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VivalaRan

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- VivalaRanVivalaRan
  ·2021-06-17
  Hmmm
  非常抱歉，此主贴已删除
  3,104 评论
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- VivalaRanVivalaRan
  ·2021-04-10
  Hmmmm
  Is Bill.com the Cathie Wood Stock for You?<blockquote>Bill.com 适合您吗？</blockquote>
  This fintech has posted a roughly 300% gain since it went public. When Cathie Wood adds a stock or i
  Is Bill.com the Cathie Wood Stock for You?<blockquote>Bill.com 适合您吗？</blockquote>
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- VivalaRanVivalaRan
  ·2021-04-09
  Hmmmmm
  非常抱歉，此主贴已删除
  1,933 评论
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- VivalaRanVivalaRan
  ·2021-04-07
  Hmmmmm
  非常抱歉，此主贴已删除
  2,559 评论
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- VivalaRanVivalaRan
  ·2021-04-05
  Hmmmm
  非常抱歉，此主贴已删除
  2,466 评论
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- VivalaRanVivalaRan
  ·2021-04-04
  Hmmmm
  Wall Street Has Given Up on These 3 Stocks, and That's a Huge Mistake<blockquote>华尔街已经放弃了这三只股票，这是一个巨大的错误</blockquote>
  It's never a bad time to search for beaten-down stocks that are profitable on paper.Searching forval
  Wall Street Has Given Up on These 3 Stocks, and That's a Huge Mistake<blockquote>华尔街已经放弃了这三只股票，这是一个巨大的错误</blockquote>
  2,554 1
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- VivalaRanVivalaRan
  ·2021-04-03
  Hmmmmm
  非常抱歉，此主贴已删除
  2,406 评论
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- VivalaRanVivalaRan
  ·2021-04-02
  Hmmmmm
  非常抱歉，此主贴已删除
  3,183 评论
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- VivalaRanVivalaRan
  ·2021-03-30
  Hmmmmmm
  非常抱歉，此主贴已删除
  2,688 评论
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- VivalaRanVivalaRan
  ·2021-03-29
  Hmmmmm
  CFDs - The Dirty Little Secret Behind The Collapse Of Archegos<blockquote>CFDs - Archegos 崩溃背后的肮脏小秘密</blockquote>
  Stop us if you've heard this one before -Wall Street prime brokers allowed hedge funds to dance whil
  CFDs - The Dirty Little Secret Behind The Collapse Of Archegos<blockquote>CFDs - Archegos 崩溃背后的肮脏小秘密</blockquote>
  2,305 评论
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22:45","market":"us","language":"en","title":"Is Bill.com the Cathie Wood Stock for You?<blockquote>Bill.com 适合您吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106014844","media":"Motley Fool","summary":"This fintech has posted a roughly 300% gain since it went public.\nWhen Cathie Wood adds a stock or i","content":"<p>This fintech has posted a roughly 300% gain since it went public.</p><p><blockquote>这家金融科技公司自上市以来已上涨约 300%。</blockquote></p><p> When Cathie Wood adds a stock or increases her positions in one of her portfolios, people pay attention. Wood is the founder and CEO of ARK Invest, a company that runs some of the top-performing exchange-traded funds (ETFs). Her actively managed ETFs -- including&nbsp;<b>ARK Innovation</b>,<b>ARK Genomic Revolution</b>, and&nbsp;<b>ARK Next Generation Internet</b>&nbsp;-- are mostly focused on technology stocks and have all posted huge returns over the past five years.</p><p><blockquote>当凯茜·伍德 (Cathie Wood) 在其投资组合中增加股票或增加头寸时，人们会关注。伍德是 ARK Invest 的创始人兼首席执行官，该公司经营着一些表现最好的交易所交易基金 (ETF)。她积极管理的 ETF 包括<b>方舟创新</b>,<b>方舟基因组革命</b>，和<b>方舟下一代互联网</b>-- 主要专注于科技股，并且在过去五年中都取得了巨大的回报。</blockquote></p><p> At the end of March, Wood increased her investment in a company called&nbsp;<b>Bill.com</b>(NYSE:BILL)in one of her portfolios,<b>ARK Fintech Innovation</b>. It caught our attention, so let's take a look at the stock to see if it's one you should consider buying.</p><p><blockquote>3月底，伍德增加了对一家名为<b>比尔网</b>（纽约证券交易所代码：BILL）在她的一个投资组合中，<b>方舟金融科技创新</b>.它引起了我们的注意，所以让我们来看看这只股票，看看它是否是你应该考虑购买的股票。</blockquote></p><p> <b>On cloud nine</b></p><p><blockquote><b>云九</b></blockquote></p><p> Bill.com's cloud-based platform simplifies billing, payment processing, accounting, and other back-office operations for small- and mid-sized business. The platform uses artificial intelligence (AI) and machine learning to streamline the invoicing and bill paying process -- essentially, it allows companies to automate these jobs, saving money on doing it in-house.</p><p><blockquote>Bill.com基于云的平台简化了中小型企业的计费、支付处理、会计和其他后台操作。该平台使用人工智能（AI）和机器学习来简化发票和账单支付流程——本质上，它允许公司自动化这些工作，从而节省内部完成的资金。</blockquote></p><p> Since the company went public in December 2019, its stock price has more than quadrupled, from $36 per share when it started trading to more than $157 at Thursday's close. It gained 171% in 2020 and is up more than 15% year to date in 2021.</p><p><blockquote>自2019年12月上市以来，其股价已经翻了两番多，从开始交易时的每股36美元涨到周四收盘时的157美元以上。2020 年增长了 171%，2021 年迄今增长了 15% 以上。</blockquote></p><p> The company makes money mostly on subscriptions its clients pay for the service, so it's a reliable, repeatable income stream that grows as it adds clients. The company also makes a far smaller percentage of revenue on interest earned holding funds for clients. In the fiscal second quarter, which ended Dec. 31, revenue spiked 38% year over year to $54 million, with $52.3 million coming from subscription and transaction fees.</p><p><blockquote>该公司主要通过客户为服务支付的订阅费赚钱，因此这是一个可靠、可重复的收入流，随着客户的增加而增长。该公司从为客户持有基金赚取的利息收入中所占比例也要小得多。在截至12月31日的第二财季，收入同比增长38%，达到5400万美元，其中5230万美元来自订阅费和交易费。</blockquote></p><p> The company is not yet profitable, posting a net loss of $17.2 million in the quarter, but it posted a huge gross margin of 75%, which is the revenue after subtracting the cost of producing the item being sold. So while it may not be profitable for a few more quarters. But once its investments in its technology and operations increase operating efficiency, those high gross margins will eventually translate into high profit margins.</p><p><blockquote>该公司尚未盈利，本季度净亏损 1720 万美元，但其毛利率高达 75%，这是减去所售商品生产成本后的收入。因此，虽然它可能还要几个季度才能盈利。但一旦其对技术和运营的投资提高了运营效率，这些高毛利率最终将转化为高利润率。</blockquote></p><p> <b>Pardon the disruption</b></p><p><blockquote><b>抱歉打扰了</b></blockquote></p><p> Bill.com has more than 100,000 customers, up nearly 30% from the previous year. While this is a very competitive space,Bill.com is a disruptor, and there is a huge market opportunity. As my Foolish colleagues&nbsp;Jason Moser and Matthew Frankel&nbsp;pointed out in a recent podcast, there are 20 million small- and mid-sized businesses and an addressable market of $30 billion globally, including $9 billion in the U.S.</p><p><blockquote>Bill.com 拥有超过 10 万名客户，比上一年增长近 30%。虽然这是一个竞争非常激烈的领域，但Bill.com是一个颠覆者，有一个巨大的市场机会。正如我愚蠢的同事杰森·莫泽（Jason Moser）和马修·弗兰克尔（Matthew Frankel）在最近的播客中指出的那样，全球有2000万家中小型企业，潜在市场价值300亿美元，其中美国有90亿美元。</blockquote></p><p> But founder and CEO Rene Lacerte thinks of the&nbsp;fintech&nbsp;not just in terms of customers, but of the network of 2.5 million \"members,\" including the users and partners of all of its clients. \"We believe we are the leading digital B2B payments platform for SMBs (small and mid-sized businesses) and operate one of the largest B2B networks in the United States,\" Lacerte said on the&nbsp;most recent earnings call. That is a huge network of users on which to grow. The bigger the network, the more potential value it has for its members. Also, this growth allows Bill.com the opportunity to form deeper relationships with those on the network, offering additional products and services.</p><p><blockquote>但创始人兼首席执行官雷内·拉塞特 (Rene Lacerte) 不仅从客户的角度考虑金融科技公司，还从 250 万“会员”的网络的角度考虑，其中包括所有客户的用户和合作伙伴。Lacerte 在最新的财报看涨期权上表示：“我们相信我们是 SMB（中小型企业）领先的数字 B2B 支付平台，并运营着美国最大的 B2B 网络之一。”这是一个可以发展的庞大用户网络。网络越大，对成员的潜在价值就越大。此外，这种增长使 Bill.com 有机会与网络上的人建立更深层次的关系，提供额外的产品和服务。</blockquote></p><p> Bill.com's other potential competitive advantage is its AI, which gets more intuitive and robust the more customers it gets and the more data it gathers. The better the AI, the more efficient, convenient and useful the service becomes.</p><p><blockquote>Bill.com 的另一个潜在竞争优势是其人工智能，它获得的客户越多、收集的数据越多，人工智能就越直观、越强大。人工智能越好，服务就越高效、方便和有用。</blockquote></p><p> This is a young, disruptive company that's in growth mode, with a low-expense business model and high earnings potential, that will soon be profitable. If you are looking for a growth stock with long-term potential, this Cathie Wood stock -- one she has identified as a fintech innovator -- would not be a bad choice.</p><p><blockquote>这是一家年轻的、颠覆性的公司，正处于增长模式，拥有低成本的商业模式和高盈利潜力，很快就会盈利。如果您正在寻找一只具有长期潜力的成长型股票，那么这只凯西·伍德 (Cathie Wood) 股票——她将其视为金融科技创新者——将是一个不错的选择。</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>Is Bill.com the Cathie Wood Stock for You?<blockquote>Bill.com 适合您吗？</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\">\nIs Bill.com the Cathie Wood Stock for You?<blockquote>Bill.com 适合您吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-04-09 22:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>This fintech has posted a roughly 300% gain since it went public.</p><p><blockquote>这家金融科技公司自上市以来已上涨约 300%。</blockquote></p><p> When Cathie Wood adds a stock or increases her positions in one of her portfolios, people pay attention. Wood is the founder and CEO of ARK Invest, a company that runs some of the top-performing exchange-traded funds (ETFs). Her actively managed ETFs -- including&nbsp;<b>ARK Innovation</b>,<b>ARK Genomic Revolution</b>, and&nbsp;<b>ARK Next Generation Internet</b>&nbsp;-- are mostly focused on technology stocks and have all posted huge returns over the past five years.</p><p><blockquote>当凯茜·伍德 (Cathie Wood) 在其投资组合中增加股票或增加头寸时，人们会关注。伍德是 ARK Invest 的创始人兼首席执行官，该公司经营着一些表现最好的交易所交易基金 (ETF)。她积极管理的 ETF 包括<b>方舟创新</b>,<b>方舟基因组革命</b>，和<b>方舟下一代互联网</b>-- 主要专注于科技股，并且在过去五年中都取得了巨大的回报。</blockquote></p><p> At the end of March, Wood increased her investment in a company called&nbsp;<b>Bill.com</b>(NYSE:BILL)in one of her portfolios,<b>ARK Fintech Innovation</b>. It caught our attention, so let's take a look at the stock to see if it's one you should consider buying.</p><p><blockquote>3月底，伍德增加了对一家名为<b>比尔网</b>（纽约证券交易所代码：BILL）在她的一个投资组合中，<b>方舟金融科技创新</b>.它引起了我们的注意，所以让我们来看看这只股票，看看它是否是你应该考虑购买的股票。</blockquote></p><p> <b>On cloud nine</b></p><p><blockquote><b>云九</b></blockquote></p><p> Bill.com's cloud-based platform simplifies billing, payment processing, accounting, and other back-office operations for small- and mid-sized business. The platform uses artificial intelligence (AI) and machine learning to streamline the invoicing and bill paying process -- essentially, it allows companies to automate these jobs, saving money on doing it in-house.</p><p><blockquote>Bill.com基于云的平台简化了中小型企业的计费、支付处理、会计和其他后台操作。该平台使用人工智能（AI）和机器学习来简化发票和账单支付流程——本质上，它允许公司自动化这些工作，从而节省内部完成的资金。</blockquote></p><p> Since the company went public in December 2019, its stock price has more than quadrupled, from $36 per share when it started trading to more than $157 at Thursday's close. It gained 171% in 2020 and is up more than 15% year to date in 2021.</p><p><blockquote>自2019年12月上市以来，其股价已经翻了两番多，从开始交易时的每股36美元涨到周四收盘时的157美元以上。2020 年增长了 171%，2021 年迄今增长了 15% 以上。</blockquote></p><p> The company makes money mostly on subscriptions its clients pay for the service, so it's a reliable, repeatable income stream that grows as it adds clients. The company also makes a far smaller percentage of revenue on interest earned holding funds for clients. In the fiscal second quarter, which ended Dec. 31, revenue spiked 38% year over year to $54 million, with $52.3 million coming from subscription and transaction fees.</p><p><blockquote>该公司主要通过客户为服务支付的订阅费赚钱，因此这是一个可靠、可重复的收入流，随着客户的增加而增长。该公司从为客户持有基金赚取的利息收入中所占比例也要小得多。在截至12月31日的第二财季，收入同比增长38%，达到5400万美元，其中5230万美元来自订阅费和交易费。</blockquote></p><p> The company is not yet profitable, posting a net loss of $17.2 million in the quarter, but it posted a huge gross margin of 75%, which is the revenue after subtracting the cost of producing the item being sold. So while it may not be profitable for a few more quarters. But once its investments in its technology and operations increase operating efficiency, those high gross margins will eventually translate into high profit margins.</p><p><blockquote>该公司尚未盈利，本季度净亏损 1720 万美元，但其毛利率高达 75%，这是减去所售商品生产成本后的收入。因此，虽然它可能还要几个季度才能盈利。但一旦其对技术和运营的投资提高了运营效率，这些高毛利率最终将转化为高利润率。</blockquote></p><p> <b>Pardon the disruption</b></p><p><blockquote><b>抱歉打扰了</b></blockquote></p><p> Bill.com has more than 100,000 customers, up nearly 30% from the previous year. While this is a very competitive space,Bill.com is a disruptor, and there is a huge market opportunity. As my Foolish colleagues&nbsp;Jason Moser and Matthew Frankel&nbsp;pointed out in a recent podcast, there are 20 million small- and mid-sized businesses and an addressable market of $30 billion globally, including $9 billion in the U.S.</p><p><blockquote>Bill.com 拥有超过 10 万名客户，比上一年增长近 30%。虽然这是一个竞争非常激烈的领域，但Bill.com是一个颠覆者，有一个巨大的市场机会。正如我愚蠢的同事杰森·莫泽（Jason Moser）和马修·弗兰克尔（Matthew Frankel）在最近的播客中指出的那样，全球有2000万家中小型企业，潜在市场价值300亿美元，其中美国有90亿美元。</blockquote></p><p> But founder and CEO Rene Lacerte thinks of the&nbsp;fintech&nbsp;not just in terms of customers, but of the network of 2.5 million \"members,\" including the users and partners of all of its clients. \"We believe we are the leading digital B2B payments platform for SMBs (small and mid-sized businesses) and operate one of the largest B2B networks in the United States,\" Lacerte said on the&nbsp;most recent earnings call. That is a huge network of users on which to grow. The bigger the network, the more potential value it has for its members. Also, this growth allows Bill.com the opportunity to form deeper relationships with those on the network, offering additional products and services.</p><p><blockquote>但创始人兼首席执行官雷内·拉塞特 (Rene Lacerte) 不仅从客户的角度考虑金融科技公司，还从 250 万“会员”的网络的角度考虑，其中包括所有客户的用户和合作伙伴。Lacerte 在最新的财报看涨期权上表示：“我们相信我们是 SMB（中小型企业）领先的数字 B2B 支付平台，并运营着美国最大的 B2B 网络之一。”这是一个可以发展的庞大用户网络。网络越大，对成员的潜在价值就越大。此外，这种增长使 Bill.com 有机会与网络上的人建立更深层次的关系，提供额外的产品和服务。</blockquote></p><p> Bill.com's other potential competitive advantage is its AI, which gets more intuitive and robust the more customers it gets and the more data it gathers. The better the AI, the more efficient, convenient and useful the service becomes.</p><p><blockquote>Bill.com 的另一个潜在竞争优势是其人工智能，它获得的客户越多、收集的数据越多，人工智能就越直观、越强大。人工智能越好，服务就越高效、方便和有用。</blockquote></p><p> This is a young, disruptive company that's in growth mode, with a low-expense business model and high earnings potential, that will soon be profitable. If you are looking for a growth stock with long-term potential, this Cathie Wood stock -- one she has identified as a fintech innovator -- would not be a bad choice.</p><p><blockquote>这是一家年轻的、颠覆性的公司，正处于增长模式，拥有低成本的商业模式和高盈利潜力，很快就会盈利。如果您正在寻找一只具有长期潜力的成长型股票，那么这只凯西·伍德 (Cathie Wood) 股票——她将其视为金融科技创新者——将是一个不错的选择。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/04/09/is-billcom-the-cathie-wood-stock-for-you/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKG":"ARK Genomic Revolution ETF","ARKK":"ARK Innovation ETF","BILL":"BILL HOLDINGS INC","ARKW":"ARK Next Generation Internet ETF"},"source_url":"https://www.fool.com/investing/2021/04/09/is-billcom-the-cathie-wood-stock-for-you/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106014844","content_text":"This fintech has posted a roughly 300% gain since it went public.\nWhen Cathie Wood adds a stock or increases her positions in one of her portfolios, people pay attention. Wood is the founder and CEO of ARK Invest, a company that runs some of the top-performing exchange-traded funds (ETFs). Her actively managed ETFs -- including ARK Innovation,ARK Genomic Revolution, and ARK Next Generation Internet -- are mostly focused on technology stocks and have all posted huge returns over the past five years.\nAt the end of March, Wood increased her investment in a company called Bill.com(NYSE:BILL)in one of her portfolios,ARK Fintech Innovation. It caught our attention, so let's take a look at the stock to see if it's one you should consider buying.\nOn cloud nine\nBill.com's cloud-based platform simplifies billing, payment processing, accounting, and other back-office operations for small- and mid-sized business. The platform uses artificial intelligence (AI) and machine learning to streamline the invoicing and bill paying process -- essentially, it allows companies to automate these jobs, saving money on doing it in-house.\nSince the company went public in December 2019, its stock price has more than quadrupled, from $36 per share when it started trading to more than $157 at Thursday's close. It gained 171% in 2020 and is up more than 15% year to date in 2021.\nThe company makes money mostly on subscriptions its clients pay for the service, so it's a reliable, repeatable income stream that grows as it adds clients. The company also makes a far smaller percentage of revenue on interest earned holding funds for clients. In the fiscal second quarter, which ended Dec. 31, revenue spiked 38% year over year to $54 million, with $52.3 million coming from subscription and transaction fees.\nThe company is not yet profitable, posting a net loss of $17.2 million in the quarter, but it posted a huge gross margin of 75%, which is the revenue after subtracting the cost of producing the item being sold. So while it may not be profitable for a few more quarters. But once its investments in its technology and operations increase operating efficiency, those high gross margins will eventually translate into high profit margins.\nPardon the disruption\nBill.com has more than 100,000 customers, up nearly 30% from the previous year. While this is a very competitive space,Bill.com is a disruptor, and there is a huge market opportunity. As my Foolish colleagues Jason Moser and Matthew Frankel pointed out in a recent podcast, there are 20 million small- and mid-sized businesses and an addressable market of $30 billion globally, including $9 billion in the U.S.\nBut founder and CEO Rene Lacerte thinks of the fintech not just in terms of customers, but of the network of 2.5 million \"members,\" including the users and partners of all of its clients. \"We believe we are the leading digital B2B payments platform for SMBs (small and mid-sized businesses) and operate one of the largest B2B networks in the United States,\" Lacerte said on the most recent earnings call. That is a huge network of users on which to grow. The bigger the network, the more potential value it has for its members. Also, this growth allows Bill.com the opportunity to form deeper relationships with those on the network, offering additional products and services.\nBill.com's other potential competitive advantage is its AI, which gets more intuitive and robust the more customers it gets and the more data it gathers. The better the AI, the more efficient, convenient and useful the service becomes.\nThis is a young, disruptive company that's in growth mode, with a low-expense business model and high earnings potential, that will soon be profitable. If you are looking for a growth stock with long-term potential, this Cathie Wood stock -- one she has identified as a fintech innovator -- would not be a bad choice.","news_type":1,"symbols_score_info":{"BILL":0.9,"ARKK":0.9,"ARKW":0.9,"ARKG":0.9}},"isVote":1,"tweetType":1,"viewCount":2110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":348457600,"gmtCreate":1617956608300,"gmtModify":1634295536615,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573442142945386","authorIdStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmmmmm","listText":"Hmmmmm","text":"Hmmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/348457600","repostId":"1108224926","repostType":4,"isVote":1,"tweetType":1,"viewCount":1933,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":341658234,"gmtCreate":1617810497828,"gmtModify":1634296360872,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573442142945386","authorIdStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmmmmm","listText":"Hmmmmm","text":"Hmmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/341658234","repostId":"2125872814","repostType":4,"isVote":1,"tweetType":1,"viewCount":2559,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349701674,"gmtCreate":1617635505598,"gmtModify":1634297395537,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573442142945386","authorIdStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmmmm","listText":"Hmmmm","text":"Hmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/349701674","repostId":"2125765056","repostType":4,"isVote":1,"tweetType":1,"viewCount":2466,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349363302,"gmtCreate":1617545984706,"gmtModify":1634520576497,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573442142945386","authorIdStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmmmm","listText":"Hmmmm","text":"Hmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/349363302","repostId":"1121666420","repostType":4,"repost":{"id":"1121666420","kind":"news","pubTimestamp":1617365764,"share":"https://www.laohunote.com/m/news/1121666420?lang=zh_CN&edition=full","pubTime":"2021-04-02 20:16","market":"us","language":"en","title":"Wall Street Has Given Up on These 3 Stocks, and That's a Huge Mistake<blockquote>华尔街已经放弃了这三只股票，这是一个巨大的错误</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1121666420","media":"Motley Fool","summary":"It's never a bad time to search for beaten-down stocks that are profitable on paper.Searching forval","content":"<p>It's never a bad time to search for beaten-down stocks that are profitable on paper.Searching forvalue stocksis pretty simple: Find financially robust companies that have performed poorly from a share price perspective, and buy them when they're down. When the share price comes back to reality, you'll be a winner. Wall Street has the habit of kicking a stock when it's down, as negative sentiment surrounding a particular name can spell doom for shareholders.</p><p><blockquote>现在是寻找账面上盈利的惨败股票的好时机。寻找价值股票非常简单：找到从股价角度来看表现不佳的财务状况稳健的公司，并在它们下跌时买入它们。当股价回归现实时，你就是赢家。华尔街有在股票下跌时踢它的习惯，因为围绕某个特定名字的负面情绪可能会给股东带来厄运。</blockquote></p><p>For those seeking value, these moments present an opportunity. Here, we'll look at three value stocks that have seen better days, but also have a good chance at rebounding.</p><p><blockquote>对于那些寻求价值的人来说，这些时刻提供了一个机会。在这里，我们将看看三只价值股，它们经历了更好的日子，但也有很好的反弹机会。</blockquote></p><p><b>Gilead Sciences</b></p><p><blockquote><b>吉利德科学</b></blockquote></p><p>Over the past five years,<b>Gilead Sciences</b>(NASDAQ:GILD)has managed to lose about 40% of its value on the open market, and has vastly underperformed apassively held index fundover the same period (as shown below). As a market leader in the oncology, HIV, and hepatitis C drug markets, respectively, the company produces a suite of antivirals for typically hard-to-treat illnesses. While Gilead was -- and is -- front-and-center during the pandemic in its production of Veklury (more commonly known as remdesivir), it is not one of the major vaccine producers.</p><p><blockquote>五年来，<b>吉利德科学</b>（纳斯达克股票代码：GILD）在公开市场上的价值损失了约 40%，并且在同一时期表现远逊于被动持有的指数基金（如下所示）。作为肿瘤学、艾滋病毒和丙型肝炎药物市场的市场领导者，该公司生产一套针对典型难以治疗的疾病的抗病毒药物。虽然吉利德在疫情期间一直是 Veklury（通常称为瑞德西韦）生产的前沿和中心，但它并不是主要的疫苗生产商之一。</blockquote></p><p>Perhaps the better news for those considering a Gilead investment is that the company is fundamentally quite strong. It trades at 9 times earnings, which is comparably cheap across the large-cap biotech sector. It projects a strong 2021, releasing guidance for revenue of $25 billion and EPS in the $7 range .</p><p><blockquote>对于那些考虑投资吉利德的人来说，也许更好的消息是该公司基本面相当强劲。它的市盈率是市盈率的 9 倍，在大型生物技术行业中相对便宜。它预计 2021 年将表现强劲，发布收入指引为 250 亿美元，每股收益在 7 美元范围内。</blockquote></p><p>Put simply, the company trades at an attractive price relative to the earnings it generates, and the hope is that patients start treatment for other viral and chronic (non-COVID) illnesses now that the pandemic has waned a bit in the early part of the year.</p><p><blockquote>简而言之，该公司的交易价格相对于其产生的收益很有吸引力，希望既然疫情在今年年初有所减弱，患者就能开始治疗其他病毒性和慢性（非新冠）疾病。</blockquote></p><p><img src=\"https://static.tigerbbs.com/3e7203dcf348bdd13924f561f04db9af\" tg-width=\"720\" tg-height=\"435\" referrerpolicy=\"no-referrer\"><b>DISH Network</b></p><p><blockquote><b>碟形网</b></blockquote></p><p>Despite a stagnant stock price --<b>DISH Network</b>(NASDAQ:DISH)has fallen from just under $50 per share to around $35 today -- there is reason to believe a comeback is in the works. The stock currently trades at 11 times earnings, relatively cheap based on today's standards, and posted strong revenue growth in 2020, up about 40% from 2019.</p><p><blockquote>尽管股价停滞不前——<b>碟形网</b>（纳斯达克股票代码：DISH）已从每股略低于 50 美元跌至今天的 35 美元左右——有理由相信卷土重来正在进行中。该股目前的市盈率为 11 倍，以今天的标准来看相对便宜，并在 2020 年收入强劲增长，比 2019 年增长约 40%。</blockquote></p><p>DISH has engaged in a few creative partnerships; perhaps the most promising of the bunchis a pact with DraftKings, which seeks to offer sports betting from DISH set-top boxes. The underlying current here is that DISH Network has shown an ability to think outside the box, which is reflected in itsprofitability measures. It is a buy at its current price, and has an opportunity to stage a comeback in the coming years.</p><p><blockquote>DISH参与了一些创造性的合作伙伴关系；也许bunchis中最有前途的是与DraftKings的协议，该协议寻求从碟形机顶盒提供体育博彩。这里的潜在趋势是，DISH Network 已经表现出跳出框框思考的能力，这反映在其盈利指标中。以目前的价格来看，它值得买入，并且有机会在未来几年卷土重来。</blockquote></p><p><b>Tupperware Brands</b></p><p><blockquote><b>特百惠品牌</b></blockquote></p><p>While not the most high-flying name you've ever heard,<b>Tupperware Brands</b>(NYSE:TUP)simply runs a sustainably profitable business. Last year's earnings were $2.24 a share, and the stock currently trades around $25 per share, leading to a current price-to-earnings ratio of only about 11. While overall sales were down in 2020, profitable sales growth rose, a sign that the company is still able to control costs and make money in the most difficult of circumstances.</p><p><blockquote>虽然不是你听过的最响亮的名字，<b>特百惠品牌</b>（纽约证券交易所股票代码：TUP）简单地经营着一项可持续盈利的业务。去年的收益为每股2.24美元，该股目前的交易价格约为每股25美元，导致目前的市盈率仅为11左右。虽然2020年整体销售额有所下降，但盈利销售增长有所上升，这表明该公司仍然能够在最困难的情况下控制成本并赚钱。</blockquote></p><p>The stock has also lost two-thirds of its value since 2013 but remains profitable. According to its year-end press release, the company has been successful in restructuring its debt and executing on its turnaround plans (especially concerning its core businesses). Shares remain cheap for the moment, but the fact remains: The company makes money and has the financials to prove it.</p><p><blockquote>自 2013 年以来，该股也损失了三分之二的价值，但仍保持盈利。根据其年终新闻稿，该公司已成功重组债务并执行其扭亏为盈计划（特别是有关其核心业务）。目前股价仍然很便宜，但事实仍然是：该公司赚钱了，并且有财务状况可以证明这一点。</blockquote></p><p><b>When in doubt, seek value</b></p><p><blockquote><b>当有疑问时，寻求价值</b></blockquote></p><p>The basic premise of value investing is to find profitable companies that happen to be on sale in the open market. While single-stock investing is far from a guaranteed strategy, it's worth looking into seemingly \"forgotten\" companies that simply have not yet had their day in the sun. Companies that have demonstrated their ability to grow and sustain profitability are your best bet, especially when they're cheap.</p><p><blockquote>价值投资的基本前提是找到那些恰好在公开市场上出售的盈利公司。虽然单一股票投资远不是一个有保证的策略，但值得研究一下那些看似“被遗忘”的公司，这些公司只是还没有在阳光下度过一天。那些已经证明自己有能力增长和维持盈利能力的公司是你最好的选择，尤其是当它们便宜的时候。</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>Wall Street Has Given Up on These 3 Stocks, and That's a Huge Mistake<blockquote>华尔街已经放弃了这三只股票，这是一个巨大的错误</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\">\nWall Street Has Given Up on These 3 Stocks, and That's a Huge Mistake<blockquote>华尔街已经放弃了这三只股票，这是一个巨大的错误</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-04-02 20:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It's never a bad time to search for beaten-down stocks that are profitable on paper.Searching forvalue stocksis pretty simple: Find financially robust companies that have performed poorly from a share price perspective, and buy them when they're down. When the share price comes back to reality, you'll be a winner. Wall Street has the habit of kicking a stock when it's down, as negative sentiment surrounding a particular name can spell doom for shareholders.</p><p><blockquote>现在是寻找账面上盈利的惨败股票的好时机。寻找价值股票非常简单：找到从股价角度来看表现不佳的财务状况稳健的公司，并在它们下跌时买入它们。当股价回归现实时，你就是赢家。华尔街有在股票下跌时踢它的习惯，因为围绕某个特定名字的负面情绪可能会给股东带来厄运。</blockquote></p><p>For those seeking value, these moments present an opportunity. Here, we'll look at three value stocks that have seen better days, but also have a good chance at rebounding.</p><p><blockquote>对于那些寻求价值的人来说，这些时刻提供了一个机会。在这里，我们将看看三只价值股，它们经历了更好的日子，但也有很好的反弹机会。</blockquote></p><p><b>Gilead Sciences</b></p><p><blockquote><b>吉利德科学</b></blockquote></p><p>Over the past five years,<b>Gilead Sciences</b>(NASDAQ:GILD)has managed to lose about 40% of its value on the open market, and has vastly underperformed apassively held index fundover the same period (as shown below). As a market leader in the oncology, HIV, and hepatitis C drug markets, respectively, the company produces a suite of antivirals for typically hard-to-treat illnesses. While Gilead was -- and is -- front-and-center during the pandemic in its production of Veklury (more commonly known as remdesivir), it is not one of the major vaccine producers.</p><p><blockquote>五年来，<b>吉利德科学</b>（纳斯达克股票代码：GILD）在公开市场上的价值损失了约 40%，并且在同一时期表现远逊于被动持有的指数基金（如下所示）。作为肿瘤学、艾滋病毒和丙型肝炎药物市场的市场领导者，该公司生产一套针对典型难以治疗的疾病的抗病毒药物。虽然吉利德在疫情期间一直是 Veklury（通常称为瑞德西韦）生产的前沿和中心，但它并不是主要的疫苗生产商之一。</blockquote></p><p>Perhaps the better news for those considering a Gilead investment is that the company is fundamentally quite strong. It trades at 9 times earnings, which is comparably cheap across the large-cap biotech sector. It projects a strong 2021, releasing guidance for revenue of $25 billion and EPS in the $7 range .</p><p><blockquote>对于那些考虑投资吉利德的人来说，也许更好的消息是该公司基本面相当强劲。它的市盈率是市盈率的 9 倍，在大型生物技术行业中相对便宜。它预计 2021 年将表现强劲，发布收入指引为 250 亿美元，每股收益在 7 美元范围内。</blockquote></p><p>Put simply, the company trades at an attractive price relative to the earnings it generates, and the hope is that patients start treatment for other viral and chronic (non-COVID) illnesses now that the pandemic has waned a bit in the early part of the year.</p><p><blockquote>简而言之，该公司的交易价格相对于其产生的收益很有吸引力，希望既然疫情在今年年初有所减弱，患者就能开始治疗其他病毒性和慢性（非新冠）疾病。</blockquote></p><p><img src=\"https://static.tigerbbs.com/3e7203dcf348bdd13924f561f04db9af\" tg-width=\"720\" tg-height=\"435\" referrerpolicy=\"no-referrer\"><b>DISH Network</b></p><p><blockquote><b>碟形网</b></blockquote></p><p>Despite a stagnant stock price --<b>DISH Network</b>(NASDAQ:DISH)has fallen from just under $50 per share to around $35 today -- there is reason to believe a comeback is in the works. The stock currently trades at 11 times earnings, relatively cheap based on today's standards, and posted strong revenue growth in 2020, up about 40% from 2019.</p><p><blockquote>尽管股价停滞不前——<b>碟形网</b>（纳斯达克股票代码：DISH）已从每股略低于 50 美元跌至今天的 35 美元左右——有理由相信卷土重来正在进行中。该股目前的市盈率为 11 倍，以今天的标准来看相对便宜，并在 2020 年收入强劲增长，比 2019 年增长约 40%。</blockquote></p><p>DISH has engaged in a few creative partnerships; perhaps the most promising of the bunchis a pact with DraftKings, which seeks to offer sports betting from DISH set-top boxes. The underlying current here is that DISH Network has shown an ability to think outside the box, which is reflected in itsprofitability measures. It is a buy at its current price, and has an opportunity to stage a comeback in the coming years.</p><p><blockquote>DISH参与了一些创造性的合作伙伴关系；也许bunchis中最有前途的是与DraftKings的协议，该协议寻求从碟形机顶盒提供体育博彩。这里的潜在趋势是，DISH Network 已经表现出跳出框框思考的能力，这反映在其盈利指标中。以目前的价格来看，它值得买入，并且有机会在未来几年卷土重来。</blockquote></p><p><b>Tupperware Brands</b></p><p><blockquote><b>特百惠品牌</b></blockquote></p><p>While not the most high-flying name you've ever heard,<b>Tupperware Brands</b>(NYSE:TUP)simply runs a sustainably profitable business. Last year's earnings were $2.24 a share, and the stock currently trades around $25 per share, leading to a current price-to-earnings ratio of only about 11. While overall sales were down in 2020, profitable sales growth rose, a sign that the company is still able to control costs and make money in the most difficult of circumstances.</p><p><blockquote>虽然不是你听过的最响亮的名字，<b>特百惠品牌</b>（纽约证券交易所股票代码：TUP）简单地经营着一项可持续盈利的业务。去年的收益为每股2.24美元，该股目前的交易价格约为每股25美元，导致目前的市盈率仅为11左右。虽然2020年整体销售额有所下降，但盈利销售增长有所上升，这表明该公司仍然能够在最困难的情况下控制成本并赚钱。</blockquote></p><p>The stock has also lost two-thirds of its value since 2013 but remains profitable. According to its year-end press release, the company has been successful in restructuring its debt and executing on its turnaround plans (especially concerning its core businesses). Shares remain cheap for the moment, but the fact remains: The company makes money and has the financials to prove it.</p><p><blockquote>自 2013 年以来，该股也损失了三分之二的价值，但仍保持盈利。根据其年终新闻稿，该公司已成功重组债务并执行其扭亏为盈计划（特别是有关其核心业务）。目前股价仍然很便宜，但事实仍然是：该公司赚钱了，并且有财务状况可以证明这一点。</blockquote></p><p><b>When in doubt, seek value</b></p><p><blockquote><b>当有疑问时，寻求价值</b></blockquote></p><p>The basic premise of value investing is to find profitable companies that happen to be on sale in the open market. While single-stock investing is far from a guaranteed strategy, it's worth looking into seemingly \"forgotten\" companies that simply have not yet had their day in the sun. Companies that have demonstrated their ability to grow and sustain profitability are your best bet, especially when they're cheap.</p><p><blockquote>价值投资的基本前提是找到那些恰好在公开市场上出售的盈利公司。虽然单一股票投资远不是一个有保证的策略，但值得研究一下那些看似“被遗忘”的公司，这些公司只是还没有在阳光下度过一天。那些已经证明自己有能力增长和维持盈利能力的公司是你最好的选择，尤其是当它们便宜的时候。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/04/02/wall-street-has-given-up-on-these-3-stocks-and-tha/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GILD":"吉利德科学","DISH":"Dish Network"},"source_url":"https://www.fool.com/investing/2021/04/02/wall-street-has-given-up-on-these-3-stocks-and-tha/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121666420","content_text":"It's never a bad time to search for beaten-down stocks that are profitable on paper.Searching forvalue stocksis pretty simple: Find financially robust companies that have performed poorly from a share price perspective, and buy them when they're down. When the share price comes back to reality, you'll be a winner. Wall Street has the habit of kicking a stock when it's down, as negative sentiment surrounding a particular name can spell doom for shareholders.For those seeking value, these moments present an opportunity. Here, we'll look at three value stocks that have seen better days, but also have a good chance at rebounding.Gilead SciencesOver the past five years,Gilead Sciences(NASDAQ:GILD)has managed to lose about 40% of its value on the open market, and has vastly underperformed apassively held index fundover the same period (as shown below). As a market leader in the oncology, HIV, and hepatitis C drug markets, respectively, the company produces a suite of antivirals for typically hard-to-treat illnesses. While Gilead was -- and is -- front-and-center during the pandemic in its production of Veklury (more commonly known as remdesivir), it is not one of the major vaccine producers.Perhaps the better news for those considering a Gilead investment is that the company is fundamentally quite strong. It trades at 9 times earnings, which is comparably cheap across the large-cap biotech sector. It projects a strong 2021, releasing guidance for revenue of $25 billion and EPS in the $7 range .Put simply, the company trades at an attractive price relative to the earnings it generates, and the hope is that patients start treatment for other viral and chronic (non-COVID) illnesses now that the pandemic has waned a bit in the early part of the year.DISH NetworkDespite a stagnant stock price --DISH Network(NASDAQ:DISH)has fallen from just under $50 per share to around $35 today -- there is reason to believe a comeback is in the works. The stock currently trades at 11 times earnings, relatively cheap based on today's standards, and posted strong revenue growth in 2020, up about 40% from 2019.DISH has engaged in a few creative partnerships; perhaps the most promising of the bunchis a pact with DraftKings, which seeks to offer sports betting from DISH set-top boxes. The underlying current here is that DISH Network has shown an ability to think outside the box, which is reflected in itsprofitability measures. It is a buy at its current price, and has an opportunity to stage a comeback in the coming years.Tupperware BrandsWhile not the most high-flying name you've ever heard,Tupperware Brands(NYSE:TUP)simply runs a sustainably profitable business. Last year's earnings were $2.24 a share, and the stock currently trades around $25 per share, leading to a current price-to-earnings ratio of only about 11. While overall sales were down in 2020, profitable sales growth rose, a sign that the company is still able to control costs and make money in the most difficult of circumstances.The stock has also lost two-thirds of its value since 2013 but remains profitable. According to its year-end press release, the company has been successful in restructuring its debt and executing on its turnaround plans (especially concerning its core businesses). Shares remain cheap for the moment, but the fact remains: The company makes money and has the financials to prove it.When in doubt, seek valueThe basic premise of value investing is to find profitable companies that happen to be on sale in the open market. While single-stock investing is far from a guaranteed strategy, it's worth looking into seemingly \"forgotten\" companies that simply have not yet had their day in the sun. Companies that have demonstrated their ability to grow and sustain profitability are your best bet, especially when they're cheap.","news_type":1,"symbols_score_info":{"GILD":0.9,"DISH":0.9}},"isVote":1,"tweetType":1,"viewCount":2554,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":340450298,"gmtCreate":1617459400014,"gmtModify":1634520879342,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573442142945386","authorIdStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmmmmm","listText":"Hmmmmm","text":"Hmmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/340450298","repostId":"2124875875","repostType":4,"isVote":1,"tweetType":1,"viewCount":2406,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":340948488,"gmtCreate":1617333935344,"gmtModify":1634521361612,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573442142945386","authorIdStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmmmmm","listText":"Hmmmmm","text":"Hmmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/340948488","repostId":"1102765777","repostType":4,"isVote":1,"tweetType":1,"viewCount":3183,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355764836,"gmtCreate":1617107451525,"gmtModify":1634522634794,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573442142945386","authorIdStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmmmmmm","listText":"Hmmmmmm","text":"Hmmmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/355764836","repostId":"2123296931","repostType":4,"isVote":1,"tweetType":1,"viewCount":2688,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355955286,"gmtCreate":1617025851245,"gmtModify":1634523066033,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573442142945386","authorIdStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmmmmm","listText":"Hmmmmm","text":"Hmmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/355955286","repostId":"1193371328","repostType":4,"repost":{"id":"1193371328","kind":"news","pubTimestamp":1617024119,"share":"https://www.laohunote.com/m/news/1193371328?lang=zh_CN&edition=full","pubTime":"2021-03-29 21:21","market":"us","language":"en","title":"CFDs - The Dirty Little Secret Behind The Collapse Of Archegos<blockquote>CFDs - Archegos 崩溃背后的肮脏小秘密</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193371328","media":"zerohedge","summary":"Stop us if you've heard this one before -Wall Street prime brokers allowed hedge funds to dance whil","content":"<p>Stop us if you've heard this one before -<i>Wall Street prime brokers allowed hedge funds to dance while the music was playing with ever greater leverage in off-exchange and unregulated derivatives... until the first sign of trouble and the whole house of cards comes crashing down in a potentially systemic manner</i>.</p><p><blockquote>如果你以前听过这个，请阻止我们-<i>华尔街的主要经纪商允许对冲基金跳舞，而场外和不受监管的衍生品的杠杆作用越来越大……直到麻烦的第一个迹象出现，整个纸牌屋以潜在的系统性方式崩溃</i>.</blockquote></p><p> The bloodbath in various media stocks on Friday has brought light back to one of the dark corners of the equity trading business -<b>so-called contracts-for-differences (CFDs).</b></p><p><blockquote>周五多家媒体股的大屠杀让股票交易行业的一个黑暗角落重见天日——<b>所谓的差价合约（CFD）。</b></blockquote></p><p> As Bloomberg reports, much of the leverage used by Hwang’s&nbsp;Archegos Capital was provided by banks including&nbsp;Nomura and&nbsp;Credit Suisse -who have most recently admitted huge losses- as<b>CFDs, which are made off exchanges, allow managers like Hwang to amass stakes in publicly traded companies without having to declare their holdings</b>(far in excess of the 5% stakes that require regulatory reporting).</p><p><blockquote>据彭博社报道，黄的 Archegos Capital 使用的大部分杠杆是由野村证券（Nomura）和瑞士信贷（Credit Suisse）等银行提供的，这两家银行最近都承认了巨额亏损。<b>差价合约是在交易所发行的，它允许像黄这样的经理人积累上市公司的股份，而不必申报他们的持股情况</b>（远远超过监管报告要求的5%股份）。</blockquote></p><p> Crucially,as Bloomberg notes,this means<b>Archegos may never actually have owned most of the underlying securities - if any at all</b>- as the CFD is akin to a privately-arranged (i.e. off exchange and bespoke) futures contract where the differences in the settlement between the open and closing trade prices are cash-settled (there is no delivery of physical goods or securities with CFDs).</p><p><blockquote>至关重要的是，正如彭博社指出的，这意味着<b>Archegos 实际上可能从未拥有大部分基础证券（如果有的话）</b>-由于差价合约类似于私人安排（即场外和定制）期货合约，其中开盘价和收盘价之间的结算差额以现金结算（差价合约不交付实物货物或证券）。</blockquote></p><p> What makes the situation worse is that<b>Archegos reportedly took positions in these CFDs with various prime brokers</b>- and because these positions are by their nature not centrally cleared or aggregated, this left prime broker X unaware of their client's exposures with prime broker Y... which in this case was huge.</p><p><blockquote>更糟糕的是<b>据报道，Archegos 与多家主要经纪商持有这些差价合约头寸</b>- 由于这些头寸本质上不是集中清算或汇总的，因此 prime broker X 并不知道其客户在 prime broker Y 的风险敞口……在这种情况下，这是巨大的。</blockquote></p><p> The leverage Hwang was given made him look like a trading genius as the various positions he took were pumped and pumped (and helped by gamma-squeezers) but now look like a reckless gambling fool as the bets collapsed.</p><p><blockquote>黄获得的杠杆作用让他看起来像一个交易天才，因为他持有的各种头寸被不断增加（并得到了伽马挤压器的帮助），但现在随着赌注的崩溃，他看起来像一个鲁莽的赌博傻瓜。</blockquote></p><p> CFDs linked to stocks (with a gross market value of around $282 billion at end June 2020) are among bespoke derivatives that investors trade privately between themselves, or over-the-counter, instead of through public exchanges.<b>This is exactly the kind of hidden risk that amplified the losses during the 2008 financial crisis.</b></p><p><blockquote>与股票挂钩的差价合约（截至 2020 年 6 月底，总市值约为 2820 亿美元）是定制衍生品之一，投资者可以在彼此之间私下或场外交易，而不是通过公共交易所进行交易。<b>这正是2008年金融危机期间放大损失的那种隐患。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/ffab65c57ee35df93f6a6087e1136e5b\" tg-width=\"500\" tg-height=\"321\">AsBloombergnotes,<b>regulators have begun clamping down on CFDs in recent years because they’re concerned the derivatives are too complex and too risky for retail investors,</b>with the European Securities and Markets Authority in 2018&nbsp;restricting&nbsp;the distribution to individuals and capping leverage. In the U.S., CFDs are largely banned for amateur traders... but not for hedge fund managers who are \"sophisticated\"?</p><p><blockquote>正如彭博社指出的，<b>近年来，监管机构开始打击差价合约，因为他们担心这种衍生品对散户投资者来说过于复杂和风险太大、</b>欧洲证券和市场管理局在2018年限制向个人分配并限制杠杆。在美国，业余交易者基本上禁止差价合约……但对于“老练”的对冲基金经理来说就不是了？</blockquote></p><p> But,<b>banks still favor them because they can make a large profit without needing to set aside as much capital versus trading actual securities</b>(driven to this opaque market as an unintended consequence of heavy regulation following the 2008 financial crisis).</p><p><blockquote>但是，<b>银行仍然青睐它们，因为与交易实际证券相比，它们无需预留那么多资金即可赚取巨额利润</b>（2008年金融危机后严格监管的意外后果，导致这个不透明的市场）。</blockquote></p><p> In the case of Archegos, there is very little transparency about Hwang’s trades, but market participants suggest his assets had grown to anywhere from $5 billion to $10 billion in recent years with<b>total exposure topping $50 billion</b>. And bear in mind,<b>this is not 'leverage' in the old-fashioned sense</b>(i.e. banks allow you buy X-times the amount of stocks relative to your capital); this is<b>purely synthetic</b>- the firm has no actual underlying asset to fall back on, but is linearly exposed to losses (and gains) on a margined basis.</p><p><blockquote>就 Archegos 而言，Hwang 的交易几乎没有透明度，但市场参与者认为，近年来他的资产已增长到 50 亿至 100 亿美元。<b>总风险敞口超过 500 亿美元</b>记住，<b>这不是老式意义上的“杠杆”</b>（即银行允许你购买相对于你的资本数量X倍的股票）；这是<b>纯合成</b>- 该公司没有实际的基础资产可以依赖，但在边际基础上面临线性损失（和收益）。</blockquote></p><p> And as we noted at the beginning,<b>this has the potential to be much more systemic</b>as the losses created by Archegos' margin calls trigger more margin calls and more potential losses for the prime brokers. Think we are exaggerating, then explain why the costs of counterparty risk hedging for Credit Suisse for example, has exploded in the last few days...</p><p><blockquote>正如我们在开头提到的，<b>这有可能变得更加系统化</b>由于 Archegos 的保证金评级造成的损失引发了更多的保证金评级和主要经纪商的更多潜在损失。认为我们夸大其词，然后解释一下为什么瑞士信贷的交易对手风险对冲成本在过去几天里激增……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/28842de72b88aa4010edfcfa798fa5af\" tg-width=\"500\" tg-height=\"273\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Mohammed El-Erian told CNBC this morning that<i><b>\"It seems to be a one-off ... for now, it looks contained. And that's a good thing.\" But added \"what we don't want is a pile-up.\"</b></i></p><p><blockquote>穆罕默德·埃尔-埃里安今天早上告诉 CNBC<i><b>“这似乎是一次性的……目前看来，它看起来很可控。这是一件好事。”但补充说“我们不想要的是堆积如山。”</b></i></blockquote></p><p> We look forward to the Congressional hearings on this.</p><p><blockquote>我们期待国会就此举行听证会。</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>CFDs - The Dirty Little Secret Behind The Collapse Of Archegos<blockquote>CFDs - Archegos 崩溃背后的肮脏小秘密</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCFDs - The Dirty Little Secret Behind The Collapse Of Archegos<blockquote>CFDs - Archegos 崩溃背后的肮脏小秘密</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-03-29 21:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stop us if you've heard this one before -<i>Wall Street prime brokers allowed hedge funds to dance while the music was playing with ever greater leverage in off-exchange and unregulated derivatives... until the first sign of trouble and the whole house of cards comes crashing down in a potentially systemic manner</i>.</p><p><blockquote>如果你以前听过这个，请阻止我们-<i>华尔街的主要经纪商允许对冲基金跳舞，而场外和不受监管的衍生品的杠杆作用越来越大……直到麻烦的第一个迹象出现，整个纸牌屋以潜在的系统性方式崩溃</i>.</blockquote></p><p> The bloodbath in various media stocks on Friday has brought light back to one of the dark corners of the equity trading business -<b>so-called contracts-for-differences (CFDs).</b></p><p><blockquote>周五多家媒体股的大屠杀让股票交易行业的一个黑暗角落重见天日——<b>所谓的差价合约（CFD）。</b></blockquote></p><p> As Bloomberg reports, much of the leverage used by Hwang’s&nbsp;Archegos Capital was provided by banks including&nbsp;Nomura and&nbsp;Credit Suisse -who have most recently admitted huge losses- as<b>CFDs, which are made off exchanges, allow managers like Hwang to amass stakes in publicly traded companies without having to declare their holdings</b>(far in excess of the 5% stakes that require regulatory reporting).</p><p><blockquote>据彭博社报道，黄的 Archegos Capital 使用的大部分杠杆是由野村证券（Nomura）和瑞士信贷（Credit Suisse）等银行提供的，这两家银行最近都承认了巨额亏损。<b>差价合约是在交易所发行的，它允许像黄这样的经理人积累上市公司的股份，而不必申报他们的持股情况</b>（远远超过监管报告要求的5%股份）。</blockquote></p><p> Crucially,as Bloomberg notes,this means<b>Archegos may never actually have owned most of the underlying securities - if any at all</b>- as the CFD is akin to a privately-arranged (i.e. off exchange and bespoke) futures contract where the differences in the settlement between the open and closing trade prices are cash-settled (there is no delivery of physical goods or securities with CFDs).</p><p><blockquote>至关重要的是，正如彭博社指出的，这意味着<b>Archegos 实际上可能从未拥有大部分基础证券（如果有的话）</b>-由于差价合约类似于私人安排（即场外和定制）期货合约，其中开盘价和收盘价之间的结算差额以现金结算（差价合约不交付实物货物或证券）。</blockquote></p><p> What makes the situation worse is that<b>Archegos reportedly took positions in these CFDs with various prime brokers</b>- and because these positions are by their nature not centrally cleared or aggregated, this left prime broker X unaware of their client's exposures with prime broker Y... which in this case was huge.</p><p><blockquote>更糟糕的是<b>据报道，Archegos 与多家主要经纪商持有这些差价合约头寸</b>- 由于这些头寸本质上不是集中清算或汇总的，因此 prime broker X 并不知道其客户在 prime broker Y 的风险敞口……在这种情况下，这是巨大的。</blockquote></p><p> The leverage Hwang was given made him look like a trading genius as the various positions he took were pumped and pumped (and helped by gamma-squeezers) but now look like a reckless gambling fool as the bets collapsed.</p><p><blockquote>黄获得的杠杆作用让他看起来像一个交易天才，因为他持有的各种头寸被不断增加（并得到了伽马挤压器的帮助），但现在随着赌注的崩溃，他看起来像一个鲁莽的赌博傻瓜。</blockquote></p><p> CFDs linked to stocks (with a gross market value of around $282 billion at end June 2020) are among bespoke derivatives that investors trade privately between themselves, or over-the-counter, instead of through public exchanges.<b>This is exactly the kind of hidden risk that amplified the losses during the 2008 financial crisis.</b></p><p><blockquote>与股票挂钩的差价合约（截至 2020 年 6 月底，总市值约为 2820 亿美元）是定制衍生品之一，投资者可以在彼此之间私下或场外交易，而不是通过公共交易所进行交易。<b>这正是2008年金融危机期间放大损失的那种隐患。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/ffab65c57ee35df93f6a6087e1136e5b\" tg-width=\"500\" tg-height=\"321\">AsBloombergnotes,<b>regulators have begun clamping down on CFDs in recent years because they’re concerned the derivatives are too complex and too risky for retail investors,</b>with the European Securities and Markets Authority in 2018&nbsp;restricting&nbsp;the distribution to individuals and capping leverage. In the U.S., CFDs are largely banned for amateur traders... but not for hedge fund managers who are \"sophisticated\"?</p><p><blockquote>正如彭博社指出的，<b>近年来，监管机构开始打击差价合约，因为他们担心这种衍生品对散户投资者来说过于复杂和风险太大、</b>欧洲证券和市场管理局在2018年限制向个人分配并限制杠杆。在美国，业余交易者基本上禁止差价合约……但对于“老练”的对冲基金经理来说就不是了？</blockquote></p><p> But,<b>banks still favor them because they can make a large profit without needing to set aside as much capital versus trading actual securities</b>(driven to this opaque market as an unintended consequence of heavy regulation following the 2008 financial crisis).</p><p><blockquote>但是，<b>银行仍然青睐它们，因为与交易实际证券相比，它们无需预留那么多资金即可赚取巨额利润</b>（2008年金融危机后严格监管的意外后果，导致这个不透明的市场）。</blockquote></p><p> In the case of Archegos, there is very little transparency about Hwang’s trades, but market participants suggest his assets had grown to anywhere from $5 billion to $10 billion in recent years with<b>total exposure topping $50 billion</b>. And bear in mind,<b>this is not 'leverage' in the old-fashioned sense</b>(i.e. banks allow you buy X-times the amount of stocks relative to your capital); this is<b>purely synthetic</b>- the firm has no actual underlying asset to fall back on, but is linearly exposed to losses (and gains) on a margined basis.</p><p><blockquote>就 Archegos 而言，Hwang 的交易几乎没有透明度，但市场参与者认为，近年来他的资产已增长到 50 亿至 100 亿美元。<b>总风险敞口超过 500 亿美元</b>记住，<b>这不是老式意义上的“杠杆”</b>（即银行允许你购买相对于你的资本数量X倍的股票）；这是<b>纯合成</b>- 该公司没有实际的基础资产可以依赖，但在边际基础上面临线性损失（和收益）。</blockquote></p><p> And as we noted at the beginning,<b>this has the potential to be much more systemic</b>as the losses created by Archegos' margin calls trigger more margin calls and more potential losses for the prime brokers. Think we are exaggerating, then explain why the costs of counterparty risk hedging for Credit Suisse for example, has exploded in the last few days...</p><p><blockquote>正如我们在开头提到的，<b>这有可能变得更加系统化</b>由于 Archegos 的保证金评级造成的损失引发了更多的保证金评级和主要经纪商的更多潜在损失。认为我们夸大其词，然后解释一下为什么瑞士信贷的交易对手风险对冲成本在过去几天里激增……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/28842de72b88aa4010edfcfa798fa5af\" tg-width=\"500\" tg-height=\"273\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Mohammed El-Erian told CNBC this morning that<i><b>\"It seems to be a one-off ... for now, it looks contained. And that's a good thing.\" But added \"what we don't want is a pile-up.\"</b></i></p><p><blockquote>穆罕默德·埃尔-埃里安今天早上告诉 CNBC<i><b>“这似乎是一次性的……目前看来，它看起来很可控。这是一件好事。”但补充说“我们不想要的是堆积如山。”</b></i></blockquote></p><p> We look forward to the Congressional hearings on this.</p><p><blockquote>我们期待国会就此举行听证会。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/cfds-dirty-little-secret-behind-collapse-archegos?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/cfds-dirty-little-secret-behind-collapse-archegos?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193371328","content_text":"Stop us if you've heard this one before -Wall Street prime brokers allowed hedge funds to dance while the music was playing with ever greater leverage in off-exchange and unregulated derivatives... until the first sign of trouble and the whole house of cards comes crashing down in a potentially systemic manner.\nThe bloodbath in various media stocks on Friday has brought light back to one of the dark corners of the equity trading business -so-called contracts-for-differences (CFDs).\nAs Bloomberg reports, much of the leverage used by Hwang’s Archegos Capital was provided by banks including Nomura and Credit Suisse -who have most recently admitted huge losses- asCFDs, which are made off exchanges, allow managers like Hwang to amass stakes in publicly traded companies without having to declare their holdings(far in excess of the 5% stakes that require regulatory reporting).\nCrucially,as Bloomberg notes,this meansArchegos may never actually have owned most of the underlying securities - if any at all- as the CFD is akin to a privately-arranged (i.e. off exchange and bespoke) futures contract where the differences in the settlement between the open and closing trade prices are cash-settled (there is no delivery of physical goods or securities with CFDs).\nWhat makes the situation worse is thatArchegos reportedly took positions in these CFDs with various prime brokers- and because these positions are by their nature not centrally cleared or aggregated, this left prime broker X unaware of their client's exposures with prime broker Y... which in this case was huge.\nThe leverage Hwang was given made him look like a trading genius as the various positions he took were pumped and pumped (and helped by gamma-squeezers) but now look like a reckless gambling fool as the bets collapsed.\nCFDs linked to stocks (with a gross market value of around $282 billion at end June 2020) are among bespoke derivatives that investors trade privately between themselves, or over-the-counter, instead of through public exchanges.This is exactly the kind of hidden risk that amplified the losses during the 2008 financial crisis.\nAsBloombergnotes,regulators have begun clamping down on CFDs in recent years because they’re concerned the derivatives are too complex and too risky for retail investors,with the European Securities and Markets Authority in 2018 restricting the distribution to individuals and capping leverage. In the U.S., CFDs are largely banned for amateur traders... but not for hedge fund managers who are \"sophisticated\"?\nBut,banks still favor them because they can make a large profit without needing to set aside as much capital versus trading actual securities(driven to this opaque market as an unintended consequence of heavy regulation following the 2008 financial crisis).\nIn the case of Archegos, there is very little transparency about Hwang’s trades, but market participants suggest his assets had grown to anywhere from $5 billion to $10 billion in recent years withtotal exposure topping $50 billion. And bear in mind,this is not 'leverage' in the old-fashioned sense(i.e. banks allow you buy X-times the amount of stocks relative to your capital); this ispurely synthetic- the firm has no actual underlying asset to fall back on, but is linearly exposed to losses (and gains) on a margined basis.\nAnd as we noted at the beginning,this has the potential to be much more systemicas the losses created by Archegos' margin calls trigger more margin calls and more potential losses for the prime brokers. Think we are exaggerating, then explain why the costs of counterparty risk hedging for Credit Suisse for example, has exploded in the last few days...\nSource: Bloomberg\nMohammed El-Erian told CNBC this morning that\"It seems to be a one-off ... for now, it looks contained. And that's a good thing.\" But added \"what we don't want is a pile-up.\"\nWe look forward to the Congressional hearings on this.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2305,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}