a buy signal when his custom index trades above its moving average for six consecutive sessions, and then goes on to trade above the high hit during those six days.\nYou don’t need a system that calls exact market tops or bottoms. Instead, the BuyLine keeps Howard out of down markets 85% of the time, and in for 85% of the good times.\n“If we can do that consistently, we have superior returns and a less stressful life,” he says. “Being all in during a bad tape is no fun.”\nHis system is slow to get him out of the market, but quick to get him back in. Not even a 10% correction will necessarily move him out. He’s often buying those pullbacks. Getting back in fast makes sense, because recoveries off bottoms tend to happen fast.\n“The HCM-BuyLine takes all the emotion out of the process,” says Howard.\nLesson #3: Don’t fight the tape\nThis concept is one of the core pieces of wisdom from Marty Zweig’s classic book, “Winning on Wall Street.”\n“You have to stay on the right side of market,” agrees Howard. “If you try to trade long in a bad market, it is painful.”\nIn other words, don’t try to be a hero.\n“Sometimes, not losing money is where you want to be,” he says.\nLikewise, don’t turn cautious just because the market hits new highs — like now. You should love new highs, because it is a sign of market strength that may likely endure.\nLesson #4: Keep it simple\nAs you’ll see below, Howard doesn’t use esoteric instruments such as derivatives, swaps or index options. He doesn’t even trade foreign stocks or currencies. This is refreshing for individual investors, because we have a harder time accessing those tools.\n“You don’t have to trade crazy stuff,” he says. “You can trade plain-vanilla ETFs and beat everybody out there.”\nLesson #5: How to trade the current market\nFirst, be long.\n“The HCM-BuyLine is very positive. We are 100% in,” says Howard. “The market is broadening out. It is getting pretty exciting. We do not see it turn around any time soon. We are buying pullbacks.”\nOne bullish signal is all the cash on the sidelines. “If there is any relief in Covid, we may see a big rally. We may end up with a great fall [season].”\nHoward uses momentum indicators to select stocks and ETFs, too. For sectors he favors the following.\nHe likes health care, tradable through the iShares US HealthcareIYH,-0.04%and ProShares Ultra Health CareRXL,+0.12%ETFs. He’s turning more bullish on biotech, which he plays via the iShares Biotechnology ETFIBB,-0.11%.\nHe likes consumer discretionary tradable through the iShares US Consumer ServicesIYC,-0.30%,and airlines via US Global JetsJETS,-1.17%.He also likes tech exposure via the Invesco QQQ TrustQQQ,+0.31%,iShares US TechnologyIYW,+0.50%and iShares SemiconductorSOXX,+0.75%.\nHe likes small-caps via the Vanguard Small-Cap Growth Index FundVBK,+0.07%.And convertible bonds via SPDR Bloomberg Barclays Convertible SecuritiesCWB,+0.64%and iShares Convertible BondICVT,+0.37%.\nAs for individual names, he singles out MicrosoftMSFT,-0.00%and AppleAAPL,+0.42%in tech, as well as Amazon.comAMZN,+0.43%and TeslaTSLA,+0.16%.\nAlso consider Howard’s two ETFs: The HCM Defender 100 IndexQQH,+0.62%and HCM Defender 500 IndexLGH,+1.32%.\nHe prefers to add to holdings on 1%-3% dips.\nA few drawbacks\nHis HCM Tactical Growth fund has a history of posting two-year stretches of underperformance of 1.5% to 8.8%, since it was launched in 2015. The fund then came roaring back to net the very positive five-year outperformance cited above. Investing in his system can require patience.\nEvery manager, including Warren Buffett, can have a stretch of underperformance, says Howard.\n“We are in the odds game,” he says. “Even in the odds game, you can have a bad hand or two thrown at you.”\nAnother challenge is the high turnover, which is 140% a year for Tactical Growth. This means Uncle Sam takes a big cut in the good years. So if you buy Howard’s funds, you may want to do so in a tax-protected account.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":476,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880563077,"gmtCreate":1631065896699,"gmtModify":1631888713771,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/880563077","repostId":"2165350503","repostType":4,"isVote":1,"tweetType":1,"viewCount":604,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":829639821,"gmtCreate":1633495974387,"gmtModify":1633495974622,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/829639821","repostId":"1103782575","repostType":4,"repost":{"id":"1103782575","kind":"news","pubTimestamp":1633486462,"share":"https://www.laohu8.com/m/news/1103782575?lang=zh_CN&edition=full","pubTime":"2021-10-06 10:14","market":"us","language":"en","title":"Don't worry (too much) about an October market crash<blockquote>不要（过于）担心十月市场崩盘</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1103782575","media":"CNN Business","summary":"New York (CNN Business) - October has often been a spooky month on Wall Street. Stocks famously cras","content":"<p><b>New York (CNN Business)&nbsp;-&nbsp;</b>October has often been a spooky month on Wall Street. Stocks famously crashed in October 1929, 1987 and, most recently, 2008.</p><p><blockquote><b>纽约（CNN商业）——</b>十月在华尔街通常是一个阴森的月份。股市在1929年10月、1987年以及最近的2008年暴跌。</blockquote></p><p> But&nbsp;the marketisn't always a terrifying place to be just before Halloween. In fact,stocks typically go up&nbsp;in October.</p><p><blockquote>但万圣节前夕，市场并不总是一个可怕的地方。事实上，股市通常会在十月份上涨。</blockquote></p><p> According to data from Ryan Detrick, chief market strategist at LPL Financial, October is just about in the middle of the pack: It has been the 7th best month for the S&amp;P 500 since 1950 and the 4th best over the past 10 and 20 years.</p><p><blockquote>根据LPL Financial首席市场策略师Ryan Detrick的数据，10月份几乎处于中间位置：它是标普500自1950年以来第7个最佳月份，也是过去10年和20年中第4个最佳月份。</blockquote></p><p> \"October is known for some spectacular crashes and many expect bad things to happen again this year,\" Detrick said in a report last week. \"But the truth is this month is simply misunderstood, as historically it is about an average month.\"</p><p><blockquote>德特里克在上周的一份报告中表示：“十月份因一些壮观的车祸而闻名，许多人预计今年会再次发生糟糕的事情。”“但事实是这个月只是被误解了，因为从历史上看，它大约是一个普通的月份。”</blockquote></p><p> And it could be better than average this October, because there are no potentially game-changing election results coming in November.</p><p><blockquote>今年10月的情况可能会好于平均水平，因为11月没有可能改变游戏规则的选举结果。</blockquote></p><p> Since 1999, the S&amp;P 500 has gained 3.6% in odd-year Octobers and fallen 1.1% in even-numbered ones, corresponding to the US election schedule.</p><p><blockquote>自1999年以来，标普500在奇数年10月上涨3.6%，在偶数年10月下跌1.1%，与美国大选时间表相对应。</blockquote></p><p> \"It turns out stocks don't like politics much,\" Detrick said.</p><p><blockquote>“事实证明，股票不太喜欢政治，”德特里克说。</blockquote></p><p> <b>Many risks remain but outlook still promising for stocks</b></p><p><blockquote><b>许多风险依然存在，但股市前景仍然乐观</b></blockquote></p><p> Of course DC headlines could still roil the market this year, albeit not because of an election.</p><p><blockquote>当然，今年DC的头条新闻仍可能扰乱市场，尽管不是因为选举。</blockquote></p><p> The debt ceiling debate has yet to be resolved, and Congress still hasn't passed President Joe Biden's infrastructure and social spending plans. Meanwhile Biden also must soon decide whether he wants to nominate Jerome Powell for a second term as Fed chairman or pick someone else.</p><p><blockquote>债务上限争论尚未解决，国会仍未通过总统乔·拜登的基础设施和社会支出计划。与此同时，拜登还必须很快决定是提名杰罗姆·鲍威尔连任美联储主席，还是选择其他人。</blockquote></p><p> \"The fourth quarter — like the conclusion of sporting events or Broadway plays — is where the drama lies,\" Louis Navellier, chairman of Navellier &amp; Associates, said in a report last week.</p><p><blockquote>Navellier&amp;Associates董事长路易斯·纳维利尔(Louis Navellier)在上周的一份报告中表示：“第四季度——就像体育赛事或百老汇戏剧的结局一样——是戏剧所在。”</blockquote></p><p> That said, Navellier is hopeful the usual seasonal tailwinds for the markets and the broader economy will lift stocks this year.</p><p><blockquote>尽管如此，纳维利尔希望市场和整体经济通常的季节性顺风能够提振今年的股市。</blockquote></p><p> Stocks tend to enjoy not just solid gains in October, but also for the remainder of the fourth quarter. Consumer spending surges during the holiday shopping season and businesses often look to boost investments before annual budgets run out.</p><p><blockquote>股市往往不仅在10月份强劲上涨，而且在第四季度剩余时间也是如此。消费者支出在假日购物季激增，企业通常希望在年度预算用完之前增加投资。</blockquote></p><p> With that in mind, some strategists think that investors will continue to focus on the positive when looking ahead to earnings for Q4 and 2022.</p><p><blockquote>考虑到这一点，一些策略师认为，在展望第四季度和2022年的收益时，投资者将继续关注积极的一面。</blockquote></p><p> Yes, worries remain about Covid-19, Fed policy, inflation, global shipping delays and numerous other economic warning signs.</p><p><blockquote>是的，对新冠肺炎、美联储政策、通货膨胀、全球航运延误和许多其他经济警告信号的担忧仍然存在。</blockquote></p><p> But although this could create more volatility than usual in October and the rest of the fourth quarter, few expect that these challenges will lead to another recession. So the path of least resistance for stocks is still upward.</p><p><blockquote>不过，尽管这可能会在10月份和第四季度剩余时间造成比往常更大的波动，但很少有人预计这些挑战会导致另一场衰退。所以股票阻力最小的路径仍然是向上。</blockquote></p><p> \"Virtually all of these problems are showing tangible signs toward resolution,\" Robert Teeter, managing director at Silvercrest Asset Management, said in a report Monday, \"and should not inflict any long-term damage to stock valuations.\"</p><p><blockquote>Silvercrest Asset Management董事总经理罗伯特·蒂特(Robert Teeter)在周一的一份报告中表示：“几乎所有这些问题都显示出解决的切实迹象，并且不会对股票估值造成任何长期损害。”</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>Don't worry (too much) about an October market crash<blockquote>不要（过于）担心十月市场崩盘</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\">\nDon't worry (too much) about an October market crash<blockquote>不要（过于）担心十月市场崩盘</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN Business</strong><span class=\"h-time small\">2021-10-06 10:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>New York (CNN Business)&nbsp;-&nbsp;</b>October has often been a spooky month on Wall Street. Stocks famously crashed in October 1929, 1987 and, most recently, 2008.</p><p><blockquote><b>纽约（CNN商业）——</b>十月在华尔街通常是一个阴森的月份。股市在1929年10月、1987年以及最近的2008年暴跌。</blockquote></p><p> But&nbsp;the marketisn't always a terrifying place to be just before Halloween. In fact,stocks typically go up&nbsp;in October.</p><p><blockquote>但万圣节前夕，市场并不总是一个可怕的地方。事实上，股市通常会在十月份上涨。</blockquote></p><p> According to data from Ryan Detrick, chief market strategist at LPL Financial, October is just about in the middle of the pack: It has been the 7th best month for the S&amp;P 500 since 1950 and the 4th best over the past 10 and 20 years.</p><p><blockquote>根据LPL Financial首席市场策略师Ryan Detrick的数据，10月份几乎处于中间位置：它是标普500自1950年以来第7个最佳月份，也是过去10年和20年中第4个最佳月份。</blockquote></p><p> \"October is known for some spectacular crashes and many expect bad things to happen again this year,\" Detrick said in a report last week. \"But the truth is this month is simply misunderstood, as historically it is about an average month.\"</p><p><blockquote>德特里克在上周的一份报告中表示：“十月份因一些壮观的车祸而闻名，许多人预计今年会再次发生糟糕的事情。”“但事实是这个月只是被误解了，因为从历史上看，它大约是一个普通的月份。”</blockquote></p><p> And it could be better than average this October, because there are no potentially game-changing election results coming in November.</p><p><blockquote>今年10月的情况可能会好于平均水平，因为11月没有可能改变游戏规则的选举结果。</blockquote></p><p> Since 1999, the S&amp;P 500 has gained 3.6% in odd-year Octobers and fallen 1.1% in even-numbered ones, corresponding to the US election schedule.</p><p><blockquote>自1999年以来，标普500在奇数年10月上涨3.6%，在偶数年10月下跌1.1%，与美国大选时间表相对应。</blockquote></p><p> \"It turns out stocks don't like politics much,\" Detrick said.</p><p><blockquote>“事实证明，股票不太喜欢政治，”德特里克说。</blockquote></p><p> <b>Many risks remain but outlook still promising for stocks</b></p><p><blockquote><b>许多风险依然存在，但股市前景仍然乐观</b></blockquote></p><p> Of course DC headlines could still roil the market this year, albeit not because of an election.</p><p><blockquote>当然，今年DC的头条新闻仍可能扰乱市场，尽管不是因为选举。</blockquote></p><p> The debt ceiling debate has yet to be resolved, and Congress still hasn't passed President Joe Biden's infrastructure and social spending plans. Meanwhile Biden also must soon decide whether he wants to nominate Jerome Powell for a second term as Fed chairman or pick someone else.</p><p><blockquote>债务上限争论尚未解决，国会仍未通过总统乔·拜登的基础设施和社会支出计划。与此同时，拜登还必须很快决定是提名杰罗姆·鲍威尔连任美联储主席，还是选择其他人。</blockquote></p><p> \"The fourth quarter — like the conclusion of sporting events or Broadway plays — is where the drama lies,\" Louis Navellier, chairman of Navellier &amp; Associates, said in a report last week.</p><p><blockquote>Navellier&amp;Associates董事长路易斯·纳维利尔(Louis Navellier)在上周的一份报告中表示：“第四季度——就像体育赛事或百老汇戏剧的结局一样——是戏剧所在。”</blockquote></p><p> That said, Navellier is hopeful the usual seasonal tailwinds for the markets and the broader economy will lift stocks this year.</p><p><blockquote>尽管如此，纳维利尔希望市场和整体经济通常的季节性顺风能够提振今年的股市。</blockquote></p><p> Stocks tend to enjoy not just solid gains in October, but also for the remainder of the fourth quarter. Consumer spending surges during the holiday shopping season and businesses often look to boost investments before annual budgets run out.</p><p><blockquote>股市往往不仅在10月份强劲上涨，而且在第四季度剩余时间也是如此。消费者支出在假日购物季激增，企业通常希望在年度预算用完之前增加投资。</blockquote></p><p> With that in mind, some strategists think that investors will continue to focus on the positive when looking ahead to earnings for Q4 and 2022.</p><p><blockquote>考虑到这一点，一些策略师认为，在展望第四季度和2022年的收益时，投资者将继续关注积极的一面。</blockquote></p><p> Yes, worries remain about Covid-19, Fed policy, inflation, global shipping delays and numerous other economic warning signs.</p><p><blockquote>是的，对新冠肺炎、美联储政策、通货膨胀、全球航运延误和许多其他经济警告信号的担忧仍然存在。</blockquote></p><p> But although this could create more volatility than usual in October and the rest of the fourth quarter, few expect that these challenges will lead to another recession. So the path of least resistance for stocks is still upward.</p><p><blockquote>不过，尽管这可能会在10月份和第四季度剩余时间造成比往常更大的波动，但很少有人预计这些挑战会导致另一场衰退。所以股票阻力最小的路径仍然是向上。</blockquote></p><p> \"Virtually all of these problems are showing tangible signs toward resolution,\" Robert Teeter, managing director at Silvercrest Asset Management, said in a report Monday, \"and should not inflict any long-term damage to stock valuations.\"</p><p><blockquote>Silvercrest Asset Management董事总经理罗伯特·蒂特(Robert Teeter)在周一的一份报告中表示：“几乎所有这些问题都显示出解决的切实迹象，并且不会对股票估值造成任何长期损害。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/10/05/investing/october-stocks/index.html\">CNN Business</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":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://edition.cnn.com/2021/10/05/investing/october-stocks/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103782575","content_text":"New York (CNN Business) - October has often been a spooky month on Wall Street. Stocks famously crashed in October 1929, 1987 and, most recently, 2008.\nBut the marketisn't always a terrifying place to be just before Halloween. In fact,stocks typically go up in October.\nAccording to data from Ryan Detrick, chief market strategist at LPL Financial, October is just about in the middle of the pack: It has been the 7th best month for the S&P 500 since 1950 and the 4th best over the past 10 and 20 years.\n\"October is known for some spectacular crashes and many expect bad things to happen again this year,\" Detrick said in a report last week. \"But the truth is this month is simply misunderstood, as historically it is about an average month.\"\nAnd it could be better than average this October, because there are no potentially game-changing election results coming in November.\nSince 1999, the S&P 500 has gained 3.6% in odd-year Octobers and fallen 1.1% in even-numbered ones, corresponding to the US election schedule.\n\"It turns out stocks don't like politics much,\" Detrick said.\nMany risks remain but outlook still promising for stocks\nOf course DC headlines could still roil the market this year, albeit not because of an election.\nThe debt ceiling debate has yet to be resolved, and Congress still hasn't passed President Joe Biden's infrastructure and social spending plans. Meanwhile Biden also must soon decide whether he wants to nominate Jerome Powell for a second term as Fed chairman or pick someone else.\n\"The fourth quarter — like the conclusion of sporting events or Broadway plays — is where the drama lies,\" Louis Navellier, chairman of Navellier & Associates, said in a report last week.\nThat said, Navellier is hopeful the usual seasonal tailwinds for the markets and the broader economy will lift stocks this year.\nStocks tend to enjoy not just solid gains in October, but also for the remainder of the fourth quarter. Consumer spending surges during the holiday shopping season and businesses often look to boost investments before annual budgets run out.\nWith that in mind, some strategists think that investors will continue to focus on the positive when looking ahead to earnings for Q4 and 2022.\nYes, worries remain about Covid-19, Fed policy, inflation, global shipping delays and numerous other economic warning signs.\nBut although this could create more volatility than usual in October and the rest of the fourth quarter, few expect that these challenges will lead to another recession. So the path of least resistance for stocks is still upward.\n\"Virtually all of these problems are showing tangible signs toward resolution,\" Robert Teeter, managing director at Silvercrest Asset Management, said in a report Monday, \"and should not inflict any long-term damage to stock valuations.\"","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2042,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":817526543,"gmtCreate":1630976449182,"gmtModify":1631888713781,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/817526543","repostId":"1156246581","repostType":4,"isVote":1,"tweetType":1,"viewCount":600,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":834998589,"gmtCreate":1629765429141,"gmtModify":1631893632882,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/834998589","repostId":"2161777891","repostType":4,"isVote":1,"tweetType":1,"viewCount":452,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807573519,"gmtCreate":1628046492731,"gmtModify":1633754065776,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/807573519","repostId":"2156312793","repostType":4,"isVote":1,"tweetType":1,"viewCount":470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808362049,"gmtCreate":1627558364481,"gmtModify":1633763827662,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/808362049","repostId":"2155990524","repostType":4,"isVote":1,"tweetType":1,"viewCount":767,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":863837360,"gmtCreate":1632372358050,"gmtModify":1632800833619,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/863837360","repostId":"2169650271","repostType":4,"isVote":1,"tweetType":1,"viewCount":704,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":887229721,"gmtCreate":1632049767863,"gmtModify":1632803130684,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Okie","listText":"Okie","text":"Okie","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/887229721","repostId":"1198486138","repostType":4,"isVote":1,"tweetType":1,"viewCount":603,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":889284827,"gmtCreate":1631151298169,"gmtModify":1631888713759,"author":{"id":"4090224668853230","authorId":"4090224668853230","name":"Laulau","avatar":"https://static.tigerbbs.com/c71a1a61f1c30d965eb400d29b5e0faa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090224668853230","authorIdStr":"4090224668853230"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/889284827","repostId":"2166392072","repostType":4,"isVote":1,"tweetType":1,"viewCount":451,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}