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2021-10-15

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2021-09-25

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2021-09-18

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2021-09-13

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US IPO Week Ahead: The Fall IPO market kicks off with a 10 IPO week<blockquote>美国IPO周：秋季IPO市场以10周IPO拉开帷幕</blockquote>

2021-09-09

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2021-09-07

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SoFi Technologies: 4 Trades To Get In On Fintech's Growth<blockquote>SoFi Technologies：参与金融科技增长的4项交易</blockquote>

2021-09-06

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GameStop, Moderna, Home Depot, Kroger, and Other Stocks for Investors to Watch This Week<blockquote>游戏驿站、Moderna、家得宝、克罗格等本周值得投资者关注的股票</blockquote>

2021-09-03

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Speak No Evil of the S&P 500’s Neverending Records<blockquote>不要说标普500永无止境的记录的坏话</blockquote>

2021-08-30

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2021-08-29

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2021-08-29

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2021-08-27

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2021-08-26

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2021-08-26

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2021-08-26

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2021-08-25

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Central Banks Cannot Really Taper In This Slowdown<blockquote>央行无法在经济放缓期间真正缩减规模</blockquote>

2021-08-25

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2021-08-23

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2021-08-23

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2021-08-22

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Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>

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and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/888145395","repostId":"1189654544","repostType":4,"repost":{"id":"1189654544","kind":"news","pubTimestamp":1631406130,"share":"https://www.laohu8.com/m/news/1189654544?lang=zh_CN&edition=full","pubTime":"2021-09-12 08:22","market":"us","language":"en","title":"US IPO Week Ahead: The Fall IPO market kicks off with a 10 IPO week<blockquote>美国IPO周：秋季IPO市场以10周IPO拉开帷幕</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1189654544","media":"Renaissance Capital","summary":"After a wave of launches in the short holiday week, 10 IPOs are scheduled to raise over $3 billion i","content":"<p>After a wave of launches in the short holiday week, 10 IPOs are scheduled to raise over $3 billion in the week ahead.</p><p><blockquote>在短暂的假期周经历了一波发行之后，未来一周将有10起IPO计划筹集超过30亿美元的资金。</blockquote></p><p> Tech consultancy&nbsp;<b>Thoughtworks</b>(TWKS) plans to raise $700 million at a $6.3 billion market cap. This agile software developer provides premium, end-to-end digital strategy, design, and engineering services to more than 300 enterprise customers. The company grew revenue at a 14% CAGR from 2017 to 2020, and expanded margins in 2020 and the 1H21.</p><p><blockquote>技术咨询<b>Thoughtworks</b>(TWKS)计划以63亿美元的市值筹集7亿美元。这家敏捷软件开发商为300多家企业客户提供优质的端到端数字战略、设计和工程服务。从2017年到2020年，该公司的收入复合年增长率为14%，并在2020年和2021年上半年扩大了利润率。</blockquote></p><p> Swiss running shoe brand&nbsp;<b>On Holding</b>(ONON) plans to raise $591 million at a $5.9 billion market cap. On is a global provider of premium athletic footwear, apparel, and accessories that are designed using sustainable materials and its proprietary technology. The company has demonstrated growth and profitability, though it faces significant competition from other well-known sportswear brands.</p><p><blockquote>瑞士跑鞋品牌<b>持有时</b>(ONON)计划以59亿美元的市值筹集5.91亿美元。On是一家全球优质运动鞋、服装和配饰供应商，采用可持续材料及其专有技术设计。尽管面临来自其他知名运动服装品牌的激烈竞争，但该公司已展现出增长和盈利能力。</blockquote></p><p> After ending talks to go public via SPAC,<b>Sportradar Group</b>(SRAD) plans to raise $504 million at a $7.9 billion market cap. Covering over 750,000 events annually across 83 sports, this Swiss company provides software, data, and content to sports leagues, betting operators, and media companies. Sportradar is profitable, and growth accelerated in the 1H21 as live sports resumed.</p><p><blockquote>在结束通过SPAC上市的谈判后，<b>Sportradar集团</b>(SRAD)计划以79亿美元的市值筹集5.04亿美元。这家瑞士公司每年报道83项运动的750,000多场赛事，为体育联盟、博彩运营商和媒体公司提供软件、数据和内容。Sportradar已实现盈利，随着体育直播的恢复，2021年上半年增长加速。</blockquote></p><p> Drive-thru coffee chain&nbsp;<b>Dutch Bros</b>(BROS) plans to raise $400 million at a $3.3 billion market cap. This Oregon-based company has a chain of 471 drive-thru coffee shops in the Western US, and it has been able to maintain a track record of same-store sales growth as it has expanded to new states. Insiders received pre-IPO dividends and will sell shares back to the company.</p><p><blockquote>得来速咖啡连锁店<b>荷兰兄弟</b>(BROS)计划以33亿美元的市值筹集4亿美元。这家总部位于俄勒冈州的公司在美国西部拥有471家得来速咖啡店连锁店，随着业务扩展到新州，它一直能够保持同店销售增长的记录。内部人士收到了IPO前的股息，并将把股票卖回给公司。</blockquote></p><p> Healthcare intelligence platform&nbsp;<b>Definitive Healthcare</b>(DH) plans to raise $350 million at a $3.3 billion market cap. This company provides a healthcare commercial intelligence and analytics platform, helping its customers to analyze, navigate, and sell into the complex healthcare ecosystem. Unprofitable with strong growth, Definitive Healthcare will be leveraged post-IPO.</p><p><blockquote>医疗智能平台<b>权威医疗保健</b>(DH)计划以33亿美元的市值筹集3.5亿美元。该公司提供医疗保健商业智能和分析平台，帮助其客户分析、导航和销售复杂的医疗保健生态系统。由于增长强劲，Definitive Healthcare尚未盈利，但将在IPO后进行杠杆化。</blockquote></p><p> Identity management platform&nbsp;<b>ForgeRock</b>(FORG) plans to raise $248 million at a $2.1 billion market cap. The company provides identity and access management software, with a platform to provision, authenticate, and govern all types of digital identities. Unprofitable with high sales and marketing expenses, ForgeRock is a leading next-gen provider in the multi-billion-dollar identity and access market.</p><p><blockquote>身份管理平台<b>ForgeRock</b>(FORG)计划以21亿美元的市值筹集2.48亿美元。该公司提供身份和访问管理软件，以及一个提供、认证和管理所有类型数字身份的平台。由于销售和营销费用高昂，ForgeRock无利可图，是价值数十亿美元的身份和访问市场中领先的下一代提供商。</blockquote></p><p> Immunology biotech&nbsp;<b>DICE Therapeutics</b>(DICE) plans to raise $160 million at a $550 million market cap. This biotech is developing oral small molecule therapies to treat chronic diseases in immunology and other therapeutic areas. DICE plans to initiate a Phase 1 trial of its lead candidate S011806, an oral antagonist with a variety of immunology indications.</p><p><blockquote>免疫学生物技术<b>骰子疗法</b>(DICE)计划以5.5亿美元的市值筹集1.6亿美元。这家生物技术公司正在开发口服小分子疗法，以治疗免疫学和其他治疗领域的慢性疾病。DICE计划启动其主要候选药物S011806的1期试验，这是一种具有多种免疫学适应症的口服拮抗剂。</blockquote></p><p> Surgical robotics developer&nbsp;<b>PROCEPT BioRobotics</b>(PRCT) plans to raise $127 million at a $1.1 billion market cap. This commercial-stage company develops surgical robotic systems for minimally-invasive urologic surgery with an initial focus on treating benign prostatic hyperplasia. PROCEPT BioRobotics is highly unprofitable and saw revenue increase more than sixfold in the 1H21.</p><p><blockquote>手术机器人开发商<b>PROCEPT生物机器人</b>(PRCT)计划以11亿美元的市值筹集1.27亿美元。这家商业阶段的公司开发用于微创泌尿外科手术的手术机器人系统，最初的重点是治疗良性前列腺增生。PROCEPT BioRobotics非常无利可图，2021年上半年收入增长了六倍多。</blockquote></p><p> Oncology biotech&nbsp;<b>Tyra Biosciences</b>(TYRA) plans to raise $101 million at a $584 million market cap. This preclinical biotech is developing FGFR kinase inhibitors for cancer, specifically solid tumors. Tyra’s lead candidate is initially focused on bladder cancer, and the company expects to submit an IND for it in mid-2022.</p><p><blockquote>肿瘤生物技术<b>泰拉生物科学公司</b>(TYRA)计划以5.84亿美元的市值筹集1.01亿美元。这家临床前生物技术公司正在开发用于癌症，特别是实体瘤的FGFR激酶抑制剂。Tyra的主要候选药物最初专注于膀胱癌，该公司预计将于2022年中期提交IND。</blockquote></p><p> Micro-cap gas delivery service&nbsp;<b>EzFill Holdings</b>(EZFL) plans to raise $25 million at a $104 million market cap. This mobile-fueling company provides an on-demand fuel delivery service in Florida via mobile app. Highly unprofitable with explosive growth, EzFill states that it is the dominant player in the South Florida market.</p><p><blockquote>微帽气体输送服务<b>埃兹菲尔控股</b>(EZFL)计划以1.04亿美元的市值筹集2500万美元。这家移动加油公司通过移动应用程序在佛罗里达州提供按需加油服务。由于爆炸性增长，EzFill表示，它是南佛罗里达州市场的主导者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/718698ff98644c4026f32efe91d076c6\" tg-width=\"1128\" tg-height=\"684\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/97fe13300d9e4cf61effc59b9706776a\" tg-width=\"1129\" tg-height=\"247\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/9/21, the Renaissance IPO Index was up 7.7% year-to-date, while the S&amp;P 500 was up 19.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 11.0% year-to-date, while the ACWX was up 10.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至9/9/21，文艺复兴IPO指数今年迄今上涨了7.7%，而标普500上涨了19.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有的顶级ETF包括Snowflake（SNOW）和Palantir Technologies（PLTR）。Renaissance International IPO指数今年迄今下跌11.0%，而ACWX指数上涨10.0%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有的顶级ETF包括思摩尔国际和殷拓合伙人。</blockquote></p><p></p>","source":"lsy1603787993745","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>US IPO Week Ahead: The Fall IPO market kicks off with a 10 IPO week<blockquote>美国IPO周：秋季IPO市场以10周IPO拉开帷幕</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\">\nUS IPO Week Ahead: The Fall IPO market kicks off with a 10 IPO week<blockquote>美国IPO周：秋季IPO市场以10周IPO拉开帷幕</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-09-12 08:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After a wave of launches in the short holiday week, 10 IPOs are scheduled to raise over $3 billion in the week ahead.</p><p><blockquote>在短暂的假期周经历了一波发行之后，未来一周将有10起IPO计划筹集超过30亿美元的资金。</blockquote></p><p> Tech consultancy&nbsp;<b>Thoughtworks</b>(TWKS) plans to raise $700 million at a $6.3 billion market cap. This agile software developer provides premium, end-to-end digital strategy, design, and engineering services to more than 300 enterprise customers. The company grew revenue at a 14% CAGR from 2017 to 2020, and expanded margins in 2020 and the 1H21.</p><p><blockquote>技术咨询<b>Thoughtworks</b>(TWKS)计划以63亿美元的市值筹集7亿美元。这家敏捷软件开发商为300多家企业客户提供优质的端到端数字战略、设计和工程服务。从2017年到2020年，该公司的收入复合年增长率为14%，并在2020年和2021年上半年扩大了利润率。</blockquote></p><p> Swiss running shoe brand&nbsp;<b>On Holding</b>(ONON) plans to raise $591 million at a $5.9 billion market cap. On is a global provider of premium athletic footwear, apparel, and accessories that are designed using sustainable materials and its proprietary technology. The company has demonstrated growth and profitability, though it faces significant competition from other well-known sportswear brands.</p><p><blockquote>瑞士跑鞋品牌<b>持有时</b>(ONON)计划以59亿美元的市值筹集5.91亿美元。On是一家全球优质运动鞋、服装和配饰供应商，采用可持续材料及其专有技术设计。尽管面临来自其他知名运动服装品牌的激烈竞争，但该公司已展现出增长和盈利能力。</blockquote></p><p> After ending talks to go public via SPAC,<b>Sportradar Group</b>(SRAD) plans to raise $504 million at a $7.9 billion market cap. Covering over 750,000 events annually across 83 sports, this Swiss company provides software, data, and content to sports leagues, betting operators, and media companies. Sportradar is profitable, and growth accelerated in the 1H21 as live sports resumed.</p><p><blockquote>在结束通过SPAC上市的谈判后，<b>Sportradar集团</b>(SRAD)计划以79亿美元的市值筹集5.04亿美元。这家瑞士公司每年报道83项运动的750,000多场赛事，为体育联盟、博彩运营商和媒体公司提供软件、数据和内容。Sportradar已实现盈利，随着体育直播的恢复，2021年上半年增长加速。</blockquote></p><p> Drive-thru coffee chain&nbsp;<b>Dutch Bros</b>(BROS) plans to raise $400 million at a $3.3 billion market cap. This Oregon-based company has a chain of 471 drive-thru coffee shops in the Western US, and it has been able to maintain a track record of same-store sales growth as it has expanded to new states. Insiders received pre-IPO dividends and will sell shares back to the company.</p><p><blockquote>得来速咖啡连锁店<b>荷兰兄弟</b>(BROS)计划以33亿美元的市值筹集4亿美元。这家总部位于俄勒冈州的公司在美国西部拥有471家得来速咖啡店连锁店，随着业务扩展到新州，它一直能够保持同店销售增长的记录。内部人士收到了IPO前的股息，并将把股票卖回给公司。</blockquote></p><p> Healthcare intelligence platform&nbsp;<b>Definitive Healthcare</b>(DH) plans to raise $350 million at a $3.3 billion market cap. This company provides a healthcare commercial intelligence and analytics platform, helping its customers to analyze, navigate, and sell into the complex healthcare ecosystem. Unprofitable with strong growth, Definitive Healthcare will be leveraged post-IPO.</p><p><blockquote>医疗智能平台<b>权威医疗保健</b>(DH)计划以33亿美元的市值筹集3.5亿美元。该公司提供医疗保健商业智能和分析平台，帮助其客户分析、导航和销售复杂的医疗保健生态系统。由于增长强劲，Definitive Healthcare尚未盈利，但将在IPO后进行杠杆化。</blockquote></p><p> Identity management platform&nbsp;<b>ForgeRock</b>(FORG) plans to raise $248 million at a $2.1 billion market cap. The company provides identity and access management software, with a platform to provision, authenticate, and govern all types of digital identities. Unprofitable with high sales and marketing expenses, ForgeRock is a leading next-gen provider in the multi-billion-dollar identity and access market.</p><p><blockquote>身份管理平台<b>ForgeRock</b>(FORG)计划以21亿美元的市值筹集2.48亿美元。该公司提供身份和访问管理软件，以及一个提供、认证和管理所有类型数字身份的平台。由于销售和营销费用高昂，ForgeRock无利可图，是价值数十亿美元的身份和访问市场中领先的下一代提供商。</blockquote></p><p> Immunology biotech&nbsp;<b>DICE Therapeutics</b>(DICE) plans to raise $160 million at a $550 million market cap. This biotech is developing oral small molecule therapies to treat chronic diseases in immunology and other therapeutic areas. DICE plans to initiate a Phase 1 trial of its lead candidate S011806, an oral antagonist with a variety of immunology indications.</p><p><blockquote>免疫学生物技术<b>骰子疗法</b>(DICE)计划以5.5亿美元的市值筹集1.6亿美元。这家生物技术公司正在开发口服小分子疗法，以治疗免疫学和其他治疗领域的慢性疾病。DICE计划启动其主要候选药物S011806的1期试验，这是一种具有多种免疫学适应症的口服拮抗剂。</blockquote></p><p> Surgical robotics developer&nbsp;<b>PROCEPT BioRobotics</b>(PRCT) plans to raise $127 million at a $1.1 billion market cap. This commercial-stage company develops surgical robotic systems for minimally-invasive urologic surgery with an initial focus on treating benign prostatic hyperplasia. PROCEPT BioRobotics is highly unprofitable and saw revenue increase more than sixfold in the 1H21.</p><p><blockquote>手术机器人开发商<b>PROCEPT生物机器人</b>(PRCT)计划以11亿美元的市值筹集1.27亿美元。这家商业阶段的公司开发用于微创泌尿外科手术的手术机器人系统，最初的重点是治疗良性前列腺增生。PROCEPT BioRobotics非常无利可图，2021年上半年收入增长了六倍多。</blockquote></p><p> Oncology biotech&nbsp;<b>Tyra Biosciences</b>(TYRA) plans to raise $101 million at a $584 million market cap. This preclinical biotech is developing FGFR kinase inhibitors for cancer, specifically solid tumors. Tyra’s lead candidate is initially focused on bladder cancer, and the company expects to submit an IND for it in mid-2022.</p><p><blockquote>肿瘤生物技术<b>泰拉生物科学公司</b>(TYRA)计划以5.84亿美元的市值筹集1.01亿美元。这家临床前生物技术公司正在开发用于癌症，特别是实体瘤的FGFR激酶抑制剂。Tyra的主要候选药物最初专注于膀胱癌，该公司预计将于2022年中期提交IND。</blockquote></p><p> Micro-cap gas delivery service&nbsp;<b>EzFill Holdings</b>(EZFL) plans to raise $25 million at a $104 million market cap. This mobile-fueling company provides an on-demand fuel delivery service in Florida via mobile app. Highly unprofitable with explosive growth, EzFill states that it is the dominant player in the South Florida market.</p><p><blockquote>微帽气体输送服务<b>埃兹菲尔控股</b>(EZFL)计划以1.04亿美元的市值筹集2500万美元。这家移动加油公司通过移动应用程序在佛罗里达州提供按需加油服务。由于爆炸性增长，EzFill表示，它是南佛罗里达州市场的主导者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/718698ff98644c4026f32efe91d076c6\" tg-width=\"1128\" tg-height=\"684\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/97fe13300d9e4cf61effc59b9706776a\" tg-width=\"1129\" tg-height=\"247\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/9/21, the Renaissance IPO Index was up 7.7% year-to-date, while the S&amp;P 500 was up 19.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 11.0% year-to-date, while the ACWX was up 10.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至9/9/21，文艺复兴IPO指数今年迄今上涨了7.7%，而标普500上涨了19.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有的顶级ETF包括Snowflake（SNOW）和Palantir Technologies（PLTR）。Renaissance International IPO指数今年迄今下跌11.0%，而ACWX指数上涨10.0%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有的顶级ETF包括思摩尔国际和殷拓合伙人。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/85972/US-IPO-Week-Ahead-The-Fall-IPO-market-kicks-off-with-a-10-IPO-week\">Renaissance Capital</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","PRCT":"PROCEPT BioRobotics","DH":"Definitive Healthcare Corp.","BROS":"Dutch Bros Inc.","TWKS":"Thoughtworks Holding Inc.",".IXIC":"NASDAQ Composite","ONON":"On Holding AG","FORG":"ForgeRock, Inc.","TYRA":"Tyra Biosciences, Inc.","DICE":"DICE Therapeutics, Inc.","SRAD":"Sportradar Group AG",".SPX":"S&P 500 Index"},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/85972/US-IPO-Week-Ahead-The-Fall-IPO-market-kicks-off-with-a-10-IPO-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189654544","content_text":"After a wave of launches in the short holiday week, 10 IPOs are scheduled to raise over $3 billion in the week ahead.\nTech consultancy Thoughtworks(TWKS) plans to raise $700 million at a $6.3 billion market cap. This agile software developer provides premium, end-to-end digital strategy, design, and engineering services to more than 300 enterprise customers. The company grew revenue at a 14% CAGR from 2017 to 2020, and expanded margins in 2020 and the 1H21.\nSwiss running shoe brand On Holding(ONON) plans to raise $591 million at a $5.9 billion market cap. On is a global provider of premium athletic footwear, apparel, and accessories that are designed using sustainable materials and its proprietary technology. The company has demonstrated growth and profitability, though it faces significant competition from other well-known sportswear brands.\nAfter ending talks to go public via SPAC,Sportradar Group(SRAD) plans to raise $504 million at a $7.9 billion market cap. Covering over 750,000 events annually across 83 sports, this Swiss company provides software, data, and content to sports leagues, betting operators, and media companies. Sportradar is profitable, and growth accelerated in the 1H21 as live sports resumed.\nDrive-thru coffee chain Dutch Bros(BROS) plans to raise $400 million at a $3.3 billion market cap. This Oregon-based company has a chain of 471 drive-thru coffee shops in the Western US, and it has been able to maintain a track record of same-store sales growth as it has expanded to new states. Insiders received pre-IPO dividends and will sell shares back to the company.\nHealthcare intelligence platform Definitive Healthcare(DH) plans to raise $350 million at a $3.3 billion market cap. This company provides a healthcare commercial intelligence and analytics platform, helping its customers to analyze, navigate, and sell into the complex healthcare ecosystem. Unprofitable with strong growth, Definitive Healthcare will be leveraged post-IPO.\nIdentity management platform ForgeRock(FORG) plans to raise $248 million at a $2.1 billion market cap. The company provides identity and access management software, with a platform to provision, authenticate, and govern all types of digital identities. Unprofitable with high sales and marketing expenses, ForgeRock is a leading next-gen provider in the multi-billion-dollar identity and access market.\nImmunology biotech DICE Therapeutics(DICE) plans to raise $160 million at a $550 million market cap. This biotech is developing oral small molecule therapies to treat chronic diseases in immunology and other therapeutic areas. DICE plans to initiate a Phase 1 trial of its lead candidate S011806, an oral antagonist with a variety of immunology indications.\nSurgical robotics developer PROCEPT BioRobotics(PRCT) plans to raise $127 million at a $1.1 billion market cap. This commercial-stage company develops surgical robotic systems for minimally-invasive urologic surgery with an initial focus on treating benign prostatic hyperplasia. PROCEPT BioRobotics is highly unprofitable and saw revenue increase more than sixfold in the 1H21.\nOncology biotech Tyra Biosciences(TYRA) plans to raise $101 million at a $584 million market cap. This preclinical biotech is developing FGFR kinase inhibitors for cancer, specifically solid tumors. Tyra’s lead candidate is initially focused on bladder cancer, and the company expects to submit an IND for it in mid-2022.\nMicro-cap gas delivery service EzFill Holdings(EZFL) plans to raise $25 million at a $104 million market cap. This mobile-fueling company provides an on-demand fuel delivery service in Florida via mobile app. Highly unprofitable with explosive growth, EzFill states that it is the dominant player in the South Florida market.\n\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/9/21, the Renaissance IPO Index was up 7.7% year-to-date, while the S&P 500 was up 19.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 11.0% year-to-date, while the ACWX was up 10.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,"DH":0.9,"PRCT":0.9,"SRAD":0.9,"BROS":0.9,".SPX":0.9,"TWKS":0.9,"ONON":0.9,"FORG":0.9,"TYRA":0.9,"DICE":0.9,"EZFL":0.9}},"isVote":1,"tweetType":1,"viewCount":1894,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":889542507,"gmtCreate":1631162795109,"gmtModify":1631888200721,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574165011010503","idStr":"3574165011010503"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/889542507","repostId":"2165399556","repostType":4,"isVote":1,"tweetType":1,"viewCount":1249,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817702741,"gmtCreate":1630985530083,"gmtModify":1631888200742,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574165011010503","idStr":"3574165011010503"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/817702741","repostId":"1175895797","repostType":4,"repost":{"id":"1175895797","kind":"news","pubTimestamp":1630984669,"share":"https://www.laohu8.com/m/news/1175895797?lang=zh_CN&edition=full","pubTime":"2021-09-07 11:17","market":"us","language":"en","title":"SoFi Technologies: 4 Trades To Get In On Fintech's Growth<blockquote>SoFi Technologies：参与金融科技增长的4项交易</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175895797","media":"Investing.com","summary":"SoFi Technologies has recently issued mixed Q2 metrics, which put pressure on the shares\nThe fintech","content":"<p><ul>  <li>SoFi Technologies has recently issued mixed Q2 metrics, which put pressure on the shares</li>  <li>The fintech group is growing its platform, product offerings and customer numbers</li>  <li>We’re optimistic on the long-term growth prospects of SOFI stock, which could move first toward $17.5 and then $20.0 in the coming weeks</li> </ul> Investors in financial technology (fintech) disruptor SoFi Technologies. (NASDAQ:SOFI) have had a volatile year so far in 2021. Year-to-date (YTD) SOFI stock is up close to 22%. However, since early June the stock has lost about 37% of its value.</p><p><blockquote><ul><li>SoFi Technologies最近发布了好坏参半的第二季度指标，这给股价带来了压力</li><li>该金融科技集团正在扩大其平台、产品供应和客户数量</li><li>我们对SOFI股票的长期增长前景持乐观态度，未来几周该股可能首先升至17.5美元，然后升至20.0美元</li></ul>金融科技（fintech）颠覆者SoFi Technologies的投资者。（纳斯达克：SOFI）2021年迄今为止经历了动荡的一年。年初至今(YTD)SOFI股价上涨近22%。然而，自6月初以来，该股价值已下跌约37%。</blockquote></p><p> Our readers could well remember that SoFi Technologies went public through a reverse merger with Social Capital Hedosophia Corp, a special purpose acquisition company (SPAC). SOFI shares finished the day at $22.65. After trading between $20-$25 for several few weeks, the stock sold-off starting in early June.</p><p><blockquote>我们的读者可能还记得，SoFi Technologies是通过与特殊目的收购公司(SPAC)Social Capital Hedosophia Corp反向合并上市的。SOFI股价当天收于22.65美元。在连续几周在20-25美元之间交易后，该股从6月初开始遭到抛售。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7e84ef86a4fdcb3edda25a7f55e9f93f\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> SOFI stock finished Sept. 3 at $15.16. We should also remind readers that on Feb. 1, prior to the closing of the reverse merger, the shares hit an all-time high of $28.26. The market capitalization of SoFi Technologies stands at $12.12 billion.</p><p><blockquote>SOFI股票9月3日收于15.16美元。我们还应该提醒读者，2月1日，在反向合并完成之前，该股创下了28.26美元的历史新高。SoFi Technologies的市值为121.2亿美元。</blockquote></p><p> Investors debate whether now is a good time to invest in SOFI stock. We’re bullish on the long-term growth prospects of SoFi Technologies. Here’s why.</p><p><blockquote>投资者争论现在是否是投资SOFI股票的好时机。我们看好SoFi Technologies的长期增长前景。原因如下。</blockquote></p><p> <b>Long-Term Tailwinds</b></p><p><blockquote><b>长期顺风</b></blockquote></p><p> SoFi Technologies was founded in 2011 as a student loan refinancing business. Over the past decade, it has grown significantly to become a fintech disruptor. Its app enables consumers to manage, borrow, spend, save and invest money.</p><p><blockquote>SoFi Technologies成立于2011年，是一家学生贷款再融资公司。在过去十年中，它已显着发展成为金融科技颠覆者。它的应用程序使消费者能够管理、借贷、消费、储蓄和投资资金。</blockquote></p><p> For instance, in May 2020, it acquired the payment software company&nbsp;Galileo Financial Technologies, which helps businesses develop payment, card, and digital banking products. Also in March of this year, management announced it had agreed tobuythe California-based community bank Golden Pacific Bancorp, and “The proposed acquisition is a key strategic step in SoFi's path to obtaining a national bank charter.”</p><p><blockquote>例如，2020年5月，它收购了支付软件公司Galileo Financial Technologies，该公司帮助企业开发支付、卡和数字银行产品。同样在今年3月，管理层宣布已同意收购总部位于加州的社区银行Golden Pacific Bancorp，“拟议的收购是SoFi获得国家银行牌照道路上的关键战略步骤。”</blockquote></p><p> On Aug. 12, SOFI&nbsp;issued&nbsp;Q2 financials. Revenue was $231.1 million, up 101% year-over-year (YOY).The company reports revenue in three segments:</p><p><blockquote>8月12日，SOFI发布了第二季度财务数据。收入为2.311亿美元，同比增长101%。该公司报告三个部分的收入：</blockquote></p><p> <ul>  <li>Lending (still the driver of the top line with 71.9% share);</li>  <li>Financial Services (Q2 revenue was $17.0 million, compared to $2.4 million in Q2 2020);</li>  <li>Technology Platform (consists primarily of Galileo which has over the past year, increased its number of accounts, to nearly 79 million from 36 million).</li> </ul> SOFI reported a $165.3 million net loss for Q2 2021, compared to net profit of $7.8 million a year earlier. However, adjusted EBITDA was $11.2 million and positive for the fourth consecutive quarter. It was also $35.0 million higher than Q2 2020.</p><p><blockquote><ul><li>贷款（仍然是营收的驱动力，占71.9%的份额）；</li><li>金融服务（第二季度收入为1700万美元，而2020年第二季度为240万美元）；</li><li>技术平台（主要由Galileo组成，在过去一年中，其账户数量从3600万增加到近7900万）。</li></ul>SOFI报告2021年第二季度净亏损1.653亿美元，而上年同期净利润为780万美元。然而，调整后EBITDA为1120万美元，连续第四个季度为正值。这也比2020年第二季度高出3500万美元。</blockquote></p><p> On the results, CEO Anthony Noto&nbsp;commented:</p><p><blockquote>对于结果，首席执行官安东尼·诺托评论道：</blockquote></p><p>   “We drove our 8th straight quarters of accelerating member growth, with even faster growth in cross-buying from existing members.”  For Q3 2021, management expects adjusted net revenue of $245-$255 million, which was lighter than what Wall Street was anticipating. SoFi Technologies also reiterated the full-year 2021 guidance of adjusted net revenue of $980 million and adjusted EBITDA of $27 million.</p><p><blockquote>“我们连续第八个季度加速会员增长，现有会员的交叉购买增长更快。”管理层预计2021年第三季度调整后净收入为245-2.55亿美元，低于华尔街的预期。SoFi Technologies还重申了2021年全年调整后净收入为9.8亿美元，调整后EBITDA为2700万美元的指引。</blockquote></p><p> A number of investors were not fully thrilled with Q2 results, and hit the ‘Sell’ button, pushing SOFI stock to $13.50. However, since then buyers have come in and moved the stock back to $15, a level that is acting as support.</p><p><blockquote>许多投资者对第二季度业绩并不完全满意，按下了“卖出”按钮，将SOFI股价推高至13.50美元。然而，自那以后，买家介入并将该股推回到15美元，这是一个起到支撑作用的水平。</blockquote></p><p> <b>What To Expect From SOFI Stock</b></p><p><blockquote><b>对SOFI股票的期待</b></blockquote></p><p> SoFi Technologies is still a young company. Therefore on&nbsp;<i>Investing.com</i>, we have two analysts&nbsp;polled, both of whom have rated it a ‘buy.’ The shares have a 12-month price target of $26.50, implying a return of about 75% from current levels.</p><p><blockquote>SoFi Technologies仍然是一家年轻的公司。因此在<i>Investing.com</i>，我们对两位分析师进行了调查，他们都将其评级为“买入”。该股12个月目标价为26.50美元，这意味着较当前水平的回报率约为75%。</blockquote></p><p> The stock’s P/B ratio stands at 2.86x. By comparison, the P/B ratios of fintech darlings PayPal (NASDAQ:PYPL) and Square (NYSE:SQ) are 16.25x and 45.93x, respectively</p><p><blockquote>该股的市净率为2.86倍。相比之下，金融科技宠儿PayPal（纳斯达克：PYPL）和Square（纽约证券交易所：SQ）的市净率分别为16.25倍和45.93倍</blockquote></p><p> Investors who watch technical charts might be interested to know that anup movetoward the $17-$17.5 level is likely. In that case, SOFI stock would possibly hit resistance around $17.5 after which it could trade sideways as it establishes a new base.</p><p><blockquote>观看技术图表的投资者可能有兴趣知道anup很可能会升至17-17.5美元的水平。在这种情况下，SOFI股票可能会遇到17.5美元左右的阻力，之后它可能会在建立新的基础时横盘整理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1b6d9b444b951f9abee71b8a394b699\" tg-width=\"654\" tg-height=\"458\" width=\"100%\" height=\"auto\"><span>Source: Investing.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Investing.com</span></p></blockquote></p><p> Finally, as part of the short-term sentiment analysis, it would be important to look at the implied volatility (IV) levels for SoFi Technologies options, which typically show traders the market's opinion of potential moves in a security. However, this metric does not forecast the direction of the move.</p><p><blockquote>最后，作为短期情绪分析的一部分，查看SoFi Technologies期权的隐含波动率(IV)水平非常重要，它通常向交易者显示市场对证券潜在走势的看法。然而，这一指标并不能预测移动的方向。</blockquote></p><p></p><p> SOFI’s current implied volatility is 59.7, which is lower than the 20-day moving average of 67.4. This metric means implied volatility is trending lower. Although the current IV level could change, for now, the market does not seem to expect extreme choppiness in the shares.</p><p><blockquote>SOFI目前的隐含波动率为59.7，低于20日移动平均线67.4。该指标意味着隐含波动率呈下降趋势。尽管目前的IV水平可能会发生变化，但就目前而言，市场似乎预计股价不会出现极端波动。</blockquote></p><p> Although our expectation is for the stock price to increase in the coming weeks, it is not likely to be a straight move higher. There could even be a further decline toward $14 before a new up leg starts. In case of such a decline, potential SoFi Technologies stock investors would then find better value in the stock.</p><p><blockquote>尽管我们预计股价将在未来几周内上涨，但不太可能直线上涨。在新的上涨开始之前，甚至可能进一步下跌至14美元。如果出现这种下跌，潜在的SoFi Technologies股票投资者将会发现该股票更好的价值。</blockquote></p><p> <b>4 Possible Trades1. Buy SOFI Stock At Current Levels</b></p><p><blockquote><b>4种可能的交易1。在当前水平购买SOFI股票</b></blockquote></p><p> Investors who are not concerned with daily moves in price and who believe in the long-term potential of the company could consider investing in SoFi Technologies shares now.</p><p><blockquote>不关心每日价格变动并相信该公司长期潜力的投资者现在可以考虑投资SoFi Technologies股票。</blockquote></p><p> On Sept. 3, SOFI stock closed at $15.16. Buy-and-hold investors should expect to keep this long position for several months while the stock potentially makes an attempt, first toward $17.5 and then $20, leading to a return of over 30%.</p><p><blockquote>9月3日，SOFI股价收于15.16美元。买入并持有的投资者应该预计将在几个月内保持这一多头头寸，而该股可能会尝试，首先升至17.5美元，然后升至20美元，从而带来超过30%的回报。</blockquote></p><p> However, investors who are concerned about large declines might also consider placing a stop-loss about 3-5% below their entry point.</p><p><blockquote>然而，担心大幅下跌的投资者也可以考虑在进场点以下约3-5%设置止损。</blockquote></p><p> Once the stock is firmly established around $20, it could then potentially make another move toward the record high $28.26. However, such an increase would possibly take several quarters.</p><p><blockquote>一旦该股站稳在20美元左右，它可能会再次向28.26美元的历史新高迈进。然而，这种增长可能需要几个季度的时间。</blockquote></p><p> <b>2. Sell A Cash-Secured Put Option On SOFI Stock</b></p><p><blockquote><b>2.出售SOFI股票的现金担保看跌期权</b></blockquote></p><p> Our second trade involves a cash-secured put strategy. We have recently covered this option in numerous articles. Here is one&nbsp;example.</p><p><blockquote>我们的第二笔交易涉及现金担保看跌策略。我们最近在许多文章中讨论了这个选项。这里有一个例子。</blockquote></p><p> Bullish SoFi Technologies stock traders could now sell a Dec. 17, 15-strike put option, which is currently being offered at $2.13.</p><p><blockquote>看涨SoFi Technologies股票交易者现在可以出售12月17日15行权的看跌期权，目前报价为2.13美元。</blockquote></p><p> Assuming traders would enter this put-selling strategy at the current price, the upside is keeping this premium of $213 as long as SOFI stock closes above $15, when the option expires. A total of $213 would be the maximum return for this trade (excluding trading costs and taxes).</p><p><blockquote>假设交易者以当前价格进入这种看跌卖出策略，那么只要期权到期时SOFI股票收盘价高于15美元，上涨空间就会保持213美元的溢价。这笔交易的最高回报为213美元（不包括交易成本和税收）。</blockquote></p><p> The downside is if SoFi Technologies stock trades below $15.00 ahead of expiration. Should that occur, traders could be assigned 100 shares for each sold put at a cost of $15.00 per share.</p><p><blockquote>不利的一面是，如果SoFi Technologies股票在到期前交易价格低于15.00美元。如果发生这种情况，交易者可以以每股15.00美元的价格为每卖出一份看跌期权分配100股。</blockquote></p><p> At expiry, this trade would break even at a stock price of $12.87 (i.e., $15-$2.13).</p><p><blockquote>到期时，该交易将以12.87美元（即15-2.13美元）的股价实现收支平衡。</blockquote></p><p> <b>3. Buy An ETF That Has SoFi Technologies As A Holding</b></p><p><blockquote><b>3.购买持有SoFi Technologies的ETF</b></blockquote></p><p> Many readers are familiar with the fact that we regularly cover exchange-traded funds (ETFs) that might be suitable for buy-and-hold investors. Thus, readers who do not want to commit capital to SOFI stock but would still like to have exposure to the shares could consider researching a fund that holds the company.</p><p><blockquote>许多读者都熟悉这样一个事实，即我们定期报道可能适合买入并持有投资者的交易所交易基金(ETF)。因此，不想投入资金购买SOFI股票但仍希望投资该股票的读者可以考虑研究持有该公司的基金。</blockquote></p><p> However, since SoFi Technologies is a small and young company, it is not yet a leading holding in an ETF. This means such an investment would provide only a limited exposure to SOFI shares.</p><p><blockquote>然而，由于SoFi Technologies是一家小型且年轻的公司，因此它还不是ETF中的领先持股。这意味着此类投资只能提供有限的SOFI股票敞口。</blockquote></p><p> Nonetheless, examples of ETFs that have SOFI stock include:</p><p><blockquote>尽管如此，拥有SOFI股票的ETF示例包括：</blockquote></p><p> <ul>  <li>The De-SPAC ETF (NYSE:DSPC): This new fund is about flat since inception in May 2021. SOFI stock’s weighting is 3.85%;</p><p><blockquote><ul><li>De-SPAC ETF（纽约证券交易所股票代码：DSPC）：这只新基金自2021年5月成立以来大致持平。SOFI股票的权重为3.85%；</li></ul></blockquote></p><p></li>  <li>JPMorgan BetaBuilders U.S. Small Cap Equity ETF (NYSE:BBSC): The fund is up 17.2% YTD, and SOFI stock’s weighting is 0.38%;</p><p><blockquote><li>摩根大通BetaBuilders美国小盘股ETF（纽约证券交易所股票代码：BBSC）：该基金年初至今上涨17.2%，SOFI股票权重为0.38%；</li></blockquote></p><p></li>  <li>First Trust US Equity Opportunities ETF (NYSE:FPX): The fund is up 10.9% YTD, and SOFI stock’s weighting is 0.29%.</p><p><blockquote><li>First Trust US Equity Opportunities ETF（纽约证券交易所股票代码：FPX）：该基金年初至今上涨10.9%，SOFI股票的权重为0.29%。</li></blockquote></p><p></li> </ul> <b>4. Buy Shares In Another Fintech Company</b></p><p><blockquote><b>4.购买另一家金融科技公司的股票</b></blockquote></p><p> Potential investors who are interested in the fintech space, could consider investing in other names in the sector as well. Several names that could appeal to readers are (in alphabetical order):</p><p><blockquote>对金融科技领域感兴趣的潜在投资者也可以考虑投资该行业的其他公司。可能吸引读者的几个名字是（按字母顺序排列）：</blockquote></p><p> <ul>  <li>Bill.com (NYSE:BILL): up 117.7% YTD;</li>  <li>Fiserv (NASDAQ:FISV): up 1.6% YTD;</li>  <li>Green Dot (NYSE:GDOT): down 1.8% YTD;</li>  <li>JPMorgan Chase (NYSE:JPM): up 25.5% YTD;</li>  <li>Lemonade (NYSE:LMND): down 36.9% YTD;</li>  <li>Marqeta (NASDAQ:MQ): down 17.1% since going public in June;</li>  <li>MercadoLibre (NASDAQ:MELI): up 16.2% YTD;</li>  <li>PayPal: up 23.4% YTD;</li>  <li>Silvergate Capital (NYSE:SI): up 62.4% YTD;</li>  <li>Square: up 23.9% YTD;</li>  <li>StoneCo (NASDAQ:STNE): down 46.8% YTD;</li>  <li>Visa (NYSE:V): up 2.9% YTD.</li> </ul> As the returns above highlight, the fortunes of these companies have varied significantly in 2021. Therefore, potential investors would need to research them well before committing capital into the shares.</p><p><blockquote><ul><li>Bill.com（纽约证券交易所股票代码：BILL）：年初至今上涨117.7%；</li><li>Fiserv（纳斯达克：FISV）：年初至今上涨1.6%；</li><li>绿点（纽约证券交易所股票代码：GDOT）：年初至今下跌1.8%；</li><li>摩根大通（纽约证券交易所股票代码：JPM）：年初至今上涨25.5%；</li><li>柠檬水（纽约证券交易所股票代码：LMND）：年初至今下跌36.9%；</li><li>Marqeta（纳斯达克：MQ）：自6月上市以来下跌17.1%；</li><li>MercadoLibre（纳斯达克：MELI）：年初至今上涨16.2%；</li><li>PayPal：年初至今上涨23.4%；</li><li>Silvergate Capital（纽约证券交易所股票代码：SI）：年初至今上涨62.4%；</li><li>Square：年初至今上涨23.9%；</li><li>StoneCo（纳斯达克：STNE）：年初至今下跌46.8%；</li><li>Visa（纽约证券交易所股票代码：V）：年初至今上涨2.9%。</li></ul>正如上述回报所强调的那样，这些公司的命运在2021年差异很大。因此，潜在投资者在向股票投入资金之前需要对它们进行充分研究。</blockquote></p><p> <b>Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> Since going public in early June, SOFI stock has been in the limelight. Although the record high share price of $28.26, which was seen in February before the the reverse-merger was completed, seems quite distant now, the company is likely to create better shareholder value in the months ahead. Meanwhile, the company could even find itself a takeover candidate.</p><p><blockquote>自6月初上市以来，SOFI股票一直备受关注。尽管反向合并完成前2月份创下的28.26美元的历史新高股价现在似乎还很遥远，但该公司可能会在未来几个月创造更好的股东价值。与此同时，该公司甚至可能发现自己是收购候选人。</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>SoFi Technologies: 4 Trades To Get In On Fintech's Growth<blockquote>SoFi Technologies：参与金融科技增长的4项交易</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\">\nSoFi Technologies: 4 Trades To Get In On Fintech's Growth<blockquote>SoFi Technologies：参与金融科技增长的4项交易</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Investing.com</strong><span class=\"h-time small\">2021-09-07 11:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul>  <li>SoFi Technologies has recently issued mixed Q2 metrics, which put pressure on the shares</li>  <li>The fintech group is growing its platform, product offerings and customer numbers</li>  <li>We’re optimistic on the long-term growth prospects of SOFI stock, which could move first toward $17.5 and then $20.0 in the coming weeks</li> </ul> Investors in financial technology (fintech) disruptor SoFi Technologies. (NASDAQ:SOFI) have had a volatile year so far in 2021. Year-to-date (YTD) SOFI stock is up close to 22%. However, since early June the stock has lost about 37% of its value.</p><p><blockquote><ul><li>SoFi Technologies最近发布了好坏参半的第二季度指标，这给股价带来了压力</li><li>该金融科技集团正在扩大其平台、产品供应和客户数量</li><li>我们对SOFI股票的长期增长前景持乐观态度，未来几周该股可能首先升至17.5美元，然后升至20.0美元</li></ul>金融科技（fintech）颠覆者SoFi Technologies的投资者。（纳斯达克：SOFI）2021年迄今为止经历了动荡的一年。年初至今(YTD)SOFI股价上涨近22%。然而，自6月初以来，该股价值已下跌约37%。</blockquote></p><p> Our readers could well remember that SoFi Technologies went public through a reverse merger with Social Capital Hedosophia Corp, a special purpose acquisition company (SPAC). SOFI shares finished the day at $22.65. After trading between $20-$25 for several few weeks, the stock sold-off starting in early June.</p><p><blockquote>我们的读者可能还记得，SoFi Technologies是通过与特殊目的收购公司(SPAC)Social Capital Hedosophia Corp反向合并上市的。SOFI股价当天收于22.65美元。在连续几周在20-25美元之间交易后，该股从6月初开始遭到抛售。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7e84ef86a4fdcb3edda25a7f55e9f93f\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> SOFI stock finished Sept. 3 at $15.16. We should also remind readers that on Feb. 1, prior to the closing of the reverse merger, the shares hit an all-time high of $28.26. The market capitalization of SoFi Technologies stands at $12.12 billion.</p><p><blockquote>SOFI股票9月3日收于15.16美元。我们还应该提醒读者，2月1日，在反向合并完成之前，该股创下了28.26美元的历史新高。SoFi Technologies的市值为121.2亿美元。</blockquote></p><p> Investors debate whether now is a good time to invest in SOFI stock. We’re bullish on the long-term growth prospects of SoFi Technologies. Here’s why.</p><p><blockquote>投资者争论现在是否是投资SOFI股票的好时机。我们看好SoFi Technologies的长期增长前景。原因如下。</blockquote></p><p> <b>Long-Term Tailwinds</b></p><p><blockquote><b>长期顺风</b></blockquote></p><p> SoFi Technologies was founded in 2011 as a student loan refinancing business. Over the past decade, it has grown significantly to become a fintech disruptor. Its app enables consumers to manage, borrow, spend, save and invest money.</p><p><blockquote>SoFi Technologies成立于2011年，是一家学生贷款再融资公司。在过去十年中，它已显着发展成为金融科技颠覆者。它的应用程序使消费者能够管理、借贷、消费、储蓄和投资资金。</blockquote></p><p> For instance, in May 2020, it acquired the payment software company&nbsp;Galileo Financial Technologies, which helps businesses develop payment, card, and digital banking products. Also in March of this year, management announced it had agreed tobuythe California-based community bank Golden Pacific Bancorp, and “The proposed acquisition is a key strategic step in SoFi's path to obtaining a national bank charter.”</p><p><blockquote>例如，2020年5月，它收购了支付软件公司Galileo Financial Technologies，该公司帮助企业开发支付、卡和数字银行产品。同样在今年3月，管理层宣布已同意收购总部位于加州的社区银行Golden Pacific Bancorp，“拟议的收购是SoFi获得国家银行牌照道路上的关键战略步骤。”</blockquote></p><p> On Aug. 12, SOFI&nbsp;issued&nbsp;Q2 financials. Revenue was $231.1 million, up 101% year-over-year (YOY).The company reports revenue in three segments:</p><p><blockquote>8月12日，SOFI发布了第二季度财务数据。收入为2.311亿美元，同比增长101%。该公司报告三个部分的收入：</blockquote></p><p> <ul>  <li>Lending (still the driver of the top line with 71.9% share);</li>  <li>Financial Services (Q2 revenue was $17.0 million, compared to $2.4 million in Q2 2020);</li>  <li>Technology Platform (consists primarily of Galileo which has over the past year, increased its number of accounts, to nearly 79 million from 36 million).</li> </ul> SOFI reported a $165.3 million net loss for Q2 2021, compared to net profit of $7.8 million a year earlier. However, adjusted EBITDA was $11.2 million and positive for the fourth consecutive quarter. It was also $35.0 million higher than Q2 2020.</p><p><blockquote><ul><li>贷款（仍然是营收的驱动力，占71.9%的份额）；</li><li>金融服务（第二季度收入为1700万美元，而2020年第二季度为240万美元）；</li><li>技术平台（主要由Galileo组成，在过去一年中，其账户数量从3600万增加到近7900万）。</li></ul>SOFI报告2021年第二季度净亏损1.653亿美元，而上年同期净利润为780万美元。然而，调整后EBITDA为1120万美元，连续第四个季度为正值。这也比2020年第二季度高出3500万美元。</blockquote></p><p> On the results, CEO Anthony Noto&nbsp;commented:</p><p><blockquote>对于结果，首席执行官安东尼·诺托评论道：</blockquote></p><p>   “We drove our 8th straight quarters of accelerating member growth, with even faster growth in cross-buying from existing members.”  For Q3 2021, management expects adjusted net revenue of $245-$255 million, which was lighter than what Wall Street was anticipating. SoFi Technologies also reiterated the full-year 2021 guidance of adjusted net revenue of $980 million and adjusted EBITDA of $27 million.</p><p><blockquote>“我们连续第八个季度加速会员增长，现有会员的交叉购买增长更快。”管理层预计2021年第三季度调整后净收入为245-2.55亿美元，低于华尔街的预期。SoFi Technologies还重申了2021年全年调整后净收入为9.8亿美元，调整后EBITDA为2700万美元的指引。</blockquote></p><p> A number of investors were not fully thrilled with Q2 results, and hit the ‘Sell’ button, pushing SOFI stock to $13.50. However, since then buyers have come in and moved the stock back to $15, a level that is acting as support.</p><p><blockquote>许多投资者对第二季度业绩并不完全满意，按下了“卖出”按钮，将SOFI股价推高至13.50美元。然而，自那以后，买家介入并将该股推回到15美元，这是一个起到支撑作用的水平。</blockquote></p><p> <b>What To Expect From SOFI Stock</b></p><p><blockquote><b>对SOFI股票的期待</b></blockquote></p><p> SoFi Technologies is still a young company. Therefore on&nbsp;<i>Investing.com</i>, we have two analysts&nbsp;polled, both of whom have rated it a ‘buy.’ The shares have a 12-month price target of $26.50, implying a return of about 75% from current levels.</p><p><blockquote>SoFi Technologies仍然是一家年轻的公司。因此在<i>Investing.com</i>，我们对两位分析师进行了调查，他们都将其评级为“买入”。该股12个月目标价为26.50美元，这意味着较当前水平的回报率约为75%。</blockquote></p><p> The stock’s P/B ratio stands at 2.86x. By comparison, the P/B ratios of fintech darlings PayPal (NASDAQ:PYPL) and Square (NYSE:SQ) are 16.25x and 45.93x, respectively</p><p><blockquote>该股的市净率为2.86倍。相比之下，金融科技宠儿PayPal（纳斯达克：PYPL）和Square（纽约证券交易所：SQ）的市净率分别为16.25倍和45.93倍</blockquote></p><p> Investors who watch technical charts might be interested to know that anup movetoward the $17-$17.5 level is likely. In that case, SOFI stock would possibly hit resistance around $17.5 after which it could trade sideways as it establishes a new base.</p><p><blockquote>观看技术图表的投资者可能有兴趣知道anup很可能会升至17-17.5美元的水平。在这种情况下，SOFI股票可能会遇到17.5美元左右的阻力，之后它可能会在建立新的基础时横盘整理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1b6d9b444b951f9abee71b8a394b699\" tg-width=\"654\" tg-height=\"458\" width=\"100%\" height=\"auto\"><span>Source: Investing.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Investing.com</span></p></blockquote></p><p> Finally, as part of the short-term sentiment analysis, it would be important to look at the implied volatility (IV) levels for SoFi Technologies options, which typically show traders the market's opinion of potential moves in a security. However, this metric does not forecast the direction of the move.</p><p><blockquote>最后，作为短期情绪分析的一部分，查看SoFi Technologies期权的隐含波动率(IV)水平非常重要，它通常向交易者显示市场对证券潜在走势的看法。然而，这一指标并不能预测移动的方向。</blockquote></p><p></p><p> SOFI’s current implied volatility is 59.7, which is lower than the 20-day moving average of 67.4. This metric means implied volatility is trending lower. Although the current IV level could change, for now, the market does not seem to expect extreme choppiness in the shares.</p><p><blockquote>SOFI目前的隐含波动率为59.7，低于20日移动平均线67.4。该指标意味着隐含波动率呈下降趋势。尽管目前的IV水平可能会发生变化，但就目前而言，市场似乎预计股价不会出现极端波动。</blockquote></p><p> Although our expectation is for the stock price to increase in the coming weeks, it is not likely to be a straight move higher. There could even be a further decline toward $14 before a new up leg starts. In case of such a decline, potential SoFi Technologies stock investors would then find better value in the stock.</p><p><blockquote>尽管我们预计股价将在未来几周内上涨，但不太可能直线上涨。在新的上涨开始之前，甚至可能进一步下跌至14美元。如果出现这种下跌，潜在的SoFi Technologies股票投资者将会发现该股票更好的价值。</blockquote></p><p> <b>4 Possible Trades1. Buy SOFI Stock At Current Levels</b></p><p><blockquote><b>4种可能的交易1。在当前水平购买SOFI股票</b></blockquote></p><p> Investors who are not concerned with daily moves in price and who believe in the long-term potential of the company could consider investing in SoFi Technologies shares now.</p><p><blockquote>不关心每日价格变动并相信该公司长期潜力的投资者现在可以考虑投资SoFi Technologies股票。</blockquote></p><p> On Sept. 3, SOFI stock closed at $15.16. Buy-and-hold investors should expect to keep this long position for several months while the stock potentially makes an attempt, first toward $17.5 and then $20, leading to a return of over 30%.</p><p><blockquote>9月3日，SOFI股价收于15.16美元。买入并持有的投资者应该预计将在几个月内保持这一多头头寸，而该股可能会尝试，首先升至17.5美元，然后升至20美元，从而带来超过30%的回报。</blockquote></p><p> However, investors who are concerned about large declines might also consider placing a stop-loss about 3-5% below their entry point.</p><p><blockquote>然而，担心大幅下跌的投资者也可以考虑在进场点以下约3-5%设置止损。</blockquote></p><p> Once the stock is firmly established around $20, it could then potentially make another move toward the record high $28.26. However, such an increase would possibly take several quarters.</p><p><blockquote>一旦该股站稳在20美元左右，它可能会再次向28.26美元的历史新高迈进。然而，这种增长可能需要几个季度的时间。</blockquote></p><p> <b>2. Sell A Cash-Secured Put Option On SOFI Stock</b></p><p><blockquote><b>2.出售SOFI股票的现金担保看跌期权</b></blockquote></p><p> Our second trade involves a cash-secured put strategy. We have recently covered this option in numerous articles. Here is one&nbsp;example.</p><p><blockquote>我们的第二笔交易涉及现金担保看跌策略。我们最近在许多文章中讨论了这个选项。这里有一个例子。</blockquote></p><p> Bullish SoFi Technologies stock traders could now sell a Dec. 17, 15-strike put option, which is currently being offered at $2.13.</p><p><blockquote>看涨SoFi Technologies股票交易者现在可以出售12月17日15行权的看跌期权，目前报价为2.13美元。</blockquote></p><p> Assuming traders would enter this put-selling strategy at the current price, the upside is keeping this premium of $213 as long as SOFI stock closes above $15, when the option expires. A total of $213 would be the maximum return for this trade (excluding trading costs and taxes).</p><p><blockquote>假设交易者以当前价格进入这种看跌卖出策略，那么只要期权到期时SOFI股票收盘价高于15美元，上涨空间就会保持213美元的溢价。这笔交易的最高回报为213美元（不包括交易成本和税收）。</blockquote></p><p> The downside is if SoFi Technologies stock trades below $15.00 ahead of expiration. Should that occur, traders could be assigned 100 shares for each sold put at a cost of $15.00 per share.</p><p><blockquote>不利的一面是，如果SoFi Technologies股票在到期前交易价格低于15.00美元。如果发生这种情况，交易者可以以每股15.00美元的价格为每卖出一份看跌期权分配100股。</blockquote></p><p> At expiry, this trade would break even at a stock price of $12.87 (i.e., $15-$2.13).</p><p><blockquote>到期时，该交易将以12.87美元（即15-2.13美元）的股价实现收支平衡。</blockquote></p><p> <b>3. Buy An ETF That Has SoFi Technologies As A Holding</b></p><p><blockquote><b>3.购买持有SoFi Technologies的ETF</b></blockquote></p><p> Many readers are familiar with the fact that we regularly cover exchange-traded funds (ETFs) that might be suitable for buy-and-hold investors. Thus, readers who do not want to commit capital to SOFI stock but would still like to have exposure to the shares could consider researching a fund that holds the company.</p><p><blockquote>许多读者都熟悉这样一个事实，即我们定期报道可能适合买入并持有投资者的交易所交易基金(ETF)。因此，不想投入资金购买SOFI股票但仍希望投资该股票的读者可以考虑研究持有该公司的基金。</blockquote></p><p> However, since SoFi Technologies is a small and young company, it is not yet a leading holding in an ETF. This means such an investment would provide only a limited exposure to SOFI shares.</p><p><blockquote>然而，由于SoFi Technologies是一家小型且年轻的公司，因此它还不是ETF中的领先持股。这意味着此类投资只能提供有限的SOFI股票敞口。</blockquote></p><p> Nonetheless, examples of ETFs that have SOFI stock include:</p><p><blockquote>尽管如此，拥有SOFI股票的ETF示例包括：</blockquote></p><p> <ul>  <li>The De-SPAC ETF (NYSE:DSPC): This new fund is about flat since inception in May 2021. SOFI stock’s weighting is 3.85%;</p><p><blockquote><ul><li>De-SPAC ETF（纽约证券交易所股票代码：DSPC）：这只新基金自2021年5月成立以来大致持平。SOFI股票的权重为3.85%；</li></ul></blockquote></p><p></li>  <li>JPMorgan BetaBuilders U.S. Small Cap Equity ETF (NYSE:BBSC): The fund is up 17.2% YTD, and SOFI stock’s weighting is 0.38%;</p><p><blockquote><li>摩根大通BetaBuilders美国小盘股ETF（纽约证券交易所股票代码：BBSC）：该基金年初至今上涨17.2%，SOFI股票权重为0.38%；</li></blockquote></p><p></li>  <li>First Trust US Equity Opportunities ETF (NYSE:FPX): The fund is up 10.9% YTD, and SOFI stock’s weighting is 0.29%.</p><p><blockquote><li>First Trust US Equity Opportunities ETF（纽约证券交易所股票代码：FPX）：该基金年初至今上涨10.9%，SOFI股票的权重为0.29%。</li></blockquote></p><p></li> </ul> <b>4. Buy Shares In Another Fintech Company</b></p><p><blockquote><b>4.购买另一家金融科技公司的股票</b></blockquote></p><p> Potential investors who are interested in the fintech space, could consider investing in other names in the sector as well. Several names that could appeal to readers are (in alphabetical order):</p><p><blockquote>对金融科技领域感兴趣的潜在投资者也可以考虑投资该行业的其他公司。可能吸引读者的几个名字是（按字母顺序排列）：</blockquote></p><p> <ul>  <li>Bill.com (NYSE:BILL): up 117.7% YTD;</li>  <li>Fiserv (NASDAQ:FISV): up 1.6% YTD;</li>  <li>Green Dot (NYSE:GDOT): down 1.8% YTD;</li>  <li>JPMorgan Chase (NYSE:JPM): up 25.5% YTD;</li>  <li>Lemonade (NYSE:LMND): down 36.9% YTD;</li>  <li>Marqeta (NASDAQ:MQ): down 17.1% since going public in June;</li>  <li>MercadoLibre (NASDAQ:MELI): up 16.2% YTD;</li>  <li>PayPal: up 23.4% YTD;</li>  <li>Silvergate Capital (NYSE:SI): up 62.4% YTD;</li>  <li>Square: up 23.9% YTD;</li>  <li>StoneCo (NASDAQ:STNE): down 46.8% YTD;</li>  <li>Visa (NYSE:V): up 2.9% YTD.</li> </ul> As the returns above highlight, the fortunes of these companies have varied significantly in 2021. Therefore, potential investors would need to research them well before committing capital into the shares.</p><p><blockquote><ul><li>Bill.com（纽约证券交易所股票代码：BILL）：年初至今上涨117.7%；</li><li>Fiserv（纳斯达克：FISV）：年初至今上涨1.6%；</li><li>绿点（纽约证券交易所股票代码：GDOT）：年初至今下跌1.8%；</li><li>摩根大通（纽约证券交易所股票代码：JPM）：年初至今上涨25.5%；</li><li>柠檬水（纽约证券交易所股票代码：LMND）：年初至今下跌36.9%；</li><li>Marqeta（纳斯达克：MQ）：自6月上市以来下跌17.1%；</li><li>MercadoLibre（纳斯达克：MELI）：年初至今上涨16.2%；</li><li>PayPal：年初至今上涨23.4%；</li><li>Silvergate Capital（纽约证券交易所股票代码：SI）：年初至今上涨62.4%；</li><li>Square：年初至今上涨23.9%；</li><li>StoneCo（纳斯达克：STNE）：年初至今下跌46.8%；</li><li>Visa（纽约证券交易所股票代码：V）：年初至今上涨2.9%。</li></ul>正如上述回报所强调的那样，这些公司的命运在2021年差异很大。因此，潜在投资者在向股票投入资金之前需要对它们进行充分研究。</blockquote></p><p> <b>Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> Since going public in early June, SOFI stock has been in the limelight. Although the record high share price of $28.26, which was seen in February before the the reverse-merger was completed, seems quite distant now, the company is likely to create better shareholder value in the months ahead. Meanwhile, the company could even find itself a takeover candidate.</p><p><blockquote>自6月初上市以来，SOFI股票一直备受关注。尽管反向合并完成前2月份创下的28.26美元的历史新高股价现在似乎还很遥远，但该公司可能会在未来几个月创造更好的股东价值。与此同时，该公司甚至可能发现自己是收购候选人。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investing.com/analysis/sofi-technologies-4-trades-to-get-in-on-fintechs-growth-200601028\">Investing.com</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":{"SOFI":"SoFi Technologies Inc."},"source_url":"https://www.investing.com/analysis/sofi-technologies-4-trades-to-get-in-on-fintechs-growth-200601028","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175895797","content_text":"SoFi Technologies has recently issued mixed Q2 metrics, which put pressure on the shares\nThe fintech group is growing its platform, product offerings and customer numbers\nWe’re optimistic on the long-term growth prospects of SOFI stock, which could move first toward $17.5 and then $20.0 in the coming weeks\n\nInvestors in financial technology (fintech) disruptor SoFi Technologies. (NASDAQ:SOFI) have had a volatile year so far in 2021. Year-to-date (YTD) SOFI stock is up close to 22%. However, since early June the stock has lost about 37% of its value.\nOur readers could well remember that SoFi Technologies went public through a reverse merger with Social Capital Hedosophia Corp, a special purpose acquisition company (SPAC). SOFI shares finished the day at $22.65. After trading between $20-$25 for several few weeks, the stock sold-off starting in early June.\n\nSOFI stock finished Sept. 3 at $15.16. We should also remind readers that on Feb. 1, prior to the closing of the reverse merger, the shares hit an all-time high of $28.26. The market capitalization of SoFi Technologies stands at $12.12 billion.\nInvestors debate whether now is a good time to invest in SOFI stock. We’re bullish on the long-term growth prospects of SoFi Technologies. Here’s why.\nLong-Term Tailwinds\nSoFi Technologies was founded in 2011 as a student loan refinancing business. Over the past decade, it has grown significantly to become a fintech disruptor. Its app enables consumers to manage, borrow, spend, save and invest money.\nFor instance, in May 2020, it acquired the payment software company Galileo Financial Technologies, which helps businesses develop payment, card, and digital banking products. Also in March of this year, management announced it had agreed tobuythe California-based community bank Golden Pacific Bancorp, and “The proposed acquisition is a key strategic step in SoFi's path to obtaining a national bank charter.”\nOn Aug. 12, SOFI issued Q2 financials. Revenue was $231.1 million, up 101% year-over-year (YOY).The company reports revenue in three segments:\n\nLending (still the driver of the top line with 71.9% share);\nFinancial Services (Q2 revenue was $17.0 million, compared to $2.4 million in Q2 2020);\nTechnology Platform (consists primarily of Galileo which has over the past year, increased its number of accounts, to nearly 79 million from 36 million).\n\nSOFI reported a $165.3 million net loss for Q2 2021, compared to net profit of $7.8 million a year earlier. However, adjusted EBITDA was $11.2 million and positive for the fourth consecutive quarter. It was also $35.0 million higher than Q2 2020.\nOn the results, CEO Anthony Noto commented:\n\n “We drove our 8th straight quarters of accelerating member growth, with even faster growth in cross-buying from existing members.”\n\nFor Q3 2021, management expects adjusted net revenue of $245-$255 million, which was lighter than what Wall Street was anticipating. SoFi Technologies also reiterated the full-year 2021 guidance of adjusted net revenue of $980 million and adjusted EBITDA of $27 million.\nA number of investors were not fully thrilled with Q2 results, and hit the ‘Sell’ button, pushing SOFI stock to $13.50. However, since then buyers have come in and moved the stock back to $15, a level that is acting as support.\nWhat To Expect From SOFI Stock\nSoFi Technologies is still a young company. Therefore on Investing.com, we have two analysts polled, both of whom have rated it a ‘buy.’ The shares have a 12-month price target of $26.50, implying a return of about 75% from current levels.\nThe stock’s P/B ratio stands at 2.86x. By comparison, the P/B ratios of fintech darlings PayPal (NASDAQ:PYPL) and Square (NYSE:SQ) are 16.25x and 45.93x, respectively\nInvestors who watch technical charts might be interested to know that anup movetoward the $17-$17.5 level is likely. In that case, SOFI stock would possibly hit resistance around $17.5 after which it could trade sideways as it establishes a new base.\nSource: Investing.com\nFinally, as part of the short-term sentiment analysis, it would be important to look at the implied volatility (IV) levels for SoFi Technologies options, which typically show traders the market's opinion of potential moves in a security. However, this metric does not forecast the direction of the move.\nSOFI’s current implied volatility is 59.7, which is lower than the 20-day moving average of 67.4. This metric means implied volatility is trending lower. Although the current IV level could change, for now, the market does not seem to expect extreme choppiness in the shares.\nAlthough our expectation is for the stock price to increase in the coming weeks, it is not likely to be a straight move higher. There could even be a further decline toward $14 before a new up leg starts. In case of such a decline, potential SoFi Technologies stock investors would then find better value in the stock.\n4 Possible Trades1. Buy SOFI Stock At Current Levels\nInvestors who are not concerned with daily moves in price and who believe in the long-term potential of the company could consider investing in SoFi Technologies shares now.\nOn Sept. 3, SOFI stock closed at $15.16. Buy-and-hold investors should expect to keep this long position for several months while the stock potentially makes an attempt, first toward $17.5 and then $20, leading to a return of over 30%.\nHowever, investors who are concerned about large declines might also consider placing a stop-loss about 3-5% below their entry point.\nOnce the stock is firmly established around $20, it could then potentially make another move toward the record high $28.26. However, such an increase would possibly take several quarters.\n2. Sell A Cash-Secured Put Option On SOFI Stock\nOur second trade involves a cash-secured put strategy. We have recently covered this option in numerous articles. Here is one example.\nBullish SoFi Technologies stock traders could now sell a Dec. 17, 15-strike put option, which is currently being offered at $2.13.\nAssuming traders would enter this put-selling strategy at the current price, the upside is keeping this premium of $213 as long as SOFI stock closes above $15, when the option expires. A total of $213 would be the maximum return for this trade (excluding trading costs and taxes).\nThe downside is if SoFi Technologies stock trades below $15.00 ahead of expiration. Should that occur, traders could be assigned 100 shares for each sold put at a cost of $15.00 per share.\nAt expiry, this trade would break even at a stock price of $12.87 (i.e., $15-$2.13).\n3. Buy An ETF That Has SoFi Technologies As A Holding\nMany readers are familiar with the fact that we regularly cover exchange-traded funds (ETFs) that might be suitable for buy-and-hold investors. Thus, readers who do not want to commit capital to SOFI stock but would still like to have exposure to the shares could consider researching a fund that holds the company.\nHowever, since SoFi Technologies is a small and young company, it is not yet a leading holding in an ETF. This means such an investment would provide only a limited exposure to SOFI shares.\nNonetheless, examples of ETFs that have SOFI stock include:\n\nThe De-SPAC ETF (NYSE:DSPC): This new fund is about flat since inception in May 2021. SOFI stock’s weighting is 3.85%;\nJPMorgan BetaBuilders U.S. Small Cap Equity ETF (NYSE:BBSC): The fund is up 17.2% YTD, and SOFI stock’s weighting is 0.38%;\nFirst Trust US Equity Opportunities ETF (NYSE:FPX): The fund is up 10.9% YTD, and SOFI stock’s weighting is 0.29%.\n\n4. Buy Shares In Another Fintech Company\nPotential investors who are interested in the fintech space, could consider investing in other names in the sector as well. Several names that could appeal to readers are (in alphabetical order):\n\nBill.com (NYSE:BILL): up 117.7% YTD;\nFiserv (NASDAQ:FISV): up 1.6% YTD;\nGreen Dot (NYSE:GDOT): down 1.8% YTD;\nJPMorgan Chase (NYSE:JPM): up 25.5% YTD;\nLemonade (NYSE:LMND): down 36.9% YTD;\nMarqeta (NASDAQ:MQ): down 17.1% since going public in June;\nMercadoLibre (NASDAQ:MELI): up 16.2% YTD;\nPayPal: up 23.4% YTD;\nSilvergate Capital (NYSE:SI): up 62.4% YTD;\nSquare: up 23.9% YTD;\nStoneCo (NASDAQ:STNE): down 46.8% YTD;\nVisa (NYSE:V): up 2.9% YTD.\n\nAs the returns above highlight, the fortunes of these companies have varied significantly in 2021. Therefore, potential investors would need to research them well before committing capital into the shares.\nBottom Line\nSince going public in early June, SOFI stock has been in the limelight. Although the record high share price of $28.26, which was seen in February before the the reverse-merger was completed, seems quite distant now, the company is likely to create better shareholder value in the months ahead. Meanwhile, the company could even find itself a takeover candidate.","news_type":1,"symbols_score_info":{"SOFI":0.9}},"isVote":1,"tweetType":1,"viewCount":2598,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814774418,"gmtCreate":1630888247534,"gmtModify":1631888200775,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574165011010503","idStr":"3574165011010503"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/814774418","repostId":"1143325200","repostType":4,"repost":{"id":"1143325200","kind":"news","pubTimestamp":1630882610,"share":"https://www.laohu8.com/m/news/1143325200?lang=zh_CN&edition=full","pubTime":"2021-09-06 06:56","market":"us","language":"en","title":"GameStop, Moderna, Home Depot, Kroger, and Other Stocks for Investors to Watch This Week<blockquote>游戏驿站、Moderna、家得宝、克罗格等本周值得投资者关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143325200","media":"Barrons","summary":"U.S. stock and bond markets are closed on Monday for Labor Day. The holiday-shortened week then feat","content":"<p>U.S. stock and bond markets are closed on Monday for Labor Day. The holiday-shortened week then features several notable company updates and economic data releases.</p><p><blockquote>美国股市和债市周一因劳动节休市。假期缩短的一周将发布几个值得注意的公司更新和经济数据。</blockquote></p><p> GameStop and Lululemon Athletica release quarterly results on Wednesday, followed by International Paper on Thursday and Kroger on Friday. Analog Devices—fresh off of its&nbsp;$21 billion acquisition of Maxim Integrated Products—will host an investor day on Wednesday. Moderna, Danaher, and Home Depot managements will also speak with investors on Thursday. Finally, Albemarle&nbsp;hosts&nbsp;an investor day on Friday.</p><p><blockquote>游戏驿站和Lululemon Athletica将于周三发布季度业绩，国际纸业将于周四发布季度业绩，克罗格将于周五发布季度业绩。Analog Devices刚刚以210亿美元收购Maxim Integrated Products，将于周三举办投资者日。Moderna、丹纳赫和家得宝管理层也将于周四与投资者交谈。最后，雅宝将于周五举办投资者日。</blockquote></p><p> The economic data highlight of the week will be Friday’s August producer price index from the Bureau of Labor Statistics. Economists’ consensus estimate is for a 0.6% monthly rise in the headline index, and a 0.5% increase for the core PPI—which leaves out more volatile food and energy prices. Both the core and headline indexes rose 1% in July. The August consumer price index will be out the following week, on Sept. 14.</p><p><blockquote>本周的经济数据亮点将是周五美国劳工统计局公布的8月份生产者价格指数。经济学家的普遍预期是总体指数月度上涨0.6%，核心PPI上涨0.5%——这还不包括波动更大的食品和能源价格。7月份核心指数和整体指数均上涨1%。8月份消费者价格指数将于下周9月14日公布。</blockquote></p><p> On Tuesday, the Federal Reserve will release its latest beige book, full of updates on economic, hiring, and business conditions in each of the dozen central bank districts. The European Central Bank also announces a monetary-policy decision on Thursday, but is widely expected to hold its target interest rate at its current level of negative 0.5%.</p><p><blockquote>周二，美联储将发布最新的褐皮书，其中包含十几个中央银行区的经济、招聘和商业状况的最新信息。欧洲央行也将于周四宣布货币政策决定，但市场普遍预计将把目标利率维持在目前负0.5%的水平。</blockquote></p><p> <b>Monday 9/6</b></p><p><blockquote><b>星期一9/6</b></blockquote></p><p> Stock and fixed-income markets are closed in observance of Labor Day.</p><p><blockquote>股票和固定收益市场因劳动节休市。</blockquote></p><p> <b>Tuesday 9/7</b></p><p><blockquote><b>星期二9/7</b></blockquote></p><p> Casey’s General Stores and Coupa Software announce earnings.</p><p><blockquote>Casey’s General Stores和Coupa Software公布收益。</blockquote></p><p> <b>Wednesday 9/8</b></p><p><blockquote><b>星期三9/8</b></blockquote></p><p> Copart, GameStop, and Lululemon Athletica release quarterly results.</p><p><blockquote>Copart、游戏驿站和Lululemon Athletica发布季度业绩。</blockquote></p><p> Analog Devices hosts a conference call to discuss its capital-allocation plans and update its outlook for fiscal 2021. The company recently closed its $21 billion acquisition of Maxim Integrated Products.</p><p><blockquote>ADI公司召开电话会议，讨论其资本配置计划并更新2021财年展望。该公司最近完成了对Maxim Integrated Products的210亿美元收购。</blockquote></p><p> Global Payments, Johnson Controls International, and ResMed hold virtual investor days.</p><p><blockquote>Global Payments、江森自控国际和ResMed举办虚拟投资者日。</blockquote></p><p> The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. Consensus estimate is for 10 million job openings on the last business day of July. In June, there were 10.1 million openings, the fourth consecutive monthly record.</p><p><blockquote>劳工统计局发布职位空缺和劳动力流动调查。普遍估计7月最后一个工作日将有1000万个职位空缺。6月份，有1010万个职位空缺，连续第四个月创下纪录。</blockquote></p><p> The Federal Reserve reports consumer credit data for July. Total outstanding consumer debt increased by $37.7 billion to a record $4.32 trillion in June. For the second quarter, consumer credit rose at a seasonally adjusted annual rate of 8.8%, reflecting pent-up demand.</p><p><blockquote>美联储公布7月份消费者信贷数据。6月份未偿消费者债务总额增加377亿美元，达到创纪录的4.32万亿美元。第二季度，消费信贷经季节调整后的年率增长8.8%，反映了被压抑的需求。</blockquote></p><p> The Federal Reserve releases the beige book for the sixth of eight times this year. The report summarizes current economic conditions among the 12 Federal Reserve districts.</p><p><blockquote>美联储今年八次发布褐皮书中的第六次。该报告总结了12个美联储地区当前的经济状况。</blockquote></p><p> <b>Thursday 9/9</b></p><p><blockquote><b>星期四9/9</b></blockquote></p><p> Home Depot hosts a conference call to discuss its ESG strategy, led by Ron Jarvis, the company’s chief sustainability officer.</p><p><blockquote>家得宝召开电话会议讨论其ESG战略，由公司首席可持续发展官Ron Jarvis主持。</blockquote></p><p> Moderna hosts its fifth annual R&amp;D day to discuss vaccines in the company’s pipeline. CEO Stéphane Bancel will be among the presenters.</p><p><blockquote>Moderna举办第五届年度研发日，讨论公司在研疫苗。首席执行官Stéphane Bancel将是演讲者之一。</blockquote></p><p> Danaher holds an investor and analyst meeting, hosted by its CEO Rainer Blair.</p><p><blockquote>丹纳赫召开投资者和分析师会议，由首席执行官Rainer Blair主持。</blockquote></p><p> International Paper, Synchrony Financial, and Willis Towers Watson hold investor days.</p><p><blockquote>国际纸业、同步金融和威利斯韬睿惠悦举办投资者日。</blockquote></p><p> The European Central Bank announces its monetary-policy decision. The ECB is expected to keep its key interest rate unchanged at minus 0.5%.</p><p><blockquote>欧洲中央银行宣布其货币政策决定。预计欧洲央行将维持关键利率在负0.5%不变。</blockquote></p><p> The Department of Labor reports initial jobless claims for the week ending on Sept. 4. In August, claims averaged 355,000 a week, the lowest since the pandemic’s onset. This will also be the last week that the extra $300 from federal enhanced unemployment benefits is available. They are set to expire by Sept. 6.</p><p><blockquote>劳工部报告了截至9月4日当周的首次申请失业救济人数。8月份，平均每周申请失业救济人数为35.5万人，为疫情爆发以来的最低水平。这也将是联邦强化失业救济金额外发放300美元的最后一周。它们将于9月6日到期。</blockquote></p><p> <b>Friday 9/10</b></p><p><blockquote><b>星期五9/10</b></blockquote></p><p> The BLS reports the producer price index for August. Economists forecast a 0.6% monthly rise along with a 0.5% increase for the core PPI, which excludes volatile food and energy prices. Both jumped 1% in July.</p><p><blockquote>BLS报告8月份生产者价格指数。经济学家预测核心生产者价格指数（不包括波动较大的食品和能源价格）月度上涨0.6%，核心生产者价格指数将上涨0.5%。7月份两者均上涨1%。</blockquote></p><p> Kroger holds a conference calls to discuss earnings.</p><p><blockquote>克罗格评级召开会议讨论收益。</blockquote></p><p></p>","source":"lsy1601382232898","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, Moderna, Home Depot, Kroger, and Other Stocks for Investors to Watch This Week<blockquote>游戏驿站、Moderna、家得宝、克罗格等本周值得投资者关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGameStop, Moderna, Home Depot, Kroger, and Other Stocks for Investors to Watch This Week<blockquote>游戏驿站、Moderna、家得宝、克罗格等本周值得投资者关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-06 06:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. stock and bond markets are closed on Monday for Labor Day. The holiday-shortened week then features several notable company updates and economic data releases.</p><p><blockquote>美国股市和债市周一因劳动节休市。假期缩短的一周将发布几个值得注意的公司更新和经济数据。</blockquote></p><p> GameStop and Lululemon Athletica release quarterly results on Wednesday, followed by International Paper on Thursday and Kroger on Friday. Analog Devices—fresh off of its&nbsp;$21 billion acquisition of Maxim Integrated Products—will host an investor day on Wednesday. Moderna, Danaher, and Home Depot managements will also speak with investors on Thursday. Finally, Albemarle&nbsp;hosts&nbsp;an investor day on Friday.</p><p><blockquote>游戏驿站和Lululemon Athletica将于周三发布季度业绩，国际纸业将于周四发布季度业绩，克罗格将于周五发布季度业绩。Analog Devices刚刚以210亿美元收购Maxim Integrated Products，将于周三举办投资者日。Moderna、丹纳赫和家得宝管理层也将于周四与投资者交谈。最后，雅宝将于周五举办投资者日。</blockquote></p><p> The economic data highlight of the week will be Friday’s August producer price index from the Bureau of Labor Statistics. Economists’ consensus estimate is for a 0.6% monthly rise in the headline index, and a 0.5% increase for the core PPI—which leaves out more volatile food and energy prices. Both the core and headline indexes rose 1% in July. The August consumer price index will be out the following week, on Sept. 14.</p><p><blockquote>本周的经济数据亮点将是周五美国劳工统计局公布的8月份生产者价格指数。经济学家的普遍预期是总体指数月度上涨0.6%，核心PPI上涨0.5%——这还不包括波动更大的食品和能源价格。7月份核心指数和整体指数均上涨1%。8月份消费者价格指数将于下周9月14日公布。</blockquote></p><p> On Tuesday, the Federal Reserve will release its latest beige book, full of updates on economic, hiring, and business conditions in each of the dozen central bank districts. The European Central Bank also announces a monetary-policy decision on Thursday, but is widely expected to hold its target interest rate at its current level of negative 0.5%.</p><p><blockquote>周二，美联储将发布最新的褐皮书，其中包含十几个中央银行区的经济、招聘和商业状况的最新信息。欧洲央行也将于周四宣布货币政策决定，但市场普遍预计将把目标利率维持在目前负0.5%的水平。</blockquote></p><p> <b>Monday 9/6</b></p><p><blockquote><b>星期一9/6</b></blockquote></p><p> Stock and fixed-income markets are closed in observance of Labor Day.</p><p><blockquote>股票和固定收益市场因劳动节休市。</blockquote></p><p> <b>Tuesday 9/7</b></p><p><blockquote><b>星期二9/7</b></blockquote></p><p> Casey’s General Stores and Coupa Software announce earnings.</p><p><blockquote>Casey’s General Stores和Coupa Software公布收益。</blockquote></p><p> <b>Wednesday 9/8</b></p><p><blockquote><b>星期三9/8</b></blockquote></p><p> Copart, GameStop, and Lululemon Athletica release quarterly results.</p><p><blockquote>Copart、游戏驿站和Lululemon Athletica发布季度业绩。</blockquote></p><p> Analog Devices hosts a conference call to discuss its capital-allocation plans and update its outlook for fiscal 2021. The company recently closed its $21 billion acquisition of Maxim Integrated Products.</p><p><blockquote>ADI公司召开电话会议，讨论其资本配置计划并更新2021财年展望。该公司最近完成了对Maxim Integrated Products的210亿美元收购。</blockquote></p><p> Global Payments, Johnson Controls International, and ResMed hold virtual investor days.</p><p><blockquote>Global Payments、江森自控国际和ResMed举办虚拟投资者日。</blockquote></p><p> The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. Consensus estimate is for 10 million job openings on the last business day of July. In June, there were 10.1 million openings, the fourth consecutive monthly record.</p><p><blockquote>劳工统计局发布职位空缺和劳动力流动调查。普遍估计7月最后一个工作日将有1000万个职位空缺。6月份，有1010万个职位空缺，连续第四个月创下纪录。</blockquote></p><p> The Federal Reserve reports consumer credit data for July. Total outstanding consumer debt increased by $37.7 billion to a record $4.32 trillion in June. For the second quarter, consumer credit rose at a seasonally adjusted annual rate of 8.8%, reflecting pent-up demand.</p><p><blockquote>美联储公布7月份消费者信贷数据。6月份未偿消费者债务总额增加377亿美元，达到创纪录的4.32万亿美元。第二季度，消费信贷经季节调整后的年率增长8.8%，反映了被压抑的需求。</blockquote></p><p> The Federal Reserve releases the beige book for the sixth of eight times this year. The report summarizes current economic conditions among the 12 Federal Reserve districts.</p><p><blockquote>美联储今年八次发布褐皮书中的第六次。该报告总结了12个美联储地区当前的经济状况。</blockquote></p><p> <b>Thursday 9/9</b></p><p><blockquote><b>星期四9/9</b></blockquote></p><p> Home Depot hosts a conference call to discuss its ESG strategy, led by Ron Jarvis, the company’s chief sustainability officer.</p><p><blockquote>家得宝召开电话会议讨论其ESG战略，由公司首席可持续发展官Ron Jarvis主持。</blockquote></p><p> Moderna hosts its fifth annual R&amp;D day to discuss vaccines in the company’s pipeline. CEO Stéphane Bancel will be among the presenters.</p><p><blockquote>Moderna举办第五届年度研发日，讨论公司在研疫苗。首席执行官Stéphane Bancel将是演讲者之一。</blockquote></p><p> Danaher holds an investor and analyst meeting, hosted by its CEO Rainer Blair.</p><p><blockquote>丹纳赫召开投资者和分析师会议，由首席执行官Rainer Blair主持。</blockquote></p><p> International Paper, Synchrony Financial, and Willis Towers Watson hold investor days.</p><p><blockquote>国际纸业、同步金融和威利斯韬睿惠悦举办投资者日。</blockquote></p><p> The European Central Bank announces its monetary-policy decision. The ECB is expected to keep its key interest rate unchanged at minus 0.5%.</p><p><blockquote>欧洲中央银行宣布其货币政策决定。预计欧洲央行将维持关键利率在负0.5%不变。</blockquote></p><p> The Department of Labor reports initial jobless claims for the week ending on Sept. 4. In August, claims averaged 355,000 a week, the lowest since the pandemic’s onset. This will also be the last week that the extra $300 from federal enhanced unemployment benefits is available. They are set to expire by Sept. 6.</p><p><blockquote>劳工部报告了截至9月4日当周的首次申请失业救济人数。8月份，平均每周申请失业救济人数为35.5万人，为疫情爆发以来的最低水平。这也将是联邦强化失业救济金额外发放300美元的最后一周。它们将于9月6日到期。</blockquote></p><p> <b>Friday 9/10</b></p><p><blockquote><b>星期五9/10</b></blockquote></p><p> The BLS reports the producer price index for August. Economists forecast a 0.6% monthly rise along with a 0.5% increase for the core PPI, which excludes volatile food and energy prices. Both jumped 1% in July.</p><p><blockquote>BLS报告8月份生产者价格指数。经济学家预测核心生产者价格指数（不包括波动较大的食品和能源价格）月度上涨0.6%，核心生产者价格指数将上涨0.5%。7月份两者均上涨1%。</blockquote></p><p> Kroger holds a conference calls to discuss earnings.</p><p><blockquote>克罗格评级召开会议讨论收益。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/gamestop-moderna-home-depot-kroger-and-other-stocks-for-investors-to-watch-this-week-51630853023?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MRNA":"Moderna, Inc.","KR":"克罗格",".SPX":"S&P 500 Index","HD":"家得宝","GME":"游戏驿站",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/gamestop-moderna-home-depot-kroger-and-other-stocks-for-investors-to-watch-this-week-51630853023?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143325200","content_text":"U.S. stock and bond markets are closed on Monday for Labor Day. The holiday-shortened week then features several notable company updates and economic data releases.\nGameStop and Lululemon Athletica release quarterly results on Wednesday, followed by International Paper on Thursday and Kroger on Friday. Analog Devices—fresh off of its $21 billion acquisition of Maxim Integrated Products—will host an investor day on Wednesday. Moderna, Danaher, and Home Depot managements will also speak with investors on Thursday. Finally, Albemarle hosts an investor day on Friday.\nThe economic data highlight of the week will be Friday’s August producer price index from the Bureau of Labor Statistics. Economists’ consensus estimate is for a 0.6% monthly rise in the headline index, and a 0.5% increase for the core PPI—which leaves out more volatile food and energy prices. Both the core and headline indexes rose 1% in July. The August consumer price index will be out the following week, on Sept. 14.\nOn Tuesday, the Federal Reserve will release its latest beige book, full of updates on economic, hiring, and business conditions in each of the dozen central bank districts. The European Central Bank also announces a monetary-policy decision on Thursday, but is widely expected to hold its target interest rate at its current level of negative 0.5%.\nMonday 9/6\nStock and fixed-income markets are closed in observance of Labor Day.\nTuesday 9/7\nCasey’s General Stores and Coupa Software announce earnings.\nWednesday 9/8\nCopart, GameStop, and Lululemon Athletica release quarterly results.\nAnalog Devices hosts a conference call to discuss its capital-allocation plans and update its outlook for fiscal 2021. The company recently closed its $21 billion acquisition of Maxim Integrated Products.\nGlobal Payments, Johnson Controls International, and ResMed hold virtual investor days.\nThe Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. Consensus estimate is for 10 million job openings on the last business day of July. In June, there were 10.1 million openings, the fourth consecutive monthly record.\nThe Federal Reserve reports consumer credit data for July. Total outstanding consumer debt increased by $37.7 billion to a record $4.32 trillion in June. For the second quarter, consumer credit rose at a seasonally adjusted annual rate of 8.8%, reflecting pent-up demand.\nThe Federal Reserve releases the beige book for the sixth of eight times this year. The report summarizes current economic conditions among the 12 Federal Reserve districts.\nThursday 9/9\nHome Depot hosts a conference call to discuss its ESG strategy, led by Ron Jarvis, the company’s chief sustainability officer.\nModerna hosts its fifth annual R&D day to discuss vaccines in the company’s pipeline. CEO Stéphane Bancel will be among the presenters.\nDanaher holds an investor and analyst meeting, hosted by its CEO Rainer Blair.\nInternational Paper, Synchrony Financial, and Willis Towers Watson hold investor days.\nThe European Central Bank announces its monetary-policy decision. The ECB is expected to keep its key interest rate unchanged at minus 0.5%.\nThe Department of Labor reports initial jobless claims for the week ending on Sept. 4. In August, claims averaged 355,000 a week, the lowest since the pandemic’s onset. This will also be the last week that the extra $300 from federal enhanced unemployment benefits is available. They are set to expire by Sept. 6.\nFriday 9/10\nThe BLS reports the producer price index for August. Economists forecast a 0.6% monthly rise along with a 0.5% increase for the core PPI, which excludes volatile food and energy prices. Both jumped 1% in July.\nKroger holds a conference calls to discuss earnings.","news_type":1,"symbols_score_info":{".IXIC":0.9,"GME":0.9,"KR":0.9,".SPX":0.9,"MRNA":0.9,".DJI":0.9,"HD":0.9}},"isVote":1,"tweetType":1,"viewCount":1336,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":815167966,"gmtCreate":1630657677155,"gmtModify":1631888200791,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574165011010503","idStr":"3574165011010503"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/815167966","repostId":"1168498795","repostType":4,"repost":{"id":"1168498795","kind":"news","pubTimestamp":1630655991,"share":"https://www.laohu8.com/m/news/1168498795?lang=zh_CN&edition=full","pubTime":"2021-09-03 15:59","market":"us","language":"en","title":"Speak No Evil of the S&P 500’s Neverending Records<blockquote>不要说标普500永无止境的记录的坏话</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168498795","media":"The Wall Street Journal","summary":"Investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the ch","content":"<p>  <b>Investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the chunky returns of the past decade.</b>  <img src=\"https://static.tigerbbs.com/6573eb955692f754acc1285622febd53\" tg-width=\"878\" tg-height=\"520\" width=\"100%\" height=\"auto\">The S&amp;P 500 is like the three wise monkeys: See no evil, hear no evil, speak no evil.Whatever happens, it just goes up. The market has gone up almost in a straight line since November despite a troubling list of events that could each have justified at least a 5% correction. Investors are incredibly resilient.</p><p><blockquote><b>无论如何购买股票的投资者都不应该自欺欺人地认为未来将带来过去十年的丰厚回报。</b>标普500就像三只聪明的猴子：不看邪恶，不听邪恶，不说邪恶。无论发生什么，它都会上升。自11月以来，市场几乎直线上涨，尽管发生了一系列令人不安的事件，每个事件都可能证明至少5%的回调是合理的。投资者的韧性令人难以置信。</blockquote></p><p> Some things that didn’t matter:a burst bubble in clean-energy stocks;a sharp rise in Treasury yields(to March);a big fall in Treasury yields(since March); China’s crackdown on moneymaking; the Federal Reserve’sshift toward tapering bond purchases; and the rise of the Delta variant.</p><p><blockquote>一些无关紧要的事情：清洁能源股票泡沫破裂；国债收益率大幅上升（至3月）；国债收益率大幅下跌（自3月以来）；我国关于赚钱的打压；美联储转向缩减债券购买；以及德尔塔变异毒株的崛起。</blockquote></p><p> On the optimistic side, it is great that the market has been pushed up by a variety of forces, not by wild excess in a single area. We need not worry that the bubble in clean energy will burst and bring down the market, because it has already burst without bringing down the market.</p><p><blockquote>乐观的一面是，市场被多种力量推高，而不是单一地区的疯狂过剩，这很好。我们不必担心清洁能源的泡沫会破裂，拖垮市场，因为它已经破裂了，没有拖垮市场。</blockquote></p><p> Throughout all this, the stock market has risen steadily,without a 5% fall since shortly before the election last year. Every time part of the market—technology stocks, cheap stocks, smaller stocks, oil stocks, strong-balance-sheet stocks—stops performing, something else steps in to rescue the broader index. The market seems invulnerable to bad news, and that is unusual. On the face of it, it is also scary, suggesting investors are complacent about danger.</p><p><blockquote>纵观这一切，股市稳步上涨，自去年大选前不久以来没有出现过5%的下跌。每当市场的一部分——科技股、廉价股、小型股、石油股、资产负债表强劲的股票——停止表现时，就会有其他东西介入拯救更广泛的指数。市场似乎不会受到坏消息的影响，这是不寻常的。从表面上看，这也很可怕，表明投资者对危险沾沾自喜。</blockquote></p><p> It is far from unprecedented to go a long time without a correction, with 10 episodes since 1963 when the market lasted more than 200 trading days without a 5% drop. But they were different from the recent run. In every other case, the market was far calmer below the surface. This time, major events led to big swings between sectors, size and types of stock, but none disturbed its steady rise.</p><p><blockquote>长时间没有回调的情况远非史无前例，自1963年以来，市场持续200多个交易日没有下跌5%以来，已经出现了10次。但它们与最近的运行不同。在其他情况下，市场在表面之下要平静得多。这一次，重大事件导致板块、规模和股票类型之间的大幅波动，但都没有干扰其稳步上涨。</blockquote></p><p> Similarly, the stimulus- and vaccine-driven willingness to take risk across every asset class faded from March onward, so we shouldn’t be too concerned about a switch in investor sentiment. Again, it has already happened.</p><p><blockquote>同样，从3月份开始，刺激和疫苗驱动的所有资产类别的冒险意愿都减弱了，因此我们不应该太担心投资者情绪的转变。再说一次，这已经发生了。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7d8b995934c7f60fadb5834dd078e232\" tg-width=\"320\" tg-height=\"412\" width=\"100%\" height=\"auto\">Yet,I find it disconcerting that the market seems to go up no matter what. Good news on the economy pushes up stocks sensitive to growth, such as manufacturers and banks. Troubling news on the economy means lower bond yields and so pushes up stocks with profits far in the future (see: Big Tech) whose expansion depends on innovation rather than economic growth, which I understand. That both should push up the wider S&amp;P 500 is what puzzles me.</p><p><blockquote>然而，令我不安的是，无论如何，市场似乎都在上涨。经济方面的好消息推高了对增长敏感的股票，如制造商和银行。令人不安的经济消息意味着债券收益率下降，从而推高未来盈利的股票（见：大型科技公司），这些股票的扩张依赖于创新而不是经济增长，我理解这一点。两者都应该推高更广泛的标普500，这让我感到困惑。</blockquote></p><p> The only explanation I have is the old one: “TINA”—There Is No Alternative to Stocks—because yields on alternatives such as bonds are so low. With more savings going into stocks than is cashed out or soaked up by IPOs, the price has to rise. It isn’t a satisfactory story, but it kind of works.</p><p><blockquote>我唯一的解释是旧的：“蒂娜”——除了股票别无选择——因为债券等替代品的收益率太低了。随着更多的储蓄进入股票，而不是通过IPO套现或吸收的储蓄，价格必须上涨。这不是一个令人满意的故事，但它有点工作。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/37942e27b25662943d254580733d2954\" tg-width=\"325\" tg-height=\"413\" width=\"100%\" height=\"auto\">In both good and bad times investors want to buy stocks, so the S&amp;P goes up. But<i>which</i>stocks they choose to buy differs between good and bad times. In good times they want risk-on stocks (cheap value, cyclicals, smaller companies, emerging markets). In bad times they want risk-off stocks (growth, defensive firms, larger companies, developed markets and especially the U.S.).</p><p><blockquote>无论顺境还是逆境，投资者都想购买股票，因此标准普尔指数都会上涨。但<i>哪个</i>他们选择购买的股票在顺境和逆境之间有所不同。在繁荣时期，他们想要冒险的股票（便宜的价值、周期性股票、小公司、新兴市场）。在经济不景气时，他们想要避险股票（成长型、防御型公司、大型公司、发达市场，尤其是美国）。</blockquote></p><p> The problem with TINA is that the justification for stocks isn’t that they offer good returns in the future, but that they offer better returns than bonds. Bonds offer miserable returns—a guaranteed loss after inflation for 30 years on Treasury inflation-protected securities—so doing better than that isn’t saying much. If lower rewards came with lower risks, that would be fine, but at best the risks are as high as ever, perhaps much higher.</p><p><blockquote>蒂娜的问题在于，股票的理由不是它们在未来提供良好的回报，而是它们提供比债券更好的回报。债券的回报率很低——通胀保值国债30年通胀后肯定会出现亏损——所以做得更好并不能说明什么。如果较低的回报伴随着较低的风险，那很好，但充其量风险和以往一样高，甚至可能高得多。</blockquote></p><p> A simplistic way to quantify how much lower the rewards of stocks are likely to be is to use the earnings yield, the inverse of the forward price/earnings ratio. If companies match analyst profit forecasts, future returns should be about 4%—only slightly higher than was suggested by the measure at the height of the dot-com bubble in 2000. If corporate earnings miss forecasts, future returns could be substantially lower. If valuations fall too, returns are doubly hit, as they were after the dot-com bubble burst, when returns ended up negative for years.</p><p><blockquote>量化股票回报可能低多少的一个简单方法是使用收益率，即远期市盈率的倒数。如果公司符合分析师的利润预测，未来的回报率应该在4%左右——仅略高于2000年互联网泡沫最严重时的指标。如果企业盈利低于预期，未来的回报可能会大幅降低。如果估值也下跌，回报就会受到双重打击，就像互联网泡沫破裂后那样，当时回报多年来一直为负。</blockquote></p><p></p><p> Quantifying risks is much harder. Inflation risk is higher than before, and so are political (tax and regulation) and geopolitical (trade and supply chain) threats to stocks. The risk that analysts have horribly overestimated earnings or companies are massively overstating earnings is at least as high as usual. Central banks are sure to try to help if stocks plunge, but can’t use the traditional support of rate cuts. Alternative tools such as negative rates and buying a wider range of assets are available, but their risks are less well understood.</p><p><blockquote>量化风险要困难得多。通胀风险比以前更高，对股市的政治（税收和监管）和地缘政治（贸易和供应链）威胁也是如此。分析师严重高估收益或公司大幅夸大收益的风险至少和往常一样高。如果股市暴跌，央行肯定会尽力提供帮助，但不能使用降息的传统支持。负利率和购买更广泛的资产等替代工具是可用的，但其风险却不太为人所知。</blockquote></p><p> Getting a lower reward for the same or higher risk may still be acceptable, given how expensive the safer alternatives are. But investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the 6.5% or so above inflation of the past century, let alone the 12% above inflation of the past decade.</p><p><blockquote>考虑到更安全的替代品的昂贵程度，以相同或更高的风险获得较低的回报可能仍然是可以接受的。但无论如何购买股票的投资者都不应该自欺欺人地认为，未来的通胀率将比上个世纪高出6.5%左右，更不用说比过去十年的通胀率高出12%了。</blockquote></p><p> The awful choice investors have is to join the monkeys in pretending all is well, or accept the terrible returns of safe assets.</p><p><blockquote>投资者面临的可怕选择是加入猴子的行列，假装一切都很好，或者接受安全资产的可怕回报。</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>Speak No Evil of the S&P 500’s Neverending Records<blockquote>不要说标普500永无止境的记录的坏话</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\">\nSpeak No Evil of the S&P 500’s Neverending Records<blockquote>不要说标普500永无止境的记录的坏话</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-09-03 15:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the chunky returns of the past decade.</b>  <img src=\"https://static.tigerbbs.com/6573eb955692f754acc1285622febd53\" tg-width=\"878\" tg-height=\"520\" width=\"100%\" height=\"auto\">The S&amp;P 500 is like the three wise monkeys: See no evil, hear no evil, speak no evil.Whatever happens, it just goes up. The market has gone up almost in a straight line since November despite a troubling list of events that could each have justified at least a 5% correction. Investors are incredibly resilient.</p><p><blockquote><b>无论如何购买股票的投资者都不应该自欺欺人地认为未来将带来过去十年的丰厚回报。</b>标普500就像三只聪明的猴子：不看邪恶，不听邪恶，不说邪恶。无论发生什么，它都会上升。自11月以来，市场几乎直线上涨，尽管发生了一系列令人不安的事件，每个事件都可能证明至少5%的回调是合理的。投资者的韧性令人难以置信。</blockquote></p><p> Some things that didn’t matter:a burst bubble in clean-energy stocks;a sharp rise in Treasury yields(to March);a big fall in Treasury yields(since March); China’s crackdown on moneymaking; the Federal Reserve’sshift toward tapering bond purchases; and the rise of the Delta variant.</p><p><blockquote>一些无关紧要的事情：清洁能源股票泡沫破裂；国债收益率大幅上升（至3月）；国债收益率大幅下跌（自3月以来）；我国关于赚钱的打压；美联储转向缩减债券购买；以及德尔塔变异毒株的崛起。</blockquote></p><p> On the optimistic side, it is great that the market has been pushed up by a variety of forces, not by wild excess in a single area. We need not worry that the bubble in clean energy will burst and bring down the market, because it has already burst without bringing down the market.</p><p><blockquote>乐观的一面是，市场被多种力量推高，而不是单一地区的疯狂过剩，这很好。我们不必担心清洁能源的泡沫会破裂，拖垮市场，因为它已经破裂了，没有拖垮市场。</blockquote></p><p> Throughout all this, the stock market has risen steadily,without a 5% fall since shortly before the election last year. Every time part of the market—technology stocks, cheap stocks, smaller stocks, oil stocks, strong-balance-sheet stocks—stops performing, something else steps in to rescue the broader index. The market seems invulnerable to bad news, and that is unusual. On the face of it, it is also scary, suggesting investors are complacent about danger.</p><p><blockquote>纵观这一切，股市稳步上涨，自去年大选前不久以来没有出现过5%的下跌。每当市场的一部分——科技股、廉价股、小型股、石油股、资产负债表强劲的股票——停止表现时，就会有其他东西介入拯救更广泛的指数。市场似乎不会受到坏消息的影响，这是不寻常的。从表面上看，这也很可怕，表明投资者对危险沾沾自喜。</blockquote></p><p> It is far from unprecedented to go a long time without a correction, with 10 episodes since 1963 when the market lasted more than 200 trading days without a 5% drop. But they were different from the recent run. In every other case, the market was far calmer below the surface. This time, major events led to big swings between sectors, size and types of stock, but none disturbed its steady rise.</p><p><blockquote>长时间没有回调的情况远非史无前例，自1963年以来，市场持续200多个交易日没有下跌5%以来，已经出现了10次。但它们与最近的运行不同。在其他情况下，市场在表面之下要平静得多。这一次，重大事件导致板块、规模和股票类型之间的大幅波动，但都没有干扰其稳步上涨。</blockquote></p><p> Similarly, the stimulus- and vaccine-driven willingness to take risk across every asset class faded from March onward, so we shouldn’t be too concerned about a switch in investor sentiment. Again, it has already happened.</p><p><blockquote>同样，从3月份开始，刺激和疫苗驱动的所有资产类别的冒险意愿都减弱了，因此我们不应该太担心投资者情绪的转变。再说一次，这已经发生了。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7d8b995934c7f60fadb5834dd078e232\" tg-width=\"320\" tg-height=\"412\" width=\"100%\" height=\"auto\">Yet,I find it disconcerting that the market seems to go up no matter what. Good news on the economy pushes up stocks sensitive to growth, such as manufacturers and banks. Troubling news on the economy means lower bond yields and so pushes up stocks with profits far in the future (see: Big Tech) whose expansion depends on innovation rather than economic growth, which I understand. That both should push up the wider S&amp;P 500 is what puzzles me.</p><p><blockquote>然而，令我不安的是，无论如何，市场似乎都在上涨。经济方面的好消息推高了对增长敏感的股票，如制造商和银行。令人不安的经济消息意味着债券收益率下降，从而推高未来盈利的股票（见：大型科技公司），这些股票的扩张依赖于创新而不是经济增长，我理解这一点。两者都应该推高更广泛的标普500，这让我感到困惑。</blockquote></p><p> The only explanation I have is the old one: “TINA”—There Is No Alternative to Stocks—because yields on alternatives such as bonds are so low. With more savings going into stocks than is cashed out or soaked up by IPOs, the price has to rise. It isn’t a satisfactory story, but it kind of works.</p><p><blockquote>我唯一的解释是旧的：“蒂娜”——除了股票别无选择——因为债券等替代品的收益率太低了。随着更多的储蓄进入股票，而不是通过IPO套现或吸收的储蓄，价格必须上涨。这不是一个令人满意的故事，但它有点工作。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/37942e27b25662943d254580733d2954\" tg-width=\"325\" tg-height=\"413\" width=\"100%\" height=\"auto\">In both good and bad times investors want to buy stocks, so the S&amp;P goes up. But<i>which</i>stocks they choose to buy differs between good and bad times. In good times they want risk-on stocks (cheap value, cyclicals, smaller companies, emerging markets). In bad times they want risk-off stocks (growth, defensive firms, larger companies, developed markets and especially the U.S.).</p><p><blockquote>无论顺境还是逆境，投资者都想购买股票，因此标准普尔指数都会上涨。但<i>哪个</i>他们选择购买的股票在顺境和逆境之间有所不同。在繁荣时期，他们想要冒险的股票（便宜的价值、周期性股票、小公司、新兴市场）。在经济不景气时，他们想要避险股票（成长型、防御型公司、大型公司、发达市场，尤其是美国）。</blockquote></p><p> The problem with TINA is that the justification for stocks isn’t that they offer good returns in the future, but that they offer better returns than bonds. Bonds offer miserable returns—a guaranteed loss after inflation for 30 years on Treasury inflation-protected securities—so doing better than that isn’t saying much. If lower rewards came with lower risks, that would be fine, but at best the risks are as high as ever, perhaps much higher.</p><p><blockquote>蒂娜的问题在于，股票的理由不是它们在未来提供良好的回报，而是它们提供比债券更好的回报。债券的回报率很低——通胀保值国债30年通胀后肯定会出现亏损——所以做得更好并不能说明什么。如果较低的回报伴随着较低的风险，那很好，但充其量风险和以往一样高，甚至可能高得多。</blockquote></p><p> A simplistic way to quantify how much lower the rewards of stocks are likely to be is to use the earnings yield, the inverse of the forward price/earnings ratio. If companies match analyst profit forecasts, future returns should be about 4%—only slightly higher than was suggested by the measure at the height of the dot-com bubble in 2000. If corporate earnings miss forecasts, future returns could be substantially lower. If valuations fall too, returns are doubly hit, as they were after the dot-com bubble burst, when returns ended up negative for years.</p><p><blockquote>量化股票回报可能低多少的一个简单方法是使用收益率，即远期市盈率的倒数。如果公司符合分析师的利润预测，未来的回报率应该在4%左右——仅略高于2000年互联网泡沫最严重时的指标。如果企业盈利低于预期，未来的回报可能会大幅降低。如果估值也下跌，回报就会受到双重打击，就像互联网泡沫破裂后那样，当时回报多年来一直为负。</blockquote></p><p></p><p> Quantifying risks is much harder. Inflation risk is higher than before, and so are political (tax and regulation) and geopolitical (trade and supply chain) threats to stocks. The risk that analysts have horribly overestimated earnings or companies are massively overstating earnings is at least as high as usual. Central banks are sure to try to help if stocks plunge, but can’t use the traditional support of rate cuts. Alternative tools such as negative rates and buying a wider range of assets are available, but their risks are less well understood.</p><p><blockquote>量化风险要困难得多。通胀风险比以前更高，对股市的政治（税收和监管）和地缘政治（贸易和供应链）威胁也是如此。分析师严重高估收益或公司大幅夸大收益的风险至少和往常一样高。如果股市暴跌，央行肯定会尽力提供帮助，但不能使用降息的传统支持。负利率和购买更广泛的资产等替代工具是可用的，但其风险却不太为人所知。</blockquote></p><p> Getting a lower reward for the same or higher risk may still be acceptable, given how expensive the safer alternatives are. But investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the 6.5% or so above inflation of the past century, let alone the 12% above inflation of the past decade.</p><p><blockquote>考虑到更安全的替代品的昂贵程度，以相同或更高的风险获得较低的回报可能仍然是可以接受的。但无论如何购买股票的投资者都不应该自欺欺人地认为，未来的通胀率将比上个世纪高出6.5%左右，更不用说比过去十年的通胀率高出12%了。</blockquote></p><p> The awful choice investors have is to join the monkeys in pretending all is well, or accept the terrible returns of safe assets.</p><p><blockquote>投资者面临的可怕选择是加入猴子的行列，假装一切都很好，或者接受安全资产的可怕回报。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/speak-no-evil-of-the-s-p-500s-neverending-records-11630590653?mod=markets_lead_pos5\">The Wall Street Journal</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":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.wsj.com/articles/speak-no-evil-of-the-s-p-500s-neverending-records-11630590653?mod=markets_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168498795","content_text":"Investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the chunky returns of the past decade.\n\nThe S&P 500 is like the three wise monkeys: See no evil, hear no evil, speak no evil.Whatever happens, it just goes up. The market has gone up almost in a straight line since November despite a troubling list of events that could each have justified at least a 5% correction. Investors are incredibly resilient.\nSome things that didn’t matter:a burst bubble in clean-energy stocks;a sharp rise in Treasury yields(to March);a big fall in Treasury yields(since March); China’s crackdown on moneymaking; the Federal Reserve’sshift toward tapering bond purchases; and the rise of the Delta variant.\nOn the optimistic side, it is great that the market has been pushed up by a variety of forces, not by wild excess in a single area. We need not worry that the bubble in clean energy will burst and bring down the market, because it has already burst without bringing down the market.\nThroughout all this, the stock market has risen steadily,without a 5% fall since shortly before the election last year. Every time part of the market—technology stocks, cheap stocks, smaller stocks, oil stocks, strong-balance-sheet stocks—stops performing, something else steps in to rescue the broader index. The market seems invulnerable to bad news, and that is unusual. On the face of it, it is also scary, suggesting investors are complacent about danger.\nIt is far from unprecedented to go a long time without a correction, with 10 episodes since 1963 when the market lasted more than 200 trading days without a 5% drop. But they were different from the recent run. In every other case, the market was far calmer below the surface. This time, major events led to big swings between sectors, size and types of stock, but none disturbed its steady rise.\nSimilarly, the stimulus- and vaccine-driven willingness to take risk across every asset class faded from March onward, so we shouldn’t be too concerned about a switch in investor sentiment. Again, it has already happened.\nYet,I find it disconcerting that the market seems to go up no matter what. Good news on the economy pushes up stocks sensitive to growth, such as manufacturers and banks. Troubling news on the economy means lower bond yields and so pushes up stocks with profits far in the future (see: Big Tech) whose expansion depends on innovation rather than economic growth, which I understand. That both should push up the wider S&P 500 is what puzzles me.\nThe only explanation I have is the old one: “TINA”—There Is No Alternative to Stocks—because yields on alternatives such as bonds are so low. With more savings going into stocks than is cashed out or soaked up by IPOs, the price has to rise. It isn’t a satisfactory story, but it kind of works.\nIn both good and bad times investors want to buy stocks, so the S&P goes up. Butwhichstocks they choose to buy differs between good and bad times. In good times they want risk-on stocks (cheap value, cyclicals, smaller companies, emerging markets). In bad times they want risk-off stocks (growth, defensive firms, larger companies, developed markets and especially the U.S.).\nThe problem with TINA is that the justification for stocks isn’t that they offer good returns in the future, but that they offer better returns than bonds. Bonds offer miserable returns—a guaranteed loss after inflation for 30 years on Treasury inflation-protected securities—so doing better than that isn’t saying much. If lower rewards came with lower risks, that would be fine, but at best the risks are as high as ever, perhaps much higher.\nA simplistic way to quantify how much lower the rewards of stocks are likely to be is to use the earnings yield, the inverse of the forward price/earnings ratio. If companies match analyst profit forecasts, future returns should be about 4%—only slightly higher than was suggested by the measure at the height of the dot-com bubble in 2000. If corporate earnings miss forecasts, future returns could be substantially lower. If valuations fall too, returns are doubly hit, as they were after the dot-com bubble burst, when returns ended up negative for years.\nQuantifying risks is much harder. Inflation risk is higher than before, and so are political (tax and regulation) and geopolitical (trade and supply chain) threats to stocks. The risk that analysts have horribly overestimated earnings or companies are massively overstating earnings is at least as high as usual. Central banks are sure to try to help if stocks plunge, but can’t use the traditional support of rate cuts. Alternative tools such as negative rates and buying a wider range of assets are available, but their risks are less well understood.\nGetting a lower reward for the same or higher risk may still be acceptable, given how expensive the safer alternatives are. But investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the 6.5% or so above inflation of the past century, let alone the 12% above inflation of the past decade.\nThe awful choice investors have is to join the monkeys in pretending all is well, or accept the terrible returns of safe assets.","news_type":1,"symbols_score_info":{".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":1448,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811122748,"gmtCreate":1630300003784,"gmtModify":1704958054773,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574165011010503","idStr":"3574165011010503"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like 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a like","listText":"Give a like","text":"Give a like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/819816190","repostId":"2162847016","repostType":4,"isVote":1,"tweetType":1,"viewCount":472,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810109315,"gmtCreate":1629948775537,"gmtModify":1631888200887,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574165011010503","idStr":"3574165011010503"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like 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pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/810377455","repostId":"1149998641","repostType":4,"isVote":1,"tweetType":1,"viewCount":385,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810377831,"gmtCreate":1629948636623,"gmtModify":1631892069800,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574165011010503","idStr":"3574165011010503"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/810377831","repostId":"2162068480","repostType":4,"isVote":1,"tweetType":1,"viewCount":482,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837209251,"gmtCreate":1629889164673,"gmtModify":1631892069805,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574165011010503","idStr":"3574165011010503"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837209251","repostId":"1126078997","repostType":4,"repost":{"id":"1126078997","kind":"news","pubTimestamp":1629884958,"share":"https://www.laohu8.com/m/news/1126078997?lang=zh_CN&edition=full","pubTime":"2021-08-25 17:49","market":"us","language":"en","title":"Central Banks Cannot Really Taper In This Slowdown<blockquote>央行无法在经济放缓期间真正缩减规模</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126078997","media":"zerohedge","summary":"Recent macroeconomic data from the United States should worry us. Amid the reopening and the biggest","content":"<p><b>Recent macroeconomic data from the&nbsp;United States&nbsp;should worry us.</b>&nbsp;Amid the reopening and the biggest fiscal and monetary stimulus in recent history, and with all the possible tailwinds from policy decisions, consumer confidence has plummeted to the lowest level since 2016.</p><p><blockquote><b>美国最近的宏观经济数据应该让我们感到担忧。</b>在重新开放和近代史上最大规模的财政和货币刺激措施的背景下，以及政策决定可能带来的所有有利因素，消费者信心已跌至2016年以来的最低水平。</blockquote></p><p> Retail sales have fallen sharply again in July, and the employment of industrial production data is far more than disappointing considering the level of stimulus and that GDP has returned to a&nbsp;pre-pandemic level.</p><p><blockquote>7月份零售额再次大幅下降，考虑到刺激水平和GDP已恢复到大流行前的水平，工业生产就业数据远不止令人失望。</blockquote></p><p> The use of industrial capacity, at 76%, is 4% below the average for the 1972-2020 period, and the labor participation rate, at 61.6%, has been stagnant for ten months and at 1980 levels.</p><p><blockquote>工业产能利用率为76%，比1972-2020年期间的平均水平低4%，劳动参与率为61.6%，已经停滞了10个月，处于1980年的水平。</blockquote></p><p> The total savings rate as a percentage of disposable income has almost vanished from 33.8% to 9.4%.</p><p><blockquote>总储蓄率占可支配收入的百分比几乎从33.8%消失到9.4%。</blockquote></p><p> Let’s put it in the context of a re-opening that has been in place for more than a year, a fiscal stimulus equivalent to three trillion dollars, and a monetary stimulus of 1.7 trillion dollars in 2021.&nbsp;<b>The United States would go into a severe recession if it were not “doping ” the economy.</b></p><p><blockquote>让我们把它放在已经实施一年多的重新开放、相当于3万亿美元的财政刺激以及2021年1.7万亿美元的货币刺激的背景下。<b>如果不给经济“兴奋剂”，美国将陷入严重衰退。</b></blockquote></p><p> We cannot ignore the slowdown in China, where even the official data reflect a slowdown in the expansion process. If we take the typical difference between official and real data, we will see that, for example, gross capital formation has slowed down rapidly in 2021.</p><p><blockquote>我们不能忽视中国的放缓，甚至官方数据也反映了扩张进程的放缓。如果我们以官方数据和真实数据之间的典型差异为例，我们会看到，例如，资本形成总额在2021年迅速放缓。</blockquote></p><p> This is important because the entire recovery of the eurozone relies on fiscal and monetary impulse in addition to the European Recovery Fund.</p><p><blockquote>这一点很重要，因为除了欧洲复苏基金之外，欧元区的整个复苏还依赖于财政和货币刺激。</blockquote></p><p> <b>The recovery of the euro area keeps some positive momentum simply because it is more delayed.</b>&nbsp;The GDP of the euro area is still 4% below pre-pandemic levels (7% in the case of Spain) and employment is well below the levels of comparable economies, considering that we must add the workers in furloughed jobs that are still above six million while unemployment, at 7.1% estimated for August, is recovering slowly.</p><p><blockquote><b>欧元区的复苏保持了一些积极的势头，仅仅是因为它被推迟了更多。</b>欧元区的GDP仍比疫情前的水平低4%（西班牙为7%），就业率远低于可比经济体的水平，考虑到我们必须加上仍超过600万的休假工人，而8月份的失业率估计为7.1%，正在缓慢复苏。</blockquote></p><p> These data reinforce my view that central banks will maintain their ultra-expansionary policy with very modest changes. Tapering will likely be more cosmetic than real, and rates will remain&nbsp;low while, in the case of the euro area, negative. The fact that the Federal Reserve balance sheet has expanded further while officials talked about tapering reinforces this view.</p><p><blockquote>这些数据强化了我的观点，即各国央行将维持超扩张性政策，并做出非常温和的改变。缩减规模可能更多的是表面上的，而不是真正的，利率将保持在低位，而就欧元区而言，利率将为负。在官员们谈论缩减规模的同时，美联储资产负债表进一步扩大，这一事实强化了这一观点。</blockquote></p><p> The threat of an escalation of international tension after the Taliban coup in Afghanistan is added to the impact of the delta variant, which will be more evident in winter, as it happened in 2020.</p><p><blockquote>阿富汗塔利班政变后国际紧张局势升级的威胁加剧了德尔塔变异毒株的影响，这种影响在冬季将更加明显，就像2020年发生的那样。</blockquote></p><p> <b>The important thing is to understand that, from the investor point of view, we have probably passed the peak of recovery and the most cyclical sectors are already discounting the slowing momentum.</b></p><p><blockquote><b>重要的是要明白，从投资者的角度来看，我们可能已经度过了复苏的顶峰，最具周期性的行业已经在低估放缓的势头。</b></blockquote></p><p> The unsustainable fiscal situation of developed countries makes a serious normalization of policy impossible. The ECB is the only buyer of Italian and Spanish debt, according to the IIF (Institute of International Finance), and this disguises an imminent risk but does not eliminate it.</p><p><blockquote>发达国家不可持续的财政状况使得严重的政策正常化变得不可能。根据IIF（国际金融研究所）的数据，欧洲央行是意大利和西班牙债务的唯一买家，这掩盖了迫在眉睫的风险，但并没有消除它。</blockquote></p><p> Inflation, the great threat to the recovery, remains high and although some components have moderated, the most important factors for the average consumer, non-replicable goods, remain well above the levels of 2015.</p><p><blockquote>对复苏构成巨大威胁的通胀仍然很高，尽管一些组成部分已经放缓，但对普通消费者来说，最重要的因素——不可复制的商品——仍远高于2015年的水平。</blockquote></p><p> <b>Central banks are faced with the devil’s dilemma created by their own policy.</b></p><p><blockquote><b>各国央行面临着自身政策造成的魔鬼困境。</b></blockquote></p><p> <b>Either let inflation run and create a stagflation problem or scare the markets by reducing purchases.</b></p><p><blockquote><b>要么让通胀运行并造成滞胀问题，要么通过减少购买来吓唬市场。</b></blockquote></p><p> <b>They will choose the first, without a doubt.</b></p><p><blockquote><b>毫无疑问，他们会选择第一个。</b></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>Central Banks Cannot Really Taper In This Slowdown<blockquote>央行无法在经济放缓期间真正缩减规模</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; 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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\">\nCentral Banks Cannot Really Taper In This Slowdown<blockquote>央行无法在经济放缓期间真正缩减规模</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-08-25 17:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Recent macroeconomic data from the&nbsp;United States&nbsp;should worry us.</b>&nbsp;Amid the reopening and the biggest fiscal and monetary stimulus in recent history, and with all the possible tailwinds from policy decisions, consumer confidence has plummeted to the lowest level since 2016.</p><p><blockquote><b>美国最近的宏观经济数据应该让我们感到担忧。</b>在重新开放和近代史上最大规模的财政和货币刺激措施的背景下，以及政策决定可能带来的所有有利因素，消费者信心已跌至2016年以来的最低水平。</blockquote></p><p> Retail sales have fallen sharply again in July, and the employment of industrial production data is far more than disappointing considering the level of stimulus and that GDP has returned to a&nbsp;pre-pandemic level.</p><p><blockquote>7月份零售额再次大幅下降，考虑到刺激水平和GDP已恢复到大流行前的水平，工业生产就业数据远不止令人失望。</blockquote></p><p> The use of industrial capacity, at 76%, is 4% below the average for the 1972-2020 period, and the labor participation rate, at 61.6%, has been stagnant for ten months and at 1980 levels.</p><p><blockquote>工业产能利用率为76%，比1972-2020年期间的平均水平低4%，劳动参与率为61.6%，已经停滞了10个月，处于1980年的水平。</blockquote></p><p> The total savings rate as a percentage of disposable income has almost vanished from 33.8% to 9.4%.</p><p><blockquote>总储蓄率占可支配收入的百分比几乎从33.8%消失到9.4%。</blockquote></p><p> Let’s put it in the context of a re-opening that has been in place for more than a year, a fiscal stimulus equivalent to three trillion dollars, and a monetary stimulus of 1.7 trillion dollars in 2021.&nbsp;<b>The United States would go into a severe recession if it were not “doping ” the economy.</b></p><p><blockquote>让我们把它放在已经实施一年多的重新开放、相当于3万亿美元的财政刺激以及2021年1.7万亿美元的货币刺激的背景下。<b>如果不给经济“兴奋剂”，美国将陷入严重衰退。</b></blockquote></p><p> We cannot ignore the slowdown in China, where even the official data reflect a slowdown in the expansion process. If we take the typical difference between official and real data, we will see that, for example, gross capital formation has slowed down rapidly in 2021.</p><p><blockquote>我们不能忽视中国的放缓，甚至官方数据也反映了扩张进程的放缓。如果我们以官方数据和真实数据之间的典型差异为例，我们会看到，例如，资本形成总额在2021年迅速放缓。</blockquote></p><p> This is important because the entire recovery of the eurozone relies on fiscal and monetary impulse in addition to the European Recovery Fund.</p><p><blockquote>这一点很重要，因为除了欧洲复苏基金之外，欧元区的整个复苏还依赖于财政和货币刺激。</blockquote></p><p> <b>The recovery of the euro area keeps some positive momentum simply because it is more delayed.</b>&nbsp;The GDP of the euro area is still 4% below pre-pandemic levels (7% in the case of Spain) and employment is well below the levels of comparable economies, considering that we must add the workers in furloughed jobs that are still above six million while unemployment, at 7.1% estimated for August, is recovering slowly.</p><p><blockquote><b>欧元区的复苏保持了一些积极的势头，仅仅是因为它被推迟了更多。</b>欧元区的GDP仍比疫情前的水平低4%（西班牙为7%），就业率远低于可比经济体的水平，考虑到我们必须加上仍超过600万的休假工人，而8月份的失业率估计为7.1%，正在缓慢复苏。</blockquote></p><p> These data reinforce my view that central banks will maintain their ultra-expansionary policy with very modest changes. Tapering will likely be more cosmetic than real, and rates will remain&nbsp;low while, in the case of the euro area, negative. The fact that the Federal Reserve balance sheet has expanded further while officials talked about tapering reinforces this view.</p><p><blockquote>这些数据强化了我的观点，即各国央行将维持超扩张性政策，并做出非常温和的改变。缩减规模可能更多的是表面上的，而不是真正的，利率将保持在低位，而就欧元区而言，利率将为负。在官员们谈论缩减规模的同时，美联储资产负债表进一步扩大，这一事实强化了这一观点。</blockquote></p><p> The threat of an escalation of international tension after the Taliban coup in Afghanistan is added to the impact of the delta variant, which will be more evident in winter, as it happened in 2020.</p><p><blockquote>阿富汗塔利班政变后国际紧张局势升级的威胁加剧了德尔塔变异毒株的影响，这种影响在冬季将更加明显，就像2020年发生的那样。</blockquote></p><p> <b>The important thing is to understand that, from the investor point of view, we have probably passed the peak of recovery and the most cyclical sectors are already discounting the slowing momentum.</b></p><p><blockquote><b>重要的是要明白，从投资者的角度来看，我们可能已经度过了复苏的顶峰，最具周期性的行业已经在低估放缓的势头。</b></blockquote></p><p> The unsustainable fiscal situation of developed countries makes a serious normalization of policy impossible. The ECB is the only buyer of Italian and Spanish debt, according to the IIF (Institute of International Finance), and this disguises an imminent risk but does not eliminate it.</p><p><blockquote>发达国家不可持续的财政状况使得严重的政策正常化变得不可能。根据IIF（国际金融研究所）的数据，欧洲央行是意大利和西班牙债务的唯一买家，这掩盖了迫在眉睫的风险，但并没有消除它。</blockquote></p><p> Inflation, the great threat to the recovery, remains high and although some components have moderated, the most important factors for the average consumer, non-replicable goods, remain well above the levels of 2015.</p><p><blockquote>对复苏构成巨大威胁的通胀仍然很高，尽管一些组成部分已经放缓，但对普通消费者来说，最重要的因素——不可复制的商品——仍远高于2015年的水平。</blockquote></p><p> <b>Central banks are faced with the devil’s dilemma created by their own policy.</b></p><p><blockquote><b>各国央行面临着自身政策造成的魔鬼困境。</b></blockquote></p><p> <b>Either let inflation run and create a stagflation problem or scare the markets by reducing purchases.</b></p><p><blockquote><b>要么让通胀运行并造成滞胀问题，要么通过减少购买来吓唬市场。</b></blockquote></p><p> <b>They will choose the first, without a doubt.</b></p><p><blockquote><b>毫无疑问，他们会选择第一个。</b></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/central-banks-cannot-really-taper-slowdown\">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":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/central-banks-cannot-really-taper-slowdown","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126078997","content_text":"Recent macroeconomic data from the United States should worry us. Amid the reopening and the biggest fiscal and monetary stimulus in recent history, and with all the possible tailwinds from policy decisions, consumer confidence has plummeted to the lowest level since 2016.\nRetail sales have fallen sharply again in July, and the employment of industrial production data is far more than disappointing considering the level of stimulus and that GDP has returned to a pre-pandemic level.\nThe use of industrial capacity, at 76%, is 4% below the average for the 1972-2020 period, and the labor participation rate, at 61.6%, has been stagnant for ten months and at 1980 levels.\nThe total savings rate as a percentage of disposable income has almost vanished from 33.8% to 9.4%.\nLet’s put it in the context of a re-opening that has been in place for more than a year, a fiscal stimulus equivalent to three trillion dollars, and a monetary stimulus of 1.7 trillion dollars in 2021. The United States would go into a severe recession if it were not “doping ” the economy.\nWe cannot ignore the slowdown in China, where even the official data reflect a slowdown in the expansion process. If we take the typical difference between official and real data, we will see that, for example, gross capital formation has slowed down rapidly in 2021.\nThis is important because the entire recovery of the eurozone relies on fiscal and monetary impulse in addition to the European Recovery Fund.\nThe recovery of the euro area keeps some positive momentum simply because it is more delayed. The GDP of the euro area is still 4% below pre-pandemic levels (7% in the case of Spain) and employment is well below the levels of comparable economies, considering that we must add the workers in furloughed jobs that are still above six million while unemployment, at 7.1% estimated for August, is recovering slowly.\nThese data reinforce my view that central banks will maintain their ultra-expansionary policy with very modest changes. Tapering will likely be more cosmetic than real, and rates will remain low while, in the case of the euro area, negative. The fact that the Federal Reserve balance sheet has expanded further while officials talked about tapering reinforces this view.\nThe threat of an escalation of international tension after the Taliban coup in Afghanistan is added to the impact of the delta variant, which will be more evident in winter, as it happened in 2020.\nThe important thing is to understand that, from the investor point of view, we have probably passed the peak of recovery and the most cyclical sectors are already discounting the slowing momentum.\nThe unsustainable fiscal situation of developed countries makes a serious normalization of policy impossible. The ECB is the only buyer of Italian and Spanish debt, according to the IIF (Institute of International Finance), and this disguises an imminent risk but does not eliminate it.\nInflation, the great threat to the recovery, remains high and although some components have moderated, the most important factors for the average consumer, non-replicable goods, remain well above the levels of 2015.\nCentral banks are faced with the devil’s dilemma created by their own policy.\nEither let inflation run and create a stagflation problem or scare the markets by reducing purchases.\nThey will choose the first, without a doubt.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":415,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837200344,"gmtCreate":1629889038588,"gmtModify":1631892069807,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574165011010503","idStr":"3574165011010503"},"themes":[],"htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/837200344","repostId":"1191562313","repostType":4,"isVote":1,"tweetType":1,"viewCount":654,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835426914,"gmtCreate":1629733477738,"gmtModify":1631892069813,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574165011010503","idStr":"3574165011010503"},"themes":[],"htmlText":"Buy buy buy","listText":"Buy buy buy","text":"Buy buy buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/835426914","repostId":"1174451083","repostType":4,"isVote":1,"tweetType":1,"viewCount":365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835421738,"gmtCreate":1629733345924,"gmtModify":1631892069812,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574165011010503","idStr":"3574165011010503"},"themes":[],"htmlText":"Pls like and share","listText":"Pls like and share","text":"Pls like and share","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/835421738","repostId":"2161747692","repostType":4,"isVote":1,"tweetType":1,"viewCount":625,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832133237,"gmtCreate":1629597392529,"gmtModify":1631892069816,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574165011010503","idStr":"3574165011010503"},"themes":[],"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/832133237","repostId":"1151608193","repostType":4,"repost":{"id":"1151608193","kind":"news","pubTimestamp":1629728324,"share":"https://www.laohu8.com/m/news/1151608193?lang=zh_CN&edition=full","pubTime":"2021-08-23 22:18","market":"us","language":"en","title":"Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151608193","media":"MarketWatch","summary":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correcti","content":"<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看那些。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更加可预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</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\">\nBuy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-23 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看那些。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更加可预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","ASML":"阿斯麦","CDNS":"铿腾电子","SNPS":"新思科技","GOOGL":"谷歌A","NVDA":"英伟达","SSNLF":"三星电子","TSM":"台积电","SOXX":"iShares费城交易所半导体ETF","ON":"安森美半导体","AMZN":"亚马逊","GOOG":"谷歌","QCOM":"高通"},"source_url":"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151608193","content_text":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correction that’s running through the stock market, chip makers have been hit harder than most.\nThe iShares Semiconductor ETF is down over 6% from recent highs, compared to declines of 2% or less for the S&P 500,Nasdaq Composite and the Dow Jones Industrial Average.\nDoes that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.\nA lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”\nThose are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.\nYou’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.\n1. The wicked witch of cyclicality is dead\n“Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “First PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.\nJust look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like Zoom, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.\n“There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”\nHe’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William Blair analyst Greg Scolaro.\nAll of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says Bank of America chip sector analyst Vivek Arya. “That’s not just our view, but one confirmed by a majority of large customers.”\n2. The players have consolidated\nAll up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.\nIn chip design software, you have Cadence Design Systems and Synopsys.In production equipment, companies dominate specialized niches like ASML in extreme ultraviolet lithography (EUV). Manufacturing is dominated by Taiwan Semiconductor and Samsung Electronics.\nThese companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.\n3. Profitability has improved\nThis more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.\nThis has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere & Co. “They are not trading at a frothy multiple.”\nThe stocks to buy\nHere are six names favored by chip experts I recently checked in with.\nNew management plays\nThough Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm and ON Semiconductor.\nBoth have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. ON Semiconductor is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.\nA data center and gaming play\nKarazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.\nDesign tool companies\nSpeaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and Synopsys.\nTheir software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.\nAn EUV play\nTo put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.\nIn other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.\nRisks\nHere are some of the chief risks for chip sector investors to watch.\nOversupply\nChip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. China wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.\nThe upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.\nNext, big tech companies like Alphabet,Apple and Ammazon.com are all doing their own chip design, which threatens specialized chip companies that do the same thing.\nQuantum computing\nComputers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”\nA disturbing signal\nA blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.\nAnother cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory (DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.\nBut it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.\nFord,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.\nPaulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including Ford cars.","news_type":1,"symbols_score_info":{"AMZN":0.9,"TSM":0.9,"SOXX":0.9,"SNPS":0.9,"ASML":0.9,"QCOM":0.9,"GOOG":0.9,"AAPL":0.9,"ON":0.9,"CDNS":0.9,"GOOGL":0.9,"NVDA":0.9,"SSNLF":0.9}},"isVote":1,"tweetType":1,"viewCount":486,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":836542160,"gmtCreate":1629510295150,"gmtModify":1631892069824,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574165011010503","authorIdStr":"3574165011010503"},"themes":[],"htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/836542160","repostId":"2161745179","repostType":4,"isVote":1,"tweetType":1,"viewCount":479,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814774418,"gmtCreate":1630888247534,"gmtModify":1631888200775,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574165011010503","authorIdStr":"3574165011010503"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/814774418","repostId":"1143325200","repostType":4,"repost":{"id":"1143325200","kind":"news","pubTimestamp":1630882610,"share":"https://www.laohu8.com/m/news/1143325200?lang=zh_CN&edition=full","pubTime":"2021-09-06 06:56","market":"us","language":"en","title":"GameStop, Moderna, Home Depot, Kroger, and Other Stocks for Investors to Watch This Week<blockquote>游戏驿站、Moderna、家得宝、克罗格等本周值得投资者关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143325200","media":"Barrons","summary":"U.S. stock and bond markets are closed on Monday for Labor Day. The holiday-shortened week then feat","content":"<p>U.S. stock and bond markets are closed on Monday for Labor Day. The holiday-shortened week then features several notable company updates and economic data releases.</p><p><blockquote>美国股市和债市周一因劳动节休市。假期缩短的一周将发布几个值得注意的公司更新和经济数据。</blockquote></p><p> GameStop and Lululemon Athletica release quarterly results on Wednesday, followed by International Paper on Thursday and Kroger on Friday. Analog Devices—fresh off of its&nbsp;$21 billion acquisition of Maxim Integrated Products—will host an investor day on Wednesday. Moderna, Danaher, and Home Depot managements will also speak with investors on Thursday. Finally, Albemarle&nbsp;hosts&nbsp;an investor day on Friday.</p><p><blockquote>游戏驿站和Lululemon Athletica将于周三发布季度业绩，国际纸业将于周四发布季度业绩，克罗格将于周五发布季度业绩。Analog Devices刚刚以210亿美元收购Maxim Integrated Products，将于周三举办投资者日。Moderna、丹纳赫和家得宝管理层也将于周四与投资者交谈。最后，雅宝将于周五举办投资者日。</blockquote></p><p> The economic data highlight of the week will be Friday’s August producer price index from the Bureau of Labor Statistics. Economists’ consensus estimate is for a 0.6% monthly rise in the headline index, and a 0.5% increase for the core PPI—which leaves out more volatile food and energy prices. Both the core and headline indexes rose 1% in July. The August consumer price index will be out the following week, on Sept. 14.</p><p><blockquote>本周的经济数据亮点将是周五美国劳工统计局公布的8月份生产者价格指数。经济学家的普遍预期是总体指数月度上涨0.6%，核心PPI上涨0.5%——这还不包括波动更大的食品和能源价格。7月份核心指数和整体指数均上涨1%。8月份消费者价格指数将于下周9月14日公布。</blockquote></p><p> On Tuesday, the Federal Reserve will release its latest beige book, full of updates on economic, hiring, and business conditions in each of the dozen central bank districts. The European Central Bank also announces a monetary-policy decision on Thursday, but is widely expected to hold its target interest rate at its current level of negative 0.5%.</p><p><blockquote>周二，美联储将发布最新的褐皮书，其中包含十几个中央银行区的经济、招聘和商业状况的最新信息。欧洲央行也将于周四宣布货币政策决定，但市场普遍预计将把目标利率维持在目前负0.5%的水平。</blockquote></p><p> <b>Monday 9/6</b></p><p><blockquote><b>星期一9/6</b></blockquote></p><p> Stock and fixed-income markets are closed in observance of Labor Day.</p><p><blockquote>股票和固定收益市场因劳动节休市。</blockquote></p><p> <b>Tuesday 9/7</b></p><p><blockquote><b>星期二9/7</b></blockquote></p><p> Casey’s General Stores and Coupa Software announce earnings.</p><p><blockquote>Casey’s General Stores和Coupa Software公布收益。</blockquote></p><p> <b>Wednesday 9/8</b></p><p><blockquote><b>星期三9/8</b></blockquote></p><p> Copart, GameStop, and Lululemon Athletica release quarterly results.</p><p><blockquote>Copart、游戏驿站和Lululemon Athletica发布季度业绩。</blockquote></p><p> Analog Devices hosts a conference call to discuss its capital-allocation plans and update its outlook for fiscal 2021. The company recently closed its $21 billion acquisition of Maxim Integrated Products.</p><p><blockquote>ADI公司召开电话会议，讨论其资本配置计划并更新2021财年展望。该公司最近完成了对Maxim Integrated Products的210亿美元收购。</blockquote></p><p> Global Payments, Johnson Controls International, and ResMed hold virtual investor days.</p><p><blockquote>Global Payments、江森自控国际和ResMed举办虚拟投资者日。</blockquote></p><p> The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. Consensus estimate is for 10 million job openings on the last business day of July. In June, there were 10.1 million openings, the fourth consecutive monthly record.</p><p><blockquote>劳工统计局发布职位空缺和劳动力流动调查。普遍估计7月最后一个工作日将有1000万个职位空缺。6月份，有1010万个职位空缺，连续第四个月创下纪录。</blockquote></p><p> The Federal Reserve reports consumer credit data for July. Total outstanding consumer debt increased by $37.7 billion to a record $4.32 trillion in June. For the second quarter, consumer credit rose at a seasonally adjusted annual rate of 8.8%, reflecting pent-up demand.</p><p><blockquote>美联储公布7月份消费者信贷数据。6月份未偿消费者债务总额增加377亿美元，达到创纪录的4.32万亿美元。第二季度，消费信贷经季节调整后的年率增长8.8%，反映了被压抑的需求。</blockquote></p><p> The Federal Reserve releases the beige book for the sixth of eight times this year. The report summarizes current economic conditions among the 12 Federal Reserve districts.</p><p><blockquote>美联储今年八次发布褐皮书中的第六次。该报告总结了12个美联储地区当前的经济状况。</blockquote></p><p> <b>Thursday 9/9</b></p><p><blockquote><b>星期四9/9</b></blockquote></p><p> Home Depot hosts a conference call to discuss its ESG strategy, led by Ron Jarvis, the company’s chief sustainability officer.</p><p><blockquote>家得宝召开电话会议讨论其ESG战略，由公司首席可持续发展官Ron Jarvis主持。</blockquote></p><p> Moderna hosts its fifth annual R&amp;D day to discuss vaccines in the company’s pipeline. CEO Stéphane Bancel will be among the presenters.</p><p><blockquote>Moderna举办第五届年度研发日，讨论公司在研疫苗。首席执行官Stéphane Bancel将是演讲者之一。</blockquote></p><p> Danaher holds an investor and analyst meeting, hosted by its CEO Rainer Blair.</p><p><blockquote>丹纳赫召开投资者和分析师会议，由首席执行官Rainer Blair主持。</blockquote></p><p> International Paper, Synchrony Financial, and Willis Towers Watson hold investor days.</p><p><blockquote>国际纸业、同步金融和威利斯韬睿惠悦举办投资者日。</blockquote></p><p> The European Central Bank announces its monetary-policy decision. The ECB is expected to keep its key interest rate unchanged at minus 0.5%.</p><p><blockquote>欧洲中央银行宣布其货币政策决定。预计欧洲央行将维持关键利率在负0.5%不变。</blockquote></p><p> The Department of Labor reports initial jobless claims for the week ending on Sept. 4. In August, claims averaged 355,000 a week, the lowest since the pandemic’s onset. This will also be the last week that the extra $300 from federal enhanced unemployment benefits is available. They are set to expire by Sept. 6.</p><p><blockquote>劳工部报告了截至9月4日当周的首次申请失业救济人数。8月份，平均每周申请失业救济人数为35.5万人，为疫情爆发以来的最低水平。这也将是联邦强化失业救济金额外发放300美元的最后一周。它们将于9月6日到期。</blockquote></p><p> <b>Friday 9/10</b></p><p><blockquote><b>星期五9/10</b></blockquote></p><p> The BLS reports the producer price index for August. Economists forecast a 0.6% monthly rise along with a 0.5% increase for the core PPI, which excludes volatile food and energy prices. Both jumped 1% in July.</p><p><blockquote>BLS报告8月份生产者价格指数。经济学家预测核心生产者价格指数（不包括波动较大的食品和能源价格）月度上涨0.6%，核心生产者价格指数将上涨0.5%。7月份两者均上涨1%。</blockquote></p><p> Kroger holds a conference calls to discuss earnings.</p><p><blockquote>克罗格评级召开会议讨论收益。</blockquote></p><p></p>","source":"lsy1601382232898","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, Moderna, Home Depot, Kroger, and Other Stocks for Investors to Watch This Week<blockquote>游戏驿站、Moderna、家得宝、克罗格等本周值得投资者关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGameStop, Moderna, Home Depot, Kroger, and Other Stocks for Investors to Watch This Week<blockquote>游戏驿站、Moderna、家得宝、克罗格等本周值得投资者关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-06 06:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. stock and bond markets are closed on Monday for Labor Day. The holiday-shortened week then features several notable company updates and economic data releases.</p><p><blockquote>美国股市和债市周一因劳动节休市。假期缩短的一周将发布几个值得注意的公司更新和经济数据。</blockquote></p><p> GameStop and Lululemon Athletica release quarterly results on Wednesday, followed by International Paper on Thursday and Kroger on Friday. Analog Devices—fresh off of its&nbsp;$21 billion acquisition of Maxim Integrated Products—will host an investor day on Wednesday. Moderna, Danaher, and Home Depot managements will also speak with investors on Thursday. Finally, Albemarle&nbsp;hosts&nbsp;an investor day on Friday.</p><p><blockquote>游戏驿站和Lululemon Athletica将于周三发布季度业绩，国际纸业将于周四发布季度业绩，克罗格将于周五发布季度业绩。Analog Devices刚刚以210亿美元收购Maxim Integrated Products，将于周三举办投资者日。Moderna、丹纳赫和家得宝管理层也将于周四与投资者交谈。最后，雅宝将于周五举办投资者日。</blockquote></p><p> The economic data highlight of the week will be Friday’s August producer price index from the Bureau of Labor Statistics. Economists’ consensus estimate is for a 0.6% monthly rise in the headline index, and a 0.5% increase for the core PPI—which leaves out more volatile food and energy prices. Both the core and headline indexes rose 1% in July. The August consumer price index will be out the following week, on Sept. 14.</p><p><blockquote>本周的经济数据亮点将是周五美国劳工统计局公布的8月份生产者价格指数。经济学家的普遍预期是总体指数月度上涨0.6%，核心PPI上涨0.5%——这还不包括波动更大的食品和能源价格。7月份核心指数和整体指数均上涨1%。8月份消费者价格指数将于下周9月14日公布。</blockquote></p><p> On Tuesday, the Federal Reserve will release its latest beige book, full of updates on economic, hiring, and business conditions in each of the dozen central bank districts. The European Central Bank also announces a monetary-policy decision on Thursday, but is widely expected to hold its target interest rate at its current level of negative 0.5%.</p><p><blockquote>周二，美联储将发布最新的褐皮书，其中包含十几个中央银行区的经济、招聘和商业状况的最新信息。欧洲央行也将于周四宣布货币政策决定，但市场普遍预计将把目标利率维持在目前负0.5%的水平。</blockquote></p><p> <b>Monday 9/6</b></p><p><blockquote><b>星期一9/6</b></blockquote></p><p> Stock and fixed-income markets are closed in observance of Labor Day.</p><p><blockquote>股票和固定收益市场因劳动节休市。</blockquote></p><p> <b>Tuesday 9/7</b></p><p><blockquote><b>星期二9/7</b></blockquote></p><p> Casey’s General Stores and Coupa Software announce earnings.</p><p><blockquote>Casey’s General Stores和Coupa Software公布收益。</blockquote></p><p> <b>Wednesday 9/8</b></p><p><blockquote><b>星期三9/8</b></blockquote></p><p> Copart, GameStop, and Lululemon Athletica release quarterly results.</p><p><blockquote>Copart、游戏驿站和Lululemon Athletica发布季度业绩。</blockquote></p><p> Analog Devices hosts a conference call to discuss its capital-allocation plans and update its outlook for fiscal 2021. The company recently closed its $21 billion acquisition of Maxim Integrated Products.</p><p><blockquote>ADI公司召开电话会议，讨论其资本配置计划并更新2021财年展望。该公司最近完成了对Maxim Integrated Products的210亿美元收购。</blockquote></p><p> Global Payments, Johnson Controls International, and ResMed hold virtual investor days.</p><p><blockquote>Global Payments、江森自控国际和ResMed举办虚拟投资者日。</blockquote></p><p> The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. Consensus estimate is for 10 million job openings on the last business day of July. In June, there were 10.1 million openings, the fourth consecutive monthly record.</p><p><blockquote>劳工统计局发布职位空缺和劳动力流动调查。普遍估计7月最后一个工作日将有1000万个职位空缺。6月份，有1010万个职位空缺，连续第四个月创下纪录。</blockquote></p><p> The Federal Reserve reports consumer credit data for July. Total outstanding consumer debt increased by $37.7 billion to a record $4.32 trillion in June. For the second quarter, consumer credit rose at a seasonally adjusted annual rate of 8.8%, reflecting pent-up demand.</p><p><blockquote>美联储公布7月份消费者信贷数据。6月份未偿消费者债务总额增加377亿美元，达到创纪录的4.32万亿美元。第二季度，消费信贷经季节调整后的年率增长8.8%，反映了被压抑的需求。</blockquote></p><p> The Federal Reserve releases the beige book for the sixth of eight times this year. The report summarizes current economic conditions among the 12 Federal Reserve districts.</p><p><blockquote>美联储今年八次发布褐皮书中的第六次。该报告总结了12个美联储地区当前的经济状况。</blockquote></p><p> <b>Thursday 9/9</b></p><p><blockquote><b>星期四9/9</b></blockquote></p><p> Home Depot hosts a conference call to discuss its ESG strategy, led by Ron Jarvis, the company’s chief sustainability officer.</p><p><blockquote>家得宝召开电话会议讨论其ESG战略，由公司首席可持续发展官Ron Jarvis主持。</blockquote></p><p> Moderna hosts its fifth annual R&amp;D day to discuss vaccines in the company’s pipeline. CEO Stéphane Bancel will be among the presenters.</p><p><blockquote>Moderna举办第五届年度研发日，讨论公司在研疫苗。首席执行官Stéphane Bancel将是演讲者之一。</blockquote></p><p> Danaher holds an investor and analyst meeting, hosted by its CEO Rainer Blair.</p><p><blockquote>丹纳赫召开投资者和分析师会议，由首席执行官Rainer Blair主持。</blockquote></p><p> International Paper, Synchrony Financial, and Willis Towers Watson hold investor days.</p><p><blockquote>国际纸业、同步金融和威利斯韬睿惠悦举办投资者日。</blockquote></p><p> The European Central Bank announces its monetary-policy decision. The ECB is expected to keep its key interest rate unchanged at minus 0.5%.</p><p><blockquote>欧洲中央银行宣布其货币政策决定。预计欧洲央行将维持关键利率在负0.5%不变。</blockquote></p><p> The Department of Labor reports initial jobless claims for the week ending on Sept. 4. In August, claims averaged 355,000 a week, the lowest since the pandemic’s onset. This will also be the last week that the extra $300 from federal enhanced unemployment benefits is available. They are set to expire by Sept. 6.</p><p><blockquote>劳工部报告了截至9月4日当周的首次申请失业救济人数。8月份，平均每周申请失业救济人数为35.5万人，为疫情爆发以来的最低水平。这也将是联邦强化失业救济金额外发放300美元的最后一周。它们将于9月6日到期。</blockquote></p><p> <b>Friday 9/10</b></p><p><blockquote><b>星期五9/10</b></blockquote></p><p> The BLS reports the producer price index for August. Economists forecast a 0.6% monthly rise along with a 0.5% increase for the core PPI, which excludes volatile food and energy prices. Both jumped 1% in July.</p><p><blockquote>BLS报告8月份生产者价格指数。经济学家预测核心生产者价格指数（不包括波动较大的食品和能源价格）月度上涨0.6%，核心生产者价格指数将上涨0.5%。7月份两者均上涨1%。</blockquote></p><p> Kroger holds a conference calls to discuss earnings.</p><p><blockquote>克罗格评级召开会议讨论收益。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/gamestop-moderna-home-depot-kroger-and-other-stocks-for-investors-to-watch-this-week-51630853023?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MRNA":"Moderna, Inc.","KR":"克罗格",".SPX":"S&P 500 Index","HD":"家得宝","GME":"游戏驿站",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/gamestop-moderna-home-depot-kroger-and-other-stocks-for-investors-to-watch-this-week-51630853023?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143325200","content_text":"U.S. stock and bond markets are closed on Monday for Labor Day. The holiday-shortened week then features several notable company updates and economic data releases.\nGameStop and Lululemon Athletica release quarterly results on Wednesday, followed by International Paper on Thursday and Kroger on Friday. Analog Devices—fresh off of its $21 billion acquisition of Maxim Integrated Products—will host an investor day on Wednesday. Moderna, Danaher, and Home Depot managements will also speak with investors on Thursday. Finally, Albemarle hosts an investor day on Friday.\nThe economic data highlight of the week will be Friday’s August producer price index from the Bureau of Labor Statistics. Economists’ consensus estimate is for a 0.6% monthly rise in the headline index, and a 0.5% increase for the core PPI—which leaves out more volatile food and energy prices. Both the core and headline indexes rose 1% in July. The August consumer price index will be out the following week, on Sept. 14.\nOn Tuesday, the Federal Reserve will release its latest beige book, full of updates on economic, hiring, and business conditions in each of the dozen central bank districts. The European Central Bank also announces a monetary-policy decision on Thursday, but is widely expected to hold its target interest rate at its current level of negative 0.5%.\nMonday 9/6\nStock and fixed-income markets are closed in observance of Labor Day.\nTuesday 9/7\nCasey’s General Stores and Coupa Software announce earnings.\nWednesday 9/8\nCopart, GameStop, and Lululemon Athletica release quarterly results.\nAnalog Devices hosts a conference call to discuss its capital-allocation plans and update its outlook for fiscal 2021. The company recently closed its $21 billion acquisition of Maxim Integrated Products.\nGlobal Payments, Johnson Controls International, and ResMed hold virtual investor days.\nThe Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. Consensus estimate is for 10 million job openings on the last business day of July. In June, there were 10.1 million openings, the fourth consecutive monthly record.\nThe Federal Reserve reports consumer credit data for July. Total outstanding consumer debt increased by $37.7 billion to a record $4.32 trillion in June. For the second quarter, consumer credit rose at a seasonally adjusted annual rate of 8.8%, reflecting pent-up demand.\nThe Federal Reserve releases the beige book for the sixth of eight times this year. The report summarizes current economic conditions among the 12 Federal Reserve districts.\nThursday 9/9\nHome Depot hosts a conference call to discuss its ESG strategy, led by Ron Jarvis, the company’s chief sustainability officer.\nModerna hosts its fifth annual R&D day to discuss vaccines in the company’s pipeline. CEO Stéphane Bancel will be among the presenters.\nDanaher holds an investor and analyst meeting, hosted by its CEO Rainer Blair.\nInternational Paper, Synchrony Financial, and Willis Towers Watson hold investor days.\nThe European Central Bank announces its monetary-policy decision. The ECB is expected to keep its key interest rate unchanged at minus 0.5%.\nThe Department of Labor reports initial jobless claims for the week ending on Sept. 4. In August, claims averaged 355,000 a week, the lowest since the pandemic’s onset. This will also be the last week that the extra $300 from federal enhanced unemployment benefits is available. They are set to expire by Sept. 6.\nFriday 9/10\nThe BLS reports the producer price index for August. Economists forecast a 0.6% monthly rise along with a 0.5% increase for the core PPI, which excludes volatile food and energy prices. Both jumped 1% in July.\nKroger holds a conference calls to discuss earnings.","news_type":1,"symbols_score_info":{".IXIC":0.9,"GME":0.9,"KR":0.9,".SPX":0.9,"MRNA":0.9,".DJI":0.9,"HD":0.9}},"isVote":1,"tweetType":1,"viewCount":1336,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836977768,"gmtCreate":1629451161154,"gmtModify":1631892069831,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574165011010503","authorIdStr":"3574165011010503"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/836977768","repostId":"1131280306","repostType":4,"repost":{"id":"1131280306","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629447452,"share":"https://www.laohu8.com/m/news/1131280306?lang=zh_CN&edition=full","pubTime":"2021-08-20 16:17","market":"us","language":"en","title":"Bitcoin gains push up some Blockchain stocks<blockquote>比特币上涨推高部分区块链股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1131280306","media":"Tiger Newspress","summary":"(Update: August 20, 2021 at 10:10 a.m. ET)\n(Aug 20) Price volatility continues for the world's most ","content":"<p><i><b>(Update: August 20, 2021 at 10:10 a.m. ET)</b></i></p><p><blockquote><i><b>（更新：美国东部时间2021年8月20日上午10:10）</b></i></blockquote></p><p> (Aug 20)&nbsp;Price volatility continues for the world's most popular cryptocurrency as bitcoin (BTC-USD)&nbsp;rises 6.24%&nbsp;to $47.8K, erasing its losses from mid-May, but still below its all-time high of almost $65K in mid-April.</p><p><blockquote>（8月20日）世界上最受欢迎的加密货币的价格波动仍在继续，比特币（BTC-USD）上涨6.24%，至4.78万美元，抹去了自5月中旬以来的跌幅，但仍低于4月中旬近6.5万美元的历史高点。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/527f585d5d15476d0b4545587f993b6e\" tg-width=\"279\" tg-height=\"444\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Bitcoin gains push up some Blockchain stocks.</p><p><blockquote>比特币上涨推高了一些区块链股票。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8802f548b839d681a658463eff340b2c\" tg-width=\"1043\" tg-height=\"733\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin gains push up some Blockchain stocks<blockquote>比特币上涨推高部分区块链股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin gains push up some Blockchain stocks<blockquote>比特币上涨推高部分区块链股票</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\">2021-08-20 16:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><i><b>(Update: August 20, 2021 at 10:10 a.m. ET)</b></i></p><p><blockquote><i><b>（更新：美国东部时间2021年8月20日上午10:10）</b></i></blockquote></p><p> (Aug 20)&nbsp;Price volatility continues for the world's most popular cryptocurrency as bitcoin (BTC-USD)&nbsp;rises 6.24%&nbsp;to $47.8K, erasing its losses from mid-May, but still below its all-time high of almost $65K in mid-April.</p><p><blockquote>（8月20日）世界上最受欢迎的加密货币的价格波动仍在继续，比特币（BTC-USD）上涨6.24%，至4.78万美元，抹去了自5月中旬以来的跌幅，但仍低于4月中旬近6.5万美元的历史高点。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/527f585d5d15476d0b4545587f993b6e\" tg-width=\"279\" tg-height=\"444\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Bitcoin gains push up some Blockchain stocks.</p><p><blockquote>比特币上涨推高了一些区块链股票。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8802f548b839d681a658463eff340b2c\" tg-width=\"1043\" tg-height=\"733\" width=\"100%\" height=\"auto\"></p><p><blockquote></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":"1131280306","content_text":"(Update: August 20, 2021 at 10:10 a.m. ET)\n(Aug 20) Price volatility continues for the world's most popular cryptocurrency as bitcoin (BTC-USD) rises 6.24% to $47.8K, erasing its losses from mid-May, but still below its all-time high of almost $65K in mid-April.\n\nBitcoin gains push up some Blockchain stocks.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":200,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890405619,"gmtCreate":1628126698031,"gmtModify":1633753347127,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574165011010503","authorIdStr":"3574165011010503"},"themes":[],"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/890405619","repostId":"2157483930","repostType":4,"isVote":1,"tweetType":1,"viewCount":531,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":861701613,"gmtCreate":1632535478732,"gmtModify":1632709809639,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574165011010503","authorIdStr":"3574165011010503"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/861701613","repostId":"2169615117","repostType":4,"isVote":1,"tweetType":1,"viewCount":2625,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":813885376,"gmtCreate":1630176177495,"gmtModify":1704956717037,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574165011010503","authorIdStr":"3574165011010503"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/813885376","repostId":"2162733980","repostType":4,"isVote":1,"tweetType":1,"viewCount":447,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832133237,"gmtCreate":1629597392529,"gmtModify":1631892069816,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574165011010503","authorIdStr":"3574165011010503"},"themes":[],"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/832133237","repostId":"1151608193","repostType":4,"repost":{"id":"1151608193","kind":"news","pubTimestamp":1629728324,"share":"https://www.laohu8.com/m/news/1151608193?lang=zh_CN&edition=full","pubTime":"2021-08-23 22:18","market":"us","language":"en","title":"Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151608193","media":"MarketWatch","summary":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correcti","content":"<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看那些。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更加可预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</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\">\nBuy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-23 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看那些。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更加可预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","ASML":"阿斯麦","CDNS":"铿腾电子","SNPS":"新思科技","GOOGL":"谷歌A","NVDA":"英伟达","SSNLF":"三星电子","TSM":"台积电","SOXX":"iShares费城交易所半导体ETF","ON":"安森美半导体","AMZN":"亚马逊","GOOG":"谷歌","QCOM":"高通"},"source_url":"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151608193","content_text":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correction that’s running through the stock market, chip makers have been hit harder than most.\nThe iShares Semiconductor ETF is down over 6% from recent highs, compared to declines of 2% or less for the S&P 500,Nasdaq Composite and the Dow Jones Industrial Average.\nDoes that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.\nA lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”\nThose are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.\nYou’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.\n1. The wicked witch of cyclicality is dead\n“Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “First PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.\nJust look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like Zoom, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.\n“There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”\nHe’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William Blair analyst Greg Scolaro.\nAll of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says Bank of America chip sector analyst Vivek Arya. “That’s not just our view, but one confirmed by a majority of large customers.”\n2. The players have consolidated\nAll up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.\nIn chip design software, you have Cadence Design Systems and Synopsys.In production equipment, companies dominate specialized niches like ASML in extreme ultraviolet lithography (EUV). Manufacturing is dominated by Taiwan Semiconductor and Samsung Electronics.\nThese companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.\n3. Profitability has improved\nThis more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.\nThis has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere & Co. “They are not trading at a frothy multiple.”\nThe stocks to buy\nHere are six names favored by chip experts I recently checked in with.\nNew management plays\nThough Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm and ON Semiconductor.\nBoth have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. ON Semiconductor is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.\nA data center and gaming play\nKarazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.\nDesign tool companies\nSpeaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and Synopsys.\nTheir software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.\nAn EUV play\nTo put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.\nIn other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.\nRisks\nHere are some of the chief risks for chip sector investors to watch.\nOversupply\nChip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. China wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.\nThe upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.\nNext, big tech companies like Alphabet,Apple and Ammazon.com are all doing their own chip design, which threatens specialized chip companies that do the same thing.\nQuantum computing\nComputers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”\nA disturbing signal\nA blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.\nAnother cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory (DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.\nBut it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.\nFord,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.\nPaulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including Ford cars.","news_type":1,"symbols_score_info":{"AMZN":0.9,"TSM":0.9,"SOXX":0.9,"SNPS":0.9,"ASML":0.9,"QCOM":0.9,"GOOG":0.9,"AAPL":0.9,"ON":0.9,"CDNS":0.9,"GOOGL":0.9,"NVDA":0.9,"SSNLF":0.9}},"isVote":1,"tweetType":1,"viewCount":486,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838618801,"gmtCreate":1629390597203,"gmtModify":1633685177032,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574165011010503","authorIdStr":"3574165011010503"},"themes":[],"htmlText":"Like plz","listText":"Like plz","text":"Like plz","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/838618801","repostId":"1102855434","repostType":4,"isVote":1,"tweetType":1,"viewCount":375,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897279234,"gmtCreate":1628930886428,"gmtModify":1633688413975,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574165011010503","authorIdStr":"3574165011010503"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/897279234","repostId":"2159321505","repostType":4,"repost":{"id":"2159321505","kind":"highlight","pubTimestamp":1628911811,"share":"https://www.laohu8.com/m/news/2159321505?lang=zh_CN&edition=full","pubTime":"2021-08-14 11:30","market":"us","language":"en","title":"Tesla seeks to reduce board members’ terms, make other changes in October shareholder meeting<blockquote>特斯拉寻求缩短董事会成员任期，并在十月股东大会上做出其他改变</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2159321505","media":"MarketWatch","summary":"Board members would serve for two years rather than three\nTesla CEO Elon Musk in Germany last year. ","content":"<p>Board members would serve for two years rather than three</p><p><blockquote>董事会成员的任期为两年，而不是三年</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/abc701f141f0c0044cabe912e510fe2e\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>Tesla CEO Elon Musk in Germany last year. MAJA HITIJ/GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>特斯拉首席执行官Elon Musk去年在德国。玛雅·希蒂吉/盖蒂图片社</span></p></blockquote></p><p> Tesla Inc. set its shareholder meeting for Oct. 7 at the Fremont, Calif., factory, with a call for reducing its directors’ terms among the proposals the electric-car maker will bring to the table, the company said in filing late Friday.</p><p><blockquote>特斯拉公司在周五晚间提交的文件中表示，该公司将于10月7日在加州弗里蒙特工厂举行股东大会，该公司将提出的提案包括缩短董事任期的看涨期权。</blockquote></p><p> One of the proposals calls for each director’s term to be reduced from three years to two years. Tesla’s&nbsp;board currently has nine members who are divided into three classes in staggered three-year terms.</p><p><blockquote>其中一项建议是评级将每名董事的任期从三年减至两年。特斯拉董事会目前有九名成员，分为三类，任期三年。</blockquote></p><p> If the proposal is approved, however, the board will be divided into two classes with staggered two-year terms, with directors distributed as equally between the classes as possible, Tesla said in the&nbsp;filing.</p><p><blockquote>然而，特斯拉在文件中表示，如果该提案获得批准，董事会将分为两个任期交错的类别，董事在两个类别之间的分布尽可能平均。</blockquote></p><p> The board would be reduced to eight members, since Antonio Gracias, a venture capitalist who has served on the Tesla board since 2007, said in 2019 he’d not be seeking reelection when his term ends this year.</p><p><blockquote>自2007年以来一直在特斯拉董事会任职的风险投资家Antonio Gracias在2019年表示，今年任期结束后，他不会寻求连任，董事会成员将减少至8名。</blockquote></p><p> Tesla’s board nominated current board members James Murdoch, the youngest son of News Corp&nbsp;founder Rupert Murdoch, and Kimbal Musk, Chief Executive Elon Musk’s brother, for re-election as class II directors, with terms expiring in 2024. If the term reduction is approved, then their terms would end in 2023, the company said.</p><p><blockquote>特斯拉董事会提名现任董事会成员、新闻集团创始人默多克的小儿子默多克（James Murdoch）和首席执行官马斯克（Elon Musk）的哥哥马斯克（Kimbal Musk）连任二级董事，任期将于2024年届满。该公司表示，如果期限缩减获得批准，那么他们的期限将于2023年结束。</blockquote></p><p> Tesla’s curtailing board member terms was a response to a shareholder proposal calling to elect each board member for one year.</p><p><blockquote>特斯拉缩短董事会成员任期是对股东提议选举每位董事会成员一年的回应。</blockquote></p><p> The two-year term, however, “strikes a suitable balance to the long-term interests of and nearer-term accountability to our stockholders at this time,” Tesla said.</p><p><blockquote>然而，特斯拉表示，两年任期“在股东的长期利益和近期责任之间取得了适当的平衡”。</blockquote></p><p> Tesla shares were flat in after-hours trading after ending the regular trading day down 0.7%. The stock has gained 1.6% this year, compared with gains of around 19% for the S&amp;P 500 index.</p><p><blockquote>特斯拉股价在常规交易日收盘下跌0.7%后，在盘后交易中持平。该股今年已上涨1.6%，而标普500指数的涨幅约为19%。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla seeks to reduce board members’ terms, make other changes in October shareholder meeting<blockquote>特斯拉寻求缩短董事会成员任期，并在十月股东大会上做出其他改变</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\">\nTesla seeks to reduce board members’ terms, make other changes in October shareholder meeting<blockquote>特斯拉寻求缩短董事会成员任期，并在十月股东大会上做出其他改变</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-14 11:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Board members would serve for two years rather than three</p><p><blockquote>董事会成员的任期为两年，而不是三年</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/abc701f141f0c0044cabe912e510fe2e\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>Tesla CEO Elon Musk in Germany last year. MAJA HITIJ/GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>特斯拉首席执行官Elon Musk去年在德国。玛雅·希蒂吉/盖蒂图片社</span></p></blockquote></p><p> Tesla Inc. set its shareholder meeting for Oct. 7 at the Fremont, Calif., factory, with a call for reducing its directors’ terms among the proposals the electric-car maker will bring to the table, the company said in filing late Friday.</p><p><blockquote>特斯拉公司在周五晚间提交的文件中表示，该公司将于10月7日在加州弗里蒙特工厂举行股东大会，该公司将提出的提案包括缩短董事任期的看涨期权。</blockquote></p><p> One of the proposals calls for each director’s term to be reduced from three years to two years. Tesla’s&nbsp;board currently has nine members who are divided into three classes in staggered three-year terms.</p><p><blockquote>其中一项建议是评级将每名董事的任期从三年减至两年。特斯拉董事会目前有九名成员，分为三类，任期三年。</blockquote></p><p> If the proposal is approved, however, the board will be divided into two classes with staggered two-year terms, with directors distributed as equally between the classes as possible, Tesla said in the&nbsp;filing.</p><p><blockquote>然而，特斯拉在文件中表示，如果该提案获得批准，董事会将分为两个任期交错的类别，董事在两个类别之间的分布尽可能平均。</blockquote></p><p> The board would be reduced to eight members, since Antonio Gracias, a venture capitalist who has served on the Tesla board since 2007, said in 2019 he’d not be seeking reelection when his term ends this year.</p><p><blockquote>自2007年以来一直在特斯拉董事会任职的风险投资家Antonio Gracias在2019年表示，今年任期结束后，他不会寻求连任，董事会成员将减少至8名。</blockquote></p><p> Tesla’s board nominated current board members James Murdoch, the youngest son of News Corp&nbsp;founder Rupert Murdoch, and Kimbal Musk, Chief Executive Elon Musk’s brother, for re-election as class II directors, with terms expiring in 2024. If the term reduction is approved, then their terms would end in 2023, the company said.</p><p><blockquote>特斯拉董事会提名现任董事会成员、新闻集团创始人默多克的小儿子默多克（James Murdoch）和首席执行官马斯克（Elon Musk）的哥哥马斯克（Kimbal Musk）连任二级董事，任期将于2024年届满。该公司表示，如果期限缩减获得批准，那么他们的期限将于2023年结束。</blockquote></p><p> Tesla’s curtailing board member terms was a response to a shareholder proposal calling to elect each board member for one year.</p><p><blockquote>特斯拉缩短董事会成员任期是对股东提议选举每位董事会成员一年的回应。</blockquote></p><p> The two-year term, however, “strikes a suitable balance to the long-term interests of and nearer-term accountability to our stockholders at this time,” Tesla said.</p><p><blockquote>然而，特斯拉表示，两年任期“在股东的长期利益和近期责任之间取得了适当的平衡”。</blockquote></p><p> Tesla shares were flat in after-hours trading after ending the regular trading day down 0.7%. The stock has gained 1.6% this year, compared with gains of around 19% for the S&amp;P 500 index.</p><p><blockquote>特斯拉股价在常规交易日收盘下跌0.7%后，在盘后交易中持平。该股今年已上涨1.6%，而标普500指数的涨幅约为19%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/tesla-seeks-to-reduce-board-terms-in-october-shareholder-meeting-11628888340?mod=newsviewer_click\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.marketwatch.com/story/tesla-seeks-to-reduce-board-terms-in-october-shareholder-meeting-11628888340?mod=newsviewer_click","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2159321505","content_text":"Board members would serve for two years rather than three\nTesla CEO Elon Musk in Germany last year. MAJA HITIJ/GETTY IMAGES\nTesla Inc. set its shareholder meeting for Oct. 7 at the Fremont, Calif., factory, with a call for reducing its directors’ terms among the proposals the electric-car maker will bring to the table, the company said in filing late Friday.\nOne of the proposals calls for each director’s term to be reduced from three years to two years. Tesla’s board currently has nine members who are divided into three classes in staggered three-year terms.\nIf the proposal is approved, however, the board will be divided into two classes with staggered two-year terms, with directors distributed as equally between the classes as possible, Tesla said in the filing.\nThe board would be reduced to eight members, since Antonio Gracias, a venture capitalist who has served on the Tesla board since 2007, said in 2019 he’d not be seeking reelection when his term ends this year.\nTesla’s board nominated current board members James Murdoch, the youngest son of News Corp founder Rupert Murdoch, and Kimbal Musk, Chief Executive Elon Musk’s brother, for re-election as class II directors, with terms expiring in 2024. If the term reduction is approved, then their terms would end in 2023, the company said.\nTesla’s curtailing board member terms was a response to a shareholder proposal calling to elect each board member for one year.\nThe two-year term, however, “strikes a suitable balance to the long-term interests of and nearer-term accountability to our stockholders at this time,” Tesla said.\nTesla shares were flat in after-hours trading after ending the regular trading day down 0.7%. The stock has gained 1.6% this year, compared with gains of around 19% for the S&P 500 index.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":240,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811122748,"gmtCreate":1630300003784,"gmtModify":1704958054773,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574165011010503","authorIdStr":"3574165011010503"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/811122748","repostId":"1129600310","repostType":4,"isVote":1,"tweetType":1,"viewCount":1462,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837200344,"gmtCreate":1629889038588,"gmtModify":1631892069807,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574165011010503","authorIdStr":"3574165011010503"},"themes":[],"htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/837200344","repostId":"1191562313","repostType":4,"isVote":1,"tweetType":1,"viewCount":654,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836974423,"gmtCreate":1629451072962,"gmtModify":1633684747746,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574165011010503","authorIdStr":"3574165011010503"},"themes":[],"htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/836974423","repostId":"1169769842","repostType":4,"repost":{"id":"1169769842","kind":"news","pubTimestamp":1629449461,"share":"https://www.laohu8.com/m/news/1169769842?lang=zh_CN&edition=full","pubTime":"2021-08-20 16:51","market":"us","language":"en","title":"The Stock Market Is Dropping Again. What’s Behind Its Worst Slump Since July.<blockquote>股市又在下跌了。自7月以来最严重的暴跌背后是什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169769842","media":"Barron's","summary":"The S&P 500 is on pace for its worst three-day drop since July. Is the sky starting to fall?\nIt sure","content":"<p>The <a href=\"https://laohu8.com/S/.SPX\">S&amp;P 500</a> is on pace for its worst three-day drop since July. Is the sky starting to fall?</p><p><blockquote>The<a href=\"https://laohu8.com/S/.SPX\">标普500</a>即将出现自7月份以来最严重的三天跌幅。天要塌下来了吗？</blockquote></p><p> It sure does look ugly out there. S&amp;P 500 futures have declined 0.6% Thursday morning, indicating an opening loss of around 28 points, or 0.6%, for the index. The Dow Jones Industrial Average&nbsp;(<a href=\"https://laohu8.com/S/.DJI\">DJIA</a>), meanwhile, could be headed for a 237 point, or 0.7%, decline, per futures markets.</p><p><blockquote>外面看起来确实很丑。标普500期货周四上午下跌0.6%，表明该指数开盘下跌约28点，即0.6%。道琼斯工业平均指数（<a href=\"https://laohu8.com/S/.DJI\">道琼斯</a>与此同时，根据期货市场的数据，该指数可能会下跌237点，即0.7%。</blockquote></p><p> If the losses hold, it would be the S&amp;P 500’s third consecutive drop, the index’s longest losing streak since the three-day losing streak that ended on July 19. At this pace, the index would shed around 2.4% over a three-day period, also the worst since that July tumble.</p><p><blockquote>如果跌势持续，这将是标普500连续第三次下跌，这是该指数自7月19日结束三日连跌以来最长的连跌。按照这个速度，该指数将在三天内下跌约2.4%，这也是自7月份暴跌以来最严重的一次。</blockquote></p><p> If you want reasons for the decline, well, there are plenty. Taper fears are at the top of the list, despite the fact that the Fed has been about as transparent about the fact that it will end its bond-buying program soon as it’s possible to be. (Can a big article in The Wall Street Journal with the headline “Fed Officials Weigh Ending Asset Purchases by Mid-2022” be any more obvious?)</p><p><blockquote>如果你想知道下降的原因，那么，有很多。尽管美联储一直尽可能透明地表示将尽快结束债券购买计划，但对缩减购债计划的担忧仍排在首位。（《华尔街日报》上一篇标题为“美联储官员权衡在2022年年中之前结束资产购买”的大文章还能更明显吗？）</blockquote></p><p> But history shows that markets react to changes in monetary policy—even when they know the change is coming, says Bleakley Advisory Group’s Peter Boockvar. “[We] have to be reminded of how stocks responded to EVERY SINGLE change in Fed policy towards tightening since 2010,” he writes. “Outside of the August 2015 selloff related to the Chinese yuan modest devaluation and the Covid induced crash, every notable correction in stocks surrounded a change Fed policy toward tightening.”</p><p><blockquote>但布莱克利咨询集团的彼得·布克瓦尔表示，历史表明，市场会对货币政策的变化做出反应——即使他们知道变化即将到来。“[我们]必须提醒股市对2010年以来美联储紧缩政策的每一次变化的反应，”他写道。“除了2015年8月与人民币小幅贬值和新冠疫情引发的崩盘相关的抛售之外，股市的每一次显着调整都围绕着美联储紧缩政策的变化。”</blockquote></p><p> Covid concerns continue to rise, whether its cases forcing shutdowns in <a href=\"https://laohu8.com/S/NGD\">New</a> Zealand or reports that the vaccines aren’t as effective against the Delta variant as originally thought. Again, none of this is terribly new, but then again, the market chooses when it wants to react, not folks with a keyboard.</p><p><blockquote>对新冠病毒的担忧持续上升，无论其病例是否迫使工厂关闭<a href=\"https://laohu8.com/S/NGD\">新的</a>新西兰或报告称，疫苗对德尔塔变异毒株的效果并不像最初想象的那样。再说一次，这些都不是什么新鲜事，但话说回来，市场会选择何时做出反应，而不是拿着键盘的人。</blockquote></p><p> If you listen to the thrum of the Street, though, you get the sense that the market has been due for a correction. There’s some truth to that. The S&amp;P 500 has been more than 8% above its 200-day moving average for 198 days, the longest in 40 years and among the five longest stretches in history. These streaks are usually followed by a couple of months of choppy trading, with a median gain of just 0.3% over the following two months. “By the time it reached the current length, other super-strong trends saw buyers take a break,” writes Sundial Capital Research’s Jason Goepfert.</p><p><blockquote>不过，如果你听听街上的喧闹声，你会觉得市场已经到了调整的时候了。这有一定的道理。标普500已经有198天比200日移动平均线高出8%以上，这是40年来最长的一次，也是历史上最长的五次之一。这些连涨之后通常会出现几个月的波动交易，接下来两个月的中值涨幅仅为0.3%。Sundial Capital Research的Jason Goepfert写道：“当它达到目前的长度时，其他超级强劲的趋势让买家休息一下。”</blockquote></p><p> Of course, it might just be August, says DataTrek’s Nicholas Colas. He notes that the S&amp;P 500 typically has one 1% up or down move every week since 1957, but has had just three during the first seven weeks of the third quarter. August, because of its low volume and history of higher volatility would be a good time to catch up.</p><p><blockquote>DataTrek的尼古拉斯·科拉斯(Nicholas Colas)表示，当然，可能只是八月。他指出，自1957年以来，标普500通常每周都会上涨或下跌1%，但第三季度前七周仅上涨或下跌3次。八月，由于其交易量较低且波动性较高的历史，将是追赶的好时机。</blockquote></p><p> That’s especially true with stocks starting to move together again. “[As] much as we like U.S. equities, we have to respect both the tape (suddenly higher correlations) and seasonality (late August volatility),” Colas writes. “Both tell us to be cautious over the next 2-3 weeks.”</p><p><blockquote>当股市再次开始同步波动时尤其如此。科拉斯写道：“尽管我们非常喜欢美国股市，但我们必须尊重磁带（相关性突然上升）和季节性（八月下旬的波动性）。”“两者都告诉我们在未来2-3周内要保持谨慎。”</blockquote></p><p> So buckle up. Whatever the reason, it’s chop time for U.S. stock markets.</p><p><blockquote>所以系好安全带。不管是什么原因，现在是美国股市下跌的时候了。</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Stock Market Is Dropping Again. What’s Behind Its Worst Slump Since July.<blockquote>股市又在下跌了。自7月以来最严重的暴跌背后是什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Stock Market Is Dropping Again. What’s Behind Its Worst Slump Since July.<blockquote>股市又在下跌了。自7月以来最严重的暴跌背后是什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-08-20 16:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The <a href=\"https://laohu8.com/S/.SPX\">S&amp;P 500</a> is on pace for its worst three-day drop since July. Is the sky starting to fall?</p><p><blockquote>The<a href=\"https://laohu8.com/S/.SPX\">标普500</a>即将出现自7月份以来最严重的三天跌幅。天要塌下来了吗？</blockquote></p><p> It sure does look ugly out there. S&amp;P 500 futures have declined 0.6% Thursday morning, indicating an opening loss of around 28 points, or 0.6%, for the index. The Dow Jones Industrial Average&nbsp;(<a href=\"https://laohu8.com/S/.DJI\">DJIA</a>), meanwhile, could be headed for a 237 point, or 0.7%, decline, per futures markets.</p><p><blockquote>外面看起来确实很丑。标普500期货周四上午下跌0.6%，表明该指数开盘下跌约28点，即0.6%。道琼斯工业平均指数（<a href=\"https://laohu8.com/S/.DJI\">道琼斯</a>与此同时，根据期货市场的数据，该指数可能会下跌237点，即0.7%。</blockquote></p><p> If the losses hold, it would be the S&amp;P 500’s third consecutive drop, the index’s longest losing streak since the three-day losing streak that ended on July 19. At this pace, the index would shed around 2.4% over a three-day period, also the worst since that July tumble.</p><p><blockquote>如果跌势持续，这将是标普500连续第三次下跌，这是该指数自7月19日结束三日连跌以来最长的连跌。按照这个速度，该指数将在三天内下跌约2.4%，这也是自7月份暴跌以来最严重的一次。</blockquote></p><p> If you want reasons for the decline, well, there are plenty. Taper fears are at the top of the list, despite the fact that the Fed has been about as transparent about the fact that it will end its bond-buying program soon as it’s possible to be. (Can a big article in The Wall Street Journal with the headline “Fed Officials Weigh Ending Asset Purchases by Mid-2022” be any more obvious?)</p><p><blockquote>如果你想知道下降的原因，那么，有很多。尽管美联储一直尽可能透明地表示将尽快结束债券购买计划，但对缩减购债计划的担忧仍排在首位。（《华尔街日报》上一篇标题为“美联储官员权衡在2022年年中之前结束资产购买”的大文章还能更明显吗？）</blockquote></p><p> But history shows that markets react to changes in monetary policy—even when they know the change is coming, says Bleakley Advisory Group’s Peter Boockvar. “[We] have to be reminded of how stocks responded to EVERY SINGLE change in Fed policy towards tightening since 2010,” he writes. “Outside of the August 2015 selloff related to the Chinese yuan modest devaluation and the Covid induced crash, every notable correction in stocks surrounded a change Fed policy toward tightening.”</p><p><blockquote>但布莱克利咨询集团的彼得·布克瓦尔表示，历史表明，市场会对货币政策的变化做出反应——即使他们知道变化即将到来。“[我们]必须提醒股市对2010年以来美联储紧缩政策的每一次变化的反应，”他写道。“除了2015年8月与人民币小幅贬值和新冠疫情引发的崩盘相关的抛售之外，股市的每一次显着调整都围绕着美联储紧缩政策的变化。”</blockquote></p><p> Covid concerns continue to rise, whether its cases forcing shutdowns in <a href=\"https://laohu8.com/S/NGD\">New</a> Zealand or reports that the vaccines aren’t as effective against the Delta variant as originally thought. Again, none of this is terribly new, but then again, the market chooses when it wants to react, not folks with a keyboard.</p><p><blockquote>对新冠病毒的担忧持续上升，无论其病例是否迫使工厂关闭<a href=\"https://laohu8.com/S/NGD\">新的</a>新西兰或报告称，疫苗对德尔塔变异毒株的效果并不像最初想象的那样。再说一次，这些都不是什么新鲜事，但话说回来，市场会选择何时做出反应，而不是拿着键盘的人。</blockquote></p><p> If you listen to the thrum of the Street, though, you get the sense that the market has been due for a correction. There’s some truth to that. The S&amp;P 500 has been more than 8% above its 200-day moving average for 198 days, the longest in 40 years and among the five longest stretches in history. These streaks are usually followed by a couple of months of choppy trading, with a median gain of just 0.3% over the following two months. “By the time it reached the current length, other super-strong trends saw buyers take a break,” writes Sundial Capital Research’s Jason Goepfert.</p><p><blockquote>不过，如果你听听街上的喧闹声，你会觉得市场已经到了调整的时候了。这有一定的道理。标普500已经有198天比200日移动平均线高出8%以上，这是40年来最长的一次，也是历史上最长的五次之一。这些连涨之后通常会出现几个月的波动交易，接下来两个月的中值涨幅仅为0.3%。Sundial Capital Research的Jason Goepfert写道：“当它达到目前的长度时，其他超级强劲的趋势让买家休息一下。”</blockquote></p><p> Of course, it might just be August, says DataTrek’s Nicholas Colas. He notes that the S&amp;P 500 typically has one 1% up or down move every week since 1957, but has had just three during the first seven weeks of the third quarter. August, because of its low volume and history of higher volatility would be a good time to catch up.</p><p><blockquote>DataTrek的尼古拉斯·科拉斯(Nicholas Colas)表示，当然，可能只是八月。他指出，自1957年以来，标普500通常每周都会上涨或下跌1%，但第三季度前七周仅上涨或下跌3次。八月，由于其交易量较低且波动性较高的历史，将是追赶的好时机。</blockquote></p><p> That’s especially true with stocks starting to move together again. “[As] much as we like U.S. equities, we have to respect both the tape (suddenly higher correlations) and seasonality (late August volatility),” Colas writes. “Both tell us to be cautious over the next 2-3 weeks.”</p><p><blockquote>当股市再次开始同步波动时尤其如此。科拉斯写道：“尽管我们非常喜欢美国股市，但我们必须尊重磁带（相关性突然上升）和季节性（八月下旬的波动性）。”“两者都告诉我们在未来2-3周内要保持谨慎。”</blockquote></p><p> So buckle up. Whatever the reason, it’s chop time for U.S. stock markets.</p><p><blockquote>所以系好安全带。不管是什么原因，现在是美国股市下跌的时候了。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/why-stock-market-dropping-again-today-51629372284?mod=hp_LEAD_3_B_1&tesla=y\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/why-stock-market-dropping-again-today-51629372284?mod=hp_LEAD_3_B_1&tesla=y","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169769842","content_text":"The S&P 500 is on pace for its worst three-day drop since July. Is the sky starting to fall?\nIt sure does look ugly out there. S&P 500 futures have declined 0.6% Thursday morning, indicating an opening loss of around 28 points, or 0.6%, for the index. The Dow Jones Industrial Average (DJIA), meanwhile, could be headed for a 237 point, or 0.7%, decline, per futures markets.\nIf the losses hold, it would be the S&P 500’s third consecutive drop, the index’s longest losing streak since the three-day losing streak that ended on July 19. At this pace, the index would shed around 2.4% over a three-day period, also the worst since that July tumble.\nIf you want reasons for the decline, well, there are plenty. Taper fears are at the top of the list, despite the fact that the Fed has been about as transparent about the fact that it will end its bond-buying program soon as it’s possible to be. (Can a big article in The Wall Street Journal with the headline “Fed Officials Weigh Ending Asset Purchases by Mid-2022” be any more obvious?)\nBut history shows that markets react to changes in monetary policy—even when they know the change is coming, says Bleakley Advisory Group’s Peter Boockvar. “[We] have to be reminded of how stocks responded to EVERY SINGLE change in Fed policy towards tightening since 2010,” he writes. “Outside of the August 2015 selloff related to the Chinese yuan modest devaluation and the Covid induced crash, every notable correction in stocks surrounded a change Fed policy toward tightening.”\nCovid concerns continue to rise, whether its cases forcing shutdowns in New Zealand or reports that the vaccines aren’t as effective against the Delta variant as originally thought. Again, none of this is terribly new, but then again, the market chooses when it wants to react, not folks with a keyboard.\nIf you listen to the thrum of the Street, though, you get the sense that the market has been due for a correction. There’s some truth to that. The S&P 500 has been more than 8% above its 200-day moving average for 198 days, the longest in 40 years and among the five longest stretches in history. These streaks are usually followed by a couple of months of choppy trading, with a median gain of just 0.3% over the following two months. “By the time it reached the current length, other super-strong trends saw buyers take a break,” writes Sundial Capital Research’s Jason Goepfert.\nOf course, it might just be August, says DataTrek’s Nicholas Colas. He notes that the S&P 500 typically has one 1% up or down move every week since 1957, but has had just three during the first seven weeks of the third quarter. August, because of its low volume and history of higher volatility would be a good time to catch up.\nThat’s especially true with stocks starting to move together again. “[As] much as we like U.S. equities, we have to respect both the tape (suddenly higher correlations) and seasonality (late August volatility),” Colas writes. “Both tell us to be cautious over the next 2-3 weeks.”\nSo buckle up. Whatever the reason, it’s chop time for U.S. stock markets.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":327,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":839402523,"gmtCreate":1629170701662,"gmtModify":1633686841451,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574165011010503","authorIdStr":"3574165011010503"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/839402523","repostId":"2160278866","repostType":4,"isVote":1,"tweetType":1,"viewCount":427,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892115963,"gmtCreate":1628643497052,"gmtModify":1633745481040,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574165011010503","authorIdStr":"3574165011010503"},"themes":[],"htmlText":"Press like and comment!","listText":"Press like and comment!","text":"Press like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/892115963","repostId":"2158035654","repostType":4,"isVote":1,"tweetType":1,"viewCount":416,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":819816190,"gmtCreate":1630053749310,"gmtModify":1704955235117,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574165011010503","authorIdStr":"3574165011010503"},"themes":[],"htmlText":"Give a like","listText":"Give a like","text":"Give a like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/819816190","repostId":"2162847016","repostType":4,"isVote":1,"tweetType":1,"viewCount":472,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836542588,"gmtCreate":1629510322544,"gmtModify":1631892069821,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574165011010503","authorIdStr":"3574165011010503"},"themes":[],"htmlText":"To the moon! Pls like","listText":"To the moon! Pls like","text":"To the moon! Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/836542588","repostId":"2161149745","repostType":4,"isVote":1,"tweetType":1,"viewCount":223,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831873493,"gmtCreate":1629304446712,"gmtModify":1633685812621,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574165011010503","authorIdStr":"3574165011010503"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/831873493","repostId":"2160737181","repostType":4,"isVote":1,"tweetType":1,"viewCount":322,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":839338918,"gmtCreate":1629121661034,"gmtModify":1633687256035,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574165011010503","authorIdStr":"3574165011010503"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/839338918","repostId":"1112885056","repostType":4,"repost":{"id":"1112885056","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629120408,"share":"https://www.laohu8.com/m/news/1112885056?lang=zh_CN&edition=full","pubTime":"2021-08-16 21:26","market":"us","language":"en","title":"U.S. stock market opens lower Monday amid weak China demand, spread of delta variant<blockquote>由于中国需求疲软和德尔塔变异毒株蔓延，美国股市周一低开</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112885056","media":"Tiger Newspress","summary":"(Aug 16) U.S. stock market opens lower Monday amid weak China demand, spread of delta variant.\nDow, ","content":"<p>(Aug 16)&nbsp;U.S. stock market opens lower Monday amid weak China demand, spread of delta variant.</p><p><blockquote>（8月16日）美国。由于中国需求疲软和德尔塔变异毒株蔓延，中国股市周一开盘走低。</blockquote></p><p> Dow, S&amp;P 500, Nasdaq Composite off 0.3% in early Monday action.</p><p><blockquote>道琼斯指数、标普500指数、纳斯达克综合指数周一早盘下跌0.3%。</blockquote></p><p> Data showed Chinese economic growth slowing more than expected. China’s retail salesincreased by 8.5% in Julyyear-over-year, below the 11.5% forecast from economists polled by Reuters. Online sales gained just 4.4% for the month. On the manufacturing sector in the country, industrial production increased by 6.4%, below the 7.8% consensus estimate.</p><p><blockquote>数据显示，中国经济增长放缓幅度超过预期。7月份中国零售额同比增长8.5%，低于路透社调查经济学家预测的11.5%。本月在线销售额仅增长4.4%。该国制造业方面，工业生产增长6.4%，低于7.8%的普遍预期。</blockquote></p><p> The country’s National Bureau of Statistics noted an impact from Covid and domestic flooding, saying the country’s “economic recovery is still unstable and uneven.”</p><p><blockquote>该国国家统计局指出了新冠疫情和国内洪水的影响，称该国“经济复苏仍然不稳定且不平衡”。</blockquote></p><p> “Delta driven slowdown grips China,” wrote CNBC’s Jim Cramer in a tweet. “Not sure of impact here yet.”</p><p><blockquote>CNBC的吉姆·克莱默(Jim Cramer)在推文中写道：“达美航空推动的经济放缓席卷了中国。”“还不确定这里的影响。”</blockquote></p><p> Shares of stocks linked to a fast-recovering economy were weak in morning trading. Shares of Caterpillar, Freeport-McMoRan and Nucor dipped.</p><p><blockquote>与经济快速复苏相关的股票在早盘交易中表现疲软。卡特彼勒、自由港麦克莫兰公司和纽柯公司的股价下跌。</blockquote></p><p> U.S. stocks also pulled back amid growing support within the Federal Reserveto announce a tapering of its bond purchases in Septemberand begin the reduction in buying a month or so after. Interviews with central bank officials along with their public comments show growing support for a faster taper timeline than markets had expected a month ago.</p><p><blockquote>由于美联储内部越来越多的人支持美联储在9月份宣布缩减债券购买规模，并在大约一个月后开始减少购买，美国股市也出现回落。对央行官员的采访以及他们的公开评论显示，越来越多的人支持比市场一个月前预期更快的缩减时间表。</blockquote></p><p> The yield on the benchmark 10-year Treasury note dipped to 1.248%. Bond yields fall as their prices rise.</p><p><blockquote>基准10年期国债收益率跌至1.248%。债券收益率随着价格上涨而下降。</blockquote></p><p> Tesla’s stock retreated Monday after the National Highway Traffic Safety Administration announced aformal probeinto the electric vehicle maker’s Autopilot partially automated driving system.</p><p><blockquote>在美国国家公路交通安全管理局宣布对这家电动汽车制造商的Autopilot部分自动驾驶系统进行正式调查后，特斯拉股价周一下跌。</blockquote></p><p> The Dow ended last week at 35,515.38, a record close, while theS&amp;P 500finished Friday at 4,468.00 to notch its own best-ever finish.</p><p><blockquote>道琼斯指数上周收于35,515.38点，创历史新高，而标准普尔500指数周五收于4,468.00点，创下历史最佳收盘价。</blockquote></p><p> The blue-chip Dow and the S&amp;P 500 rounded out the week with muted gains of 0.8% and 0.7%, respectively, amid light summertime trading volumes. The tech-heavy Nasdaq Composite underperformed week, down just under 0.1%.</p><p><blockquote>由于夏季交易量清淡，蓝筹股道琼斯指数和标普500本周分别小幅上涨0.8%和0.7%。以科技股为主的纳斯达克综合指数本周表现不佳，下跌略低于0.1%。</blockquote></p><p> The major stock indexes for much of the last month have ground to new records on the back of robust corporate earnings results. The S&amp;P 500 has closed at a record high 48 times this year out of 155 trading days, or 31% of the time — the most frequent closing highs on record back to 1950.</p><p><blockquote>由于强劲的企业盈利结果，主要股指在上个月的大部分时间里都创下了新纪录。今年，在155个交易日中，标普500有48次收于历史新高，占31%的时间——这是自1950年以来有记录以来最频繁的收盘高点。</blockquote></p><p> Eighty-seven percent of S&amp;P 500 companies have reported positive earnings per share surprises for the second calendar quarter, according to FactSet as of Friday. If 87% is the final percentage, it will mark the highest percentage of S&amp;P 500 companies reporting positive EPS surprises since FactSet began tracking this metric in 2008.</p><p><blockquote>FactSet截至周五的数据显示，87%的标普500公司报告了第二季度每股收益的正增长。如果87%是最终百分比，这将标志着自FactSet 2008年开始跟踪该指标以来，标普500公司报告每股收益惊喜的最高百分比。</blockquote></p><p> “These are the dog days of August, and low volume and directionless volatility are the order of the moment with 2Q21 earnings season mostly behind us,” Raymond James’ Tavis McCourt said in a note.</p><p><blockquote>Raymond James的Tavis McCourt在一份报告中表示：“现在是八月的三伏天，随着2021年第二季度财报季基本过去，低成交量和无方向波动是当下的常态。”</blockquote></p><p> Investors await quarterly earnings reports frommajor retailersthis week including Home Depot, Walmart, Target and Lowe’s.</p><p><blockquote>投资者本周等待家得宝、沃尔玛、塔吉特和劳氏等主要零售商的季度收益报告。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. stock market opens lower Monday amid weak China demand, spread of delta variant<blockquote>由于中国需求疲软和德尔塔变异毒株蔓延，美国股市周一低开</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. stock market opens lower Monday amid weak China demand, spread of delta variant<blockquote>由于中国需求疲软和德尔塔变异毒株蔓延，美国股市周一低开</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\">2021-08-16 21:26</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug 16)&nbsp;U.S. stock market opens lower Monday amid weak China demand, spread of delta variant.</p><p><blockquote>（8月16日）美国。由于中国需求疲软和德尔塔变异毒株蔓延，中国股市周一开盘走低。</blockquote></p><p> Dow, S&amp;P 500, Nasdaq Composite off 0.3% in early Monday action.</p><p><blockquote>道琼斯指数、标普500指数、纳斯达克综合指数周一早盘下跌0.3%。</blockquote></p><p> Data showed Chinese economic growth slowing more than expected. China’s retail salesincreased by 8.5% in Julyyear-over-year, below the 11.5% forecast from economists polled by Reuters. Online sales gained just 4.4% for the month. On the manufacturing sector in the country, industrial production increased by 6.4%, below the 7.8% consensus estimate.</p><p><blockquote>数据显示，中国经济增长放缓幅度超过预期。7月份中国零售额同比增长8.5%，低于路透社调查经济学家预测的11.5%。本月在线销售额仅增长4.4%。该国制造业方面，工业生产增长6.4%，低于7.8%的普遍预期。</blockquote></p><p> The country’s National Bureau of Statistics noted an impact from Covid and domestic flooding, saying the country’s “economic recovery is still unstable and uneven.”</p><p><blockquote>该国国家统计局指出了新冠疫情和国内洪水的影响，称该国“经济复苏仍然不稳定且不平衡”。</blockquote></p><p> “Delta driven slowdown grips China,” wrote CNBC’s Jim Cramer in a tweet. “Not sure of impact here yet.”</p><p><blockquote>CNBC的吉姆·克莱默(Jim Cramer)在推文中写道：“达美航空推动的经济放缓席卷了中国。”“还不确定这里的影响。”</blockquote></p><p> Shares of stocks linked to a fast-recovering economy were weak in morning trading. Shares of Caterpillar, Freeport-McMoRan and Nucor dipped.</p><p><blockquote>与经济快速复苏相关的股票在早盘交易中表现疲软。卡特彼勒、自由港麦克莫兰公司和纽柯公司的股价下跌。</blockquote></p><p> U.S. stocks also pulled back amid growing support within the Federal Reserveto announce a tapering of its bond purchases in Septemberand begin the reduction in buying a month or so after. Interviews with central bank officials along with their public comments show growing support for a faster taper timeline than markets had expected a month ago.</p><p><blockquote>由于美联储内部越来越多的人支持美联储在9月份宣布缩减债券购买规模，并在大约一个月后开始减少购买，美国股市也出现回落。对央行官员的采访以及他们的公开评论显示，越来越多的人支持比市场一个月前预期更快的缩减时间表。</blockquote></p><p> The yield on the benchmark 10-year Treasury note dipped to 1.248%. Bond yields fall as their prices rise.</p><p><blockquote>基准10年期国债收益率跌至1.248%。债券收益率随着价格上涨而下降。</blockquote></p><p> Tesla’s stock retreated Monday after the National Highway Traffic Safety Administration announced aformal probeinto the electric vehicle maker’s Autopilot partially automated driving system.</p><p><blockquote>在美国国家公路交通安全管理局宣布对这家电动汽车制造商的Autopilot部分自动驾驶系统进行正式调查后，特斯拉股价周一下跌。</blockquote></p><p> The Dow ended last week at 35,515.38, a record close, while theS&amp;P 500finished Friday at 4,468.00 to notch its own best-ever finish.</p><p><blockquote>道琼斯指数上周收于35,515.38点，创历史新高，而标准普尔500指数周五收于4,468.00点，创下历史最佳收盘价。</blockquote></p><p> The blue-chip Dow and the S&amp;P 500 rounded out the week with muted gains of 0.8% and 0.7%, respectively, amid light summertime trading volumes. The tech-heavy Nasdaq Composite underperformed week, down just under 0.1%.</p><p><blockquote>由于夏季交易量清淡，蓝筹股道琼斯指数和标普500本周分别小幅上涨0.8%和0.7%。以科技股为主的纳斯达克综合指数本周表现不佳，下跌略低于0.1%。</blockquote></p><p> The major stock indexes for much of the last month have ground to new records on the back of robust corporate earnings results. The S&amp;P 500 has closed at a record high 48 times this year out of 155 trading days, or 31% of the time — the most frequent closing highs on record back to 1950.</p><p><blockquote>由于强劲的企业盈利结果，主要股指在上个月的大部分时间里都创下了新纪录。今年，在155个交易日中，标普500有48次收于历史新高，占31%的时间——这是自1950年以来有记录以来最频繁的收盘高点。</blockquote></p><p> Eighty-seven percent of S&amp;P 500 companies have reported positive earnings per share surprises for the second calendar quarter, according to FactSet as of Friday. If 87% is the final percentage, it will mark the highest percentage of S&amp;P 500 companies reporting positive EPS surprises since FactSet began tracking this metric in 2008.</p><p><blockquote>FactSet截至周五的数据显示，87%的标普500公司报告了第二季度每股收益的正增长。如果87%是最终百分比，这将标志着自FactSet 2008年开始跟踪该指标以来，标普500公司报告每股收益惊喜的最高百分比。</blockquote></p><p> “These are the dog days of August, and low volume and directionless volatility are the order of the moment with 2Q21 earnings season mostly behind us,” Raymond James’ Tavis McCourt said in a note.</p><p><blockquote>Raymond James的Tavis McCourt在一份报告中表示：“现在是八月的三伏天，随着2021年第二季度财报季基本过去，低成交量和无方向波动是当下的常态。”</blockquote></p><p> Investors await quarterly earnings reports frommajor retailersthis week including Home Depot, Walmart, Target and Lowe’s.</p><p><blockquote>投资者本周等待家得宝、沃尔玛、塔吉特和劳氏等主要零售商的季度收益报告。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112885056","content_text":"(Aug 16) U.S. stock market opens lower Monday amid weak China demand, spread of delta variant.\nDow, S&P 500, Nasdaq Composite off 0.3% in early Monday action.\nData showed Chinese economic growth slowing more than expected. China’s retail salesincreased by 8.5% in Julyyear-over-year, below the 11.5% forecast from economists polled by Reuters. Online sales gained just 4.4% for the month. On the manufacturing sector in the country, industrial production increased by 6.4%, below the 7.8% consensus estimate.\nThe country’s National Bureau of Statistics noted an impact from Covid and domestic flooding, saying the country’s “economic recovery is still unstable and uneven.”\n“Delta driven slowdown grips China,” wrote CNBC’s Jim Cramer in a tweet. “Not sure of impact here yet.”\nShares of stocks linked to a fast-recovering economy were weak in morning trading. Shares of Caterpillar, Freeport-McMoRan and Nucor dipped.\nU.S. stocks also pulled back amid growing support within the Federal Reserveto announce a tapering of its bond purchases in Septemberand begin the reduction in buying a month or so after. Interviews with central bank officials along with their public comments show growing support for a faster taper timeline than markets had expected a month ago.\nThe yield on the benchmark 10-year Treasury note dipped to 1.248%. Bond yields fall as their prices rise.\nTesla’s stock retreated Monday after the National Highway Traffic Safety Administration announced aformal probeinto the electric vehicle maker’s Autopilot partially automated driving system.\nThe Dow ended last week at 35,515.38, a record close, while theS&P 500finished Friday at 4,468.00 to notch its own best-ever finish.\nThe blue-chip Dow and the S&P 500 rounded out the week with muted gains of 0.8% and 0.7%, respectively, amid light summertime trading volumes. The tech-heavy Nasdaq Composite underperformed week, down just under 0.1%.\nThe major stock indexes for much of the last month have ground to new records on the back of robust corporate earnings results. The S&P 500 has closed at a record high 48 times this year out of 155 trading days, or 31% of the time — the most frequent closing highs on record back to 1950.\nEighty-seven percent of S&P 500 companies have reported positive earnings per share surprises for the second calendar quarter, according to FactSet as of Friday. If 87% is the final percentage, it will mark the highest percentage of S&P 500 companies reporting positive EPS surprises since FactSet began tracking this metric in 2008.\n“These are the dog days of August, and low volume and directionless volatility are the order of the moment with 2Q21 earnings season mostly behind us,” Raymond James’ Tavis McCourt said in a note.\nInvestors await quarterly earnings reports frommajor retailersthis week including Home Depot, Walmart, Target and Lowe’s.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":123,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830199498,"gmtCreate":1629023006614,"gmtModify":1633687903971,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574165011010503","authorIdStr":"3574165011010503"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/830199498","repostId":"1127633167","repostType":4,"repost":{"id":"1127633167","kind":"news","pubTimestamp":1628997765,"share":"https://www.laohu8.com/m/news/1127633167?lang=zh_CN&edition=full","pubTime":"2021-08-15 11:22","market":"us","language":"en","title":"These 10 Standout Stocks Could Be the Next Amazon<blockquote>这10只杰出股票可能成为下一个亚马逊</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127633167","media":"Barrons","summary":"One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors loo","content":"<p>One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors looking for the next Amazon.com, Costco Wholesale, Nike, or Visa seek to identify companies capable of generating double-digit compound growth in revenue and earnings—preferably both—for years to come.</p><p><blockquote>当今投资界最流行的流行语之一是“复合者”。寻找下一个亚马逊、Costco Wholesale、Nike或Visa的成长型投资者寻求寻找能够在未来几年实现收入和盈利两位数复合增长（最好是两者兼而有之）的公司。</blockquote></p><p> The idea is that stock prices should compound in line with revenue and profits, enabling investors to generate high returns over a holding period of five to 10 years. The ultimate goal is to find the elusive “10 bagger”—a stock&nbsp;that returns 10 times what you paid for it.</p><p><blockquote>这个想法是，股价应该与收入和利润保持一致，使投资者能够在五到十年的持有期内产生高回报。最终目标是找到难以捉摸的“10 bagger”——一只回报率是你购买价格10倍的股票。</blockquote></p><p> Wall Street analyst notes and client letters from investment pros are replete with compounder references. Many of the next generation of value managers, identified&nbsp;in a&nbsp;<i>Barron’s</i>&nbsp;cover story in May, are seeking such shares, rather than the traditional value fare of cheap stocks.</p><p><blockquote>华尔街分析师的报告和投资专业人士的客户信函中充满了compounder的参考资料。许多下一代价值管理者，在<i>巴伦周刊</i>五月的封面故事，正在寻找这样的股票，而不是传统的廉价股票的价值票价。</blockquote></p><p> Their search has become more challenging, because buyers are paying lofty prices for high-growth stories. Really big winners are scarce. Only about 35 companies in each of a long series of 10-year periods have compounded their stock prices at 20% or more annually, resulting in at least a sixfold increase, according to Durable Capital Partners.</p><p><blockquote>他们的搜索变得更具挑战性，因为买家正在为高增长的故事支付高昂的价格。真正的大赢家很少。Durable Capital Partners的数据显示，在一系列10年期间，只有约35家公司的股价每年复合增长率达到20%或以上，导致股价至少上涨了六倍。</blockquote></p><p> Many investors are happy to stick with large, well-known compounders, such as&nbsp;Alphabet(ticker: GOOGL),Mastercard(MA),UnitedHealth Group(UNH), and&nbsp;Eli Lilly(LLY).</p><p><blockquote>许多投资者很乐意继续投资大型知名复合商，例如Alphabet（股票代码：GOOGL）、万事达卡（MA）、联合健康集团（UNH）和礼来公司（LLY）。</blockquote></p><p> <i>Barron’s</i>&nbsp;sought to identify smaller candidates. We talked to investment managers and came up with an eclectic list of 10 stocks, most with market values under $10 billion. Here are the selections, in alphabetical order:</p><p><blockquote><i>巴伦周刊</i>试图确定较小的候选人。我们与投资经理进行了交谈，并列出了一份包含10只股票的折衷清单，其中大多数股票的市值低于100亿美元。以下是按字母顺序排列的选择：</blockquote></p><p> Strong and Steady Wins the RaceHere are 10 stocks that growth investors have identified as being able to generate consistently high growth in revenues or profits for many years.</p><p><blockquote>强劲而稳定的胜利以下是成长型投资者认为能够多年来持续实现收入或利润高增长的10只股票。</blockquote></p><p> <table>  <thead>   <tr>    <th>Company / Ticker</th>    <th>Recent Price</th>    <th>YTD Change</th>    <th>2021E P/E</th>    <th>2021E Price/Sales</th>    <th>2022E P/E</th>    <th>2022E Price/Sales</th>    <th>LT Growth Rate*</th>    <th>Market Value (bil)</th>    <th>Comment</th>   </tr>  </thead>  <tbody>   <tr>    <td>Amedysis / AMED</td>    <td>$185.15</td>    <td>-37%</td>    <td>30.2</td>    <td>2.7</td>    <td>27.7</td>    <td>2.4</td>    <td>10.5%</td>    <td>$6.3</td>    <td>Leader in home health care</td>   </tr>   <tr>    <td>Amyris / AMRS</td>    <td>13.64</td>    <td>121</td>    <td>NM</td>    <td>10.4</td>    <td>NM</td>    <td>9.7</td>    <td>NA</td>    <td>4.1</td>    <td>Leading company in synthetic biology</td>   </tr>   <tr>    <td>Booz Allen Hamilton Holding / BAH</td>    <td>81.73</td>    <td>-6</td>    <td>19.4</td>    <td>1.3</td>    <td>17.7</td>    <td>1.2</td>    <td>8.6</td>    <td>11.0</td>    <td>Defense-department consultant</td>   </tr>   <tr>    <td>J.B. Hunt Transport Services / JBHT</td>    <td>172.76</td>    <td>26</td>    <td>25.8</td>    <td>1.5</td>    <td>22.2</td>    <td>1.4</td>    <td>18.4</td>    <td>18.2</td>    <td>Strong in intermodal freight</td>   </tr>   <tr>    <td>Marriott Vacations Worldwide / VAC</td>    <td>147.15</td>    <td>7</td>    <td>40.9</td>    <td>1.6</td>    <td>15.7</td>    <td>1.4</td>    <td>NA</td>    <td>6.3</td>    <td>Top company in vacation timeshares</td>   </tr>   <tr>    <td>SiteOne Landscape Supply / SITE</td>    <td>197.10</td>    <td>24</td>    <td>45.7</td>    <td>2.6</td>    <td>43.5</td>    <td>2.5</td>    <td>19.3</td>    <td>8.8</td>    <td>Big supplier of landscaping supplies</td>   </tr>   <tr>    <td>Staar Surgical / STAA</td>    <td>138.19</td>    <td>74</td>    <td>192.3</td>    <td>28.6</td>    <td>140.8</td>    <td>22.5</td>    <td>30.0</td>    <td>6.6</td>    <td>Maker of implantable lens for myopia</td>   </tr>   <tr>    <td>Stitch Fix / SFIX</td>    <td>44.38</td>    <td>-24</td>    <td>NM</td>    <td>1.9</td>    <td>1890.3</td>    <td>1.7</td>    <td>30.0</td>    <td>4.8</td>    <td>Data-driven subscription clothing firm</td>   </tr>   <tr>    <td>Trex / TREX</td>    <td>105.94</td>    <td>27</td>    <td>51.9</td>    <td>10.5</td>    <td>43.6</td>    <td>9.3</td>    <td>18.8</td>    <td>12.2</td>    <td>Top maker of synthetic wood decking</td>   </tr>   <tr>    <td>Upwork / UPWK</td>    <td>44.31</td>    <td>28</td>    <td>NM</td>    <td>11.4</td>    <td>556.8</td>    <td>9.2</td>    <td>NA</td>    <td>5.7</td>    <td>Online clearinghouse for free-lancers</td>   </tr>  </tbody> </table> E=Estimate. BAH estimates are for fiscal years ending March 2022 and March 23. SFIX estimates are for fiscal years ending July 2022 and July 2023. NM=Not Meaningful. NA=Not Available. *The annual EPS growth the company can sustain over the next 3-5 years.</p><p><blockquote><table><thead><tr><th>公司/股票代码</th><th>近期价格</th><th>年初至今变化</th><th>2021年预计市盈率</th><th>2021E价格/销售额</th><th>2022年预计市盈率</th><th>2022E价格/销售额</th><th>LT增长率*</th><th>市值（bil）</th><th>评论</th></tr></thead><tbody><tr><td>Amedysis/AMED</td><td>$185.15</td><td>-37%</td><td>30.2</td><td>2.7</td><td>27.7</td><td>2.4</td><td>10.5%</td><td>$6.3</td><td>家庭医疗保健领域的领导者</td></tr><tr><td>Amyris/AMRS</td><td>13.64</td><td>121</td><td>NM</td><td>10.4</td><td>NM</td><td>9.7</td><td>NA</td><td>4.1</td><td>合成生物学领域的领先公司</td></tr><tr><td>博思艾伦控股/BAH</td><td>81.73</td><td>-6</td><td>19.4</td><td>1.3</td><td>17.7</td><td>1.2</td><td>8.6</td><td>11.0</td><td>国防部顾问</td></tr><tr><td>J.B.亨特运输服务/JBHT</td><td>172.76</td><td>26</td><td>25.8</td><td>1.5</td><td>22.2</td><td>1.4</td><td>18.4</td><td>18.2</td><td>多式联运货运实力强劲</td></tr><tr><td>万豪度假全球/VAC</td><td>147.15</td><td>7</td><td>40.9</td><td>1.6</td><td>15.7</td><td>1.4</td><td>NA</td><td>6.3</td><td>度假分时度假顶级公司</td></tr><tr><td>SiteOne景观供应/站点</td><td>197.10</td><td>24</td><td>45.7</td><td>2.6</td><td>43.5</td><td>2.5</td><td>19.3</td><td>8.8</td><td>园林绿化用品大供应商</td></tr><tr><td>Staar外科/STAA</td><td>138.19</td><td>74</td><td>192.3</td><td>28.6</td><td>140.8</td><td>22.5</td><td>30.0</td><td>6.6</td><td>近视植入式镜片制造商</td></tr><tr><td>缝合固定/SFIX</td><td>44.38</td><td>-24</td><td>NM</td><td>1.9</td><td>1890.3</td><td>1.7</td><td>30.0</td><td>4.8</td><td>数据驱动的订阅服装公司</td></tr><tr><td>Trex/Trex</td><td>105.94</td><td>27</td><td>51.9</td><td>10.5</td><td>43.6</td><td>9.3</td><td>18.8</td><td>12.2</td><td>顶级合成木地板制造商</td></tr><tr><td>Upwork/UPWK</td><td>44.31</td><td>28</td><td>NM</td><td>11.4</td><td>556.8</td><td>9.2</td><td>NA</td><td>5.7</td><td>自由职业者在线信息交换所</td></tr></tbody></table>E=估计值。BAH预估适用于截至2022年3月和3月23日的财年。SFIX预估为截至2022年7月和2023年7月的财年。NM=无意义。NA=不可用。*公司未来3-5年可维持的年度每股收益增长。</blockquote></p><p> Source: FactSet</p><p><blockquote>来源：FactSet</blockquote></p><p> Amedisys(AMED), a provider of home healthcare and hospice services, has a national footprint in a still-fragmented business.</p><p><blockquote>Amedisys(AMED)是一家家庭医疗保健和临终关怀服务提供商，业务仍然分散，业务遍及全国。</blockquote></p><p></p><p> “There is going to be massive consolidation of the industry” predicts Dan Cole, a manager of the Columbia Small-Cap Growth fund. “Healthcare is moving to the home.”</p><p><blockquote>哥伦比亚小盘成长基金经理丹·科尔预测，“该行业将会出现大规模整合”。“医疗保健正在向家庭转移。”</blockquote></p><p> Amedisys stock is up more than tenfold in the past decade. But the shares, around $185, are off nearly 30% after the company recently cut 2021 financial guidance, citing Covid-related staffing and cost issues, mostly in acquired hospice operations. The 2021 earnings estimate is now $6.13 a share, down from nearly $7. The stock trades for 30 times projected 2021 profits. Cole says that the company remains capable of generating 10% annual gains in earnings per share.</p><p><blockquote>Amedisys的股价在过去十年中上涨了十倍多。但该公司最近以与新冠疫情相关的人员配备和成本问题（主要是收购的临终关怀业务）为由，下调了2021年财务指引，股价约为185美元，下跌了近30%。2021年盈利预期目前为每股6.13美元，低于近7美元。该股的交易价格是2021年预计利润的30倍。科尔表示，该公司仍有能力实现每股收益10%的年增长。</blockquote></p><p> Amyris(AMRS) is a leader in synthetic biology. It fans say its opportunity is to supplant, in an eco-friendly way, a range of products now made from petrochemicals, animals, and plants.</p><p><blockquote>Amyris(AMRS)是合成生物学领域的领导者。它的粉丝们说，它的机会是以一种环保的方式取代一系列现在由石化产品、动物和植物制成的产品。</blockquote></p><p> Using genetically re-engineered yeast and sugar cane, Amyris produces such things as squalane, a high-end moisturizer formerly made from shark livers; vanillin, the flavoring for vanilla; and a no-calorie sweetener normally derived from plants. The stock trades around $13.</p><p><blockquote>Amyris使用基因改造的酵母和甘蔗生产角鲨烷等产品，这是一种以前由鲨鱼肝制成的高端保湿剂；香草醛，香草的调味料；和通常来源于植物的无热量甜味剂。该股交易价格约为13美元。</blockquote></p><p> <i>Barron’s</i>&nbsp;wrote&nbsp;favorably on the company in July. Amyris sees sales reaching $2 billion by 2025, up from an estimated $400 million this year, driven by its consumer brands.</p><p><blockquote><i>巴伦周刊</i>7月份对该公司进行了好评。Amyris预计，在其消费品牌的推动下，到2025年销售额将达到20亿美元，高于今年预计的4亿美元。</blockquote></p><p> “The world needs clean chemistry, and Amyris is the point on the spear to create it,” says Randy Baron, a portfolio manager at Pinnacle Associates, which owns Amyris shares. He thinks they could hit $75 by the end of 2022.</p><p><blockquote>拥有Amyris股票的Pinnacle Associates的投资组合经理兰迪·巴伦(Randy Baron)表示：“世界需要清洁化学，而Amyris是创造清洁化学的关键。”他认为到2022年底它们可能会达到75美元。</blockquote></p><p> Booz Allen Hamilton Holding(BAH) is an important consultant to the Defense Department and other agencies. The U.S. government accounted for 97% of its revenue in its latest fiscal year. Booz Allen has built robust ties to the government over the years by providing an array of services, like cybersecurity. Its stock trades around $81, for a 1.8% yield.</p><p><blockquote>博思艾伦控股公司（BAH）是国防部和其他机构的重要顾问。美国政府最近一财年的收入占其收入的97%。多年来，博思艾伦通过提供网络安全等一系列服务与政府建立了牢固的关系。其股价约为81美元，收益率为1.8%。</blockquote></p><p> “It has built a strong, partnership-like culture and has a long record of steady growth,” says Josh Spencer, manager of the T. Rowe Price New Horizons fund. He sees Booz Allen as capable of generating 9% to 10% annual growth in revenue and yearly gains of 15% to 16% in earnings, in line with its historical performance. The stock is off 20% from its peak of $100, amid concerns about more restrained military spending. Spencer sees the pullback as a buying opportunity, with the stock valued at less than 20 times earnings.</p><p><blockquote>T.Rowe Price New Horizons基金经理乔什·斯宾塞(Josh Spencer)表示：“它建立了强大的、类似伙伴关系的文化，并拥有长期稳定增长的记录。”他认为博思艾伦有能力实现9%至10%的收入年增长率和15%至16%的盈利年增长率，与其历史表现一致。由于担心军费开支更加克制，该股较100美元的峰值下跌了20%。斯宾塞将回调视为买入机会，该股的市盈率不到20倍。</blockquote></p><p> J.B. Hunt Transport Services(JBHT) is a leader in intermodal freight, which involves the fuel-efficient movement of trucks over rail lines. It has been one of the most successful trucking companies. Its stock has risen 30-fold over the past 20 years, to a recent $173. “It has an incredible franchise,” says Henry Ellenbogen, chief investment officer at Durable Capital Partners and a member of the&nbsp;Barron’s Roundtable.</p><p><blockquote>J.B.亨特运输服务公司(JBHT)是多式联运货运领域的领导者，该领域涉及卡车在铁路线上的省油运输。它是最成功的卡车运输公司之一。其股价在过去20年中上涨了30倍，最近达到173美元。“它拥有令人难以置信的特许经营权，”Durable Capital Partners首席投资官、《巴伦周刊》圆桌会议成员亨利·埃伦博根(Henry Ellenbogen)表示。</blockquote></p><p> J.B. Hunt’s relationship with the Burlington Northern Santa Fe railroad gives it a strong position in intermodal freight, he notes. J.B. Hunt also has a growing business taking over the trucking operations of smaller companies. And it is involved in digital freight brokerage—matching truckers with shipping customers.</p><p><blockquote>J.B.他指出，亨特与伯灵顿北圣达菲铁路公司的关系使其在多式联运货运领域拥有强大的地位。J.B.亨特的业务也在不断增长，接管了小公司的卡车运输业务。它还参与数字货运经纪业务——为卡车司机和航运客户牵线搭桥。</blockquote></p><p> Ellenbogen says the stock is reasonable at 22 times estimated 2022 profits, given a mid-teens annual growth outlook for earnings.</p><p><blockquote>Ellenbogen表示，考虑到盈利年增长率为十几岁左右，该股2022年预计利润的22倍是合理的。</blockquote></p><p> Marriott Vacations Worldwide(VAC) is one of the top companies in the timeshare industry. It has 700,000 owners, a resilient business model with significant revenue from fees, and more exposure than its peers to luxury properties in places including Hawaii and Orlando, Fla.</p><p><blockquote>万豪度假全球（VAC）是分时度假行业的顶级公司之一。它拥有700,000名业主，拥有富有弹性的商业模式，从费用中获得可观的收入，并且比同行更多地接触夏威夷和佛罗里达州奥兰多等地的豪华房产。</blockquote></p><p> “It has the best customer base, with the highest spending and an impeccable balance sheet,” says David Baron, a manager of the Baron Focused Growth fund. Marriott Vacations, whose shares recently were trading around $145, should reinstate its dividend later this year, he adds.</p><p><blockquote>Baron Focused Growth基金经理David Baron表示：“它拥有最好的客户群、最高的支出和无可挑剔的资产负债表。”他补充道，万豪度假公司的股价最近约为145美元，应该会在今年晚些时候恢复股息。</blockquote></p><p> The shares, Baron argues, are cheap at a 11% free-cash-flow yield, based on 2022 estimates. He says that the stock, little changed since 2018, could produce 20% annual returns for shareholders in the coming years.</p><p><blockquote>Baron认为，根据2022年的预测，该股的自由现金流收益率为11%，价格低廉。他表示，该股自2018年以来几乎没有变化，未来几年可能为股东带来20%的年回报率。</blockquote></p><p> SiteOne Landscape Supply(SITE) is the country’s top supplier of landscaping products, with ample opportunity to expand, given that it has just a 13% market share in a highly fragmented industry.</p><p><blockquote>SiteOne Landscape Supply(SITE)是该国最大的景观美化产品供应商，鉴于其在高度分散的行业中仅占13%的市场份额，因此有充足的扩张机会。</blockquote></p><p> “It’s growing organically and has lots of acquisition opportunities,” says Columbia’s Cole, who considers the company to be capable of 10% to 15% annual revenue growth.</p><p><blockquote>哥伦比亚大学的科尔表示：“它正在有机增长，并且有很多收购机会。”他认为该公司的年收入有能力增长10%至15%。</blockquote></p><p> The stock, around $197, has a rich valuation, trading for 43 times projected 2022 earnings of $4.54 a share.</p><p><blockquote>该股股价约为197美元，估值很高，交易价格是2022年预计每股收益4.54美元的43倍。</blockquote></p><p> Staar Surgical(STAA) has developed an implantable lens to correct myopia (nearsightedness). That addresses a potentially huge market, given the rising global incidence of that vision problem. The company expects the lens, which has been available in Europe and Asia for at least five years, to be on the U.S. market in the fourth quarter, pending Food and Drug Administration approval.</p><p><blockquote>Staar外科公司（STAA）开发了一种可植入晶状体来矫正近视（近视）。鉴于全球视力问题的发病率不断上升，这解决了一个潜在的巨大市场。该公司预计，这款镜片已在欧洲和亚洲上市至少五年，将于第四季度进入美国市场，等待美国食品和药物管理局的批准。</blockquote></p><p></p><p> “It could do substantial volumes,’’ says Doug Brodie, a global manager at Baillie Gifford. “It’s early in a journey and is largely devoid of competition.”</p><p><blockquote>Baillie Gifford全球经理道格·布罗迪(Doug Brodie)表示：“它的销量可能会很大。它还处于起步阶段，基本上没有竞争。”</blockquote></p><p> Lenses for both eyes can be implanted in less than an hour, and they don’t involve the removal of the natural lenses. The wholesale cost in the U.S. could be around $1,000 per lens.</p><p><blockquote>双眼的晶状体可以在不到一个小时内植入，而且不需要移除天然晶状体。在美国，每个镜片的批发成本可能在1000美元左右。</blockquote></p><p> At a recent $138, Staar shares are richly valued at more than 20 times projected 2022 sales and 140 times estimated 2022 earnings. But the market opportunity is enormous: Some five billion people worldwide could have myopia by 2050.</p><p><blockquote>Staar股价最近为138美元，其估值超过2022年预计销售额的20倍，是2022年预计收益的140倍。但市场机会是巨大的：到2050年，全球约有50亿人可能患有近视。</blockquote></p><p> Stitch Fix(SFIX) has developed a subscription service for clothing, shoes, and other accessories and boasts over four million customers.</p><p><blockquote>Stitch Fix(SFIX)开发了服装、鞋子和其他配饰的订阅服务，拥有超过400万客户。</blockquote></p><p> “This could be the Nordstrom of the future,” says Mario Cibelli, chief investment officer at Marathon Partners Equity Management, a Stitch Fix holder. “This a potentially huge market and nobody is addressing it in the same way.” Using a staff of 6,000 personal stylists and lots of data, Stitch Fix seeks to identify subscriber tastes to generate high satisfaction and limit returns on packages sent at intervals and determined by subscribers.</p><p><blockquote>“这可能是未来的诺德斯特龙，”Stitch Fix持有者Marathon Partners Equity Management首席投资官马里奥·西贝利(Mario Cibelli)表示。“这是一个潜在的巨大市场，没有人以同样的方式解决这个问题。”Stitch Fix利用6000名个人造型师和大量数据，试图确定订户的品味，以产生高满意度，并限制每隔一段时间发送并由订户决定的包裹的回报。</blockquote></p><p> Its shares, around $44, are down 60% from their level earlier in the year, on investors’ worries about potential churn and the business’s ultimate profitability.</p><p><blockquote>由于投资者对潜在客户流失和业务最终盈利能力的担忧，其股价约为44美元，较今年早些时候的水平下跌了60%。</blockquote></p><p> Yet Cibelli sees revenue growth of 20%-plus annually, opportunities outside its current U.S. and U.K. markets, and a potentially very profitable business in two to three years.</p><p><blockquote>然而，Cibelli预计收入每年将增长20%以上，在当前美国和英国市场之外还有机会，并且在两到三年内业务可能会非常有利可图。</blockquote></p><p> Trex(TREX) is the top producer of a high-end wood alternative for decks that comes from 95% recycled material, making it an eco-friendly housing play. The shares, at $105, trade for 43 times projected 2022 earnings.</p><p><blockquote>Trex(TREX)是甲板高端木材替代品的顶级生产商，其95%来自回收材料，使其成为一种环保的住房。该股股价为105美元，是2022年预计市盈率的43倍。</blockquote></p><p> T. Rowe Price’s Spencer views Trex as worth the price, based on his view that it can generate sustainable annual revenue growth of 15% to 20%. Earnings are expected to climb by about 20% in 2022 and at a similar pace in the following years. “If you roll the clock forward three years, it doesn’t look as expensive,” he says.</p><p><blockquote>T.Rowe Price的Spencer认为Trex物有所值，因为他认为它可以产生15%至20%的可持续年收入增长。预计2022年盈利将增长约20%，并在接下来的几年中以类似的速度增长。“如果你把时间拨快三年，它看起来并没有那么贵，”他说。</blockquote></p><p> Upwork(UPWK), an online marketplace for freelance workers, is favored by Baillie Gifford’s Brodie, who says it offers a play on the greater acceptance of freelancers by businesses.</p><p><blockquote>Upwork(UPWK)是一个面向自由职业者的在线市场，受到Baillie Gifford的Brodie的青睐，他表示，它可以让企业更好地接受自由职业者。</blockquote></p><p> The shares, recently around $44, aren’t cheap. Upwork is valued at $5.7 billion, or more than 10 times this year’s projected sales of nearly $500 million. It operates at a slight loss.</p><p><blockquote>该股最近约为44美元，并不便宜。Upwork的估值为57亿美元，是今年预计销售额近5亿美元的10倍以上。它的运营略有亏损。</blockquote></p><p> The investment case is about rapid sales growth leading to ample earnings. Sales are expected to rise by 30%-plus this year and 25% for 2022.</p><p><blockquote>投资案例是关于快速销售增长带来丰厚收益。预计今年销售额将增长30%以上，2022年将增长25%。</blockquote></p><p> “Freelancers are more accepted by small to midsize business, but they’ve been frowned on by the HR departments at large businesses,” Brodie says. Upwork aims to change that perception by vetting its freelancers and by offering thousands of skill sets. “Upwork could become a trusted partner for an increasing number of enterprise-grade partners,” he says.</p><p><blockquote>“自由职业者更容易被中小型企业接受，但大型企业的人力资源部门却不喜欢他们，”布罗迪说。Upwork旨在通过审查自由职业者和提供数千种技能来改变这种看法。“Upwork可以成为越来越多企业级合作伙伴值得信赖的合作伙伴，”他说。</blockquote></p><p></p>","source":"lsy1601382232898","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>These 10 Standout Stocks Could Be the Next Amazon<blockquote>这10只杰出股票可能成为下一个亚马逊</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\">\nThese 10 Standout Stocks Could Be the Next Amazon<blockquote>这10只杰出股票可能成为下一个亚马逊</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-15 11:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors looking for the next Amazon.com, Costco Wholesale, Nike, or Visa seek to identify companies capable of generating double-digit compound growth in revenue and earnings—preferably both—for years to come.</p><p><blockquote>当今投资界最流行的流行语之一是“复合者”。寻找下一个亚马逊、Costco Wholesale、Nike或Visa的成长型投资者寻求寻找能够在未来几年实现收入和盈利两位数复合增长（最好是两者兼而有之）的公司。</blockquote></p><p> The idea is that stock prices should compound in line with revenue and profits, enabling investors to generate high returns over a holding period of five to 10 years. The ultimate goal is to find the elusive “10 bagger”—a stock&nbsp;that returns 10 times what you paid for it.</p><p><blockquote>这个想法是，股价应该与收入和利润保持一致，使投资者能够在五到十年的持有期内产生高回报。最终目标是找到难以捉摸的“10 bagger”——一只回报率是你购买价格10倍的股票。</blockquote></p><p> Wall Street analyst notes and client letters from investment pros are replete with compounder references. Many of the next generation of value managers, identified&nbsp;in a&nbsp;<i>Barron’s</i>&nbsp;cover story in May, are seeking such shares, rather than the traditional value fare of cheap stocks.</p><p><blockquote>华尔街分析师的报告和投资专业人士的客户信函中充满了compounder的参考资料。许多下一代价值管理者，在<i>巴伦周刊</i>五月的封面故事，正在寻找这样的股票，而不是传统的廉价股票的价值票价。</blockquote></p><p> Their search has become more challenging, because buyers are paying lofty prices for high-growth stories. Really big winners are scarce. Only about 35 companies in each of a long series of 10-year periods have compounded their stock prices at 20% or more annually, resulting in at least a sixfold increase, according to Durable Capital Partners.</p><p><blockquote>他们的搜索变得更具挑战性，因为买家正在为高增长的故事支付高昂的价格。真正的大赢家很少。Durable Capital Partners的数据显示，在一系列10年期间，只有约35家公司的股价每年复合增长率达到20%或以上，导致股价至少上涨了六倍。</blockquote></p><p> Many investors are happy to stick with large, well-known compounders, such as&nbsp;Alphabet(ticker: GOOGL),Mastercard(MA),UnitedHealth Group(UNH), and&nbsp;Eli Lilly(LLY).</p><p><blockquote>许多投资者很乐意继续投资大型知名复合商，例如Alphabet（股票代码：GOOGL）、万事达卡（MA）、联合健康集团（UNH）和礼来公司（LLY）。</blockquote></p><p> <i>Barron’s</i>&nbsp;sought to identify smaller candidates. We talked to investment managers and came up with an eclectic list of 10 stocks, most with market values under $10 billion. Here are the selections, in alphabetical order:</p><p><blockquote><i>巴伦周刊</i>试图确定较小的候选人。我们与投资经理进行了交谈，并列出了一份包含10只股票的折衷清单，其中大多数股票的市值低于100亿美元。以下是按字母顺序排列的选择：</blockquote></p><p> Strong and Steady Wins the RaceHere are 10 stocks that growth investors have identified as being able to generate consistently high growth in revenues or profits for many years.</p><p><blockquote>强劲而稳定的胜利以下是成长型投资者认为能够多年来持续实现收入或利润高增长的10只股票。</blockquote></p><p> <table>  <thead>   <tr>    <th>Company / Ticker</th>    <th>Recent Price</th>    <th>YTD Change</th>    <th>2021E P/E</th>    <th>2021E Price/Sales</th>    <th>2022E P/E</th>    <th>2022E Price/Sales</th>    <th>LT Growth Rate*</th>    <th>Market Value (bil)</th>    <th>Comment</th>   </tr>  </thead>  <tbody>   <tr>    <td>Amedysis / AMED</td>    <td>$185.15</td>    <td>-37%</td>    <td>30.2</td>    <td>2.7</td>    <td>27.7</td>    <td>2.4</td>    <td>10.5%</td>    <td>$6.3</td>    <td>Leader in home health care</td>   </tr>   <tr>    <td>Amyris / AMRS</td>    <td>13.64</td>    <td>121</td>    <td>NM</td>    <td>10.4</td>    <td>NM</td>    <td>9.7</td>    <td>NA</td>    <td>4.1</td>    <td>Leading company in synthetic biology</td>   </tr>   <tr>    <td>Booz Allen Hamilton Holding / BAH</td>    <td>81.73</td>    <td>-6</td>    <td>19.4</td>    <td>1.3</td>    <td>17.7</td>    <td>1.2</td>    <td>8.6</td>    <td>11.0</td>    <td>Defense-department consultant</td>   </tr>   <tr>    <td>J.B. Hunt Transport Services / JBHT</td>    <td>172.76</td>    <td>26</td>    <td>25.8</td>    <td>1.5</td>    <td>22.2</td>    <td>1.4</td>    <td>18.4</td>    <td>18.2</td>    <td>Strong in intermodal freight</td>   </tr>   <tr>    <td>Marriott Vacations Worldwide / VAC</td>    <td>147.15</td>    <td>7</td>    <td>40.9</td>    <td>1.6</td>    <td>15.7</td>    <td>1.4</td>    <td>NA</td>    <td>6.3</td>    <td>Top company in vacation timeshares</td>   </tr>   <tr>    <td>SiteOne Landscape Supply / SITE</td>    <td>197.10</td>    <td>24</td>    <td>45.7</td>    <td>2.6</td>    <td>43.5</td>    <td>2.5</td>    <td>19.3</td>    <td>8.8</td>    <td>Big supplier of landscaping supplies</td>   </tr>   <tr>    <td>Staar Surgical / STAA</td>    <td>138.19</td>    <td>74</td>    <td>192.3</td>    <td>28.6</td>    <td>140.8</td>    <td>22.5</td>    <td>30.0</td>    <td>6.6</td>    <td>Maker of implantable lens for myopia</td>   </tr>   <tr>    <td>Stitch Fix / SFIX</td>    <td>44.38</td>    <td>-24</td>    <td>NM</td>    <td>1.9</td>    <td>1890.3</td>    <td>1.7</td>    <td>30.0</td>    <td>4.8</td>    <td>Data-driven subscription clothing firm</td>   </tr>   <tr>    <td>Trex / TREX</td>    <td>105.94</td>    <td>27</td>    <td>51.9</td>    <td>10.5</td>    <td>43.6</td>    <td>9.3</td>    <td>18.8</td>    <td>12.2</td>    <td>Top maker of synthetic wood decking</td>   </tr>   <tr>    <td>Upwork / UPWK</td>    <td>44.31</td>    <td>28</td>    <td>NM</td>    <td>11.4</td>    <td>556.8</td>    <td>9.2</td>    <td>NA</td>    <td>5.7</td>    <td>Online clearinghouse for free-lancers</td>   </tr>  </tbody> </table> E=Estimate. BAH estimates are for fiscal years ending March 2022 and March 23. SFIX estimates are for fiscal years ending July 2022 and July 2023. NM=Not Meaningful. NA=Not Available. *The annual EPS growth the company can sustain over the next 3-5 years.</p><p><blockquote><table><thead><tr><th>公司/股票代码</th><th>近期价格</th><th>年初至今变化</th><th>2021年预计市盈率</th><th>2021E价格/销售额</th><th>2022年预计市盈率</th><th>2022E价格/销售额</th><th>LT增长率*</th><th>市值（bil）</th><th>评论</th></tr></thead><tbody><tr><td>Amedysis/AMED</td><td>$185.15</td><td>-37%</td><td>30.2</td><td>2.7</td><td>27.7</td><td>2.4</td><td>10.5%</td><td>$6.3</td><td>家庭医疗保健领域的领导者</td></tr><tr><td>Amyris/AMRS</td><td>13.64</td><td>121</td><td>NM</td><td>10.4</td><td>NM</td><td>9.7</td><td>NA</td><td>4.1</td><td>合成生物学领域的领先公司</td></tr><tr><td>博思艾伦控股/BAH</td><td>81.73</td><td>-6</td><td>19.4</td><td>1.3</td><td>17.7</td><td>1.2</td><td>8.6</td><td>11.0</td><td>国防部顾问</td></tr><tr><td>J.B.亨特运输服务/JBHT</td><td>172.76</td><td>26</td><td>25.8</td><td>1.5</td><td>22.2</td><td>1.4</td><td>18.4</td><td>18.2</td><td>多式联运货运实力强劲</td></tr><tr><td>万豪度假全球/VAC</td><td>147.15</td><td>7</td><td>40.9</td><td>1.6</td><td>15.7</td><td>1.4</td><td>NA</td><td>6.3</td><td>度假分时度假顶级公司</td></tr><tr><td>SiteOne景观供应/站点</td><td>197.10</td><td>24</td><td>45.7</td><td>2.6</td><td>43.5</td><td>2.5</td><td>19.3</td><td>8.8</td><td>园林绿化用品大供应商</td></tr><tr><td>Staar外科/STAA</td><td>138.19</td><td>74</td><td>192.3</td><td>28.6</td><td>140.8</td><td>22.5</td><td>30.0</td><td>6.6</td><td>近视植入式镜片制造商</td></tr><tr><td>缝合固定/SFIX</td><td>44.38</td><td>-24</td><td>NM</td><td>1.9</td><td>1890.3</td><td>1.7</td><td>30.0</td><td>4.8</td><td>数据驱动的订阅服装公司</td></tr><tr><td>Trex/Trex</td><td>105.94</td><td>27</td><td>51.9</td><td>10.5</td><td>43.6</td><td>9.3</td><td>18.8</td><td>12.2</td><td>顶级合成木地板制造商</td></tr><tr><td>Upwork/UPWK</td><td>44.31</td><td>28</td><td>NM</td><td>11.4</td><td>556.8</td><td>9.2</td><td>NA</td><td>5.7</td><td>自由职业者在线信息交换所</td></tr></tbody></table>E=估计值。BAH预估适用于截至2022年3月和3月23日的财年。SFIX预估为截至2022年7月和2023年7月的财年。NM=无意义。NA=不可用。*公司未来3-5年可维持的年度每股收益增长。</blockquote></p><p> Source: FactSet</p><p><blockquote>来源：FactSet</blockquote></p><p> Amedisys(AMED), a provider of home healthcare and hospice services, has a national footprint in a still-fragmented business.</p><p><blockquote>Amedisys(AMED)是一家家庭医疗保健和临终关怀服务提供商，业务仍然分散，业务遍及全国。</blockquote></p><p></p><p> “There is going to be massive consolidation of the industry” predicts Dan Cole, a manager of the Columbia Small-Cap Growth fund. “Healthcare is moving to the home.”</p><p><blockquote>哥伦比亚小盘成长基金经理丹·科尔预测，“该行业将会出现大规模整合”。“医疗保健正在向家庭转移。”</blockquote></p><p> Amedisys stock is up more than tenfold in the past decade. But the shares, around $185, are off nearly 30% after the company recently cut 2021 financial guidance, citing Covid-related staffing and cost issues, mostly in acquired hospice operations. The 2021 earnings estimate is now $6.13 a share, down from nearly $7. The stock trades for 30 times projected 2021 profits. Cole says that the company remains capable of generating 10% annual gains in earnings per share.</p><p><blockquote>Amedisys的股价在过去十年中上涨了十倍多。但该公司最近以与新冠疫情相关的人员配备和成本问题（主要是收购的临终关怀业务）为由，下调了2021年财务指引，股价约为185美元，下跌了近30%。2021年盈利预期目前为每股6.13美元，低于近7美元。该股的交易价格是2021年预计利润的30倍。科尔表示，该公司仍有能力实现每股收益10%的年增长。</blockquote></p><p> Amyris(AMRS) is a leader in synthetic biology. It fans say its opportunity is to supplant, in an eco-friendly way, a range of products now made from petrochemicals, animals, and plants.</p><p><blockquote>Amyris(AMRS)是合成生物学领域的领导者。它的粉丝们说，它的机会是以一种环保的方式取代一系列现在由石化产品、动物和植物制成的产品。</blockquote></p><p> Using genetically re-engineered yeast and sugar cane, Amyris produces such things as squalane, a high-end moisturizer formerly made from shark livers; vanillin, the flavoring for vanilla; and a no-calorie sweetener normally derived from plants. The stock trades around $13.</p><p><blockquote>Amyris使用基因改造的酵母和甘蔗生产角鲨烷等产品，这是一种以前由鲨鱼肝制成的高端保湿剂；香草醛，香草的调味料；和通常来源于植物的无热量甜味剂。该股交易价格约为13美元。</blockquote></p><p> <i>Barron’s</i>&nbsp;wrote&nbsp;favorably on the company in July. Amyris sees sales reaching $2 billion by 2025, up from an estimated $400 million this year, driven by its consumer brands.</p><p><blockquote><i>巴伦周刊</i>7月份对该公司进行了好评。Amyris预计，在其消费品牌的推动下，到2025年销售额将达到20亿美元，高于今年预计的4亿美元。</blockquote></p><p> “The world needs clean chemistry, and Amyris is the point on the spear to create it,” says Randy Baron, a portfolio manager at Pinnacle Associates, which owns Amyris shares. He thinks they could hit $75 by the end of 2022.</p><p><blockquote>拥有Amyris股票的Pinnacle Associates的投资组合经理兰迪·巴伦(Randy Baron)表示：“世界需要清洁化学，而Amyris是创造清洁化学的关键。”他认为到2022年底它们可能会达到75美元。</blockquote></p><p> Booz Allen Hamilton Holding(BAH) is an important consultant to the Defense Department and other agencies. The U.S. government accounted for 97% of its revenue in its latest fiscal year. Booz Allen has built robust ties to the government over the years by providing an array of services, like cybersecurity. Its stock trades around $81, for a 1.8% yield.</p><p><blockquote>博思艾伦控股公司（BAH）是国防部和其他机构的重要顾问。美国政府最近一财年的收入占其收入的97%。多年来，博思艾伦通过提供网络安全等一系列服务与政府建立了牢固的关系。其股价约为81美元，收益率为1.8%。</blockquote></p><p> “It has built a strong, partnership-like culture and has a long record of steady growth,” says Josh Spencer, manager of the T. Rowe Price New Horizons fund. He sees Booz Allen as capable of generating 9% to 10% annual growth in revenue and yearly gains of 15% to 16% in earnings, in line with its historical performance. The stock is off 20% from its peak of $100, amid concerns about more restrained military spending. Spencer sees the pullback as a buying opportunity, with the stock valued at less than 20 times earnings.</p><p><blockquote>T.Rowe Price New Horizons基金经理乔什·斯宾塞(Josh Spencer)表示：“它建立了强大的、类似伙伴关系的文化，并拥有长期稳定增长的记录。”他认为博思艾伦有能力实现9%至10%的收入年增长率和15%至16%的盈利年增长率，与其历史表现一致。由于担心军费开支更加克制，该股较100美元的峰值下跌了20%。斯宾塞将回调视为买入机会，该股的市盈率不到20倍。</blockquote></p><p> J.B. Hunt Transport Services(JBHT) is a leader in intermodal freight, which involves the fuel-efficient movement of trucks over rail lines. It has been one of the most successful trucking companies. Its stock has risen 30-fold over the past 20 years, to a recent $173. “It has an incredible franchise,” says Henry Ellenbogen, chief investment officer at Durable Capital Partners and a member of the&nbsp;Barron’s Roundtable.</p><p><blockquote>J.B.亨特运输服务公司(JBHT)是多式联运货运领域的领导者，该领域涉及卡车在铁路线上的省油运输。它是最成功的卡车运输公司之一。其股价在过去20年中上涨了30倍，最近达到173美元。“它拥有令人难以置信的特许经营权，”Durable Capital Partners首席投资官、《巴伦周刊》圆桌会议成员亨利·埃伦博根(Henry Ellenbogen)表示。</blockquote></p><p> J.B. Hunt’s relationship with the Burlington Northern Santa Fe railroad gives it a strong position in intermodal freight, he notes. J.B. Hunt also has a growing business taking over the trucking operations of smaller companies. And it is involved in digital freight brokerage—matching truckers with shipping customers.</p><p><blockquote>J.B.他指出，亨特与伯灵顿北圣达菲铁路公司的关系使其在多式联运货运领域拥有强大的地位。J.B.亨特的业务也在不断增长，接管了小公司的卡车运输业务。它还参与数字货运经纪业务——为卡车司机和航运客户牵线搭桥。</blockquote></p><p> Ellenbogen says the stock is reasonable at 22 times estimated 2022 profits, given a mid-teens annual growth outlook for earnings.</p><p><blockquote>Ellenbogen表示，考虑到盈利年增长率为十几岁左右，该股2022年预计利润的22倍是合理的。</blockquote></p><p> Marriott Vacations Worldwide(VAC) is one of the top companies in the timeshare industry. It has 700,000 owners, a resilient business model with significant revenue from fees, and more exposure than its peers to luxury properties in places including Hawaii and Orlando, Fla.</p><p><blockquote>万豪度假全球（VAC）是分时度假行业的顶级公司之一。它拥有700,000名业主，拥有富有弹性的商业模式，从费用中获得可观的收入，并且比同行更多地接触夏威夷和佛罗里达州奥兰多等地的豪华房产。</blockquote></p><p> “It has the best customer base, with the highest spending and an impeccable balance sheet,” says David Baron, a manager of the Baron Focused Growth fund. Marriott Vacations, whose shares recently were trading around $145, should reinstate its dividend later this year, he adds.</p><p><blockquote>Baron Focused Growth基金经理David Baron表示：“它拥有最好的客户群、最高的支出和无可挑剔的资产负债表。”他补充道，万豪度假公司的股价最近约为145美元，应该会在今年晚些时候恢复股息。</blockquote></p><p> The shares, Baron argues, are cheap at a 11% free-cash-flow yield, based on 2022 estimates. He says that the stock, little changed since 2018, could produce 20% annual returns for shareholders in the coming years.</p><p><blockquote>Baron认为，根据2022年的预测，该股的自由现金流收益率为11%，价格低廉。他表示，该股自2018年以来几乎没有变化，未来几年可能为股东带来20%的年回报率。</blockquote></p><p> SiteOne Landscape Supply(SITE) is the country’s top supplier of landscaping products, with ample opportunity to expand, given that it has just a 13% market share in a highly fragmented industry.</p><p><blockquote>SiteOne Landscape Supply(SITE)是该国最大的景观美化产品供应商，鉴于其在高度分散的行业中仅占13%的市场份额，因此有充足的扩张机会。</blockquote></p><p> “It’s growing organically and has lots of acquisition opportunities,” says Columbia’s Cole, who considers the company to be capable of 10% to 15% annual revenue growth.</p><p><blockquote>哥伦比亚大学的科尔表示：“它正在有机增长，并且有很多收购机会。”他认为该公司的年收入有能力增长10%至15%。</blockquote></p><p> The stock, around $197, has a rich valuation, trading for 43 times projected 2022 earnings of $4.54 a share.</p><p><blockquote>该股股价约为197美元，估值很高，交易价格是2022年预计每股收益4.54美元的43倍。</blockquote></p><p> Staar Surgical(STAA) has developed an implantable lens to correct myopia (nearsightedness). That addresses a potentially huge market, given the rising global incidence of that vision problem. The company expects the lens, which has been available in Europe and Asia for at least five years, to be on the U.S. market in the fourth quarter, pending Food and Drug Administration approval.</p><p><blockquote>Staar外科公司（STAA）开发了一种可植入晶状体来矫正近视（近视）。鉴于全球视力问题的发病率不断上升，这解决了一个潜在的巨大市场。该公司预计，这款镜片已在欧洲和亚洲上市至少五年，将于第四季度进入美国市场，等待美国食品和药物管理局的批准。</blockquote></p><p></p><p> “It could do substantial volumes,’’ says Doug Brodie, a global manager at Baillie Gifford. “It’s early in a journey and is largely devoid of competition.”</p><p><blockquote>Baillie Gifford全球经理道格·布罗迪(Doug Brodie)表示：“它的销量可能会很大。它还处于起步阶段，基本上没有竞争。”</blockquote></p><p> Lenses for both eyes can be implanted in less than an hour, and they don’t involve the removal of the natural lenses. The wholesale cost in the U.S. could be around $1,000 per lens.</p><p><blockquote>双眼的晶状体可以在不到一个小时内植入，而且不需要移除天然晶状体。在美国，每个镜片的批发成本可能在1000美元左右。</blockquote></p><p> At a recent $138, Staar shares are richly valued at more than 20 times projected 2022 sales and 140 times estimated 2022 earnings. But the market opportunity is enormous: Some five billion people worldwide could have myopia by 2050.</p><p><blockquote>Staar股价最近为138美元，其估值超过2022年预计销售额的20倍，是2022年预计收益的140倍。但市场机会是巨大的：到2050年，全球约有50亿人可能患有近视。</blockquote></p><p> Stitch Fix(SFIX) has developed a subscription service for clothing, shoes, and other accessories and boasts over four million customers.</p><p><blockquote>Stitch Fix(SFIX)开发了服装、鞋子和其他配饰的订阅服务，拥有超过400万客户。</blockquote></p><p> “This could be the Nordstrom of the future,” says Mario Cibelli, chief investment officer at Marathon Partners Equity Management, a Stitch Fix holder. “This a potentially huge market and nobody is addressing it in the same way.” Using a staff of 6,000 personal stylists and lots of data, Stitch Fix seeks to identify subscriber tastes to generate high satisfaction and limit returns on packages sent at intervals and determined by subscribers.</p><p><blockquote>“这可能是未来的诺德斯特龙，”Stitch Fix持有者Marathon Partners Equity Management首席投资官马里奥·西贝利(Mario Cibelli)表示。“这是一个潜在的巨大市场，没有人以同样的方式解决这个问题。”Stitch Fix利用6000名个人造型师和大量数据，试图确定订户的品味，以产生高满意度，并限制每隔一段时间发送并由订户决定的包裹的回报。</blockquote></p><p> Its shares, around $44, are down 60% from their level earlier in the year, on investors’ worries about potential churn and the business’s ultimate profitability.</p><p><blockquote>由于投资者对潜在客户流失和业务最终盈利能力的担忧，其股价约为44美元，较今年早些时候的水平下跌了60%。</blockquote></p><p> Yet Cibelli sees revenue growth of 20%-plus annually, opportunities outside its current U.S. and U.K. markets, and a potentially very profitable business in two to three years.</p><p><blockquote>然而，Cibelli预计收入每年将增长20%以上，在当前美国和英国市场之外还有机会，并且在两到三年内业务可能会非常有利可图。</blockquote></p><p> Trex(TREX) is the top producer of a high-end wood alternative for decks that comes from 95% recycled material, making it an eco-friendly housing play. The shares, at $105, trade for 43 times projected 2022 earnings.</p><p><blockquote>Trex(TREX)是甲板高端木材替代品的顶级生产商，其95%来自回收材料，使其成为一种环保的住房。该股股价为105美元，是2022年预计市盈率的43倍。</blockquote></p><p> T. Rowe Price’s Spencer views Trex as worth the price, based on his view that it can generate sustainable annual revenue growth of 15% to 20%. Earnings are expected to climb by about 20% in 2022 and at a similar pace in the following years. “If you roll the clock forward three years, it doesn’t look as expensive,” he says.</p><p><blockquote>T.Rowe Price的Spencer认为Trex物有所值，因为他认为它可以产生15%至20%的可持续年收入增长。预计2022年盈利将增长约20%，并在接下来的几年中以类似的速度增长。“如果你把时间拨快三年，它看起来并没有那么贵，”他说。</blockquote></p><p> Upwork(UPWK), an online marketplace for freelance workers, is favored by Baillie Gifford’s Brodie, who says it offers a play on the greater acceptance of freelancers by businesses.</p><p><blockquote>Upwork(UPWK)是一个面向自由职业者的在线市场，受到Baillie Gifford的Brodie的青睐，他表示，它可以让企业更好地接受自由职业者。</blockquote></p><p> The shares, recently around $44, aren’t cheap. Upwork is valued at $5.7 billion, or more than 10 times this year’s projected sales of nearly $500 million. It operates at a slight loss.</p><p><blockquote>该股最近约为44美元，并不便宜。Upwork的估值为57亿美元，是今年预计销售额近5亿美元的10倍以上。它的运营略有亏损。</blockquote></p><p> The investment case is about rapid sales growth leading to ample earnings. Sales are expected to rise by 30%-plus this year and 25% for 2022.</p><p><blockquote>投资案例是关于快速销售增长带来丰厚收益。预计今年销售额将增长30%以上，2022年将增长25%。</blockquote></p><p> “Freelancers are more accepted by small to midsize business, but they’ve been frowned on by the HR departments at large businesses,” Brodie says. Upwork aims to change that perception by vetting its freelancers and by offering thousands of skill sets. “Upwork could become a trusted partner for an increasing number of enterprise-grade partners,” he says.</p><p><blockquote>“自由职业者更容易被中小型企业接受，但大型企业的人力资源部门却不喜欢他们，”布罗迪说。Upwork旨在通过审查自由职业者和提供数千种技能来改变这种看法。“Upwork可以成为越来越多企业级合作伙伴值得信赖的合作伙伴，”他说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-potential-compounder-growth-51628888840?mod=hp_LEADSUPP_2\">Barrons</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":{"AMRS":"阿米瑞斯","VAC":"万豪度假环球","SITE":"SiteOne Landscape Supply, Inc.","STAA":"STAAR Surgical Company","UPWK":"Upwork Inc.","SFIX":"Stitch Fix Inc.","AMED":"阿米斯医疗","TREX":"Trex Co Inc","BAH":"博思艾伦咨询公司","JBHT":"JB Hunt运输服务"},"source_url":"https://www.barrons.com/articles/stocks-potential-compounder-growth-51628888840?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127633167","content_text":"One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors looking for the next Amazon.com, Costco Wholesale, Nike, or Visa seek to identify companies capable of generating double-digit compound growth in revenue and earnings—preferably both—for years to come.\nThe idea is that stock prices should compound in line with revenue and profits, enabling investors to generate high returns over a holding period of five to 10 years. The ultimate goal is to find the elusive “10 bagger”—a stock that returns 10 times what you paid for it.\nWall Street analyst notes and client letters from investment pros are replete with compounder references. Many of the next generation of value managers, identified in a Barron’s cover story in May, are seeking such shares, rather than the traditional value fare of cheap stocks.\nTheir search has become more challenging, because buyers are paying lofty prices for high-growth stories. Really big winners are scarce. Only about 35 companies in each of a long series of 10-year periods have compounded their stock prices at 20% or more annually, resulting in at least a sixfold increase, according to Durable Capital Partners.\nMany investors are happy to stick with large, well-known compounders, such as Alphabet(ticker: GOOGL),Mastercard(MA),UnitedHealth Group(UNH), and Eli Lilly(LLY).\nBarron’s sought to identify smaller candidates. We talked to investment managers and came up with an eclectic list of 10 stocks, most with market values under $10 billion. Here are the selections, in alphabetical order:\nStrong and Steady Wins the RaceHere are 10 stocks that growth investors have identified as being able to generate consistently high growth in revenues or profits for many years.\n\n\n\nCompany / Ticker\nRecent Price\nYTD Change\n2021E P/E\n2021E Price/Sales\n2022E P/E\n2022E Price/Sales\nLT Growth Rate*\nMarket Value (bil)\nComment\n\n\n\n\nAmedysis / AMED\n$185.15\n-37%\n30.2\n2.7\n27.7\n2.4\n10.5%\n$6.3\nLeader in home health care\n\n\nAmyris / AMRS\n13.64\n121\nNM\n10.4\nNM\n9.7\nNA\n4.1\nLeading company in synthetic biology\n\n\nBooz Allen Hamilton Holding / BAH\n81.73\n-6\n19.4\n1.3\n17.7\n1.2\n8.6\n11.0\nDefense-department consultant\n\n\nJ.B. Hunt Transport Services / JBHT\n172.76\n26\n25.8\n1.5\n22.2\n1.4\n18.4\n18.2\nStrong in intermodal freight\n\n\nMarriott Vacations Worldwide / VAC\n147.15\n7\n40.9\n1.6\n15.7\n1.4\nNA\n6.3\nTop company in vacation timeshares\n\n\nSiteOne Landscape Supply / SITE\n197.10\n24\n45.7\n2.6\n43.5\n2.5\n19.3\n8.8\nBig supplier of landscaping supplies\n\n\nStaar Surgical / STAA\n138.19\n74\n192.3\n28.6\n140.8\n22.5\n30.0\n6.6\nMaker of implantable lens for myopia\n\n\nStitch Fix / SFIX\n44.38\n-24\nNM\n1.9\n1890.3\n1.7\n30.0\n4.8\nData-driven subscription clothing firm\n\n\nTrex / TREX\n105.94\n27\n51.9\n10.5\n43.6\n9.3\n18.8\n12.2\nTop maker of synthetic wood decking\n\n\nUpwork / UPWK\n44.31\n28\nNM\n11.4\n556.8\n9.2\nNA\n5.7\nOnline clearinghouse for free-lancers\n\n\n\nE=Estimate. BAH estimates are for fiscal years ending March 2022 and March 23. SFIX estimates are for fiscal years ending July 2022 and July 2023. NM=Not Meaningful. NA=Not Available. *The annual EPS growth the company can sustain over the next 3-5 years.\nSource: FactSet\nAmedisys(AMED), a provider of home healthcare and hospice services, has a national footprint in a still-fragmented business.\n“There is going to be massive consolidation of the industry” predicts Dan Cole, a manager of the Columbia Small-Cap Growth fund. “Healthcare is moving to the home.”\nAmedisys stock is up more than tenfold in the past decade. But the shares, around $185, are off nearly 30% after the company recently cut 2021 financial guidance, citing Covid-related staffing and cost issues, mostly in acquired hospice operations. The 2021 earnings estimate is now $6.13 a share, down from nearly $7. The stock trades for 30 times projected 2021 profits. Cole says that the company remains capable of generating 10% annual gains in earnings per share.\nAmyris(AMRS) is a leader in synthetic biology. It fans say its opportunity is to supplant, in an eco-friendly way, a range of products now made from petrochemicals, animals, and plants.\nUsing genetically re-engineered yeast and sugar cane, Amyris produces such things as squalane, a high-end moisturizer formerly made from shark livers; vanillin, the flavoring for vanilla; and a no-calorie sweetener normally derived from plants. The stock trades around $13.\nBarron’s wrote favorably on the company in July. Amyris sees sales reaching $2 billion by 2025, up from an estimated $400 million this year, driven by its consumer brands.\n“The world needs clean chemistry, and Amyris is the point on the spear to create it,” says Randy Baron, a portfolio manager at Pinnacle Associates, which owns Amyris shares. He thinks they could hit $75 by the end of 2022.\nBooz Allen Hamilton Holding(BAH) is an important consultant to the Defense Department and other agencies. The U.S. government accounted for 97% of its revenue in its latest fiscal year. Booz Allen has built robust ties to the government over the years by providing an array of services, like cybersecurity. Its stock trades around $81, for a 1.8% yield.\n“It has built a strong, partnership-like culture and has a long record of steady growth,” says Josh Spencer, manager of the T. Rowe Price New Horizons fund. He sees Booz Allen as capable of generating 9% to 10% annual growth in revenue and yearly gains of 15% to 16% in earnings, in line with its historical performance. The stock is off 20% from its peak of $100, amid concerns about more restrained military spending. Spencer sees the pullback as a buying opportunity, with the stock valued at less than 20 times earnings.\nJ.B. Hunt Transport Services(JBHT) is a leader in intermodal freight, which involves the fuel-efficient movement of trucks over rail lines. It has been one of the most successful trucking companies. Its stock has risen 30-fold over the past 20 years, to a recent $173. “It has an incredible franchise,” says Henry Ellenbogen, chief investment officer at Durable Capital Partners and a member of the Barron’s Roundtable.\nJ.B. Hunt’s relationship with the Burlington Northern Santa Fe railroad gives it a strong position in intermodal freight, he notes. J.B. Hunt also has a growing business taking over the trucking operations of smaller companies. And it is involved in digital freight brokerage—matching truckers with shipping customers.\nEllenbogen says the stock is reasonable at 22 times estimated 2022 profits, given a mid-teens annual growth outlook for earnings.\nMarriott Vacations Worldwide(VAC) is one of the top companies in the timeshare industry. It has 700,000 owners, a resilient business model with significant revenue from fees, and more exposure than its peers to luxury properties in places including Hawaii and Orlando, Fla.\n“It has the best customer base, with the highest spending and an impeccable balance sheet,” says David Baron, a manager of the Baron Focused Growth fund. Marriott Vacations, whose shares recently were trading around $145, should reinstate its dividend later this year, he adds.\nThe shares, Baron argues, are cheap at a 11% free-cash-flow yield, based on 2022 estimates. He says that the stock, little changed since 2018, could produce 20% annual returns for shareholders in the coming years.\nSiteOne Landscape Supply(SITE) is the country’s top supplier of landscaping products, with ample opportunity to expand, given that it has just a 13% market share in a highly fragmented industry.\n\n“It’s growing organically and has lots of acquisition opportunities,” says Columbia’s Cole, who considers the company to be capable of 10% to 15% annual revenue growth.\nThe stock, around $197, has a rich valuation, trading for 43 times projected 2022 earnings of $4.54 a share.\nStaar Surgical(STAA) has developed an implantable lens to correct myopia (nearsightedness). That addresses a potentially huge market, given the rising global incidence of that vision problem. The company expects the lens, which has been available in Europe and Asia for at least five years, to be on the U.S. market in the fourth quarter, pending Food and Drug Administration approval.\n“It could do substantial volumes,’’ says Doug Brodie, a global manager at Baillie Gifford. “It’s early in a journey and is largely devoid of competition.”\nLenses for both eyes can be implanted in less than an hour, and they don’t involve the removal of the natural lenses. The wholesale cost in the U.S. could be around $1,000 per lens.\nAt a recent $138, Staar shares are richly valued at more than 20 times projected 2022 sales and 140 times estimated 2022 earnings. But the market opportunity is enormous: Some five billion people worldwide could have myopia by 2050.\nStitch Fix(SFIX) has developed a subscription service for clothing, shoes, and other accessories and boasts over four million customers.\n“This could be the Nordstrom of the future,” says Mario Cibelli, chief investment officer at Marathon Partners Equity Management, a Stitch Fix holder. “This a potentially huge market and nobody is addressing it in the same way.” Using a staff of 6,000 personal stylists and lots of data, Stitch Fix seeks to identify subscriber tastes to generate high satisfaction and limit returns on packages sent at intervals and determined by subscribers.\nIts shares, around $44, are down 60% from their level earlier in the year, on investors’ worries about potential churn and the business’s ultimate profitability.\nYet Cibelli sees revenue growth of 20%-plus annually, opportunities outside its current U.S. and U.K. markets, and a potentially very profitable business in two to three years.\nTrex(TREX) is the top producer of a high-end wood alternative for decks that comes from 95% recycled material, making it an eco-friendly housing play. The shares, at $105, trade for 43 times projected 2022 earnings.\nT. Rowe Price’s Spencer views Trex as worth the price, based on his view that it can generate sustainable annual revenue growth of 15% to 20%. Earnings are expected to climb by about 20% in 2022 and at a similar pace in the following years. “If you roll the clock forward three years, it doesn’t look as expensive,” he says.\nUpwork(UPWK), an online marketplace for freelance workers, is favored by Baillie Gifford’s Brodie, who says it offers a play on the greater acceptance of freelancers by businesses.\nThe shares, recently around $44, aren’t cheap. Upwork is valued at $5.7 billion, or more than 10 times this year’s projected sales of nearly $500 million. It operates at a slight loss.\nThe investment case is about rapid sales growth leading to ample earnings. Sales are expected to rise by 30%-plus this year and 25% for 2022.\n“Freelancers are more accepted by small to midsize business, but they’ve been frowned on by the HR departments at large businesses,” Brodie says. Upwork aims to change that perception by vetting its freelancers and by offering thousands of skill sets. “Upwork could become a trusted partner for an increasing number of enterprise-grade partners,” he says.","news_type":1,"symbols_score_info":{"VAC":0.9,"STAA":0.9,"UPWK":0.9,"JBHT":0.9,"AMRS":0.9,"TREX":0.9,"AMED":0.9,"SFIX":0.9,"BAH":0.9,"SITE":0.9}},"isVote":1,"tweetType":1,"viewCount":349,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804634328,"gmtCreate":1627953322064,"gmtModify":1633754960424,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574165011010503","authorIdStr":"3574165011010503"},"themes":[],"htmlText":"Like comment and share! Thanks","listText":"Like comment and share! Thanks","text":"Like comment and share! Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/804634328","repostId":"2156114224","repostType":4,"isVote":1,"tweetType":1,"viewCount":504,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}