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- Miiao_Miiao_
  ·2021-05-07
  [Sad]
  Yale's chief investment manager David Swensen dies at 67<blockquote>耶鲁大学首席投资经理大卫·斯文森去世，享年 67 岁</blockquote>
  David Swensen, the head of Yale University’s endowment who helped reshape how institutions manage th
  Yale's chief investment manager David Swensen dies at 67<blockquote>耶鲁大学首席投资经理大卫·斯文森去世，享年 67 岁</blockquote>
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- Miiao_Miiao_
  ·2021-03-15
  [强]
  GameStop and AMC Actually Did Improve Their Fundamentals Last Week<blockquote>游戏驿站和 AMC 上周实际上确实改善了基本面</blockquote>
  Last week was huge for the two most popular meme stocks. Shares ofAMC Entertainment Holdings(NYSE:AM
  GameStop and AMC Actually Did Improve Their Fundamentals Last Week<blockquote>游戏驿站和 AMC 上周实际上确实改善了基本面</blockquote>
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- Miiao_Miiao_
  ·2021-02-25
  [真香]
  1,932 评论
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- Miiao_Miiao_
  ·2021-02-20
  [龇牙]
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- Miiao_Miiao_
  ·2021-02-20
  [思考] $Bionano Genomics(BNGO)$
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- Miiao_Miiao_
  ·2021-02-17
  [得意] $Bionano Genomics(BNGO)$
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stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1620309854,"share":"https://www.laohunote.com/m/news/1188985089?lang=zh_CN&edition=full","pubTime":"2021-05-06 22:04","market":"other","language":"en","title":"Yale's chief investment manager David Swensen dies at 67<blockquote>耶鲁大学首席投资经理大卫·斯文森去世，享年 67 岁</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188985089","media":"Tiger Newspress","summary":"David Swensen, the head of Yale University’s endowment who helped reshape how institutions manage th","content":"<p>David Swensen, the head of Yale University’s endowment who helped reshape how institutions manage their money, has died from cancer aged 67.</p><p><blockquote>耶鲁大学捐赠基金负责人大卫-斯文森（David Swensen）因癌症去世，享年 67 岁。</blockquote></p><p>After stints at Salomon Brothers and Lehman Brothers, Swensen returned to his alma mater in 1985 to lead its investment office. At the time, endowments were typically conservatively managed, but Swensen overhauled the model dramatically, taking advantage of their long-term focus to invest heavily in the nascent private equity and hedge fund industries.</p><p><blockquote>在所罗门兄弟和雷曼兄弟任职后，斯文森于 1985 年回到母校领导其投资办公室。当时，捐赠基金通常是保守管理的，但斯文森对这种模式进行了大刀阔斧的改革，利用其长期关注的优势，大力投资于新兴的私募股权和对冲基金行业。</blockquote></p><p>His approach was so successful it revolutionised how endowments and many other institutional investors allocate their money, and the “Yale model” spread and helped change the wider investment industry.</p><p><blockquote>他的方法非常成功，彻底改变了捐赠基金和许多其他机构投资者的资金分配方式，“耶鲁模式 ”传播开来，帮助改变了更广泛的投资行业。</blockquote></p><p>“With his guidance, Yale’s endowment yielded returns that established him as a legend among institutional investors,” Peter Salovey, Yale’s president, said in a statement. “A natural teacher, he prepared a generation of institutional investors who have gone on to lead investment offices at other colleges and universities, further extending the scope of David’s influence.”</p><p><blockquote>“耶鲁大学校长彼得-萨洛维（Peter Salovey）在一份声明中说：”在他的指导下，耶鲁大学的捐赠基金获得了回报，使他成为机构投资者中的传奇人物。“作为一名天生的教师，他培养了一代机构投资者，他们后来在其他学院和大学领导投资办公室，进一步扩大了大卫的影响范围”。</blockquote></p><p>The Yale Investments Office managed $31.2bn as of June 2020, and says it has averaged annual returns of 12. 4 per cent a year over the past three decades. In the 2021 fiscal year its contributions accounted for over a third of the university’s overall revenues.</p><p><blockquote>截至2020年6月，耶鲁投资办公室管理着312亿美元的资产，并表示在过去30年中，该办公室的平均年回报率为12. 4%。在 2021 财年，其捐款占大学总收入的三分之一以上。</blockquote></p><p>Almost a quarter of the endowment is invested in venture capital, and combined with private equity, hedge funds and real estate, so-called “alternative” investments account for nearly three quarters of its assets.</p><p><blockquote>近四分之一的捐赠基金投资于风险投资，加上私募股权、对冲基金和房地产，所谓的 “另类 ”投资占其资产的近四分之三。</blockquote></p><p><b>Early life and education</b></p><p><blockquote><b>早期生活与教育</b></blockquote></p><p>David F. Swensen was born inRiver Falls, Wisconsin. His father, Richard Swensen, was a chemistry professor and dean at the University of Wisconsin-River Falls. His mother, Grace, after raising six children, became a Lutheran minister. After graduating from River Falls High School in 1971 Swensen elected to stay in his hometown of River Falls and receive hisB.A.andB.S.in 1975 from theUniversity of Wisconsin-River Fallswhere his father Richard Swensen was a professor. Swensen pursued a PhD ineconomicsat Yale, where he wrote hisdissertation,<i>A Model for the Valuation ofCorporate Bonds.</i>One of Swensen's dissertation advisers at Yale wasJames Tobin, a top economic adviser toJohn F. Kennedyadministration and a future Nobel Prize laureate in economics. According to Charles Ellis, founder of Greenwich Associates and former chair of Yale's investment committee, \"When it snowed, David went to Jim's house to shovel the sidewalk\". James Tobin's Nobel Prize, among other things, was for his contribution in creation of Modern Portfolio Theory. Swensen was fascinated by the idea of Modern Portfolio Theory. During his 2018 reunion speech Swensen said: \"For a given level of return, if you diversify you can get that return at lower risk. For a given level of risk, if you diversify you can get a higher return. That's pretty cool! Free lunch!\"</p><p><blockquote>大卫·F·斯文森出生于威斯康星州的里弗福尔斯。他的父亲理查德·斯文森 (Richard Swensen) 是威斯康星大学河瀑分校的化学教授兼院长。他的母亲格蕾丝在抚养了六个孩子后，成为了一名路德教牧师。1971年从里弗福尔斯高中毕业后，斯文森选择留在他的家乡里弗福尔斯，并于1975年获得了威斯康星大学里弗福尔斯分校的学士学位和理学学士学位，他的父亲理查德·斯文森是该校的教授。斯文森在耶鲁大学攻读经济学博士学位，<i>公司债券估值模型。</i>斯文森在耶鲁大学的论文导师之一是詹姆斯·托宾，他是约翰·肯尼迪政府的高级经济顾问，也是未来的诺贝尔经济学奖获得者。据格林威治联合公司创始人、耶鲁大学投资委员会前主席查尔斯·埃利斯说，“下雪的时候，大卫去吉姆家铲人行道”。詹姆斯·托宾获得诺贝尔奖，除其他外，是因为他对现代投资组合理论的贡献。斯文森对现代投资组合理论的思想非常着迷。在2018年的同学会演讲中，斯文森说：“对于给定的回报水平，如果你分散投资，你可以以较低的风险获得回报。对于给定的风险水平，如果你分散投资，你可以获得更高的回报。这很酷!免费午餐!”</blockquote></p><p><b>Investment career</b></p><p><blockquote><b>投资生涯</b></blockquote></p><p>Swensen began his investment career in the early 1980s, and has since advised theCarnegie Corporation, theNew York Stock Exchange, theHoward Hughes Medical Institute, theCourtauld Institute of Art, theYale-New Haven Hospital, The Investment Fund for Foundations (TIFF), theEdna McConnell Clark Foundation, and the States of&nbsp;Connecticut&nbsp;and&nbsp;Massachusetts.</p><p><blockquote>Swensen 于 20 世纪 80 年代初开始了他的投资生涯，此后曾为卡内基公司、纽约证券交易所、霍华德·休斯医学研究所、考陶尔德艺术学院、耶鲁-纽黑文医院、基金会投资基金 (TIFF)、DNA McConnell Clark 基金会以及康涅狄格州和马萨诸塞州提供咨询。</blockquote></p><p><b>Salomon Brothers</b></p><p><blockquote><b>所罗门兄弟</b></blockquote></p><p>Following his academic interest in valuation of corporate bonds, Swensen joined Salomon Brothers in 1980. This career move was suggested by a Salomon Brothers investment banker and Yale alumni, Gene Dattel, who was deeply impressed by Swensen. In 1981 Swensen worked to structure the world's first swap agreement, a deal betweenIBMand theWorld Bankwhich allowed to hedge their exposure to Swiss francs and German marks.</p><p><blockquote>由于对公司债券估值的学术兴趣，斯文森于 1980 年加入所罗门兄弟公司。这一职业转变是由所罗门兄弟投资银行家、耶鲁大学校友吉恩·达特尔建议的，他对斯文森印象深刻。1981年，斯文森致力于构建世界上第一个互换协议，这是IBM和世界银行之间的一项协议，允许他们对冲瑞士法郎和德国马克的风险敞口。</blockquote></p><p><b>Lehman Brothers</b></p><p><blockquote><b>雷曼兄弟</b></blockquote></p><p>Prior to joining Yale in 1985, Swensen spent six years onWall Streetas senior vice president atLehman Brothers,&nbsp;specializing in the firm'sswapactivities, and as an associate incorporate financeforSalomon Brothers(here he worked for three years prior to joining Lehman Brothers), where his work focused on developing new financial technologies. Swensen engineered the first swap transaction according to<i>When Genius Failed: The Rise and Fall of Long-Term Capital Management</i>byRoger Lowenstein.</p><p><blockquote>在1985年加入耶鲁大学之前，斯文森曾在华尔街担任雷曼兄弟公司的高级副总裁六年，专门从事该公司的SSWAP活动，并在所罗门兄弟公司担任财务合伙人（在加入雷曼兄弟之前，他在这里工作了三年），他的工作重点是开发新的金融技术。斯文森根据<i>当天才失败：长期资本管理的兴衰</i>作者：罗杰·洛温斯坦。</blockquote></p><p><b>Yale University endowment</b></p><p><blockquote><b>耶鲁大学捐赠基金</b></blockquote></p><p></p><p>Swensen was tapped to serve as the Yale endowment manager at age 31 in 1985.&nbsp;This position was offered by Swensen's other dissertation adviser, Yale's provost,William Brainard. Swensen's candidacy was suggested by James Tobin, who, despite his former student's young age, believed he could be the right person. Swensen was hesitant about taking the job at first, since he did not know much about portfolio management aside from his studies in graduate school. Nevertheless, Brainard convinced him to take the position and Swensen started on April 1, 1985 by taking 80% pay cut.&nbsp;A year later, in 1986, he was joined by Yale College and School of Management graduate Dean Takahashi, who soon became Swensen's trusted deputy. In 1985, when Swensen started managing the endowment, it was worth $1 billion; in 2019 it was worth $29.4 billion.</p><p><blockquote>1985年，31岁的斯文森被任命为耶鲁大学捐赠基金经理。这个职位是由斯文森的另一位论文导师、耶鲁大学教务长威廉·布雷纳德提供的。斯文森的候选资格是由詹姆斯·托宾建议的，尽管他以前的学生年纪轻轻，但他相信他可能是合适的人选。斯文森起初对接受这份工作犹豫不决，因为除了在研究生院学习之外，他对投资组合管理了解不多。尽管如此，布雷纳德说服他接受了这个职位，斯文森于1985年4月1日开始接受80%的减薪。一年后，1986年，耶鲁大学和管理学院院长高桥加入了他的行列，他很快成为斯文森信任的副手。1985年，当斯文森开始管理捐赠基金时，它价值10亿美元；2019年，它的价值为294亿美元。</blockquote></p><p>As of 2005, the fund has managed annualized returns of 16.1%. He has been called \"Yale's 8 billion dollar man\" for his attainment of nearly $8 billion for the college endowment from 1985 to 2005.&nbsp;According to former Yale President, economistRichard Levin, Swensen's \"contribution\" to Yale is greater than the sum of all the donations made in more than two decades. \"We've just done better,\" Levin says, because of Swensen's \"uncanny ability\" to pick the best outside money managers. Swensen's former staff members, who later became managers of other endowment funds - includingMIT,StanfordandPrinceton- also showed impressive results in multiplying fund wealth.</p><p><blockquote>截至2005年，该基金的年化回报率为16.1%。他被称为“耶鲁的80亿美元人”，因为他从1985年到2005年为学院捐赠了近80亿美元。根据耶鲁大学前校长、经济学家理查德·莱文的说法，斯文森对耶鲁的“贡献”超过了二十多年来所有捐款的总和。“我们刚刚做得更好，”莱文说，因为斯文森拥有挑选最佳外部资金经理的“不可思议的能力”。斯文森的前员工后来成为其他捐赠基金（包括麻省理工学院、斯坦福大学和普林斯顿大学）的经理，在基金财富倍增方面也表现出了令人印象深刻的成果。</blockquote></p><p>In September 2014, Swensen began to move the Yale endowment away from investment in companies that have a large greenhouse footprint, expressing Yale's preferences in a letter to the endowment's money managers. The letter asked them to consider the effect of their investments on climate change, and to refrain from investing in companies that do not make reasonable efforts to reduce carbon emissions. This method was characterized by Swensen as a more subtle and flexible approach, as opposed to outright divestment.</p><p><blockquote>2014 年 9 月，斯文森开始让耶鲁基金会远离对温室足迹较大的公司的投资，并在给基金会资金经理的一封信中表达了耶鲁的偏好。信中要求他们考虑投资对气候变化的影响，并避免投资那些没有做出合理努力减少碳排放的公司。斯文森将这种方法描述为一种更微妙、更灵活的方法，而不是彻底撤资。</blockquote></p><p>Swensen made headlines on March 5, 2018 for arguing with the undergraduate editor-in-chief of the<i>Yale Daily News</i>. Swensen called the editor-in-chief a \"coward\" for deleting an inaccurate sentence and removing a footnote in an op-ed that he submitted to the paper; his column, which he required to be published unedited, responded to a student teach-in that criticized companies allegedly in the Yale portfolio.</p><p><blockquote>2018年3月5日，斯文森因与本科生主编争吵而成为头条新闻<i>耶鲁每日新闻</i>斯文森称主编为“懦夫”，因为他在提交给该报的一篇专栏文章中删除了一个不准确的句子和一个脚注；他要求未经编辑发表的专栏是对一名学生批评耶鲁大学投资组合中涉嫌公司的讲座的回应。</blockquote></p><p><b>Unconventional success</b></p><p><blockquote><b>非常规的成功</b></blockquote></p><p>In 2005, Swensen wrote a book called<i>Unconventional Success,</i>which is an investment guide for the individual investor. The general strategy that he presents can be boiled down to the following three main points of advice:</p><p><blockquote>2005年，斯文森写了一本名为<i>非常规的成功，</i>这是个人投资者的投资指南。他提出的总体策略可以归结为以下三个要点：</blockquote></p><p><ul><li>The investor should construct a portfolio with money allocated to 6 core asset classes, diversifying among them and biasing toward the equity sections.</li><li>The investor should rebalance the portfolio on a regular basis (rebalancingback to the original weightings of the asset classes in the portfolio).</li><li>In the absence of confidence in a market-beating strategy, invest in low-costindex fundsandexchange-traded funds. The investor should be very watchful of costs as some indices are poorly constructed and some fund companies charge excessive fees (or generate large tax liabilities).</li></ul>He slams manymutual fundcompanies for charging excessive fees and not living up to their fiduciary responsibility. He highlights the conflict of interest inherent in the mutual funds, claiming they want high fee, high turnover funds while investors want the opposite.</p><p><blockquote><ul><li>投资者应该构建一个投资组合，将资金分配到6个核心资产类别，在它们之间分散投资，并偏向股票部分。</li><li>投资者应定期重新平衡投资组合（重新平衡回投资组合中资产类别的原始权重）。</li><li>如果对跑赢市场的策略没有信心，投资低成本指数基金和交易所交易基金。投资者应该非常警惕成本，因为一些指数构建不良，一些基金公司收取过高的费用（或产生巨额纳税义务）。</li></ul>他抨击许多共同基金公司收取过高的费用，没有履行其信托责任。他强调了共同基金固有的利益冲突，声称他们想要高费用、高周转率的基金，而投资者想要相反的基金。</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>Yale's chief investment manager David Swensen dies at 67<blockquote>耶鲁大学首席投资经理大卫·斯文森去世，享年 67 岁</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\">\nYale's chief investment manager David Swensen dies at 67<blockquote>耶鲁大学首席投资经理大卫·斯文森去世，享年 67 岁</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\">2021-05-06 22:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>David Swensen, the head of Yale University’s endowment who helped reshape how institutions manage their money, has died from cancer aged 67.</p><p><blockquote>耶鲁大学捐赠基金负责人大卫-斯文森（David Swensen）因癌症去世，享年 67 岁。</blockquote></p><p>After stints at Salomon Brothers and Lehman Brothers, Swensen returned to his alma mater in 1985 to lead its investment office. At the time, endowments were typically conservatively managed, but Swensen overhauled the model dramatically, taking advantage of their long-term focus to invest heavily in the nascent private equity and hedge fund industries.</p><p><blockquote>在所罗门兄弟和雷曼兄弟任职后，斯文森于 1985 年回到母校领导其投资办公室。当时，捐赠基金通常是保守管理的，但斯文森对这种模式进行了大刀阔斧的改革，利用其长期关注的优势，大力投资于新兴的私募股权和对冲基金行业。</blockquote></p><p>His approach was so successful it revolutionised how endowments and many other institutional investors allocate their money, and the “Yale model” spread and helped change the wider investment industry.</p><p><blockquote>他的方法非常成功，彻底改变了捐赠基金和许多其他机构投资者的资金分配方式，“耶鲁模式 ”传播开来，帮助改变了更广泛的投资行业。</blockquote></p><p>“With his guidance, Yale’s endowment yielded returns that established him as a legend among institutional investors,” Peter Salovey, Yale’s president, said in a statement. “A natural teacher, he prepared a generation of institutional investors who have gone on to lead investment offices at other colleges and universities, further extending the scope of David’s influence.”</p><p><blockquote>“耶鲁大学校长彼得-萨洛维（Peter Salovey）在一份声明中说：”在他的指导下，耶鲁大学的捐赠基金获得了回报，使他成为机构投资者中的传奇人物。“作为一名天生的教师，他培养了一代机构投资者，他们后来在其他学院和大学领导投资办公室，进一步扩大了大卫的影响范围”。</blockquote></p><p>The Yale Investments Office managed $31.2bn as of June 2020, and says it has averaged annual returns of 12. 4 per cent a year over the past three decades. In the 2021 fiscal year its contributions accounted for over a third of the university’s overall revenues.</p><p><blockquote>截至2020年6月，耶鲁投资办公室管理着312亿美元的资产，并表示在过去30年中，该办公室的平均年回报率为12. 4%。在 2021 财年，其捐款占大学总收入的三分之一以上。</blockquote></p><p>Almost a quarter of the endowment is invested in venture capital, and combined with private equity, hedge funds and real estate, so-called “alternative” investments account for nearly three quarters of its assets.</p><p><blockquote>近四分之一的捐赠基金投资于风险投资，加上私募股权、对冲基金和房地产，所谓的 “另类 ”投资占其资产的近四分之三。</blockquote></p><p><b>Early life and education</b></p><p><blockquote><b>早期生活与教育</b></blockquote></p><p>David F. Swensen was born inRiver Falls, Wisconsin. His father, Richard Swensen, was a chemistry professor and dean at the University of Wisconsin-River Falls. His mother, Grace, after raising six children, became a Lutheran minister. After graduating from River Falls High School in 1971 Swensen elected to stay in his hometown of River Falls and receive hisB.A.andB.S.in 1975 from theUniversity of Wisconsin-River Fallswhere his father Richard Swensen was a professor. Swensen pursued a PhD ineconomicsat Yale, where he wrote hisdissertation,<i>A Model for the Valuation ofCorporate Bonds.</i>One of Swensen's dissertation advisers at Yale wasJames Tobin, a top economic adviser toJohn F. Kennedyadministration and a future Nobel Prize laureate in economics. According to Charles Ellis, founder of Greenwich Associates and former chair of Yale's investment committee, \"When it snowed, David went to Jim's house to shovel the sidewalk\". James Tobin's Nobel Prize, among other things, was for his contribution in creation of Modern Portfolio Theory. Swensen was fascinated by the idea of Modern Portfolio Theory. During his 2018 reunion speech Swensen said: \"For a given level of return, if you diversify you can get that return at lower risk. For a given level of risk, if you diversify you can get a higher return. That's pretty cool! Free lunch!\"</p><p><blockquote>大卫·F·斯文森出生于威斯康星州的里弗福尔斯。他的父亲理查德·斯文森 (Richard Swensen) 是威斯康星大学河瀑分校的化学教授兼院长。他的母亲格蕾丝在抚养了六个孩子后，成为了一名路德教牧师。1971年从里弗福尔斯高中毕业后，斯文森选择留在他的家乡里弗福尔斯，并于1975年获得了威斯康星大学里弗福尔斯分校的学士学位和理学学士学位，他的父亲理查德·斯文森是该校的教授。斯文森在耶鲁大学攻读经济学博士学位，<i>公司债券估值模型。</i>斯文森在耶鲁大学的论文导师之一是詹姆斯·托宾，他是约翰·肯尼迪政府的高级经济顾问，也是未来的诺贝尔经济学奖获得者。据格林威治联合公司创始人、耶鲁大学投资委员会前主席查尔斯·埃利斯说，“下雪的时候，大卫去吉姆家铲人行道”。詹姆斯·托宾获得诺贝尔奖，除其他外，是因为他对现代投资组合理论的贡献。斯文森对现代投资组合理论的思想非常着迷。在2018年的同学会演讲中，斯文森说：“对于给定的回报水平，如果你分散投资，你可以以较低的风险获得回报。对于给定的风险水平，如果你分散投资，你可以获得更高的回报。这很酷!免费午餐!”</blockquote></p><p><b>Investment career</b></p><p><blockquote><b>投资生涯</b></blockquote></p><p>Swensen began his investment career in the early 1980s, and has since advised theCarnegie Corporation, theNew York Stock Exchange, theHoward Hughes Medical Institute, theCourtauld Institute of Art, theYale-New Haven Hospital, The Investment Fund for Foundations (TIFF), theEdna McConnell Clark Foundation, and the States of&nbsp;Connecticut&nbsp;and&nbsp;Massachusetts.</p><p><blockquote>Swensen 于 20 世纪 80 年代初开始了他的投资生涯，此后曾为卡内基公司、纽约证券交易所、霍华德·休斯医学研究所、考陶尔德艺术学院、耶鲁-纽黑文医院、基金会投资基金 (TIFF)、DNA McConnell Clark 基金会以及康涅狄格州和马萨诸塞州提供咨询。</blockquote></p><p><b>Salomon Brothers</b></p><p><blockquote><b>所罗门兄弟</b></blockquote></p><p>Following his academic interest in valuation of corporate bonds, Swensen joined Salomon Brothers in 1980. This career move was suggested by a Salomon Brothers investment banker and Yale alumni, Gene Dattel, who was deeply impressed by Swensen. In 1981 Swensen worked to structure the world's first swap agreement, a deal betweenIBMand theWorld Bankwhich allowed to hedge their exposure to Swiss francs and German marks.</p><p><blockquote>由于对公司债券估值的学术兴趣，斯文森于 1980 年加入所罗门兄弟公司。这一职业转变是由所罗门兄弟投资银行家、耶鲁大学校友吉恩·达特尔建议的，他对斯文森印象深刻。1981年，斯文森致力于构建世界上第一个互换协议，这是IBM和世界银行之间的一项协议，允许他们对冲瑞士法郎和德国马克的风险敞口。</blockquote></p><p><b>Lehman Brothers</b></p><p><blockquote><b>雷曼兄弟</b></blockquote></p><p>Prior to joining Yale in 1985, Swensen spent six years onWall Streetas senior vice president atLehman Brothers,&nbsp;specializing in the firm'sswapactivities, and as an associate incorporate financeforSalomon Brothers(here he worked for three years prior to joining Lehman Brothers), where his work focused on developing new financial technologies. Swensen engineered the first swap transaction according to<i>When Genius Failed: The Rise and Fall of Long-Term Capital Management</i>byRoger Lowenstein.</p><p><blockquote>在1985年加入耶鲁大学之前，斯文森曾在华尔街担任雷曼兄弟公司的高级副总裁六年，专门从事该公司的SSWAP活动，并在所罗门兄弟公司担任财务合伙人（在加入雷曼兄弟之前，他在这里工作了三年），他的工作重点是开发新的金融技术。斯文森根据<i>当天才失败：长期资本管理的兴衰</i>作者：罗杰·洛温斯坦。</blockquote></p><p><b>Yale University endowment</b></p><p><blockquote><b>耶鲁大学捐赠基金</b></blockquote></p><p></p><p>Swensen was tapped to serve as the Yale endowment manager at age 31 in 1985.&nbsp;This position was offered by Swensen's other dissertation adviser, Yale's provost,William Brainard. Swensen's candidacy was suggested by James Tobin, who, despite his former student's young age, believed he could be the right person. Swensen was hesitant about taking the job at first, since he did not know much about portfolio management aside from his studies in graduate school. Nevertheless, Brainard convinced him to take the position and Swensen started on April 1, 1985 by taking 80% pay cut.&nbsp;A year later, in 1986, he was joined by Yale College and School of Management graduate Dean Takahashi, who soon became Swensen's trusted deputy. In 1985, when Swensen started managing the endowment, it was worth $1 billion; in 2019 it was worth $29.4 billion.</p><p><blockquote>1985年，31岁的斯文森被任命为耶鲁大学捐赠基金经理。这个职位是由斯文森的另一位论文导师、耶鲁大学教务长威廉·布雷纳德提供的。斯文森的候选资格是由詹姆斯·托宾建议的，尽管他以前的学生年纪轻轻，但他相信他可能是合适的人选。斯文森起初对接受这份工作犹豫不决，因为除了在研究生院学习之外，他对投资组合管理了解不多。尽管如此，布雷纳德说服他接受了这个职位，斯文森于1985年4月1日开始接受80%的减薪。一年后，1986年，耶鲁大学和管理学院院长高桥加入了他的行列，他很快成为斯文森信任的副手。1985年，当斯文森开始管理捐赠基金时，它价值10亿美元；2019年，它的价值为294亿美元。</blockquote></p><p>As of 2005, the fund has managed annualized returns of 16.1%. He has been called \"Yale's 8 billion dollar man\" for his attainment of nearly $8 billion for the college endowment from 1985 to 2005.&nbsp;According to former Yale President, economistRichard Levin, Swensen's \"contribution\" to Yale is greater than the sum of all the donations made in more than two decades. \"We've just done better,\" Levin says, because of Swensen's \"uncanny ability\" to pick the best outside money managers. Swensen's former staff members, who later became managers of other endowment funds - includingMIT,StanfordandPrinceton- also showed impressive results in multiplying fund wealth.</p><p><blockquote>截至2005年，该基金的年化回报率为16.1%。他被称为“耶鲁的80亿美元人”，因为他从1985年到2005年为学院捐赠了近80亿美元。根据耶鲁大学前校长、经济学家理查德·莱文的说法，斯文森对耶鲁的“贡献”超过了二十多年来所有捐款的总和。“我们刚刚做得更好，”莱文说，因为斯文森拥有挑选最佳外部资金经理的“不可思议的能力”。斯文森的前员工后来成为其他捐赠基金（包括麻省理工学院、斯坦福大学和普林斯顿大学）的经理，在基金财富倍增方面也表现出了令人印象深刻的成果。</blockquote></p><p>In September 2014, Swensen began to move the Yale endowment away from investment in companies that have a large greenhouse footprint, expressing Yale's preferences in a letter to the endowment's money managers. The letter asked them to consider the effect of their investments on climate change, and to refrain from investing in companies that do not make reasonable efforts to reduce carbon emissions. This method was characterized by Swensen as a more subtle and flexible approach, as opposed to outright divestment.</p><p><blockquote>2014 年 9 月，斯文森开始让耶鲁基金会远离对温室足迹较大的公司的投资，并在给基金会资金经理的一封信中表达了耶鲁的偏好。信中要求他们考虑投资对气候变化的影响，并避免投资那些没有做出合理努力减少碳排放的公司。斯文森将这种方法描述为一种更微妙、更灵活的方法，而不是彻底撤资。</blockquote></p><p>Swensen made headlines on March 5, 2018 for arguing with the undergraduate editor-in-chief of the<i>Yale Daily News</i>. Swensen called the editor-in-chief a \"coward\" for deleting an inaccurate sentence and removing a footnote in an op-ed that he submitted to the paper; his column, which he required to be published unedited, responded to a student teach-in that criticized companies allegedly in the Yale portfolio.</p><p><blockquote>2018年3月5日，斯文森因与本科生主编争吵而成为头条新闻<i>耶鲁每日新闻</i>斯文森称主编为“懦夫”，因为他在提交给该报的一篇专栏文章中删除了一个不准确的句子和一个脚注；他要求未经编辑发表的专栏是对一名学生批评耶鲁大学投资组合中涉嫌公司的讲座的回应。</blockquote></p><p><b>Unconventional success</b></p><p><blockquote><b>非常规的成功</b></blockquote></p><p>In 2005, Swensen wrote a book called<i>Unconventional Success,</i>which is an investment guide for the individual investor. The general strategy that he presents can be boiled down to the following three main points of advice:</p><p><blockquote>2005年，斯文森写了一本名为<i>非常规的成功，</i>这是个人投资者的投资指南。他提出的总体策略可以归结为以下三个要点：</blockquote></p><p><ul><li>The investor should construct a portfolio with money allocated to 6 core asset classes, diversifying among them and biasing toward the equity sections.</li><li>The investor should rebalance the portfolio on a regular basis (rebalancingback to the original weightings of the asset classes in the portfolio).</li><li>In the absence of confidence in a market-beating strategy, invest in low-costindex fundsandexchange-traded funds. The investor should be very watchful of costs as some indices are poorly constructed and some fund companies charge excessive fees (or generate large tax liabilities).</li></ul>He slams manymutual fundcompanies for charging excessive fees and not living up to their fiduciary responsibility. He highlights the conflict of interest inherent in the mutual funds, claiming they want high fee, high turnover funds while investors want the opposite.</p><p><blockquote><ul><li>投资者应该构建一个投资组合，将资金分配到6个核心资产类别，在它们之间分散投资，并偏向股票部分。</li><li>投资者应定期重新平衡投资组合（重新平衡回投资组合中资产类别的原始权重）。</li><li>如果对跑赢市场的策略没有信心，投资低成本指数基金和交易所交易基金。投资者应该非常警惕成本，因为一些指数构建不良，一些基金公司收取过高的费用（或产生巨额纳税义务）。</li></ul>他抨击许多共同基金公司收取过高的费用，没有履行其信托责任。他强调了共同基金固有的利益冲突，声称他们想要高费用、高周转率的基金，而投资者想要相反的基金。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188985089","content_text":"David Swensen, the head of Yale University’s endowment who helped reshape how institutions manage their money, has died from cancer aged 67.After stints at Salomon Brothers and Lehman Brothers, Swensen returned to his alma mater in 1985 to lead its investment office. At the time, endowments were typically conservatively managed, but Swensen overhauled the model dramatically, taking advantage of their long-term focus to invest heavily in the nascent private equity and hedge fund industries.His approach was so successful it revolutionised how endowments and many other institutional investors allocate their money, and the “Yale model” spread and helped change the wider investment industry.“With his guidance, Yale’s endowment yielded returns that established him as a legend among institutional investors,” Peter Salovey, Yale’s president, said in a statement. “A natural teacher, he prepared a generation of institutional investors who have gone on to lead investment offices at other colleges and universities, further extending the scope of David’s influence.”The Yale Investments Office managed $31.2bn as of June 2020, and says it has averaged annual returns of 12. 4 per cent a year over the past three decades. In the 2021 fiscal year its contributions accounted for over a third of the university’s overall revenues.Almost a quarter of the endowment is invested in venture capital, and combined with private equity, hedge funds and real estate, so-called “alternative” investments account for nearly three quarters of its assets.Early life and educationDavid F. Swensen was born inRiver Falls, Wisconsin. His father, Richard Swensen, was a chemistry professor and dean at the University of Wisconsin-River Falls. His mother, Grace, after raising six children, became a Lutheran minister. After graduating from River Falls High School in 1971 Swensen elected to stay in his hometown of River Falls and receive hisB.A.andB.S.in 1975 from theUniversity of Wisconsin-River Fallswhere his father Richard Swensen was a professor. Swensen pursued a PhD ineconomicsat Yale, where he wrote hisdissertation,A Model for the Valuation ofCorporate Bonds.One of Swensen's dissertation advisers at Yale wasJames Tobin, a top economic adviser toJohn F. Kennedyadministration and a future Nobel Prize laureate in economics. According to Charles Ellis, founder of Greenwich Associates and former chair of Yale's investment committee, \"When it snowed, David went to Jim's house to shovel the sidewalk\". James Tobin's Nobel Prize, among other things, was for his contribution in creation of Modern Portfolio Theory. Swensen was fascinated by the idea of Modern Portfolio Theory. During his 2018 reunion speech Swensen said: \"For a given level of return, if you diversify you can get that return at lower risk. For a given level of risk, if you diversify you can get a higher return. That's pretty cool! Free lunch!\"Investment careerSwensen began his investment career in the early 1980s, and has since advised theCarnegie Corporation, theNew York Stock Exchange, theHoward Hughes Medical Institute, theCourtauld Institute of Art, theYale-New Haven Hospital, The Investment Fund for Foundations (TIFF), theEdna McConnell Clark Foundation, and the States of Connecticut and Massachusetts.Salomon BrothersFollowing his academic interest in valuation of corporate bonds, Swensen joined Salomon Brothers in 1980. This career move was suggested by a Salomon Brothers investment banker and Yale alumni, Gene Dattel, who was deeply impressed by Swensen. In 1981 Swensen worked to structure the world's first swap agreement, a deal betweenIBMand theWorld Bankwhich allowed to hedge their exposure to Swiss francs and German marks.Lehman BrothersPrior to joining Yale in 1985, Swensen spent six years onWall Streetas senior vice president atLehman Brothers, specializing in the firm'sswapactivities, and as an associate incorporate financeforSalomon Brothers(here he worked for three years prior to joining Lehman Brothers), where his work focused on developing new financial technologies. Swensen engineered the first swap transaction according toWhen Genius Failed: The Rise and Fall of Long-Term Capital ManagementbyRoger Lowenstein.Yale University endowmentSwensen was tapped to serve as the Yale endowment manager at age 31 in 1985. This position was offered by Swensen's other dissertation adviser, Yale's provost,William Brainard. Swensen's candidacy was suggested by James Tobin, who, despite his former student's young age, believed he could be the right person. Swensen was hesitant about taking the job at first, since he did not know much about portfolio management aside from his studies in graduate school. Nevertheless, Brainard convinced him to take the position and Swensen started on April 1, 1985 by taking 80% pay cut. A year later, in 1986, he was joined by Yale College and School of Management graduate Dean Takahashi, who soon became Swensen's trusted deputy. In 1985, when Swensen started managing the endowment, it was worth $1 billion; in 2019 it was worth $29.4 billion.As of 2005, the fund has managed annualized returns of 16.1%. He has been called \"Yale's 8 billion dollar man\" for his attainment of nearly $8 billion for the college endowment from 1985 to 2005. According to former Yale President, economistRichard Levin, Swensen's \"contribution\" to Yale is greater than the sum of all the donations made in more than two decades. \"We've just done better,\" Levin says, because of Swensen's \"uncanny ability\" to pick the best outside money managers. Swensen's former staff members, who later became managers of other endowment funds - includingMIT,StanfordandPrinceton- also showed impressive results in multiplying fund wealth.In September 2014, Swensen began to move the Yale endowment away from investment in companies that have a large greenhouse footprint, expressing Yale's preferences in a letter to the endowment's money managers. The letter asked them to consider the effect of their investments on climate change, and to refrain from investing in companies that do not make reasonable efforts to reduce carbon emissions. This method was characterized by Swensen as a more subtle and flexible approach, as opposed to outright divestment.Swensen made headlines on March 5, 2018 for arguing with the undergraduate editor-in-chief of theYale Daily News. Swensen called the editor-in-chief a \"coward\" for deleting an inaccurate sentence and removing a footnote in an op-ed that he submitted to the paper; his column, which he required to be published unedited, responded to a student teach-in that criticized companies allegedly in the Yale portfolio.Unconventional successIn 2005, Swensen wrote a book calledUnconventional Success,which is an investment guide for the individual investor. The general strategy that he presents can be boiled down to the following three main points of advice:The investor should construct a portfolio with money allocated to 6 core asset classes, diversifying among them and biasing toward the equity sections.The investor should rebalance the portfolio on a regular basis (rebalancingback to the original weightings of the asset classes in the portfolio).In the absence of confidence in a market-beating strategy, invest in low-costindex fundsandexchange-traded funds. The investor should be very watchful of costs as some indices are poorly constructed and some fund companies charge excessive fees (or generate large tax liabilities).He slams manymutual fundcompanies for charging excessive fees and not living up to their fiduciary responsibility. He highlights the conflict of interest inherent in the mutual funds, claiming they want high fee, high turnover funds while investors want the opposite.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1454,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322429587,"gmtCreate":1615821558649,"gmtModify":1703493641994,"author":{"id":"3575154299604078","authorId":"3575154299604078","name":"Miiao_","avatar":"https://static.tigerbbs.com/2508d67643935649e3747a02845aa3c4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575154299604078","idStr":"3575154299604078"},"themes":[],"title":"","htmlText":"[强]&nbsp;","listText":"[强]&nbsp;","text":"[强]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/322429587","repostId":"1162927195","repostType":4,"repost":{"id":"1162927195","kind":"news","pubTimestamp":1615819531,"share":"https://www.laohunote.com/m/news/1162927195?lang=zh_CN&edition=full","pubTime":"2021-03-15 22:45","market":"us","language":"en","title":"GameStop and AMC Actually Did Improve Their Fundamentals Last Week<blockquote>游戏驿站和 AMC 上周实际上确实改善了基本面</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162927195","media":"Motley Fool","summary":"Last week was huge for the two most popular meme stocks. Shares ofAMC Entertainment Holdings(NYSE:AM","content":"<p>Last week was huge for the two most popular meme stocks. Shares of<b>AMC Entertainment Holdings</b>(NYSE:AMC)and<b>GameStop</b>(NYSE:GME)soared 39% and 92% higher for the week, respectively. If this were late January, we would attribute the pops to Reddit-fueled short squeezes for fundamentally flawed nostalgia stocks, but things are different this time.</p><p><blockquote>上周对于两只最受欢迎的模因股票来说是巨大的。股份<b>AMC院线控股</b>（纽约证券交易所代码：AMC）和<b>游戏驿站</b>（纽约证券交易所代码：GME）本周分别飙升 39% 和 92%。如果这是一月下旬，我们会将爆发归因于 Reddit 推动的对存在根本缺陷的怀旧股票的做空，但这次情况有所不同。</blockquote></p><p> On one hand, short interest has contracted dramatically for the multiplex operator and video game retailer over the past two months. There are fewer naysayers betting against the meme stocks to squeeze out. However, unlike the original frenzied rally earlier this year that blindsided shorts with its ferocity, this time around there are actually positive business catalysts triggering the renewed market interest in AMC Entertainment and GameStop.</p><p><blockquote>一方面，过去两个月，这家多厅运营商和视频游戏零售商的空头兴趣急剧萎缩。押注模因股挤出的反对者越来越少。然而，与今年早些时候最初的疯狂反弹以其凶猛让空头措手不及不同，这一次实际上有积极的商业催化剂引发了市场对AMC院线和游戏驿站的新兴趣。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3b8eba974c8da977d9846d9f21d05bd5\" tg-width=\"700\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p> <b>AMC goes Hollywood</b></p><p><blockquote><b>AMC进军好莱坞</b></blockquote></p><p> More AMC locations continue to fire up their projectors, and later today a pair of iconic Los Angeles movie theaters will reopen after a yearlong shutdown. AMC expects nearly all of its 56 multiplexes in California to be open by Friday, as long as local approvals are secured. With New York City reopening its theaters earlier this month, we finally have AMC serving the country's two largest markets for the first time since mid-March of last year.</p><p><blockquote>更多的AMC地点继续启动他们的放映机，今天晚些时候，两家标志性的洛杉矶电影院将在关闭一年后重新开放。只要获得当地批准，AMC 预计其在加利福尼亚州的 56 家多厅影院几乎全部将于周五开业。随着纽约市本月早些时候重新开放其影院，自去年3月中旬以来，我们终于有了AMC首次为美国两个最大的市场提供服务。</blockquote></p><p> AMC isn't exactly at full strength yet, though. Audiences are limited to between 20% and 40% of a theater's capacity, and to be fair that's not what's really keeping numbers down. Box office receipts across all theater chains fell 92% last month relative to February of last year, and that's pretty much where ticket sales have been for thepast five months. Folks aren't comfortable returning to even largely empty theaters in the pandemic. A lack of exclusive content is also hurting, as three of this year's four highest-grossing movies --<i>Tom and Jerry</i>,<i>Wonder Woman 1984</i>, and<i>Raya and the Last Dragon</i>-- were available to stream at home the same day they hit local multiplexes.</p><p><blockquote>不过，AMC 还没有完全满负荷运转。观众被限制在剧院容量的20%到40%之间，公平地说，这并不是真正降低人数的原因。与去年 2 月相比，上个月所有连锁影院的票房收入下降了 92%，这几乎是过去五个月的门票销售情况。人们不愿意回到疫情大部分空无一人的剧院。缺乏独家内容也是一种伤害，因为今年票房最高的四部电影中有三部--<i>汤姆和杰瑞</i>,<i>神奇女侠1984</i>，和<i>拉亚和最后的龙</i>-- 在当地多厅影院上映的同一天，就可以在家播放。</blockquote></p><p> Things should get better on all fronts. Just 11% of the country is now fully vaccinated against the COVID-19 virus, but nearly twice as many folks have already received the first dose. More than a third of all seniors are now fully vaccinated. The percentages will improve, and President Biden has said that there should be enough vaccines on hand to cover all adults by the end of May.</p><p><blockquote>各方面的情况都应该会好转。目前，该国只有 11% 的人完全接种了 COVID-19 病毒疫苗，但已经接种第一剂疫苗的人数几乎是该国的两倍。超过三分之一的老年人现在完全接种了疫苗。百分比将会提高，拜登总统表示，到5月底，手头应该有足够的疫苗覆盖所有成年人。</blockquote></p><p> There's also encouraging news of movie buffs flocking to theater chains in markets outside the U.S. market.<i>Avatar</i>overtook<i>Avengers: Endgame</i>in worldwide gross over the weekend, a seemingly throwaway stat of the planet's two highest grossing films if not for the fact that it happened because the reissue of<i>Avatar</i>in China raked in $21 million in ticket sales. A single old movie scored more box office receipts in China than all U.S. ticket sales combined this past weekend.</p><p><blockquote>还有令人鼓舞的消息，电影迷涌向美国市场以外市场的连锁影院。<i>头像</i>超越<i>复仇者联盟4：终局之战</i>在上周末的全球票房中，这个星球上票房最高的两部电影的统计数据似乎是一次性的，如果不是因为重新发行了<i>头像</i>在中国，票房收入达2100万美元。上周末，一部老电影在中国的票房收入超过了美国所有票房收入的总和。</blockquote></p><p> One can argue that things have changed closer to home. Hollywood has fully embraced digital streaming alternatives, andmedia stocksare hitting fresh highs these days because the market appreciates the potential of the direct-to-consumer platforms that they're feeding. We'll find out more where consumers are at when studios start cranking out the tentpole releases that they have pushed out into this summer and beyond. AMC's prospects of surviving are ultimately brighter now than they were a week ago.</p><p><blockquote>有人可能会说，离家更近的地方情况已经发生了变化。好莱坞已经完全接受了数字流媒体替代品，媒体股票这些天创下了新高，因为市场欣赏他们正在提供的直接面向消费者的平台的潜力。当工作室开始推出他们在今年夏天及以后推出的帐篷杆版本时，我们将了解更多消费者的情况。AMC 现在的生存前景最终比一周前更加光明。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b6ed6c21310d3de924bc8b718a4e1df8\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> IMAGE SOURCE: GAMESTOP.</p><p><blockquote>图片来源：游戏驿站。</blockquote></p><p> <b>GameStop plays a new game</b></p><p><blockquote><b>游戏驿站玩新游戏</b></blockquote></p><p> The catalyst for the video game retailer came early in the week. GameStop announced that it wasstarting a new Strategic Planning and Capital Allocation Committee, chaired by board member and Chewy co-founder Ryan Cohen. He would be joined by two fellow activist board members in championing an e-commerce makeover.</p><p><blockquote>这家视频游戏零售商的催化剂出现在本周早些时候。游戏驿站宣布成立一个新的战略规划和资本分配委员会，由董事会成员兼 Chewy 联合创始人 Ryan Cohen 担任主席。他将与两名激进董事会成员一起倡导电子商务改造。</blockquote></p><p> It isn't a new thing for GameStop to go digital. The chain has tied to make a play for the direct-to-consumer market before. However, with fresh eyes -- and a brand that became a lot more ubiquitous in recent weeks -- GameStop has a fighting chance.</p><p><blockquote>游戏驿站走向数字化并不是什么新鲜事。该连锁店此前曾致力于进军直接面向消费者的市场。然而，有了新的眼光——以及最近几周变得更加无处不在的品牌——游戏驿站有机会战斗。</blockquote></p><p> Bears will argue that the valuations make even less sense for both AMC and GameStop stock after last week's surge. However, it's refreshing to see the stocks move higher on positive developments rather than just speculative crowdsourcing.</p><p><blockquote>看空者会认为，在上周飙升之后，AMC 和游戏驿站股票的估值就更没有意义了。然而，令人耳目一新的是，看到股市因积极的发展而走高，而不仅仅是投机性的众包。</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>GameStop and AMC Actually Did Improve Their Fundamentals Last Week<blockquote>游戏驿站和 AMC 上周实际上确实改善了基本面</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\">\nGameStop and AMC Actually Did Improve Their Fundamentals Last Week<blockquote>游戏驿站和 AMC 上周实际上确实改善了基本面</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\">2021-03-15 22:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Last week was huge for the two most popular meme stocks. Shares of<b>AMC Entertainment Holdings</b>(NYSE:AMC)and<b>GameStop</b>(NYSE:GME)soared 39% and 92% higher for the week, respectively. If this were late January, we would attribute the pops to Reddit-fueled short squeezes for fundamentally flawed nostalgia stocks, but things are different this time.</p><p><blockquote>上周对于两只最受欢迎的模因股票来说是巨大的。股份<b>AMC院线控股</b>（纽约证券交易所代码：AMC）和<b>游戏驿站</b>（纽约证券交易所代码：GME）本周分别飙升 39% 和 92%。如果这是一月下旬，我们会将爆发归因于 Reddit 推动的对存在根本缺陷的怀旧股票的做空，但这次情况有所不同。</blockquote></p><p> On one hand, short interest has contracted dramatically for the multiplex operator and video game retailer over the past two months. There are fewer naysayers betting against the meme stocks to squeeze out. However, unlike the original frenzied rally earlier this year that blindsided shorts with its ferocity, this time around there are actually positive business catalysts triggering the renewed market interest in AMC Entertainment and GameStop.</p><p><blockquote>一方面，过去两个月，这家多厅运营商和视频游戏零售商的空头兴趣急剧萎缩。押注模因股挤出的反对者越来越少。然而，与今年早些时候最初的疯狂反弹以其凶猛让空头措手不及不同，这一次实际上有积极的商业催化剂引发了市场对AMC院线和游戏驿站的新兴趣。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3b8eba974c8da977d9846d9f21d05bd5\" tg-width=\"700\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p> <b>AMC goes Hollywood</b></p><p><blockquote><b>AMC进军好莱坞</b></blockquote></p><p> More AMC locations continue to fire up their projectors, and later today a pair of iconic Los Angeles movie theaters will reopen after a yearlong shutdown. AMC expects nearly all of its 56 multiplexes in California to be open by Friday, as long as local approvals are secured. With New York City reopening its theaters earlier this month, we finally have AMC serving the country's two largest markets for the first time since mid-March of last year.</p><p><blockquote>更多的AMC地点继续启动他们的放映机，今天晚些时候，两家标志性的洛杉矶电影院将在关闭一年后重新开放。只要获得当地批准，AMC 预计其在加利福尼亚州的 56 家多厅影院几乎全部将于周五开业。随着纽约市本月早些时候重新开放其影院，自去年3月中旬以来，我们终于有了AMC首次为美国两个最大的市场提供服务。</blockquote></p><p> AMC isn't exactly at full strength yet, though. Audiences are limited to between 20% and 40% of a theater's capacity, and to be fair that's not what's really keeping numbers down. Box office receipts across all theater chains fell 92% last month relative to February of last year, and that's pretty much where ticket sales have been for thepast five months. Folks aren't comfortable returning to even largely empty theaters in the pandemic. A lack of exclusive content is also hurting, as three of this year's four highest-grossing movies --<i>Tom and Jerry</i>,<i>Wonder Woman 1984</i>, and<i>Raya and the Last Dragon</i>-- were available to stream at home the same day they hit local multiplexes.</p><p><blockquote>不过，AMC 还没有完全满负荷运转。观众被限制在剧院容量的20%到40%之间，公平地说，这并不是真正降低人数的原因。与去年 2 月相比，上个月所有连锁影院的票房收入下降了 92%，这几乎是过去五个月的门票销售情况。人们不愿意回到疫情大部分空无一人的剧院。缺乏独家内容也是一种伤害，因为今年票房最高的四部电影中有三部--<i>汤姆和杰瑞</i>,<i>神奇女侠1984</i>，和<i>拉亚和最后的龙</i>-- 在当地多厅影院上映的同一天，就可以在家播放。</blockquote></p><p> Things should get better on all fronts. Just 11% of the country is now fully vaccinated against the COVID-19 virus, but nearly twice as many folks have already received the first dose. More than a third of all seniors are now fully vaccinated. The percentages will improve, and President Biden has said that there should be enough vaccines on hand to cover all adults by the end of May.</p><p><blockquote>各方面的情况都应该会好转。目前，该国只有 11% 的人完全接种了 COVID-19 病毒疫苗，但已经接种第一剂疫苗的人数几乎是该国的两倍。超过三分之一的老年人现在完全接种了疫苗。百分比将会提高，拜登总统表示，到5月底，手头应该有足够的疫苗覆盖所有成年人。</blockquote></p><p> There's also encouraging news of movie buffs flocking to theater chains in markets outside the U.S. market.<i>Avatar</i>overtook<i>Avengers: Endgame</i>in worldwide gross over the weekend, a seemingly throwaway stat of the planet's two highest grossing films if not for the fact that it happened because the reissue of<i>Avatar</i>in China raked in $21 million in ticket sales. A single old movie scored more box office receipts in China than all U.S. ticket sales combined this past weekend.</p><p><blockquote>还有令人鼓舞的消息，电影迷涌向美国市场以外市场的连锁影院。<i>头像</i>超越<i>复仇者联盟4：终局之战</i>在上周末的全球票房中，这个星球上票房最高的两部电影的统计数据似乎是一次性的，如果不是因为重新发行了<i>头像</i>在中国，票房收入达2100万美元。上周末，一部老电影在中国的票房收入超过了美国所有票房收入的总和。</blockquote></p><p> One can argue that things have changed closer to home. Hollywood has fully embraced digital streaming alternatives, andmedia stocksare hitting fresh highs these days because the market appreciates the potential of the direct-to-consumer platforms that they're feeding. We'll find out more where consumers are at when studios start cranking out the tentpole releases that they have pushed out into this summer and beyond. AMC's prospects of surviving are ultimately brighter now than they were a week ago.</p><p><blockquote>有人可能会说，离家更近的地方情况已经发生了变化。好莱坞已经完全接受了数字流媒体替代品，媒体股票这些天创下了新高，因为市场欣赏他们正在提供的直接面向消费者的平台的潜力。当工作室开始推出他们在今年夏天及以后推出的帐篷杆版本时，我们将了解更多消费者的情况。AMC 现在的生存前景最终比一周前更加光明。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b6ed6c21310d3de924bc8b718a4e1df8\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> IMAGE SOURCE: GAMESTOP.</p><p><blockquote>图片来源：游戏驿站。</blockquote></p><p> <b>GameStop plays a new game</b></p><p><blockquote><b>游戏驿站玩新游戏</b></blockquote></p><p> The catalyst for the video game retailer came early in the week. GameStop announced that it wasstarting a new Strategic Planning and Capital Allocation Committee, chaired by board member and Chewy co-founder Ryan Cohen. He would be joined by two fellow activist board members in championing an e-commerce makeover.</p><p><blockquote>这家视频游戏零售商的催化剂出现在本周早些时候。游戏驿站宣布成立一个新的战略规划和资本分配委员会，由董事会成员兼 Chewy 联合创始人 Ryan Cohen 担任主席。他将与两名激进董事会成员一起倡导电子商务改造。</blockquote></p><p> It isn't a new thing for GameStop to go digital. The chain has tied to make a play for the direct-to-consumer market before. However, with fresh eyes -- and a brand that became a lot more ubiquitous in recent weeks -- GameStop has a fighting chance.</p><p><blockquote>游戏驿站走向数字化并不是什么新鲜事。该连锁店此前曾致力于进军直接面向消费者的市场。然而，有了新的眼光——以及最近几周变得更加无处不在的品牌——游戏驿站有机会战斗。</blockquote></p><p> Bears will argue that the valuations make even less sense for both AMC and GameStop stock after last week's surge. However, it's refreshing to see the stocks move higher on positive developments rather than just speculative crowdsourcing.</p><p><blockquote>看空者会认为，在上周飙升之后，AMC 和游戏驿站股票的估值就更没有意义了。然而，令人耳目一新的是，看到股市因积极的发展而走高，而不仅仅是投机性的众包。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/03/15/gamestop-and-amc-actually-did-improve-their-fundam/\">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":{"GME":"游戏驿站","AMC":"AMC院线"},"source_url":"https://www.fool.com/investing/2021/03/15/gamestop-and-amc-actually-did-improve-their-fundam/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162927195","content_text":"Last week was huge for the two most popular meme stocks. Shares ofAMC Entertainment Holdings(NYSE:AMC)andGameStop(NYSE:GME)soared 39% and 92% higher for the week, respectively. If this were late January, we would attribute the pops to Reddit-fueled short squeezes for fundamentally flawed nostalgia stocks, but things are different this time.\nOn one hand, short interest has contracted dramatically for the multiplex operator and video game retailer over the past two months. There are fewer naysayers betting against the meme stocks to squeeze out. However, unlike the original frenzied rally earlier this year that blindsided shorts with its ferocity, this time around there are actually positive business catalysts triggering the renewed market interest in AMC Entertainment and GameStop.\n\nIMAGE SOURCE: GETTY IMAGES.\nAMC goes Hollywood\nMore AMC locations continue to fire up their projectors, and later today a pair of iconic Los Angeles movie theaters will reopen after a yearlong shutdown. AMC expects nearly all of its 56 multiplexes in California to be open by Friday, as long as local approvals are secured. With New York City reopening its theaters earlier this month, we finally have AMC serving the country's two largest markets for the first time since mid-March of last year.\nAMC isn't exactly at full strength yet, though. Audiences are limited to between 20% and 40% of a theater's capacity, and to be fair that's not what's really keeping numbers down. Box office receipts across all theater chains fell 92% last month relative to February of last year, and that's pretty much where ticket sales have been for thepast five months. Folks aren't comfortable returning to even largely empty theaters in the pandemic. A lack of exclusive content is also hurting, as three of this year's four highest-grossing movies --Tom and Jerry,Wonder Woman 1984, andRaya and the Last Dragon-- were available to stream at home the same day they hit local multiplexes.\nThings should get better on all fronts. Just 11% of the country is now fully vaccinated against the COVID-19 virus, but nearly twice as many folks have already received the first dose. More than a third of all seniors are now fully vaccinated. The percentages will improve, and President Biden has said that there should be enough vaccines on hand to cover all adults by the end of May.\nThere's also encouraging news of movie buffs flocking to theater chains in markets outside the U.S. market.AvatarovertookAvengers: Endgamein worldwide gross over the weekend, a seemingly throwaway stat of the planet's two highest grossing films if not for the fact that it happened because the reissue ofAvatarin China raked in $21 million in ticket sales. A single old movie scored more box office receipts in China than all U.S. ticket sales combined this past weekend.\nOne can argue that things have changed closer to home. Hollywood has fully embraced digital streaming alternatives, andmedia stocksare hitting fresh highs these days because the market appreciates the potential of the direct-to-consumer platforms that they're feeding. We'll find out more where consumers are at when studios start cranking out the tentpole releases that they have pushed out into this summer and beyond. AMC's prospects of surviving are ultimately brighter now than they were a week ago.\n\nIMAGE SOURCE: GAMESTOP.\nGameStop plays a new game\nThe catalyst for the video game retailer came early in the week. GameStop announced that it wasstarting a new Strategic Planning and Capital Allocation Committee, chaired by board member and Chewy co-founder Ryan Cohen. He would be joined by two fellow activist board members in championing an e-commerce makeover.\nIt isn't a new thing for GameStop to go digital. The chain has tied to make a play for the direct-to-consumer market before. However, with fresh eyes -- and a brand that became a lot more ubiquitous in recent weeks -- GameStop has a fighting chance.\nBears will argue that the valuations make even less sense for both AMC and GameStop stock after last week's surge. However, it's refreshing to see the stocks move higher on positive developments rather than just speculative crowdsourcing.","news_type":1,"symbols_score_info":{"GME":0.9,"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":2046,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":361960591,"gmtCreate":1614186057713,"gmtModify":1634550796301,"author":{"id":"3575154299604078","authorId":"3575154299604078","name":"Miiao_","avatar":"https://static.tigerbbs.com/2508d67643935649e3747a02845aa3c4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575154299604078","idStr":"3575154299604078"},"themes":[],"title":"","htmlText":"[真香]&nbsp;","listText":"[真香]&nbsp;","text":"[真香]","images":[{"img":"https://static.tigerbbs.com/4d6501186d934e78abf1cf659dcb8806","width":"1125","height":"3332"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/361960591","isVote":1,"tweetType":1,"viewCount":1932,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":387504829,"gmtCreate":1613752424561,"gmtModify":1634552346413,"author":{"id":"3575154299604078","authorId":"3575154299604078","name":"Miiao_","avatar":"https://static.tigerbbs.com/2508d67643935649e3747a02845aa3c4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575154299604078","idStr":"3575154299604078"},"themes":[],"title":"","htmlText":"[龇牙]&nbsp;","listText":"[龇牙]&nbsp;","text":"[龇牙]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/387504829","isVote":1,"tweetType":1,"viewCount":1594,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":387505438,"gmtCreate":1613752378624,"gmtModify":1631887795820,"author":{"id":"3575154299604078","authorId":"3575154299604078","name":"Miiao_","avatar":"https://static.tigerbbs.com/2508d67643935649e3747a02845aa3c4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575154299604078","idStr":"3575154299604078"},"themes":[],"title":"","htmlText":"[思考]&nbsp;<a href=\"https://laohu8.com/S/BNGO\">$Bionano Genomics(BNGO)$</a>","listText":"[思考]&nbsp;<a href=\"https://laohu8.com/S/BNGO\">$Bionano Genomics(BNGO)$</a>","text":"[思考] $Bionano Genomics(BNGO)$","images":[{"img":"https://static.tigerbbs.com/324de346f11c06e3104c5db5a6355c42","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/387505438","isVote":1,"tweetType":1,"viewCount":1570,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":385666936,"gmtCreate":1613544535425,"gmtModify":1631887795893,"author":{"id":"3575154299604078","authorId":"3575154299604078","name":"Miiao_","avatar":"https://static.tigerbbs.com/2508d67643935649e3747a02845aa3c4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575154299604078","idStr":"3575154299604078"},"themes":[],"title":"","htmlText":"[得意]&nbsp;<a href=\"https://laohu8.com/S/BNGO\">$Bionano Genomics(BNGO)$</a>","listText":"[得意]&nbsp;<a href=\"https://laohu8.com/S/BNGO\">$Bionano Genomics(BNGO)$</a>","text":"[得意] $Bionano Genomics(BNGO)$","images":[{"img":"https://static.tigerbbs.com/47ca519a627fd07dd00a4f4c9b9d371c","width":"1125","height":"2183"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/385666936","isVote":1,"tweetType":1,"viewCount":1765,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0}],"defaultTab":"following","isTTM":false}