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2021-09-07

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3 Golden Rules On How To Invest At All-Time Highs<blockquote>如何在历史高点投资的 3 条黄金法则</blockquote>

2021-09-04

$NIO Inc.(NIO)$Good share

2021-09-16

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2021-11-05

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Pfizer rose over 9% in premarket trading as its antiviral pill cut risk of severe COVID-19 by 89%<blockquote>辉瑞在盘前交易中上涨超过 9%，其抗病毒药丸将严重 COVID-19 的风险降低了 89%</blockquote>

2021-09-24

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Nio Said To Delay Unveiling Of ES8, Nio House In Norway By A Week<blockquote>蔚来表示将挪威蔚来之家 ES8 的亮相时间推迟一周</blockquote>

2021-09-13

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Co Inc's pill molnupiravir, which was shown last month to halve the likelihood of dying or being hospitalized for COVID-19 patients also at high risk of serious illness.</p><p><blockquote>这些结果似乎超过了默克公司（Merck &amp; Co Inc.）的药丸莫努匹拉韦（molnupiravir）的结果，莫努匹拉韦上个月被证明可以将同样面临严重疾病高风险的 COVID-19 患者死亡或住院的可能性减半。</blockquote></p><p> Full trial data is not yet available from either company.</p><p><blockquote>两家公司尚未提供完整的试验数据。</blockquote></p><p> Pfizer said it plans to submit interim trial results for its pill, which is given in combination with an older antiviral called ritonavir, to the U.S. Food and Drug Administration as part of the emergency use application it opened in October.</p><p><blockquote>辉瑞公司表示，计划向美国提交其药丸的中期试验结果，该药丸与一种名为利托那韦的旧抗病毒药物联合使用。美国食品和药物管理局作为其 10 月份开放的紧急使用申请的一部分。</blockquote></p><p> The combination treatment, which will have the brand name Paxlovid, consists of three pills given twice daily.</p><p><blockquote>这种组合治疗的品牌名称为Paxlovid，包括每天两次服用三片药片。</blockquote></p><p> The planned analysis of 1,219 patients in Pfizer's study looked at hospitalizations or deaths among people diagnosed with mild to moderate COVID-19 with at least one risk factor for developing severe disease, such as obesity or older age.</p><p><blockquote>辉瑞研究中计划对 1,219 名患者进行分析，研究了被诊断患有轻度至中度 COVID-19 且至少有一个患严重疾病的风险因素（如肥胖或年龄增长）的人的住院或死亡情况。</blockquote></p><p> It found that 0.8% of those given Pfizer's drug within three days of symptom onset were hospitalized and none had died by 28 days after treatment. That compared with a hospitalization rate of 7% for placebo patients. There were also seven deaths in the placebo group.</p><p><blockquote>研究发现，在症状出现三天内服用辉瑞药物的患者中，有 0.8% 住院治疗，并且在治疗后 28 天没有人死亡。相比之下，安慰剂患者的住院率为7%。安慰剂组也有7例死亡。</blockquote></p><p> Rates were similar for patients treated within five days of symptoms - 1% of the treatment group was hospitalized, compared with 6.7% for the placebo group, which included 10 deaths.</p><p><blockquote>在症状出现五天内接受治疗的患者的发病率相似——治疗组1%住院，而安慰剂组为6.7%，其中包括10例死亡。</blockquote></p><p> Antivirals need to be given as early as possible, before an infection takes hold, in order to be most effective. Merck tested its drug within five days of symptom onset.</p><p><blockquote>抗病毒药物需要在感染发生之前尽早给予，以便最有效。默克公司在症状出现后五天内测试了其药物。</blockquote></p><p> \"We saw that we did have high efficacy, even if it was five days after a patient has been treated ... people might wait a couple of days before getting a test or something, and this means that we have time to treat people and really provide a benefit from a public health perspective,\" Annaliesa Anderson, head of the Pfizer program, told Reuters.</p><p><blockquote>“我们看到我们确实有很高的疗效，即使是在患者接受治疗五天后……人们可能会等待几天才接受测试或其他什么，这意味着我们有时间治疗人们并真正提供从公共卫生角度来看的好处，”辉瑞项目负责人安娜丽莎·安德森 (Annaliesa Anderson) 告诉路透社。</blockquote></p><p> The company did not detail side effects of the treatment, but said adverse events happened in about 20% of both treatment and placebo patients.</p><p><blockquote>该公司没有详细说明治疗的副作用，但表示治疗和安慰剂患者中约有 20% 发生了不良事件。</blockquote></p><p> \"These data suggest that our oral antiviral candidate, if approved by regulatory authorities, has the potential to save patients’ lives, reduce the severity of COVID-19 infections, and eliminate up to nine out of ten hospitalizations,” Pfizer Chief Executive Albert Bourla said in a statement.</p><p><blockquote>“辉瑞公司首席执行官阿尔伯特-布尔拉（Albert Bourla）在一份声明中说：”这些数据表明，如果获得监管机构的批准，我们的口服抗病毒候选药物有可能挽救患者的生命，降低COVID-19感染的严重程度，并消除十分之九的住院治疗。</blockquote></p><p> Infectious disease experts stress that preventing COVID-19 through wide use of vaccines remains the best way to control the pandemic, but only 58% of Americans are fully vaccinated and access in many parts of the world is limited.</p><p><blockquote>传染病专家强调，通过广泛使用疫苗来预防 COVID-19 仍然是控制疫情的最佳方法，但只有 58% 的美国人完全接种了疫苗，而且世界许多地区的疫苗接种受到限制。</blockquote></p><p> Pfizer's drug, part of a class known as protease inhibitors, is designed to block an enzyme the coronavirus needs in order to multiply.</p><p><blockquote>辉瑞的药物是蛋白酶抑制剂类药物的一部分，旨在阻断冠状病毒繁殖所需的酶。</blockquote></p><p> Merck's molnupiravir has a different mechanism of action designed to introduce errors into the genetic code of the virus. Merck has already sold millions of courses of the treatment, which was approved this week by U.K. regulators, to the United States, the U.K. and others.</p><p><blockquote>默克公司的molnupiravir具有不同的作用机制，旨在将错误引入病毒的遗传密码。默克公司已经向美国、英国和其他国家出售了数百万个疗程的这种疗法，该疗法本周获得了英国监管机构的批准。</blockquote></p><p> Britain said earlier this month it had secured 250,000 courses of Pfizer's antiviral.</p><p><blockquote>英国本月早些时候表示，已获得 25 万个疗程的辉瑞抗病毒药物。</blockquote></p><p> Pfizer is also studying whether its pill could be used by people without risk factors for serious COVID-19 as well as to prevent coronavirus infection in people exposed to the virus.</p><p><blockquote>辉瑞公司还在研究其药丸是否可以被没有严重新冠肺炎风险因素的人使用，以及防止接触病毒的人感染冠状病毒。</blockquote></p><p> Its&nbsp;shares&nbsp;rose&nbsp;over&nbsp;9%&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/190a24394aa60d689cf29552569f5e20\" tg-width=\"774\" tg-height=\"567\" width=\"100%\" height=\"auto\"></p><p><blockquote>其股价在盘前交易中上涨超过 9%。</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>Pfizer rose over 9% in premarket trading as its antiviral pill cut risk of severe COVID-19 by 89%<blockquote>辉瑞在盘前交易中上涨超过 9%，其抗病毒药丸将严重 COVID-19 的风险降低了 89%</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\">\nPfizer rose over 9% in premarket trading as its antiviral pill cut risk of severe COVID-19 by 89%<blockquote>辉瑞在盘前交易中上涨超过 9%，其抗病毒药丸将严重 COVID-19 的风险降低了 89%</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\">2021-11-05 18:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>A trial of Pfizer Inc's experimental antiviral pill for COVID-19 was stopped early after the drug was shown to cut by 89% the chances of hospitalization or death for adults at risk of developing severe disease, the company said on Friday.</p><p><blockquote>辉瑞公司周五表示，该公司针对 COVID-19 的实验性抗病毒药丸的试验提前停止，因为该药物被证明可以将有患严重疾病风险的成年人住院或死亡的几率降低 89%。</blockquote></p><p> The results appear to surpass those seen with Merck &amp; Co Inc's pill molnupiravir, which was shown last month to halve the likelihood of dying or being hospitalized for COVID-19 patients also at high risk of serious illness.</p><p><blockquote>这些结果似乎超过了默克公司（Merck &amp; Co Inc.）的药丸莫努匹拉韦（molnupiravir）的结果，莫努匹拉韦上个月被证明可以将同样面临严重疾病高风险的 COVID-19 患者死亡或住院的可能性减半。</blockquote></p><p> Full trial data is not yet available from either company.</p><p><blockquote>两家公司尚未提供完整的试验数据。</blockquote></p><p> Pfizer said it plans to submit interim trial results for its pill, which is given in combination with an older antiviral called ritonavir, to the U.S. Food and Drug Administration as part of the emergency use application it opened in October.</p><p><blockquote>辉瑞公司表示，计划向美国提交其药丸的中期试验结果，该药丸与一种名为利托那韦的旧抗病毒药物联合使用。美国食品和药物管理局作为其 10 月份开放的紧急使用申请的一部分。</blockquote></p><p> The combination treatment, which will have the brand name Paxlovid, consists of three pills given twice daily.</p><p><blockquote>这种组合治疗的品牌名称为Paxlovid，包括每天两次服用三片药片。</blockquote></p><p> The planned analysis of 1,219 patients in Pfizer's study looked at hospitalizations or deaths among people diagnosed with mild to moderate COVID-19 with at least one risk factor for developing severe disease, such as obesity or older age.</p><p><blockquote>辉瑞研究中计划对 1,219 名患者进行分析，研究了被诊断患有轻度至中度 COVID-19 且至少有一个患严重疾病的风险因素（如肥胖或年龄增长）的人的住院或死亡情况。</blockquote></p><p> It found that 0.8% of those given Pfizer's drug within three days of symptom onset were hospitalized and none had died by 28 days after treatment. That compared with a hospitalization rate of 7% for placebo patients. There were also seven deaths in the placebo group.</p><p><blockquote>研究发现，在症状出现三天内服用辉瑞药物的患者中，有 0.8% 住院治疗，并且在治疗后 28 天没有人死亡。相比之下，安慰剂患者的住院率为7%。安慰剂组也有7例死亡。</blockquote></p><p> Rates were similar for patients treated within five days of symptoms - 1% of the treatment group was hospitalized, compared with 6.7% for the placebo group, which included 10 deaths.</p><p><blockquote>在症状出现五天内接受治疗的患者的发病率相似——治疗组1%住院，而安慰剂组为6.7%，其中包括10例死亡。</blockquote></p><p> Antivirals need to be given as early as possible, before an infection takes hold, in order to be most effective. Merck tested its drug within five days of symptom onset.</p><p><blockquote>抗病毒药物需要在感染发生之前尽早给予，以便最有效。默克公司在症状出现后五天内测试了其药物。</blockquote></p><p> \"We saw that we did have high efficacy, even if it was five days after a patient has been treated ... people might wait a couple of days before getting a test or something, and this means that we have time to treat people and really provide a benefit from a public health perspective,\" Annaliesa Anderson, head of the Pfizer program, told Reuters.</p><p><blockquote>“我们看到我们确实有很高的疗效，即使是在患者接受治疗五天后……人们可能会等待几天才接受测试或其他什么，这意味着我们有时间治疗人们并真正提供从公共卫生角度来看的好处，”辉瑞项目负责人安娜丽莎·安德森 (Annaliesa Anderson) 告诉路透社。</blockquote></p><p> The company did not detail side effects of the treatment, but said adverse events happened in about 20% of both treatment and placebo patients.</p><p><blockquote>该公司没有详细说明治疗的副作用，但表示治疗和安慰剂患者中约有 20% 发生了不良事件。</blockquote></p><p> \"These data suggest that our oral antiviral candidate, if approved by regulatory authorities, has the potential to save patients’ lives, reduce the severity of COVID-19 infections, and eliminate up to nine out of ten hospitalizations,” Pfizer Chief Executive Albert Bourla said in a statement.</p><p><blockquote>“辉瑞公司首席执行官阿尔伯特-布尔拉（Albert Bourla）在一份声明中说：”这些数据表明，如果获得监管机构的批准，我们的口服抗病毒候选药物有可能挽救患者的生命，降低COVID-19感染的严重程度，并消除十分之九的住院治疗。</blockquote></p><p> Infectious disease experts stress that preventing COVID-19 through wide use of vaccines remains the best way to control the pandemic, but only 58% of Americans are fully vaccinated and access in many parts of the world is limited.</p><p><blockquote>传染病专家强调，通过广泛使用疫苗来预防 COVID-19 仍然是控制疫情的最佳方法，但只有 58% 的美国人完全接种了疫苗，而且世界许多地区的疫苗接种受到限制。</blockquote></p><p> Pfizer's drug, part of a class known as protease inhibitors, is designed to block an enzyme the coronavirus needs in order to multiply.</p><p><blockquote>辉瑞的药物是蛋白酶抑制剂类药物的一部分，旨在阻断冠状病毒繁殖所需的酶。</blockquote></p><p> Merck's molnupiravir has a different mechanism of action designed to introduce errors into the genetic code of the virus. Merck has already sold millions of courses of the treatment, which was approved this week by U.K. regulators, to the United States, the U.K. and others.</p><p><blockquote>默克公司的molnupiravir具有不同的作用机制，旨在将错误引入病毒的遗传密码。默克公司已经向美国、英国和其他国家出售了数百万个疗程的这种疗法，该疗法本周获得了英国监管机构的批准。</blockquote></p><p> Britain said earlier this month it had secured 250,000 courses of Pfizer's antiviral.</p><p><blockquote>英国本月早些时候表示，已获得 25 万个疗程的辉瑞抗病毒药物。</blockquote></p><p> Pfizer is also studying whether its pill could be used by people without risk factors for serious COVID-19 as well as to prevent coronavirus infection in people exposed to the virus.</p><p><blockquote>辉瑞公司还在研究其药丸是否可以被没有严重新冠肺炎风险因素的人使用，以及防止接触病毒的人感染冠状病毒。</blockquote></p><p> Its&nbsp;shares&nbsp;rose&nbsp;over&nbsp;9%&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/190a24394aa60d689cf29552569f5e20\" tg-width=\"774\" tg-height=\"567\" width=\"100%\" height=\"auto\"></p><p><blockquote>其股价在盘前交易中上涨超过 9%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PFE":"辉瑞"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168526565","content_text":"A trial of Pfizer Inc's experimental antiviral pill for COVID-19 was stopped early after the drug was shown to cut by 89% the chances of hospitalization or death for adults at risk of developing severe disease, the company said on Friday.\nThe results appear to surpass those seen with Merck & Co Inc's pill molnupiravir, which was shown last month to halve the likelihood of dying or being hospitalized for COVID-19 patients also at high risk of serious illness.\nFull trial data is not yet available from either company.\nPfizer said it plans to submit interim trial results for its pill, which is given in combination with an older antiviral called ritonavir, to the U.S. Food and Drug Administration as part of the emergency use application it opened in October.\nThe combination treatment, which will have the brand name Paxlovid, consists of three pills given twice daily.\nThe planned analysis of 1,219 patients in Pfizer's study looked at hospitalizations or deaths among people diagnosed with mild to moderate COVID-19 with at least one risk factor for developing severe disease, such as obesity or older age.\nIt found that 0.8% of those given Pfizer's drug within three days of symptom onset were hospitalized and none had died by 28 days after treatment. That compared with a hospitalization rate of 7% for placebo patients. There were also seven deaths in the placebo group.\nRates were similar for patients treated within five days of symptoms - 1% of the treatment group was hospitalized, compared with 6.7% for the placebo group, which included 10 deaths.\nAntivirals need to be given as early as possible, before an infection takes hold, in order to be most effective. Merck tested its drug within five days of symptom onset.\n\"We saw that we did have high efficacy, even if it was five days after a patient has been treated ... people might wait a couple of days before getting a test or something, and this means that we have time to treat people and really provide a benefit from a public health perspective,\" Annaliesa Anderson, head of the Pfizer program, told Reuters.\nThe company did not detail side effects of the treatment, but said adverse events happened in about 20% of both treatment and placebo patients.\n\"These data suggest that our oral antiviral candidate, if approved by regulatory authorities, has the potential to save patients’ lives, reduce the severity of COVID-19 infections, and eliminate up to nine out of ten hospitalizations,” Pfizer Chief Executive Albert Bourla said in a statement.\nInfectious disease experts stress that preventing COVID-19 through wide use of vaccines remains the best way to control the pandemic, but only 58% of Americans are fully vaccinated and access in many parts of the world is limited.\nPfizer's drug, part of a class known as protease inhibitors, is designed to block an enzyme the coronavirus needs in order to multiply.\nMerck's molnupiravir has a different mechanism of action designed to introduce errors into the genetic code of the virus. Merck has already sold millions of courses of the treatment, which was approved this week by U.K. regulators, to the United States, the U.K. and others.\nBritain said earlier this month it had secured 250,000 courses of Pfizer's antiviral.\nPfizer is also studying whether its pill could be used by people without risk factors for serious COVID-19 as well as to prevent coronavirus infection in people exposed to the virus.\nIts shares rose over 9% in premarket trading.","news_type":1,"symbols_score_info":{"PFE":0.9}},"isVote":1,"tweetType":1,"viewCount":3697,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861195944,"gmtCreate":1632467959688,"gmtModify":1632721220444,"author":{"id":"4092657565638140","authorId":"4092657565638140","name":"a562d38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4092657565638140","authorIdStr":"4092657565638140"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/861195944","repostId":"1135139549","repostType":4,"repost":{"id":"1135139549","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1632386313,"share":"https://www.laohunote.com/m/news/1135139549?lang=zh_CN&edition=full","pubTime":"2021-09-23 16:38","market":"us","language":"en","title":"Nio Said To Delay Unveiling Of ES8, Nio House In Norway By A Week<blockquote>蔚来表示将挪威蔚来之家 ES8 的亮相时间推迟一周</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135139549","media":"Benzinga Earnings","summary":"Chinese electric vehicle maker NIO Inc. is delaying the official launch of the ES8 SUV and the openi","content":"<p>Chinese electric vehicle maker&nbsp;<b><a href=\"https://laohu8.com/S/NIO\">NIO Inc.</a></b> is delaying the official launch of the ES8 SUV and the opening of the first overseas&nbsp;<b>Nio House</b>&nbsp;in Norway by a week, cnEVpostreportedWednesday.</p><p><blockquote>中国电动汽车制造商<b><a href=\"https://laohu8.com/S/NIO\">蔚来</a></b>正在推迟ES8 SUV的正式上市和首家海外店的开业<b>蔚来大厦</b>据 CNEVPost 周三报道，挪威还有一周时间。</blockquote></p><p> <b>What Happened</b>: Nio will now launch the ES8 in Norway on Sept. 30 while the first local Nio House in Oslo will be officially open for business from Oct. 1, as per the report that&nbsp;<b>Marius Hayler</b>, general manager of Nio Norway.</p><p><blockquote><b>发生了什么事</b>据报道，蔚来将于 9 月 30 日在挪威推出 ES8，而位于奥斯陆的第一家蔚来本地店将于 10 月 1 日起正式开业。<b>马里乌斯·海勒</b>蔚来挪威公司总经理。</blockquote></p><p> The report did not provide any details about the reasons for the delay. It was&nbsp;reported&nbsp;earlier this month the EV maker will open the Nio House in Norway and also announce the local pricing of its flagship ES8 model on Sept. 23.</p><p><blockquote>报告没有提供任何关于延迟原因的细节。据报道，本月早些时候，这家电动汽车制造商将在挪威开设蔚来工厂，并将于 9 月 23 日宣布其旗舰 ES8 车型的当地定价。</blockquote></p><p> Nio House is the EV maker’s concept store.</p><p><blockquote>蔚来之家是这家电动汽车制造商的概念店。</blockquote></p><p> <b>Why It Matters</b>: &nbsp;Nio’s entry into Norway marks the first step in an ambitious overseas expansion plan charted by the EV maker, which has found success in <a href=\"https://laohu8.com/S/CAAS\">China</a> as a seller of premium electric vehicles.</p><p><blockquote><b>为什么它很重要</b>: 蔚来进军挪威标志着这家电动汽车制造商雄心勃勃的海外扩张计划迈出了第一步。<a href=\"https://laohu8.com/S/CAAS\">中国</a>作为高端电动汽车的销售商。</blockquote></p><p> NIO CEO<b>Wiliam Li</b>has said that the company may expand into Germany, followed by other European countries, if it achieves success in Norway.</p><p><blockquote>蔚来首席执行官<b>威廉·李</b>曾表示，如果该公司在挪威取得成功，可能会扩展到德国，然后扩展到其他欧洲国家。</blockquote></p><p> <b>Price Action</b>: Nio shares closed almost 2.3% higher in Wednesday’s trading at $35.70.</p><p><blockquote><b>价格行为</b>: 蔚来股价在周三的交易中收盘上涨近 2.3%，报 35.70 美元。</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>Nio Said To Delay Unveiling Of ES8, Nio House In Norway By A Week<blockquote>蔚来表示将挪威蔚来之家 ES8 的亮相时间推迟一周</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; 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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\">\nNio Said To Delay Unveiling Of ES8, Nio House In Norway By A Week<blockquote>蔚来表示将挪威蔚来之家 ES8 的亮相时间推迟一周</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-09-23 16:38</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Chinese electric vehicle maker&nbsp;<b><a href=\"https://laohu8.com/S/NIO\">NIO Inc.</a></b> is delaying the official launch of the ES8 SUV and the opening of the first overseas&nbsp;<b>Nio House</b>&nbsp;in Norway by a week, cnEVpostreportedWednesday.</p><p><blockquote>中国电动汽车制造商<b><a href=\"https://laohu8.com/S/NIO\">蔚来</a></b>正在推迟ES8 SUV的正式上市和首家海外店的开业<b>蔚来大厦</b>据 CNEVPost 周三报道，挪威还有一周时间。</blockquote></p><p> <b>What Happened</b>: Nio will now launch the ES8 in Norway on Sept. 30 while the first local Nio House in Oslo will be officially open for business from Oct. 1, as per the report that&nbsp;<b>Marius Hayler</b>, general manager of Nio Norway.</p><p><blockquote><b>发生了什么事</b>据报道，蔚来将于 9 月 30 日在挪威推出 ES8，而位于奥斯陆的第一家蔚来本地店将于 10 月 1 日起正式开业。<b>马里乌斯·海勒</b>蔚来挪威公司总经理。</blockquote></p><p> The report did not provide any details about the reasons for the delay. It was&nbsp;reported&nbsp;earlier this month the EV maker will open the Nio House in Norway and also announce the local pricing of its flagship ES8 model on Sept. 23.</p><p><blockquote>报告没有提供任何关于延迟原因的细节。据报道，本月早些时候，这家电动汽车制造商将在挪威开设蔚来工厂，并将于 9 月 23 日宣布其旗舰 ES8 车型的当地定价。</blockquote></p><p> Nio House is the EV maker’s concept store.</p><p><blockquote>蔚来之家是这家电动汽车制造商的概念店。</blockquote></p><p> <b>Why It Matters</b>: &nbsp;Nio’s entry into Norway marks the first step in an ambitious overseas expansion plan charted by the EV maker, which has found success in <a href=\"https://laohu8.com/S/CAAS\">China</a> as a seller of premium electric vehicles.</p><p><blockquote><b>为什么它很重要</b>: 蔚来进军挪威标志着这家电动汽车制造商雄心勃勃的海外扩张计划迈出了第一步。<a href=\"https://laohu8.com/S/CAAS\">中国</a>作为高端电动汽车的销售商。</blockquote></p><p> NIO CEO<b>Wiliam Li</b>has said that the company may expand into Germany, followed by other European countries, if it achieves success in Norway.</p><p><blockquote>蔚来首席执行官<b>威廉·李</b>曾表示，如果该公司在挪威取得成功，可能会扩展到德国，然后扩展到其他欧洲国家。</blockquote></p><p> <b>Price Action</b>: Nio shares closed almost 2.3% higher in Wednesday’s trading at $35.70.</p><p><blockquote><b>价格行为</b>: 蔚来股价在周三的交易中收盘上涨近 2.3%，报 35.70 美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135139549","content_text":"Chinese electric vehicle maker NIO Inc. is delaying the official launch of the ES8 SUV and the opening of the first overseas Nio House in Norway by a week, cnEVpostreportedWednesday.\nWhat Happened: Nio will now launch the ES8 in Norway on Sept. 30 while the first local Nio House in Oslo will be officially open for business from Oct. 1, as per the report that Marius Hayler, general manager of Nio Norway.\nThe report did not provide any details about the reasons for the delay. It was reported earlier this month the EV maker will open the Nio House in Norway and also announce the local pricing of its flagship ES8 model on Sept. 23.\nNio House is the EV maker’s concept store.\nWhy It Matters:  Nio’s entry into Norway marks the first step in an ambitious overseas expansion plan charted by the EV maker, which has found success in China as a seller of premium electric vehicles.\nNIO CEOWiliam Lihas said that the company may expand into Germany, followed by other European countries, if it achieves success in Norway.\nPrice Action: Nio shares closed almost 2.3% higher in Wednesday’s trading at $35.70.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":3421,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":885204780,"gmtCreate":1631794513140,"gmtModify":1631885649460,"author":{"id":"4092657565638140","authorId":"4092657565638140","name":"a562d38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4092657565638140","authorIdStr":"4092657565638140"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/885204780","repostId":"1147810356","repostType":4,"isVote":1,"tweetType":1,"viewCount":3149,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":888514780,"gmtCreate":1631507039140,"gmtModify":1631885649476,"author":{"id":"4092657565638140","authorId":"4092657565638140","name":"a562d38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4092657565638140","authorIdStr":"4092657565638140"},"themes":[],"title":"","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/888514780","repostId":"1120557186","repostType":4,"isVote":1,"tweetType":1,"viewCount":3415,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880974208,"gmtCreate":1631015952004,"gmtModify":1631885649456,"author":{"id":"4092657565638140","authorId":"4092657565638140","name":"a562d38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4092657565638140","authorIdStr":"4092657565638140"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/880974208","repostId":"1186375251","repostType":4,"repost":{"id":"1186375251","kind":"news","pubTimestamp":1630909435,"share":"https://www.laohunote.com/m/news/1186375251?lang=zh_CN&edition=full","pubTime":"2021-09-06 14:23","market":"us","language":"en","title":"3 Golden Rules On How To Invest At All-Time Highs<blockquote>如何在历史高点投资的 3 条黄金法则</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186375251","media":"seekingalpha","summary":"Summary\n\nMarkets continue to reach new all-time highs each week and have not seen a notable correcti","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Markets continue to reach new all-time highs each week and have not seen a notable correction in over 200 trading days.</li>  <li>As markets are rallying, many investors are starting to rest on their laurels while investment decisions at all-time highs are actually more important than ever.</li>  <li>What should you be aware of in today's market? Should you sell out at these overvalued prices or can you still generate great returns by buying today?</li>  <li>In this article, I will share my three golden rules on how to invest at all-time highs like today. This information will be very valuable for your future wealth generation in the market.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f5f0c9f1aacfbc6d8c78d0e84da5fc9\" tg-width=\"1536\" tg-height=\"878\" width=\"100%\" height=\"auto\"><span>phive2015/iStock via Getty Images</span></p><p><blockquote><ul><li>市场每周继续创下历史新高，并且在 200 多个交易日中没有出现明显的调整。</li><li>随着市场反弹，许多投资者开始固步自封，而处于历史高点的投资决策实际上比以往任何时候都更加重要。</li><li>在当今的市场上，你应该注意什么？你应该以这些高估的价格抛售，还是今天买入仍然能获得丰厚的回报？</li><li>在这篇文章中，我将分享我关于如何在今天这样的历史高点进行投资的三条黄金法则。这些信息对你未来在市场上创造财富非常有价值。</li></ul><p class=\"t-img-caption\"><span>phive2015/iStock 来自盖蒂图片社</span></p></blockquote></p><p> The stock market has been on a rampage in 2021. At the end of August, the S&amp;P 500 index (SPY) gained 20.4% year-to-date. Interestingly, the index has been trading in a very tight upward range and has not seen a 5% correction for 208 trading days. While most investors don't see this as an anomaly, it actually is. Both events have only occurred 7 times before in stock market history. We are clearly living in abnormal times.</p><p><blockquote>2021年股市一路狂飙。8月底，标普500指数（SPDR标普500指数ETF）年初至今上涨20.4%。有趣的是，该指数一直在非常狭窄的上涨区间内交易，并且在208个交易日中没有出现5%的修正。虽然大多数投资者并不认为这是一种异常现象，但实际上却是。这两种事件在股市历史上只发生过7次。我们显然生活在一个不正常的时代。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c58ccc72065c84083443d6be7f03482a\" tg-width=\"640\" tg-height=\"322\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview 的内部机会</span></p></blockquote></p><p> Each day it is important to think thoroughly about the investment decisions you make. Above all, all purchases or sales will impact your future wealth accumulation in the market.</p><p><blockquote>每天仔细考虑你所做的投资决策是很重要的。最重要的是，所有的购买或销售都会影响你未来在市场上的财富积累。</blockquote></p><p> However, during extreme rallies like today it is twice as important to reflect on your investment decisions. Ask that to investors who took high risks during the dot-com bubble or panic sold during the Covid-19 crash. That undoubtedly had an immense impact on their long-term returns.</p><p><blockquote>然而，在像今天这样的极端反弹期间，反思你的投资决策更加重要。问问那些在互联网泡沫期间承担高风险或在 Covid-19 崩盘期间恐慌性抛售的投资者。这无疑对他们的长期回报产生了巨大影响。</blockquote></p><p> The importance of investment decisions today for your long-term returns is why I chose to write about my three golden rules on how to invest at all-time highs. How should you approach today's market and what should you be aware of? Should you sell out at these overvalued prices and wait for a correction to take place or can you still generate great returns when buying at these levels? The answers to these one-million-dollar questions will be provided in this article.</p><p><blockquote>今天的投资决策对你的长期回报很重要，这就是为什么我选择写我关于如何在历史高点投资的三条黄金法则。你应该如何对待今天的市场，你应该注意什么？你应该以这些高估的价格卖出并等待调整发生，还是在这些水平买入时仍然能产生丰厚的回报？这篇文章将提供这些百万美元问题的答案。</blockquote></p><p> <b>1. Don't get caught by greediness</b></p><p><blockquote><b>1.不要被贪婪抓住</b></blockquote></p><p> Let's start off with the most important rule. Avoid greediness.</p><p><blockquote>让我们从最重要的规则开始。避免贪婪。</blockquote></p><p> According to JPMorgan, over the past 20 years, the average investor reached an annual return of only 2.9%. As such, they significantly underperformed the general market as the S&amp;P 500 yielded an annual 7.5% return during this time frame.</p><p><blockquote>根据摩根大通的数据，在过去的20年里，投资者的平均年回报率仅为2.9%。因此，它们的表现明显逊于一般市场，因为标普500在此期间的年回报率为 7.5%。</blockquote></p><p> The single most important reason for this retail investor underperformance? Emotional human behavior.</p><p><blockquote>散户投资者表现不佳的最重要原因是什么？情感人类行为。</blockquote></p><p> The average investor is getting influenced heavily by media headlines, stock prices movements and behavior from other investors.</p><p><blockquote>普通投资者受到媒体头条、股价变动和其他投资者行为的严重影响。</blockquote></p><p> Today, we reached an extremely bullish stock market environment. Last earnings season has been one of the greatest in stock market history. The S&amp;P 500 EPS rose by 94.5% YoY and 86.1% of its constituents beat analyst estimates.</p><p><blockquote>今天，我们到达了一个极度看涨的股市环境。上个财报季是股市历史上最伟大的财报季之一。标普500每股收益同比增长 94.5%，86.1% 的成分股超出分析师预期。</blockquote></p><p> As a consequence of this bullish environment, analysts are significantly raising their estimates for the next quarters. They now expect EPS to rise sharply to $217.96 by the end of 2022, which is a significant recovery from the pre-pandemic high of $157.12. Such a recovery looks to be optimistic as it took 7-12 years in the past economic cycles to achieve this:</p><p><blockquote>由于这种看涨环境，分析师正在大幅提高对未来几个季度的预期。他们现在预计，到 2022 年底，每股收益将大幅升至 217.96 美元，较大流行前的高点 157.12 美元大幅回升。这样的复苏看起来很乐观，因为在过去的经济周期中，需要 7-12 年才能实现这一目标：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1accc921d16b11ec13ed94686b9cfe75\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于标准普尔全球数据的内部机会；使用调整后的每股收益</span></p></blockquote></p><p> Will earnings really continue this very strong recovery over the coming quarters or are analysts perhaps getting too greedy with their assumptions?</p><p><blockquote>未来几个季度盈利真的会继续强劲复苏吗？还是分析师的假设太贪婪了？</blockquote></p><p> It wouldn't be the first time if they were too greedy. During the dot-com bubble for example, they were caught by their emotions as well. The '90s was an abnormally strong decade in terms of earnings growth for the S&amp;P 500. As such, analysts totally forgot that downward cycles exist as well. They increased their annual EPS growth guidance to a staggering 15% for the five years following 2000. According to them, this high growth rate justified the record P/E multiples stocks were trading at and many investors got tricked into that story.</p><p><blockquote>如果他们太贪婪，这也不是第一次了。例如，在互联网泡沫期间，他们也被自己的情绪所困扰。就标普500的盈利增长而言，90 年代是异常强劲的十年。因此，分析师完全忘记了下降周期也存在。他们将 2000 年后五年的年度每股收益增长指导提高到惊人的 15%。根据他们的说法，这种高增长率证明了股票交易市盈率创纪录的合理性，许多投资者被骗进了这个故事。</blockquote></p><p> What happened afterwards? The economy didn't boom, it fell into a recession which took 3 years to recover from. Earnings in 2003 were almost 50% lower than what analysts had been predicting in 2000.</p><p><blockquote>后来发生了什么？经济没有繁荣，而是陷入了衰退，花了3年时间才恢复过来。2003 年的收益比分析师 2000 年的预测低了近 50%。</blockquote></p><p></p><p> As markets were priced to analyst expectations instead of taking into account a possible downturn, the S&amp;P 500 crashed and took 7 years to recover.</p><p><blockquote>由于市场定价符合分析师的预期，而不是考虑到可能的经济衰退，标普500崩盘并花了 7 年时间才恢复。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0081f4a9c3ee43b20684f113cb04ef9c\" tg-width=\"640\" tg-height=\"467\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P全球数据和Yardeni的内部机会；使用调整后的每股收益</span></p></blockquote></p><p> Let's get back to today... The P/E of the S&amp;P 500 currently stands at 25.4x, which is extremely high compared to historical levels. This gets justified by the common belief that earnings will continue rising significantly. As such, the ratio would fall to an acceptable 20.7x by the end of 2022.</p><p><blockquote>让我们回到今天……标普500目前的市盈率为25.4倍，与历史水平相比极高。人们普遍认为盈利将继续大幅增长，这证明了这一点。因此，到 2022 年底，该比率将降至可接受的 20.7 倍。</blockquote></p><p> Now ask yourself how likely it is that earnings growth will continue to grow at higher levels than the historical average over the coming quarters.</p><p><blockquote>现在问问自己，未来几个季度盈利增长继续高于历史平均水平的可能性有多大。</blockquote></p><p> Interest rates are already at 0%. The money printer is running out of paper. Federal debt levels are hitting their ceilings. Pent-up demand and stimuli cheques already led to record-high consumer spending over the past quarters.</p><p><blockquote>利率已经是0%了。印钞机快没纸了。联邦债务水平正在达到上限。被压抑的需求和刺激支票已经导致过去几个季度的消费者支出创历史新高。</blockquote></p><p> Maybe, just maybe, analysts are being too greedy with their assumptions? Maybe the recent economic recovery is unsustainable and set to cool down? Maybe my assumptions (grey line) are much more likely than what the market is predicting (red line)? If so, the market is trading at a fwd 2022 P/E of 23.6x, which is really expensive.</p><p><blockquote>也许，只是也许，分析师对他们的假设太贪婪了？也许最近的经济复苏是不可持续的，将会降温？也许我的假设（灰线）比市场预测（红线）更有可能？如果是这样，市场的 fwd 2022 市盈率为 23.6 倍，这确实很贵。</blockquote></p><p> I'm not sure this will happen, nobody is. But it sure as hell is a probability.</p><p><blockquote>我不确定这会发生，没人会。但这肯定是一种可能性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f61310c3c851b181ceb1fb3cc8862fdb\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P全球数据和Yardeni的内部机会；使用调整后的每股收益</span></p></blockquote></p><p> This greediness also gets reflected in the charts. As you can see in the chart below, a bull market can be split into four cycles. Strong growth, bear trap, media attention and greed.</p><p><blockquote>这种贪婪也反映在图表中。如下图所示，牛市可以分为四个周期。强劲增长、熊市陷阱、媒体关注和贪婪。</blockquote></p><p> Interestingly, the 2013-2021 bull market is playing out almost identically as the 1994-2000 bull market. At this moment, the Nasdaq Index (QQQ) looks to be ready to start the last extreme greed phase. The media is approaching the recent rally as \"the new normal\" and investors are FOMO buying heavily because stocks \"can only go up\". As such, it is likely that the Nasdaq will rise close to $20,000 in the last months of 2021.</p><p><blockquote>有趣的是，2013-2021年的牛市与1994-2000年的牛市几乎完全相同。此时此刻，纳斯达克指数（QQQ）看起来已经准备好开始最后的极度贪婪阶段。媒体将最近的反弹视为“新常态”，投资者正在大量买入FOMO，因为股票“只能上涨”。因此，纳斯达克可能会在 2021 年最后几个月上涨接近 20,000 美元。</blockquote></p><p> As a long-term investor, it is extremely important to understand these dynamics. You will probably feel the urge to go all-in in risky assets as well. However, getting greedy during this phase could be a major threat for your long term returns as it will likely be followed by a major bear market.</p><p><blockquote>作为长期投资者，了解这些动态极其重要。你可能也会有全力投资风险资产的冲动。然而，在这个阶段变得贪婪可能会对你的长期回报构成重大威胁，因为随后可能会出现一场大熊市。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c783bf0cff4c410846a27c2dc8c180b1\" tg-width=\"640\" tg-height=\"499\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview 的内部机会</span></p></blockquote></p><p> Human behavior makes it extremely challenging to not get distracted by market sentiment. If you can keep an objective view on markets, it will benefit your returns drastically.</p><p><blockquote>人类的行为使得不被市场情绪分散注意力变得极具挑战性。如果你能对市场保持客观的看法，这将极大地有利于你的回报。</blockquote></p><p> 2. Keep investing, there are always opportunities</p><p><blockquote>2.坚持投资，机会总是有的</blockquote></p><p> In short, rule #1 says that your decisions should never be led by emotions and that you should keep focusing on underlying fundamentals. As the market is getting greedy today and valuations reach extreme levels it implies that you should start selling stocks and hold a lot of cash, right?</p><p><blockquote>简而言之，第一条规则说，你的决定永远不应该被情绪所左右，你应该继续关注潜在的基本面。随着今天市场变得越来越贪婪，估值达到极端水平，这意味着你应该开始出售股票并持有大量现金，对吗？</blockquote></p><p> Not really... You know, a wise man once said the following:</p><p><blockquote>不完全是……你知道，一位智者曾经说过这样一句话：</blockquote></p><p>   <b>It's a market of stocks, not a stock market.</b>  I'm not entirely sure who came up with it. But it must be a wise man, for sure.</p><p><blockquote><b>这是股票市场，不是股票市场。</b>我不完全确定是谁想出来的。但肯定是个聪明人。</blockquote></p><p> What does it mean? Look, many retail investors buy/sell stocks based on how the outlook for the general market looks like. If they don't trust the markets, they will be reluctant to invest, no matter what.</p><p><blockquote>这是什么意思？看，许多散户投资者根据整体市场前景买卖股票。如果他们不信任市场，无论如何都会不愿意投资。</blockquote></p><p> That's not a great way of looking at markets. There are almost 4,000 stocks available and there will always be interesting investment opportunities to generate great returns, no matter how the market evolves.</p><p><blockquote>这不是看待市场的好方法。有近4,000只股票可供选择，无论市场如何发展，总会有有趣的投资机会产生丰厚的回报。</blockquote></p><p> In a generally overvalued market it gets increasingly challenging to find undervalued stocks, but certainly not impossible. Ask Warren Buffett. In 2000, the most overvalued stock market in history, his investment vehicle Berkshire Hathaway (BRK.A) (BRK.B) kept buying high-quality, undervalued assets. His dedication paid off with an impressive return of 47% five years after the dot-com peak compared to -39% for the Nasdaq index.</p><p><blockquote>在一个普遍被高估的市场中，找到被低估的股票变得越来越具有挑战性，但肯定不是不可能的。问问沃伦·巴菲特。2000年，历史上被高估最严重的股市，他的投资工具伯克希尔哈撒韦公司（BRK.A）（BRK.B）继续购买优质、被低估的资产。他的奉献得到了回报，在互联网高峰五年后，他获得了令人印象深刻的47%的回报率，而纳斯达克指数的回报率为-39%。</blockquote></p><p> The Russell 2000 (IWM), an index reflecting US small caps, was very attractive during the dot-com bubble as well, trading at a P/E of 16x (vs 24x for large caps) going into 2000. Those who invested in this undervalued asset class during the bubble also generated very solid returns. Those who were able to pick out the greatest small caps were a lot happier than those who got tricked into overhyped tech stocks, I can imagine.</p><p><blockquote>罗素2000指数（IWM）是一个反映美国小盘股的指数，在互联网泡沫期间也非常有吸引力，2000年的市盈率为16倍（大盘股为24倍）。那些在泡沫期间投资这一被低估资产类别的人也产生了非常可观的回报。我可以想象，那些能够挑选出最好的小盘股的人比那些被过度炒作的科技股欺骗的人快乐得多。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c713a296e819a255b3be8ac6e504033d\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> So what should you do today? I would suggest re-evaluating all your portfolio holdings. Weigh their valuation compared to earnings 3 years from now, when Covid-19 disruptions (stimuli, pent-up demand, etc.) are gone. Be conservative with your assumptions. If a stock is significantly overvalued compared to those assumptions, don't be greedy and sell out the position.</p><p><blockquote>那么你今天应该做什么呢？我建议重新评估你所有的投资组合。将它们的估值与 3 年后的收益进行权衡，届时 Covid-19 中断（刺激措施、被压抑的需求等）消失。对你的假设要保守。如果一只股票与这些假设相比被严重高估，不要贪婪并卖出头寸。</blockquote></p><p> A great example is Apple Inc. (AAPL), one of the most popular stocks this year. As a consequence of its very strong financials (revenue grew 36.4% last quarter), its P/E ratio more than doubled over the past two years to 30x. It is important to understand that its recent growth primarily accelerated due to unsustainable drivers such as the several rounds of stimuli cheques. Once this fades away, Apple's growth is likely to fall back to single digits (or might even go negative in the short term) and returns would be very weak going forward.</p><p><blockquote>一个很好的例子是苹果公司（AAPL），它是今年最受欢迎的股票之一。由于其非常强劲的财务状况（上季度收入增长 36.4%），其市盈率在过去两年中翻了一番多，达到 30 倍。重要的是要明白，其最近的增长主要是由于不可持续的驱动因素，如几轮刺激支票。一旦这种情况消失，苹果的增长可能会回落到个位数（甚至可能在短期内为负），未来的回报将非常疲软。</blockquote></p><p> Don't keep all that freed up capital in cash, especially in the current inflationary environment. There are still opportunities to re-invest that money. In my opinion, small caps are the most attractive asset class today just like they were in 2000. After its recent underperformance, the Russell 2000 (representing all US small caps) is trading at a P/E of 15.6x today. This is much lower than both the S&amp;P 500 Index and its historical average. There are plenty of small-cap opportunities out there which will generate great returns going forward.</p><p><blockquote>不要把所有释放的资本都保留在现金中，尤其是在当前的通胀环境下。仍然有机会将这笔钱进行再投资。在我看来，小盘股是当今最具吸引力的资产类别，就像 2000 年一样。在最近表现不佳之后，罗素2000指数（代表所有美国小型股）今天的市盈率为15.6倍。这远低于标普500指数及其历史平均水平。有很多小盘股机会，未来将产生丰厚的回报。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f132a93975b3b7fef86aff21c0b49bb\" tg-width=\"640\" tg-height=\"250\" width=\"100%\" height=\"auto\"><span>Source: Yardeni</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：亚德尼</span></p></blockquote></p><p> <b>3. Adopt a proven investment strategy to pick stocks</b></p><p><blockquote><b>3.采用行之有效的投资策略选股</b></blockquote></p><p> Rule #1 and #2 look very good on paper, but are very hard to execute in reality. When push comes to shove, it's very tough to deny your emotions and to find interesting investment opportunities in an overvalued market.</p><p><blockquote>规则#1和#2在纸面上看起来很好，但在现实中很难执行。当紧要关头时，很难否认自己的情绪，并在估值过高的市场中找到有趣的投资机会。</blockquote></p><p> That's where #3 comes into play: adopt a proven investment strategy.</p><p><blockquote>这就是#3发挥作用的地方：采用行之有效的投资策略。</blockquote></p><p> With the upcoming challenges in the stock market, I believe it has never been as important as today to follow a pre-determined strategy on which you can rely during a highly uncertain market environment. If you use a strategy which worked well in the past, you'll feel great in each market environment.</p><p><blockquote>随着股市即将到来的挑战，我相信在高度不确定的市场环境中，遵循预先确定的策略从未像今天这样重要。如果你使用过去行之有效的策略，你会在每个市场环境中感觉很棒。</blockquote></p><p> There are many strategies that could work for you, as long as you stick to it. We strongly believe that our under-appreciated strategy at Insider Opportunities will be very valuable in the coming years.</p><p><blockquote>只要你坚持下去，有很多策略对你有用。我们坚信，我们在内部机会方面被低估的战略将在未来几年非常有价值。</blockquote></p><p> To find attractive investment opportunities, we follow insider purchases each day. Insiders are the CFOs, CEOs, board members, etc. who know their business better than anyone else in the market. If they see a disconnection between the share price and the business fundamentals, they can purchase shares to generate profits. You can follow the purchases of this so-called \"smart money\" on a daily basis through SEC filings or websites like openinsider.com.</p><p><blockquote>为了寻找有吸引力的投资机会，我们每天都会跟踪内部购买情况。内部人士是首席财务官、首席执行官、董事会成员等。他们比市场上任何人都更了解自己的业务。如果他们看到股价和业务基本面之间脱节，他们可以购买股票来产生利润。您可以通过 SEC 文件或 openinsider.com 等网站每天跟踪这种所谓“聪明资金”的购买情况。</blockquote></p><p> We don't just follow up insider purchases. We created three algorithms based on more than a million of data points over the past decade to pick the greatest ones out of all insider purchases. As such, we stick to a pre-determined plan to only buy stocks that are attractive based on specific fundamentals, called \"golden picks\".</p><p><blockquote>我们不只是跟进内部购买。我们基于过去十年中超过一百万个数据点创建了三个算法，从所有内部购买中挑选出最好的。因此，我们坚持预先确定的计划，只购买基于特定基本面有吸引力的股票，称为“黄金选择”。</blockquote></p><p> It worked tremendously in the past. Our back-test shows that the strategy generated annualized returns of 47.2% over the past decade, tripling the S&amp;P 500 index. Only in 2011 it slightly underperformed the market.</p><p><blockquote>它在过去非常有效。我们的回测显示，该策略在过去十年中产生了 47.2% 的年化回报率，是标普500指数的三倍。仅在2011年，它的表现略低于市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f05af9240a87a55641df0a7921ec0380\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：内幕机会</span></p></blockquote></p><p> We firmly believe that this revolutionary strategy will continue generating wealth for us in the stock market, regardless of how the market performs. Find yourself a strict, proven strategy like ours on which you can rely during the upcoming uncertainties.</p><p><blockquote>我们坚信，无论市场表现如何，这一革命性的策略都将继续在股票市场为我们创造财富。给自己找一个像我们这样严格的、行之有效的策略，在即将到来的不确定性中，你可以依靠它。</blockquote></p><p> <b>Conclusion: Do this at all-time highs</b></p><p><blockquote><b>结论：在历史高点这样做</b></blockquote></p><p> Most stock market investors are resting on their laurels when all-time highs are being reached. Above all, nothing can go wrong in such a bullish market, right?</p><p><blockquote>当创下历史新高时，大多数股市投资者都在固步自封。最重要的是，在这样的牛市里，什么事都不会出错吧？</blockquote></p><p> No, that's not how it works. Markets evolve in cycles and those who don't acknowledge the importance of adapting to these cycles will be struck at weak long-term returns.</p><p><blockquote>不，事情不是这样的。市场在周期中演变，那些不认识到适应这些周期重要性的人将面临疲软的长期回报。</blockquote></p><p> How should you approach today's all-time highs to keep generating wealth going forward? Here are my three golden rules:</p><p><blockquote>你应该如何接近今天的历史高点，以继续创造财富？以下是我的三条黄金法则：</blockquote></p><p></p><p> <ol>  <li><b>Don't get greedy.</b>As a consequence of emotional behavior, you will want to take higher risks when markets are rallying. Never follow these emotions and always keep focused on the fundamentals.</li>  <li><b>Keep being invested.</b>Don't get reluctant to invest in stocks just because markets are getting overvalued. Acknowledge that it's a market of stocks, not a stock market. There are always great opportunities in each market environment. Today, they are mostly available in under-the-radar small caps.</li>  <li><b>Adopt a proven strategy.</b>Investing is not easy, especially when things are starting to move southwards. Adopting a strict, proven investment strategy can make life much easier and improve returns significantly.</li> </ol></p><p><blockquote><ol><li><b>不要贪婪。</b>作为情绪行为的结果，当市场反弹时，你会想要承担更高的风险。永远不要跟随这些情绪，永远关注基本面。</li><li><b>继续投资。</b>不要仅仅因为市场被高估就不愿意投资股票。承认这是一个股票市场，而不是股票市场。每个市场环境中总有巨大的机会。如今，它们大多是低调的小盘股。</li><li><b>采用行之有效的策略。</b>投资并不容易，尤其是当事情开始向南发展的时候。采用严格的、行之有效的投资策略可以让生活变得更加轻松，并显着提高回报。</li></ol></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Golden Rules On How To Invest At All-Time Highs<blockquote>如何在历史高点投资的 3 条黄金法则</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Golden Rules On How To Invest At All-Time Highs<blockquote>如何在历史高点投资的 3 条黄金法则</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-09-06 14:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Markets continue to reach new all-time highs each week and have not seen a notable correction in over 200 trading days.</li>  <li>As markets are rallying, many investors are starting to rest on their laurels while investment decisions at all-time highs are actually more important than ever.</li>  <li>What should you be aware of in today's market? Should you sell out at these overvalued prices or can you still generate great returns by buying today?</li>  <li>In this article, I will share my three golden rules on how to invest at all-time highs like today. This information will be very valuable for your future wealth generation in the market.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f5f0c9f1aacfbc6d8c78d0e84da5fc9\" tg-width=\"1536\" tg-height=\"878\" width=\"100%\" height=\"auto\"><span>phive2015/iStock via Getty Images</span></p><p><blockquote><ul><li>市场每周继续创下历史新高，并且在 200 多个交易日中没有出现明显的调整。</li><li>随着市场反弹，许多投资者开始固步自封，而处于历史高点的投资决策实际上比以往任何时候都更加重要。</li><li>在当今的市场上，你应该注意什么？你应该以这些高估的价格抛售，还是今天买入仍然能获得丰厚的回报？</li><li>在这篇文章中，我将分享我关于如何在今天这样的历史高点进行投资的三条黄金法则。这些信息对你未来在市场上创造财富非常有价值。</li></ul><p class=\"t-img-caption\"><span>phive2015/iStock 来自盖蒂图片社</span></p></blockquote></p><p> The stock market has been on a rampage in 2021. At the end of August, the S&amp;P 500 index (SPY) gained 20.4% year-to-date. Interestingly, the index has been trading in a very tight upward range and has not seen a 5% correction for 208 trading days. While most investors don't see this as an anomaly, it actually is. Both events have only occurred 7 times before in stock market history. We are clearly living in abnormal times.</p><p><blockquote>2021年股市一路狂飙。8月底，标普500指数（SPDR标普500指数ETF）年初至今上涨20.4%。有趣的是，该指数一直在非常狭窄的上涨区间内交易，并且在208个交易日中没有出现5%的修正。虽然大多数投资者并不认为这是一种异常现象，但实际上却是。这两种事件在股市历史上只发生过7次。我们显然生活在一个不正常的时代。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c58ccc72065c84083443d6be7f03482a\" tg-width=\"640\" tg-height=\"322\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview 的内部机会</span></p></blockquote></p><p> Each day it is important to think thoroughly about the investment decisions you make. Above all, all purchases or sales will impact your future wealth accumulation in the market.</p><p><blockquote>每天仔细考虑你所做的投资决策是很重要的。最重要的是，所有的购买或销售都会影响你未来在市场上的财富积累。</blockquote></p><p> However, during extreme rallies like today it is twice as important to reflect on your investment decisions. Ask that to investors who took high risks during the dot-com bubble or panic sold during the Covid-19 crash. That undoubtedly had an immense impact on their long-term returns.</p><p><blockquote>然而，在像今天这样的极端反弹期间，反思你的投资决策更加重要。问问那些在互联网泡沫期间承担高风险或在 Covid-19 崩盘期间恐慌性抛售的投资者。这无疑对他们的长期回报产生了巨大影响。</blockquote></p><p> The importance of investment decisions today for your long-term returns is why I chose to write about my three golden rules on how to invest at all-time highs. How should you approach today's market and what should you be aware of? Should you sell out at these overvalued prices and wait for a correction to take place or can you still generate great returns when buying at these levels? The answers to these one-million-dollar questions will be provided in this article.</p><p><blockquote>今天的投资决策对你的长期回报很重要，这就是为什么我选择写我关于如何在历史高点投资的三条黄金法则。你应该如何对待今天的市场，你应该注意什么？你应该以这些高估的价格卖出并等待调整发生，还是在这些水平买入时仍然能产生丰厚的回报？这篇文章将提供这些百万美元问题的答案。</blockquote></p><p> <b>1. Don't get caught by greediness</b></p><p><blockquote><b>1.不要被贪婪抓住</b></blockquote></p><p> Let's start off with the most important rule. Avoid greediness.</p><p><blockquote>让我们从最重要的规则开始。避免贪婪。</blockquote></p><p> According to JPMorgan, over the past 20 years, the average investor reached an annual return of only 2.9%. As such, they significantly underperformed the general market as the S&amp;P 500 yielded an annual 7.5% return during this time frame.</p><p><blockquote>根据摩根大通的数据，在过去的20年里，投资者的平均年回报率仅为2.9%。因此，它们的表现明显逊于一般市场，因为标普500在此期间的年回报率为 7.5%。</blockquote></p><p> The single most important reason for this retail investor underperformance? Emotional human behavior.</p><p><blockquote>散户投资者表现不佳的最重要原因是什么？情感人类行为。</blockquote></p><p> The average investor is getting influenced heavily by media headlines, stock prices movements and behavior from other investors.</p><p><blockquote>普通投资者受到媒体头条、股价变动和其他投资者行为的严重影响。</blockquote></p><p> Today, we reached an extremely bullish stock market environment. Last earnings season has been one of the greatest in stock market history. The S&amp;P 500 EPS rose by 94.5% YoY and 86.1% of its constituents beat analyst estimates.</p><p><blockquote>今天，我们到达了一个极度看涨的股市环境。上个财报季是股市历史上最伟大的财报季之一。标普500每股收益同比增长 94.5%，86.1% 的成分股超出分析师预期。</blockquote></p><p> As a consequence of this bullish environment, analysts are significantly raising their estimates for the next quarters. They now expect EPS to rise sharply to $217.96 by the end of 2022, which is a significant recovery from the pre-pandemic high of $157.12. Such a recovery looks to be optimistic as it took 7-12 years in the past economic cycles to achieve this:</p><p><blockquote>由于这种看涨环境，分析师正在大幅提高对未来几个季度的预期。他们现在预计，到 2022 年底，每股收益将大幅升至 217.96 美元，较大流行前的高点 157.12 美元大幅回升。这样的复苏看起来很乐观，因为在过去的经济周期中，需要 7-12 年才能实现这一目标：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1accc921d16b11ec13ed94686b9cfe75\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于标准普尔全球数据的内部机会；使用调整后的每股收益</span></p></blockquote></p><p> Will earnings really continue this very strong recovery over the coming quarters or are analysts perhaps getting too greedy with their assumptions?</p><p><blockquote>未来几个季度盈利真的会继续强劲复苏吗？还是分析师的假设太贪婪了？</blockquote></p><p> It wouldn't be the first time if they were too greedy. During the dot-com bubble for example, they were caught by their emotions as well. The '90s was an abnormally strong decade in terms of earnings growth for the S&amp;P 500. As such, analysts totally forgot that downward cycles exist as well. They increased their annual EPS growth guidance to a staggering 15% for the five years following 2000. According to them, this high growth rate justified the record P/E multiples stocks were trading at and many investors got tricked into that story.</p><p><blockquote>如果他们太贪婪，这也不是第一次了。例如，在互联网泡沫期间，他们也被自己的情绪所困扰。就标普500的盈利增长而言，90 年代是异常强劲的十年。因此，分析师完全忘记了下降周期也存在。他们将 2000 年后五年的年度每股收益增长指导提高到惊人的 15%。根据他们的说法，这种高增长率证明了股票交易市盈率创纪录的合理性，许多投资者被骗进了这个故事。</blockquote></p><p> What happened afterwards? The economy didn't boom, it fell into a recession which took 3 years to recover from. Earnings in 2003 were almost 50% lower than what analysts had been predicting in 2000.</p><p><blockquote>后来发生了什么？经济没有繁荣，而是陷入了衰退，花了3年时间才恢复过来。2003 年的收益比分析师 2000 年的预测低了近 50%。</blockquote></p><p></p><p> As markets were priced to analyst expectations instead of taking into account a possible downturn, the S&amp;P 500 crashed and took 7 years to recover.</p><p><blockquote>由于市场定价符合分析师的预期，而不是考虑到可能的经济衰退，标普500崩盘并花了 7 年时间才恢复。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0081f4a9c3ee43b20684f113cb04ef9c\" tg-width=\"640\" tg-height=\"467\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P全球数据和Yardeni的内部机会；使用调整后的每股收益</span></p></blockquote></p><p> Let's get back to today... The P/E of the S&amp;P 500 currently stands at 25.4x, which is extremely high compared to historical levels. This gets justified by the common belief that earnings will continue rising significantly. As such, the ratio would fall to an acceptable 20.7x by the end of 2022.</p><p><blockquote>让我们回到今天……标普500目前的市盈率为25.4倍，与历史水平相比极高。人们普遍认为盈利将继续大幅增长，这证明了这一点。因此，到 2022 年底，该比率将降至可接受的 20.7 倍。</blockquote></p><p> Now ask yourself how likely it is that earnings growth will continue to grow at higher levels than the historical average over the coming quarters.</p><p><blockquote>现在问问自己，未来几个季度盈利增长继续高于历史平均水平的可能性有多大。</blockquote></p><p> Interest rates are already at 0%. The money printer is running out of paper. Federal debt levels are hitting their ceilings. Pent-up demand and stimuli cheques already led to record-high consumer spending over the past quarters.</p><p><blockquote>利率已经是0%了。印钞机快没纸了。联邦债务水平正在达到上限。被压抑的需求和刺激支票已经导致过去几个季度的消费者支出创历史新高。</blockquote></p><p> Maybe, just maybe, analysts are being too greedy with their assumptions? Maybe the recent economic recovery is unsustainable and set to cool down? Maybe my assumptions (grey line) are much more likely than what the market is predicting (red line)? If so, the market is trading at a fwd 2022 P/E of 23.6x, which is really expensive.</p><p><blockquote>也许，只是也许，分析师对他们的假设太贪婪了？也许最近的经济复苏是不可持续的，将会降温？也许我的假设（灰线）比市场预测（红线）更有可能？如果是这样，市场的 fwd 2022 市盈率为 23.6 倍，这确实很贵。</blockquote></p><p> I'm not sure this will happen, nobody is. But it sure as hell is a probability.</p><p><blockquote>我不确定这会发生，没人会。但这肯定是一种可能性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f61310c3c851b181ceb1fb3cc8862fdb\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P全球数据和Yardeni的内部机会；使用调整后的每股收益</span></p></blockquote></p><p> This greediness also gets reflected in the charts. As you can see in the chart below, a bull market can be split into four cycles. Strong growth, bear trap, media attention and greed.</p><p><blockquote>这种贪婪也反映在图表中。如下图所示，牛市可以分为四个周期。强劲增长、熊市陷阱、媒体关注和贪婪。</blockquote></p><p> Interestingly, the 2013-2021 bull market is playing out almost identically as the 1994-2000 bull market. At this moment, the Nasdaq Index (QQQ) looks to be ready to start the last extreme greed phase. The media is approaching the recent rally as \"the new normal\" and investors are FOMO buying heavily because stocks \"can only go up\". As such, it is likely that the Nasdaq will rise close to $20,000 in the last months of 2021.</p><p><blockquote>有趣的是，2013-2021年的牛市与1994-2000年的牛市几乎完全相同。此时此刻，纳斯达克指数（QQQ）看起来已经准备好开始最后的极度贪婪阶段。媒体将最近的反弹视为“新常态”，投资者正在大量买入FOMO，因为股票“只能上涨”。因此，纳斯达克可能会在 2021 年最后几个月上涨接近 20,000 美元。</blockquote></p><p> As a long-term investor, it is extremely important to understand these dynamics. You will probably feel the urge to go all-in in risky assets as well. However, getting greedy during this phase could be a major threat for your long term returns as it will likely be followed by a major bear market.</p><p><blockquote>作为长期投资者，了解这些动态极其重要。你可能也会有全力投资风险资产的冲动。然而，在这个阶段变得贪婪可能会对你的长期回报构成重大威胁，因为随后可能会出现一场大熊市。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c783bf0cff4c410846a27c2dc8c180b1\" tg-width=\"640\" tg-height=\"499\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview 的内部机会</span></p></blockquote></p><p> Human behavior makes it extremely challenging to not get distracted by market sentiment. If you can keep an objective view on markets, it will benefit your returns drastically.</p><p><blockquote>人类的行为使得不被市场情绪分散注意力变得极具挑战性。如果你能对市场保持客观的看法，这将极大地有利于你的回报。</blockquote></p><p> 2. Keep investing, there are always opportunities</p><p><blockquote>2.坚持投资，机会总是有的</blockquote></p><p> In short, rule #1 says that your decisions should never be led by emotions and that you should keep focusing on underlying fundamentals. As the market is getting greedy today and valuations reach extreme levels it implies that you should start selling stocks and hold a lot of cash, right?</p><p><blockquote>简而言之，第一条规则说，你的决定永远不应该被情绪所左右，你应该继续关注潜在的基本面。随着今天市场变得越来越贪婪，估值达到极端水平，这意味着你应该开始出售股票并持有大量现金，对吗？</blockquote></p><p> Not really... You know, a wise man once said the following:</p><p><blockquote>不完全是……你知道，一位智者曾经说过这样一句话：</blockquote></p><p>   <b>It's a market of stocks, not a stock market.</b>  I'm not entirely sure who came up with it. But it must be a wise man, for sure.</p><p><blockquote><b>这是股票市场，不是股票市场。</b>我不完全确定是谁想出来的。但肯定是个聪明人。</blockquote></p><p> What does it mean? Look, many retail investors buy/sell stocks based on how the outlook for the general market looks like. If they don't trust the markets, they will be reluctant to invest, no matter what.</p><p><blockquote>这是什么意思？看，许多散户投资者根据整体市场前景买卖股票。如果他们不信任市场，无论如何都会不愿意投资。</blockquote></p><p> That's not a great way of looking at markets. There are almost 4,000 stocks available and there will always be interesting investment opportunities to generate great returns, no matter how the market evolves.</p><p><blockquote>这不是看待市场的好方法。有近4,000只股票可供选择，无论市场如何发展，总会有有趣的投资机会产生丰厚的回报。</blockquote></p><p> In a generally overvalued market it gets increasingly challenging to find undervalued stocks, but certainly not impossible. Ask Warren Buffett. In 2000, the most overvalued stock market in history, his investment vehicle Berkshire Hathaway (BRK.A) (BRK.B) kept buying high-quality, undervalued assets. His dedication paid off with an impressive return of 47% five years after the dot-com peak compared to -39% for the Nasdaq index.</p><p><blockquote>在一个普遍被高估的市场中，找到被低估的股票变得越来越具有挑战性，但肯定不是不可能的。问问沃伦·巴菲特。2000年，历史上被高估最严重的股市，他的投资工具伯克希尔哈撒韦公司（BRK.A）（BRK.B）继续购买优质、被低估的资产。他的奉献得到了回报，在互联网高峰五年后，他获得了令人印象深刻的47%的回报率，而纳斯达克指数的回报率为-39%。</blockquote></p><p> The Russell 2000 (IWM), an index reflecting US small caps, was very attractive during the dot-com bubble as well, trading at a P/E of 16x (vs 24x for large caps) going into 2000. Those who invested in this undervalued asset class during the bubble also generated very solid returns. Those who were able to pick out the greatest small caps were a lot happier than those who got tricked into overhyped tech stocks, I can imagine.</p><p><blockquote>罗素2000指数（IWM）是一个反映美国小盘股的指数，在互联网泡沫期间也非常有吸引力，2000年的市盈率为16倍（大盘股为24倍）。那些在泡沫期间投资这一被低估资产类别的人也产生了非常可观的回报。我可以想象，那些能够挑选出最好的小盘股的人比那些被过度炒作的科技股欺骗的人快乐得多。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c713a296e819a255b3be8ac6e504033d\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> So what should you do today? I would suggest re-evaluating all your portfolio holdings. Weigh their valuation compared to earnings 3 years from now, when Covid-19 disruptions (stimuli, pent-up demand, etc.) are gone. Be conservative with your assumptions. If a stock is significantly overvalued compared to those assumptions, don't be greedy and sell out the position.</p><p><blockquote>那么你今天应该做什么呢？我建议重新评估你所有的投资组合。将它们的估值与 3 年后的收益进行权衡，届时 Covid-19 中断（刺激措施、被压抑的需求等）消失。对你的假设要保守。如果一只股票与这些假设相比被严重高估，不要贪婪并卖出头寸。</blockquote></p><p> A great example is Apple Inc. (AAPL), one of the most popular stocks this year. As a consequence of its very strong financials (revenue grew 36.4% last quarter), its P/E ratio more than doubled over the past two years to 30x. It is important to understand that its recent growth primarily accelerated due to unsustainable drivers such as the several rounds of stimuli cheques. Once this fades away, Apple's growth is likely to fall back to single digits (or might even go negative in the short term) and returns would be very weak going forward.</p><p><blockquote>一个很好的例子是苹果公司（AAPL），它是今年最受欢迎的股票之一。由于其非常强劲的财务状况（上季度收入增长 36.4%），其市盈率在过去两年中翻了一番多，达到 30 倍。重要的是要明白，其最近的增长主要是由于不可持续的驱动因素，如几轮刺激支票。一旦这种情况消失，苹果的增长可能会回落到个位数（甚至可能在短期内为负），未来的回报将非常疲软。</blockquote></p><p> Don't keep all that freed up capital in cash, especially in the current inflationary environment. There are still opportunities to re-invest that money. In my opinion, small caps are the most attractive asset class today just like they were in 2000. After its recent underperformance, the Russell 2000 (representing all US small caps) is trading at a P/E of 15.6x today. This is much lower than both the S&amp;P 500 Index and its historical average. There are plenty of small-cap opportunities out there which will generate great returns going forward.</p><p><blockquote>不要把所有释放的资本都保留在现金中，尤其是在当前的通胀环境下。仍然有机会将这笔钱进行再投资。在我看来，小盘股是当今最具吸引力的资产类别，就像 2000 年一样。在最近表现不佳之后，罗素2000指数（代表所有美国小型股）今天的市盈率为15.6倍。这远低于标普500指数及其历史平均水平。有很多小盘股机会，未来将产生丰厚的回报。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f132a93975b3b7fef86aff21c0b49bb\" tg-width=\"640\" tg-height=\"250\" width=\"100%\" height=\"auto\"><span>Source: Yardeni</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：亚德尼</span></p></blockquote></p><p> <b>3. Adopt a proven investment strategy to pick stocks</b></p><p><blockquote><b>3.采用行之有效的投资策略选股</b></blockquote></p><p> Rule #1 and #2 look very good on paper, but are very hard to execute in reality. When push comes to shove, it's very tough to deny your emotions and to find interesting investment opportunities in an overvalued market.</p><p><blockquote>规则#1和#2在纸面上看起来很好，但在现实中很难执行。当紧要关头时，很难否认自己的情绪，并在估值过高的市场中找到有趣的投资机会。</blockquote></p><p> That's where #3 comes into play: adopt a proven investment strategy.</p><p><blockquote>这就是#3发挥作用的地方：采用行之有效的投资策略。</blockquote></p><p> With the upcoming challenges in the stock market, I believe it has never been as important as today to follow a pre-determined strategy on which you can rely during a highly uncertain market environment. If you use a strategy which worked well in the past, you'll feel great in each market environment.</p><p><blockquote>随着股市即将到来的挑战，我相信在高度不确定的市场环境中，遵循预先确定的策略从未像今天这样重要。如果你使用过去行之有效的策略，你会在每个市场环境中感觉很棒。</blockquote></p><p> There are many strategies that could work for you, as long as you stick to it. We strongly believe that our under-appreciated strategy at Insider Opportunities will be very valuable in the coming years.</p><p><blockquote>只要你坚持下去，有很多策略对你有用。我们坚信，我们在内部机会方面被低估的战略将在未来几年非常有价值。</blockquote></p><p> To find attractive investment opportunities, we follow insider purchases each day. Insiders are the CFOs, CEOs, board members, etc. who know their business better than anyone else in the market. If they see a disconnection between the share price and the business fundamentals, they can purchase shares to generate profits. You can follow the purchases of this so-called \"smart money\" on a daily basis through SEC filings or websites like openinsider.com.</p><p><blockquote>为了寻找有吸引力的投资机会，我们每天都会跟踪内部购买情况。内部人士是首席财务官、首席执行官、董事会成员等。他们比市场上任何人都更了解自己的业务。如果他们看到股价和业务基本面之间脱节，他们可以购买股票来产生利润。您可以通过 SEC 文件或 openinsider.com 等网站每天跟踪这种所谓“聪明资金”的购买情况。</blockquote></p><p> We don't just follow up insider purchases. We created three algorithms based on more than a million of data points over the past decade to pick the greatest ones out of all insider purchases. As such, we stick to a pre-determined plan to only buy stocks that are attractive based on specific fundamentals, called \"golden picks\".</p><p><blockquote>我们不只是跟进内部购买。我们基于过去十年中超过一百万个数据点创建了三个算法，从所有内部购买中挑选出最好的。因此，我们坚持预先确定的计划，只购买基于特定基本面有吸引力的股票，称为“黄金选择”。</blockquote></p><p> It worked tremendously in the past. Our back-test shows that the strategy generated annualized returns of 47.2% over the past decade, tripling the S&amp;P 500 index. Only in 2011 it slightly underperformed the market.</p><p><blockquote>它在过去非常有效。我们的回测显示，该策略在过去十年中产生了 47.2% 的年化回报率，是标普500指数的三倍。仅在2011年，它的表现略低于市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f05af9240a87a55641df0a7921ec0380\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：内幕机会</span></p></blockquote></p><p> We firmly believe that this revolutionary strategy will continue generating wealth for us in the stock market, regardless of how the market performs. Find yourself a strict, proven strategy like ours on which you can rely during the upcoming uncertainties.</p><p><blockquote>我们坚信，无论市场表现如何，这一革命性的策略都将继续在股票市场为我们创造财富。给自己找一个像我们这样严格的、行之有效的策略，在即将到来的不确定性中，你可以依靠它。</blockquote></p><p> <b>Conclusion: Do this at all-time highs</b></p><p><blockquote><b>结论：在历史高点这样做</b></blockquote></p><p> Most stock market investors are resting on their laurels when all-time highs are being reached. Above all, nothing can go wrong in such a bullish market, right?</p><p><blockquote>当创下历史新高时，大多数股市投资者都在固步自封。最重要的是，在这样的牛市里，什么事都不会出错吧？</blockquote></p><p> No, that's not how it works. Markets evolve in cycles and those who don't acknowledge the importance of adapting to these cycles will be struck at weak long-term returns.</p><p><blockquote>不，事情不是这样的。市场在周期中演变，那些不认识到适应这些周期重要性的人将面临疲软的长期回报。</blockquote></p><p> How should you approach today's all-time highs to keep generating wealth going forward? Here are my three golden rules:</p><p><blockquote>你应该如何接近今天的历史高点，以继续创造财富？以下是我的三条黄金法则：</blockquote></p><p></p><p> <ol>  <li><b>Don't get greedy.</b>As a consequence of emotional behavior, you will want to take higher risks when markets are rallying. Never follow these emotions and always keep focused on the fundamentals.</li>  <li><b>Keep being invested.</b>Don't get reluctant to invest in stocks just because markets are getting overvalued. Acknowledge that it's a market of stocks, not a stock market. There are always great opportunities in each market environment. Today, they are mostly available in under-the-radar small caps.</li>  <li><b>Adopt a proven strategy.</b>Investing is not easy, especially when things are starting to move southwards. Adopting a strict, proven investment strategy can make life much easier and improve returns significantly.</li> </ol></p><p><blockquote><ol><li><b>不要贪婪。</b>作为情绪行为的结果，当市场反弹时，你会想要承担更高的风险。永远不要跟随这些情绪，永远关注基本面。</li><li><b>继续投资。</b>不要仅仅因为市场被高估就不愿意投资股票。承认这是一个股票市场，而不是股票市场。每个市场环境中总有巨大的机会。如今，它们大多是低调的小盘股。</li><li><b>采用行之有效的策略。</b>投资并不容易，尤其是当事情开始向南发展的时候。采用严格的、行之有效的投资策略可以让生活变得更加轻松，并显着提高回报。</li></ol></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4453541-3-golden-rules-on-how-to-invest-at-all-time-highs\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://seekingalpha.com/article/4453541-3-golden-rules-on-how-to-invest-at-all-time-highs","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186375251","content_text":"Summary\n\nMarkets continue to reach new all-time highs each week and have not seen a notable correction in over 200 trading days.\nAs markets are rallying, many investors are starting to rest on their laurels while investment decisions at all-time highs are actually more important than ever.\nWhat should you be aware of in today's market? Should you sell out at these overvalued prices or can you still generate great returns by buying today?\nIn this article, I will share my three golden rules on how to invest at all-time highs like today. This information will be very valuable for your future wealth generation in the market.\n\nphive2015/iStock via Getty Images\nThe stock market has been on a rampage in 2021. At the end of August, the S&P 500 index (SPY) gained 20.4% year-to-date. Interestingly, the index has been trading in a very tight upward range and has not seen a 5% correction for 208 trading days. While most investors don't see this as an anomaly, it actually is. Both events have only occurred 7 times before in stock market history. We are clearly living in abnormal times.\nSource: Insider Opportunities with Tradingview\nEach day it is important to think thoroughly about the investment decisions you make. Above all, all purchases or sales will impact your future wealth accumulation in the market.\nHowever, during extreme rallies like today it is twice as important to reflect on your investment decisions. Ask that to investors who took high risks during the dot-com bubble or panic sold during the Covid-19 crash. That undoubtedly had an immense impact on their long-term returns.\nThe importance of investment decisions today for your long-term returns is why I chose to write about my three golden rules on how to invest at all-time highs. How should you approach today's market and what should you be aware of? Should you sell out at these overvalued prices and wait for a correction to take place or can you still generate great returns when buying at these levels? The answers to these one-million-dollar questions will be provided in this article.\n1. Don't get caught by greediness\nLet's start off with the most important rule. Avoid greediness.\nAccording to JPMorgan, over the past 20 years, the average investor reached an annual return of only 2.9%. As such, they significantly underperformed the general market as the S&P 500 yielded an annual 7.5% return during this time frame.\nThe single most important reason for this retail investor underperformance? Emotional human behavior.\nThe average investor is getting influenced heavily by media headlines, stock prices movements and behavior from other investors.\nToday, we reached an extremely bullish stock market environment. Last earnings season has been one of the greatest in stock market history. The S&P 500 EPS rose by 94.5% YoY and 86.1% of its constituents beat analyst estimates.\nAs a consequence of this bullish environment, analysts are significantly raising their estimates for the next quarters. They now expect EPS to rise sharply to $217.96 by the end of 2022, which is a significant recovery from the pre-pandemic high of $157.12. Such a recovery looks to be optimistic as it took 7-12 years in the past economic cycles to achieve this:\nSource: Insider Opportunities based on S&P Global data; adjusted EPS is used\nWill earnings really continue this very strong recovery over the coming quarters or are analysts perhaps getting too greedy with their assumptions?\nIt wouldn't be the first time if they were too greedy. During the dot-com bubble for example, they were caught by their emotions as well. The '90s was an abnormally strong decade in terms of earnings growth for the S&P 500. As such, analysts totally forgot that downward cycles exist as well. They increased their annual EPS growth guidance to a staggering 15% for the five years following 2000. According to them, this high growth rate justified the record P/E multiples stocks were trading at and many investors got tricked into that story.\nWhat happened afterwards? The economy didn't boom, it fell into a recession which took 3 years to recover from. Earnings in 2003 were almost 50% lower than what analysts had been predicting in 2000.\nAs markets were priced to analyst expectations instead of taking into account a possible downturn, the S&P 500 crashed and took 7 years to recover.\nSource: Insider Opportunities based on S&P Global data and Yardeni; adjusted EPS is used\nLet's get back to today... The P/E of the S&P 500 currently stands at 25.4x, which is extremely high compared to historical levels. This gets justified by the common belief that earnings will continue rising significantly. As such, the ratio would fall to an acceptable 20.7x by the end of 2022.\nNow ask yourself how likely it is that earnings growth will continue to grow at higher levels than the historical average over the coming quarters.\nInterest rates are already at 0%. The money printer is running out of paper. Federal debt levels are hitting their ceilings. Pent-up demand and stimuli cheques already led to record-high consumer spending over the past quarters.\nMaybe, just maybe, analysts are being too greedy with their assumptions? Maybe the recent economic recovery is unsustainable and set to cool down? Maybe my assumptions (grey line) are much more likely than what the market is predicting (red line)? If so, the market is trading at a fwd 2022 P/E of 23.6x, which is really expensive.\nI'm not sure this will happen, nobody is. But it sure as hell is a probability.\nSource: Insider Opportunities based on S&P Global data and Yardeni; adjusted EPS is used\nThis greediness also gets reflected in the charts. As you can see in the chart below, a bull market can be split into four cycles. Strong growth, bear trap, media attention and greed.\nInterestingly, the 2013-2021 bull market is playing out almost identically as the 1994-2000 bull market. At this moment, the Nasdaq Index (QQQ) looks to be ready to start the last extreme greed phase. The media is approaching the recent rally as \"the new normal\" and investors are FOMO buying heavily because stocks \"can only go up\". As such, it is likely that the Nasdaq will rise close to $20,000 in the last months of 2021.\nAs a long-term investor, it is extremely important to understand these dynamics. You will probably feel the urge to go all-in in risky assets as well. However, getting greedy during this phase could be a major threat for your long term returns as it will likely be followed by a major bear market.\nSource: Insider Opportunities with Tradingview\nHuman behavior makes it extremely challenging to not get distracted by market sentiment. If you can keep an objective view on markets, it will benefit your returns drastically.\n2. Keep investing, there are always opportunities\nIn short, rule #1 says that your decisions should never be led by emotions and that you should keep focusing on underlying fundamentals. As the market is getting greedy today and valuations reach extreme levels it implies that you should start selling stocks and hold a lot of cash, right?\nNot really... You know, a wise man once said the following:\n\nIt's a market of stocks, not a stock market.\n\nI'm not entirely sure who came up with it. But it must be a wise man, for sure.\nWhat does it mean? Look, many retail investors buy/sell stocks based on how the outlook for the general market looks like. If they don't trust the markets, they will be reluctant to invest, no matter what.\nThat's not a great way of looking at markets. There are almost 4,000 stocks available and there will always be interesting investment opportunities to generate great returns, no matter how the market evolves.\nIn a generally overvalued market it gets increasingly challenging to find undervalued stocks, but certainly not impossible. Ask Warren Buffett. In 2000, the most overvalued stock market in history, his investment vehicle Berkshire Hathaway (BRK.A) (BRK.B) kept buying high-quality, undervalued assets. His dedication paid off with an impressive return of 47% five years after the dot-com peak compared to -39% for the Nasdaq index.\nThe Russell 2000 (IWM), an index reflecting US small caps, was very attractive during the dot-com bubble as well, trading at a P/E of 16x (vs 24x for large caps) going into 2000. Those who invested in this undervalued asset class during the bubble also generated very solid returns. Those who were able to pick out the greatest small caps were a lot happier than those who got tricked into overhyped tech stocks, I can imagine.\nData by YCharts\nSo what should you do today? I would suggest re-evaluating all your portfolio holdings. Weigh their valuation compared to earnings 3 years from now, when Covid-19 disruptions (stimuli, pent-up demand, etc.) are gone. Be conservative with your assumptions. If a stock is significantly overvalued compared to those assumptions, don't be greedy and sell out the position.\nA great example is Apple Inc. (AAPL), one of the most popular stocks this year. As a consequence of its very strong financials (revenue grew 36.4% last quarter), its P/E ratio more than doubled over the past two years to 30x. It is important to understand that its recent growth primarily accelerated due to unsustainable drivers such as the several rounds of stimuli cheques. Once this fades away, Apple's growth is likely to fall back to single digits (or might even go negative in the short term) and returns would be very weak going forward.\nDon't keep all that freed up capital in cash, especially in the current inflationary environment. There are still opportunities to re-invest that money. In my opinion, small caps are the most attractive asset class today just like they were in 2000. After its recent underperformance, the Russell 2000 (representing all US small caps) is trading at a P/E of 15.6x today. This is much lower than both the S&P 500 Index and its historical average. There are plenty of small-cap opportunities out there which will generate great returns going forward.\nSource: Yardeni\n3. Adopt a proven investment strategy to pick stocks\nRule #1 and #2 look very good on paper, but are very hard to execute in reality. When push comes to shove, it's very tough to deny your emotions and to find interesting investment opportunities in an overvalued market.\nThat's where #3 comes into play: adopt a proven investment strategy.\nWith the upcoming challenges in the stock market, I believe it has never been as important as today to follow a pre-determined strategy on which you can rely during a highly uncertain market environment. If you use a strategy which worked well in the past, you'll feel great in each market environment.\nThere are many strategies that could work for you, as long as you stick to it. We strongly believe that our under-appreciated strategy at Insider Opportunities will be very valuable in the coming years.\nTo find attractive investment opportunities, we follow insider purchases each day. Insiders are the CFOs, CEOs, board members, etc. who know their business better than anyone else in the market. If they see a disconnection between the share price and the business fundamentals, they can purchase shares to generate profits. You can follow the purchases of this so-called \"smart money\" on a daily basis through SEC filings or websites like openinsider.com.\nWe don't just follow up insider purchases. We created three algorithms based on more than a million of data points over the past decade to pick the greatest ones out of all insider purchases. As such, we stick to a pre-determined plan to only buy stocks that are attractive based on specific fundamentals, called \"golden picks\".\nIt worked tremendously in the past. Our back-test shows that the strategy generated annualized returns of 47.2% over the past decade, tripling the S&P 500 index. Only in 2011 it slightly underperformed the market.\nSource: Insider Opportunities\n\nWe firmly believe that this revolutionary strategy will continue generating wealth for us in the stock market, regardless of how the market performs. Find yourself a strict, proven strategy like ours on which you can rely during the upcoming uncertainties.\nConclusion: Do this at all-time highs\nMost stock market investors are resting on their laurels when all-time highs are being reached. Above all, nothing can go wrong in such a bullish market, right?\nNo, that's not how it works. Markets evolve in cycles and those who don't acknowledge the importance of adapting to these cycles will be struck at weak long-term returns.\nHow should you approach today's all-time highs to keep generating wealth going forward? Here are my three golden rules:\n\nDon't get greedy.As a consequence of emotional behavior, you will want to take higher risks when markets are rallying. Never follow these emotions and always keep focused on the fundamentals.\nKeep being invested.Don't get reluctant to invest in stocks just because markets are getting overvalued. Acknowledge that it's a market of stocks, not a stock market. There are always great opportunities in each market environment. Today, they are mostly available in under-the-radar small caps.\nAdopt a proven strategy.Investing is not easy, especially when things are starting to move southwards. Adopting a strict, proven investment strategy can make life much easier and improve returns significantly.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2723,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814355157,"gmtCreate":1630769309979,"gmtModify":1631885649442,"author":{"id":"4092657565638140","authorId":"4092657565638140","name":"a562d38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4092657565638140","authorIdStr":"4092657565638140"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a>Good share","listText":"<a href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a>Good share","text":"$NIO Inc.(NIO)$Good share","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/814355157","isVote":1,"tweetType":1,"viewCount":2798,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":880974208,"gmtCreate":1631015952004,"gmtModify":1631885649456,"author":{"id":"4092657565638140","authorId":"4092657565638140","name":"a562d38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092657565638140","idStr":"4092657565638140"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/880974208","repostId":"1186375251","repostType":4,"repost":{"id":"1186375251","kind":"news","pubTimestamp":1630909435,"share":"https://www.laohunote.com/m/news/1186375251?lang=zh_CN&edition=full","pubTime":"2021-09-06 14:23","market":"us","language":"en","title":"3 Golden Rules On How To Invest At All-Time Highs<blockquote>如何在历史高点投资的 3 条黄金法则</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186375251","media":"seekingalpha","summary":"Summary\n\nMarkets continue to reach new all-time highs each week and have not seen a notable correcti","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Markets continue to reach new all-time highs each week and have not seen a notable correction in over 200 trading days.</li>  <li>As markets are rallying, many investors are starting to rest on their laurels while investment decisions at all-time highs are actually more important than ever.</li>  <li>What should you be aware of in today's market? Should you sell out at these overvalued prices or can you still generate great returns by buying today?</li>  <li>In this article, I will share my three golden rules on how to invest at all-time highs like today. This information will be very valuable for your future wealth generation in the market.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f5f0c9f1aacfbc6d8c78d0e84da5fc9\" tg-width=\"1536\" tg-height=\"878\" width=\"100%\" height=\"auto\"><span>phive2015/iStock via Getty Images</span></p><p><blockquote><ul><li>市场每周继续创下历史新高，并且在 200 多个交易日中没有出现明显的调整。</li><li>随着市场反弹，许多投资者开始固步自封，而处于历史高点的投资决策实际上比以往任何时候都更加重要。</li><li>在当今的市场上，你应该注意什么？你应该以这些高估的价格抛售，还是今天买入仍然能获得丰厚的回报？</li><li>在这篇文章中，我将分享我关于如何在今天这样的历史高点进行投资的三条黄金法则。这些信息对你未来在市场上创造财富非常有价值。</li></ul><p class=\"t-img-caption\"><span>phive2015/iStock 来自盖蒂图片社</span></p></blockquote></p><p> The stock market has been on a rampage in 2021. At the end of August, the S&amp;P 500 index (SPY) gained 20.4% year-to-date. Interestingly, the index has been trading in a very tight upward range and has not seen a 5% correction for 208 trading days. While most investors don't see this as an anomaly, it actually is. Both events have only occurred 7 times before in stock market history. We are clearly living in abnormal times.</p><p><blockquote>2021年股市一路狂飙。8月底，标普500指数（SPDR标普500指数ETF）年初至今上涨20.4%。有趣的是，该指数一直在非常狭窄的上涨区间内交易，并且在208个交易日中没有出现5%的修正。虽然大多数投资者并不认为这是一种异常现象，但实际上却是。这两种事件在股市历史上只发生过7次。我们显然生活在一个不正常的时代。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c58ccc72065c84083443d6be7f03482a\" tg-width=\"640\" tg-height=\"322\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview 的内部机会</span></p></blockquote></p><p> Each day it is important to think thoroughly about the investment decisions you make. Above all, all purchases or sales will impact your future wealth accumulation in the market.</p><p><blockquote>每天仔细考虑你所做的投资决策是很重要的。最重要的是，所有的购买或销售都会影响你未来在市场上的财富积累。</blockquote></p><p> However, during extreme rallies like today it is twice as important to reflect on your investment decisions. Ask that to investors who took high risks during the dot-com bubble or panic sold during the Covid-19 crash. That undoubtedly had an immense impact on their long-term returns.</p><p><blockquote>然而，在像今天这样的极端反弹期间，反思你的投资决策更加重要。问问那些在互联网泡沫期间承担高风险或在 Covid-19 崩盘期间恐慌性抛售的投资者。这无疑对他们的长期回报产生了巨大影响。</blockquote></p><p> The importance of investment decisions today for your long-term returns is why I chose to write about my three golden rules on how to invest at all-time highs. How should you approach today's market and what should you be aware of? Should you sell out at these overvalued prices and wait for a correction to take place or can you still generate great returns when buying at these levels? The answers to these one-million-dollar questions will be provided in this article.</p><p><blockquote>今天的投资决策对你的长期回报很重要，这就是为什么我选择写我关于如何在历史高点投资的三条黄金法则。你应该如何对待今天的市场，你应该注意什么？你应该以这些高估的价格卖出并等待调整发生，还是在这些水平买入时仍然能产生丰厚的回报？这篇文章将提供这些百万美元问题的答案。</blockquote></p><p> <b>1. Don't get caught by greediness</b></p><p><blockquote><b>1.不要被贪婪抓住</b></blockquote></p><p> Let's start off with the most important rule. Avoid greediness.</p><p><blockquote>让我们从最重要的规则开始。避免贪婪。</blockquote></p><p> According to JPMorgan, over the past 20 years, the average investor reached an annual return of only 2.9%. As such, they significantly underperformed the general market as the S&amp;P 500 yielded an annual 7.5% return during this time frame.</p><p><blockquote>根据摩根大通的数据，在过去的20年里，投资者的平均年回报率仅为2.9%。因此，它们的表现明显逊于一般市场，因为标普500在此期间的年回报率为 7.5%。</blockquote></p><p> The single most important reason for this retail investor underperformance? Emotional human behavior.</p><p><blockquote>散户投资者表现不佳的最重要原因是什么？情感人类行为。</blockquote></p><p> The average investor is getting influenced heavily by media headlines, stock prices movements and behavior from other investors.</p><p><blockquote>普通投资者受到媒体头条、股价变动和其他投资者行为的严重影响。</blockquote></p><p> Today, we reached an extremely bullish stock market environment. Last earnings season has been one of the greatest in stock market history. The S&amp;P 500 EPS rose by 94.5% YoY and 86.1% of its constituents beat analyst estimates.</p><p><blockquote>今天，我们到达了一个极度看涨的股市环境。上个财报季是股市历史上最伟大的财报季之一。标普500每股收益同比增长 94.5%，86.1% 的成分股超出分析师预期。</blockquote></p><p> As a consequence of this bullish environment, analysts are significantly raising their estimates for the next quarters. They now expect EPS to rise sharply to $217.96 by the end of 2022, which is a significant recovery from the pre-pandemic high of $157.12. Such a recovery looks to be optimistic as it took 7-12 years in the past economic cycles to achieve this:</p><p><blockquote>由于这种看涨环境，分析师正在大幅提高对未来几个季度的预期。他们现在预计，到 2022 年底，每股收益将大幅升至 217.96 美元，较大流行前的高点 157.12 美元大幅回升。这样的复苏看起来很乐观，因为在过去的经济周期中，需要 7-12 年才能实现这一目标：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1accc921d16b11ec13ed94686b9cfe75\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于标准普尔全球数据的内部机会；使用调整后的每股收益</span></p></blockquote></p><p> Will earnings really continue this very strong recovery over the coming quarters or are analysts perhaps getting too greedy with their assumptions?</p><p><blockquote>未来几个季度盈利真的会继续强劲复苏吗？还是分析师的假设太贪婪了？</blockquote></p><p> It wouldn't be the first time if they were too greedy. During the dot-com bubble for example, they were caught by their emotions as well. The '90s was an abnormally strong decade in terms of earnings growth for the S&amp;P 500. As such, analysts totally forgot that downward cycles exist as well. They increased their annual EPS growth guidance to a staggering 15% for the five years following 2000. According to them, this high growth rate justified the record P/E multiples stocks were trading at and many investors got tricked into that story.</p><p><blockquote>如果他们太贪婪，这也不是第一次了。例如，在互联网泡沫期间，他们也被自己的情绪所困扰。就标普500的盈利增长而言，90 年代是异常强劲的十年。因此，分析师完全忘记了下降周期也存在。他们将 2000 年后五年的年度每股收益增长指导提高到惊人的 15%。根据他们的说法，这种高增长率证明了股票交易市盈率创纪录的合理性，许多投资者被骗进了这个故事。</blockquote></p><p> What happened afterwards? The economy didn't boom, it fell into a recession which took 3 years to recover from. Earnings in 2003 were almost 50% lower than what analysts had been predicting in 2000.</p><p><blockquote>后来发生了什么？经济没有繁荣，而是陷入了衰退，花了3年时间才恢复过来。2003 年的收益比分析师 2000 年的预测低了近 50%。</blockquote></p><p></p><p> As markets were priced to analyst expectations instead of taking into account a possible downturn, the S&amp;P 500 crashed and took 7 years to recover.</p><p><blockquote>由于市场定价符合分析师的预期，而不是考虑到可能的经济衰退，标普500崩盘并花了 7 年时间才恢复。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0081f4a9c3ee43b20684f113cb04ef9c\" tg-width=\"640\" tg-height=\"467\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P全球数据和Yardeni的内部机会；使用调整后的每股收益</span></p></blockquote></p><p> Let's get back to today... The P/E of the S&amp;P 500 currently stands at 25.4x, which is extremely high compared to historical levels. This gets justified by the common belief that earnings will continue rising significantly. As such, the ratio would fall to an acceptable 20.7x by the end of 2022.</p><p><blockquote>让我们回到今天……标普500目前的市盈率为25.4倍，与历史水平相比极高。人们普遍认为盈利将继续大幅增长，这证明了这一点。因此，到 2022 年底，该比率将降至可接受的 20.7 倍。</blockquote></p><p> Now ask yourself how likely it is that earnings growth will continue to grow at higher levels than the historical average over the coming quarters.</p><p><blockquote>现在问问自己，未来几个季度盈利增长继续高于历史平均水平的可能性有多大。</blockquote></p><p> Interest rates are already at 0%. The money printer is running out of paper. Federal debt levels are hitting their ceilings. Pent-up demand and stimuli cheques already led to record-high consumer spending over the past quarters.</p><p><blockquote>利率已经是0%了。印钞机快没纸了。联邦债务水平正在达到上限。被压抑的需求和刺激支票已经导致过去几个季度的消费者支出创历史新高。</blockquote></p><p> Maybe, just maybe, analysts are being too greedy with their assumptions? Maybe the recent economic recovery is unsustainable and set to cool down? Maybe my assumptions (grey line) are much more likely than what the market is predicting (red line)? If so, the market is trading at a fwd 2022 P/E of 23.6x, which is really expensive.</p><p><blockquote>也许，只是也许，分析师对他们的假设太贪婪了？也许最近的经济复苏是不可持续的，将会降温？也许我的假设（灰线）比市场预测（红线）更有可能？如果是这样，市场的 fwd 2022 市盈率为 23.6 倍，这确实很贵。</blockquote></p><p> I'm not sure this will happen, nobody is. But it sure as hell is a probability.</p><p><blockquote>我不确定这会发生，没人会。但这肯定是一种可能性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f61310c3c851b181ceb1fb3cc8862fdb\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P全球数据和Yardeni的内部机会；使用调整后的每股收益</span></p></blockquote></p><p> This greediness also gets reflected in the charts. As you can see in the chart below, a bull market can be split into four cycles. Strong growth, bear trap, media attention and greed.</p><p><blockquote>这种贪婪也反映在图表中。如下图所示，牛市可以分为四个周期。强劲增长、熊市陷阱、媒体关注和贪婪。</blockquote></p><p> Interestingly, the 2013-2021 bull market is playing out almost identically as the 1994-2000 bull market. At this moment, the Nasdaq Index (QQQ) looks to be ready to start the last extreme greed phase. The media is approaching the recent rally as \"the new normal\" and investors are FOMO buying heavily because stocks \"can only go up\". As such, it is likely that the Nasdaq will rise close to $20,000 in the last months of 2021.</p><p><blockquote>有趣的是，2013-2021年的牛市与1994-2000年的牛市几乎完全相同。此时此刻，纳斯达克指数（QQQ）看起来已经准备好开始最后的极度贪婪阶段。媒体将最近的反弹视为“新常态”，投资者正在大量买入FOMO，因为股票“只能上涨”。因此，纳斯达克可能会在 2021 年最后几个月上涨接近 20,000 美元。</blockquote></p><p> As a long-term investor, it is extremely important to understand these dynamics. You will probably feel the urge to go all-in in risky assets as well. However, getting greedy during this phase could be a major threat for your long term returns as it will likely be followed by a major bear market.</p><p><blockquote>作为长期投资者，了解这些动态极其重要。你可能也会有全力投资风险资产的冲动。然而，在这个阶段变得贪婪可能会对你的长期回报构成重大威胁，因为随后可能会出现一场大熊市。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c783bf0cff4c410846a27c2dc8c180b1\" tg-width=\"640\" tg-height=\"499\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview 的内部机会</span></p></blockquote></p><p> Human behavior makes it extremely challenging to not get distracted by market sentiment. If you can keep an objective view on markets, it will benefit your returns drastically.</p><p><blockquote>人类的行为使得不被市场情绪分散注意力变得极具挑战性。如果你能对市场保持客观的看法，这将极大地有利于你的回报。</blockquote></p><p> 2. Keep investing, there are always opportunities</p><p><blockquote>2.坚持投资，机会总是有的</blockquote></p><p> In short, rule #1 says that your decisions should never be led by emotions and that you should keep focusing on underlying fundamentals. As the market is getting greedy today and valuations reach extreme levels it implies that you should start selling stocks and hold a lot of cash, right?</p><p><blockquote>简而言之，第一条规则说，你的决定永远不应该被情绪所左右，你应该继续关注潜在的基本面。随着今天市场变得越来越贪婪，估值达到极端水平，这意味着你应该开始出售股票并持有大量现金，对吗？</blockquote></p><p> Not really... You know, a wise man once said the following:</p><p><blockquote>不完全是……你知道，一位智者曾经说过这样一句话：</blockquote></p><p>   <b>It's a market of stocks, not a stock market.</b>  I'm not entirely sure who came up with it. But it must be a wise man, for sure.</p><p><blockquote><b>这是股票市场，不是股票市场。</b>我不完全确定是谁想出来的。但肯定是个聪明人。</blockquote></p><p> What does it mean? Look, many retail investors buy/sell stocks based on how the outlook for the general market looks like. If they don't trust the markets, they will be reluctant to invest, no matter what.</p><p><blockquote>这是什么意思？看，许多散户投资者根据整体市场前景买卖股票。如果他们不信任市场，无论如何都会不愿意投资。</blockquote></p><p> That's not a great way of looking at markets. There are almost 4,000 stocks available and there will always be interesting investment opportunities to generate great returns, no matter how the market evolves.</p><p><blockquote>这不是看待市场的好方法。有近4,000只股票可供选择，无论市场如何发展，总会有有趣的投资机会产生丰厚的回报。</blockquote></p><p> In a generally overvalued market it gets increasingly challenging to find undervalued stocks, but certainly not impossible. Ask Warren Buffett. In 2000, the most overvalued stock market in history, his investment vehicle Berkshire Hathaway (BRK.A) (BRK.B) kept buying high-quality, undervalued assets. His dedication paid off with an impressive return of 47% five years after the dot-com peak compared to -39% for the Nasdaq index.</p><p><blockquote>在一个普遍被高估的市场中，找到被低估的股票变得越来越具有挑战性，但肯定不是不可能的。问问沃伦·巴菲特。2000年，历史上被高估最严重的股市，他的投资工具伯克希尔哈撒韦公司（BRK.A）（BRK.B）继续购买优质、被低估的资产。他的奉献得到了回报，在互联网高峰五年后，他获得了令人印象深刻的47%的回报率，而纳斯达克指数的回报率为-39%。</blockquote></p><p> The Russell 2000 (IWM), an index reflecting US small caps, was very attractive during the dot-com bubble as well, trading at a P/E of 16x (vs 24x for large caps) going into 2000. Those who invested in this undervalued asset class during the bubble also generated very solid returns. Those who were able to pick out the greatest small caps were a lot happier than those who got tricked into overhyped tech stocks, I can imagine.</p><p><blockquote>罗素2000指数（IWM）是一个反映美国小盘股的指数，在互联网泡沫期间也非常有吸引力，2000年的市盈率为16倍（大盘股为24倍）。那些在泡沫期间投资这一被低估资产类别的人也产生了非常可观的回报。我可以想象，那些能够挑选出最好的小盘股的人比那些被过度炒作的科技股欺骗的人快乐得多。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c713a296e819a255b3be8ac6e504033d\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> So what should you do today? I would suggest re-evaluating all your portfolio holdings. Weigh their valuation compared to earnings 3 years from now, when Covid-19 disruptions (stimuli, pent-up demand, etc.) are gone. Be conservative with your assumptions. If a stock is significantly overvalued compared to those assumptions, don't be greedy and sell out the position.</p><p><blockquote>那么你今天应该做什么呢？我建议重新评估你所有的投资组合。将它们的估值与 3 年后的收益进行权衡，届时 Covid-19 中断（刺激措施、被压抑的需求等）消失。对你的假设要保守。如果一只股票与这些假设相比被严重高估，不要贪婪并卖出头寸。</blockquote></p><p> A great example is Apple Inc. (AAPL), one of the most popular stocks this year. As a consequence of its very strong financials (revenue grew 36.4% last quarter), its P/E ratio more than doubled over the past two years to 30x. It is important to understand that its recent growth primarily accelerated due to unsustainable drivers such as the several rounds of stimuli cheques. Once this fades away, Apple's growth is likely to fall back to single digits (or might even go negative in the short term) and returns would be very weak going forward.</p><p><blockquote>一个很好的例子是苹果公司（AAPL），它是今年最受欢迎的股票之一。由于其非常强劲的财务状况（上季度收入增长 36.4%），其市盈率在过去两年中翻了一番多，达到 30 倍。重要的是要明白，其最近的增长主要是由于不可持续的驱动因素，如几轮刺激支票。一旦这种情况消失，苹果的增长可能会回落到个位数（甚至可能在短期内为负），未来的回报将非常疲软。</blockquote></p><p> Don't keep all that freed up capital in cash, especially in the current inflationary environment. There are still opportunities to re-invest that money. In my opinion, small caps are the most attractive asset class today just like they were in 2000. After its recent underperformance, the Russell 2000 (representing all US small caps) is trading at a P/E of 15.6x today. This is much lower than both the S&amp;P 500 Index and its historical average. There are plenty of small-cap opportunities out there which will generate great returns going forward.</p><p><blockquote>不要把所有释放的资本都保留在现金中，尤其是在当前的通胀环境下。仍然有机会将这笔钱进行再投资。在我看来，小盘股是当今最具吸引力的资产类别，就像 2000 年一样。在最近表现不佳之后，罗素2000指数（代表所有美国小型股）今天的市盈率为15.6倍。这远低于标普500指数及其历史平均水平。有很多小盘股机会，未来将产生丰厚的回报。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f132a93975b3b7fef86aff21c0b49bb\" tg-width=\"640\" tg-height=\"250\" width=\"100%\" height=\"auto\"><span>Source: Yardeni</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：亚德尼</span></p></blockquote></p><p> <b>3. Adopt a proven investment strategy to pick stocks</b></p><p><blockquote><b>3.采用行之有效的投资策略选股</b></blockquote></p><p> Rule #1 and #2 look very good on paper, but are very hard to execute in reality. When push comes to shove, it's very tough to deny your emotions and to find interesting investment opportunities in an overvalued market.</p><p><blockquote>规则#1和#2在纸面上看起来很好，但在现实中很难执行。当紧要关头时，很难否认自己的情绪，并在估值过高的市场中找到有趣的投资机会。</blockquote></p><p> That's where #3 comes into play: adopt a proven investment strategy.</p><p><blockquote>这就是#3发挥作用的地方：采用行之有效的投资策略。</blockquote></p><p> With the upcoming challenges in the stock market, I believe it has never been as important as today to follow a pre-determined strategy on which you can rely during a highly uncertain market environment. If you use a strategy which worked well in the past, you'll feel great in each market environment.</p><p><blockquote>随着股市即将到来的挑战，我相信在高度不确定的市场环境中，遵循预先确定的策略从未像今天这样重要。如果你使用过去行之有效的策略，你会在每个市场环境中感觉很棒。</blockquote></p><p> There are many strategies that could work for you, as long as you stick to it. We strongly believe that our under-appreciated strategy at Insider Opportunities will be very valuable in the coming years.</p><p><blockquote>只要你坚持下去，有很多策略对你有用。我们坚信，我们在内部机会方面被低估的战略将在未来几年非常有价值。</blockquote></p><p> To find attractive investment opportunities, we follow insider purchases each day. Insiders are the CFOs, CEOs, board members, etc. who know their business better than anyone else in the market. If they see a disconnection between the share price and the business fundamentals, they can purchase shares to generate profits. You can follow the purchases of this so-called \"smart money\" on a daily basis through SEC filings or websites like openinsider.com.</p><p><blockquote>为了寻找有吸引力的投资机会，我们每天都会跟踪内部购买情况。内部人士是首席财务官、首席执行官、董事会成员等。他们比市场上任何人都更了解自己的业务。如果他们看到股价和业务基本面之间脱节，他们可以购买股票来产生利润。您可以通过 SEC 文件或 openinsider.com 等网站每天跟踪这种所谓“聪明资金”的购买情况。</blockquote></p><p> We don't just follow up insider purchases. We created three algorithms based on more than a million of data points over the past decade to pick the greatest ones out of all insider purchases. As such, we stick to a pre-determined plan to only buy stocks that are attractive based on specific fundamentals, called \"golden picks\".</p><p><blockquote>我们不只是跟进内部购买。我们基于过去十年中超过一百万个数据点创建了三个算法，从所有内部购买中挑选出最好的。因此，我们坚持预先确定的计划，只购买基于特定基本面有吸引力的股票，称为“黄金选择”。</blockquote></p><p> It worked tremendously in the past. Our back-test shows that the strategy generated annualized returns of 47.2% over the past decade, tripling the S&amp;P 500 index. Only in 2011 it slightly underperformed the market.</p><p><blockquote>它在过去非常有效。我们的回测显示，该策略在过去十年中产生了 47.2% 的年化回报率，是标普500指数的三倍。仅在2011年，它的表现略低于市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f05af9240a87a55641df0a7921ec0380\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：内幕机会</span></p></blockquote></p><p> We firmly believe that this revolutionary strategy will continue generating wealth for us in the stock market, regardless of how the market performs. Find yourself a strict, proven strategy like ours on which you can rely during the upcoming uncertainties.</p><p><blockquote>我们坚信，无论市场表现如何，这一革命性的策略都将继续在股票市场为我们创造财富。给自己找一个像我们这样严格的、行之有效的策略，在即将到来的不确定性中，你可以依靠它。</blockquote></p><p> <b>Conclusion: Do this at all-time highs</b></p><p><blockquote><b>结论：在历史高点这样做</b></blockquote></p><p> Most stock market investors are resting on their laurels when all-time highs are being reached. Above all, nothing can go wrong in such a bullish market, right?</p><p><blockquote>当创下历史新高时，大多数股市投资者都在固步自封。最重要的是，在这样的牛市里，什么事都不会出错吧？</blockquote></p><p> No, that's not how it works. Markets evolve in cycles and those who don't acknowledge the importance of adapting to these cycles will be struck at weak long-term returns.</p><p><blockquote>不，事情不是这样的。市场在周期中演变，那些不认识到适应这些周期重要性的人将面临疲软的长期回报。</blockquote></p><p> How should you approach today's all-time highs to keep generating wealth going forward? Here are my three golden rules:</p><p><blockquote>你应该如何接近今天的历史高点，以继续创造财富？以下是我的三条黄金法则：</blockquote></p><p></p><p> <ol>  <li><b>Don't get greedy.</b>As a consequence of emotional behavior, you will want to take higher risks when markets are rallying. Never follow these emotions and always keep focused on the fundamentals.</li>  <li><b>Keep being invested.</b>Don't get reluctant to invest in stocks just because markets are getting overvalued. Acknowledge that it's a market of stocks, not a stock market. There are always great opportunities in each market environment. Today, they are mostly available in under-the-radar small caps.</li>  <li><b>Adopt a proven strategy.</b>Investing is not easy, especially when things are starting to move southwards. Adopting a strict, proven investment strategy can make life much easier and improve returns significantly.</li> </ol></p><p><blockquote><ol><li><b>不要贪婪。</b>作为情绪行为的结果，当市场反弹时，你会想要承担更高的风险。永远不要跟随这些情绪，永远关注基本面。</li><li><b>继续投资。</b>不要仅仅因为市场被高估就不愿意投资股票。承认这是一个股票市场，而不是股票市场。每个市场环境中总有巨大的机会。如今，它们大多是低调的小盘股。</li><li><b>采用行之有效的策略。</b>投资并不容易，尤其是当事情开始向南发展的时候。采用严格的、行之有效的投资策略可以让生活变得更加轻松，并显着提高回报。</li></ol></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Golden Rules On How To Invest At All-Time Highs<blockquote>如何在历史高点投资的 3 条黄金法则</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Golden Rules On How To Invest At All-Time Highs<blockquote>如何在历史高点投资的 3 条黄金法则</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-09-06 14:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Markets continue to reach new all-time highs each week and have not seen a notable correction in over 200 trading days.</li>  <li>As markets are rallying, many investors are starting to rest on their laurels while investment decisions at all-time highs are actually more important than ever.</li>  <li>What should you be aware of in today's market? Should you sell out at these overvalued prices or can you still generate great returns by buying today?</li>  <li>In this article, I will share my three golden rules on how to invest at all-time highs like today. This information will be very valuable for your future wealth generation in the market.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f5f0c9f1aacfbc6d8c78d0e84da5fc9\" tg-width=\"1536\" tg-height=\"878\" width=\"100%\" height=\"auto\"><span>phive2015/iStock via Getty Images</span></p><p><blockquote><ul><li>市场每周继续创下历史新高，并且在 200 多个交易日中没有出现明显的调整。</li><li>随着市场反弹，许多投资者开始固步自封，而处于历史高点的投资决策实际上比以往任何时候都更加重要。</li><li>在当今的市场上，你应该注意什么？你应该以这些高估的价格抛售，还是今天买入仍然能获得丰厚的回报？</li><li>在这篇文章中，我将分享我关于如何在今天这样的历史高点进行投资的三条黄金法则。这些信息对你未来在市场上创造财富非常有价值。</li></ul><p class=\"t-img-caption\"><span>phive2015/iStock 来自盖蒂图片社</span></p></blockquote></p><p> The stock market has been on a rampage in 2021. At the end of August, the S&amp;P 500 index (SPY) gained 20.4% year-to-date. Interestingly, the index has been trading in a very tight upward range and has not seen a 5% correction for 208 trading days. While most investors don't see this as an anomaly, it actually is. Both events have only occurred 7 times before in stock market history. We are clearly living in abnormal times.</p><p><blockquote>2021年股市一路狂飙。8月底，标普500指数（SPDR标普500指数ETF）年初至今上涨20.4%。有趣的是，该指数一直在非常狭窄的上涨区间内交易，并且在208个交易日中没有出现5%的修正。虽然大多数投资者并不认为这是一种异常现象，但实际上却是。这两种事件在股市历史上只发生过7次。我们显然生活在一个不正常的时代。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c58ccc72065c84083443d6be7f03482a\" tg-width=\"640\" tg-height=\"322\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview 的内部机会</span></p></blockquote></p><p> Each day it is important to think thoroughly about the investment decisions you make. Above all, all purchases or sales will impact your future wealth accumulation in the market.</p><p><blockquote>每天仔细考虑你所做的投资决策是很重要的。最重要的是，所有的购买或销售都会影响你未来在市场上的财富积累。</blockquote></p><p> However, during extreme rallies like today it is twice as important to reflect on your investment decisions. Ask that to investors who took high risks during the dot-com bubble or panic sold during the Covid-19 crash. That undoubtedly had an immense impact on their long-term returns.</p><p><blockquote>然而，在像今天这样的极端反弹期间，反思你的投资决策更加重要。问问那些在互联网泡沫期间承担高风险或在 Covid-19 崩盘期间恐慌性抛售的投资者。这无疑对他们的长期回报产生了巨大影响。</blockquote></p><p> The importance of investment decisions today for your long-term returns is why I chose to write about my three golden rules on how to invest at all-time highs. How should you approach today's market and what should you be aware of? Should you sell out at these overvalued prices and wait for a correction to take place or can you still generate great returns when buying at these levels? The answers to these one-million-dollar questions will be provided in this article.</p><p><blockquote>今天的投资决策对你的长期回报很重要，这就是为什么我选择写我关于如何在历史高点投资的三条黄金法则。你应该如何对待今天的市场，你应该注意什么？你应该以这些高估的价格卖出并等待调整发生，还是在这些水平买入时仍然能产生丰厚的回报？这篇文章将提供这些百万美元问题的答案。</blockquote></p><p> <b>1. Don't get caught by greediness</b></p><p><blockquote><b>1.不要被贪婪抓住</b></blockquote></p><p> Let's start off with the most important rule. Avoid greediness.</p><p><blockquote>让我们从最重要的规则开始。避免贪婪。</blockquote></p><p> According to JPMorgan, over the past 20 years, the average investor reached an annual return of only 2.9%. As such, they significantly underperformed the general market as the S&amp;P 500 yielded an annual 7.5% return during this time frame.</p><p><blockquote>根据摩根大通的数据，在过去的20年里，投资者的平均年回报率仅为2.9%。因此，它们的表现明显逊于一般市场，因为标普500在此期间的年回报率为 7.5%。</blockquote></p><p> The single most important reason for this retail investor underperformance? Emotional human behavior.</p><p><blockquote>散户投资者表现不佳的最重要原因是什么？情感人类行为。</blockquote></p><p> The average investor is getting influenced heavily by media headlines, stock prices movements and behavior from other investors.</p><p><blockquote>普通投资者受到媒体头条、股价变动和其他投资者行为的严重影响。</blockquote></p><p> Today, we reached an extremely bullish stock market environment. Last earnings season has been one of the greatest in stock market history. The S&amp;P 500 EPS rose by 94.5% YoY and 86.1% of its constituents beat analyst estimates.</p><p><blockquote>今天，我们到达了一个极度看涨的股市环境。上个财报季是股市历史上最伟大的财报季之一。标普500每股收益同比增长 94.5%，86.1% 的成分股超出分析师预期。</blockquote></p><p> As a consequence of this bullish environment, analysts are significantly raising their estimates for the next quarters. They now expect EPS to rise sharply to $217.96 by the end of 2022, which is a significant recovery from the pre-pandemic high of $157.12. Such a recovery looks to be optimistic as it took 7-12 years in the past economic cycles to achieve this:</p><p><blockquote>由于这种看涨环境，分析师正在大幅提高对未来几个季度的预期。他们现在预计，到 2022 年底，每股收益将大幅升至 217.96 美元，较大流行前的高点 157.12 美元大幅回升。这样的复苏看起来很乐观，因为在过去的经济周期中，需要 7-12 年才能实现这一目标：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1accc921d16b11ec13ed94686b9cfe75\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于标准普尔全球数据的内部机会；使用调整后的每股收益</span></p></blockquote></p><p> Will earnings really continue this very strong recovery over the coming quarters or are analysts perhaps getting too greedy with their assumptions?</p><p><blockquote>未来几个季度盈利真的会继续强劲复苏吗？还是分析师的假设太贪婪了？</blockquote></p><p> It wouldn't be the first time if they were too greedy. During the dot-com bubble for example, they were caught by their emotions as well. The '90s was an abnormally strong decade in terms of earnings growth for the S&amp;P 500. As such, analysts totally forgot that downward cycles exist as well. They increased their annual EPS growth guidance to a staggering 15% for the five years following 2000. According to them, this high growth rate justified the record P/E multiples stocks were trading at and many investors got tricked into that story.</p><p><blockquote>如果他们太贪婪，这也不是第一次了。例如，在互联网泡沫期间，他们也被自己的情绪所困扰。就标普500的盈利增长而言，90 年代是异常强劲的十年。因此，分析师完全忘记了下降周期也存在。他们将 2000 年后五年的年度每股收益增长指导提高到惊人的 15%。根据他们的说法，这种高增长率证明了股票交易市盈率创纪录的合理性，许多投资者被骗进了这个故事。</blockquote></p><p> What happened afterwards? The economy didn't boom, it fell into a recession which took 3 years to recover from. Earnings in 2003 were almost 50% lower than what analysts had been predicting in 2000.</p><p><blockquote>后来发生了什么？经济没有繁荣，而是陷入了衰退，花了3年时间才恢复过来。2003 年的收益比分析师 2000 年的预测低了近 50%。</blockquote></p><p></p><p> As markets were priced to analyst expectations instead of taking into account a possible downturn, the S&amp;P 500 crashed and took 7 years to recover.</p><p><blockquote>由于市场定价符合分析师的预期，而不是考虑到可能的经济衰退，标普500崩盘并花了 7 年时间才恢复。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0081f4a9c3ee43b20684f113cb04ef9c\" tg-width=\"640\" tg-height=\"467\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P全球数据和Yardeni的内部机会；使用调整后的每股收益</span></p></blockquote></p><p> Let's get back to today... The P/E of the S&amp;P 500 currently stands at 25.4x, which is extremely high compared to historical levels. This gets justified by the common belief that earnings will continue rising significantly. As such, the ratio would fall to an acceptable 20.7x by the end of 2022.</p><p><blockquote>让我们回到今天……标普500目前的市盈率为25.4倍，与历史水平相比极高。人们普遍认为盈利将继续大幅增长，这证明了这一点。因此，到 2022 年底，该比率将降至可接受的 20.7 倍。</blockquote></p><p> Now ask yourself how likely it is that earnings growth will continue to grow at higher levels than the historical average over the coming quarters.</p><p><blockquote>现在问问自己，未来几个季度盈利增长继续高于历史平均水平的可能性有多大。</blockquote></p><p> Interest rates are already at 0%. The money printer is running out of paper. Federal debt levels are hitting their ceilings. Pent-up demand and stimuli cheques already led to record-high consumer spending over the past quarters.</p><p><blockquote>利率已经是0%了。印钞机快没纸了。联邦债务水平正在达到上限。被压抑的需求和刺激支票已经导致过去几个季度的消费者支出创历史新高。</blockquote></p><p> Maybe, just maybe, analysts are being too greedy with their assumptions? Maybe the recent economic recovery is unsustainable and set to cool down? Maybe my assumptions (grey line) are much more likely than what the market is predicting (red line)? If so, the market is trading at a fwd 2022 P/E of 23.6x, which is really expensive.</p><p><blockquote>也许，只是也许，分析师对他们的假设太贪婪了？也许最近的经济复苏是不可持续的，将会降温？也许我的假设（灰线）比市场预测（红线）更有可能？如果是这样，市场的 fwd 2022 市盈率为 23.6 倍，这确实很贵。</blockquote></p><p> I'm not sure this will happen, nobody is. But it sure as hell is a probability.</p><p><blockquote>我不确定这会发生，没人会。但这肯定是一种可能性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f61310c3c851b181ceb1fb3cc8862fdb\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P全球数据和Yardeni的内部机会；使用调整后的每股收益</span></p></blockquote></p><p> This greediness also gets reflected in the charts. As you can see in the chart below, a bull market can be split into four cycles. Strong growth, bear trap, media attention and greed.</p><p><blockquote>这种贪婪也反映在图表中。如下图所示，牛市可以分为四个周期。强劲增长、熊市陷阱、媒体关注和贪婪。</blockquote></p><p> Interestingly, the 2013-2021 bull market is playing out almost identically as the 1994-2000 bull market. At this moment, the Nasdaq Index (QQQ) looks to be ready to start the last extreme greed phase. The media is approaching the recent rally as \"the new normal\" and investors are FOMO buying heavily because stocks \"can only go up\". As such, it is likely that the Nasdaq will rise close to $20,000 in the last months of 2021.</p><p><blockquote>有趣的是，2013-2021年的牛市与1994-2000年的牛市几乎完全相同。此时此刻，纳斯达克指数（QQQ）看起来已经准备好开始最后的极度贪婪阶段。媒体将最近的反弹视为“新常态”，投资者正在大量买入FOMO，因为股票“只能上涨”。因此，纳斯达克可能会在 2021 年最后几个月上涨接近 20,000 美元。</blockquote></p><p> As a long-term investor, it is extremely important to understand these dynamics. You will probably feel the urge to go all-in in risky assets as well. However, getting greedy during this phase could be a major threat for your long term returns as it will likely be followed by a major bear market.</p><p><blockquote>作为长期投资者，了解这些动态极其重要。你可能也会有全力投资风险资产的冲动。然而，在这个阶段变得贪婪可能会对你的长期回报构成重大威胁，因为随后可能会出现一场大熊市。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c783bf0cff4c410846a27c2dc8c180b1\" tg-width=\"640\" tg-height=\"499\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview 的内部机会</span></p></blockquote></p><p> Human behavior makes it extremely challenging to not get distracted by market sentiment. If you can keep an objective view on markets, it will benefit your returns drastically.</p><p><blockquote>人类的行为使得不被市场情绪分散注意力变得极具挑战性。如果你能对市场保持客观的看法，这将极大地有利于你的回报。</blockquote></p><p> 2. Keep investing, there are always opportunities</p><p><blockquote>2.坚持投资，机会总是有的</blockquote></p><p> In short, rule #1 says that your decisions should never be led by emotions and that you should keep focusing on underlying fundamentals. As the market is getting greedy today and valuations reach extreme levels it implies that you should start selling stocks and hold a lot of cash, right?</p><p><blockquote>简而言之，第一条规则说，你的决定永远不应该被情绪所左右，你应该继续关注潜在的基本面。随着今天市场变得越来越贪婪，估值达到极端水平，这意味着你应该开始出售股票并持有大量现金，对吗？</blockquote></p><p> Not really... You know, a wise man once said the following:</p><p><blockquote>不完全是……你知道，一位智者曾经说过这样一句话：</blockquote></p><p>   <b>It's a market of stocks, not a stock market.</b>  I'm not entirely sure who came up with it. But it must be a wise man, for sure.</p><p><blockquote><b>这是股票市场，不是股票市场。</b>我不完全确定是谁想出来的。但肯定是个聪明人。</blockquote></p><p> What does it mean? Look, many retail investors buy/sell stocks based on how the outlook for the general market looks like. If they don't trust the markets, they will be reluctant to invest, no matter what.</p><p><blockquote>这是什么意思？看，许多散户投资者根据整体市场前景买卖股票。如果他们不信任市场，无论如何都会不愿意投资。</blockquote></p><p> That's not a great way of looking at markets. There are almost 4,000 stocks available and there will always be interesting investment opportunities to generate great returns, no matter how the market evolves.</p><p><blockquote>这不是看待市场的好方法。有近4,000只股票可供选择，无论市场如何发展，总会有有趣的投资机会产生丰厚的回报。</blockquote></p><p> In a generally overvalued market it gets increasingly challenging to find undervalued stocks, but certainly not impossible. Ask Warren Buffett. In 2000, the most overvalued stock market in history, his investment vehicle Berkshire Hathaway (BRK.A) (BRK.B) kept buying high-quality, undervalued assets. His dedication paid off with an impressive return of 47% five years after the dot-com peak compared to -39% for the Nasdaq index.</p><p><blockquote>在一个普遍被高估的市场中，找到被低估的股票变得越来越具有挑战性，但肯定不是不可能的。问问沃伦·巴菲特。2000年，历史上被高估最严重的股市，他的投资工具伯克希尔哈撒韦公司（BRK.A）（BRK.B）继续购买优质、被低估的资产。他的奉献得到了回报，在互联网高峰五年后，他获得了令人印象深刻的47%的回报率，而纳斯达克指数的回报率为-39%。</blockquote></p><p> The Russell 2000 (IWM), an index reflecting US small caps, was very attractive during the dot-com bubble as well, trading at a P/E of 16x (vs 24x for large caps) going into 2000. Those who invested in this undervalued asset class during the bubble also generated very solid returns. Those who were able to pick out the greatest small caps were a lot happier than those who got tricked into overhyped tech stocks, I can imagine.</p><p><blockquote>罗素2000指数（IWM）是一个反映美国小盘股的指数，在互联网泡沫期间也非常有吸引力，2000年的市盈率为16倍（大盘股为24倍）。那些在泡沫期间投资这一被低估资产类别的人也产生了非常可观的回报。我可以想象，那些能够挑选出最好的小盘股的人比那些被过度炒作的科技股欺骗的人快乐得多。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c713a296e819a255b3be8ac6e504033d\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> So what should you do today? I would suggest re-evaluating all your portfolio holdings. Weigh their valuation compared to earnings 3 years from now, when Covid-19 disruptions (stimuli, pent-up demand, etc.) are gone. Be conservative with your assumptions. If a stock is significantly overvalued compared to those assumptions, don't be greedy and sell out the position.</p><p><blockquote>那么你今天应该做什么呢？我建议重新评估你所有的投资组合。将它们的估值与 3 年后的收益进行权衡，届时 Covid-19 中断（刺激措施、被压抑的需求等）消失。对你的假设要保守。如果一只股票与这些假设相比被严重高估，不要贪婪并卖出头寸。</blockquote></p><p> A great example is Apple Inc. (AAPL), one of the most popular stocks this year. As a consequence of its very strong financials (revenue grew 36.4% last quarter), its P/E ratio more than doubled over the past two years to 30x. It is important to understand that its recent growth primarily accelerated due to unsustainable drivers such as the several rounds of stimuli cheques. Once this fades away, Apple's growth is likely to fall back to single digits (or might even go negative in the short term) and returns would be very weak going forward.</p><p><blockquote>一个很好的例子是苹果公司（AAPL），它是今年最受欢迎的股票之一。由于其非常强劲的财务状况（上季度收入增长 36.4%），其市盈率在过去两年中翻了一番多，达到 30 倍。重要的是要明白，其最近的增长主要是由于不可持续的驱动因素，如几轮刺激支票。一旦这种情况消失，苹果的增长可能会回落到个位数（甚至可能在短期内为负），未来的回报将非常疲软。</blockquote></p><p> Don't keep all that freed up capital in cash, especially in the current inflationary environment. There are still opportunities to re-invest that money. In my opinion, small caps are the most attractive asset class today just like they were in 2000. After its recent underperformance, the Russell 2000 (representing all US small caps) is trading at a P/E of 15.6x today. This is much lower than both the S&amp;P 500 Index and its historical average. There are plenty of small-cap opportunities out there which will generate great returns going forward.</p><p><blockquote>不要把所有释放的资本都保留在现金中，尤其是在当前的通胀环境下。仍然有机会将这笔钱进行再投资。在我看来，小盘股是当今最具吸引力的资产类别，就像 2000 年一样。在最近表现不佳之后，罗素2000指数（代表所有美国小型股）今天的市盈率为15.6倍。这远低于标普500指数及其历史平均水平。有很多小盘股机会，未来将产生丰厚的回报。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f132a93975b3b7fef86aff21c0b49bb\" tg-width=\"640\" tg-height=\"250\" width=\"100%\" height=\"auto\"><span>Source: Yardeni</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：亚德尼</span></p></blockquote></p><p> <b>3. Adopt a proven investment strategy to pick stocks</b></p><p><blockquote><b>3.采用行之有效的投资策略选股</b></blockquote></p><p> Rule #1 and #2 look very good on paper, but are very hard to execute in reality. When push comes to shove, it's very tough to deny your emotions and to find interesting investment opportunities in an overvalued market.</p><p><blockquote>规则#1和#2在纸面上看起来很好，但在现实中很难执行。当紧要关头时，很难否认自己的情绪，并在估值过高的市场中找到有趣的投资机会。</blockquote></p><p> That's where #3 comes into play: adopt a proven investment strategy.</p><p><blockquote>这就是#3发挥作用的地方：采用行之有效的投资策略。</blockquote></p><p> With the upcoming challenges in the stock market, I believe it has never been as important as today to follow a pre-determined strategy on which you can rely during a highly uncertain market environment. If you use a strategy which worked well in the past, you'll feel great in each market environment.</p><p><blockquote>随着股市即将到来的挑战，我相信在高度不确定的市场环境中，遵循预先确定的策略从未像今天这样重要。如果你使用过去行之有效的策略，你会在每个市场环境中感觉很棒。</blockquote></p><p> There are many strategies that could work for you, as long as you stick to it. We strongly believe that our under-appreciated strategy at Insider Opportunities will be very valuable in the coming years.</p><p><blockquote>只要你坚持下去，有很多策略对你有用。我们坚信，我们在内部机会方面被低估的战略将在未来几年非常有价值。</blockquote></p><p> To find attractive investment opportunities, we follow insider purchases each day. Insiders are the CFOs, CEOs, board members, etc. who know their business better than anyone else in the market. If they see a disconnection between the share price and the business fundamentals, they can purchase shares to generate profits. You can follow the purchases of this so-called \"smart money\" on a daily basis through SEC filings or websites like openinsider.com.</p><p><blockquote>为了寻找有吸引力的投资机会，我们每天都会跟踪内部购买情况。内部人士是首席财务官、首席执行官、董事会成员等。他们比市场上任何人都更了解自己的业务。如果他们看到股价和业务基本面之间脱节，他们可以购买股票来产生利润。您可以通过 SEC 文件或 openinsider.com 等网站每天跟踪这种所谓“聪明资金”的购买情况。</blockquote></p><p> We don't just follow up insider purchases. We created three algorithms based on more than a million of data points over the past decade to pick the greatest ones out of all insider purchases. As such, we stick to a pre-determined plan to only buy stocks that are attractive based on specific fundamentals, called \"golden picks\".</p><p><blockquote>我们不只是跟进内部购买。我们基于过去十年中超过一百万个数据点创建了三个算法，从所有内部购买中挑选出最好的。因此，我们坚持预先确定的计划，只购买基于特定基本面有吸引力的股票，称为“黄金选择”。</blockquote></p><p> It worked tremendously in the past. Our back-test shows that the strategy generated annualized returns of 47.2% over the past decade, tripling the S&amp;P 500 index. Only in 2011 it slightly underperformed the market.</p><p><blockquote>它在过去非常有效。我们的回测显示，该策略在过去十年中产生了 47.2% 的年化回报率，是标普500指数的三倍。仅在2011年，它的表现略低于市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f05af9240a87a55641df0a7921ec0380\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：内幕机会</span></p></blockquote></p><p> We firmly believe that this revolutionary strategy will continue generating wealth for us in the stock market, regardless of how the market performs. Find yourself a strict, proven strategy like ours on which you can rely during the upcoming uncertainties.</p><p><blockquote>我们坚信，无论市场表现如何，这一革命性的策略都将继续在股票市场为我们创造财富。给自己找一个像我们这样严格的、行之有效的策略，在即将到来的不确定性中，你可以依靠它。</blockquote></p><p> <b>Conclusion: Do this at all-time highs</b></p><p><blockquote><b>结论：在历史高点这样做</b></blockquote></p><p> Most stock market investors are resting on their laurels when all-time highs are being reached. Above all, nothing can go wrong in such a bullish market, right?</p><p><blockquote>当创下历史新高时，大多数股市投资者都在固步自封。最重要的是，在这样的牛市里，什么事都不会出错吧？</blockquote></p><p> No, that's not how it works. Markets evolve in cycles and those who don't acknowledge the importance of adapting to these cycles will be struck at weak long-term returns.</p><p><blockquote>不，事情不是这样的。市场在周期中演变，那些不认识到适应这些周期重要性的人将面临疲软的长期回报。</blockquote></p><p> How should you approach today's all-time highs to keep generating wealth going forward? Here are my three golden rules:</p><p><blockquote>你应该如何接近今天的历史高点，以继续创造财富？以下是我的三条黄金法则：</blockquote></p><p></p><p> <ol>  <li><b>Don't get greedy.</b>As a consequence of emotional behavior, you will want to take higher risks when markets are rallying. Never follow these emotions and always keep focused on the fundamentals.</li>  <li><b>Keep being invested.</b>Don't get reluctant to invest in stocks just because markets are getting overvalued. Acknowledge that it's a market of stocks, not a stock market. There are always great opportunities in each market environment. Today, they are mostly available in under-the-radar small caps.</li>  <li><b>Adopt a proven strategy.</b>Investing is not easy, especially when things are starting to move southwards. Adopting a strict, proven investment strategy can make life much easier and improve returns significantly.</li> </ol></p><p><blockquote><ol><li><b>不要贪婪。</b>作为情绪行为的结果，当市场反弹时，你会想要承担更高的风险。永远不要跟随这些情绪，永远关注基本面。</li><li><b>继续投资。</b>不要仅仅因为市场被高估就不愿意投资股票。承认这是一个股票市场，而不是股票市场。每个市场环境中总有巨大的机会。如今，它们大多是低调的小盘股。</li><li><b>采用行之有效的策略。</b>投资并不容易，尤其是当事情开始向南发展的时候。采用严格的、行之有效的投资策略可以让生活变得更加轻松，并显着提高回报。</li></ol></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4453541-3-golden-rules-on-how-to-invest-at-all-time-highs\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://seekingalpha.com/article/4453541-3-golden-rules-on-how-to-invest-at-all-time-highs","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186375251","content_text":"Summary\n\nMarkets continue to reach new all-time highs each week and have not seen a notable correction in over 200 trading days.\nAs markets are rallying, many investors are starting to rest on their laurels while investment decisions at all-time highs are actually more important than ever.\nWhat should you be aware of in today's market? Should you sell out at these overvalued prices or can you still generate great returns by buying today?\nIn this article, I will share my three golden rules on how to invest at all-time highs like today. This information will be very valuable for your future wealth generation in the market.\n\nphive2015/iStock via Getty Images\nThe stock market has been on a rampage in 2021. At the end of August, the S&P 500 index (SPY) gained 20.4% year-to-date. Interestingly, the index has been trading in a very tight upward range and has not seen a 5% correction for 208 trading days. While most investors don't see this as an anomaly, it actually is. Both events have only occurred 7 times before in stock market history. We are clearly living in abnormal times.\nSource: Insider Opportunities with Tradingview\nEach day it is important to think thoroughly about the investment decisions you make. Above all, all purchases or sales will impact your future wealth accumulation in the market.\nHowever, during extreme rallies like today it is twice as important to reflect on your investment decisions. Ask that to investors who took high risks during the dot-com bubble or panic sold during the Covid-19 crash. That undoubtedly had an immense impact on their long-term returns.\nThe importance of investment decisions today for your long-term returns is why I chose to write about my three golden rules on how to invest at all-time highs. How should you approach today's market and what should you be aware of? Should you sell out at these overvalued prices and wait for a correction to take place or can you still generate great returns when buying at these levels? The answers to these one-million-dollar questions will be provided in this article.\n1. Don't get caught by greediness\nLet's start off with the most important rule. Avoid greediness.\nAccording to JPMorgan, over the past 20 years, the average investor reached an annual return of only 2.9%. As such, they significantly underperformed the general market as the S&P 500 yielded an annual 7.5% return during this time frame.\nThe single most important reason for this retail investor underperformance? Emotional human behavior.\nThe average investor is getting influenced heavily by media headlines, stock prices movements and behavior from other investors.\nToday, we reached an extremely bullish stock market environment. Last earnings season has been one of the greatest in stock market history. The S&P 500 EPS rose by 94.5% YoY and 86.1% of its constituents beat analyst estimates.\nAs a consequence of this bullish environment, analysts are significantly raising their estimates for the next quarters. They now expect EPS to rise sharply to $217.96 by the end of 2022, which is a significant recovery from the pre-pandemic high of $157.12. Such a recovery looks to be optimistic as it took 7-12 years in the past economic cycles to achieve this:\nSource: Insider Opportunities based on S&P Global data; adjusted EPS is used\nWill earnings really continue this very strong recovery over the coming quarters or are analysts perhaps getting too greedy with their assumptions?\nIt wouldn't be the first time if they were too greedy. During the dot-com bubble for example, they were caught by their emotions as well. The '90s was an abnormally strong decade in terms of earnings growth for the S&P 500. As such, analysts totally forgot that downward cycles exist as well. They increased their annual EPS growth guidance to a staggering 15% for the five years following 2000. According to them, this high growth rate justified the record P/E multiples stocks were trading at and many investors got tricked into that story.\nWhat happened afterwards? The economy didn't boom, it fell into a recession which took 3 years to recover from. Earnings in 2003 were almost 50% lower than what analysts had been predicting in 2000.\nAs markets were priced to analyst expectations instead of taking into account a possible downturn, the S&P 500 crashed and took 7 years to recover.\nSource: Insider Opportunities based on S&P Global data and Yardeni; adjusted EPS is used\nLet's get back to today... The P/E of the S&P 500 currently stands at 25.4x, which is extremely high compared to historical levels. This gets justified by the common belief that earnings will continue rising significantly. As such, the ratio would fall to an acceptable 20.7x by the end of 2022.\nNow ask yourself how likely it is that earnings growth will continue to grow at higher levels than the historical average over the coming quarters.\nInterest rates are already at 0%. The money printer is running out of paper. Federal debt levels are hitting their ceilings. Pent-up demand and stimuli cheques already led to record-high consumer spending over the past quarters.\nMaybe, just maybe, analysts are being too greedy with their assumptions? Maybe the recent economic recovery is unsustainable and set to cool down? Maybe my assumptions (grey line) are much more likely than what the market is predicting (red line)? If so, the market is trading at a fwd 2022 P/E of 23.6x, which is really expensive.\nI'm not sure this will happen, nobody is. But it sure as hell is a probability.\nSource: Insider Opportunities based on S&P Global data and Yardeni; adjusted EPS is used\nThis greediness also gets reflected in the charts. As you can see in the chart below, a bull market can be split into four cycles. Strong growth, bear trap, media attention and greed.\nInterestingly, the 2013-2021 bull market is playing out almost identically as the 1994-2000 bull market. At this moment, the Nasdaq Index (QQQ) looks to be ready to start the last extreme greed phase. The media is approaching the recent rally as \"the new normal\" and investors are FOMO buying heavily because stocks \"can only go up\". As such, it is likely that the Nasdaq will rise close to $20,000 in the last months of 2021.\nAs a long-term investor, it is extremely important to understand these dynamics. You will probably feel the urge to go all-in in risky assets as well. However, getting greedy during this phase could be a major threat for your long term returns as it will likely be followed by a major bear market.\nSource: Insider Opportunities with Tradingview\nHuman behavior makes it extremely challenging to not get distracted by market sentiment. If you can keep an objective view on markets, it will benefit your returns drastically.\n2. Keep investing, there are always opportunities\nIn short, rule #1 says that your decisions should never be led by emotions and that you should keep focusing on underlying fundamentals. As the market is getting greedy today and valuations reach extreme levels it implies that you should start selling stocks and hold a lot of cash, right?\nNot really... You know, a wise man once said the following:\n\nIt's a market of stocks, not a stock market.\n\nI'm not entirely sure who came up with it. But it must be a wise man, for sure.\nWhat does it mean? Look, many retail investors buy/sell stocks based on how the outlook for the general market looks like. If they don't trust the markets, they will be reluctant to invest, no matter what.\nThat's not a great way of looking at markets. There are almost 4,000 stocks available and there will always be interesting investment opportunities to generate great returns, no matter how the market evolves.\nIn a generally overvalued market it gets increasingly challenging to find undervalued stocks, but certainly not impossible. Ask Warren Buffett. In 2000, the most overvalued stock market in history, his investment vehicle Berkshire Hathaway (BRK.A) (BRK.B) kept buying high-quality, undervalued assets. His dedication paid off with an impressive return of 47% five years after the dot-com peak compared to -39% for the Nasdaq index.\nThe Russell 2000 (IWM), an index reflecting US small caps, was very attractive during the dot-com bubble as well, trading at a P/E of 16x (vs 24x for large caps) going into 2000. Those who invested in this undervalued asset class during the bubble also generated very solid returns. Those who were able to pick out the greatest small caps were a lot happier than those who got tricked into overhyped tech stocks, I can imagine.\nData by YCharts\nSo what should you do today? I would suggest re-evaluating all your portfolio holdings. Weigh their valuation compared to earnings 3 years from now, when Covid-19 disruptions (stimuli, pent-up demand, etc.) are gone. Be conservative with your assumptions. If a stock is significantly overvalued compared to those assumptions, don't be greedy and sell out the position.\nA great example is Apple Inc. (AAPL), one of the most popular stocks this year. As a consequence of its very strong financials (revenue grew 36.4% last quarter), its P/E ratio more than doubled over the past two years to 30x. It is important to understand that its recent growth primarily accelerated due to unsustainable drivers such as the several rounds of stimuli cheques. Once this fades away, Apple's growth is likely to fall back to single digits (or might even go negative in the short term) and returns would be very weak going forward.\nDon't keep all that freed up capital in cash, especially in the current inflationary environment. There are still opportunities to re-invest that money. In my opinion, small caps are the most attractive asset class today just like they were in 2000. After its recent underperformance, the Russell 2000 (representing all US small caps) is trading at a P/E of 15.6x today. This is much lower than both the S&P 500 Index and its historical average. There are plenty of small-cap opportunities out there which will generate great returns going forward.\nSource: Yardeni\n3. Adopt a proven investment strategy to pick stocks\nRule #1 and #2 look very good on paper, but are very hard to execute in reality. When push comes to shove, it's very tough to deny your emotions and to find interesting investment opportunities in an overvalued market.\nThat's where #3 comes into play: adopt a proven investment strategy.\nWith the upcoming challenges in the stock market, I believe it has never been as important as today to follow a pre-determined strategy on which you can rely during a highly uncertain market environment. If you use a strategy which worked well in the past, you'll feel great in each market environment.\nThere are many strategies that could work for you, as long as you stick to it. We strongly believe that our under-appreciated strategy at Insider Opportunities will be very valuable in the coming years.\nTo find attractive investment opportunities, we follow insider purchases each day. Insiders are the CFOs, CEOs, board members, etc. who know their business better than anyone else in the market. If they see a disconnection between the share price and the business fundamentals, they can purchase shares to generate profits. You can follow the purchases of this so-called \"smart money\" on a daily basis through SEC filings or websites like openinsider.com.\nWe don't just follow up insider purchases. We created three algorithms based on more than a million of data points over the past decade to pick the greatest ones out of all insider purchases. As such, we stick to a pre-determined plan to only buy stocks that are attractive based on specific fundamentals, called \"golden picks\".\nIt worked tremendously in the past. Our back-test shows that the strategy generated annualized returns of 47.2% over the past decade, tripling the S&P 500 index. Only in 2011 it slightly underperformed the market.\nSource: Insider Opportunities\n\nWe firmly believe that this revolutionary strategy will continue generating wealth for us in the stock market, regardless of how the market performs. Find yourself a strict, proven strategy like ours on which you can rely during the upcoming uncertainties.\nConclusion: Do this at all-time highs\nMost stock market investors are resting on their laurels when all-time highs are being reached. Above all, nothing can go wrong in such a bullish market, right?\nNo, that's not how it works. Markets evolve in cycles and those who don't acknowledge the importance of adapting to these cycles will be struck at weak long-term returns.\nHow should you approach today's all-time highs to keep generating wealth going forward? Here are my three golden rules:\n\nDon't get greedy.As a consequence of emotional behavior, you will want to take higher risks when markets are rallying. Never follow these emotions and always keep focused on the fundamentals.\nKeep being invested.Don't get reluctant to invest in stocks just because markets are getting overvalued. Acknowledge that it's a market of stocks, not a stock market. There are always great opportunities in each market environment. Today, they are mostly available in under-the-radar small caps.\nAdopt a proven strategy.Investing is not easy, especially when things are starting to move southwards. Adopting a strict, proven investment strategy can make life much easier and improve returns significantly.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2723,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814355157,"gmtCreate":1630769309979,"gmtModify":1631885649442,"author":{"id":"4092657565638140","authorId":"4092657565638140","name":"a562d38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092657565638140","idStr":"4092657565638140"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a>Good share","listText":"<a href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a>Good share","text":"$NIO Inc.(NIO)$Good share","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/814355157","isVote":1,"tweetType":1,"viewCount":2798,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":885204780,"gmtCreate":1631794513140,"gmtModify":1631885649460,"author":{"id":"4092657565638140","authorId":"4092657565638140","name":"a562d38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092657565638140","idStr":"4092657565638140"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/885204780","repostId":"1147810356","repostType":4,"isVote":1,"tweetType":1,"viewCount":3149,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":846793093,"gmtCreate":1636111440322,"gmtModify":1636111440525,"author":{"id":"4092657565638140","authorId":"4092657565638140","name":"a562d38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092657565638140","idStr":"4092657565638140"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/846793093","repostId":"1168526565","repostType":4,"repost":{"id":"1168526565","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":1636109309,"share":"https://www.laohunote.com/m/news/1168526565?lang=zh_CN&edition=full","pubTime":"2021-11-05 18:48","market":"us","language":"en","title":"Pfizer rose over 9% in premarket trading as its antiviral pill cut risk of severe COVID-19 by 89%<blockquote>辉瑞在盘前交易中上涨超过 9%，其抗病毒药丸将严重 COVID-19 的风险降低了 89%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168526565","media":"Tiger Newspress","summary":"A trial of Pfizer Inc's experimental antiviral pill for COVID-19 was stopped early after the drug wa","content":"<p>A trial of Pfizer Inc's experimental antiviral pill for COVID-19 was stopped early after the drug was shown to cut by 89% the chances of hospitalization or death for adults at risk of developing severe disease, the company said on Friday.</p><p><blockquote>辉瑞公司周五表示，该公司针对 COVID-19 的实验性抗病毒药丸的试验提前停止，因为该药物被证明可以将有患严重疾病风险的成年人住院或死亡的几率降低 89%。</blockquote></p><p> The results appear to surpass those seen with Merck &amp; Co Inc's pill molnupiravir, which was shown last month to halve the likelihood of dying or being hospitalized for COVID-19 patients also at high risk of serious illness.</p><p><blockquote>这些结果似乎超过了默克公司（Merck &amp; Co Inc.）的药丸莫努匹拉韦（molnupiravir）的结果，莫努匹拉韦上个月被证明可以将同样面临严重疾病高风险的 COVID-19 患者死亡或住院的可能性减半。</blockquote></p><p> Full trial data is not yet available from either company.</p><p><blockquote>两家公司尚未提供完整的试验数据。</blockquote></p><p> Pfizer said it plans to submit interim trial results for its pill, which is given in combination with an older antiviral called ritonavir, to the U.S. Food and Drug Administration as part of the emergency use application it opened in October.</p><p><blockquote>辉瑞公司表示，计划向美国提交其药丸的中期试验结果，该药丸与一种名为利托那韦的旧抗病毒药物联合使用。美国食品和药物管理局作为其 10 月份开放的紧急使用申请的一部分。</blockquote></p><p> The combination treatment, which will have the brand name Paxlovid, consists of three pills given twice daily.</p><p><blockquote>这种组合治疗的品牌名称为Paxlovid，包括每天两次服用三片药片。</blockquote></p><p> The planned analysis of 1,219 patients in Pfizer's study looked at hospitalizations or deaths among people diagnosed with mild to moderate COVID-19 with at least one risk factor for developing severe disease, such as obesity or older age.</p><p><blockquote>辉瑞研究中计划对 1,219 名患者进行分析，研究了被诊断患有轻度至中度 COVID-19 且至少有一个患严重疾病的风险因素（如肥胖或年龄增长）的人的住院或死亡情况。</blockquote></p><p> It found that 0.8% of those given Pfizer's drug within three days of symptom onset were hospitalized and none had died by 28 days after treatment. That compared with a hospitalization rate of 7% for placebo patients. There were also seven deaths in the placebo group.</p><p><blockquote>研究发现，在症状出现三天内服用辉瑞药物的患者中，有 0.8% 住院治疗，并且在治疗后 28 天没有人死亡。相比之下，安慰剂患者的住院率为7%。安慰剂组也有7例死亡。</blockquote></p><p> Rates were similar for patients treated within five days of symptoms - 1% of the treatment group was hospitalized, compared with 6.7% for the placebo group, which included 10 deaths.</p><p><blockquote>在症状出现五天内接受治疗的患者的发病率相似——治疗组1%住院，而安慰剂组为6.7%，其中包括10例死亡。</blockquote></p><p> Antivirals need to be given as early as possible, before an infection takes hold, in order to be most effective. Merck tested its drug within five days of symptom onset.</p><p><blockquote>抗病毒药物需要在感染发生之前尽早给予，以便最有效。默克公司在症状出现后五天内测试了其药物。</blockquote></p><p> \"We saw that we did have high efficacy, even if it was five days after a patient has been treated ... people might wait a couple of days before getting a test or something, and this means that we have time to treat people and really provide a benefit from a public health perspective,\" Annaliesa Anderson, head of the Pfizer program, told Reuters.</p><p><blockquote>“我们看到我们确实有很高的疗效，即使是在患者接受治疗五天后……人们可能会等待几天才接受测试或其他什么，这意味着我们有时间治疗人们并真正提供从公共卫生角度来看的好处，”辉瑞项目负责人安娜丽莎·安德森 (Annaliesa Anderson) 告诉路透社。</blockquote></p><p> The company did not detail side effects of the treatment, but said adverse events happened in about 20% of both treatment and placebo patients.</p><p><blockquote>该公司没有详细说明治疗的副作用，但表示治疗和安慰剂患者中约有 20% 发生了不良事件。</blockquote></p><p> \"These data suggest that our oral antiviral candidate, if approved by regulatory authorities, has the potential to save patients’ lives, reduce the severity of COVID-19 infections, and eliminate up to nine out of ten hospitalizations,” Pfizer Chief Executive Albert Bourla said in a statement.</p><p><blockquote>“辉瑞公司首席执行官阿尔伯特-布尔拉（Albert Bourla）在一份声明中说：”这些数据表明，如果获得监管机构的批准，我们的口服抗病毒候选药物有可能挽救患者的生命，降低COVID-19感染的严重程度，并消除十分之九的住院治疗。</blockquote></p><p> Infectious disease experts stress that preventing COVID-19 through wide use of vaccines remains the best way to control the pandemic, but only 58% of Americans are fully vaccinated and access in many parts of the world is limited.</p><p><blockquote>传染病专家强调，通过广泛使用疫苗来预防 COVID-19 仍然是控制疫情的最佳方法，但只有 58% 的美国人完全接种了疫苗，而且世界许多地区的疫苗接种受到限制。</blockquote></p><p> Pfizer's drug, part of a class known as protease inhibitors, is designed to block an enzyme the coronavirus needs in order to multiply.</p><p><blockquote>辉瑞的药物是蛋白酶抑制剂类药物的一部分，旨在阻断冠状病毒繁殖所需的酶。</blockquote></p><p> Merck's molnupiravir has a different mechanism of action designed to introduce errors into the genetic code of the virus. Merck has already sold millions of courses of the treatment, which was approved this week by U.K. regulators, to the United States, the U.K. and others.</p><p><blockquote>默克公司的molnupiravir具有不同的作用机制，旨在将错误引入病毒的遗传密码。默克公司已经向美国、英国和其他国家出售了数百万个疗程的这种疗法，该疗法本周获得了英国监管机构的批准。</blockquote></p><p> Britain said earlier this month it had secured 250,000 courses of Pfizer's antiviral.</p><p><blockquote>英国本月早些时候表示，已获得 25 万个疗程的辉瑞抗病毒药物。</blockquote></p><p> Pfizer is also studying whether its pill could be used by people without risk factors for serious COVID-19 as well as to prevent coronavirus infection in people exposed to the virus.</p><p><blockquote>辉瑞公司还在研究其药丸是否可以被没有严重新冠肺炎风险因素的人使用，以及防止接触病毒的人感染冠状病毒。</blockquote></p><p> Its&nbsp;shares&nbsp;rose&nbsp;over&nbsp;9%&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/190a24394aa60d689cf29552569f5e20\" tg-width=\"774\" tg-height=\"567\" width=\"100%\" height=\"auto\"></p><p><blockquote>其股价在盘前交易中上涨超过 9%。</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>Pfizer rose over 9% in premarket trading as its antiviral pill cut risk of severe COVID-19 by 89%<blockquote>辉瑞在盘前交易中上涨超过 9%，其抗病毒药丸将严重 COVID-19 的风险降低了 89%</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\">\nPfizer rose over 9% in premarket trading as its antiviral pill cut risk of severe COVID-19 by 89%<blockquote>辉瑞在盘前交易中上涨超过 9%，其抗病毒药丸将严重 COVID-19 的风险降低了 89%</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\">2021-11-05 18:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>A trial of Pfizer Inc's experimental antiviral pill for COVID-19 was stopped early after the drug was shown to cut by 89% the chances of hospitalization or death for adults at risk of developing severe disease, the company said on Friday.</p><p><blockquote>辉瑞公司周五表示，该公司针对 COVID-19 的实验性抗病毒药丸的试验提前停止，因为该药物被证明可以将有患严重疾病风险的成年人住院或死亡的几率降低 89%。</blockquote></p><p> The results appear to surpass those seen with Merck &amp; Co Inc's pill molnupiravir, which was shown last month to halve the likelihood of dying or being hospitalized for COVID-19 patients also at high risk of serious illness.</p><p><blockquote>这些结果似乎超过了默克公司（Merck &amp; Co Inc.）的药丸莫努匹拉韦（molnupiravir）的结果，莫努匹拉韦上个月被证明可以将同样面临严重疾病高风险的 COVID-19 患者死亡或住院的可能性减半。</blockquote></p><p> Full trial data is not yet available from either company.</p><p><blockquote>两家公司尚未提供完整的试验数据。</blockquote></p><p> Pfizer said it plans to submit interim trial results for its pill, which is given in combination with an older antiviral called ritonavir, to the U.S. Food and Drug Administration as part of the emergency use application it opened in October.</p><p><blockquote>辉瑞公司表示，计划向美国提交其药丸的中期试验结果，该药丸与一种名为利托那韦的旧抗病毒药物联合使用。美国食品和药物管理局作为其 10 月份开放的紧急使用申请的一部分。</blockquote></p><p> The combination treatment, which will have the brand name Paxlovid, consists of three pills given twice daily.</p><p><blockquote>这种组合治疗的品牌名称为Paxlovid，包括每天两次服用三片药片。</blockquote></p><p> The planned analysis of 1,219 patients in Pfizer's study looked at hospitalizations or deaths among people diagnosed with mild to moderate COVID-19 with at least one risk factor for developing severe disease, such as obesity or older age.</p><p><blockquote>辉瑞研究中计划对 1,219 名患者进行分析，研究了被诊断患有轻度至中度 COVID-19 且至少有一个患严重疾病的风险因素（如肥胖或年龄增长）的人的住院或死亡情况。</blockquote></p><p> It found that 0.8% of those given Pfizer's drug within three days of symptom onset were hospitalized and none had died by 28 days after treatment. That compared with a hospitalization rate of 7% for placebo patients. There were also seven deaths in the placebo group.</p><p><blockquote>研究发现，在症状出现三天内服用辉瑞药物的患者中，有 0.8% 住院治疗，并且在治疗后 28 天没有人死亡。相比之下，安慰剂患者的住院率为7%。安慰剂组也有7例死亡。</blockquote></p><p> Rates were similar for patients treated within five days of symptoms - 1% of the treatment group was hospitalized, compared with 6.7% for the placebo group, which included 10 deaths.</p><p><blockquote>在症状出现五天内接受治疗的患者的发病率相似——治疗组1%住院，而安慰剂组为6.7%，其中包括10例死亡。</blockquote></p><p> Antivirals need to be given as early as possible, before an infection takes hold, in order to be most effective. Merck tested its drug within five days of symptom onset.</p><p><blockquote>抗病毒药物需要在感染发生之前尽早给予，以便最有效。默克公司在症状出现后五天内测试了其药物。</blockquote></p><p> \"We saw that we did have high efficacy, even if it was five days after a patient has been treated ... people might wait a couple of days before getting a test or something, and this means that we have time to treat people and really provide a benefit from a public health perspective,\" Annaliesa Anderson, head of the Pfizer program, told Reuters.</p><p><blockquote>“我们看到我们确实有很高的疗效，即使是在患者接受治疗五天后……人们可能会等待几天才接受测试或其他什么，这意味着我们有时间治疗人们并真正提供从公共卫生角度来看的好处，”辉瑞项目负责人安娜丽莎·安德森 (Annaliesa Anderson) 告诉路透社。</blockquote></p><p> The company did not detail side effects of the treatment, but said adverse events happened in about 20% of both treatment and placebo patients.</p><p><blockquote>该公司没有详细说明治疗的副作用，但表示治疗和安慰剂患者中约有 20% 发生了不良事件。</blockquote></p><p> \"These data suggest that our oral antiviral candidate, if approved by regulatory authorities, has the potential to save patients’ lives, reduce the severity of COVID-19 infections, and eliminate up to nine out of ten hospitalizations,” Pfizer Chief Executive Albert Bourla said in a statement.</p><p><blockquote>“辉瑞公司首席执行官阿尔伯特-布尔拉（Albert Bourla）在一份声明中说：”这些数据表明，如果获得监管机构的批准，我们的口服抗病毒候选药物有可能挽救患者的生命，降低COVID-19感染的严重程度，并消除十分之九的住院治疗。</blockquote></p><p> Infectious disease experts stress that preventing COVID-19 through wide use of vaccines remains the best way to control the pandemic, but only 58% of Americans are fully vaccinated and access in many parts of the world is limited.</p><p><blockquote>传染病专家强调，通过广泛使用疫苗来预防 COVID-19 仍然是控制疫情的最佳方法，但只有 58% 的美国人完全接种了疫苗，而且世界许多地区的疫苗接种受到限制。</blockquote></p><p> Pfizer's drug, part of a class known as protease inhibitors, is designed to block an enzyme the coronavirus needs in order to multiply.</p><p><blockquote>辉瑞的药物是蛋白酶抑制剂类药物的一部分，旨在阻断冠状病毒繁殖所需的酶。</blockquote></p><p> Merck's molnupiravir has a different mechanism of action designed to introduce errors into the genetic code of the virus. Merck has already sold millions of courses of the treatment, which was approved this week by U.K. regulators, to the United States, the U.K. and others.</p><p><blockquote>默克公司的molnupiravir具有不同的作用机制，旨在将错误引入病毒的遗传密码。默克公司已经向美国、英国和其他国家出售了数百万个疗程的这种疗法，该疗法本周获得了英国监管机构的批准。</blockquote></p><p> Britain said earlier this month it had secured 250,000 courses of Pfizer's antiviral.</p><p><blockquote>英国本月早些时候表示，已获得 25 万个疗程的辉瑞抗病毒药物。</blockquote></p><p> Pfizer is also studying whether its pill could be used by people without risk factors for serious COVID-19 as well as to prevent coronavirus infection in people exposed to the virus.</p><p><blockquote>辉瑞公司还在研究其药丸是否可以被没有严重新冠肺炎风险因素的人使用，以及防止接触病毒的人感染冠状病毒。</blockquote></p><p> Its&nbsp;shares&nbsp;rose&nbsp;over&nbsp;9%&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/190a24394aa60d689cf29552569f5e20\" tg-width=\"774\" tg-height=\"567\" width=\"100%\" height=\"auto\"></p><p><blockquote>其股价在盘前交易中上涨超过 9%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PFE":"辉瑞"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168526565","content_text":"A trial of Pfizer Inc's experimental antiviral pill for COVID-19 was stopped early after the drug was shown to cut by 89% the chances of hospitalization or death for adults at risk of developing severe disease, the company said on Friday.\nThe results appear to surpass those seen with Merck & Co Inc's pill molnupiravir, which was shown last month to halve the likelihood of dying or being hospitalized for COVID-19 patients also at high risk of serious illness.\nFull trial data is not yet available from either company.\nPfizer said it plans to submit interim trial results for its pill, which is given in combination with an older antiviral called ritonavir, to the U.S. Food and Drug Administration as part of the emergency use application it opened in October.\nThe combination treatment, which will have the brand name Paxlovid, consists of three pills given twice daily.\nThe planned analysis of 1,219 patients in Pfizer's study looked at hospitalizations or deaths among people diagnosed with mild to moderate COVID-19 with at least one risk factor for developing severe disease, such as obesity or older age.\nIt found that 0.8% of those given Pfizer's drug within three days of symptom onset were hospitalized and none had died by 28 days after treatment. That compared with a hospitalization rate of 7% for placebo patients. There were also seven deaths in the placebo group.\nRates were similar for patients treated within five days of symptoms - 1% of the treatment group was hospitalized, compared with 6.7% for the placebo group, which included 10 deaths.\nAntivirals need to be given as early as possible, before an infection takes hold, in order to be most effective. Merck tested its drug within five days of symptom onset.\n\"We saw that we did have high efficacy, even if it was five days after a patient has been treated ... people might wait a couple of days before getting a test or something, and this means that we have time to treat people and really provide a benefit from a public health perspective,\" Annaliesa Anderson, head of the Pfizer program, told Reuters.\nThe company did not detail side effects of the treatment, but said adverse events happened in about 20% of both treatment and placebo patients.\n\"These data suggest that our oral antiviral candidate, if approved by regulatory authorities, has the potential to save patients’ lives, reduce the severity of COVID-19 infections, and eliminate up to nine out of ten hospitalizations,” Pfizer Chief Executive Albert Bourla said in a statement.\nInfectious disease experts stress that preventing COVID-19 through wide use of vaccines remains the best way to control the pandemic, but only 58% of Americans are fully vaccinated and access in many parts of the world is limited.\nPfizer's drug, part of a class known as protease inhibitors, is designed to block an enzyme the coronavirus needs in order to multiply.\nMerck's molnupiravir has a different mechanism of action designed to introduce errors into the genetic code of the virus. Merck has already sold millions of courses of the treatment, which was approved this week by U.K. regulators, to the United States, the U.K. and others.\nBritain said earlier this month it had secured 250,000 courses of Pfizer's antiviral.\nPfizer is also studying whether its pill could be used by people without risk factors for serious COVID-19 as well as to prevent coronavirus infection in people exposed to the virus.\nIts shares rose over 9% in premarket trading.","news_type":1,"symbols_score_info":{"PFE":0.9}},"isVote":1,"tweetType":1,"viewCount":3697,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861195944,"gmtCreate":1632467959688,"gmtModify":1632721220444,"author":{"id":"4092657565638140","authorId":"4092657565638140","name":"a562d38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092657565638140","idStr":"4092657565638140"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/861195944","repostId":"1135139549","repostType":4,"repost":{"id":"1135139549","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1632386313,"share":"https://www.laohunote.com/m/news/1135139549?lang=zh_CN&edition=full","pubTime":"2021-09-23 16:38","market":"us","language":"en","title":"Nio Said To Delay Unveiling Of ES8, Nio House In Norway By A Week<blockquote>蔚来表示将挪威蔚来之家 ES8 的亮相时间推迟一周</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135139549","media":"Benzinga Earnings","summary":"Chinese electric vehicle maker NIO Inc. is delaying the official launch of the ES8 SUV and the openi","content":"<p>Chinese electric vehicle maker&nbsp;<b><a href=\"https://laohu8.com/S/NIO\">NIO Inc.</a></b> is delaying the official launch of the ES8 SUV and the opening of the first overseas&nbsp;<b>Nio House</b>&nbsp;in Norway by a week, cnEVpostreportedWednesday.</p><p><blockquote>中国电动汽车制造商<b><a href=\"https://laohu8.com/S/NIO\">蔚来</a></b>正在推迟ES8 SUV的正式上市和首家海外店的开业<b>蔚来大厦</b>据 CNEVPost 周三报道，挪威还有一周时间。</blockquote></p><p> <b>What Happened</b>: Nio will now launch the ES8 in Norway on Sept. 30 while the first local Nio House in Oslo will be officially open for business from Oct. 1, as per the report that&nbsp;<b>Marius Hayler</b>, general manager of Nio Norway.</p><p><blockquote><b>发生了什么事</b>据报道，蔚来将于 9 月 30 日在挪威推出 ES8，而位于奥斯陆的第一家蔚来本地店将于 10 月 1 日起正式开业。<b>马里乌斯·海勒</b>蔚来挪威公司总经理。</blockquote></p><p> The report did not provide any details about the reasons for the delay. It was&nbsp;reported&nbsp;earlier this month the EV maker will open the Nio House in Norway and also announce the local pricing of its flagship ES8 model on Sept. 23.</p><p><blockquote>报告没有提供任何关于延迟原因的细节。据报道，本月早些时候，这家电动汽车制造商将在挪威开设蔚来工厂，并将于 9 月 23 日宣布其旗舰 ES8 车型的当地定价。</blockquote></p><p> Nio House is the EV maker’s concept store.</p><p><blockquote>蔚来之家是这家电动汽车制造商的概念店。</blockquote></p><p> <b>Why It Matters</b>: &nbsp;Nio’s entry into Norway marks the first step in an ambitious overseas expansion plan charted by the EV maker, which has found success in <a href=\"https://laohu8.com/S/CAAS\">China</a> as a seller of premium electric vehicles.</p><p><blockquote><b>为什么它很重要</b>: 蔚来进军挪威标志着这家电动汽车制造商雄心勃勃的海外扩张计划迈出了第一步。<a href=\"https://laohu8.com/S/CAAS\">中国</a>作为高端电动汽车的销售商。</blockquote></p><p> NIO CEO<b>Wiliam Li</b>has said that the company may expand into Germany, followed by other European countries, if it achieves success in Norway.</p><p><blockquote>蔚来首席执行官<b>威廉·李</b>曾表示，如果该公司在挪威取得成功，可能会扩展到德国，然后扩展到其他欧洲国家。</blockquote></p><p> <b>Price Action</b>: Nio shares closed almost 2.3% higher in Wednesday’s trading at $35.70.</p><p><blockquote><b>价格行为</b>: 蔚来股价在周三的交易中收盘上涨近 2.3%，报 35.70 美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nNio Said To Delay Unveiling Of ES8, Nio House In Norway By A Week<blockquote>蔚来表示将挪威蔚来之家 ES8 的亮相时间推迟一周</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-09-23 16:38</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Chinese electric vehicle maker&nbsp;<b><a href=\"https://laohu8.com/S/NIO\">NIO Inc.</a></b> is delaying the official launch of the ES8 SUV and the opening of the first overseas&nbsp;<b>Nio House</b>&nbsp;in Norway by a week, cnEVpostreportedWednesday.</p><p><blockquote>中国电动汽车制造商<b><a href=\"https://laohu8.com/S/NIO\">蔚来</a></b>正在推迟ES8 SUV的正式上市和首家海外店的开业<b>蔚来大厦</b>据 CNEVPost 周三报道，挪威还有一周时间。</blockquote></p><p> <b>What Happened</b>: Nio will now launch the ES8 in Norway on Sept. 30 while the first local Nio House in Oslo will be officially open for business from Oct. 1, as per the report that&nbsp;<b>Marius Hayler</b>, general manager of Nio Norway.</p><p><blockquote><b>发生了什么事</b>据报道，蔚来将于 9 月 30 日在挪威推出 ES8，而位于奥斯陆的第一家蔚来本地店将于 10 月 1 日起正式开业。<b>马里乌斯·海勒</b>蔚来挪威公司总经理。</blockquote></p><p> The report did not provide any details about the reasons for the delay. It was&nbsp;reported&nbsp;earlier this month the EV maker will open the Nio House in Norway and also announce the local pricing of its flagship ES8 model on Sept. 23.</p><p><blockquote>报告没有提供任何关于延迟原因的细节。据报道，本月早些时候，这家电动汽车制造商将在挪威开设蔚来工厂，并将于 9 月 23 日宣布其旗舰 ES8 车型的当地定价。</blockquote></p><p> Nio House is the EV maker’s concept store.</p><p><blockquote>蔚来之家是这家电动汽车制造商的概念店。</blockquote></p><p> <b>Why It Matters</b>: &nbsp;Nio’s entry into Norway marks the first step in an ambitious overseas expansion plan charted by the EV maker, which has found success in <a href=\"https://laohu8.com/S/CAAS\">China</a> as a seller of premium electric vehicles.</p><p><blockquote><b>为什么它很重要</b>: 蔚来进军挪威标志着这家电动汽车制造商雄心勃勃的海外扩张计划迈出了第一步。<a href=\"https://laohu8.com/S/CAAS\">中国</a>作为高端电动汽车的销售商。</blockquote></p><p> NIO CEO<b>Wiliam Li</b>has said that the company may expand into Germany, followed by other European countries, if it achieves success in Norway.</p><p><blockquote>蔚来首席执行官<b>威廉·李</b>曾表示，如果该公司在挪威取得成功，可能会扩展到德国，然后扩展到其他欧洲国家。</blockquote></p><p> <b>Price Action</b>: Nio shares closed almost 2.3% higher in Wednesday’s trading at $35.70.</p><p><blockquote><b>价格行为</b>: 蔚来股价在周三的交易中收盘上涨近 2.3%，报 35.70 美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135139549","content_text":"Chinese electric vehicle maker NIO Inc. is delaying the official launch of the ES8 SUV and the opening of the first overseas Nio House in Norway by a week, cnEVpostreportedWednesday.\nWhat Happened: Nio will now launch the ES8 in Norway on Sept. 30 while the first local Nio House in Oslo will be officially open for business from Oct. 1, as per the report that Marius Hayler, general manager of Nio Norway.\nThe report did not provide any details about the reasons for the delay. It was reported earlier this month the EV maker will open the Nio House in Norway and also announce the local pricing of its flagship ES8 model on Sept. 23.\nNio House is the EV maker’s concept store.\nWhy It Matters:  Nio’s entry into Norway marks the first step in an ambitious overseas expansion plan charted by the EV maker, which has found success in China as a seller of premium electric vehicles.\nNIO CEOWiliam Lihas said that the company may expand into Germany, followed by other European countries, if it achieves success in Norway.\nPrice Action: Nio shares closed almost 2.3% higher in Wednesday’s trading at $35.70.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":3421,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":888514780,"gmtCreate":1631507039140,"gmtModify":1631885649476,"author":{"id":"4092657565638140","authorId":"4092657565638140","name":"a562d38","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092657565638140","idStr":"4092657565638140"},"themes":[],"title":"","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/888514780","repostId":"1120557186","repostType":4,"isVote":1,"tweetType":1,"viewCount":3415,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}