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2021-12-10

Ok

TSMC’s November sales were 148.27 billion Taiwan dollars, an increase of 18.7% year-on-year.<blockquote>台积电11月销售额1482.7亿台币，同比增长18.7%。</blockquote>

2021-12-06

Ok

The Housing Boom Could Last for a Decade. Buy These Stocks.<blockquote>房地产繁荣可能会持续十年。买这些股票。</blockquote>

2021-11-10

Great

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2021-11-10

Ok

抱歉，原内容已删除

2021-10-23

$BioNTech SE(BNTX)$...

2021-10-19

Great news

Alibaba rose nearly 2% in premarket trading as it unveils one of China’s most advanced chips<blockquote>阿里巴巴-SW盘前涨近2%，推出国内最先进芯片之一</blockquote>

2021-10-11

$Alibaba(BABA)$finally. Up and up

2021-10-01

👍

European stock markets tumble amid fears of slowing economic growth<blockquote>欧洲股市因担心经济增长放缓而暴跌</blockquote>

2021-09-24

$Alibaba(BABA)$[流泪] [流泪]

2021-09-24

$SEA LTD(SE)$up up

2021-09-23

Good news

Fed signals possibility of 6 to 7 rate hikes through 2024 as taper talks advance<blockquote>随着缩减谈判的推进，美联储暗示到2024年可能加息6至7次</blockquote>

2021-09-18

True

抱歉，原内容已删除

2021-09-09

Time to go in

Sea Aims to Raise $6.3 Billion in 2021’s Biggest Equity Deal<blockquote>Sea计划在2021年最大的股权交易中筹集63亿美元</blockquote>

2021-09-07

Sea price keep going up.

Sea reached record high in pre-market trading<blockquote>Sea在盘前交易中创下历史新高</blockquote>

2021-09-05

Like

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>

2021-09-05

Ok

抱歉，原内容已删除

2021-09-04

True

2 Good Reasons the Stock Market Isn’t Ready to Blow Up Yet<blockquote>股市尚未准备好爆炸的2个充分理由</blockquote>

2021-09-03

Ok

Why Moderna Trounced the Market on Thursday<blockquote>为什么Moderna周四跑赢市场</blockquote>

2021-08-31

Great

Positive Top-Line Results From Pfizer’S Phase 3 Jade Dare Trial Comparing The Efficacy Of Abrocitinib And Dupilumab For Moderate To Severe Atopic Dermatitis<blockquote>辉瑞比较Abrocitinib和Dupilumab治疗中度至重度特应性皮炎疗效的3期Jade Dare试验的积极顶线结果</blockquote>

2021-08-25

Ok

抱歉，原内容已删除

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stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1639114634,"share":"https://www.laohu8.com/m/news/1101551798?lang=zh_CN&edition=full","pubTime":"2021-12-10 13:37","market":"us","language":"en","title":"TSMC’s November sales were 148.27 billion Taiwan dollars, an increase of 18.7% year-on-year.<blockquote>台积电11月销售额1482.7亿台币，同比增长18.7%。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101551798","media":"Tiger Newspress","summary":"TSMC (TWSE: 2330, NYSE: TSM) today announced its net revenue for November 2021: On a consolidated ba","content":"<p>TSMC (TWSE: 2330, NYSE: TSM) today announced its net revenue for November 2021: On a consolidated basis, revenue for November 2021 was approximately NT$148.27 billion, an increase of 10.2 percent from October 2021 and an increase of 18.7 percent from November 2020. Revenue for January through November 2021 totaled NT$1,432.03 billion, an increase of 17.2 percent compared to the same period in 2020.</p><p><blockquote>台积电（TWSE：2330，NYSE：TSM）今天公布了2021年11月的净收入：在合并基础上，2021年11月的收入约为新台币1482.7亿元，比2021年10月增长10.2%，比2020年11月增长18.7%。2021年1-11月营收总额为新台币14,320.3亿元，较2020年同期增长17.2%。</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>TSMC’s November sales were 148.27 billion Taiwan dollars, an increase of 18.7% year-on-year.<blockquote>台积电11月销售额1482.7亿台币，同比增长18.7%。</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\">\nTSMC’s November sales were 148.27 billion Taiwan dollars, an increase of 18.7% year-on-year.<blockquote>台积电11月销售额1482.7亿台币，同比增长18.7%。</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\">2021-12-10 13:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>TSMC (TWSE: 2330, NYSE: TSM) today announced its net revenue for November 2021: On a consolidated basis, revenue for November 2021 was approximately NT$148.27 billion, an increase of 10.2 percent from October 2021 and an increase of 18.7 percent from November 2020. Revenue for January through November 2021 totaled NT$1,432.03 billion, an increase of 17.2 percent compared to the same period in 2020.</p><p><blockquote>台积电（TWSE：2330，NYSE：TSM）今天公布了2021年11月的净收入：在合并基础上，2021年11月的收入约为新台币1482.7亿元，比2021年10月增长10.2%，比2020年11月增长18.7%。2021年1-11月营收总额为新台币14,320.3亿元，较2020年同期增长17.2%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSM":"台积电"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101551798","content_text":"TSMC (TWSE: 2330, NYSE: TSM) today announced its net revenue for November 2021: On a consolidated basis, revenue for November 2021 was approximately NT$148.27 billion, an increase of 10.2 percent from October 2021 and an increase of 18.7 percent from November 2020. Revenue for January through November 2021 totaled NT$1,432.03 billion, an increase of 17.2 percent compared to the same period in 2020.","news_type":1,"symbols_score_info":{"TSM":0.9}},"isVote":1,"tweetType":1,"viewCount":1895,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":608545987,"gmtCreate":1638766215967,"gmtModify":1638766216030,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091975549439940","idStr":"4091975549439940"},"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/608545987","repostId":"1155963993","repostType":2,"repost":{"id":"1155963993","kind":"news","pubTimestamp":1638756867,"share":"https://www.laohu8.com/m/news/1155963993?lang=zh_CN&edition=full","pubTime":"2021-12-06 10:14","market":"us","language":"en","title":"The Housing Boom Could Last for a Decade. Buy These Stocks.<blockquote>房地产繁荣可能会持续十年。买这些股票。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155963993","media":"Barron's","summary":"Housing is booming. Just take a look at Century Communities ’ development in Tumwater, Wash., where ","content":"<p> Housing is booming. Just take a look at Century Communities ’ development in Tumwater, Wash., where more than 140 homes, at prices as high as $500,000, have been sold this year. Tumwater is viewed as a suburb of Seattle—even at 60 miles away. It’s a scene that has been repeated over the past two years in markets all across the country.</p><p><blockquote>房地产正在蓬勃发展。看看Century Communities在华盛顿州Tumwater的开发项目就知道了。今年已有140多套住宅以高达50万美元的价格售出。Tumwater被视为西雅图的一个郊区——即使在60英里之外。这一幕在过去两年里在全国各地的市场上重演。</blockquote></p><p> Are we nearing a peak?</p><p><blockquote>我们正在接近顶峰吗？</blockquote></p><p> No, say the housing bulls on Wall Street, who argue that this is an upturn that could last for a decade. Millions of millennials are now at a point in their lives when they are seeking single-family homes in the suburbs and exurbs. They are entering a market still chastened by an unprecedented collapse in housing more than a decade ago.</p><p><blockquote>不，华尔街的房地产多头说，他们认为这是一个可能持续十年的好转。数百万千禧一代现在正处于人生的某个阶段，他们正在郊区和远郊寻找独栋住宅。他们进入的市场仍然受到十多年前前所未有的房地产崩溃的考验。</blockquote></p><p> “This market is primarily driven by a lack of supply, not excess demand,” says Stephen Kim, a housing analyst at Evercore ISI. “The supply shortage built up over 10 years, and it won’t go away quickly.”</p><p><blockquote>Evercore ISI住房分析师Stephen Kim表示：“这个市场主要是由供应不足而不是需求过剩推动的。”“供应短缺已经持续了10年，而且不会很快消失。”</blockquote></p><p> The numbers support Kim’s assertion. Inventories of existing homes remain near historically low levels. Construction starts on new single-family housing, meanwhile, will finally top one million this year after averaging fewer than 750,000 in the previous 10 years. That would still be below the 1.6 million annual starts from 2004 to 2006, the peak years of the housing bubble.</p><p><blockquote>这些数字支持了金的说法。现房库存仍接近历史低位。与此同时，新单户住宅的开工量在过去10年平均不到75万套之后，今年最终将突破100万套。这仍低于2004年至2006年（房地产泡沫的高峰期）每年160万套房屋的开工量。</blockquote></p><p> “The industry would need to sustain a two-million-starts pace for a decade to bring the industry out of its current underbuilt situation,” Kim argues.</p><p><blockquote>金认为：“该行业需要在十年内保持200万的开工速度，才能使该行业摆脱目前建设不足的局面。”</blockquote></p><p> The large home builders— D.R. Horton(ticker: DHI), Lennar(LEN), PulteGroup(PHM), and Toll Brothers(TOL)—are well positioned to benefit from the demographic trends. Their stocks trade for an average of just seven times projected 2022 earnings, among the lowest multiples in the stock market.</p><p><blockquote>大型房屋建筑商。Horton（股票代码：DHI）、Lennar（LEN）、PulteGroup（PHM）和Toll Brothers（TOL）——处于有利地位，可以从人口趋势中受益。他们的股票平均交易价格仅为2022年预计市盈率的七倍，是股市中最低的市盈率之一。</blockquote></p><p> Small-cap builders Century Communities(CCS) and Meritage Homes(MTH) are even cheaper, fetching about five times forward earnings. The S&amp;P 500 indextrades at more than 20 times estimated 2022 profits.</p><p><blockquote>小型建筑商Century Communities(CCS)和Meritage Homes(MTH)的价格甚至更便宜，预期市盈率约为五倍。标普500指数的交易价格是2022年预期利润的20多倍。</blockquote></p><p> “The industry is completely different than it used to be,” says Bill Smead, a manager of the Smead Value fund, which holds D.R. Horton and Lennar. “It’s going from being fragmented to being aggregated in a relatively small number of publicly traded hands, and there is a secular growth story due to demographics that mutes a lot of the normal cyclicality.”</p><p><blockquote>“这个行业与以前完全不同，”持有D.R.的Smead Value基金经理Bill Smead表示。霍顿和伦纳。“它正在从分散到聚集在相对较少的公开交易手中，而且由于人口统计数据抑制了很多正常的周期性，因此存在长期增长的故事。”</blockquote></p><p> Nineteen publicly traded builders now command more than 30% of the new-home market, against 21% a decade ago. The builders have strong balance sheets and less land inventory, and are poised to ramp up capital returns to investors in the coming years. Dividends, now averaging just 1% across the industry, should rise along with share repurchases.</p><p><blockquote>目前，19家上市建筑商占据了新房市场30%以上的份额，而十年前这一比例为21%。建筑商拥有强劲的资产负债表和较少的土地库存，并准备在未来几年提高投资者的资本回报。目前整个行业的股息平均仅为1%，应该会随着股票回购而上升。</blockquote></p><p> In the past, home builders plowed profits into land purchases to enable future construction. That kept a lid on valuations, as investors worried that land-heavy balance sheets would become liabilities in a downturn.</p><p><blockquote>过去，房屋建筑商将利润投入土地购买，以支持未来的建设。这限制了估值，因为投资者担心大量土地的资产负债表在经济低迷时期会变成负债。</blockquote></p><p> Home builders are now reaching deals with land developers that give them the option to purchase home-building lots rather than buying and holding land. At Horton, the percentage of owned lots has fallen to 24% from 43% since 2018.</p><p><blockquote>房屋建筑商现在正在与土地开发商达成协议，让他们可以选择购买房屋建筑用地，而不是购买和持有土地。在霍顿，自2018年以来，自有地块的比例已从43%降至24%。</blockquote></p><p> “It’s not like the top of the last cycle, when home builders owned a ton of lots purchased with borrowed money,” Smead says. The companies, he says, have gone from being “land developers” to “home manufacturers”—increasing returns and lowering risk. Pulte has scarcely any net debt, and Horton has little net debt at its core home-building business.</p><p><blockquote>“这不像上一个周期的顶部，当时房屋建筑商拥有大量用借来的钱购买的地块，”斯米德说。他说，这些公司已经从“土地开发商”变成了“房屋制造商”——增加了回报，降低了风险。普尔特几乎没有任何净债务，霍顿的核心住宅建筑业务也几乎没有净债务。</blockquote></p><p> J.P. Morgan analyst Michael Rehaut has estimated that the average net debt-to-capital ratio on home builders’ balance sheets will fall to a negative 4% by the end of 2023 from 15% today.</p><p><blockquote>摩根大通分析师Michael Rehaut估计，到2023年底，房屋建筑商资产负债表上的平均净债务与资本比率将从目前的15%降至负4%。</blockquote></p><p> He sees the companies as capable of buying back 20% of their shares in the next two years. The repurchases have already ramped up. Pulte bought back 4% of its stock in the first nine months of 2021, and D.R. Horton repurchased 2% in its just-completed fiscal year.</p><p><blockquote>他认为这些公司有能力在未来两年内回购20%的股份。回购已经加大。Pulte在2021年前9个月回购了4%的股票，D.R.霍顿在刚刚结束的财年回购了2%的股份。</blockquote></p><p> Barron’s has written favorably on home builders this year, including articles on Toll in January and Lennar in June.</p><p><blockquote>《巴伦周刊》今年对房屋建筑商发表了好评，包括1月份关于Toll和6月份关于Lennar的文章。</blockquote></p><p> Most public builders focus on entry-level and move-up buyers on the outskirts of major cities with average selling prices around $400,000. Toll, however, focuses on the high end and has an average selling price of close to $900,000.</p><p><blockquote>大多数公共建筑商专注于大城市郊区的入门级和升级型买家，平均售价在40万美元左右。然而，Toll专注于高端，平均售价接近90万美元。</blockquote></p><p> Smead sees annual earnings growth of 10% to 15% on average for the home builders over the next decade, although the gains could be lumpy.</p><p><blockquote>Smead预计，未来十年，房屋建筑商的平均年收入将增长10%至15%，尽管增长可能会不稳定。</blockquote></p><p> Evercore’s Kim says that 2022 Street earnings estimates are too low, arguing that current earnings reflect homes ordered several quarters ago, when prices were lower and the cost of lumber, a major input, much higher.</p><p><blockquote>Evercore的Kim表示，2022年街头盈利预期太低，他认为当前盈利反映了几个季度前订购的房屋，当时价格较低，而木材（一种主要投入）的成本要高得多。</blockquote></p><p> “The supply-chain disruptions have pushed some of the upside into next year,” he says.</p><p><blockquote>“供应链中断将一些上涨空间推到了明年，”他说。</blockquote></p><p></p><p> The stocks aren’t trading as cheaply based on price-to-book ratios, a popular valuation measure for home builders. The group now averages about 1.4 times projected 2022 year-end book value. Bulls argue that earnings are more durable than in the past and that the stocks should trade based on earnings and not book value.</p><p><blockquote>根据市净率（房屋建筑商流行的估值指标），这些股票的交易价格并不便宜。该集团目前平均约为预计2022年底账面价值的1.4倍。看多者认为，收益比过去更持久，股票应该根据收益而不是账面价值进行交易。</blockquote></p><p> Smead’s view is that the persistently low valuations reflect the searing investor memories of the 2004-07 housing bubble and subsequent crash, when stocks like Toll and D.R. Horton fell as much as 85%.</p><p><blockquote>Smead认为，持续的低估值反映了投资者对2004-07年房地产泡沫和随后崩盘的灼热记忆，当时Toll和D.R.等股票。霍顿跌幅高达85%。</blockquote></p><p> “If you compare this with the 2007-to-2009 period, you have two large demographic groups—millennials and baby boomers—looking for housing and not finding a lot of supply out there,” says Jay McCanless, the housing analyst at Wedbush Securities.</p><p><blockquote>韦德布什证券(Wedbush Securities)住房分析师杰伊·麦坎利斯(Jay McCanless)表示：“如果你将此与2007年至2009年期间进行比较，你会发现有两大人口群体——千禧一代和婴儿潮一代——正在寻找住房，但却没有找到大量供应。”。</blockquote></p><p> The work-from-home trend is another favorable trend, as Americans move out of apartments and into single-family homes, while homeowners seek larger houses with home offices and other amenities.</p><p><blockquote>在家工作的趋势是另一个有利的趋势，因为美国人搬出公寓，搬进独栋住宅，而房主则寻求带有家庭办公室和其他便利设施的更大房子。</blockquote></p><p> The bear case for housing is that slowing population growth will limit demand, according to Zelman &amp; Associates, the firm headed by the influential housing analyst Ivy Zelman.</p><p><blockquote>由颇具影响力的房地产分析师艾薇·泽尔曼(Ivy Zelman)领导的泽尔曼联合公司(Zelman&amp;Associates)表示，房地产市场的悲观理由是人口增长放缓将限制需求。</blockquote></p><p> The firm projects that the U.S. population will grow at just 4% in the current decade, down from 7.4% in 2010-20, which was the second-slowest percentage gain in history. “Population growth—the crucial underpinning of incremental housing demand—is on a troubling trajectory,” the firm wrote in a report this summer. “The current pace of production already surpasses demographically supported normalized demand.”</p><p><blockquote>该公司预计，美国人口在当前十年将仅增长4%，低于2010-20年的7.4%，这是历史上第二慢的百分比增长。该公司在今年夏天的一份报告中写道：“人口增长——住房需求增量的关键基础——正处于令人不安的轨道上。”“目前的生产速度已经超过了人口支持的正常化需求。”</blockquote></p><p> More near term, there is concern that the critical spring selling season next year may not be as robust as 2021’s, particularly if ultralow 30-year mortgage rates, now just over 3%, rise toward 4%. The rally in housing prices may have already stalled. The S&amp;P CoreLogic Case-Shiller U.S. National Home Price NSA Index showed a 19.5% annual gain in September, down from 19.8% in August.</p><p><blockquote>从近期来看，人们担心明年关键的春季销售季节可能不会像2021年那样强劲，特别是如果目前略高于3%的超低30年期抵押贷款利率升至4%。房价的涨势可能已经停滞。S&amp;P CoreLogic Case-Shiller美国全国房价NSA指数显示，9月份年增长率为19.5%，低于8月份的19.8%。</blockquote></p><p> Industry executives say they aren’t worried. “I think it’s pretty clear that the market is not as white hot right now as it was in the spring, but we’re still seeing very strong demand,” said Michael Murray, co-chief operating officer at D.R. Horton, on an earnings conference call in November.</p><p><blockquote>行业高管表示他们并不担心。D.R.联席首席运营官迈克尔·默里(Michael Murray)表示：“我认为很明显，现在的市场并不像春季那样白热化，但我们仍然看到非常强劲的需求。”霍顿在11月份的收益电话会议上。</blockquote></p><p> Dale and Robert Francescon, the co-CEOs of Century Communities, tell Barron’s, “With interest rates still at historic lows, demand has been consistently strong throughout our national footprint of more than 40 markets.”</p><p><blockquote>Century Communities联合首席执行官Dale和Robert Francescon告诉《巴伦周刊》，“由于利率仍处于历史低位，我们全国40多个市场的需求一直强劲。”</blockquote></p><p> And a bit of a cool-off may not be such a bad thing for the red-hot housing market, says Larry Pitkowsky, manager of the GoodHaven fund, which owns Lennar shares. “A more normalized pace of demand might be better, as Lennar and its brethren are striving to balance very strong demand with higher raw materials and tight labor markets, and a sensible desire to protect margins,” he says.</p><p><blockquote>持有Lennar股票的GoodHaven基金经理拉里·皮特科斯基(Larry Pitkowsky)表示，对于火热的房地产市场来说，一点降温可能并不是一件坏事。他表示：“更正常的需求速度可能会更好，因为Lennar及其兄弟公司正在努力平衡非常强劲的需求与更高的原材料和紧张的劳动力市场，以及保护利润率的合理愿望。”</blockquote></p><p> <b>D.R. Horton</b></p><p><blockquote><b>D.R.霍顿</b></blockquote></p><p> The industry leader constructs roughly one in 10 new homes in the country—over 80,000 in its latest fiscal year. It has the industry’s largest market value at $37 billion and one of the highest returns on equity at 31%. Entry-level homes account for about half of its business.</p><p><blockquote>这家行业领导者在该国建造了大约十分之一的新房——在最近一个财年超过80,000套。它拥有业内最大的市值，为370亿美元，股本回报率最高的公司之一，为31%。入门级住宅约占其业务的一半。</blockquote></p><p> “Horton has done a superb job bringing down debt levels while at the same time growing the business and positioning itself for the future,” says Wedbush’s McCanless. Horton now controls over 500,000 lots—enough for more than five years of building at 2022’s expected pace.</p><p><blockquote>韦德布什的麦肯莱斯表示：“霍顿在降低债务水平方面做得非常出色，同时发展了业务并为未来做好了定位。”霍顿现在控制着超过50万块土地，足以按照2022年的预期速度进行五年多的建设。</blockquote></p><p> Its shares, at a recent $103, trade for about seven times the current earnings consensus of $14.22 a share for the company’s fiscal year ending in September. The shares yield 1%.</p><p><blockquote>其股价最近为103美元，约为该公司截至9月份的财年每股收益预期14.22美元的七倍。股票收益率为1%。</blockquote></p><p> Kim of Evercore ISI sees earnings of about $18 a share, arguing that Horton’s gross margins, now about 27%, can hit 30%. He has an Outperform rating and a price target of $163.</p><p><blockquote>Evercore ISI的Kim预计每股收益约为18美元，他认为Horton的毛利率目前约为27%，可以达到30%。他的评级为跑赢大盘，目标价为163美元。</blockquote></p><p> <b>Lennar</b></p><p><blockquote><b>伦纳尔</b></blockquote></p><p> The No. 2 home builder in terms of market value has done the best job among its peers of developing related businesses. These include multifamily and single-family rental housing ventures and investments like a stake in Opendoor Technologies(OPEN), the online home buyer.</p><p><blockquote>这家市值排名第二的房屋建筑商在发展相关业务方面在同行中做得最好。其中包括多户和单户租赁住房企业以及在线购房者Opendoor Technologies(OPEN)的股份等投资。</blockquote></p><p> Lennar plans to spin off a group of noncore businesses, although it hasn’t yet provided details. Shares, at about $113, trade for 7.7 times projected 2022 earnings of almost $15 a share.</p><p><blockquote>Lennar计划剥离一组非核心业务，但尚未提供细节。股价约为113美元，是2022年预计每股收益近15美元的7.7倍。</blockquote></p><p> Chairman Stuart Miller says that “the best of times” for home builders still have a way to go. “Since new-home construction cannot ramp quickly enough to fill the void of the production deficit that persisted over the past decade, short supply is likely to remain for some time to come,” he said on the company’s latest earnings conference call.</p><p><blockquote>董事长斯图尔特·米勒表示，房屋建筑商的“最佳时期”还有很长的路要走。他在该公司最新的财报电话会议上表示：“由于新房建设无法以足够快的速度增长来填补过去十年持续存在的生产赤字，因此供应短缺可能会在未来一段时间内持续存在。”</blockquote></p><p> Investors can invest alongside Miller in the company’s supervoting B shares, which trade at $92, a big discount to the more-liquid Class A shares.</p><p><blockquote>投资者可以与米勒一起投资该公司具有超级投票权的B股，该股的交易价格为92美元，比流动性更强的A类股有很大折扣。</blockquote></p><p> GoodHaven’s Pitkowsky also favors the B shares, and they are probably the best way for retail investors to play Lennar, given the possibility that the share classes combine.</p><p><blockquote>GoodHaven的Pitkowsky也青睐B股，考虑到股票类别合并的可能性，它们可能是散户投资者玩Lennar的最佳方式。</blockquote></p><p></p><p> <b>Toll Brothers</b></p><p><blockquote><b>托尔兄弟</b></blockquote></p><p> With its luxury focus, Toll is the most differentiated of the major home builders, and its competitive position is probably the strongest, since it competes primarily with smaller private builders.</p><p><blockquote>凭借其对奢侈品的关注，Toll是主要住宅建筑商中最具差异化的，其竞争地位可能是最强的，因为它主要与规模较小的私人建筑商竞争。</blockquote></p><p> Toll shares, at about $68, trade for 7.6 times projected earnings of $9 a share in the company’s fiscal year ending in October 2022.</p><p><blockquote>Toll股价约为68美元，是该公司截至2022年10月的财年预计每股收益9美元的7.6倍。</blockquote></p><p> “The higher end of the market has seen the biggest reversal of fortune—in a good way,” says Kim, noting weakness before the pandemic. Toll is benefiting from a larger prepandemic land position than peers. He has an Outperform rating and a price target of $86.</p><p><blockquote>金表示：“高端市场的命运发生了最大的逆转——以一种好的方式。”他指出了大流行之前的疲软。与同行相比，Toll受益于大流行前更大的土地地位。他的评级为跑赢大盘，目标价为86美元。</blockquote></p><p> Higher-income white-collar workers—Toll’s core customer base—tend to have more work-from-home flexibility, and that is translating into strong demand, with the average buyer spending $160,000 on extras like home offices and multigenerational suites. And with longer construction periods than peers on its homes that can stretch a year or more, Toll’s earnings gains could play out deep into 2022.</p><p><blockquote>高收入白领——Toll的核心客户群——往往拥有更大的在家工作灵活性，这转化为强劲的需求，买家平均在家庭办公室和多代套房等额外设施上花费16万美元。由于其房屋建设周期比同行更长，可以持续一年或更长，Toll的盈利增长可能会持续到2022年。</blockquote></p><p> The company has developed what it calls “affordable luxury” homes in less expensive markets like South Carolina, with homes that sell on average for about $740,000 and make up about 40% of its business.</p><p><blockquote>该公司在南卡罗来纳州等较便宜的市场开发了其评级的“经济适用房”，这些房屋的平均售价约为74万美元，约占其业务的40%。</blockquote></p><p> <b>PulteGroup</b></p><p><blockquote><b>普尔特集团</b></blockquote></p><p> The No. 3 U.S. home builder caters mainly to first-time and move-up buyers. Through its Del Webb and DiVosta brands, it builds “active adult” communities catering to those near, and in, retirement.</p><p><blockquote>这家美国第三大住宅建筑商主要为首次购房者和搬家购房者提供服务。通过其Del Webb和DiVosta品牌，它建立了“活跃的成人”社区，为即将退休和即将退休的人提供服务。</blockquote></p><p> Its shares, at about $52, are among the cheapest of its large-cap peers at under six times projected 2022 earnings.</p><p><blockquote>其股价约为52美元，是大盘股中最便宜的之一，不到2022年预计市盈率的六倍。</blockquote></p><p> As more of a build-to-order company than D.R. Horton and Lennar, Pulte’s earnings have more upside potential, since its current closings reflect older orders. And sales prices on new orders were up 26% year over year in the third quarter, pointing to higher 2022 earnings.</p><p><blockquote>与其说是D.R.，不如说是一家按订单生产的公司。Horton和Lennar，Pulte的盈利有更大的上涨潜力，因为其目前的成交反映了旧订单。第三季度新订单销售价格同比增长26%，表明2022年盈利将更高。</blockquote></p><p> The company has one of the best balance sheets among its peers, with minimal net debt. J.P. Morgan’s Rehaut is bullish on the company, citing its financial strength and a return on equity of more than 25%. He has a price target of $71.</p><p><blockquote>该公司拥有同行中最好的资产负债表之一，净债务最少。摩根大通的Rehaut看好该公司，理由是其财务实力和超过25%的股本回报率。他的目标价为71美元。</blockquote></p><p> <b>Century Communities</b></p><p><blockquote><b>世纪社区</b></blockquote></p><p> Since going public seven years ago, the Colorado home builder has expanded to 17 states and become the country’s ninth-largest builder.</p><p><blockquote>自七年前上市以来，这家科罗拉多州房屋建筑商已扩展到17个州，成为美国第九大建筑商。</blockquote></p><p> The bulk of Century’s sales go to entry-level buyers. Its Century Complete brand offers low-price homes with no options—the average selling price is just $207,000—around smaller cities like Jacksonville, Fla., and Louisville, Ky.</p><p><blockquote>Century的大部分销售额都流向了入门级买家。其Century Complete品牌在佛罗里达州杰克逊维尔和肯塔基州路易斯维尔等较小的城市提供没有选择的低价房屋——平均售价仅为20.7万美元。</blockquote></p><p> “Century is leveraging its buying power to enter smaller markets where it can build homes to be competitive with the local resale market,” says Wedbush’s McCanless.</p><p><blockquote>Wedbush的McCanless表示：“Century正在利用其购买力进入较小的市场，在那里它可以建造房屋，以与当地转售市场竞争。”</blockquote></p><p> Shares, at about $72, trade for five times projected 2022 earnings of about $15 a share. McCanless has an Outperform rating and a $110 price target on the stock.</p><p><blockquote>股价约为72美元，是2022年预计每股收益约15美元的五倍。McCanless对该股给予跑赢大盘评级，目标价为110美元。</blockquote></p><p> <b>Meritage Homes</b></p><p><blockquote><b>Meritage Homes</b></blockquote></p><p> The high-growth Arizona-based builder is focused on the entry-level market in the Southeast and Southwest U.S., with an average selling price of about $400,000.</p><p><blockquote>这家总部位于亚利桑那州的高增长建筑商专注于美国东南部和西南部的入门级市场，平均售价约为40万美元。</blockquote></p><p> “We’re in the affordable part of the market,” Phillippe Lord, Meritage’s CEO, tells Barron’s. “Our part of the market will be more resilient” if interest rates rise, he says, adding that Meritage homes offer higher quality and better design than other entry-level rivals.</p><p><blockquote>Meritage首席执行官菲利普·洛德(Phillippe Lord)告诉《巴伦周刊》：“我们处于市场的平价部分。”他表示，如果利率上升，“我们的市场将更具弹性”，并补充说，Meritage homes比其他入门级竞争对手提供更高的质量和更好的设计。</blockquote></p><p> Meritage, whose shares trade for about $118, is expected to generate nearly 75% growth in earnings this year to $19 a share, and a 21% gain in 2022 to $23 a share. The stock trades for just five times projected 2022 earnings.</p><p><blockquote>Meritage的股价约为118美元，预计今年盈利将增长近75%，达到每股19美元，2022年将增长21%，达到每股23美元。该股的交易价格仅为2022年预计市盈率的五倍。</blockquote></p><p> After its third-quarter results, the company “executed extremely well,” despite materials shortages, Kim said. He has an Outperform rating and a price target of $190 a share.</p><p><blockquote>金说，在公布第三季度业绩后，尽管材料短缺，该公司“执行得非常好”。他的评级为跑赢大盘，目标价为每股190美元。</blockquote></p><p> U.S. home builders have never been in better shape. Even after a strong 2021, their stocks could be poised for many years of gains.</p><p><blockquote>美国房屋建筑商的状况从未如此之好。即使在2021年表现强劲之后，他们的股票也可能会连续多年上涨。</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Housing Boom Could Last for a Decade. Buy These Stocks.<blockquote>房地产繁荣可能会持续十年。买这些股票。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Housing Boom Could Last for a Decade. Buy These Stocks.<blockquote>房地产繁荣可能会持续十年。买这些股票。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-12-06 10:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p> Housing is booming. Just take a look at Century Communities ’ development in Tumwater, Wash., where more than 140 homes, at prices as high as $500,000, have been sold this year. Tumwater is viewed as a suburb of Seattle—even at 60 miles away. It’s a scene that has been repeated over the past two years in markets all across the country.</p><p><blockquote>房地产正在蓬勃发展。看看Century Communities在华盛顿州Tumwater的开发项目就知道了。今年已有140多套住宅以高达50万美元的价格售出。Tumwater被视为西雅图的一个郊区——即使在60英里之外。这一幕在过去两年里在全国各地的市场上重演。</blockquote></p><p> Are we nearing a peak?</p><p><blockquote>我们正在接近顶峰吗？</blockquote></p><p> No, say the housing bulls on Wall Street, who argue that this is an upturn that could last for a decade. Millions of millennials are now at a point in their lives when they are seeking single-family homes in the suburbs and exurbs. They are entering a market still chastened by an unprecedented collapse in housing more than a decade ago.</p><p><blockquote>不，华尔街的房地产多头说，他们认为这是一个可能持续十年的好转。数百万千禧一代现在正处于人生的某个阶段，他们正在郊区和远郊寻找独栋住宅。他们进入的市场仍然受到十多年前前所未有的房地产崩溃的考验。</blockquote></p><p> “This market is primarily driven by a lack of supply, not excess demand,” says Stephen Kim, a housing analyst at Evercore ISI. “The supply shortage built up over 10 years, and it won’t go away quickly.”</p><p><blockquote>Evercore ISI住房分析师Stephen Kim表示：“这个市场主要是由供应不足而不是需求过剩推动的。”“供应短缺已经持续了10年，而且不会很快消失。”</blockquote></p><p> The numbers support Kim’s assertion. Inventories of existing homes remain near historically low levels. Construction starts on new single-family housing, meanwhile, will finally top one million this year after averaging fewer than 750,000 in the previous 10 years. That would still be below the 1.6 million annual starts from 2004 to 2006, the peak years of the housing bubble.</p><p><blockquote>这些数字支持了金的说法。现房库存仍接近历史低位。与此同时，新单户住宅的开工量在过去10年平均不到75万套之后，今年最终将突破100万套。这仍低于2004年至2006年（房地产泡沫的高峰期）每年160万套房屋的开工量。</blockquote></p><p> “The industry would need to sustain a two-million-starts pace for a decade to bring the industry out of its current underbuilt situation,” Kim argues.</p><p><blockquote>金认为：“该行业需要在十年内保持200万的开工速度，才能使该行业摆脱目前建设不足的局面。”</blockquote></p><p> The large home builders— D.R. Horton(ticker: DHI), Lennar(LEN), PulteGroup(PHM), and Toll Brothers(TOL)—are well positioned to benefit from the demographic trends. Their stocks trade for an average of just seven times projected 2022 earnings, among the lowest multiples in the stock market.</p><p><blockquote>大型房屋建筑商。Horton（股票代码：DHI）、Lennar（LEN）、PulteGroup（PHM）和Toll Brothers（TOL）——处于有利地位，可以从人口趋势中受益。他们的股票平均交易价格仅为2022年预计市盈率的七倍，是股市中最低的市盈率之一。</blockquote></p><p> Small-cap builders Century Communities(CCS) and Meritage Homes(MTH) are even cheaper, fetching about five times forward earnings. The S&amp;P 500 indextrades at more than 20 times estimated 2022 profits.</p><p><blockquote>小型建筑商Century Communities(CCS)和Meritage Homes(MTH)的价格甚至更便宜，预期市盈率约为五倍。标普500指数的交易价格是2022年预期利润的20多倍。</blockquote></p><p> “The industry is completely different than it used to be,” says Bill Smead, a manager of the Smead Value fund, which holds D.R. Horton and Lennar. “It’s going from being fragmented to being aggregated in a relatively small number of publicly traded hands, and there is a secular growth story due to demographics that mutes a lot of the normal cyclicality.”</p><p><blockquote>“这个行业与以前完全不同，”持有D.R.的Smead Value基金经理Bill Smead表示。霍顿和伦纳。“它正在从分散到聚集在相对较少的公开交易手中，而且由于人口统计数据抑制了很多正常的周期性，因此存在长期增长的故事。”</blockquote></p><p> Nineteen publicly traded builders now command more than 30% of the new-home market, against 21% a decade ago. The builders have strong balance sheets and less land inventory, and are poised to ramp up capital returns to investors in the coming years. Dividends, now averaging just 1% across the industry, should rise along with share repurchases.</p><p><blockquote>目前，19家上市建筑商占据了新房市场30%以上的份额，而十年前这一比例为21%。建筑商拥有强劲的资产负债表和较少的土地库存，并准备在未来几年提高投资者的资本回报。目前整个行业的股息平均仅为1%，应该会随着股票回购而上升。</blockquote></p><p> In the past, home builders plowed profits into land purchases to enable future construction. That kept a lid on valuations, as investors worried that land-heavy balance sheets would become liabilities in a downturn.</p><p><blockquote>过去，房屋建筑商将利润投入土地购买，以支持未来的建设。这限制了估值，因为投资者担心大量土地的资产负债表在经济低迷时期会变成负债。</blockquote></p><p> Home builders are now reaching deals with land developers that give them the option to purchase home-building lots rather than buying and holding land. At Horton, the percentage of owned lots has fallen to 24% from 43% since 2018.</p><p><blockquote>房屋建筑商现在正在与土地开发商达成协议，让他们可以选择购买房屋建筑用地，而不是购买和持有土地。在霍顿，自2018年以来，自有地块的比例已从43%降至24%。</blockquote></p><p> “It’s not like the top of the last cycle, when home builders owned a ton of lots purchased with borrowed money,” Smead says. The companies, he says, have gone from being “land developers” to “home manufacturers”—increasing returns and lowering risk. Pulte has scarcely any net debt, and Horton has little net debt at its core home-building business.</p><p><blockquote>“这不像上一个周期的顶部，当时房屋建筑商拥有大量用借来的钱购买的地块，”斯米德说。他说，这些公司已经从“土地开发商”变成了“房屋制造商”——增加了回报，降低了风险。普尔特几乎没有任何净债务，霍顿的核心住宅建筑业务也几乎没有净债务。</blockquote></p><p> J.P. Morgan analyst Michael Rehaut has estimated that the average net debt-to-capital ratio on home builders’ balance sheets will fall to a negative 4% by the end of 2023 from 15% today.</p><p><blockquote>摩根大通分析师Michael Rehaut估计，到2023年底，房屋建筑商资产负债表上的平均净债务与资本比率将从目前的15%降至负4%。</blockquote></p><p> He sees the companies as capable of buying back 20% of their shares in the next two years. The repurchases have already ramped up. Pulte bought back 4% of its stock in the first nine months of 2021, and D.R. Horton repurchased 2% in its just-completed fiscal year.</p><p><blockquote>他认为这些公司有能力在未来两年内回购20%的股份。回购已经加大。Pulte在2021年前9个月回购了4%的股票，D.R.霍顿在刚刚结束的财年回购了2%的股份。</blockquote></p><p> Barron’s has written favorably on home builders this year, including articles on Toll in January and Lennar in June.</p><p><blockquote>《巴伦周刊》今年对房屋建筑商发表了好评，包括1月份关于Toll和6月份关于Lennar的文章。</blockquote></p><p> Most public builders focus on entry-level and move-up buyers on the outskirts of major cities with average selling prices around $400,000. Toll, however, focuses on the high end and has an average selling price of close to $900,000.</p><p><blockquote>大多数公共建筑商专注于大城市郊区的入门级和升级型买家，平均售价在40万美元左右。然而，Toll专注于高端，平均售价接近90万美元。</blockquote></p><p> Smead sees annual earnings growth of 10% to 15% on average for the home builders over the next decade, although the gains could be lumpy.</p><p><blockquote>Smead预计，未来十年，房屋建筑商的平均年收入将增长10%至15%，尽管增长可能会不稳定。</blockquote></p><p> Evercore’s Kim says that 2022 Street earnings estimates are too low, arguing that current earnings reflect homes ordered several quarters ago, when prices were lower and the cost of lumber, a major input, much higher.</p><p><blockquote>Evercore的Kim表示，2022年街头盈利预期太低，他认为当前盈利反映了几个季度前订购的房屋，当时价格较低，而木材（一种主要投入）的成本要高得多。</blockquote></p><p> “The supply-chain disruptions have pushed some of the upside into next year,” he says.</p><p><blockquote>“供应链中断将一些上涨空间推到了明年，”他说。</blockquote></p><p></p><p> The stocks aren’t trading as cheaply based on price-to-book ratios, a popular valuation measure for home builders. The group now averages about 1.4 times projected 2022 year-end book value. Bulls argue that earnings are more durable than in the past and that the stocks should trade based on earnings and not book value.</p><p><blockquote>根据市净率（房屋建筑商流行的估值指标），这些股票的交易价格并不便宜。该集团目前平均约为预计2022年底账面价值的1.4倍。看多者认为，收益比过去更持久，股票应该根据收益而不是账面价值进行交易。</blockquote></p><p> Smead’s view is that the persistently low valuations reflect the searing investor memories of the 2004-07 housing bubble and subsequent crash, when stocks like Toll and D.R. Horton fell as much as 85%.</p><p><blockquote>Smead认为，持续的低估值反映了投资者对2004-07年房地产泡沫和随后崩盘的灼热记忆，当时Toll和D.R.等股票。霍顿跌幅高达85%。</blockquote></p><p> “If you compare this with the 2007-to-2009 period, you have two large demographic groups—millennials and baby boomers—looking for housing and not finding a lot of supply out there,” says Jay McCanless, the housing analyst at Wedbush Securities.</p><p><blockquote>韦德布什证券(Wedbush Securities)住房分析师杰伊·麦坎利斯(Jay McCanless)表示：“如果你将此与2007年至2009年期间进行比较，你会发现有两大人口群体——千禧一代和婴儿潮一代——正在寻找住房，但却没有找到大量供应。”。</blockquote></p><p> The work-from-home trend is another favorable trend, as Americans move out of apartments and into single-family homes, while homeowners seek larger houses with home offices and other amenities.</p><p><blockquote>在家工作的趋势是另一个有利的趋势，因为美国人搬出公寓，搬进独栋住宅，而房主则寻求带有家庭办公室和其他便利设施的更大房子。</blockquote></p><p> The bear case for housing is that slowing population growth will limit demand, according to Zelman &amp; Associates, the firm headed by the influential housing analyst Ivy Zelman.</p><p><blockquote>由颇具影响力的房地产分析师艾薇·泽尔曼(Ivy Zelman)领导的泽尔曼联合公司(Zelman&amp;Associates)表示，房地产市场的悲观理由是人口增长放缓将限制需求。</blockquote></p><p> The firm projects that the U.S. population will grow at just 4% in the current decade, down from 7.4% in 2010-20, which was the second-slowest percentage gain in history. “Population growth—the crucial underpinning of incremental housing demand—is on a troubling trajectory,” the firm wrote in a report this summer. “The current pace of production already surpasses demographically supported normalized demand.”</p><p><blockquote>该公司预计，美国人口在当前十年将仅增长4%，低于2010-20年的7.4%，这是历史上第二慢的百分比增长。该公司在今年夏天的一份报告中写道：“人口增长——住房需求增量的关键基础——正处于令人不安的轨道上。”“目前的生产速度已经超过了人口支持的正常化需求。”</blockquote></p><p> More near term, there is concern that the critical spring selling season next year may not be as robust as 2021’s, particularly if ultralow 30-year mortgage rates, now just over 3%, rise toward 4%. The rally in housing prices may have already stalled. The S&amp;P CoreLogic Case-Shiller U.S. National Home Price NSA Index showed a 19.5% annual gain in September, down from 19.8% in August.</p><p><blockquote>从近期来看，人们担心明年关键的春季销售季节可能不会像2021年那样强劲，特别是如果目前略高于3%的超低30年期抵押贷款利率升至4%。房价的涨势可能已经停滞。S&amp;P CoreLogic Case-Shiller美国全国房价NSA指数显示，9月份年增长率为19.5%，低于8月份的19.8%。</blockquote></p><p> Industry executives say they aren’t worried. “I think it’s pretty clear that the market is not as white hot right now as it was in the spring, but we’re still seeing very strong demand,” said Michael Murray, co-chief operating officer at D.R. Horton, on an earnings conference call in November.</p><p><blockquote>行业高管表示他们并不担心。D.R.联席首席运营官迈克尔·默里(Michael Murray)表示：“我认为很明显，现在的市场并不像春季那样白热化，但我们仍然看到非常强劲的需求。”霍顿在11月份的收益电话会议上。</blockquote></p><p> Dale and Robert Francescon, the co-CEOs of Century Communities, tell Barron’s, “With interest rates still at historic lows, demand has been consistently strong throughout our national footprint of more than 40 markets.”</p><p><blockquote>Century Communities联合首席执行官Dale和Robert Francescon告诉《巴伦周刊》，“由于利率仍处于历史低位，我们全国40多个市场的需求一直强劲。”</blockquote></p><p> And a bit of a cool-off may not be such a bad thing for the red-hot housing market, says Larry Pitkowsky, manager of the GoodHaven fund, which owns Lennar shares. “A more normalized pace of demand might be better, as Lennar and its brethren are striving to balance very strong demand with higher raw materials and tight labor markets, and a sensible desire to protect margins,” he says.</p><p><blockquote>持有Lennar股票的GoodHaven基金经理拉里·皮特科斯基(Larry Pitkowsky)表示，对于火热的房地产市场来说，一点降温可能并不是一件坏事。他表示：“更正常的需求速度可能会更好，因为Lennar及其兄弟公司正在努力平衡非常强劲的需求与更高的原材料和紧张的劳动力市场，以及保护利润率的合理愿望。”</blockquote></p><p> <b>D.R. Horton</b></p><p><blockquote><b>D.R.霍顿</b></blockquote></p><p> The industry leader constructs roughly one in 10 new homes in the country—over 80,000 in its latest fiscal year. It has the industry’s largest market value at $37 billion and one of the highest returns on equity at 31%. Entry-level homes account for about half of its business.</p><p><blockquote>这家行业领导者在该国建造了大约十分之一的新房——在最近一个财年超过80,000套。它拥有业内最大的市值，为370亿美元，股本回报率最高的公司之一，为31%。入门级住宅约占其业务的一半。</blockquote></p><p> “Horton has done a superb job bringing down debt levels while at the same time growing the business and positioning itself for the future,” says Wedbush’s McCanless. Horton now controls over 500,000 lots—enough for more than five years of building at 2022’s expected pace.</p><p><blockquote>韦德布什的麦肯莱斯表示：“霍顿在降低债务水平方面做得非常出色，同时发展了业务并为未来做好了定位。”霍顿现在控制着超过50万块土地，足以按照2022年的预期速度进行五年多的建设。</blockquote></p><p> Its shares, at a recent $103, trade for about seven times the current earnings consensus of $14.22 a share for the company’s fiscal year ending in September. The shares yield 1%.</p><p><blockquote>其股价最近为103美元，约为该公司截至9月份的财年每股收益预期14.22美元的七倍。股票收益率为1%。</blockquote></p><p> Kim of Evercore ISI sees earnings of about $18 a share, arguing that Horton’s gross margins, now about 27%, can hit 30%. He has an Outperform rating and a price target of $163.</p><p><blockquote>Evercore ISI的Kim预计每股收益约为18美元，他认为Horton的毛利率目前约为27%，可以达到30%。他的评级为跑赢大盘，目标价为163美元。</blockquote></p><p> <b>Lennar</b></p><p><blockquote><b>伦纳尔</b></blockquote></p><p> The No. 2 home builder in terms of market value has done the best job among its peers of developing related businesses. These include multifamily and single-family rental housing ventures and investments like a stake in Opendoor Technologies(OPEN), the online home buyer.</p><p><blockquote>这家市值排名第二的房屋建筑商在发展相关业务方面在同行中做得最好。其中包括多户和单户租赁住房企业以及在线购房者Opendoor Technologies(OPEN)的股份等投资。</blockquote></p><p> Lennar plans to spin off a group of noncore businesses, although it hasn’t yet provided details. Shares, at about $113, trade for 7.7 times projected 2022 earnings of almost $15 a share.</p><p><blockquote>Lennar计划剥离一组非核心业务，但尚未提供细节。股价约为113美元，是2022年预计每股收益近15美元的7.7倍。</blockquote></p><p> Chairman Stuart Miller says that “the best of times” for home builders still have a way to go. “Since new-home construction cannot ramp quickly enough to fill the void of the production deficit that persisted over the past decade, short supply is likely to remain for some time to come,” he said on the company’s latest earnings conference call.</p><p><blockquote>董事长斯图尔特·米勒表示，房屋建筑商的“最佳时期”还有很长的路要走。他在该公司最新的财报电话会议上表示：“由于新房建设无法以足够快的速度增长来填补过去十年持续存在的生产赤字，因此供应短缺可能会在未来一段时间内持续存在。”</blockquote></p><p> Investors can invest alongside Miller in the company’s supervoting B shares, which trade at $92, a big discount to the more-liquid Class A shares.</p><p><blockquote>投资者可以与米勒一起投资该公司具有超级投票权的B股，该股的交易价格为92美元，比流动性更强的A类股有很大折扣。</blockquote></p><p> GoodHaven’s Pitkowsky also favors the B shares, and they are probably the best way for retail investors to play Lennar, given the possibility that the share classes combine.</p><p><blockquote>GoodHaven的Pitkowsky也青睐B股，考虑到股票类别合并的可能性，它们可能是散户投资者玩Lennar的最佳方式。</blockquote></p><p></p><p> <b>Toll Brothers</b></p><p><blockquote><b>托尔兄弟</b></blockquote></p><p> With its luxury focus, Toll is the most differentiated of the major home builders, and its competitive position is probably the strongest, since it competes primarily with smaller private builders.</p><p><blockquote>凭借其对奢侈品的关注，Toll是主要住宅建筑商中最具差异化的，其竞争地位可能是最强的，因为它主要与规模较小的私人建筑商竞争。</blockquote></p><p> Toll shares, at about $68, trade for 7.6 times projected earnings of $9 a share in the company’s fiscal year ending in October 2022.</p><p><blockquote>Toll股价约为68美元，是该公司截至2022年10月的财年预计每股收益9美元的7.6倍。</blockquote></p><p> “The higher end of the market has seen the biggest reversal of fortune—in a good way,” says Kim, noting weakness before the pandemic. Toll is benefiting from a larger prepandemic land position than peers. He has an Outperform rating and a price target of $86.</p><p><blockquote>金表示：“高端市场的命运发生了最大的逆转——以一种好的方式。”他指出了大流行之前的疲软。与同行相比，Toll受益于大流行前更大的土地地位。他的评级为跑赢大盘，目标价为86美元。</blockquote></p><p> Higher-income white-collar workers—Toll’s core customer base—tend to have more work-from-home flexibility, and that is translating into strong demand, with the average buyer spending $160,000 on extras like home offices and multigenerational suites. And with longer construction periods than peers on its homes that can stretch a year or more, Toll’s earnings gains could play out deep into 2022.</p><p><blockquote>高收入白领——Toll的核心客户群——往往拥有更大的在家工作灵活性，这转化为强劲的需求，买家平均在家庭办公室和多代套房等额外设施上花费16万美元。由于其房屋建设周期比同行更长，可以持续一年或更长，Toll的盈利增长可能会持续到2022年。</blockquote></p><p> The company has developed what it calls “affordable luxury” homes in less expensive markets like South Carolina, with homes that sell on average for about $740,000 and make up about 40% of its business.</p><p><blockquote>该公司在南卡罗来纳州等较便宜的市场开发了其评级的“经济适用房”，这些房屋的平均售价约为74万美元，约占其业务的40%。</blockquote></p><p> <b>PulteGroup</b></p><p><blockquote><b>普尔特集团</b></blockquote></p><p> The No. 3 U.S. home builder caters mainly to first-time and move-up buyers. Through its Del Webb and DiVosta brands, it builds “active adult” communities catering to those near, and in, retirement.</p><p><blockquote>这家美国第三大住宅建筑商主要为首次购房者和搬家购房者提供服务。通过其Del Webb和DiVosta品牌，它建立了“活跃的成人”社区，为即将退休和即将退休的人提供服务。</blockquote></p><p> Its shares, at about $52, are among the cheapest of its large-cap peers at under six times projected 2022 earnings.</p><p><blockquote>其股价约为52美元，是大盘股中最便宜的之一，不到2022年预计市盈率的六倍。</blockquote></p><p> As more of a build-to-order company than D.R. Horton and Lennar, Pulte’s earnings have more upside potential, since its current closings reflect older orders. And sales prices on new orders were up 26% year over year in the third quarter, pointing to higher 2022 earnings.</p><p><blockquote>与其说是D.R.，不如说是一家按订单生产的公司。Horton和Lennar，Pulte的盈利有更大的上涨潜力，因为其目前的成交反映了旧订单。第三季度新订单销售价格同比增长26%，表明2022年盈利将更高。</blockquote></p><p> The company has one of the best balance sheets among its peers, with minimal net debt. J.P. Morgan’s Rehaut is bullish on the company, citing its financial strength and a return on equity of more than 25%. He has a price target of $71.</p><p><blockquote>该公司拥有同行中最好的资产负债表之一，净债务最少。摩根大通的Rehaut看好该公司，理由是其财务实力和超过25%的股本回报率。他的目标价为71美元。</blockquote></p><p> <b>Century Communities</b></p><p><blockquote><b>世纪社区</b></blockquote></p><p> Since going public seven years ago, the Colorado home builder has expanded to 17 states and become the country’s ninth-largest builder.</p><p><blockquote>自七年前上市以来，这家科罗拉多州房屋建筑商已扩展到17个州，成为美国第九大建筑商。</blockquote></p><p> The bulk of Century’s sales go to entry-level buyers. Its Century Complete brand offers low-price homes with no options—the average selling price is just $207,000—around smaller cities like Jacksonville, Fla., and Louisville, Ky.</p><p><blockquote>Century的大部分销售额都流向了入门级买家。其Century Complete品牌在佛罗里达州杰克逊维尔和肯塔基州路易斯维尔等较小的城市提供没有选择的低价房屋——平均售价仅为20.7万美元。</blockquote></p><p> “Century is leveraging its buying power to enter smaller markets where it can build homes to be competitive with the local resale market,” says Wedbush’s McCanless.</p><p><blockquote>Wedbush的McCanless表示：“Century正在利用其购买力进入较小的市场，在那里它可以建造房屋，以与当地转售市场竞争。”</blockquote></p><p> Shares, at about $72, trade for five times projected 2022 earnings of about $15 a share. McCanless has an Outperform rating and a $110 price target on the stock.</p><p><blockquote>股价约为72美元，是2022年预计每股收益约15美元的五倍。McCanless对该股给予跑赢大盘评级，目标价为110美元。</blockquote></p><p> <b>Meritage Homes</b></p><p><blockquote><b>Meritage Homes</b></blockquote></p><p> The high-growth Arizona-based builder is focused on the entry-level market in the Southeast and Southwest U.S., with an average selling price of about $400,000.</p><p><blockquote>这家总部位于亚利桑那州的高增长建筑商专注于美国东南部和西南部的入门级市场，平均售价约为40万美元。</blockquote></p><p> “We’re in the affordable part of the market,” Phillippe Lord, Meritage’s CEO, tells Barron’s. “Our part of the market will be more resilient” if interest rates rise, he says, adding that Meritage homes offer higher quality and better design than other entry-level rivals.</p><p><blockquote>Meritage首席执行官菲利普·洛德(Phillippe Lord)告诉《巴伦周刊》：“我们处于市场的平价部分。”他表示，如果利率上升，“我们的市场将更具弹性”，并补充说，Meritage homes比其他入门级竞争对手提供更高的质量和更好的设计。</blockquote></p><p> Meritage, whose shares trade for about $118, is expected to generate nearly 75% growth in earnings this year to $19 a share, and a 21% gain in 2022 to $23 a share. The stock trades for just five times projected 2022 earnings.</p><p><blockquote>Meritage的股价约为118美元，预计今年盈利将增长近75%，达到每股19美元，2022年将增长21%，达到每股23美元。该股的交易价格仅为2022年预计市盈率的五倍。</blockquote></p><p> After its third-quarter results, the company “executed extremely well,” despite materials shortages, Kim said. He has an Outperform rating and a price target of $190 a share.</p><p><blockquote>金说，在公布第三季度业绩后，尽管材料短缺，该公司“执行得非常好”。他的评级为跑赢大盘，目标价为每股190美元。</blockquote></p><p> U.S. home builders have never been in better shape. Even after a strong 2021, their stocks could be poised for many years of gains.</p><p><blockquote>美国房屋建筑商的状况从未如此之好。即使在2021年表现强劲之后，他们的股票也可能会连续多年上涨。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/housing-real-estate-boom-stock-to-buy-51638549999?mod=hp_LEAD_1\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TOL":"托尔兄弟","MTH":"Meritage Homes Corp","CCS":"Century Communities","PHM":"普得集团","DHI":"霍顿房屋","LEN":"莱纳建筑公司"},"source_url":"https://www.barrons.com/articles/housing-real-estate-boom-stock-to-buy-51638549999?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155963993","content_text":"Housing is booming. Just take a look at Century Communities ’ development in Tumwater, Wash., where more than 140 homes, at prices as high as $500,000, have been sold this year. Tumwater is viewed as a suburb of Seattle—even at 60 miles away. It’s a scene that has been repeated over the past two years in markets all across the country.\n\nAre we nearing a peak?\n\n\nNo, say the housing bulls on Wall Street, who argue that this is an upturn that could last for a decade. Millions of millennials are now at a point in their lives when they are seeking single-family homes in the suburbs and exurbs. They are entering a market still chastened by an unprecedented collapse in housing more than a decade ago.\n\n“This market is primarily driven by a lack of supply, not excess demand,” says Stephen Kim, a housing analyst at Evercore ISI. “The supply shortage built up over 10 years, and it won’t go away quickly.”\n\n\nThe numbers support Kim’s assertion. Inventories of existing homes remain near historically low levels. Construction starts on new single-family housing, meanwhile, will finally top one million this year after averaging fewer than 750,000 in the previous 10 years. That would still be below the 1.6 million annual starts from 2004 to 2006, the peak years of the housing bubble.\n\n“The industry would need to sustain a two-million-starts pace for a decade to bring the industry out of its current underbuilt situation,” Kim argues.\n\nThe large home builders— D.R. Horton(ticker: DHI), Lennar(LEN), PulteGroup(PHM), and Toll Brothers(TOL)—are well positioned to benefit from the demographic trends. Their stocks trade for an average of just seven times projected 2022 earnings, among the lowest multiples in the stock market.\n\nSmall-cap builders Century Communities(CCS) and Meritage Homes(MTH) are even cheaper, fetching about five times forward earnings. The S&P 500 indextrades at more than 20 times estimated 2022 profits.\n\n\n“The industry is completely different than it used to be,” says Bill Smead, a manager of the Smead Value fund, which holds D.R. Horton and Lennar. “It’s going from being fragmented to being aggregated in a relatively small number of publicly traded hands, and there is a secular growth story due to demographics that mutes a lot of the normal cyclicality.”\n\n\nNineteen publicly traded builders now command more than 30% of the new-home market, against 21% a decade ago. The builders have strong balance sheets and less land inventory, and are poised to ramp up capital returns to investors in the coming years. Dividends, now averaging just 1% across the industry, should rise along with share repurchases.\n\nIn the past, home builders plowed profits into land purchases to enable future construction. That kept a lid on valuations, as investors worried that land-heavy balance sheets would become liabilities in a downturn.\n\nHome builders are now reaching deals with land developers that give them the option to purchase home-building lots rather than buying and holding land. At Horton, the percentage of owned lots has fallen to 24% from 43% since 2018.\n\n“It’s not like the top of the last cycle, when home builders owned a ton of lots purchased with borrowed money,” Smead says. The companies, he says, have gone from being “land developers” to “home manufacturers”—increasing returns and lowering risk. Pulte has scarcely any net debt, and Horton has little net debt at its core home-building business.\n\nJ.P. Morgan analyst Michael Rehaut has estimated that the average net debt-to-capital ratio on home builders’ balance sheets will fall to a negative 4% by the end of 2023 from 15% today.\n\nHe sees the companies as capable of buying back 20% of their shares in the next two years. The repurchases have already ramped up. Pulte bought back 4% of its stock in the first nine months of 2021, and D.R. Horton repurchased 2% in its just-completed fiscal year.\n\nBarron’s has written favorably on home builders this year, including articles on Toll in January and Lennar in June.\n\nMost public builders focus on entry-level and move-up buyers on the outskirts of major cities with average selling prices around $400,000. Toll, however, focuses on the high end and has an average selling price of close to $900,000.\n\nSmead sees annual earnings growth of 10% to 15% on average for the home builders over the next decade, although the gains could be lumpy.\n\nEvercore’s Kim says that 2022 Street earnings estimates are too low, arguing that current earnings reflect homes ordered several quarters ago, when prices were lower and the cost of lumber, a major input, much higher.\n\n“The supply-chain disruptions have pushed some of the upside into next year,” he says.\n\nThe stocks aren’t trading as cheaply based on price-to-book ratios, a popular valuation measure for home builders. The group now averages about 1.4 times projected 2022 year-end book value. Bulls argue that earnings are more durable than in the past and that the stocks should trade based on earnings and not book value.\n\nSmead’s view is that the persistently low valuations reflect the searing investor memories of the 2004-07 housing bubble and subsequent crash, when stocks like Toll and D.R. Horton fell as much as 85%.\n\n“If you compare this with the 2007-to-2009 period, you have two large demographic groups—millennials and baby boomers—looking for housing and not finding a lot of supply out there,” says Jay McCanless, the housing analyst at Wedbush Securities.\n\n\nThe work-from-home trend is another favorable trend, as Americans move out of apartments and into single-family homes, while homeowners seek larger houses with home offices and other amenities.\n\nThe bear case for housing is that slowing population growth will limit demand, according to Zelman & Associates, the firm headed by the influential housing analyst Ivy Zelman.\n\nThe firm projects that the U.S. population will grow at just 4% in the current decade, down from 7.4% in 2010-20, which was the second-slowest percentage gain in history. “Population growth—the crucial underpinning of incremental housing demand—is on a troubling trajectory,” the firm wrote in a report this summer. “The current pace of production already surpasses demographically supported normalized demand.”\n\nMore near term, there is concern that the critical spring selling season next year may not be as robust as 2021’s, particularly if ultralow 30-year mortgage rates, now just over 3%, rise toward 4%. The rally in housing prices may have already stalled. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index showed a 19.5% annual gain in September, down from 19.8% in August.\n\nIndustry executives say they aren’t worried. “I think it’s pretty clear that the market is not as white hot right now as it was in the spring, but we’re still seeing very strong demand,” said Michael Murray, co-chief operating officer at D.R. Horton, on an earnings conference call in November.\n\nDale and Robert Francescon, the co-CEOs of Century Communities, tell Barron’s, “With interest rates still at historic lows, demand has been consistently strong throughout our national footprint of more than 40 markets.”\n\nAnd a bit of a cool-off may not be such a bad thing for the red-hot housing market, says Larry Pitkowsky, manager of the GoodHaven fund, which owns Lennar shares. “A more normalized pace of demand might be better, as Lennar and its brethren are striving to balance very strong demand with higher raw materials and tight labor markets, and a sensible desire to protect margins,” he says.\n\nD.R. Horton\n\nThe industry leader constructs roughly one in 10 new homes in the country—over 80,000 in its latest fiscal year. It has the industry’s largest market value at $37 billion and one of the highest returns on equity at 31%. Entry-level homes account for about half of its business.\n\n“Horton has done a superb job bringing down debt levels while at the same time growing the business and positioning itself for the future,” says Wedbush’s McCanless. Horton now controls over 500,000 lots—enough for more than five years of building at 2022’s expected pace.\n\nIts shares, at a recent $103, trade for about seven times the current earnings consensus of $14.22 a share for the company’s fiscal year ending in September. The shares yield 1%.\n\nKim of Evercore ISI sees earnings of about $18 a share, arguing that Horton’s gross margins, now about 27%, can hit 30%. He has an Outperform rating and a price target of $163.\n\nLennar\n\nThe No. 2 home builder in terms of market value has done the best job among its peers of developing related businesses. These include multifamily and single-family rental housing ventures and investments like a stake in Opendoor Technologies(OPEN), the online home buyer.\n\nLennar plans to spin off a group of noncore businesses, although it hasn’t yet provided details. Shares, at about $113, trade for 7.7 times projected 2022 earnings of almost $15 a share.\n\nChairman Stuart Miller says that “the best of times” for home builders still have a way to go. “Since new-home construction cannot ramp quickly enough to fill the void of the production deficit that persisted over the past decade, short supply is likely to remain for some time to come,” he said on the company’s latest earnings conference call.\n\nInvestors can invest alongside Miller in the company’s supervoting B shares, which trade at $92, a big discount to the more-liquid Class A shares.\n\nGoodHaven’s Pitkowsky also favors the B shares, and they are probably the best way for retail investors to play Lennar, given the possibility that the share classes combine.\n\nToll Brothers\n\nWith its luxury focus, Toll is the most differentiated of the major home builders, and its competitive position is probably the strongest, since it competes primarily with smaller private builders.\n\nToll shares, at about $68, trade for 7.6 times projected earnings of $9 a share in the company’s fiscal year ending in October 2022.\n\n“The higher end of the market has seen the biggest reversal of fortune—in a good way,” says Kim, noting weakness before the pandemic. Toll is benefiting from a larger prepandemic land position than peers. He has an Outperform rating and a price target of $86.\n\nHigher-income white-collar workers—Toll’s core customer base—tend to have more work-from-home flexibility, and that is translating into strong demand, with the average buyer spending $160,000 on extras like home offices and multigenerational suites. And with longer construction periods than peers on its homes that can stretch a year or more, Toll’s earnings gains could play out deep into 2022.\n\nThe company has developed what it calls “affordable luxury” homes in less expensive markets like South Carolina, with homes that sell on average for about $740,000 and make up about 40% of its business.\n\nPulteGroup\n\nThe No. 3 U.S. home builder caters mainly to first-time and move-up buyers. Through its Del Webb and DiVosta brands, it builds “active adult” communities catering to those near, and in, retirement.\n\nIts shares, at about $52, are among the cheapest of its large-cap peers at under six times projected 2022 earnings.\n\nAs more of a build-to-order company than D.R. Horton and Lennar, Pulte’s earnings have more upside potential, since its current closings reflect older orders. And sales prices on new orders were up 26% year over year in the third quarter, pointing to higher 2022 earnings.\n\nThe company has one of the best balance sheets among its peers, with minimal net debt. J.P. Morgan’s Rehaut is bullish on the company, citing its financial strength and a return on equity of more than 25%. He has a price target of $71.\n\n\n\nCentury Communities\n\nSince going public seven years ago, the Colorado home builder has expanded to 17 states and become the country’s ninth-largest builder.\n\nThe bulk of Century’s sales go to entry-level buyers. Its Century Complete brand offers low-price homes with no options—the average selling price is just $207,000—around smaller cities like Jacksonville, Fla., and Louisville, Ky.\n\n“Century is leveraging its buying power to enter smaller markets where it can build homes to be competitive with the local resale market,” says Wedbush’s McCanless.\n\nShares, at about $72, trade for five times projected 2022 earnings of about $15 a share. McCanless has an Outperform rating and a $110 price target on the stock.\n\n\nMeritage Homes\n\nThe high-growth Arizona-based builder is focused on the entry-level market in the Southeast and Southwest U.S., with an average selling price of about $400,000.\n\n“We’re in the affordable part of the market,” Phillippe Lord, Meritage’s CEO, tells Barron’s. “Our part of the market will be more resilient” if interest rates rise, he says, adding that Meritage homes offer higher quality and better design than other entry-level rivals.\n\nMeritage, whose shares trade for about $118, is expected to generate nearly 75% growth in earnings this year to $19 a share, and a 21% gain in 2022 to $23 a share. The stock trades for just five times projected 2022 earnings.\n\nAfter its third-quarter results, the company “executed extremely well,” despite materials shortages, Kim said. He has an Outperform rating and a price target of $190 a share.\n\nU.S. home builders have never been in better shape. Even after a strong 2021, their stocks could be poised for many years of gains.","news_type":1,"symbols_score_info":{"CCS":0.9,"PHM":0.9,"LEN":0.9,"TOL":0.9,"DHI":0.9,"MTH":0.9}},"isVote":1,"tweetType":1,"viewCount":2632,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":847582488,"gmtCreate":1636535706545,"gmtModify":1636535994797,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091975549439940","idStr":"4091975549439940"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/847582488","repostId":"1184369335","repostType":4,"isVote":1,"tweetType":1,"viewCount":2402,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":847823236,"gmtCreate":1636507356558,"gmtModify":1636507356768,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091975549439940","idStr":"4091975549439940"},"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/847823236","repostId":"2182086444","repostType":2,"isVote":1,"tweetType":1,"viewCount":2635,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":858958722,"gmtCreate":1634967445797,"gmtModify":1634967446002,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091975549439940","idStr":"4091975549439940"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BNTX\">$BioNTech SE(BNTX)$</a>...","listText":"<a href=\"https://laohu8.com/S/BNTX\">$BioNTech SE(BNTX)$</a>...","text":"$BioNTech SE(BNTX)$...","images":[{"img":"https://static.tigerbbs.com/549cf078d532fa92b8a04cfa525e18d2","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/858958722","isVote":1,"tweetType":1,"viewCount":2089,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":859050552,"gmtCreate":1634642722520,"gmtModify":1634642722715,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091975549439940","idStr":"4091975549439940"},"themes":[],"htmlText":"Great news","listText":"Great news","text":"Great news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/859050552","repostId":"1185133403","repostType":4,"repost":{"id":"1185133403","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":1634631070,"share":"https://www.laohu8.com/m/news/1185133403?lang=zh_CN&edition=full","pubTime":"2021-10-19 16:11","market":"us","language":"en","title":"Alibaba rose nearly 2% in premarket trading as it unveils one of China’s most advanced chips<blockquote>阿里巴巴-SW盘前涨近2%，推出国内最先进芯片之一</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185133403","media":"Tiger Newspress","summary":"Alibaba rose nearly 2% in premarket trading, and its stocks’ price in Hong Kong jumped 1.17% on Tuesday.The company unveiled a new server chip that’s based on advanced 5-nanometer technology, marking a milestone in China’s pursuit of semiconductor self-sufficiency.The newest chip is based on micro-architecture provided by the SoftBank Group Corp.-owned Arm Ltd., according to a statement Tuesday. Alibaba, which is holding its annual cloud summit in Hangzhou, said the silicon will be put to use in","content":"<p>Alibaba rose nearly 2% in premarket trading, and its stocks’ price in Hong Kong jumped 1.17% on Tuesday.</p><p><blockquote>阿里巴巴-SW盘前交易中上涨近2%，其在港股价周二上涨1.17%。</blockquote></p><p> &nbsp;<img src=\"https://static.tigerbbs.com/64d09abc429be4e1672683409ffa01e3\" tg-width=\"768\" tg-height=\"371\" width=\"100%\" height=\"auto\"></p><p><blockquote> </blockquote></p><p> The company unveiled a new server chip that’s based on advanced 5-nanometer technology, marking a milestone in China’s pursuit of semiconductor self-sufficiency.&nbsp;</p><p><blockquote>该公司推出了一款基于先进5纳米技术的新型服务器芯片，标志着中国追求半导体自给自足的一个里程碑。</blockquote></p><p> The newest chip is based on micro-architecture provided by the SoftBank Group Corp.-owned Arm Ltd., according to a statement Tuesday. Alibaba, which is holding its annual cloud summit in Hangzhou, said the silicon will be put to use in its own data centers in the “near future” and will not be sold commercially, at least for now.</p><p><blockquote>根据周二的一份声明，最新的芯片基于软银集团旗下的Arm Ltd.提供的微架构。正在杭州举行年度云峰会的阿里巴巴-SW表示，这种硅将在“不久的将来”在自己的数据中心投入使用，至少目前不会进行商业销售。</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>Alibaba rose nearly 2% in premarket trading as it unveils one of China’s most advanced chips<blockquote>阿里巴巴-SW盘前涨近2%，推出国内最先进芯片之一</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\">\nAlibaba rose nearly 2% in premarket trading as it unveils one of China’s most advanced chips<blockquote>阿里巴巴-SW盘前涨近2%，推出国内最先进芯片之一</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-10-19 16:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Alibaba rose nearly 2% in premarket trading, and its stocks’ price in Hong Kong jumped 1.17% on Tuesday.</p><p><blockquote>阿里巴巴-SW盘前交易中上涨近2%，其在港股价周二上涨1.17%。</blockquote></p><p> &nbsp;<img src=\"https://static.tigerbbs.com/64d09abc429be4e1672683409ffa01e3\" tg-width=\"768\" tg-height=\"371\" width=\"100%\" height=\"auto\"></p><p><blockquote> </blockquote></p><p> The company unveiled a new server chip that’s based on advanced 5-nanometer technology, marking a milestone in China’s pursuit of semiconductor self-sufficiency.&nbsp;</p><p><blockquote>该公司推出了一款基于先进5纳米技术的新型服务器芯片，标志着中国追求半导体自给自足的一个里程碑。</blockquote></p><p> The newest chip is based on micro-architecture provided by the SoftBank Group Corp.-owned Arm Ltd., according to a statement Tuesday. Alibaba, which is holding its annual cloud summit in Hangzhou, said the silicon will be put to use in its own data centers in the “near future” and will not be sold commercially, at least for now.</p><p><blockquote>根据周二的一份声明，最新的芯片基于软银集团旗下的Arm Ltd.提供的微架构。正在杭州举行年度云峰会的阿里巴巴-SW表示，这种硅将在“不久的将来”在自己的数据中心投入使用，至少目前不会进行商业销售。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴","09988":"阿里巴巴-W"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185133403","content_text":"Alibaba rose nearly 2% in premarket trading, and its stocks’ price in Hong Kong jumped 1.17% on Tuesday.\n \nThe company unveiled a new server chip that’s based on advanced 5-nanometer technology, marking a milestone in China’s pursuit of semiconductor self-sufficiency. \nThe newest chip is based on micro-architecture provided by the SoftBank Group Corp.-owned Arm Ltd., according to a statement Tuesday. Alibaba, which is holding its annual cloud summit in Hangzhou, said the silicon will be put to use in its own data centers in the “near future” and will not be sold commercially, at least for now.","news_type":1,"symbols_score_info":{"BABA":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":3304,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":828783925,"gmtCreate":1633946085848,"gmtModify":1633946085848,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091975549439940","idStr":"4091975549439940"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BABA\">$Alibaba(BABA)$</a>finally. Up and up","listText":"<a href=\"https://laohu8.com/S/BABA\">$Alibaba(BABA)$</a>finally. Up and up","text":"$Alibaba(BABA)$finally. Up and up","images":[{"img":"https://static.tigerbbs.com/aac0de00d74783ca3b7e0dc81dca0750","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/828783925","isVote":1,"tweetType":1,"viewCount":2770,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":864892949,"gmtCreate":1633083943582,"gmtModify":1633084123810,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091975549439940","idStr":"4091975549439940"},"themes":[],"htmlText":"👍&nbsp;","listText":"👍&nbsp;","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/864892949","repostId":"1193583996","repostType":4,"repost":{"id":"1193583996","kind":"news","pubTimestamp":1633080824,"share":"https://www.laohu8.com/m/news/1193583996?lang=zh_CN&edition=full","pubTime":"2021-10-01 17:33","market":"us","language":"en","title":"European stock markets tumble amid fears of slowing economic growth<blockquote>欧洲股市因担心经济增长放缓而暴跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193583996","media":"Yahoo Finance","summary":"There was blood in the markets on Friday, as European stocks dragged lower after posting their first","content":"<p><div> There was blood in the markets on Friday, as European stocks dragged lower after posting their first negative month since January on concerns of slowing economic growth. In London, the FTSE 100 (^FTSE...</p><p><blockquote><div>由于对经济增长放缓的担忧，欧洲股市自一月份以来首次出现负值，周五市场出现流血事件。在伦敦，富时100指数(^FTSE...</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/european-stock-markets-ftse-dax-cac-tumble-amid-fears-of-slowing-economic-growth-075521947.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/european-stock-markets-ftse-dax-cac-tumble-amid-fears-of-slowing-economic-growth-075521947.html\">网页连接</a></blockquote></p><p></p>","source":"yahoofinance_sg","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>European stock markets tumble amid fears of slowing economic growth<blockquote>欧洲股市因担心经济增长放缓而暴跌</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\">\nEuropean stock markets tumble amid fears of slowing economic growth<blockquote>欧洲股市因担心经济增长放缓而暴跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo Finance</strong><span class=\"h-time small\">2021-10-01 17:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> There was blood in the markets on Friday, as European stocks dragged lower after posting their first negative month since January on concerns of slowing economic growth. In London, the FTSE 100 (^FTSE...</p><p><blockquote><div>由于对经济增长放缓的担忧，欧洲股市自一月份以来首次出现负值，周五市场出现流血事件。在伦敦，富时100指数(^FTSE...</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/european-stock-markets-ftse-dax-cac-tumble-amid-fears-of-slowing-economic-growth-075521947.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/european-stock-markets-ftse-dax-cac-tumble-amid-fears-of-slowing-economic-growth-075521947.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/european-stock-markets-ftse-dax-cac-tumble-amid-fears-of-slowing-economic-growth-075521947.html\">Yahoo Finance</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/european-stock-markets-ftse-dax-cac-tumble-amid-fears-of-slowing-economic-growth-075521947.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193583996","content_text":"There was blood in the markets on Friday, as European stocks dragged lower after posting their first negative month since January on concerns of slowing economic growth.\nIn London, the FTSE 100 (^FTSE) fell 0.7% after opening, while the CAC (^FCHI) tumbled more than 1% in Paris and the German DAX (^GDAXI) was 1.2% lower.\n“Investors are now nervously eyeing October, and wondering perhaps if this could be the beginning of further weakness,” Michael Hewson of CMC Markets said.\n“As we head into the final quarter of 2021 the gains year to date are still pretty decent, which raises the question, how much more is left in the tank, and whether this October will live up to the reputation of Octobers past, and deliver a huge curveball, as well as giving investors an anxiety attack.”\nSurging energy prices, supply chain disruptions, and concerns about inflation will be keeping traders on their toes.\nOver on Wall Street, S&P 500 futures (ES=F) were down 0.5%, Dow futures (YM=F) shed 0.7%, and Nasdaq futures (NQ=F) were almost 0.6% lower as trade began in Europe.\nThe S&P 500 ended September down 4.8%, its first monthly drop since January and the biggest since March 2020.\nOn Thursday Federal Reserve chair Jerome Powell maintained that surging inflation data is being caused by supply chain challenges and that they will abate. Under questioning from the House Financial Services Committee, Powell said he expects inflation to ease in the first half of 2022.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1899,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861623682,"gmtCreate":1632492743646,"gmtModify":1632717155193,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091975549439940","idStr":"4091975549439940"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BABA\">$Alibaba(BABA)$</a>[流泪]&nbsp;[流泪]&nbsp;","listText":"<a href=\"https://laohu8.com/S/BABA\">$Alibaba(BABA)$</a>[流泪]&nbsp;[流泪]&nbsp;","text":"$Alibaba(BABA)$[流泪] [流泪]","images":[{"img":"https://static.tigerbbs.com/22b92eb0c6c22f4612e2c0d684523286","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/861623682","isVote":1,"tweetType":1,"viewCount":2641,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":863441978,"gmtCreate":1632418604794,"gmtModify":1632729081815,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091975549439940","idStr":"4091975549439940"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SE\">$SEA LTD(SE)$</a>up up","listText":"<a href=\"https://laohu8.com/S/SE\">$SEA LTD(SE)$</a>up up","text":"$SEA LTD(SE)$up up","images":[{"img":"https://static.tigerbbs.com/ad274e4a6bdf259b34dc664d48b432de","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/863441978","isVote":1,"tweetType":1,"viewCount":1867,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":863088542,"gmtCreate":1632334451386,"gmtModify":1632801153406,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091975549439940","idStr":"4091975549439940"},"themes":[],"htmlText":"Good news","listText":"Good news","text":"Good news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/863088542","repostId":"1105881552","repostType":4,"repost":{"id":"1105881552","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":1632333734,"share":"https://www.laohu8.com/m/news/1105881552?lang=zh_CN&edition=full","pubTime":"2021-09-23 02:02","market":"other","language":"en","title":"Fed signals possibility of 6 to 7 rate hikes through 2024 as taper talks advance<blockquote>随着缩减谈判的推进，美联储暗示到2024年可能加息6至7次</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105881552","media":"Tiger Newspress","summary":"(Sept 23) The Federal Reserve on Wednesday telegraphed it could hike rates six to seven times by the","content":"<p>(Sept 23)&nbsp;The Federal Reserve on Wednesday telegraphed it could hike rates six to seven times by the end of 2024, illustrating the central bank’s optimism that the COVID-19 recovery will progress well enough for the Fed to tighten its easy money policies in a few years.</p><p><blockquote>（9月23日）美联储周三表示，到2024年底，它可能会加息六到七次，这表明央行乐观地认为，COVID-19复苏将进展顺利，足以让美联储在几年内收紧宽松货币政策。</blockquote></p><p> <b>The policy-setting Federal Open Market Committee still held interest rates at near-zero in its updated statement, but said it had advanced talks on paring back its asset purchase program.</b></p><p><blockquote><b>制定政策的联邦公开市场委员会在更新的声明中仍将利率维持在接近零的水平，但表示已经推进了削减资产购买计划的谈判。</b></blockquote></p><p> Since the depths of the pandemic, the Fed has been absorbing about $120 billion a month in U.S. Treasuries and agency mortgage-backed securities. But Fed officials have said in recent weeks that by the end of the year, the economy will likely make the “substantial further progress” needed for the central bank to begin slowing the pace of those purchases.</p><p><blockquote>自疫情最严重以来，美联储每月吸收约1200亿美元的美国国债和机构抵押贷款支持证券。但美联储官员最近几周表示，到今年年底，经济可能会取得美联储开始放缓这些购买步伐所需的“实质性进一步进展”。</blockquote></p><p> “If progress continues broadly as expected, the Committee judges that a moderation in the pace of asset purchases may soon be warranted,” the FOMC statement reads.</p><p><blockquote>FOMC声明称：“如果进展按预期广泛持续，委员会判断可能很快就有必要放缓资产购买步伐。”</blockquote></p><p> The central bank only has two more meetings this year to announce a taper: in early November and in mid-December.</p><p><blockquote>央行今年只有两次会议宣布taper：11月初和12月中旬。</blockquote></p><p> The Fed has insisted that thetiming of a taper is not a “direct signal”on the timing of rate liftoff. But “dot plot” projections, which map out each of the 18 FOMC members’ expectations for where rates will be in coming years, suggest that the central bank is pulling forward its forecast for 25 basis point rate hikes.</p><p><blockquote>美联储坚称，缩减购债规模的时机并不是加息时机的“直接信号”。但“点阵图”预测显示了18位FOMC成员对未来几年利率的预期，表明央行正在将加息25个基点的预测提前。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/613f9571610513947a05c158ba7321ac\" tg-width=\"705\" tg-height=\"779\" referrerpolicy=\"no-referrer\">The updated forecast now has the committee split on rate hikes in 2022, with 9 members seeing the case for no rate hikes next year but the other 9 seeing the case for at least one hike. By the end of 2023, the median dot projects three to four total rate hikes.</p><p><blockquote>更新后的预测现在使委员会在2022年加息问题上存在分歧，9名成员认为明年不加息，但其他9名成员认为至少加息一次。到2023年底，dot中位数预计总共加息三到四次。</blockquote></p><p> Through the end of 2024, the median FOMC member sees six to seven total rate hikes.</p><p><blockquote>到2024年底，FOMC成员中位数预计总共加息六到七次。</blockquote></p><p> In thelast round of projections released in June, the median member of the FOMC saw no rate hikes through the end of 2022 but two rate hikes in 2023.</p><p><blockquote>在6月份发布的最新一轮预测中，FOMC成员中位数预计到2022年底不会加息，但2023年将加息两次。</blockquote></p><p> The expectation to raise interest rates earlier coincides with higher expectations on inflation. Although the Fed stood pat on its expectation for rising price pressures to be “transitory,” the median FOMC member raised their forecast on PCE inflation to 4.2% this year (compared to 3.4% in June). The median member expects inflation to then fall to 2.2% in 2022. The Fed’s inflation target is 2%.</p><p><blockquote>提前加息的预期与对通胀的更高预期不谋而合。尽管美联储坚持其对物价压力上升是“暂时的”的预期，但FOMC成员中位数将今年PCE通胀预期上调至4.2%（6月份为3.4%）。成员中位数预计2022年通胀率将降至2.2%。美联储的通胀目标是2%。</blockquote></p><p> The spike in COVID-19 cases from the Delta variant also weighed on forecasters’ expectations for GDP growth. The central bank now expects the U.S. economy to grow by 5.9% this year (compared to 7.0% in June) but revised up growth expectations for 2022 to 3.8% (compared to 3.3% in June).</p><p><blockquote>来自德尔塔变异毒株的COVID-19病例激增也影响了预测者对GDP增长的预期。央行目前预计美国经济今年将增长5.9%（6月份为7.0%），但将2022年的增长预期上调至3.8%（6月份为3.3%）。</blockquote></p><p> After a softer August jobs report, the Fed revised its expectation on the unemployment rate by the end of 2021 to 4.8% (compared to 4.5% in June). The central bank is hopeful it can return to the pre-pandemic record low on headline unemployment of 3.5% by the end of 2023.</p><p><blockquote>在8月份就业报告疲软后，美联储将2021年底失业率预期修正为4.8%（6月份为4.5%）。央行希望到2023年底，总体失业率能够恢复到大流行前3.5%的历史低点。</blockquote></p><p> The next FOMC meeting is scheduled to take place November 2 and 3.</p><p><blockquote>下一次FOMC会议定于11月2日至3日举行。</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>Fed signals possibility of 6 to 7 rate hikes through 2024 as taper talks advance<blockquote>随着缩减谈判的推进，美联储暗示到2024年可能加息6至7次</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\">\nFed signals possibility of 6 to 7 rate hikes through 2024 as taper talks advance<blockquote>随着缩减谈判的推进，美联储暗示到2024年可能加息6至7次</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\">2021-09-23 02:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 23)&nbsp;The Federal Reserve on Wednesday telegraphed it could hike rates six to seven times by the end of 2024, illustrating the central bank’s optimism that the COVID-19 recovery will progress well enough for the Fed to tighten its easy money policies in a few years.</p><p><blockquote>（9月23日）美联储周三表示，到2024年底，它可能会加息六到七次，这表明央行乐观地认为，COVID-19复苏将进展顺利，足以让美联储在几年内收紧宽松货币政策。</blockquote></p><p> <b>The policy-setting Federal Open Market Committee still held interest rates at near-zero in its updated statement, but said it had advanced talks on paring back its asset purchase program.</b></p><p><blockquote><b>制定政策的联邦公开市场委员会在更新的声明中仍将利率维持在接近零的水平，但表示已经推进了削减资产购买计划的谈判。</b></blockquote></p><p> Since the depths of the pandemic, the Fed has been absorbing about $120 billion a month in U.S. Treasuries and agency mortgage-backed securities. But Fed officials have said in recent weeks that by the end of the year, the economy will likely make the “substantial further progress” needed for the central bank to begin slowing the pace of those purchases.</p><p><blockquote>自疫情最严重以来，美联储每月吸收约1200亿美元的美国国债和机构抵押贷款支持证券。但美联储官员最近几周表示，到今年年底，经济可能会取得美联储开始放缓这些购买步伐所需的“实质性进一步进展”。</blockquote></p><p> “If progress continues broadly as expected, the Committee judges that a moderation in the pace of asset purchases may soon be warranted,” the FOMC statement reads.</p><p><blockquote>FOMC声明称：“如果进展按预期广泛持续，委员会判断可能很快就有必要放缓资产购买步伐。”</blockquote></p><p> The central bank only has two more meetings this year to announce a taper: in early November and in mid-December.</p><p><blockquote>央行今年只有两次会议宣布taper：11月初和12月中旬。</blockquote></p><p> The Fed has insisted that thetiming of a taper is not a “direct signal”on the timing of rate liftoff. But “dot plot” projections, which map out each of the 18 FOMC members’ expectations for where rates will be in coming years, suggest that the central bank is pulling forward its forecast for 25 basis point rate hikes.</p><p><blockquote>美联储坚称，缩减购债规模的时机并不是加息时机的“直接信号”。但“点阵图”预测显示了18位FOMC成员对未来几年利率的预期，表明央行正在将加息25个基点的预测提前。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/613f9571610513947a05c158ba7321ac\" tg-width=\"705\" tg-height=\"779\" referrerpolicy=\"no-referrer\">The updated forecast now has the committee split on rate hikes in 2022, with 9 members seeing the case for no rate hikes next year but the other 9 seeing the case for at least one hike. By the end of 2023, the median dot projects three to four total rate hikes.</p><p><blockquote>更新后的预测现在使委员会在2022年加息问题上存在分歧，9名成员认为明年不加息，但其他9名成员认为至少加息一次。到2023年底，dot中位数预计总共加息三到四次。</blockquote></p><p> Through the end of 2024, the median FOMC member sees six to seven total rate hikes.</p><p><blockquote>到2024年底，FOMC成员中位数预计总共加息六到七次。</blockquote></p><p> In thelast round of projections released in June, the median member of the FOMC saw no rate hikes through the end of 2022 but two rate hikes in 2023.</p><p><blockquote>在6月份发布的最新一轮预测中，FOMC成员中位数预计到2022年底不会加息，但2023年将加息两次。</blockquote></p><p> The expectation to raise interest rates earlier coincides with higher expectations on inflation. Although the Fed stood pat on its expectation for rising price pressures to be “transitory,” the median FOMC member raised their forecast on PCE inflation to 4.2% this year (compared to 3.4% in June). The median member expects inflation to then fall to 2.2% in 2022. The Fed’s inflation target is 2%.</p><p><blockquote>提前加息的预期与对通胀的更高预期不谋而合。尽管美联储坚持其对物价压力上升是“暂时的”的预期，但FOMC成员中位数将今年PCE通胀预期上调至4.2%（6月份为3.4%）。成员中位数预计2022年通胀率将降至2.2%。美联储的通胀目标是2%。</blockquote></p><p> The spike in COVID-19 cases from the Delta variant also weighed on forecasters’ expectations for GDP growth. The central bank now expects the U.S. economy to grow by 5.9% this year (compared to 7.0% in June) but revised up growth expectations for 2022 to 3.8% (compared to 3.3% in June).</p><p><blockquote>来自德尔塔变异毒株的COVID-19病例激增也影响了预测者对GDP增长的预期。央行目前预计美国经济今年将增长5.9%（6月份为7.0%），但将2022年的增长预期上调至3.8%（6月份为3.3%）。</blockquote></p><p> After a softer August jobs report, the Fed revised its expectation on the unemployment rate by the end of 2021 to 4.8% (compared to 4.5% in June). The central bank is hopeful it can return to the pre-pandemic record low on headline unemployment of 3.5% by the end of 2023.</p><p><blockquote>在8月份就业报告疲软后，美联储将2021年底失业率预期修正为4.8%（6月份为4.5%）。央行希望到2023年底，总体失业率能够恢复到大流行前3.5%的历史低点。</blockquote></p><p> The next FOMC meeting is scheduled to take place November 2 and 3.</p><p><blockquote>下一次FOMC会议定于11月2日至3日举行。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105881552","content_text":"(Sept 23) The Federal Reserve on Wednesday telegraphed it could hike rates six to seven times by the end of 2024, illustrating the central bank’s optimism that the COVID-19 recovery will progress well enough for the Fed to tighten its easy money policies in a few years.\nThe policy-setting Federal Open Market Committee still held interest rates at near-zero in its updated statement, but said it had advanced talks on paring back its asset purchase program.\nSince the depths of the pandemic, the Fed has been absorbing about $120 billion a month in U.S. Treasuries and agency mortgage-backed securities. But Fed officials have said in recent weeks that by the end of the year, the economy will likely make the “substantial further progress” needed for the central bank to begin slowing the pace of those purchases.\n“If progress continues broadly as expected, the Committee judges that a moderation in the pace of asset purchases may soon be warranted,” the FOMC statement reads.\nThe central bank only has two more meetings this year to announce a taper: in early November and in mid-December.\nThe Fed has insisted that thetiming of a taper is not a “direct signal”on the timing of rate liftoff. But “dot plot” projections, which map out each of the 18 FOMC members’ expectations for where rates will be in coming years, suggest that the central bank is pulling forward its forecast for 25 basis point rate hikes.\nThe updated forecast now has the committee split on rate hikes in 2022, with 9 members seeing the case for no rate hikes next year but the other 9 seeing the case for at least one hike. By the end of 2023, the median dot projects three to four total rate hikes.\nThrough the end of 2024, the median FOMC member sees six to seven total rate hikes.\nIn thelast round of projections released in June, the median member of the FOMC saw no rate hikes through the end of 2022 but two rate hikes in 2023.\nThe expectation to raise interest rates earlier coincides with higher expectations on inflation. Although the Fed stood pat on its expectation for rising price pressures to be “transitory,” the median FOMC member raised their forecast on PCE inflation to 4.2% this year (compared to 3.4% in June). The median member expects inflation to then fall to 2.2% in 2022. The Fed’s inflation target is 2%.\nThe spike in COVID-19 cases from the Delta variant also weighed on forecasters’ expectations for GDP growth. The central bank now expects the U.S. economy to grow by 5.9% this year (compared to 7.0% in June) but revised up growth expectations for 2022 to 3.8% (compared to 3.3% in June).\nAfter a softer August jobs report, the Fed revised its expectation on the unemployment rate by the end of 2021 to 4.8% (compared to 4.5% in June). The central bank is hopeful it can return to the pre-pandemic record low on headline unemployment of 3.5% by the end of 2023.\nThe next FOMC meeting is scheduled to take place November 2 and 3.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":303,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":884277306,"gmtCreate":1631906020105,"gmtModify":1632805453886,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091975549439940","idStr":"4091975549439940"},"themes":[],"htmlText":"True","listText":"True","text":"True","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/884277306","repostId":"2168885573","repostType":4,"isVote":1,"tweetType":1,"viewCount":478,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":889443129,"gmtCreate":1631173909161,"gmtModify":1632884158671,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091975549439940","idStr":"4091975549439940"},"themes":[],"htmlText":"Time to go in","listText":"Time to go in","text":"Time to go in","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/889443129","repostId":"1182974135","repostType":2,"repost":{"id":"1182974135","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":1631143557,"share":"https://www.laohu8.com/m/news/1182974135?lang=zh_CN&edition=full","pubTime":"2021-09-09 07:25","market":"us","language":"en","title":"Sea Aims to Raise $6.3 Billion in 2021’s Biggest Equity Deal<blockquote>Sea计划在2021年最大的股权交易中筹集63亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1182974135","media":"Tiger Newspress","summary":"Singapore’s Sea Ltd. fell 2.8% in postmarket trading on Wednesday after launching the largest second","content":"<p>Singapore’s&nbsp;Sea Ltd. fell 2.8%&nbsp;in postmarket trading on Wednesday after&nbsp;launching&nbsp;the largest secondary offering of 2021 to date.</p><p><blockquote>新加坡Sea Ltd.在推出2021年迄今为止最大规模的二次发行后，周三盘后交易中下跌2.8%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f01f4fc8a6109d059c61bbe821cfc8da\" tg-width=\"891\" tg-height=\"636\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Sea Ltd. aims to raise $6.3 billion in the&nbsp;largeste&nbsp;quity offering of the year, a deal that will propel a global expansion and acquisitions for Southeast Asia’s largest company.</p><p><blockquote>Sea Ltd.的目标是通过今年最大规模的股票发行筹集63亿美元，这笔交易将推动这家东南亚最大公司的全球扩张和收购。</blockquote></p><p> The online gaming and e-commerce firm backed by&nbsp;Tencent Holdings Ltd.&nbsp;is offering 11 million shares, a stake worth about $3.8 billion at Wednesday’s close. It also intends to issue $2.5 billion of equity-linked debt. Sea, which has risen more than 70% this year, fell in post-marketing trading in New York.</p><p><blockquote>这家由腾讯控股控股有限公司支持的在线游戏和电子商务公司将发行1100万股股票，截至周三收盘，股份价值约38亿美元。它还打算发行25亿美元的股票挂钩债务。今年以来涨幅超过70%的Sea在纽约盘后交易中下跌。</blockquote></p><p> The region’s most valuable company has rapidly expanded its market share in e-commerce and gaming during the pandemic, riding hit titles like shooter game Free Fire and its Shopee online shopping app. Its founder Forrest Li became Singapore’s&nbsp;richest&nbsp;person in August after shares of his company surged.</p><p><blockquote>该地区最有价值的公司在疫情期间迅速扩大了其在电子商务和游戏领域的市场份额，推出了射击游戏Free Fire及其Shopee在线购物应用程序等热门游戏。其创始人Forrest Li在其公司股价飙升后于8月份成为新加坡首富。</blockquote></p><p> “Sea is going for a market expansion, especially in new businesses such as e-commerce in Latin America and food delivery in Southeast Asia,” said Sachin Mittal, an analyst with&nbsp;DBS Group Holdings Ltd.“Competition is intensifying and gaining market share is of utmost importance.”</p><p><blockquote>星展集团控股有限公司分析师萨钦·米塔尔(Sachin Mittal)表示：“Sea正在寻求市场扩张，特别是在拉丁美洲的电子商务和东南亚的食品配送等新业务领域。”“竞争正在加剧，获得市场份额至关重要。”</blockquote></p><p> The 11 million shares alone that Sea is offering will be the biggest equity sale since Chinese e-commerce operator&nbsp;Pinduoduo Inc.&nbsp;raised $4.1 billion on Nov. 18, according to data compiled by Bloomberg. Including the convertible bonds, the overall deal will be the biggest equity raise since T-Mobile US Inc.’s in June 2020.</p><p><blockquote>根据彭博社汇编的数据，仅Sea发行的1100万股股票就将是自中国电子商务运营商拼多多11月18日筹集41亿美元以来最大的一次股权出售。包括可转换债券在内，整个交易将是自T-Mobile US Inc.2020年6月以来最大的一次股权融资。</blockquote></p><p> The deal, offered&nbsp;via&nbsp;Goldman Sachs,JPMorgan&nbsp;and&nbsp;BofA, arrives at a time of resurgence in cross-border issuance from Asia.Nio Inc.on Tuesday announced plans to raise up to $2.0 billion in what would be the&nbsp;biggest U.S. offering&nbsp;by a company based in China since&nbsp;Didi Global Inc.</p><p><blockquote>这笔交易是通过高盛、摩根大通和美国银行提出的，正值亚洲跨境发行复苏之际。蔚来汽车周二宣布计划筹集至多20亿美元，这将是自滴滴出行以来总部位于中国的公司。</blockquote></p><p> Sea’s latest capital-raising follows a $2.6 billion stocksalein December and a $1.35 billiondealin 2019. It will deploy the latest chunk of capital toward “business expansion and other general corporate purposes, including potential strategic investments and acquisitions,” the company said in a statement.</p><p><blockquote>Sea最近一次融资是在12月进行26亿美元的股票销售和2019年进行13.5亿美元的交易之后进行的。该公司在一份声明中表示，将把最新一笔资本用于“业务扩张和其他一般企业用途，包括潜在的战略投资和收购”。</blockquote></p><p> Sea in August raised its annual forecasts for its two main business, underscoring its confidence in an expanding international business that’s gaining momentum beyond its home region.</p><p><blockquote>Sea在8月份上调了对其两项主要业务的年度预测，突显了其对不断扩大的国际业务的信心，该业务正在其本土以外的地区获得动力。</blockquote></p><p> The stock has risen more than eightfold since the beginning of 2020 as Sea invests cash generated from popular mobile battle royale game Free Fire to establish itself as a leader in e-commerce in Southeast Asia. At the same time, it has expanded its online shopping business in Brazil as part of a strategy to become a global player, increasing competition with Latin American e-commerce giant&nbsp;MercadoLibre Inc.</p><p><blockquote>自2020年初以来，随着Sea投资热门手机大逃杀游戏Free Fire产生的现金，以确立自己作为东南亚电子商务领导者的地位，该股已上涨了八倍多。与此同时，作为成为全球参与者战略的一部分，它扩大了在巴西的在线购物业务，加剧了与拉丁美洲电子商务巨头MercadoLibre Inc.的竞争。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b154ccacf1b2b2729be52fdb53d5a655\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> In its home region, Sea remains locked in a fierce battle with GoTo and&nbsp;Grab Holdings Inc., all bolstering their e-commerce and fintech offerings in one of the fastest-growing internet markets on the planet. Southeast Asia’s online spending is set to triple to more than $300 billion by 2025, research from Google and its partners shows.</p><p><blockquote>在其本土地区，Sea仍与GoTo和Grab Holdings Inc.展开激烈的战斗，这两家公司都在这个全球增长最快的互联网市场之一加强其电子商务和金融科技产品。谷歌及其合作伙伴的研究显示，到2025年，东南亚的在线支出将增加两倍，超过3000亿美元。</blockquote></p><p> It’s now turning to fintech for further growth beyond gaming and e-commerce, while also expanding beyond the region. It&nbsp;won&nbsp;a digital-banking license in Singapore in December and acquired Indonesia’s PT Bank Kesejahteraan Ekonomi, better known as Bank BKE, people familiar with the matter&nbsp;said&nbsp;in January.</p><p><blockquote>它现在转向金融科技，以实现游戏和电子商务以外的进一步增长，同时也向该地区以外的地区扩张。知情人士1月份表示，该公司于12月在新加坡获得了数字银行牌照，并收购了印度尼西亚PT Bank Kesejahteraan Ekonomi（更广为人知的名字是BKE银行）。</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>Sea Aims to Raise $6.3 Billion in 2021’s Biggest Equity Deal<blockquote>Sea计划在2021年最大的股权交易中筹集63亿美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSea Aims to Raise $6.3 Billion in 2021’s Biggest Equity Deal<blockquote>Sea计划在2021年最大的股权交易中筹集63亿美元</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\">2021-09-09 07:25</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Singapore’s&nbsp;Sea Ltd. fell 2.8%&nbsp;in postmarket trading on Wednesday after&nbsp;launching&nbsp;the largest secondary offering of 2021 to date.</p><p><blockquote>新加坡Sea Ltd.在推出2021年迄今为止最大规模的二次发行后，周三盘后交易中下跌2.8%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f01f4fc8a6109d059c61bbe821cfc8da\" tg-width=\"891\" tg-height=\"636\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Sea Ltd. aims to raise $6.3 billion in the&nbsp;largeste&nbsp;quity offering of the year, a deal that will propel a global expansion and acquisitions for Southeast Asia’s largest company.</p><p><blockquote>Sea Ltd.的目标是通过今年最大规模的股票发行筹集63亿美元，这笔交易将推动这家东南亚最大公司的全球扩张和收购。</blockquote></p><p> The online gaming and e-commerce firm backed by&nbsp;Tencent Holdings Ltd.&nbsp;is offering 11 million shares, a stake worth about $3.8 billion at Wednesday’s close. It also intends to issue $2.5 billion of equity-linked debt. Sea, which has risen more than 70% this year, fell in post-marketing trading in New York.</p><p><blockquote>这家由腾讯控股控股有限公司支持的在线游戏和电子商务公司将发行1100万股股票，截至周三收盘，股份价值约38亿美元。它还打算发行25亿美元的股票挂钩债务。今年以来涨幅超过70%的Sea在纽约盘后交易中下跌。</blockquote></p><p> The region’s most valuable company has rapidly expanded its market share in e-commerce and gaming during the pandemic, riding hit titles like shooter game Free Fire and its Shopee online shopping app. Its founder Forrest Li became Singapore’s&nbsp;richest&nbsp;person in August after shares of his company surged.</p><p><blockquote>该地区最有价值的公司在疫情期间迅速扩大了其在电子商务和游戏领域的市场份额，推出了射击游戏Free Fire及其Shopee在线购物应用程序等热门游戏。其创始人Forrest Li在其公司股价飙升后于8月份成为新加坡首富。</blockquote></p><p> “Sea is going for a market expansion, especially in new businesses such as e-commerce in Latin America and food delivery in Southeast Asia,” said Sachin Mittal, an analyst with&nbsp;DBS Group Holdings Ltd.“Competition is intensifying and gaining market share is of utmost importance.”</p><p><blockquote>星展集团控股有限公司分析师萨钦·米塔尔(Sachin Mittal)表示：“Sea正在寻求市场扩张，特别是在拉丁美洲的电子商务和东南亚的食品配送等新业务领域。”“竞争正在加剧，获得市场份额至关重要。”</blockquote></p><p> The 11 million shares alone that Sea is offering will be the biggest equity sale since Chinese e-commerce operator&nbsp;Pinduoduo Inc.&nbsp;raised $4.1 billion on Nov. 18, according to data compiled by Bloomberg. Including the convertible bonds, the overall deal will be the biggest equity raise since T-Mobile US Inc.’s in June 2020.</p><p><blockquote>根据彭博社汇编的数据，仅Sea发行的1100万股股票就将是自中国电子商务运营商拼多多11月18日筹集41亿美元以来最大的一次股权出售。包括可转换债券在内，整个交易将是自T-Mobile US Inc.2020年6月以来最大的一次股权融资。</blockquote></p><p> The deal, offered&nbsp;via&nbsp;Goldman Sachs,JPMorgan&nbsp;and&nbsp;BofA, arrives at a time of resurgence in cross-border issuance from Asia.Nio Inc.on Tuesday announced plans to raise up to $2.0 billion in what would be the&nbsp;biggest U.S. offering&nbsp;by a company based in China since&nbsp;Didi Global Inc.</p><p><blockquote>这笔交易是通过高盛、摩根大通和美国银行提出的，正值亚洲跨境发行复苏之际。蔚来汽车周二宣布计划筹集至多20亿美元，这将是自滴滴出行以来总部位于中国的公司。</blockquote></p><p> Sea’s latest capital-raising follows a $2.6 billion stocksalein December and a $1.35 billiondealin 2019. It will deploy the latest chunk of capital toward “business expansion and other general corporate purposes, including potential strategic investments and acquisitions,” the company said in a statement.</p><p><blockquote>Sea最近一次融资是在12月进行26亿美元的股票销售和2019年进行13.5亿美元的交易之后进行的。该公司在一份声明中表示，将把最新一笔资本用于“业务扩张和其他一般企业用途，包括潜在的战略投资和收购”。</blockquote></p><p> Sea in August raised its annual forecasts for its two main business, underscoring its confidence in an expanding international business that’s gaining momentum beyond its home region.</p><p><blockquote>Sea在8月份上调了对其两项主要业务的年度预测，突显了其对不断扩大的国际业务的信心，该业务正在其本土以外的地区获得动力。</blockquote></p><p> The stock has risen more than eightfold since the beginning of 2020 as Sea invests cash generated from popular mobile battle royale game Free Fire to establish itself as a leader in e-commerce in Southeast Asia. At the same time, it has expanded its online shopping business in Brazil as part of a strategy to become a global player, increasing competition with Latin American e-commerce giant&nbsp;MercadoLibre Inc.</p><p><blockquote>自2020年初以来，随着Sea投资热门手机大逃杀游戏Free Fire产生的现金，以确立自己作为东南亚电子商务领导者的地位，该股已上涨了八倍多。与此同时，作为成为全球参与者战略的一部分，它扩大了在巴西的在线购物业务，加剧了与拉丁美洲电子商务巨头MercadoLibre Inc.的竞争。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b154ccacf1b2b2729be52fdb53d5a655\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> In its home region, Sea remains locked in a fierce battle with GoTo and&nbsp;Grab Holdings Inc., all bolstering their e-commerce and fintech offerings in one of the fastest-growing internet markets on the planet. Southeast Asia’s online spending is set to triple to more than $300 billion by 2025, research from Google and its partners shows.</p><p><blockquote>在其本土地区，Sea仍与GoTo和Grab Holdings Inc.展开激烈的战斗，这两家公司都在这个全球增长最快的互联网市场之一加强其电子商务和金融科技产品。谷歌及其合作伙伴的研究显示，到2025年，东南亚的在线支出将增加两倍，超过3000亿美元。</blockquote></p><p> It’s now turning to fintech for further growth beyond gaming and e-commerce, while also expanding beyond the region. It&nbsp;won&nbsp;a digital-banking license in Singapore in December and acquired Indonesia’s PT Bank Kesejahteraan Ekonomi, better known as Bank BKE, people familiar with the matter&nbsp;said&nbsp;in January.</p><p><blockquote>它现在转向金融科技，以实现游戏和电子商务以外的进一步增长，同时也向该地区以外的地区扩张。知情人士1月份表示，该公司于12月在新加坡获得了数字银行牌照，并收购了印度尼西亚PT Bank Kesejahteraan Ekonomi（更广为人知的名字是BKE银行）。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182974135","content_text":"Singapore’s Sea Ltd. fell 2.8% in postmarket trading on Wednesday after launching the largest secondary offering of 2021 to date.\n\nSea Ltd. aims to raise $6.3 billion in the largeste quity offering of the year, a deal that will propel a global expansion and acquisitions for Southeast Asia’s largest company.\nThe online gaming and e-commerce firm backed by Tencent Holdings Ltd. is offering 11 million shares, a stake worth about $3.8 billion at Wednesday’s close. It also intends to issue $2.5 billion of equity-linked debt. Sea, which has risen more than 70% this year, fell in post-marketing trading in New York.\nThe region’s most valuable company has rapidly expanded its market share in e-commerce and gaming during the pandemic, riding hit titles like shooter game Free Fire and its Shopee online shopping app. Its founder Forrest Li became Singapore’s richest person in August after shares of his company surged.\n“Sea is going for a market expansion, especially in new businesses such as e-commerce in Latin America and food delivery in Southeast Asia,” said Sachin Mittal, an analyst with DBS Group Holdings Ltd.“Competition is intensifying and gaining market share is of utmost importance.”\nThe 11 million shares alone that Sea is offering will be the biggest equity sale since Chinese e-commerce operator Pinduoduo Inc. raised $4.1 billion on Nov. 18, according to data compiled by Bloomberg. Including the convertible bonds, the overall deal will be the biggest equity raise since T-Mobile US Inc.’s in June 2020.\nThe deal, offered via Goldman Sachs,JPMorgan and BofA, arrives at a time of resurgence in cross-border issuance from Asia.Nio Inc.on Tuesday announced plans to raise up to $2.0 billion in what would be the biggest U.S. offering by a company based in China since Didi Global Inc.\nSea’s latest capital-raising follows a $2.6 billion stocksalein December and a $1.35 billiondealin 2019. It will deploy the latest chunk of capital toward “business expansion and other general corporate purposes, including potential strategic investments and acquisitions,” the company said in a statement.\nSea in August raised its annual forecasts for its two main business, underscoring its confidence in an expanding international business that’s gaining momentum beyond its home region.\nThe stock has risen more than eightfold since the beginning of 2020 as Sea invests cash generated from popular mobile battle royale game Free Fire to establish itself as a leader in e-commerce in Southeast Asia. At the same time, it has expanded its online shopping business in Brazil as part of a strategy to become a global player, increasing competition with Latin American e-commerce giant MercadoLibre Inc.\n\nIn its home region, Sea remains locked in a fierce battle with GoTo and Grab Holdings Inc., all bolstering their e-commerce and fintech offerings in one of the fastest-growing internet markets on the planet. Southeast Asia’s online spending is set to triple to more than $300 billion by 2025, research from Google and its partners shows.\nIt’s now turning to fintech for further growth beyond gaming and e-commerce, while also expanding beyond the region. It won a digital-banking license in Singapore in December and acquired Indonesia’s PT Bank Kesejahteraan Ekonomi, better known as Bank BKE, people familiar with the matter said in January.","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":566,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880930058,"gmtCreate":1631006807274,"gmtModify":1632904643027,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091975549439940","idStr":"4091975549439940"},"themes":[],"htmlText":"Sea price keep going up.&nbsp;&nbsp;","listText":"Sea price keep going up.&nbsp;&nbsp;","text":"Sea price keep going up.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/880930058","repostId":"1190153270","repostType":4,"repost":{"id":"1190153270","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":1631002085,"share":"https://www.laohu8.com/m/news/1190153270?lang=zh_CN&edition=full","pubTime":"2021-09-07 16:08","market":"us","language":"en","title":"Sea reached record high in pre-market trading<blockquote>Sea在盘前交易中创下历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190153270","media":"Tiger Newspress","summary":"(Sept 7) Sea reached record high in pre-market trading Tuesday.\nSea Ltd's Shopee is preparing to lau","content":"<p>(Sept 7)&nbsp;Sea reached record high in pre-market trading&nbsp;Tuesday.</p><p><blockquote>（9月7日）Sea在周二盘前交易中创下历史新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a4e4b0288d320c178ce3ce27e45bdb98\" tg-width=\"1057\" tg-height=\"527\" referrerpolicy=\"no-referrer\">Sea Ltd's Shopee is preparing to launch in Poland and is currently recruiting sellers, two company sources with knowledge of the matter told Reuters.</p><p><blockquote>两位知情的公司消息人士告诉路透社，Sea Ltd的Shopee正准备在波兰推出，目前正在招募卖家。</blockquote></p><p> The move will be the first expansion into European e-commerce for the $190 billion Singapore-headquartered technology group, whose gaming arm Garena is already active in the region.</p><p><blockquote>此举将是这家总部位于新加坡、价值1900亿美元的科技集团首次向欧洲电子商务扩张，其游戏部门Garena已经活跃在该地区。</blockquote></p><p> Shopee is simultaneously preparing to launch in India, Reuters reported last week, after aggressively expanding in Latin America since earlier this year.</p><p><blockquote>据路透社上周报道，Shopee自今年早些时候以来在拉丁美洲积极扩张后，同时准备在印度推出。</blockquote></p><p> One of the sources told Reuters that Shopee is cautiously scaling up its global expansion by testing out possible new markets.</p><p><blockquote>其中一位消息人士告诉路透社，Shopee正在通过测试可能的新市场，谨慎地扩大其全球扩张。</blockquote></p><p> The two sources, who requested anonymity because they were not authorised to speak to media, said Shopee will also launch in Argentina in the coming months.</p><p><blockquote>这两位因无权接受媒体采访而要求匿名的消息人士表示，Shopee也将在未来几个月内在阿根廷推出。</blockquote></p><p> The firm is already the dominant player in e-commerce in Southeast Asia, according to market researchers, bringing in $1.2 billion globally in revenue for the quarter ending June 30.</p><p><blockquote>据市场研究人员称，该公司已经是东南亚电子商务领域的主导者，截至6月30日的季度在全球范围内带来了12亿美元的收入。</blockquote></p><p> Polish news website Wiadomoscihandlowe.pl first reported the Shopee expansion into Poland. Sea did not immediately answer a Reuters request for comment.</p><p><blockquote>波兰新闻网站Wiadomoscihandlowe.pl首先报道了Shopee向波兰的扩张。Sea没有立即回应路透社的置评请求。</blockquote></p><p> Market research firm Euromonitor estimates the Polish e-commerce market to be worth 16 billion euros ($19 billion), with significant room for growth compared to Western countries.</p><p><blockquote>市场研究公司Euromonitor估计，波兰电子商务市场价值160亿欧元（190亿美元），与西方国家相比，增长空间巨大。</blockquote></p><p> Amazon launched its local website this year, while the biggest home e-commerce firm Allegro is ramping up installation of its own parcel lockers.</p><p><blockquote>亚马逊今年推出了本地网站，而最大的家庭电子商务公司Allegro正在加紧安装自己的包裹柜。</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>Sea reached record high in pre-market trading<blockquote>Sea在盘前交易中创下历史新高</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; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSea reached record high in pre-market trading<blockquote>Sea在盘前交易中创下历史新高</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\">2021-09-07 16:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 7)&nbsp;Sea reached record high in pre-market trading&nbsp;Tuesday.</p><p><blockquote>（9月7日）Sea在周二盘前交易中创下历史新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a4e4b0288d320c178ce3ce27e45bdb98\" tg-width=\"1057\" tg-height=\"527\" referrerpolicy=\"no-referrer\">Sea Ltd's Shopee is preparing to launch in Poland and is currently recruiting sellers, two company sources with knowledge of the matter told Reuters.</p><p><blockquote>两位知情的公司消息人士告诉路透社，Sea Ltd的Shopee正准备在波兰推出，目前正在招募卖家。</blockquote></p><p> The move will be the first expansion into European e-commerce for the $190 billion Singapore-headquartered technology group, whose gaming arm Garena is already active in the region.</p><p><blockquote>此举将是这家总部位于新加坡、价值1900亿美元的科技集团首次向欧洲电子商务扩张，其游戏部门Garena已经活跃在该地区。</blockquote></p><p> Shopee is simultaneously preparing to launch in India, Reuters reported last week, after aggressively expanding in Latin America since earlier this year.</p><p><blockquote>据路透社上周报道，Shopee自今年早些时候以来在拉丁美洲积极扩张后，同时准备在印度推出。</blockquote></p><p> One of the sources told Reuters that Shopee is cautiously scaling up its global expansion by testing out possible new markets.</p><p><blockquote>其中一位消息人士告诉路透社，Shopee正在通过测试可能的新市场，谨慎地扩大其全球扩张。</blockquote></p><p> The two sources, who requested anonymity because they were not authorised to speak to media, said Shopee will also launch in Argentina in the coming months.</p><p><blockquote>这两位因无权接受媒体采访而要求匿名的消息人士表示，Shopee也将在未来几个月内在阿根廷推出。</blockquote></p><p> The firm is already the dominant player in e-commerce in Southeast Asia, according to market researchers, bringing in $1.2 billion globally in revenue for the quarter ending June 30.</p><p><blockquote>据市场研究人员称，该公司已经是东南亚电子商务领域的主导者，截至6月30日的季度在全球范围内带来了12亿美元的收入。</blockquote></p><p> Polish news website Wiadomoscihandlowe.pl first reported the Shopee expansion into Poland. Sea did not immediately answer a Reuters request for comment.</p><p><blockquote>波兰新闻网站Wiadomoscihandlowe.pl首先报道了Shopee向波兰的扩张。Sea没有立即回应路透社的置评请求。</blockquote></p><p> Market research firm Euromonitor estimates the Polish e-commerce market to be worth 16 billion euros ($19 billion), with significant room for growth compared to Western countries.</p><p><blockquote>市场研究公司Euromonitor估计，波兰电子商务市场价值160亿欧元（190亿美元），与西方国家相比，增长空间巨大。</blockquote></p><p> Amazon launched its local website this year, while the biggest home e-commerce firm Allegro is ramping up installation of its own parcel lockers.</p><p><blockquote>亚马逊今年推出了本地网站，而最大的家庭电子商务公司Allegro正在加紧安装自己的包裹柜。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190153270","content_text":"(Sept 7) Sea reached record high in pre-market trading Tuesday.\nSea Ltd's Shopee is preparing to launch in Poland and is currently recruiting sellers, two company sources with knowledge of the matter told Reuters.\nThe move will be the first expansion into European e-commerce for the $190 billion Singapore-headquartered technology group, whose gaming arm Garena is already active in the region.\nShopee is simultaneously preparing to launch in India, Reuters reported last week, after aggressively expanding in Latin America since earlier this year.\nOne of the sources told Reuters that Shopee is cautiously scaling up its global expansion by testing out possible new markets.\nThe two sources, who requested anonymity because they were not authorised to speak to media, said Shopee will also launch in Argentina in the coming months.\nThe firm is already the dominant player in e-commerce in Southeast Asia, according to market researchers, bringing in $1.2 billion globally in revenue for the quarter ending June 30.\nPolish news website Wiadomoscihandlowe.pl first reported the Shopee expansion into Poland. Sea did not immediately answer a Reuters request for comment.\nMarket research firm Euromonitor estimates the Polish e-commerce market to be worth 16 billion euros ($19 billion), with significant room for growth compared to Western countries.\nAmazon launched its local website this year, while the biggest home e-commerce firm Allegro is ramping up installation of its own parcel lockers.","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":376,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814250739,"gmtCreate":1630829767121,"gmtModify":1632905652845,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091975549439940","idStr":"4091975549439940"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/814250739","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":{".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"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":{".DJI":0.9,"SPY":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":472,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814225497,"gmtCreate":1630829099219,"gmtModify":1632905655072,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091975549439940","idStr":"4091975549439940"},"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/814225497","repostId":"2164808914","repostType":4,"isVote":1,"tweetType":1,"viewCount":419,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814968798,"gmtCreate":1630745042914,"gmtModify":1632906059482,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091975549439940","idStr":"4091975549439940"},"themes":[],"htmlText":"True","listText":"True","text":"True","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/814968798","repostId":"1169514310","repostType":4,"repost":{"id":"1169514310","kind":"news","pubTimestamp":1630656896,"share":"https://www.laohu8.com/m/news/1169514310?lang=zh_CN&edition=full","pubTime":"2021-09-03 16:14","market":"us","language":"en","title":"2 Good Reasons the Stock Market Isn’t Ready to Blow Up Yet<blockquote>股市尚未准备好爆炸的2个充分理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169514310","media":"Barron's","summary":"tocks have had an impressive year so far, but there are still four months before 2021 wraps up. So w","content":"<p>tocks have had an impressive year so far, but there are still four months before 2021 wraps up. So what’s ahead? A correction? More gains? Right now, it’s easier to make the case for the rally to just keep on going.</p><p><blockquote>到目前为止，股票经历了令人印象深刻的一年，但距离2021年结束还有四个月的时间。那么接下来会发生什么？更正？更多收获？现在，更容易证明涨势继续下去。</blockquote></p><p> First, though, it’s understandable why investors might be nervous.</p><p><blockquote>不过，首先，投资者感到紧张是可以理解的。</blockquote></p><p> TheS&amp;P 500has gained about 21% year to date, far above the historical average annual return of about 10%. And in the first eight months, the index hasn’t had a pullback of more than 5%— a correction is defined as a 10% drawdown.</p><p><blockquote>标准普尔500指数今年迄今已上涨约21%，远高于约10%的历史平均年回报率。在前八个月，该指数的回调幅度没有超过5%——回调被定义为下跌10%。</blockquote></p><p> Still, a good run needs something to stop it—likehigher corporate taxes,which the Biden administration supports. They could shave 5% or more off projected earnings estimates for S&amp;P 500 companies. Or persistent inflation, which could cause the Federal Reserve to rapidly reduce economic support. And there are a host of other catalysts, enough to push some analyststo forecast a retreat.</p><p><blockquote>尽管如此，良好的运行需要一些东西来阻止它——比如拜登政府支持的更高的公司税。他们可能会将标普500公司的盈利预期下调5%或更多。或者持续的通胀，这可能导致美联储迅速减少经济支持。还有许多其他催化剂，足以促使一些分析师预测经济会出现回落。</blockquote></p><p> But who knows how long Washington might take to put a new tax structure in place, or if lawmakers even will. Or what the deal is with inflation. There has been tapering talk for a few months now, and the Fed holds firm to its wait-and-see approach.</p><p><blockquote>但谁知道华盛顿可能需要多长时间才能建立新的税收结构，或者立法者是否会这样做。或者通货膨胀是怎么回事。缩减购债规模的讨论已经持续了几个月，美联储仍坚持观望态度。</blockquote></p><p> So the nature of the market’s climb in the past couple of weeks seems to be the surest, strongest sign of what’s ahead. The S&amp;P 500 is up 3% since Aug. 18, the bottom of a brief and shallow drop.</p><p><blockquote>因此，过去几周市场上涨的性质似乎是未来最确定、最强烈的迹象。自8月18日以来，标普500已上涨3%，这是短暂而浅跌的底部。</blockquote></p><p> “[Market] internals improved last week,” writes&nbsp;Michael Gibbs, director of equity portfolio and technical strategy at Raymond James.</p><p><blockquote>雷蒙德·詹姆斯(Raymond James)股票投资组合和技术策略总监迈克尔·吉布斯(Michael Gibbs)写道：“上周[市场]内部结构有所改善。”</blockquote></p><p> First off, transaction volumes are improving.</p><p><blockquote>首先，交易量正在改善。</blockquote></p><p> In late August, the daily number of shares traded on the&nbsp;SPDR S&amp;P 500 Exchange-Traded Fund Trust(SPY) has been about 54 million, according to FactSet. That’s above just under 50 million seen in the middle of the month.</p><p><blockquote>FactSet的数据显示，8月底，SPDR标普500交易所交易基金信托（SPDR标普500指数ETF）的每日交易股票数量约为5400万股。这高于本月中旬的略低于5000万。</blockquote></p><p> The upshot: When more market participants are transacting and they are bidding prices higher, it’s a vote of confidence in the market.</p><p><blockquote>结果是：当更多的市场参与者进行交易并且他们出价更高时，这是对市场的信任票。</blockquote></p><p> Secondly, the rally has been broad-based—many stocks have participated. For example, almost 80% of stocks listed on the New York Stock Exchange have been gaining, according to Raymond James.</p><p><blockquote>其次，涨势基础广泛——许多股票都参与其中。例如，雷蒙德·詹姆斯(Raymond James)表示，纽约证券交易所上市的近80%的股票都在上涨。</blockquote></p><p> The last time that metric hit such a high was November 2020. More stocks participating in the rally means the major indexes are less dependent on one group of stocks to move higher. Plus, witheconomically sensitive stocks on a run as well,it means investors are confident in sustained economic growth ahead.</p><p><blockquote>该指标上一次达到如此高的水平是在2020年11月。更多股票参与涨势意味着主要股指较少依赖一组股票走高。此外，经济敏感型股票也在上涨，这意味着投资者对未来经济持续增长充满信心。</blockquote></p><p> So more gains or a correction? We’ve made our case, but time will tell.</p><p><blockquote>那么更多的收益还是修正？我们已经证明了我们的观点，但时间会证明一切。</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>2 Good Reasons the Stock Market Isn’t Ready to Blow Up Yet<blockquote>股市尚未准备好爆炸的2个充分理由</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n2 Good Reasons the Stock Market Isn’t Ready to Blow Up Yet<blockquote>股市尚未准备好爆炸的2个充分理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-09-03 16:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p>tocks have had an impressive year so far, but there are still four months before 2021 wraps up. So what’s ahead? A correction? More gains? Right now, it’s easier to make the case for the rally to just keep on going.</p><p><blockquote>到目前为止，股票经历了令人印象深刻的一年，但距离2021年结束还有四个月的时间。那么接下来会发生什么？更正？更多收获？现在，更容易证明涨势继续下去。</blockquote></p><p> First, though, it’s understandable why investors might be nervous.</p><p><blockquote>不过，首先，投资者感到紧张是可以理解的。</blockquote></p><p> TheS&amp;P 500has gained about 21% year to date, far above the historical average annual return of about 10%. And in the first eight months, the index hasn’t had a pullback of more than 5%— a correction is defined as a 10% drawdown.</p><p><blockquote>标准普尔500指数今年迄今已上涨约21%，远高于约10%的历史平均年回报率。在前八个月，该指数的回调幅度没有超过5%——回调被定义为下跌10%。</blockquote></p><p> Still, a good run needs something to stop it—likehigher corporate taxes,which the Biden administration supports. They could shave 5% or more off projected earnings estimates for S&amp;P 500 companies. Or persistent inflation, which could cause the Federal Reserve to rapidly reduce economic support. And there are a host of other catalysts, enough to push some analyststo forecast a retreat.</p><p><blockquote>尽管如此，良好的运行需要一些东西来阻止它——比如拜登政府支持的更高的公司税。他们可能会将标普500公司的盈利预期下调5%或更多。或者持续的通胀，这可能导致美联储迅速减少经济支持。还有许多其他催化剂，足以促使一些分析师预测经济会出现回落。</blockquote></p><p> But who knows how long Washington might take to put a new tax structure in place, or if lawmakers even will. Or what the deal is with inflation. There has been tapering talk for a few months now, and the Fed holds firm to its wait-and-see approach.</p><p><blockquote>但谁知道华盛顿可能需要多长时间才能建立新的税收结构，或者立法者是否会这样做。或者通货膨胀是怎么回事。缩减购债规模的讨论已经持续了几个月，美联储仍坚持观望态度。</blockquote></p><p> So the nature of the market’s climb in the past couple of weeks seems to be the surest, strongest sign of what’s ahead. The S&amp;P 500 is up 3% since Aug. 18, the bottom of a brief and shallow drop.</p><p><blockquote>因此，过去几周市场上涨的性质似乎是未来最确定、最强烈的迹象。自8月18日以来，标普500已上涨3%，这是短暂而浅跌的底部。</blockquote></p><p> “[Market] internals improved last week,” writes&nbsp;Michael Gibbs, director of equity portfolio and technical strategy at Raymond James.</p><p><blockquote>雷蒙德·詹姆斯(Raymond James)股票投资组合和技术策略总监迈克尔·吉布斯(Michael Gibbs)写道：“上周[市场]内部结构有所改善。”</blockquote></p><p> First off, transaction volumes are improving.</p><p><blockquote>首先，交易量正在改善。</blockquote></p><p> In late August, the daily number of shares traded on the&nbsp;SPDR S&amp;P 500 Exchange-Traded Fund Trust(SPY) has been about 54 million, according to FactSet. That’s above just under 50 million seen in the middle of the month.</p><p><blockquote>FactSet的数据显示，8月底，SPDR标普500交易所交易基金信托（SPDR标普500指数ETF）的每日交易股票数量约为5400万股。这高于本月中旬的略低于5000万。</blockquote></p><p> The upshot: When more market participants are transacting and they are bidding prices higher, it’s a vote of confidence in the market.</p><p><blockquote>结果是：当更多的市场参与者进行交易并且他们出价更高时，这是对市场的信任票。</blockquote></p><p> Secondly, the rally has been broad-based—many stocks have participated. For example, almost 80% of stocks listed on the New York Stock Exchange have been gaining, according to Raymond James.</p><p><blockquote>其次，涨势基础广泛——许多股票都参与其中。例如，雷蒙德·詹姆斯(Raymond James)表示，纽约证券交易所上市的近80%的股票都在上涨。</blockquote></p><p> The last time that metric hit such a high was November 2020. More stocks participating in the rally means the major indexes are less dependent on one group of stocks to move higher. Plus, witheconomically sensitive stocks on a run as well,it means investors are confident in sustained economic growth ahead.</p><p><blockquote>该指标上一次达到如此高的水平是在2020年11月。更多股票参与涨势意味着主要股指较少依赖一组股票走高。此外，经济敏感型股票也在上涨，这意味着投资者对未来经济持续增长充满信心。</blockquote></p><p> So more gains or a correction? We’ve made our case, but time will tell.</p><p><blockquote>那么更多的收益还是修正？我们已经证明了我们的观点，但时间会证明一切。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stock-market-outlook-crash-or-rally-51630526109?siteid=yhoof2\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://www.barrons.com/articles/stock-market-outlook-crash-or-rally-51630526109?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169514310","content_text":"tocks have had an impressive year so far, but there are still four months before 2021 wraps up. So what’s ahead? A correction? More gains? Right now, it’s easier to make the case for the rally to just keep on going.\nFirst, though, it’s understandable why investors might be nervous.\nTheS&P 500has gained about 21% year to date, far above the historical average annual return of about 10%. And in the first eight months, the index hasn’t had a pullback of more than 5%— a correction is defined as a 10% drawdown.\nStill, a good run needs something to stop it—likehigher corporate taxes,which the Biden administration supports. They could shave 5% or more off projected earnings estimates for S&P 500 companies. Or persistent inflation, which could cause the Federal Reserve to rapidly reduce economic support. And there are a host of other catalysts, enough to push some analyststo forecast a retreat.\nBut who knows how long Washington might take to put a new tax structure in place, or if lawmakers even will. Or what the deal is with inflation. There has been tapering talk for a few months now, and the Fed holds firm to its wait-and-see approach.\nSo the nature of the market’s climb in the past couple of weeks seems to be the surest, strongest sign of what’s ahead. The S&P 500 is up 3% since Aug. 18, the bottom of a brief and shallow drop.\n“[Market] internals improved last week,” writes Michael Gibbs, director of equity portfolio and technical strategy at Raymond James.\nFirst off, transaction volumes are improving.\nIn late August, the daily number of shares traded on the SPDR S&P 500 Exchange-Traded Fund Trust(SPY) has been about 54 million, according to FactSet. That’s above just under 50 million seen in the middle of the month.\nThe upshot: When more market participants are transacting and they are bidding prices higher, it’s a vote of confidence in the market.\nSecondly, the rally has been broad-based—many stocks have participated. For example, almost 80% of stocks listed on the New York Stock Exchange have been gaining, according to Raymond James.\nThe last time that metric hit such a high was November 2020. More stocks participating in the rally means the major indexes are less dependent on one group of stocks to move higher. Plus, witheconomically sensitive stocks on a run as well,it means investors are confident in sustained economic growth ahead.\nSo more gains or a correction? We’ve made our case, but time will tell.","news_type":1,"symbols_score_info":{"SPY":0.9,".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":815659330,"gmtCreate":1630677020820,"gmtModify":1632467478469,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091975549439940","idStr":"4091975549439940"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/815659330","repostId":"1106687082","repostType":2,"repost":{"id":"1106687082","kind":"news","pubTimestamp":1630629335,"share":"https://www.laohu8.com/m/news/1106687082?lang=zh_CN&edition=full","pubTime":"2021-09-03 08:35","market":"us","language":"en","title":"Why Moderna Trounced the Market on Thursday<blockquote>为什么Moderna周四跑赢市场</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106687082","media":"Motley Fool","summary":"The company is clearly determined to win regulatory authorization for its coronavirus vaccine booste","content":"<p>  <b>The company is clearly determined to win regulatory authorization for its coronavirus vaccine booster.</b>  <b>What happened</b></p><p><blockquote><b>该公司显然决心为其冠状病毒疫苗加强剂赢得监管授权。</b><b>发生了什么</b></blockquote></p><p> Hardly for the first time since the rise of the COVID delta variant, star coronavirus stock&nbsp;<b>Moderna</b>(NASDAQ:MRNA)well outpaced the&nbsp;<b>S&amp;P 500</b>index on Thursday. On positive if not astounding news, the biotech's stock finished with a gain of just under 2% on the day, against the index's marginal improvement.</p><p><blockquote>自新冠疫情德尔塔变异毒株上涨以来，明星冠状病毒股票几乎不是第一次<b>现代</b>（纳斯达克：MRNA）远远超过了<b>标普500</b>周四指数。由于积极的消息（如果不是令人震惊的话），该生物技术公司的股票当天收盘涨幅略低于2%，而该指数则略有改善。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> The main stock-moving news item for Moderna over the past day seems to be its latest submission to the Food and Drug Administration (FDA).</p><p><blockquote>过去一天，Moderna的主要股票变动新闻似乎是其向美国食品和药物管理局(FDA)提交的最新文件。</blockquote></p><p> Specifically, thebiotechfiled the initial data on booster doses of its mRNA-1273 coronavirus vaccine after market hours on Wednesday. In doing so, it added that it aims to repeat the feat with other regulators around the world in a matter of days. This list includes the European Medicines Agency (EMA), which covers the sprawling, 27-country European Union.</p><p><blockquote>具体来说，TheBiotech在周三盘后提交了其mRNA-1273冠状病毒疫苗加强剂量的初步数据。它补充说，这样做的目标是在几天内与世界各地的其他监管机构重复这一壮举。这份名单包括欧洲药品管理局(EMA)，它覆盖了庞大的27个国家的欧盟。</blockquote></p><p> \"We will continue to generate data and transparently share to support governments and regulators as they make evidence-based decisions regarding future vaccination strategies,\" Moderna quoted its CEO Stéphane Bancel as saying.</p><p><blockquote>Moderna援引其首席执行官Stéphane Bancel的话说：“我们将继续生成数据并透明地共享，以支持政府和监管机构就未来的疫苗接种策略做出循证决策。”</blockquote></p><p> Like the Comirnaty coronavirus jab developed by&nbsp;<b>Pfizer</b>&nbsp;and&nbsp;<b>BioNTech</b>, mRNA-1273 is a two-shot vaccine. So far the former is the only coronavirus vaccine with full FDA approval in the U.S., although it's likely mRNA-1273's nod isn't too far behind.</p><p><blockquote>就像Comirnaty冠状病毒疫苗一样<b>辉瑞</b>和<b>BioNTech</b>，mRNA-1273是一种两针疫苗。到目前为止，前者是唯一一种在美国获得FDA完全批准的冠状病毒疫苗，尽管mRNA-1273的点头可能不会太晚。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> While Moderna's FDA submission and planned international filings for the booster were entirely expected by investors, they serve to remind us of the company's still-powerful position near the top of the coronavirus vaccine hill. As such, we can expect more stock-moving headlines for Moderna in the days, weeks, and probably months to come.</p><p><blockquote>虽然Moderna向FDA提交的加强剂和计划的国际申请完全在投资者的意料之中，但它们提醒我们，该公司在冠状病毒疫苗山顶附近仍然占据着强大的地位。因此，我们可以预计Moderna在未来几天、几周甚至几个月内会出现更多股票走势头条新闻。</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>Why Moderna Trounced the Market on Thursday<blockquote>为什么Moderna周四跑赢市场</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\">\nWhy Moderna Trounced the Market on Thursday<blockquote>为什么Moderna周四跑赢市场</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-09-03 08:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>The company is clearly determined to win regulatory authorization for its coronavirus vaccine booster.</b>  <b>What happened</b></p><p><blockquote><b>该公司显然决心为其冠状病毒疫苗加强剂赢得监管授权。</b><b>发生了什么</b></blockquote></p><p> Hardly for the first time since the rise of the COVID delta variant, star coronavirus stock&nbsp;<b>Moderna</b>(NASDAQ:MRNA)well outpaced the&nbsp;<b>S&amp;P 500</b>index on Thursday. On positive if not astounding news, the biotech's stock finished with a gain of just under 2% on the day, against the index's marginal improvement.</p><p><blockquote>自新冠疫情德尔塔变异毒株上涨以来，明星冠状病毒股票几乎不是第一次<b>现代</b>（纳斯达克：MRNA）远远超过了<b>标普500</b>周四指数。由于积极的消息（如果不是令人震惊的话），该生物技术公司的股票当天收盘涨幅略低于2%，而该指数则略有改善。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> The main stock-moving news item for Moderna over the past day seems to be its latest submission to the Food and Drug Administration (FDA).</p><p><blockquote>过去一天，Moderna的主要股票变动新闻似乎是其向美国食品和药物管理局(FDA)提交的最新文件。</blockquote></p><p> Specifically, thebiotechfiled the initial data on booster doses of its mRNA-1273 coronavirus vaccine after market hours on Wednesday. In doing so, it added that it aims to repeat the feat with other regulators around the world in a matter of days. This list includes the European Medicines Agency (EMA), which covers the sprawling, 27-country European Union.</p><p><blockquote>具体来说，TheBiotech在周三盘后提交了其mRNA-1273冠状病毒疫苗加强剂量的初步数据。它补充说，这样做的目标是在几天内与世界各地的其他监管机构重复这一壮举。这份名单包括欧洲药品管理局(EMA)，它覆盖了庞大的27个国家的欧盟。</blockquote></p><p> \"We will continue to generate data and transparently share to support governments and regulators as they make evidence-based decisions regarding future vaccination strategies,\" Moderna quoted its CEO Stéphane Bancel as saying.</p><p><blockquote>Moderna援引其首席执行官Stéphane Bancel的话说：“我们将继续生成数据并透明地共享，以支持政府和监管机构就未来的疫苗接种策略做出循证决策。”</blockquote></p><p> Like the Comirnaty coronavirus jab developed by&nbsp;<b>Pfizer</b>&nbsp;and&nbsp;<b>BioNTech</b>, mRNA-1273 is a two-shot vaccine. So far the former is the only coronavirus vaccine with full FDA approval in the U.S., although it's likely mRNA-1273's nod isn't too far behind.</p><p><blockquote>就像Comirnaty冠状病毒疫苗一样<b>辉瑞</b>和<b>BioNTech</b>，mRNA-1273是一种两针疫苗。到目前为止，前者是唯一一种在美国获得FDA完全批准的冠状病毒疫苗，尽管mRNA-1273的点头可能不会太晚。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> While Moderna's FDA submission and planned international filings for the booster were entirely expected by investors, they serve to remind us of the company's still-powerful position near the top of the coronavirus vaccine hill. As such, we can expect more stock-moving headlines for Moderna in the days, weeks, and probably months to come.</p><p><blockquote>虽然Moderna向FDA提交的加强剂和计划的国际申请完全在投资者的意料之中，但它们提醒我们，该公司在冠状病毒疫苗山顶附近仍然占据着强大的地位。因此，我们可以预计Moderna在未来几天、几周甚至几个月内会出现更多股票走势头条新闻。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/09/02/why-moderna-trounced-the-market-on-thursday/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MRNA":"Moderna, Inc."},"source_url":"https://www.fool.com/investing/2021/09/02/why-moderna-trounced-the-market-on-thursday/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106687082","content_text":"The company is clearly determined to win regulatory authorization for its coronavirus vaccine booster.\n\nWhat happened\nHardly for the first time since the rise of the COVID delta variant, star coronavirus stock Moderna(NASDAQ:MRNA)well outpaced the S&P 500index on Thursday. On positive if not astounding news, the biotech's stock finished with a gain of just under 2% on the day, against the index's marginal improvement.\nSo what\nThe main stock-moving news item for Moderna over the past day seems to be its latest submission to the Food and Drug Administration (FDA).\nSpecifically, thebiotechfiled the initial data on booster doses of its mRNA-1273 coronavirus vaccine after market hours on Wednesday. In doing so, it added that it aims to repeat the feat with other regulators around the world in a matter of days. This list includes the European Medicines Agency (EMA), which covers the sprawling, 27-country European Union.\n\"We will continue to generate data and transparently share to support governments and regulators as they make evidence-based decisions regarding future vaccination strategies,\" Moderna quoted its CEO Stéphane Bancel as saying.\nLike the Comirnaty coronavirus jab developed by Pfizer and BioNTech, mRNA-1273 is a two-shot vaccine. So far the former is the only coronavirus vaccine with full FDA approval in the U.S., although it's likely mRNA-1273's nod isn't too far behind.\nNow what\nWhile Moderna's FDA submission and planned international filings for the booster were entirely expected by investors, they serve to remind us of the company's still-powerful position near the top of the coronavirus vaccine hill. As such, we can expect more stock-moving headlines for Moderna in the days, weeks, and probably months to come.","news_type":1,"symbols_score_info":{"MRNA":0.9}},"isVote":1,"tweetType":1,"viewCount":760,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811795770,"gmtCreate":1630344269590,"gmtModify":1704958873969,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091975549439940","idStr":"4091975549439940"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/811795770","repostId":"2163888743","repostType":2,"repost":{"id":"2163888743","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"T-Reuters","id":"1086160438","head_image":"https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5"},"pubTimestamp":1630320528,"share":"https://www.laohu8.com/m/news/2163888743?lang=zh_CN&edition=full","pubTime":"2021-08-30 18:48","market":"us","language":"en","title":"Positive Top-Line Results From Pfizer’S Phase 3 Jade Dare Trial Comparing The Efficacy Of Abrocitinib And Dupilumab For Moderate To Severe Atopic Dermatitis<blockquote>辉瑞比较Abrocitinib和Dupilumab治疗中度至重度特应性皮炎疗效的3期Jade Dare试验的积极顶线结果</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2163888743","media":"T-Reuters","summary":"Pfizer Inc :Positive Top-Line Results From Pfizer’S Phase 3 Jade Dare Trial Comparing The Efficacy O","content":"<p><html><body>Pfizer Inc <pfe.n>:Positive Top-Line Results From Pfizer’S Phase 3 Jade Dare Trial Comparing The Efficacy Of Abrocitinib And Dupilumab For Moderate To Severe Atopic Dermatitis.Pfizer Inc - Jade Dare Trial Met Co-Primary And Key Secondary Endpoints And Demonstrated A Safety Profile Consistent With Previous Studies.Pfizer Inc - Study Showed That Abrocitinib Was Statistically Superior Compared To Dupilumab In Each Evaluated Efficacy Measure.</pfe.n></p><p><blockquote><html><body>辉瑞公司<pfe.n>：辉瑞3期Jade Dare试验的积极顶线结果比较了Abrocitinib和Dupilumab治疗中度至重度特应性皮炎的疗效。辉瑞公司-Jade Dare试验达到了共同的主要和关键的次要终点，并证明了与之前研究一致的安全性。辉瑞公司-研究表明，在每项评估的疗效指标上，Abrocitinib在统计学上优于Dupilumab。</pfe.n></body></html></blockquote></p><p></body></html></p><p><blockquote></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>Positive Top-Line Results From Pfizer’S Phase 3 Jade Dare Trial Comparing The Efficacy Of Abrocitinib And Dupilumab For Moderate To Severe Atopic Dermatitis<blockquote>辉瑞比较Abrocitinib和Dupilumab治疗中度至重度特应性皮炎疗效的3期Jade Dare试验的积极顶线结果</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\">\nPositive Top-Line Results From Pfizer’S Phase 3 Jade Dare Trial Comparing The Efficacy Of Abrocitinib And Dupilumab For Moderate To Severe Atopic Dermatitis<blockquote>辉瑞比较Abrocitinib和Dupilumab治疗中度至重度特应性皮炎疗效的3期Jade Dare试验的积极顶线结果</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086160438\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">T-Reuters </p>\n<p class=\"h-time smaller\">2021-08-30 18:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body>Pfizer Inc <pfe.n>:Positive Top-Line Results From Pfizer’S Phase 3 Jade Dare Trial Comparing The Efficacy Of Abrocitinib And Dupilumab For Moderate To Severe Atopic Dermatitis.Pfizer Inc - Jade Dare Trial Met Co-Primary And Key Secondary Endpoints And Demonstrated A Safety Profile Consistent With Previous Studies.Pfizer Inc - Study Showed That Abrocitinib Was Statistically Superior Compared To Dupilumab In Each Evaluated Efficacy Measure.</pfe.n></p><p><blockquote><html><body>辉瑞公司<pfe.n>：辉瑞3期Jade Dare试验的积极顶线结果比较了Abrocitinib和Dupilumab治疗中度至重度特应性皮炎的疗效。辉瑞公司-Jade Dare试验达到了共同的主要和关键的次要终点，并证明了与之前研究一致的安全性。辉瑞公司-研究表明，在每项评估的疗效指标上，Abrocitinib在统计学上优于Dupilumab。</pfe.n></body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SANA":"Sana Biotechnology, Inc.","PFE":"辉瑞","CGEM":"Cullinan Therapeutics","LHDX":"Lucira Health, Inc.","LABP":"Landos Biopharma, Inc."},"source_url":"https://www.trkd.thomsonreuters.com","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2163888743","content_text":"Pfizer Inc :Positive Top-Line Results From Pfizer’S Phase 3 Jade Dare Trial Comparing The Efficacy Of Abrocitinib And Dupilumab For Moderate To Severe Atopic Dermatitis.Pfizer Inc - Jade Dare Trial Met Co-Primary And Key Secondary Endpoints And Demonstrated A Safety Profile Consistent With Previous Studies.Pfizer Inc - Study Showed That Abrocitinib Was Statistically Superior Compared To Dupilumab In Each Evaluated Efficacy Measure.","news_type":1,"symbols_score_info":{"SANA":0.86,"LHDX":0.86,"PFE":0.9,"LABP":0.86,"APR":0.86,"CGEM":0.86}},"isVote":1,"tweetType":1,"viewCount":344,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837867717,"gmtCreate":1629875842839,"gmtModify":1633681775471,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091975549439940","idStr":"4091975549439940"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837867717","repostId":"2162087564","repostType":4,"isVote":1,"tweetType":1,"viewCount":473,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":814250739,"gmtCreate":1630829767121,"gmtModify":1632905652845,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091975549439940","authorIdStr":"4091975549439940"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/814250739","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":{".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"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":{".DJI":0.9,"SPY":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":472,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":863088542,"gmtCreate":1632334451386,"gmtModify":1632801153406,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091975549439940","authorIdStr":"4091975549439940"},"themes":[],"htmlText":"Good news","listText":"Good news","text":"Good news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/863088542","repostId":"1105881552","repostType":4,"repost":{"id":"1105881552","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":1632333734,"share":"https://www.laohu8.com/m/news/1105881552?lang=zh_CN&edition=full","pubTime":"2021-09-23 02:02","market":"other","language":"en","title":"Fed signals possibility of 6 to 7 rate hikes through 2024 as taper talks advance<blockquote>随着缩减谈判的推进，美联储暗示到2024年可能加息6至7次</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105881552","media":"Tiger Newspress","summary":"(Sept 23) The Federal Reserve on Wednesday telegraphed it could hike rates six to seven times by the","content":"<p>(Sept 23)&nbsp;The Federal Reserve on Wednesday telegraphed it could hike rates six to seven times by the end of 2024, illustrating the central bank’s optimism that the COVID-19 recovery will progress well enough for the Fed to tighten its easy money policies in a few years.</p><p><blockquote>（9月23日）美联储周三表示，到2024年底，它可能会加息六到七次，这表明央行乐观地认为，COVID-19复苏将进展顺利，足以让美联储在几年内收紧宽松货币政策。</blockquote></p><p> <b>The policy-setting Federal Open Market Committee still held interest rates at near-zero in its updated statement, but said it had advanced talks on paring back its asset purchase program.</b></p><p><blockquote><b>制定政策的联邦公开市场委员会在更新的声明中仍将利率维持在接近零的水平，但表示已经推进了削减资产购买计划的谈判。</b></blockquote></p><p> Since the depths of the pandemic, the Fed has been absorbing about $120 billion a month in U.S. Treasuries and agency mortgage-backed securities. But Fed officials have said in recent weeks that by the end of the year, the economy will likely make the “substantial further progress” needed for the central bank to begin slowing the pace of those purchases.</p><p><blockquote>自疫情最严重以来，美联储每月吸收约1200亿美元的美国国债和机构抵押贷款支持证券。但美联储官员最近几周表示，到今年年底，经济可能会取得美联储开始放缓这些购买步伐所需的“实质性进一步进展”。</blockquote></p><p> “If progress continues broadly as expected, the Committee judges that a moderation in the pace of asset purchases may soon be warranted,” the FOMC statement reads.</p><p><blockquote>FOMC声明称：“如果进展按预期广泛持续，委员会判断可能很快就有必要放缓资产购买步伐。”</blockquote></p><p> The central bank only has two more meetings this year to announce a taper: in early November and in mid-December.</p><p><blockquote>央行今年只有两次会议宣布taper：11月初和12月中旬。</blockquote></p><p> The Fed has insisted that thetiming of a taper is not a “direct signal”on the timing of rate liftoff. But “dot plot” projections, which map out each of the 18 FOMC members’ expectations for where rates will be in coming years, suggest that the central bank is pulling forward its forecast for 25 basis point rate hikes.</p><p><blockquote>美联储坚称，缩减购债规模的时机并不是加息时机的“直接信号”。但“点阵图”预测显示了18位FOMC成员对未来几年利率的预期，表明央行正在将加息25个基点的预测提前。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/613f9571610513947a05c158ba7321ac\" tg-width=\"705\" tg-height=\"779\" referrerpolicy=\"no-referrer\">The updated forecast now has the committee split on rate hikes in 2022, with 9 members seeing the case for no rate hikes next year but the other 9 seeing the case for at least one hike. By the end of 2023, the median dot projects three to four total rate hikes.</p><p><blockquote>更新后的预测现在使委员会在2022年加息问题上存在分歧，9名成员认为明年不加息，但其他9名成员认为至少加息一次。到2023年底，dot中位数预计总共加息三到四次。</blockquote></p><p> Through the end of 2024, the median FOMC member sees six to seven total rate hikes.</p><p><blockquote>到2024年底，FOMC成员中位数预计总共加息六到七次。</blockquote></p><p> In thelast round of projections released in June, the median member of the FOMC saw no rate hikes through the end of 2022 but two rate hikes in 2023.</p><p><blockquote>在6月份发布的最新一轮预测中，FOMC成员中位数预计到2022年底不会加息，但2023年将加息两次。</blockquote></p><p> The expectation to raise interest rates earlier coincides with higher expectations on inflation. Although the Fed stood pat on its expectation for rising price pressures to be “transitory,” the median FOMC member raised their forecast on PCE inflation to 4.2% this year (compared to 3.4% in June). The median member expects inflation to then fall to 2.2% in 2022. The Fed’s inflation target is 2%.</p><p><blockquote>提前加息的预期与对通胀的更高预期不谋而合。尽管美联储坚持其对物价压力上升是“暂时的”的预期，但FOMC成员中位数将今年PCE通胀预期上调至4.2%（6月份为3.4%）。成员中位数预计2022年通胀率将降至2.2%。美联储的通胀目标是2%。</blockquote></p><p> The spike in COVID-19 cases from the Delta variant also weighed on forecasters’ expectations for GDP growth. The central bank now expects the U.S. economy to grow by 5.9% this year (compared to 7.0% in June) but revised up growth expectations for 2022 to 3.8% (compared to 3.3% in June).</p><p><blockquote>来自德尔塔变异毒株的COVID-19病例激增也影响了预测者对GDP增长的预期。央行目前预计美国经济今年将增长5.9%（6月份为7.0%），但将2022年的增长预期上调至3.8%（6月份为3.3%）。</blockquote></p><p> After a softer August jobs report, the Fed revised its expectation on the unemployment rate by the end of 2021 to 4.8% (compared to 4.5% in June). The central bank is hopeful it can return to the pre-pandemic record low on headline unemployment of 3.5% by the end of 2023.</p><p><blockquote>在8月份就业报告疲软后，美联储将2021年底失业率预期修正为4.8%（6月份为4.5%）。央行希望到2023年底，总体失业率能够恢复到大流行前3.5%的历史低点。</blockquote></p><p> The next FOMC meeting is scheduled to take place November 2 and 3.</p><p><blockquote>下一次FOMC会议定于11月2日至3日举行。</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>Fed signals possibility of 6 to 7 rate hikes through 2024 as taper talks advance<blockquote>随着缩减谈判的推进，美联储暗示到2024年可能加息6至7次</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\">\nFed signals possibility of 6 to 7 rate hikes through 2024 as taper talks advance<blockquote>随着缩减谈判的推进，美联储暗示到2024年可能加息6至7次</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\">2021-09-23 02:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 23)&nbsp;The Federal Reserve on Wednesday telegraphed it could hike rates six to seven times by the end of 2024, illustrating the central bank’s optimism that the COVID-19 recovery will progress well enough for the Fed to tighten its easy money policies in a few years.</p><p><blockquote>（9月23日）美联储周三表示，到2024年底，它可能会加息六到七次，这表明央行乐观地认为，COVID-19复苏将进展顺利，足以让美联储在几年内收紧宽松货币政策。</blockquote></p><p> <b>The policy-setting Federal Open Market Committee still held interest rates at near-zero in its updated statement, but said it had advanced talks on paring back its asset purchase program.</b></p><p><blockquote><b>制定政策的联邦公开市场委员会在更新的声明中仍将利率维持在接近零的水平，但表示已经推进了削减资产购买计划的谈判。</b></blockquote></p><p> Since the depths of the pandemic, the Fed has been absorbing about $120 billion a month in U.S. Treasuries and agency mortgage-backed securities. But Fed officials have said in recent weeks that by the end of the year, the economy will likely make the “substantial further progress” needed for the central bank to begin slowing the pace of those purchases.</p><p><blockquote>自疫情最严重以来，美联储每月吸收约1200亿美元的美国国债和机构抵押贷款支持证券。但美联储官员最近几周表示，到今年年底，经济可能会取得美联储开始放缓这些购买步伐所需的“实质性进一步进展”。</blockquote></p><p> “If progress continues broadly as expected, the Committee judges that a moderation in the pace of asset purchases may soon be warranted,” the FOMC statement reads.</p><p><blockquote>FOMC声明称：“如果进展按预期广泛持续，委员会判断可能很快就有必要放缓资产购买步伐。”</blockquote></p><p> The central bank only has two more meetings this year to announce a taper: in early November and in mid-December.</p><p><blockquote>央行今年只有两次会议宣布taper：11月初和12月中旬。</blockquote></p><p> The Fed has insisted that thetiming of a taper is not a “direct signal”on the timing of rate liftoff. But “dot plot” projections, which map out each of the 18 FOMC members’ expectations for where rates will be in coming years, suggest that the central bank is pulling forward its forecast for 25 basis point rate hikes.</p><p><blockquote>美联储坚称，缩减购债规模的时机并不是加息时机的“直接信号”。但“点阵图”预测显示了18位FOMC成员对未来几年利率的预期，表明央行正在将加息25个基点的预测提前。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/613f9571610513947a05c158ba7321ac\" tg-width=\"705\" tg-height=\"779\" referrerpolicy=\"no-referrer\">The updated forecast now has the committee split on rate hikes in 2022, with 9 members seeing the case for no rate hikes next year but the other 9 seeing the case for at least one hike. By the end of 2023, the median dot projects three to four total rate hikes.</p><p><blockquote>更新后的预测现在使委员会在2022年加息问题上存在分歧，9名成员认为明年不加息，但其他9名成员认为至少加息一次。到2023年底，dot中位数预计总共加息三到四次。</blockquote></p><p> Through the end of 2024, the median FOMC member sees six to seven total rate hikes.</p><p><blockquote>到2024年底，FOMC成员中位数预计总共加息六到七次。</blockquote></p><p> In thelast round of projections released in June, the median member of the FOMC saw no rate hikes through the end of 2022 but two rate hikes in 2023.</p><p><blockquote>在6月份发布的最新一轮预测中，FOMC成员中位数预计到2022年底不会加息，但2023年将加息两次。</blockquote></p><p> The expectation to raise interest rates earlier coincides with higher expectations on inflation. Although the Fed stood pat on its expectation for rising price pressures to be “transitory,” the median FOMC member raised their forecast on PCE inflation to 4.2% this year (compared to 3.4% in June). The median member expects inflation to then fall to 2.2% in 2022. The Fed’s inflation target is 2%.</p><p><blockquote>提前加息的预期与对通胀的更高预期不谋而合。尽管美联储坚持其对物价压力上升是“暂时的”的预期，但FOMC成员中位数将今年PCE通胀预期上调至4.2%（6月份为3.4%）。成员中位数预计2022年通胀率将降至2.2%。美联储的通胀目标是2%。</blockquote></p><p> The spike in COVID-19 cases from the Delta variant also weighed on forecasters’ expectations for GDP growth. The central bank now expects the U.S. economy to grow by 5.9% this year (compared to 7.0% in June) but revised up growth expectations for 2022 to 3.8% (compared to 3.3% in June).</p><p><blockquote>来自德尔塔变异毒株的COVID-19病例激增也影响了预测者对GDP增长的预期。央行目前预计美国经济今年将增长5.9%（6月份为7.0%），但将2022年的增长预期上调至3.8%（6月份为3.3%）。</blockquote></p><p> After a softer August jobs report, the Fed revised its expectation on the unemployment rate by the end of 2021 to 4.8% (compared to 4.5% in June). The central bank is hopeful it can return to the pre-pandemic record low on headline unemployment of 3.5% by the end of 2023.</p><p><blockquote>在8月份就业报告疲软后，美联储将2021年底失业率预期修正为4.8%（6月份为4.5%）。央行希望到2023年底，总体失业率能够恢复到大流行前3.5%的历史低点。</blockquote></p><p> The next FOMC meeting is scheduled to take place November 2 and 3.</p><p><blockquote>下一次FOMC会议定于11月2日至3日举行。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105881552","content_text":"(Sept 23) The Federal Reserve on Wednesday telegraphed it could hike rates six to seven times by the end of 2024, illustrating the central bank’s optimism that the COVID-19 recovery will progress well enough for the Fed to tighten its easy money policies in a few years.\nThe policy-setting Federal Open Market Committee still held interest rates at near-zero in its updated statement, but said it had advanced talks on paring back its asset purchase program.\nSince the depths of the pandemic, the Fed has been absorbing about $120 billion a month in U.S. Treasuries and agency mortgage-backed securities. But Fed officials have said in recent weeks that by the end of the year, the economy will likely make the “substantial further progress” needed for the central bank to begin slowing the pace of those purchases.\n“If progress continues broadly as expected, the Committee judges that a moderation in the pace of asset purchases may soon be warranted,” the FOMC statement reads.\nThe central bank only has two more meetings this year to announce a taper: in early November and in mid-December.\nThe Fed has insisted that thetiming of a taper is not a “direct signal”on the timing of rate liftoff. But “dot plot” projections, which map out each of the 18 FOMC members’ expectations for where rates will be in coming years, suggest that the central bank is pulling forward its forecast for 25 basis point rate hikes.\nThe updated forecast now has the committee split on rate hikes in 2022, with 9 members seeing the case for no rate hikes next year but the other 9 seeing the case for at least one hike. By the end of 2023, the median dot projects three to four total rate hikes.\nThrough the end of 2024, the median FOMC member sees six to seven total rate hikes.\nIn thelast round of projections released in June, the median member of the FOMC saw no rate hikes through the end of 2022 but two rate hikes in 2023.\nThe expectation to raise interest rates earlier coincides with higher expectations on inflation. Although the Fed stood pat on its expectation for rising price pressures to be “transitory,” the median FOMC member raised their forecast on PCE inflation to 4.2% this year (compared to 3.4% in June). The median member expects inflation to then fall to 2.2% in 2022. The Fed’s inflation target is 2%.\nThe spike in COVID-19 cases from the Delta variant also weighed on forecasters’ expectations for GDP growth. The central bank now expects the U.S. economy to grow by 5.9% this year (compared to 7.0% in June) but revised up growth expectations for 2022 to 3.8% (compared to 3.3% in June).\nAfter a softer August jobs report, the Fed revised its expectation on the unemployment rate by the end of 2021 to 4.8% (compared to 4.5% in June). The central bank is hopeful it can return to the pre-pandemic record low on headline unemployment of 3.5% by the end of 2023.\nThe next FOMC meeting is scheduled to take place November 2 and 3.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":303,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832949475,"gmtCreate":1629572284697,"gmtModify":1633684013327,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091975549439940","authorIdStr":"4091975549439940"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/832949475","repostId":"2161745179","repostType":4,"isVote":1,"tweetType":1,"viewCount":396,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880930058,"gmtCreate":1631006807274,"gmtModify":1632904643027,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091975549439940","authorIdStr":"4091975549439940"},"themes":[],"htmlText":"Sea price keep going up.&nbsp;&nbsp;","listText":"Sea price keep going up.&nbsp;&nbsp;","text":"Sea price keep going up.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/880930058","repostId":"1190153270","repostType":4,"repost":{"id":"1190153270","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":1631002085,"share":"https://www.laohu8.com/m/news/1190153270?lang=zh_CN&edition=full","pubTime":"2021-09-07 16:08","market":"us","language":"en","title":"Sea reached record high in pre-market trading<blockquote>Sea在盘前交易中创下历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190153270","media":"Tiger Newspress","summary":"(Sept 7) Sea reached record high in pre-market trading Tuesday.\nSea Ltd's Shopee is preparing to lau","content":"<p>(Sept 7)&nbsp;Sea reached record high in pre-market trading&nbsp;Tuesday.</p><p><blockquote>（9月7日）Sea在周二盘前交易中创下历史新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a4e4b0288d320c178ce3ce27e45bdb98\" tg-width=\"1057\" tg-height=\"527\" referrerpolicy=\"no-referrer\">Sea Ltd's Shopee is preparing to launch in Poland and is currently recruiting sellers, two company sources with knowledge of the matter told Reuters.</p><p><blockquote>两位知情的公司消息人士告诉路透社，Sea Ltd的Shopee正准备在波兰推出，目前正在招募卖家。</blockquote></p><p> The move will be the first expansion into European e-commerce for the $190 billion Singapore-headquartered technology group, whose gaming arm Garena is already active in the region.</p><p><blockquote>此举将是这家总部位于新加坡、价值1900亿美元的科技集团首次向欧洲电子商务扩张，其游戏部门Garena已经活跃在该地区。</blockquote></p><p> Shopee is simultaneously preparing to launch in India, Reuters reported last week, after aggressively expanding in Latin America since earlier this year.</p><p><blockquote>据路透社上周报道，Shopee自今年早些时候以来在拉丁美洲积极扩张后，同时准备在印度推出。</blockquote></p><p> One of the sources told Reuters that Shopee is cautiously scaling up its global expansion by testing out possible new markets.</p><p><blockquote>其中一位消息人士告诉路透社，Shopee正在通过测试可能的新市场，谨慎地扩大其全球扩张。</blockquote></p><p> The two sources, who requested anonymity because they were not authorised to speak to media, said Shopee will also launch in Argentina in the coming months.</p><p><blockquote>这两位因无权接受媒体采访而要求匿名的消息人士表示，Shopee也将在未来几个月内在阿根廷推出。</blockquote></p><p> The firm is already the dominant player in e-commerce in Southeast Asia, according to market researchers, bringing in $1.2 billion globally in revenue for the quarter ending June 30.</p><p><blockquote>据市场研究人员称，该公司已经是东南亚电子商务领域的主导者，截至6月30日的季度在全球范围内带来了12亿美元的收入。</blockquote></p><p> Polish news website Wiadomoscihandlowe.pl first reported the Shopee expansion into Poland. Sea did not immediately answer a Reuters request for comment.</p><p><blockquote>波兰新闻网站Wiadomoscihandlowe.pl首先报道了Shopee向波兰的扩张。Sea没有立即回应路透社的置评请求。</blockquote></p><p> Market research firm Euromonitor estimates the Polish e-commerce market to be worth 16 billion euros ($19 billion), with significant room for growth compared to Western countries.</p><p><blockquote>市场研究公司Euromonitor估计，波兰电子商务市场价值160亿欧元（190亿美元），与西方国家相比，增长空间巨大。</blockquote></p><p> Amazon launched its local website this year, while the biggest home e-commerce firm Allegro is ramping up installation of its own parcel lockers.</p><p><blockquote>亚马逊今年推出了本地网站，而最大的家庭电子商务公司Allegro正在加紧安装自己的包裹柜。</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>Sea reached record high in pre-market trading<blockquote>Sea在盘前交易中创下历史新高</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; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSea reached record high in pre-market trading<blockquote>Sea在盘前交易中创下历史新高</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\">2021-09-07 16:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 7)&nbsp;Sea reached record high in pre-market trading&nbsp;Tuesday.</p><p><blockquote>（9月7日）Sea在周二盘前交易中创下历史新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a4e4b0288d320c178ce3ce27e45bdb98\" tg-width=\"1057\" tg-height=\"527\" referrerpolicy=\"no-referrer\">Sea Ltd's Shopee is preparing to launch in Poland and is currently recruiting sellers, two company sources with knowledge of the matter told Reuters.</p><p><blockquote>两位知情的公司消息人士告诉路透社，Sea Ltd的Shopee正准备在波兰推出，目前正在招募卖家。</blockquote></p><p> The move will be the first expansion into European e-commerce for the $190 billion Singapore-headquartered technology group, whose gaming arm Garena is already active in the region.</p><p><blockquote>此举将是这家总部位于新加坡、价值1900亿美元的科技集团首次向欧洲电子商务扩张，其游戏部门Garena已经活跃在该地区。</blockquote></p><p> Shopee is simultaneously preparing to launch in India, Reuters reported last week, after aggressively expanding in Latin America since earlier this year.</p><p><blockquote>据路透社上周报道，Shopee自今年早些时候以来在拉丁美洲积极扩张后，同时准备在印度推出。</blockquote></p><p> One of the sources told Reuters that Shopee is cautiously scaling up its global expansion by testing out possible new markets.</p><p><blockquote>其中一位消息人士告诉路透社，Shopee正在通过测试可能的新市场，谨慎地扩大其全球扩张。</blockquote></p><p> The two sources, who requested anonymity because they were not authorised to speak to media, said Shopee will also launch in Argentina in the coming months.</p><p><blockquote>这两位因无权接受媒体采访而要求匿名的消息人士表示，Shopee也将在未来几个月内在阿根廷推出。</blockquote></p><p> The firm is already the dominant player in e-commerce in Southeast Asia, according to market researchers, bringing in $1.2 billion globally in revenue for the quarter ending June 30.</p><p><blockquote>据市场研究人员称，该公司已经是东南亚电子商务领域的主导者，截至6月30日的季度在全球范围内带来了12亿美元的收入。</blockquote></p><p> Polish news website Wiadomoscihandlowe.pl first reported the Shopee expansion into Poland. Sea did not immediately answer a Reuters request for comment.</p><p><blockquote>波兰新闻网站Wiadomoscihandlowe.pl首先报道了Shopee向波兰的扩张。Sea没有立即回应路透社的置评请求。</blockquote></p><p> Market research firm Euromonitor estimates the Polish e-commerce market to be worth 16 billion euros ($19 billion), with significant room for growth compared to Western countries.</p><p><blockquote>市场研究公司Euromonitor估计，波兰电子商务市场价值160亿欧元（190亿美元），与西方国家相比，增长空间巨大。</blockquote></p><p> Amazon launched its local website this year, while the biggest home e-commerce firm Allegro is ramping up installation of its own parcel lockers.</p><p><blockquote>亚马逊今年推出了本地网站，而最大的家庭电子商务公司Allegro正在加紧安装自己的包裹柜。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190153270","content_text":"(Sept 7) Sea reached record high in pre-market trading Tuesday.\nSea Ltd's Shopee is preparing to launch in Poland and is currently recruiting sellers, two company sources with knowledge of the matter told Reuters.\nThe move will be the first expansion into European e-commerce for the $190 billion Singapore-headquartered technology group, whose gaming arm Garena is already active in the region.\nShopee is simultaneously preparing to launch in India, Reuters reported last week, after aggressively expanding in Latin America since earlier this year.\nOne of the sources told Reuters that Shopee is cautiously scaling up its global expansion by testing out possible new markets.\nThe two sources, who requested anonymity because they were not authorised to speak to media, said Shopee will also launch in Argentina in the coming months.\nThe firm is already the dominant player in e-commerce in Southeast Asia, according to market researchers, bringing in $1.2 billion globally in revenue for the quarter ending June 30.\nPolish news website Wiadomoscihandlowe.pl first reported the Shopee expansion into Poland. Sea did not immediately answer a Reuters request for comment.\nMarket research firm Euromonitor estimates the Polish e-commerce market to be worth 16 billion euros ($19 billion), with significant room for growth compared to Western countries.\nAmazon launched its local website this year, while the biggest home e-commerce firm Allegro is ramping up installation of its own parcel lockers.","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":376,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":605365171,"gmtCreate":1639116194502,"gmtModify":1639116194650,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091975549439940","authorIdStr":"4091975549439940"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/605365171","repostId":"1101551798","repostType":2,"repost":{"id":"1101551798","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":1639114634,"share":"https://www.laohu8.com/m/news/1101551798?lang=zh_CN&edition=full","pubTime":"2021-12-10 13:37","market":"us","language":"en","title":"TSMC’s November sales were 148.27 billion Taiwan dollars, an increase of 18.7% year-on-year.<blockquote>台积电11月销售额1482.7亿台币，同比增长18.7%。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101551798","media":"Tiger Newspress","summary":"TSMC (TWSE: 2330, NYSE: TSM) today announced its net revenue for November 2021: On a consolidated ba","content":"<p>TSMC (TWSE: 2330, NYSE: TSM) today announced its net revenue for November 2021: On a consolidated basis, revenue for November 2021 was approximately NT$148.27 billion, an increase of 10.2 percent from October 2021 and an increase of 18.7 percent from November 2020. Revenue for January through November 2021 totaled NT$1,432.03 billion, an increase of 17.2 percent compared to the same period in 2020.</p><p><blockquote>台积电（TWSE：2330，NYSE：TSM）今天公布了2021年11月的净收入：在合并基础上，2021年11月的收入约为新台币1482.7亿元，比2021年10月增长10.2%，比2020年11月增长18.7%。2021年1-11月营收总额为新台币14,320.3亿元，较2020年同期增长17.2%。</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>TSMC’s November sales were 148.27 billion Taiwan dollars, an increase of 18.7% year-on-year.<blockquote>台积电11月销售额1482.7亿台币，同比增长18.7%。</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\">\nTSMC’s November sales were 148.27 billion Taiwan dollars, an increase of 18.7% year-on-year.<blockquote>台积电11月销售额1482.7亿台币，同比增长18.7%。</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\">2021-12-10 13:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>TSMC (TWSE: 2330, NYSE: TSM) today announced its net revenue for November 2021: On a consolidated basis, revenue for November 2021 was approximately NT$148.27 billion, an increase of 10.2 percent from October 2021 and an increase of 18.7 percent from November 2020. Revenue for January through November 2021 totaled NT$1,432.03 billion, an increase of 17.2 percent compared to the same period in 2020.</p><p><blockquote>台积电（TWSE：2330，NYSE：TSM）今天公布了2021年11月的净收入：在合并基础上，2021年11月的收入约为新台币1482.7亿元，比2021年10月增长10.2%，比2020年11月增长18.7%。2021年1-11月营收总额为新台币14,320.3亿元，较2020年同期增长17.2%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSM":"台积电"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101551798","content_text":"TSMC (TWSE: 2330, NYSE: TSM) today announced its net revenue for November 2021: On a consolidated basis, revenue for November 2021 was approximately NT$148.27 billion, an increase of 10.2 percent from October 2021 and an increase of 18.7 percent from November 2020. Revenue for January through November 2021 totaled NT$1,432.03 billion, an increase of 17.2 percent compared to the same period in 2020.","news_type":1,"symbols_score_info":{"TSM":0.9}},"isVote":1,"tweetType":1,"viewCount":1895,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":859050552,"gmtCreate":1634642722520,"gmtModify":1634642722715,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091975549439940","authorIdStr":"4091975549439940"},"themes":[],"htmlText":"Great news","listText":"Great news","text":"Great news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/859050552","repostId":"1185133403","repostType":4,"repost":{"id":"1185133403","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":1634631070,"share":"https://www.laohu8.com/m/news/1185133403?lang=zh_CN&edition=full","pubTime":"2021-10-19 16:11","market":"us","language":"en","title":"Alibaba rose nearly 2% in premarket trading as it unveils one of China’s most advanced chips<blockquote>阿里巴巴-SW盘前涨近2%，推出国内最先进芯片之一</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185133403","media":"Tiger Newspress","summary":"Alibaba rose nearly 2% in premarket trading, and its stocks’ price in Hong Kong jumped 1.17% on Tuesday.The company unveiled a new server chip that’s based on advanced 5-nanometer technology, marking a milestone in China’s pursuit of semiconductor self-sufficiency.The newest chip is based on micro-architecture provided by the SoftBank Group Corp.-owned Arm Ltd., according to a statement Tuesday. Alibaba, which is holding its annual cloud summit in Hangzhou, said the silicon will be put to use in","content":"<p>Alibaba rose nearly 2% in premarket trading, and its stocks’ price in Hong Kong jumped 1.17% on Tuesday.</p><p><blockquote>阿里巴巴-SW盘前交易中上涨近2%，其在港股价周二上涨1.17%。</blockquote></p><p> &nbsp;<img src=\"https://static.tigerbbs.com/64d09abc429be4e1672683409ffa01e3\" tg-width=\"768\" tg-height=\"371\" width=\"100%\" height=\"auto\"></p><p><blockquote> </blockquote></p><p> The company unveiled a new server chip that’s based on advanced 5-nanometer technology, marking a milestone in China’s pursuit of semiconductor self-sufficiency.&nbsp;</p><p><blockquote>该公司推出了一款基于先进5纳米技术的新型服务器芯片，标志着中国追求半导体自给自足的一个里程碑。</blockquote></p><p> The newest chip is based on micro-architecture provided by the SoftBank Group Corp.-owned Arm Ltd., according to a statement Tuesday. Alibaba, which is holding its annual cloud summit in Hangzhou, said the silicon will be put to use in its own data centers in the “near future” and will not be sold commercially, at least for now.</p><p><blockquote>根据周二的一份声明，最新的芯片基于软银集团旗下的Arm Ltd.提供的微架构。正在杭州举行年度云峰会的阿里巴巴-SW表示，这种硅将在“不久的将来”在自己的数据中心投入使用，至少目前不会进行商业销售。</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>Alibaba rose nearly 2% in premarket trading as it unveils one of China’s most advanced chips<blockquote>阿里巴巴-SW盘前涨近2%，推出国内最先进芯片之一</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\">\nAlibaba rose nearly 2% in premarket trading as it unveils one of China’s most advanced chips<blockquote>阿里巴巴-SW盘前涨近2%，推出国内最先进芯片之一</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-10-19 16:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Alibaba rose nearly 2% in premarket trading, and its stocks’ price in Hong Kong jumped 1.17% on Tuesday.</p><p><blockquote>阿里巴巴-SW盘前交易中上涨近2%，其在港股价周二上涨1.17%。</blockquote></p><p> &nbsp;<img src=\"https://static.tigerbbs.com/64d09abc429be4e1672683409ffa01e3\" tg-width=\"768\" tg-height=\"371\" width=\"100%\" height=\"auto\"></p><p><blockquote> </blockquote></p><p> The company unveiled a new server chip that’s based on advanced 5-nanometer technology, marking a milestone in China’s pursuit of semiconductor self-sufficiency.&nbsp;</p><p><blockquote>该公司推出了一款基于先进5纳米技术的新型服务器芯片，标志着中国追求半导体自给自足的一个里程碑。</blockquote></p><p> The newest chip is based on micro-architecture provided by the SoftBank Group Corp.-owned Arm Ltd., according to a statement Tuesday. Alibaba, which is holding its annual cloud summit in Hangzhou, said the silicon will be put to use in its own data centers in the “near future” and will not be sold commercially, at least for now.</p><p><blockquote>根据周二的一份声明，最新的芯片基于软银集团旗下的Arm Ltd.提供的微架构。正在杭州举行年度云峰会的阿里巴巴-SW表示，这种硅将在“不久的将来”在自己的数据中心投入使用，至少目前不会进行商业销售。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴","09988":"阿里巴巴-W"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185133403","content_text":"Alibaba rose nearly 2% in premarket trading, and its stocks’ price in Hong Kong jumped 1.17% on Tuesday.\n \nThe company unveiled a new server chip that’s based on advanced 5-nanometer technology, marking a milestone in China’s pursuit of semiconductor self-sufficiency. \nThe newest chip is based on micro-architecture provided by the SoftBank Group Corp.-owned Arm Ltd., according to a statement Tuesday. Alibaba, which is holding its annual cloud summit in Hangzhou, said the silicon will be put to use in its own data centers in the “near future” and will not be sold commercially, at least for now.","news_type":1,"symbols_score_info":{"BABA":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":3304,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861623682,"gmtCreate":1632492743646,"gmtModify":1632717155193,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091975549439940","authorIdStr":"4091975549439940"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BABA\">$Alibaba(BABA)$</a>[流泪]&nbsp;[流泪]&nbsp;","listText":"<a href=\"https://laohu8.com/S/BABA\">$Alibaba(BABA)$</a>[流泪]&nbsp;[流泪]&nbsp;","text":"$Alibaba(BABA)$[流泪] [流泪]","images":[{"img":"https://static.tigerbbs.com/22b92eb0c6c22f4612e2c0d684523286","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/861623682","isVote":1,"tweetType":1,"viewCount":2641,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":884277306,"gmtCreate":1631906020105,"gmtModify":1632805453886,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091975549439940","authorIdStr":"4091975549439940"},"themes":[],"htmlText":"True","listText":"True","text":"True","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/884277306","repostId":"2168885573","repostType":4,"isVote":1,"tweetType":1,"viewCount":478,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":889443129,"gmtCreate":1631173909161,"gmtModify":1632884158671,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091975549439940","authorIdStr":"4091975549439940"},"themes":[],"htmlText":"Time to go in","listText":"Time to go in","text":"Time to go in","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/889443129","repostId":"1182974135","repostType":2,"repost":{"id":"1182974135","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":1631143557,"share":"https://www.laohu8.com/m/news/1182974135?lang=zh_CN&edition=full","pubTime":"2021-09-09 07:25","market":"us","language":"en","title":"Sea Aims to Raise $6.3 Billion in 2021’s Biggest Equity Deal<blockquote>Sea计划在2021年最大的股权交易中筹集63亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1182974135","media":"Tiger Newspress","summary":"Singapore’s Sea Ltd. fell 2.8% in postmarket trading on Wednesday after launching the largest second","content":"<p>Singapore’s&nbsp;Sea Ltd. fell 2.8%&nbsp;in postmarket trading on Wednesday after&nbsp;launching&nbsp;the largest secondary offering of 2021 to date.</p><p><blockquote>新加坡Sea Ltd.在推出2021年迄今为止最大规模的二次发行后，周三盘后交易中下跌2.8%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f01f4fc8a6109d059c61bbe821cfc8da\" tg-width=\"891\" tg-height=\"636\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Sea Ltd. aims to raise $6.3 billion in the&nbsp;largeste&nbsp;quity offering of the year, a deal that will propel a global expansion and acquisitions for Southeast Asia’s largest company.</p><p><blockquote>Sea Ltd.的目标是通过今年最大规模的股票发行筹集63亿美元，这笔交易将推动这家东南亚最大公司的全球扩张和收购。</blockquote></p><p> The online gaming and e-commerce firm backed by&nbsp;Tencent Holdings Ltd.&nbsp;is offering 11 million shares, a stake worth about $3.8 billion at Wednesday’s close. It also intends to issue $2.5 billion of equity-linked debt. Sea, which has risen more than 70% this year, fell in post-marketing trading in New York.</p><p><blockquote>这家由腾讯控股控股有限公司支持的在线游戏和电子商务公司将发行1100万股股票，截至周三收盘，股份价值约38亿美元。它还打算发行25亿美元的股票挂钩债务。今年以来涨幅超过70%的Sea在纽约盘后交易中下跌。</blockquote></p><p> The region’s most valuable company has rapidly expanded its market share in e-commerce and gaming during the pandemic, riding hit titles like shooter game Free Fire and its Shopee online shopping app. Its founder Forrest Li became Singapore’s&nbsp;richest&nbsp;person in August after shares of his company surged.</p><p><blockquote>该地区最有价值的公司在疫情期间迅速扩大了其在电子商务和游戏领域的市场份额，推出了射击游戏Free Fire及其Shopee在线购物应用程序等热门游戏。其创始人Forrest Li在其公司股价飙升后于8月份成为新加坡首富。</blockquote></p><p> “Sea is going for a market expansion, especially in new businesses such as e-commerce in Latin America and food delivery in Southeast Asia,” said Sachin Mittal, an analyst with&nbsp;DBS Group Holdings Ltd.“Competition is intensifying and gaining market share is of utmost importance.”</p><p><blockquote>星展集团控股有限公司分析师萨钦·米塔尔(Sachin Mittal)表示：“Sea正在寻求市场扩张，特别是在拉丁美洲的电子商务和东南亚的食品配送等新业务领域。”“竞争正在加剧，获得市场份额至关重要。”</blockquote></p><p> The 11 million shares alone that Sea is offering will be the biggest equity sale since Chinese e-commerce operator&nbsp;Pinduoduo Inc.&nbsp;raised $4.1 billion on Nov. 18, according to data compiled by Bloomberg. Including the convertible bonds, the overall deal will be the biggest equity raise since T-Mobile US Inc.’s in June 2020.</p><p><blockquote>根据彭博社汇编的数据，仅Sea发行的1100万股股票就将是自中国电子商务运营商拼多多11月18日筹集41亿美元以来最大的一次股权出售。包括可转换债券在内，整个交易将是自T-Mobile US Inc.2020年6月以来最大的一次股权融资。</blockquote></p><p> The deal, offered&nbsp;via&nbsp;Goldman Sachs,JPMorgan&nbsp;and&nbsp;BofA, arrives at a time of resurgence in cross-border issuance from Asia.Nio Inc.on Tuesday announced plans to raise up to $2.0 billion in what would be the&nbsp;biggest U.S. offering&nbsp;by a company based in China since&nbsp;Didi Global Inc.</p><p><blockquote>这笔交易是通过高盛、摩根大通和美国银行提出的，正值亚洲跨境发行复苏之际。蔚来汽车周二宣布计划筹集至多20亿美元，这将是自滴滴出行以来总部位于中国的公司。</blockquote></p><p> Sea’s latest capital-raising follows a $2.6 billion stocksalein December and a $1.35 billiondealin 2019. It will deploy the latest chunk of capital toward “business expansion and other general corporate purposes, including potential strategic investments and acquisitions,” the company said in a statement.</p><p><blockquote>Sea最近一次融资是在12月进行26亿美元的股票销售和2019年进行13.5亿美元的交易之后进行的。该公司在一份声明中表示，将把最新一笔资本用于“业务扩张和其他一般企业用途，包括潜在的战略投资和收购”。</blockquote></p><p> Sea in August raised its annual forecasts for its two main business, underscoring its confidence in an expanding international business that’s gaining momentum beyond its home region.</p><p><blockquote>Sea在8月份上调了对其两项主要业务的年度预测，突显了其对不断扩大的国际业务的信心，该业务正在其本土以外的地区获得动力。</blockquote></p><p> The stock has risen more than eightfold since the beginning of 2020 as Sea invests cash generated from popular mobile battle royale game Free Fire to establish itself as a leader in e-commerce in Southeast Asia. At the same time, it has expanded its online shopping business in Brazil as part of a strategy to become a global player, increasing competition with Latin American e-commerce giant&nbsp;MercadoLibre Inc.</p><p><blockquote>自2020年初以来，随着Sea投资热门手机大逃杀游戏Free Fire产生的现金，以确立自己作为东南亚电子商务领导者的地位，该股已上涨了八倍多。与此同时，作为成为全球参与者战略的一部分，它扩大了在巴西的在线购物业务，加剧了与拉丁美洲电子商务巨头MercadoLibre Inc.的竞争。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b154ccacf1b2b2729be52fdb53d5a655\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> In its home region, Sea remains locked in a fierce battle with GoTo and&nbsp;Grab Holdings Inc., all bolstering their e-commerce and fintech offerings in one of the fastest-growing internet markets on the planet. Southeast Asia’s online spending is set to triple to more than $300 billion by 2025, research from Google and its partners shows.</p><p><blockquote>在其本土地区，Sea仍与GoTo和Grab Holdings Inc.展开激烈的战斗，这两家公司都在这个全球增长最快的互联网市场之一加强其电子商务和金融科技产品。谷歌及其合作伙伴的研究显示，到2025年，东南亚的在线支出将增加两倍，超过3000亿美元。</blockquote></p><p> It’s now turning to fintech for further growth beyond gaming and e-commerce, while also expanding beyond the region. It&nbsp;won&nbsp;a digital-banking license in Singapore in December and acquired Indonesia’s PT Bank Kesejahteraan Ekonomi, better known as Bank BKE, people familiar with the matter&nbsp;said&nbsp;in January.</p><p><blockquote>它现在转向金融科技，以实现游戏和电子商务以外的进一步增长，同时也向该地区以外的地区扩张。知情人士1月份表示，该公司于12月在新加坡获得了数字银行牌照，并收购了印度尼西亚PT Bank Kesejahteraan Ekonomi（更广为人知的名字是BKE银行）。</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>Sea Aims to Raise $6.3 Billion in 2021’s Biggest Equity Deal<blockquote>Sea计划在2021年最大的股权交易中筹集63亿美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSea Aims to Raise $6.3 Billion in 2021’s Biggest Equity Deal<blockquote>Sea计划在2021年最大的股权交易中筹集63亿美元</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\">2021-09-09 07:25</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Singapore’s&nbsp;Sea Ltd. fell 2.8%&nbsp;in postmarket trading on Wednesday after&nbsp;launching&nbsp;the largest secondary offering of 2021 to date.</p><p><blockquote>新加坡Sea Ltd.在推出2021年迄今为止最大规模的二次发行后，周三盘后交易中下跌2.8%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f01f4fc8a6109d059c61bbe821cfc8da\" tg-width=\"891\" tg-height=\"636\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Sea Ltd. aims to raise $6.3 billion in the&nbsp;largeste&nbsp;quity offering of the year, a deal that will propel a global expansion and acquisitions for Southeast Asia’s largest company.</p><p><blockquote>Sea Ltd.的目标是通过今年最大规模的股票发行筹集63亿美元，这笔交易将推动这家东南亚最大公司的全球扩张和收购。</blockquote></p><p> The online gaming and e-commerce firm backed by&nbsp;Tencent Holdings Ltd.&nbsp;is offering 11 million shares, a stake worth about $3.8 billion at Wednesday’s close. It also intends to issue $2.5 billion of equity-linked debt. Sea, which has risen more than 70% this year, fell in post-marketing trading in New York.</p><p><blockquote>这家由腾讯控股控股有限公司支持的在线游戏和电子商务公司将发行1100万股股票，截至周三收盘，股份价值约38亿美元。它还打算发行25亿美元的股票挂钩债务。今年以来涨幅超过70%的Sea在纽约盘后交易中下跌。</blockquote></p><p> The region’s most valuable company has rapidly expanded its market share in e-commerce and gaming during the pandemic, riding hit titles like shooter game Free Fire and its Shopee online shopping app. Its founder Forrest Li became Singapore’s&nbsp;richest&nbsp;person in August after shares of his company surged.</p><p><blockquote>该地区最有价值的公司在疫情期间迅速扩大了其在电子商务和游戏领域的市场份额，推出了射击游戏Free Fire及其Shopee在线购物应用程序等热门游戏。其创始人Forrest Li在其公司股价飙升后于8月份成为新加坡首富。</blockquote></p><p> “Sea is going for a market expansion, especially in new businesses such as e-commerce in Latin America and food delivery in Southeast Asia,” said Sachin Mittal, an analyst with&nbsp;DBS Group Holdings Ltd.“Competition is intensifying and gaining market share is of utmost importance.”</p><p><blockquote>星展集团控股有限公司分析师萨钦·米塔尔(Sachin Mittal)表示：“Sea正在寻求市场扩张，特别是在拉丁美洲的电子商务和东南亚的食品配送等新业务领域。”“竞争正在加剧，获得市场份额至关重要。”</blockquote></p><p> The 11 million shares alone that Sea is offering will be the biggest equity sale since Chinese e-commerce operator&nbsp;Pinduoduo Inc.&nbsp;raised $4.1 billion on Nov. 18, according to data compiled by Bloomberg. Including the convertible bonds, the overall deal will be the biggest equity raise since T-Mobile US Inc.’s in June 2020.</p><p><blockquote>根据彭博社汇编的数据，仅Sea发行的1100万股股票就将是自中国电子商务运营商拼多多11月18日筹集41亿美元以来最大的一次股权出售。包括可转换债券在内，整个交易将是自T-Mobile US Inc.2020年6月以来最大的一次股权融资。</blockquote></p><p> The deal, offered&nbsp;via&nbsp;Goldman Sachs,JPMorgan&nbsp;and&nbsp;BofA, arrives at a time of resurgence in cross-border issuance from Asia.Nio Inc.on Tuesday announced plans to raise up to $2.0 billion in what would be the&nbsp;biggest U.S. offering&nbsp;by a company based in China since&nbsp;Didi Global Inc.</p><p><blockquote>这笔交易是通过高盛、摩根大通和美国银行提出的，正值亚洲跨境发行复苏之际。蔚来汽车周二宣布计划筹集至多20亿美元，这将是自滴滴出行以来总部位于中国的公司。</blockquote></p><p> Sea’s latest capital-raising follows a $2.6 billion stocksalein December and a $1.35 billiondealin 2019. It will deploy the latest chunk of capital toward “business expansion and other general corporate purposes, including potential strategic investments and acquisitions,” the company said in a statement.</p><p><blockquote>Sea最近一次融资是在12月进行26亿美元的股票销售和2019年进行13.5亿美元的交易之后进行的。该公司在一份声明中表示，将把最新一笔资本用于“业务扩张和其他一般企业用途，包括潜在的战略投资和收购”。</blockquote></p><p> Sea in August raised its annual forecasts for its two main business, underscoring its confidence in an expanding international business that’s gaining momentum beyond its home region.</p><p><blockquote>Sea在8月份上调了对其两项主要业务的年度预测，突显了其对不断扩大的国际业务的信心，该业务正在其本土以外的地区获得动力。</blockquote></p><p> The stock has risen more than eightfold since the beginning of 2020 as Sea invests cash generated from popular mobile battle royale game Free Fire to establish itself as a leader in e-commerce in Southeast Asia. At the same time, it has expanded its online shopping business in Brazil as part of a strategy to become a global player, increasing competition with Latin American e-commerce giant&nbsp;MercadoLibre Inc.</p><p><blockquote>自2020年初以来，随着Sea投资热门手机大逃杀游戏Free Fire产生的现金，以确立自己作为东南亚电子商务领导者的地位，该股已上涨了八倍多。与此同时，作为成为全球参与者战略的一部分，它扩大了在巴西的在线购物业务，加剧了与拉丁美洲电子商务巨头MercadoLibre Inc.的竞争。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b154ccacf1b2b2729be52fdb53d5a655\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> In its home region, Sea remains locked in a fierce battle with GoTo and&nbsp;Grab Holdings Inc., all bolstering their e-commerce and fintech offerings in one of the fastest-growing internet markets on the planet. Southeast Asia’s online spending is set to triple to more than $300 billion by 2025, research from Google and its partners shows.</p><p><blockquote>在其本土地区，Sea仍与GoTo和Grab Holdings Inc.展开激烈的战斗，这两家公司都在这个全球增长最快的互联网市场之一加强其电子商务和金融科技产品。谷歌及其合作伙伴的研究显示，到2025年，东南亚的在线支出将增加两倍，超过3000亿美元。</blockquote></p><p> It’s now turning to fintech for further growth beyond gaming and e-commerce, while also expanding beyond the region. It&nbsp;won&nbsp;a digital-banking license in Singapore in December and acquired Indonesia’s PT Bank Kesejahteraan Ekonomi, better known as Bank BKE, people familiar with the matter&nbsp;said&nbsp;in January.</p><p><blockquote>它现在转向金融科技，以实现游戏和电子商务以外的进一步增长，同时也向该地区以外的地区扩张。知情人士1月份表示，该公司于12月在新加坡获得了数字银行牌照，并收购了印度尼西亚PT Bank Kesejahteraan Ekonomi（更广为人知的名字是BKE银行）。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182974135","content_text":"Singapore’s Sea Ltd. fell 2.8% in postmarket trading on Wednesday after launching the largest secondary offering of 2021 to date.\n\nSea Ltd. aims to raise $6.3 billion in the largeste quity offering of the year, a deal that will propel a global expansion and acquisitions for Southeast Asia’s largest company.\nThe online gaming and e-commerce firm backed by Tencent Holdings Ltd. is offering 11 million shares, a stake worth about $3.8 billion at Wednesday’s close. It also intends to issue $2.5 billion of equity-linked debt. Sea, which has risen more than 70% this year, fell in post-marketing trading in New York.\nThe region’s most valuable company has rapidly expanded its market share in e-commerce and gaming during the pandemic, riding hit titles like shooter game Free Fire and its Shopee online shopping app. Its founder Forrest Li became Singapore’s richest person in August after shares of his company surged.\n“Sea is going for a market expansion, especially in new businesses such as e-commerce in Latin America and food delivery in Southeast Asia,” said Sachin Mittal, an analyst with DBS Group Holdings Ltd.“Competition is intensifying and gaining market share is of utmost importance.”\nThe 11 million shares alone that Sea is offering will be the biggest equity sale since Chinese e-commerce operator Pinduoduo Inc. raised $4.1 billion on Nov. 18, according to data compiled by Bloomberg. Including the convertible bonds, the overall deal will be the biggest equity raise since T-Mobile US Inc.’s in June 2020.\nThe deal, offered via Goldman Sachs,JPMorgan and BofA, arrives at a time of resurgence in cross-border issuance from Asia.Nio Inc.on Tuesday announced plans to raise up to $2.0 billion in what would be the biggest U.S. offering by a company based in China since Didi Global Inc.\nSea’s latest capital-raising follows a $2.6 billion stocksalein December and a $1.35 billiondealin 2019. It will deploy the latest chunk of capital toward “business expansion and other general corporate purposes, including potential strategic investments and acquisitions,” the company said in a statement.\nSea in August raised its annual forecasts for its two main business, underscoring its confidence in an expanding international business that’s gaining momentum beyond its home region.\nThe stock has risen more than eightfold since the beginning of 2020 as Sea invests cash generated from popular mobile battle royale game Free Fire to establish itself as a leader in e-commerce in Southeast Asia. At the same time, it has expanded its online shopping business in Brazil as part of a strategy to become a global player, increasing competition with Latin American e-commerce giant MercadoLibre Inc.\n\nIn its home region, Sea remains locked in a fierce battle with GoTo and Grab Holdings Inc., all bolstering their e-commerce and fintech offerings in one of the fastest-growing internet markets on the planet. Southeast Asia’s online spending is set to triple to more than $300 billion by 2025, research from Google and its partners shows.\nIt’s now turning to fintech for further growth beyond gaming and e-commerce, while also expanding beyond the region. It won a digital-banking license in Singapore in December and acquired Indonesia’s PT Bank Kesejahteraan Ekonomi, better known as Bank BKE, people familiar with the matter said in January.","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":566,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814968798,"gmtCreate":1630745042914,"gmtModify":1632906059482,"author":{"id":"4091975549439940","authorId":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091975549439940","authorIdStr":"4091975549439940"},"themes":[],"htmlText":"True","listText":"True","text":"True","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/814968798","repostId":"1169514310","repostType":4,"repost":{"id":"1169514310","kind":"news","pubTimestamp":1630656896,"share":"https://www.laohu8.com/m/news/1169514310?lang=zh_CN&edition=full","pubTime":"2021-09-03 16:14","market":"us","language":"en","title":"2 Good Reasons the Stock Market Isn’t Ready to Blow Up Yet<blockquote>股市尚未准备好爆炸的2个充分理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169514310","media":"Barron's","summary":"tocks have had an impressive year so far, but there are still four months before 2021 wraps up. So w","content":"<p>tocks have had an impressive year so far, but there are still four months before 2021 wraps up. So what’s ahead? A correction? More gains? Right now, it’s easier to make the case for the rally to just keep on going.</p><p><blockquote>到目前为止，股票经历了令人印象深刻的一年，但距离2021年结束还有四个月的时间。那么接下来会发生什么？更正？更多收获？现在，更容易证明涨势继续下去。</blockquote></p><p> First, though, it’s understandable why investors might be nervous.</p><p><blockquote>不过，首先，投资者感到紧张是可以理解的。</blockquote></p><p> TheS&amp;P 500has gained about 21% year to date, far above the historical average annual return of about 10%. And in the first eight months, the index hasn’t had a pullback of more than 5%— a correction is defined as a 10% drawdown.</p><p><blockquote>标准普尔500指数今年迄今已上涨约21%，远高于约10%的历史平均年回报率。在前八个月，该指数的回调幅度没有超过5%——回调被定义为下跌10%。</blockquote></p><p> Still, a good run needs something to stop it—likehigher corporate taxes,which the Biden administration supports. They could shave 5% or more off projected earnings estimates for S&amp;P 500 companies. Or persistent inflation, which could cause the Federal Reserve to rapidly reduce economic support. And there are a host of other catalysts, enough to push some analyststo forecast a retreat.</p><p><blockquote>尽管如此，良好的运行需要一些东西来阻止它——比如拜登政府支持的更高的公司税。他们可能会将标普500公司的盈利预期下调5%或更多。或者持续的通胀，这可能导致美联储迅速减少经济支持。还有许多其他催化剂，足以促使一些分析师预测经济会出现回落。</blockquote></p><p> But who knows how long Washington might take to put a new tax structure in place, or if lawmakers even will. Or what the deal is with inflation. There has been tapering talk for a few months now, and the Fed holds firm to its wait-and-see approach.</p><p><blockquote>但谁知道华盛顿可能需要多长时间才能建立新的税收结构，或者立法者是否会这样做。或者通货膨胀是怎么回事。缩减购债规模的讨论已经持续了几个月，美联储仍坚持观望态度。</blockquote></p><p> So the nature of the market’s climb in the past couple of weeks seems to be the surest, strongest sign of what’s ahead. The S&amp;P 500 is up 3% since Aug. 18, the bottom of a brief and shallow drop.</p><p><blockquote>因此，过去几周市场上涨的性质似乎是未来最确定、最强烈的迹象。自8月18日以来，标普500已上涨3%，这是短暂而浅跌的底部。</blockquote></p><p> “[Market] internals improved last week,” writes&nbsp;Michael Gibbs, director of equity portfolio and technical strategy at Raymond James.</p><p><blockquote>雷蒙德·詹姆斯(Raymond James)股票投资组合和技术策略总监迈克尔·吉布斯(Michael Gibbs)写道：“上周[市场]内部结构有所改善。”</blockquote></p><p> First off, transaction volumes are improving.</p><p><blockquote>首先，交易量正在改善。</blockquote></p><p> In late August, the daily number of shares traded on the&nbsp;SPDR S&amp;P 500 Exchange-Traded Fund Trust(SPY) has been about 54 million, according to FactSet. That’s above just under 50 million seen in the middle of the month.</p><p><blockquote>FactSet的数据显示，8月底，SPDR标普500交易所交易基金信托（SPDR标普500指数ETF）的每日交易股票数量约为5400万股。这高于本月中旬的略低于5000万。</blockquote></p><p> The upshot: When more market participants are transacting and they are bidding prices higher, it’s a vote of confidence in the market.</p><p><blockquote>结果是：当更多的市场参与者进行交易并且他们出价更高时，这是对市场的信任票。</blockquote></p><p> Secondly, the rally has been broad-based—many stocks have participated. For example, almost 80% of stocks listed on the New York Stock Exchange have been gaining, according to Raymond James.</p><p><blockquote>其次，涨势基础广泛——许多股票都参与其中。例如，雷蒙德·詹姆斯(Raymond James)表示，纽约证券交易所上市的近80%的股票都在上涨。</blockquote></p><p> The last time that metric hit such a high was November 2020. More stocks participating in the rally means the major indexes are less dependent on one group of stocks to move higher. Plus, witheconomically sensitive stocks on a run as well,it means investors are confident in sustained economic growth ahead.</p><p><blockquote>该指标上一次达到如此高的水平是在2020年11月。更多股票参与涨势意味着主要股指较少依赖一组股票走高。此外，经济敏感型股票也在上涨，这意味着投资者对未来经济持续增长充满信心。</blockquote></p><p> So more gains or a correction? We’ve made our case, but time will tell.</p><p><blockquote>那么更多的收益还是修正？我们已经证明了我们的观点，但时间会证明一切。</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>2 Good Reasons the Stock Market Isn’t Ready to Blow Up Yet<blockquote>股市尚未准备好爆炸的2个充分理由</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n2 Good Reasons the Stock Market Isn’t Ready to Blow Up Yet<blockquote>股市尚未准备好爆炸的2个充分理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-09-03 16:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p>tocks have had an impressive year so far, but there are still four months before 2021 wraps up. So what’s ahead? A correction? More gains? Right now, it’s easier to make the case for the rally to just keep on going.</p><p><blockquote>到目前为止，股票经历了令人印象深刻的一年，但距离2021年结束还有四个月的时间。那么接下来会发生什么？更正？更多收获？现在，更容易证明涨势继续下去。</blockquote></p><p> First, though, it’s understandable why investors might be nervous.</p><p><blockquote>不过，首先，投资者感到紧张是可以理解的。</blockquote></p><p> TheS&amp;P 500has gained about 21% year to date, far above the historical average annual return of about 10%. And in the first eight months, the index hasn’t had a pullback of more than 5%— a correction is defined as a 10% drawdown.</p><p><blockquote>标准普尔500指数今年迄今已上涨约21%，远高于约10%的历史平均年回报率。在前八个月，该指数的回调幅度没有超过5%——回调被定义为下跌10%。</blockquote></p><p> Still, a good run needs something to stop it—likehigher corporate taxes,which the Biden administration supports. They could shave 5% or more off projected earnings estimates for S&amp;P 500 companies. Or persistent inflation, which could cause the Federal Reserve to rapidly reduce economic support. And there are a host of other catalysts, enough to push some analyststo forecast a retreat.</p><p><blockquote>尽管如此，良好的运行需要一些东西来阻止它——比如拜登政府支持的更高的公司税。他们可能会将标普500公司的盈利预期下调5%或更多。或者持续的通胀，这可能导致美联储迅速减少经济支持。还有许多其他催化剂，足以促使一些分析师预测经济会出现回落。</blockquote></p><p> But who knows how long Washington might take to put a new tax structure in place, or if lawmakers even will. Or what the deal is with inflation. There has been tapering talk for a few months now, and the Fed holds firm to its wait-and-see approach.</p><p><blockquote>但谁知道华盛顿可能需要多长时间才能建立新的税收结构，或者立法者是否会这样做。或者通货膨胀是怎么回事。缩减购债规模的讨论已经持续了几个月，美联储仍坚持观望态度。</blockquote></p><p> So the nature of the market’s climb in the past couple of weeks seems to be the surest, strongest sign of what’s ahead. The S&amp;P 500 is up 3% since Aug. 18, the bottom of a brief and shallow drop.</p><p><blockquote>因此，过去几周市场上涨的性质似乎是未来最确定、最强烈的迹象。自8月18日以来，标普500已上涨3%，这是短暂而浅跌的底部。</blockquote></p><p> “[Market] internals improved last week,” writes&nbsp;Michael Gibbs, director of equity portfolio and technical strategy at Raymond James.</p><p><blockquote>雷蒙德·詹姆斯(Raymond James)股票投资组合和技术策略总监迈克尔·吉布斯(Michael Gibbs)写道：“上周[市场]内部结构有所改善。”</blockquote></p><p> First off, transaction volumes are improving.</p><p><blockquote>首先，交易量正在改善。</blockquote></p><p> In late August, the daily number of shares traded on the&nbsp;SPDR S&amp;P 500 Exchange-Traded Fund Trust(SPY) has been about 54 million, according to FactSet. That’s above just under 50 million seen in the middle of the month.</p><p><blockquote>FactSet的数据显示，8月底，SPDR标普500交易所交易基金信托（SPDR标普500指数ETF）的每日交易股票数量约为5400万股。这高于本月中旬的略低于5000万。</blockquote></p><p> The upshot: When more market participants are transacting and they are bidding prices higher, it’s a vote of confidence in the market.</p><p><blockquote>结果是：当更多的市场参与者进行交易并且他们出价更高时，这是对市场的信任票。</blockquote></p><p> Secondly, the rally has been broad-based—many stocks have participated. For example, almost 80% of stocks listed on the New York Stock Exchange have been gaining, according to Raymond James.</p><p><blockquote>其次，涨势基础广泛——许多股票都参与其中。例如，雷蒙德·詹姆斯(Raymond James)表示，纽约证券交易所上市的近80%的股票都在上涨。</blockquote></p><p> The last time that metric hit such a high was November 2020. More stocks participating in the rally means the major indexes are less dependent on one group of stocks to move higher. Plus, witheconomically sensitive stocks on a run as well,it means investors are confident in sustained economic growth ahead.</p><p><blockquote>该指标上一次达到如此高的水平是在2020年11月。更多股票参与涨势意味着主要股指较少依赖一组股票走高。此外，经济敏感型股票也在上涨，这意味着投资者对未来经济持续增长充满信心。</blockquote></p><p> So more gains or a correction? We’ve made our case, but time will tell.</p><p><blockquote>那么更多的收益还是修正？我们已经证明了我们的观点，但时间会证明一切。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stock-market-outlook-crash-or-rally-51630526109?siteid=yhoof2\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://www.barrons.com/articles/stock-market-outlook-crash-or-rally-51630526109?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169514310","content_text":"tocks have had an impressive year so far, but there are still four months before 2021 wraps up. So what’s ahead? A correction? More gains? Right now, it’s easier to make the case for the rally to just keep on going.\nFirst, though, it’s understandable why investors might be nervous.\nTheS&P 500has gained about 21% year to date, far above the historical average annual return of about 10%. And in the first eight months, the index hasn’t had a pullback of more than 5%— a correction is defined as a 10% drawdown.\nStill, a good run needs something to stop it—likehigher corporate taxes,which the Biden administration supports. They could shave 5% or more off projected earnings estimates for S&P 500 companies. Or persistent inflation, which could cause the Federal Reserve to rapidly reduce economic support. And there are a host of other catalysts, enough to push some analyststo forecast a retreat.\nBut who knows how long Washington might take to put a new tax structure in place, or if lawmakers even will. Or what the deal is with inflation. There has been tapering talk for a few months now, and the Fed holds firm to its wait-and-see approach.\nSo the nature of the market’s climb in the past couple of weeks seems to be the surest, strongest sign of what’s ahead. The S&P 500 is up 3% since Aug. 18, the bottom of a brief and shallow drop.\n“[Market] internals improved last week,” writes Michael Gibbs, director of equity portfolio and technical strategy at Raymond James.\nFirst off, transaction volumes are improving.\nIn late August, the daily number of shares traded on the SPDR S&P 500 Exchange-Traded Fund Trust(SPY) has been about 54 million, according to FactSet. That’s above just under 50 million seen in the middle of the month.\nThe upshot: When more market participants are transacting and they are bidding prices higher, it’s a vote of confidence in the market.\nSecondly, the rally has been broad-based—many stocks have participated. For example, almost 80% of stocks listed on the New York Stock Exchange have been gaining, according to Raymond James.\nThe last time that metric hit such a high was November 2020. More stocks participating in the rally means the major indexes are less dependent on one group of stocks to move higher. Plus, witheconomically sensitive stocks on a run as well,it means investors are confident in sustained economic growth ahead.\nSo more gains or a correction? We’ve made our case, but time will tell.","news_type":1,"symbols_score_info":{"SPY":0.9,".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}