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2021-10-07

InterestingPls like n comment

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2021-10-04

Pls like and follow and comment

A timeline of the Federal Reserve's trading scandal<blockquote>美联储交易丑闻的时间表</blockquote>

2021-10-04

Nice

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2021-10-02

Lets hope this soars like an eagle

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2021-09-29

$DEL MONTE PACIFIC LIMITED(D03.SI)$bright future

2021-09-28

Hmmm pls like or comment

France's Roquette warns of price rise in plant-based food market<blockquote>法国罗盖特警告植物性食品市场价格上涨</blockquote>

2021-09-28

These guys need to work on their work ethic.Pls like or comment

Despite Record Cargo Backlogs, Ports Of L.A. And Long Beach Still Don't Operate Around The Clock<blockquote>尽管货物积压创纪录，洛杉矶和长滩港口仍然无法全天候运营</blockquote>

2021-09-28

How much steam do they have left.Pls like and comment

7 Meme Stocks That May Have More Lead Left in Their Pencils<blockquote>7只可能留下更多线索的模因股票</blockquote>

2021-09-27

$Vaxart, Inc(VXRT)$come on... turn the corner quickly

2021-09-26

$Karyopharm Therapeutics(KPTI)$Moving along nicely

2021-09-25

What price to go in ?

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2021-09-23

Did I miss the boat??

2021-09-23

$Lumos Pharma Inc.(LUMO)$So far so good

2021-09-22

Not sure if should buy

2021-09-21

Interestimg article.Which to buy??Pls like n comment pls

The Reasons Why ServiceNow Deserves Higher Valuations<blockquote>ServiceNow值得更高估值的原因</blockquote>

2021-09-21

Beyond stock price not showing much.Numbers need to go up

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2021-09-18

Pls like n comment

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2021-09-17

$Achieve Life Sciences, Inc.(ACHV)$this guy needs to soar

2021-09-15

Hmmmm

Investors who want income need to understand this overlooked stock-market strategy<blockquote>想要收入的投资者需要了解这种被忽视的股市策略</blockquote>

2021-09-13

Big fight.Pls like and comment

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like n comment","listText":"InterestingPls like n comment","text":"InterestingPls like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/823164246","repostId":"1123428158","repostType":4,"isVote":1,"tweetType":1,"viewCount":2985,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":820378630,"gmtCreate":1633356174821,"gmtModify":1633356175661,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"Pls like and follow and comment","listText":"Pls like and follow and comment","text":"Pls like and follow and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/820378630","repostId":"1136399695","repostType":4,"repost":{"id":"1136399695","kind":"news","pubTimestamp":1633353815,"share":"https://www.laohu8.com/m/news/1136399695?lang=zh_CN&edition=full","pubTime":"2021-10-04 21:23","market":"us","language":"en","title":"A timeline of the Federal Reserve's trading scandal<blockquote>美联储交易丑闻的时间表</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1136399695","media":"finance.yahoo","summary":"A reputational crisis at the Federal Reserve has led to the resignation of two senior officials with","content":"<p>A reputational crisis at the Federal Reserve has led to the resignation of two senior officials within the central bank, raising questions about the strength of the Fed’s guardrails around personal financial interests.</p><p><blockquote>美联储的声誉危机导致央行内部两名高级官员辞职，引发了人们对美联储围绕个人金融利益的护栏强度的质疑。</blockquote></p><p> In September 2021, media reports highlighted several large financial transactions carried out by Dallas Fed President Robert Kaplan and Boston Fed President Eric Rosengren during 2020. As two heads of the 12 reserve banks, both were instrumental in engineering the Fed’s response to the financial fallout from the COVID-19 pandemic.</p><p><blockquote>2021年9月，媒体报道重点介绍了达拉斯联储主席罗伯特·卡普兰和波士顿联储主席埃里克·罗森格伦在2020年期间进行的几笔大型金融交易。作为12家储备银行的两位行长，两人都在设计美联储应对COVID-19大流行的金融影响方面发挥了重要作用。</blockquote></p><p> Rosengren and Kaplan would promise not to do any more trading during their tenure as senior Fed officials, but would later announce early retirements as the public fallout expanded.</p><p><blockquote>罗森格伦和卡普兰承诺在担任美联储高级官员期间不再进行任何交易，但随着公众影响的扩大，他们后来宣布提前退休。</blockquote></p><p> Fed Vice Chairman Richard Clarida would also likely catch scrutiny forrotating millions of dollars out of bond fund and into stock funds in February 2020— right before the Fed started slashing interest rates.</p><p><blockquote>美联储副主席理查德·克拉里达(Richard Clarida)也可能因在2020年2月（就在美联储开始降息之前）将数百万美元从债券基金转入股票基金而受到审查。</blockquote></p><p> At the direction of Fed Chairman Jerome Powell, the Federal Reserve Board is now in the process of a system-wide review regarding its ethics practices. Questions have been raised as to why members of the policy-setting Federal Open Market Committee (FOMC), with immense power to move markets, would ever be allowed to personally profit on trades.</p><p><blockquote>在美联储主席杰罗姆·鲍威尔的指导下，美联储目前正在对其道德实践进行全系统审查。有人质疑，为什么拥有巨大市场影响力的联邦公开市场委员会（FOMC）成员会被允许从交易中个人获利。</blockquote></p><p> “No one is happy,” Powell told the press on Sept. 22. “No one on the FOMC is happy to be in this situation, to be having these questions raised. It's something we take very, very seriously.”</p><p><blockquote>“没有人高兴，”鲍威尔9月22日对媒体表示。“联邦公开市场委员会没有人乐于处于这种情况，乐于提出这些问题。我们非常非常认真地对待这件事。”</blockquote></p><p> Peter Conti-Brown, a professor at the University of Pennsylvania who has written about Fed independence, told Yahoo Finance that the entire situation is a “calamity and a scandal” for the Fed.</p><p><blockquote>撰写过有关美联储独立性的文章的宾夕法尼亚大学教授彼得·康蒂-布朗告诉雅虎财经，整个情况对美联储来说是一场“灾难和丑闻”。</blockquote></p><p> “I think central bankers should never be under a cloud of suspicion that they’re advocating for policies that will enrich them,” Conti-Brown said, adding that he would support a wholesale ban on any senior Fed official holding any individual stocks.</p><p><blockquote>孔蒂-布朗表示：“我认为央行行长永远不应该怀疑他们正在倡导能够让他们致富的政策。”他补充说，他将支持全面禁止任何美联储高级官员持有任何个股。</blockquote></p><p> San Francisco President Mary Daly, whose financial disclosures showed no individual stock holdings, told reporters Sept. 29 that she acknowledges the American public’s concern that the Fed’s existing ethics rules are “not sufficient.”</p><p><blockquote>旧金山行长玛丽·戴利(Mary Daly)的财务披露显示没有持有个人股票，她9月29日对记者表示，她承认美国公众对美联储现有道德规则“不够”的担忧。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/041dbdec77d0aa8b865a34c363c30aba\" tg-width=\"705\" tg-height=\"504\" width=\"100%\" height=\"auto\"><span>Boston Fed President Eric Rosengren (left) and Dallas Fed President Robert Kaplan (right) announced early retirements. Credit: Getty and Reuters</span></p><p><blockquote><p class=\"t-img-caption\"><span>波士顿联储主席Eric Rosengren（左）和达拉斯联储主席Robert Kaplan（右）宣布提前退休。图片来源：盖蒂和路透社</span></p></blockquote></p><p> Here’s a timeline of all the events related to the central bank’s ethics debacle (as of Wednesday, September 29, 2021):</p><p><blockquote>以下是与央行道德崩溃相关的所有事件的时间表（截至2021年9月29日星期三）：</blockquote></p><p> <b>September 7, 2021:</b>The Wall Street Journalreportsthat Kaplan made multiple stock trades in 2020, with several $1 million dollar-plus stakes taken in Apple, Delta Air Lines, Occidental Petroleum, and iShares Floating Rate Bond ETFs, among others.</p><p><blockquote><b>2021年9月7日：</b>据《华尔街日报》报道，Kaplan在2020年进行了多笔股票交易，持有苹果、达美航空、西方石油和iShares浮动利率债券ETF等公司价值超过100万美元的股份。</blockquote></p><p> <b>September 8, 2021:</b>Bloombergreportsthat Rosengren made multiple purchases and sales in REITs and other securities in 2020, during which he was publicly warning of contagion in real estate markets. The Boston Fed said the trades were not done via a blind trust and were “consistent” with ethics rules.</p><p><blockquote><b>2021年9月8日：</b>彭博社报道称，罗森格伦在2020年多次买卖房地产投资信托基金和其他证券，期间他公开警告房地产市场的蔓延。波士顿联储表示，这些交易不是通过盲目信托进行的，并且“符合”道德规则。</blockquote></p><p> <b>September 9, 2021:</b>Federal Reserve Banks of Boston and Dallas simultaneously issue statements with nearly identical language, both noting that their financial transactions complied with the Fed’s ethics rules. The statements said both presidents would dump their holdings by Sept. 30 (with reinvestment into diversified index funds or cash savings), alongside a promise that they would not be active in those accounts as long as they remained presidents.</p><p><blockquote><b>2021年9月9日：</b>波士顿和达拉斯的联邦储备银行同时发布了几乎相同语言的声明，都指出他们的金融交易符合美联储的道德规则。声明称，两位总统将在9月30日之前抛售所持股份（再投资于多元化指数基金或现金储蓄），并承诺只要他们仍担任总统，他们就不会活跃在这些账户中。</blockquote></p><p> <b>September 15, 2021:</b>Sen. Elizabeth Warren (D-Mass.)writes to all 12 Federal Reserve banksasking them to, within 60 days, impose a ban on the ownership and trading of individual stocks by senior officials.</p><p><blockquote><b>2021年9月15日：</b>马萨诸塞州民主党参议员伊丽莎白·沃伦(Elizabeth Warren)写信给所有12家美联储银行，要求它们在60天内禁止高级官员持有和交易个股。</blockquote></p><p> <b>September 16, 2021:</b>Federal Reserve Board issues a statement via a spokesperson noting that Powell directed Board staff the week prior to “take a fresh and comprehensive look at the ethics rules around financial holdings and activities by senior Fed officials.” Fed notes that its rules on personal financial practices are “stricter than those that apply to Congress.”</p><p><blockquote><b>2021年9月16日：</b>美联储通过发言人发表声明指出，鲍威尔在一周前指示董事会工作人员“重新全面审视美联储高级官员有关金融控股和活动的道德规则”。美联储指出，其关于个人金融行为的规则“比适用于国会的规则更严格”。</blockquote></p><p> <b>September 22, 2021:</b>Powellfields questions from the press, insisting he was not aware of the trading until after both presidents had filed disclosures (which are filed on an annual basis). Powell reiterates the Fed's existing restrictions, such as not being able to trade immediately before and during a policy-setting meeting. But the Fed chief admits “no one is happy” about the situation.</p><p><blockquote><b>2021年9月22日：</b>鲍威尔菲尔德在接受媒体提问时坚称，直到两位总统提交披露文件（每年提交一次）后，他才知道这笔交易。鲍威尔重申了美联储现有的限制，例如不能在政策制定会议之前和期间立即进行交易。但美联储主席承认“没有人对这种情况感到高兴”。</blockquote></p><p> Powell said his personal financial interests includes ownership of municipal securities that he \"froze\" in 2019, holdings that he says were not tradedduring the Fed’s emergency measures in 2020.</p><p><blockquote>鲍威尔表示，他的个人财务利益包括他在2019年“冻结”的市政证券的所有权，他说这些资产在美联储2020年采取紧急措施期间没有交易。</blockquote></p><p></p><p> <b>September 27, 2021:</b>Before the market open, Boston Fed President Eric Rosengren announces he will pull forward his retirement by nine months, citing the “worsening of a kidney condition.” Rosengren, who was originally scheduled to retire in June 2022, makes no mention of his REIT trades and says his last day will be September 30, 2021.</p><p><blockquote><b>2021年9月27日：</b>开市前，波士顿联储主席埃里克·罗森格伦以“肾脏状况恶化”为由宣布将退休时间提前九个月。罗森格伦原定于2022年6月退休，但他没有提及自己的房地产投资信托基金交易，并表示他的最后一天将是2021年9月30日。</blockquote></p><p> After the market close, Dallas Fed President Robert Kaplan says he will step down October 8, 2021, noting that his financial dealings risk \"becoming a distraction to the Federal Reserve’s execution” of its monetary policy.</p><p><blockquote>收盘后，达拉斯联储主席罗伯特·卡普兰表示，他将于2021年10月8日辞职，并指出他的金融交易有可能“分散美联储执行货币政策的注意力”。</blockquote></p><p> <b>September 28, 2021:</b>Powell answers questions from Congress, telling the Senate Banking Committee that the Fed is “also looking carefully at the trading that was done to make sure that it’s in compliance with our rules and the law.\"</p><p><blockquote><b>2021年9月28日：</b>鲍威尔在回答国会的问题时告诉参议院银行委员会，美联储“也在仔细审查所进行的交易，以确保其符合我们的规则和法律。”</blockquote></p><p> A Securities and Exchange Commission spokesperson tells Yahoo Finance it \"does not comment on the existence or nonexistence of a possible investigation.\"</p><p><blockquote>美国证券交易委员会发言人告诉雅虎财经，“不对是否存在可能的调查发表评论”。</blockquote></p><p> <b>September 30, 2021:</b>Rosengren retires as Boston Fed President, with First Vice President Kenneth Montgomery stepping up to serve as interim president. A committee of Boston Fed board directors (not affiliated with regulated banks or financial institutions) will select a permanent replacement, who would need to be approved by the Fed Board.</p><p><blockquote><b>2021年9月30日：</b>罗森格伦卸任波士顿联储主席，第一副主席肯尼思·蒙哥马利接任临时主席。波士顿联储董事会董事委员会（不隶属于受监管的银行或金融机构）将选择一名永久替代者，该替代者需要得到联储董事会的批准。</blockquote></p><p> <b>October 1, 2021:</b>Bloombergreportsthat Fed Vice Chairman Richard Clarida traded between $1 million and $5 million out of a Pimco bond fund and into two stock funds. The shift happened on February 27, 2020, a day before Powell issued arare, impromptu statementreiterating the Fed's support of the economy. The transactions were disclosed via agovernment ethics filing. A Fed spokesman told Bloomberg the transactions \"represent a pre-planned rebalancing to his accounts.\"</p><p><blockquote><b>2021年10月1日：</b>彭博社报道称，美联储副主席理查德·克拉里达(Richard Clarida)从Pimco债券基金和两只股票基金中交易了100万至500万美元。这一转变发生在2020年2月27日，即鲍威尔发表临时声明重申美联储对经济的支持的前一天。这些交易通过政府道德文件披露。美联储发言人告诉彭博社，这些交易“代表了他账户预先计划的再平衡”。</blockquote></p><p> <b>October 8, 2021:</b>Kaplan retires as Dallas Fed President, with First Vice President Meredith Black delaying her impending retirement to serve as interim president. A committee of Dallas Fed board directors (not affiliated with regulated banks or financial institutions) will select a permanent replacement, who would need to be approved by the Fed Board.</p><p><blockquote><b>2021年10月8日：</b>卡普兰从达拉斯联储主席的职位上退休，第一副主席梅雷迪思·布莱克推迟了即将退休的时间，担任临时主席。达拉斯联储董事会董事委员会（不隶属于受监管的银行或金融机构）将选择一名永久替代者，该替代者需要得到联储董事会的批准。</blockquote></p><p></p>","source":"lsy1612507957220","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>A timeline of the Federal Reserve's trading scandal<blockquote>美联储交易丑闻的时间表</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\">\nA timeline of the Federal Reserve's trading scandal<blockquote>美联储交易丑闻的时间表</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">finance.yahoo</strong><span class=\"h-time small\">2021-10-04 21:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A reputational crisis at the Federal Reserve has led to the resignation of two senior officials within the central bank, raising questions about the strength of the Fed’s guardrails around personal financial interests.</p><p><blockquote>美联储的声誉危机导致央行内部两名高级官员辞职，引发了人们对美联储围绕个人金融利益的护栏强度的质疑。</blockquote></p><p> In September 2021, media reports highlighted several large financial transactions carried out by Dallas Fed President Robert Kaplan and Boston Fed President Eric Rosengren during 2020. As two heads of the 12 reserve banks, both were instrumental in engineering the Fed’s response to the financial fallout from the COVID-19 pandemic.</p><p><blockquote>2021年9月，媒体报道重点介绍了达拉斯联储主席罗伯特·卡普兰和波士顿联储主席埃里克·罗森格伦在2020年期间进行的几笔大型金融交易。作为12家储备银行的两位行长，两人都在设计美联储应对COVID-19大流行的金融影响方面发挥了重要作用。</blockquote></p><p> Rosengren and Kaplan would promise not to do any more trading during their tenure as senior Fed officials, but would later announce early retirements as the public fallout expanded.</p><p><blockquote>罗森格伦和卡普兰承诺在担任美联储高级官员期间不再进行任何交易，但随着公众影响的扩大，他们后来宣布提前退休。</blockquote></p><p> Fed Vice Chairman Richard Clarida would also likely catch scrutiny forrotating millions of dollars out of bond fund and into stock funds in February 2020— right before the Fed started slashing interest rates.</p><p><blockquote>美联储副主席理查德·克拉里达(Richard Clarida)也可能因在2020年2月（就在美联储开始降息之前）将数百万美元从债券基金转入股票基金而受到审查。</blockquote></p><p> At the direction of Fed Chairman Jerome Powell, the Federal Reserve Board is now in the process of a system-wide review regarding its ethics practices. Questions have been raised as to why members of the policy-setting Federal Open Market Committee (FOMC), with immense power to move markets, would ever be allowed to personally profit on trades.</p><p><blockquote>在美联储主席杰罗姆·鲍威尔的指导下，美联储目前正在对其道德实践进行全系统审查。有人质疑，为什么拥有巨大市场影响力的联邦公开市场委员会（FOMC）成员会被允许从交易中个人获利。</blockquote></p><p> “No one is happy,” Powell told the press on Sept. 22. “No one on the FOMC is happy to be in this situation, to be having these questions raised. It's something we take very, very seriously.”</p><p><blockquote>“没有人高兴，”鲍威尔9月22日对媒体表示。“联邦公开市场委员会没有人乐于处于这种情况，乐于提出这些问题。我们非常非常认真地对待这件事。”</blockquote></p><p> Peter Conti-Brown, a professor at the University of Pennsylvania who has written about Fed independence, told Yahoo Finance that the entire situation is a “calamity and a scandal” for the Fed.</p><p><blockquote>撰写过有关美联储独立性的文章的宾夕法尼亚大学教授彼得·康蒂-布朗告诉雅虎财经，整个情况对美联储来说是一场“灾难和丑闻”。</blockquote></p><p> “I think central bankers should never be under a cloud of suspicion that they’re advocating for policies that will enrich them,” Conti-Brown said, adding that he would support a wholesale ban on any senior Fed official holding any individual stocks.</p><p><blockquote>孔蒂-布朗表示：“我认为央行行长永远不应该怀疑他们正在倡导能够让他们致富的政策。”他补充说，他将支持全面禁止任何美联储高级官员持有任何个股。</blockquote></p><p> San Francisco President Mary Daly, whose financial disclosures showed no individual stock holdings, told reporters Sept. 29 that she acknowledges the American public’s concern that the Fed’s existing ethics rules are “not sufficient.”</p><p><blockquote>旧金山行长玛丽·戴利(Mary Daly)的财务披露显示没有持有个人股票，她9月29日对记者表示，她承认美国公众对美联储现有道德规则“不够”的担忧。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/041dbdec77d0aa8b865a34c363c30aba\" tg-width=\"705\" tg-height=\"504\" width=\"100%\" height=\"auto\"><span>Boston Fed President Eric Rosengren (left) and Dallas Fed President Robert Kaplan (right) announced early retirements. Credit: Getty and Reuters</span></p><p><blockquote><p class=\"t-img-caption\"><span>波士顿联储主席Eric Rosengren（左）和达拉斯联储主席Robert Kaplan（右）宣布提前退休。图片来源：盖蒂和路透社</span></p></blockquote></p><p> Here’s a timeline of all the events related to the central bank’s ethics debacle (as of Wednesday, September 29, 2021):</p><p><blockquote>以下是与央行道德崩溃相关的所有事件的时间表（截至2021年9月29日星期三）：</blockquote></p><p> <b>September 7, 2021:</b>The Wall Street Journalreportsthat Kaplan made multiple stock trades in 2020, with several $1 million dollar-plus stakes taken in Apple, Delta Air Lines, Occidental Petroleum, and iShares Floating Rate Bond ETFs, among others.</p><p><blockquote><b>2021年9月7日：</b>据《华尔街日报》报道，Kaplan在2020年进行了多笔股票交易，持有苹果、达美航空、西方石油和iShares浮动利率债券ETF等公司价值超过100万美元的股份。</blockquote></p><p> <b>September 8, 2021:</b>Bloombergreportsthat Rosengren made multiple purchases and sales in REITs and other securities in 2020, during which he was publicly warning of contagion in real estate markets. The Boston Fed said the trades were not done via a blind trust and were “consistent” with ethics rules.</p><p><blockquote><b>2021年9月8日：</b>彭博社报道称，罗森格伦在2020年多次买卖房地产投资信托基金和其他证券，期间他公开警告房地产市场的蔓延。波士顿联储表示，这些交易不是通过盲目信托进行的，并且“符合”道德规则。</blockquote></p><p> <b>September 9, 2021:</b>Federal Reserve Banks of Boston and Dallas simultaneously issue statements with nearly identical language, both noting that their financial transactions complied with the Fed’s ethics rules. The statements said both presidents would dump their holdings by Sept. 30 (with reinvestment into diversified index funds or cash savings), alongside a promise that they would not be active in those accounts as long as they remained presidents.</p><p><blockquote><b>2021年9月9日：</b>波士顿和达拉斯的联邦储备银行同时发布了几乎相同语言的声明，都指出他们的金融交易符合美联储的道德规则。声明称，两位总统将在9月30日之前抛售所持股份（再投资于多元化指数基金或现金储蓄），并承诺只要他们仍担任总统，他们就不会活跃在这些账户中。</blockquote></p><p> <b>September 15, 2021:</b>Sen. Elizabeth Warren (D-Mass.)writes to all 12 Federal Reserve banksasking them to, within 60 days, impose a ban on the ownership and trading of individual stocks by senior officials.</p><p><blockquote><b>2021年9月15日：</b>马萨诸塞州民主党参议员伊丽莎白·沃伦(Elizabeth Warren)写信给所有12家美联储银行，要求它们在60天内禁止高级官员持有和交易个股。</blockquote></p><p> <b>September 16, 2021:</b>Federal Reserve Board issues a statement via a spokesperson noting that Powell directed Board staff the week prior to “take a fresh and comprehensive look at the ethics rules around financial holdings and activities by senior Fed officials.” Fed notes that its rules on personal financial practices are “stricter than those that apply to Congress.”</p><p><blockquote><b>2021年9月16日：</b>美联储通过发言人发表声明指出，鲍威尔在一周前指示董事会工作人员“重新全面审视美联储高级官员有关金融控股和活动的道德规则”。美联储指出，其关于个人金融行为的规则“比适用于国会的规则更严格”。</blockquote></p><p> <b>September 22, 2021:</b>Powellfields questions from the press, insisting he was not aware of the trading until after both presidents had filed disclosures (which are filed on an annual basis). Powell reiterates the Fed's existing restrictions, such as not being able to trade immediately before and during a policy-setting meeting. But the Fed chief admits “no one is happy” about the situation.</p><p><blockquote><b>2021年9月22日：</b>鲍威尔菲尔德在接受媒体提问时坚称，直到两位总统提交披露文件（每年提交一次）后，他才知道这笔交易。鲍威尔重申了美联储现有的限制，例如不能在政策制定会议之前和期间立即进行交易。但美联储主席承认“没有人对这种情况感到高兴”。</blockquote></p><p> Powell said his personal financial interests includes ownership of municipal securities that he \"froze\" in 2019, holdings that he says were not tradedduring the Fed’s emergency measures in 2020.</p><p><blockquote>鲍威尔表示，他的个人财务利益包括他在2019年“冻结”的市政证券的所有权，他说这些资产在美联储2020年采取紧急措施期间没有交易。</blockquote></p><p></p><p> <b>September 27, 2021:</b>Before the market open, Boston Fed President Eric Rosengren announces he will pull forward his retirement by nine months, citing the “worsening of a kidney condition.” Rosengren, who was originally scheduled to retire in June 2022, makes no mention of his REIT trades and says his last day will be September 30, 2021.</p><p><blockquote><b>2021年9月27日：</b>开市前，波士顿联储主席埃里克·罗森格伦以“肾脏状况恶化”为由宣布将退休时间提前九个月。罗森格伦原定于2022年6月退休，但他没有提及自己的房地产投资信托基金交易，并表示他的最后一天将是2021年9月30日。</blockquote></p><p> After the market close, Dallas Fed President Robert Kaplan says he will step down October 8, 2021, noting that his financial dealings risk \"becoming a distraction to the Federal Reserve’s execution” of its monetary policy.</p><p><blockquote>收盘后，达拉斯联储主席罗伯特·卡普兰表示，他将于2021年10月8日辞职，并指出他的金融交易有可能“分散美联储执行货币政策的注意力”。</blockquote></p><p> <b>September 28, 2021:</b>Powell answers questions from Congress, telling the Senate Banking Committee that the Fed is “also looking carefully at the trading that was done to make sure that it’s in compliance with our rules and the law.\"</p><p><blockquote><b>2021年9月28日：</b>鲍威尔在回答国会的问题时告诉参议院银行委员会，美联储“也在仔细审查所进行的交易，以确保其符合我们的规则和法律。”</blockquote></p><p> A Securities and Exchange Commission spokesperson tells Yahoo Finance it \"does not comment on the existence or nonexistence of a possible investigation.\"</p><p><blockquote>美国证券交易委员会发言人告诉雅虎财经，“不对是否存在可能的调查发表评论”。</blockquote></p><p> <b>September 30, 2021:</b>Rosengren retires as Boston Fed President, with First Vice President Kenneth Montgomery stepping up to serve as interim president. A committee of Boston Fed board directors (not affiliated with regulated banks or financial institutions) will select a permanent replacement, who would need to be approved by the Fed Board.</p><p><blockquote><b>2021年9月30日：</b>罗森格伦卸任波士顿联储主席，第一副主席肯尼思·蒙哥马利接任临时主席。波士顿联储董事会董事委员会（不隶属于受监管的银行或金融机构）将选择一名永久替代者，该替代者需要得到联储董事会的批准。</blockquote></p><p> <b>October 1, 2021:</b>Bloombergreportsthat Fed Vice Chairman Richard Clarida traded between $1 million and $5 million out of a Pimco bond fund and into two stock funds. The shift happened on February 27, 2020, a day before Powell issued arare, impromptu statementreiterating the Fed's support of the economy. The transactions were disclosed via agovernment ethics filing. A Fed spokesman told Bloomberg the transactions \"represent a pre-planned rebalancing to his accounts.\"</p><p><blockquote><b>2021年10月1日：</b>彭博社报道称，美联储副主席理查德·克拉里达(Richard Clarida)从Pimco债券基金和两只股票基金中交易了100万至500万美元。这一转变发生在2020年2月27日，即鲍威尔发表临时声明重申美联储对经济的支持的前一天。这些交易通过政府道德文件披露。美联储发言人告诉彭博社，这些交易“代表了他账户预先计划的再平衡”。</blockquote></p><p> <b>October 8, 2021:</b>Kaplan retires as Dallas Fed President, with First Vice President Meredith Black delaying her impending retirement to serve as interim president. A committee of Dallas Fed board directors (not affiliated with regulated banks or financial institutions) will select a permanent replacement, who would need to be approved by the Fed Board.</p><p><blockquote><b>2021年10月8日：</b>卡普兰从达拉斯联储主席的职位上退休，第一副主席梅雷迪思·布莱克推迟了即将退休的时间，担任临时主席。达拉斯联储董事会董事委员会（不隶属于受监管的银行或金融机构）将选择一名永久替代者，该替代者需要得到联储董事会的批准。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/a-timeline-of-the-federal-reserves-trading-scandal-104415556.html\">finance.yahoo</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"},"source_url":"https://finance.yahoo.com/news/a-timeline-of-the-federal-reserves-trading-scandal-104415556.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136399695","content_text":"A reputational crisis at the Federal Reserve has led to the resignation of two senior officials within the central bank, raising questions about the strength of the Fed’s guardrails around personal financial interests.\nIn September 2021, media reports highlighted several large financial transactions carried out by Dallas Fed President Robert Kaplan and Boston Fed President Eric Rosengren during 2020. As two heads of the 12 reserve banks, both were instrumental in engineering the Fed’s response to the financial fallout from the COVID-19 pandemic.\nRosengren and Kaplan would promise not to do any more trading during their tenure as senior Fed officials, but would later announce early retirements as the public fallout expanded.\nFed Vice Chairman Richard Clarida would also likely catch scrutiny forrotating millions of dollars out of bond fund and into stock funds in February 2020— right before the Fed started slashing interest rates.\nAt the direction of Fed Chairman Jerome Powell, the Federal Reserve Board is now in the process of a system-wide review regarding its ethics practices. Questions have been raised as to why members of the policy-setting Federal Open Market Committee (FOMC), with immense power to move markets, would ever be allowed to personally profit on trades.\n“No one is happy,” Powell told the press on Sept. 22. “No one on the FOMC is happy to be in this situation, to be having these questions raised. It's something we take very, very seriously.”\nPeter Conti-Brown, a professor at the University of Pennsylvania who has written about Fed independence, told Yahoo Finance that the entire situation is a “calamity and a scandal” for the Fed.\n“I think central bankers should never be under a cloud of suspicion that they’re advocating for policies that will enrich them,” Conti-Brown said, adding that he would support a wholesale ban on any senior Fed official holding any individual stocks.\nSan Francisco President Mary Daly, whose financial disclosures showed no individual stock holdings, told reporters Sept. 29 that she acknowledges the American public’s concern that the Fed’s existing ethics rules are “not sufficient.”\nBoston Fed President Eric Rosengren (left) and Dallas Fed President Robert Kaplan (right) announced early retirements. Credit: Getty and Reuters\nHere’s a timeline of all the events related to the central bank’s ethics debacle (as of Wednesday, September 29, 2021):\nSeptember 7, 2021:The Wall Street Journalreportsthat Kaplan made multiple stock trades in 2020, with several $1 million dollar-plus stakes taken in Apple, Delta Air Lines, Occidental Petroleum, and iShares Floating Rate Bond ETFs, among others.\nSeptember 8, 2021:Bloombergreportsthat Rosengren made multiple purchases and sales in REITs and other securities in 2020, during which he was publicly warning of contagion in real estate markets. The Boston Fed said the trades were not done via a blind trust and were “consistent” with ethics rules.\nSeptember 9, 2021:Federal Reserve Banks of Boston and Dallas simultaneously issue statements with nearly identical language, both noting that their financial transactions complied with the Fed’s ethics rules. The statements said both presidents would dump their holdings by Sept. 30 (with reinvestment into diversified index funds or cash savings), alongside a promise that they would not be active in those accounts as long as they remained presidents.\nSeptember 15, 2021:Sen. Elizabeth Warren (D-Mass.)writes to all 12 Federal Reserve banksasking them to, within 60 days, impose a ban on the ownership and trading of individual stocks by senior officials.\nSeptember 16, 2021:Federal Reserve Board issues a statement via a spokesperson noting that Powell directed Board staff the week prior to “take a fresh and comprehensive look at the ethics rules around financial holdings and activities by senior Fed officials.” Fed notes that its rules on personal financial practices are “stricter than those that apply to Congress.”\nSeptember 22, 2021:Powellfields questions from the press, insisting he was not aware of the trading until after both presidents had filed disclosures (which are filed on an annual basis). Powell reiterates the Fed's existing restrictions, such as not being able to trade immediately before and during a policy-setting meeting. But the Fed chief admits “no one is happy” about the situation.\nPowell said his personal financial interests includes ownership of municipal securities that he \"froze\" in 2019, holdings that he says were not tradedduring the Fed’s emergency measures in 2020.\nSeptember 27, 2021:Before the market open, Boston Fed President Eric Rosengren announces he will pull forward his retirement by nine months, citing the “worsening of a kidney condition.” Rosengren, who was originally scheduled to retire in June 2022, makes no mention of his REIT trades and says his last day will be September 30, 2021.\nAfter the market close, Dallas Fed President Robert Kaplan says he will step down October 8, 2021, noting that his financial dealings risk \"becoming a distraction to the Federal Reserve’s execution” of its monetary policy.\nSeptember 28, 2021:Powell answers questions from Congress, telling the Senate Banking Committee that the Fed is “also looking carefully at the trading that was done to make sure that it’s in compliance with our rules and the law.\"\nA Securities and Exchange Commission spokesperson tells Yahoo Finance it \"does not comment on the existence or nonexistence of a possible investigation.\"\nSeptember 30, 2021:Rosengren retires as Boston Fed President, with First Vice President Kenneth Montgomery stepping up to serve as interim president. A committee of Boston Fed board directors (not affiliated with regulated banks or financial institutions) will select a permanent replacement, who would need to be approved by the Fed Board.\nOctober 1, 2021:Bloombergreportsthat Fed Vice Chairman Richard Clarida traded between $1 million and $5 million out of a Pimco bond fund and into two stock funds. The shift happened on February 27, 2020, a day before Powell issued arare, impromptu statementreiterating the Fed's support of the economy. The transactions were disclosed via agovernment ethics filing. A Fed spokesman told Bloomberg the transactions \"represent a pre-planned rebalancing to his accounts.\"\nOctober 8, 2021:Kaplan retires as Dallas Fed President, with First Vice President Meredith Black delaying her impending retirement to serve as interim president. A committee of Dallas Fed board directors (not affiliated with regulated banks or financial institutions) will select a permanent replacement, who would need to be approved by the Fed Board.","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2058,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":820373791,"gmtCreate":1633356103511,"gmtModify":1633356104457,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/820373791","repostId":"1140558350","repostType":4,"isVote":1,"tweetType":1,"viewCount":2249,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":864217784,"gmtCreate":1633105240944,"gmtModify":1633105241733,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"Lets hope this soars like an eagle","listText":"Lets hope this soars like an eagle","text":"Lets hope this soars like an eagle","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/864217784","repostId":"2172950053","repostType":2,"isVote":1,"tweetType":1,"viewCount":2588,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862518578,"gmtCreate":1632889458876,"gmtModify":1632891980467,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/D03.SI\">$DEL MONTE PACIFIC LIMITED(D03.SI)$</a>bright future","listText":"<a href=\"https://laohu8.com/S/D03.SI\">$DEL MONTE PACIFIC LIMITED(D03.SI)$</a>bright future","text":"$DEL MONTE PACIFIC LIMITED(D03.SI)$bright future","images":[{"img":"https://static.tigerbbs.com/f3df1bd96ea10e58560af8906595b5e3","width":"1080","height":"3206"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/862518578","isVote":1,"tweetType":1,"viewCount":1513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":866733200,"gmtCreate":1632804038000,"gmtModify":1632804038199,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"Hmmm pls like or comment","listText":"Hmmm pls like or comment","text":"Hmmm pls like or comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/866733200","repostId":"2170269066","repostType":2,"repost":{"id":"2170269066","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1632754373,"share":"https://www.laohu8.com/m/news/2170269066?lang=zh_CN&edition=full","pubTime":"2021-09-27 22:52","market":"us","language":"en","title":"France's Roquette warns of price rise in plant-based food market<blockquote>法国罗盖特警告植物性食品市场价格上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2170269066","media":"Reuters","summary":"PARIS, Sept 27 (Reuters) - A global surge in pea prices linked to low supplies and growing demand fo","content":"<p><html><body>PARIS, Sept 27 (Reuters) - A global surge in pea prices linked to low supplies and growing demand for plant protein will inevitably need to be passed on to customers, including makers of alternative food such as meat-free burgers, French producer Roquette said on Monday.</p><p><blockquote><html><body>路透巴黎9月27日-法国生产商Roquette周一表示，全球豌豆价格飙升与供应不足和对植物蛋白需求不断增长有关，这将不可避免地需要转嫁给客户，包括无肉汉堡等替代食品的制造商。</body></html></blockquote></p><p>   The market for alternative protein has soared in recent years, attracting major investment from global agrifood groups, including Nestle   , PepsiCo    and Archer Daniels Midland   , hoping to capitalise on a trend towards healthier eating.    </p><p><blockquote>近年来，替代蛋白市场飙升，吸引了雀巢、百事可乐和阿彻丹尼尔斯米德兰等全球农业食品集团的大量投资，希望利用更健康饮食的趋势。</blockquote></p><p>   But pea production slumped this year due mainly to a severe drought this summer in top supplier Canada that cut ouput by 45%, pushing prices up 120% from last year, Roquette said in a statement. </p><p><blockquote>但Roquette在一份声明中表示，今年豌豆产量大幅下降，主要是由于最大供应国加拿大今年夏天的严重干旱，产量减少了45%，导致价格比去年上涨了120%。</blockquote></p><p>   Meanwhile in France the crop was severely damaged by wet weather during harvest.</p><p><blockquote>与此同时，在法国，农作物在收获期间受到潮湿天气的严重破坏。</blockquote></p><p>   \"The dramatic increase in prices will inevitably lead to costs being transferred to customers,\" Roquette said.</p><p><blockquote>“价格的大幅上涨将不可避免地导致成本转移到客户身上，”Roquette说。</blockquote></p><p>   The company declined to give details on price rises it is considering passing on to its customers globally.</p><p><blockquote>该公司拒绝透露其考虑向全球客户提价的细节。</blockquote></p><p>   Family-run Roquette is the largest pea protein producer for the food market. It built the world's biggest pea protein factory in Manitoba, Canada, which is due reach full capacity in 2022, processing some 125,000 tonnes of peas a year. It also has a pea protein factory in northern France.</p><p><blockquote>家族经营的Roquette是食品市场上最大的豌豆蛋白生产商。它在加拿大马尼托巴省建造了世界上最大的豌豆蛋白工厂，预计将于2022年达到满负荷生产，每年加工约12.5万吨豌豆。它在法国北部还有一家豌豆蛋白工厂。</blockquote></p><p>   Last year it signed a three-year supply agreement with U.S. plant-based burger maker Beyond Meat    to end-2022. </p><p><blockquote>去年，该公司与美国植物汉堡制造商Beyond Meat签署了一份为期三年的供应协议，直至2022年底。</blockquote></p><p>   The global pea protein market is projected to increase about 12% per year to reach $554.9 million by 2028, according to research firm Grand View Research.</p><p><blockquote>根据研究公司Grand View Research的数据，全球豌豆蛋白市场预计每年增长约12%，到2028年将达到5.549亿美元。</blockquote></p><p>   (For a graphic on rising global protein consumption and demand for peas, see: )</p><p><blockquote>（有关全球蛋白质消费和豌豆需求增长的图表，请参见：）</blockquote></p><p>   Other key ingredients of plant-based protein such as soybeans, corn and wheat have also seen prices rally over the past year on strong international demand and a lack of global supplies.   </p><p><blockquote>由于国际需求强劲和全球供应不足，大豆、玉米和小麦等植物蛋白的其他关键成分的价格在过去一年中也出现了上涨。</blockquote></p><p> (Reporting by Sybille de La Hamaide; Editing by Kirsten Donovan)</p><p><blockquote>（Sybille de La Hamaide报道；Kirsten Donovan编辑）</blockquote></p><p>((Sybille.deLaHamaide@thomsonreuters.com; +336 8774 4148;))</p><p><blockquote>（（Sybille.deLaHamaide@thomsonreuters.com；+336 877 4 414 8；））</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>France's Roquette warns of price rise in plant-based food market<blockquote>法国罗盖特警告植物性食品市场价格上涨</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\">\nFrance's Roquette warns of price rise in plant-based food market<blockquote>法国罗盖特警告植物性食品市场价格上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time smaller\">2021-09-27 22:52</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body>PARIS, Sept 27 (Reuters) - A global surge in pea prices linked to low supplies and growing demand for plant protein will inevitably need to be passed on to customers, including makers of alternative food such as meat-free burgers, French producer Roquette said on Monday.</p><p><blockquote><html><body>路透巴黎9月27日-法国生产商Roquette周一表示，全球豌豆价格飙升与供应不足和对植物蛋白需求不断增长有关，这将不可避免地需要转嫁给客户，包括无肉汉堡等替代食品的制造商。</body></html></blockquote></p><p>   The market for alternative protein has soared in recent years, attracting major investment from global agrifood groups, including Nestle   , PepsiCo    and Archer Daniels Midland   , hoping to capitalise on a trend towards healthier eating.    </p><p><blockquote>近年来，替代蛋白市场飙升，吸引了雀巢、百事可乐和阿彻丹尼尔斯米德兰等全球农业食品集团的大量投资，希望利用更健康饮食的趋势。</blockquote></p><p>   But pea production slumped this year due mainly to a severe drought this summer in top supplier Canada that cut ouput by 45%, pushing prices up 120% from last year, Roquette said in a statement. </p><p><blockquote>但Roquette在一份声明中表示，今年豌豆产量大幅下降，主要是由于最大供应国加拿大今年夏天的严重干旱，产量减少了45%，导致价格比去年上涨了120%。</blockquote></p><p>   Meanwhile in France the crop was severely damaged by wet weather during harvest.</p><p><blockquote>与此同时，在法国，农作物在收获期间受到潮湿天气的严重破坏。</blockquote></p><p>   \"The dramatic increase in prices will inevitably lead to costs being transferred to customers,\" Roquette said.</p><p><blockquote>“价格的大幅上涨将不可避免地导致成本转移到客户身上，”Roquette说。</blockquote></p><p>   The company declined to give details on price rises it is considering passing on to its customers globally.</p><p><blockquote>该公司拒绝透露其考虑向全球客户提价的细节。</blockquote></p><p>   Family-run Roquette is the largest pea protein producer for the food market. It built the world's biggest pea protein factory in Manitoba, Canada, which is due reach full capacity in 2022, processing some 125,000 tonnes of peas a year. It also has a pea protein factory in northern France.</p><p><blockquote>家族经营的Roquette是食品市场上最大的豌豆蛋白生产商。它在加拿大马尼托巴省建造了世界上最大的豌豆蛋白工厂，预计将于2022年达到满负荷生产，每年加工约12.5万吨豌豆。它在法国北部还有一家豌豆蛋白工厂。</blockquote></p><p>   Last year it signed a three-year supply agreement with U.S. plant-based burger maker Beyond Meat    to end-2022. </p><p><blockquote>去年，该公司与美国植物汉堡制造商Beyond Meat签署了一份为期三年的供应协议，直至2022年底。</blockquote></p><p>   The global pea protein market is projected to increase about 12% per year to reach $554.9 million by 2028, according to research firm Grand View Research.</p><p><blockquote>根据研究公司Grand View Research的数据，全球豌豆蛋白市场预计每年增长约12%，到2028年将达到5.549亿美元。</blockquote></p><p>   (For a graphic on rising global protein consumption and demand for peas, see: )</p><p><blockquote>（有关全球蛋白质消费和豌豆需求增长的图表，请参见：）</blockquote></p><p>   Other key ingredients of plant-based protein such as soybeans, corn and wheat have also seen prices rally over the past year on strong international demand and a lack of global supplies.   </p><p><blockquote>由于国际需求强劲和全球供应不足，大豆、玉米和小麦等植物蛋白的其他关键成分的价格在过去一年中也出现了上涨。</blockquote></p><p> (Reporting by Sybille de La Hamaide; Editing by Kirsten Donovan)</p><p><blockquote>（Sybille de La Hamaide报道；Kirsten Donovan编辑）</blockquote></p><p>((Sybille.deLaHamaide@thomsonreuters.com; +336 8774 4148;))</p><p><blockquote>（（Sybille.deLaHamaide@thomsonreuters.com；+336 877 4 414 8；））</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BYND":"Beyond Meat, Inc."},"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2170269066","content_text":"PARIS, Sept 27 (Reuters) - A global surge in pea prices linked to low supplies and growing demand for plant protein will inevitably need to be passed on to customers, including makers of alternative food such as meat-free burgers, French producer Roquette said on Monday.   The market for alternative protein has soared in recent years, attracting major investment from global agrifood groups, including Nestle   , PepsiCo    and Archer Daniels Midland   , hoping to capitalise on a trend towards healthier eating.       But pea production slumped this year due mainly to a severe drought this summer in top supplier Canada that cut ouput by 45%, pushing prices up 120% from last year, Roquette said in a statement.    Meanwhile in France the crop was severely damaged by wet weather during harvest.   \"The dramatic increase in prices will inevitably lead to costs being transferred to customers,\" Roquette said.   The company declined to give details on price rises it is considering passing on to its customers globally.   Family-run Roquette is the largest pea protein producer for the food market. It built the world's biggest pea protein factory in Manitoba, Canada, which is due reach full capacity in 2022, processing some 125,000 tonnes of peas a year. It also has a pea protein factory in northern France.   Last year it signed a three-year supply agreement with U.S. plant-based burger maker Beyond Meat    to end-2022.    The global pea protein market is projected to increase about 12% per year to reach $554.9 million by 2028, according to research firm Grand View Research.   (For a graphic on rising global protein consumption and demand for peas, see: )   Other key ingredients of plant-based protein such as soybeans, corn and wheat have also seen prices rally over the past year on strong international demand and a lack of global supplies.    (Reporting by Sybille de La Hamaide; Editing by Kirsten Donovan)((Sybille.deLaHamaide@thomsonreuters.com; +336 8774 4148;))","news_type":1,"symbols_score_info":{"BYND":0.9}},"isVote":1,"tweetType":1,"viewCount":2314,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":866733688,"gmtCreate":1632803973644,"gmtModify":1632803973845,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"These guys need to work on their work ethic.Pls like or comment","listText":"These guys need to work on their work ethic.Pls like or comment","text":"These guys need to work on their work ethic.Pls like or comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/866733688","repostId":"1154590665","repostType":2,"repost":{"id":"1154590665","kind":"news","pubTimestamp":1632790801,"share":"https://www.laohu8.com/m/news/1154590665?lang=zh_CN&edition=full","pubTime":"2021-09-28 09:00","market":"us","language":"en","title":"Despite Record Cargo Backlogs, Ports Of L.A. And Long Beach Still Don't Operate Around The Clock<blockquote>尽管货物积压创纪录，洛杉矶和长滩港口仍然无法全天候运营</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154590665","media":"zerohedge","summary":"Some of the busiest U.S. ports, including many in California, are still struggling with how to deal ","content":"<p>Some of the busiest U.S. ports, including many in California, are still struggling with how to deal with significant cargo backlogs.</p><p><blockquote>美国一些最繁忙的港口，包括加利福尼亚州的许多港口，仍在努力应对大量货物积压。</blockquote></p><p> Yet, despite the backlog, the busiest U.S. port still shuts down for hours on most days and is closed on Sundays,the Wall Street Journal reports. \"Tens of thousands\" of containers remain stuck at the ports of Los Angeles and Long Beach. More than 60 ships are lined up to dock, the report says.</p><p><blockquote>然而，据《华尔街日报》报道，尽管积压，美国最繁忙的港口在大多数日子里仍然关闭数小时，周日也关闭。“数万”集装箱仍滞留在洛杉矶和长滩港口。报道称，60多艘船排队停靠码头。</blockquote></p><p> More than 25% of all American imports pass through one of the two ports. LA and Long Beach collectively manage 13 private container terminals. Long Beach officials finally said last week they would try operating 24 hours a day between Monday and Thursday. LA says it's going to keep existing hours and wait for the rest of the supply chain to extend their hours first.</p><p><blockquote>超过25%的美国进口商品通过这两个港口之一。洛杉矶和长滩共同管理着13个私人集装箱码头。长滩官员上周终于表示，他们将尝试在周一至周四之间每天24小时运营。洛杉矶表示，将保持现有工作时间，并等待供应链的其他部分先延长工作时间。</blockquote></p><p> Gene Seroka, executive director of the larger Port of Los Angeles, said: “It has been nearly impossible to get everyone on the same page towards 24/7 operations.”</p><p><blockquote>洛杉矶较大港口的执行董事吉恩·塞罗卡(Gene Seroka)表示：“几乎不可能让每个人都在24/7运营方面达成一致。”</blockquote></p><p> Ports in places like Asia and Europe, for contrast, have operated around the clock \"for years\", the report notes.</p><p><blockquote>报告指出，相比之下，亚洲和欧洲等地的港口“多年来”一直在全天候运营。</blockquote></p><p> Uffe Ostergaard, president of the North America region for German boxship operator Hapag-Lloyd AG said: “With the current work schedule you have two big ports operating at 60%-70% of their capacity. That’s a huge operational disadvantage.”</p><p><blockquote>德国集装箱船运营商赫伯罗特股份公司北美地区总裁Uffe Ostergaard表示：“按照目前的工作时间表，两个大型港口的运营能力为60%-70%。这是一个巨大的运营劣势。”</blockquote></p><p> As the shortage continues, all members of the supply chain including truckers, warehouse operators and railways, are blaming each other for the shortages of products. All parts of the supply chain are also struggling with a shortage of labor.</p><p><blockquote>随着短缺的持续，供应链的所有成员，包括卡车司机、仓库运营商和铁路，都在互相指责产品短缺。供应链的各个部分也都在与劳动力短缺作斗争。</blockquote></p><p> A longshore shift at either of the two ports used to be either 8AM to 4PM or 6PM to 3AM. Overnight shifts of 5 hours were \"rarely used\" because they are up to 50% more expensive, the report says.</p><p><blockquote>这两个港口的码头班次过去是上午8点至下午4点或下午6点至凌晨3点。报告称，5小时的夜班“很少使用”，因为它们的成本高达50%。</blockquote></p><p> The International Longshore and Warehouse Union says their members will work a third shift, but only after the pileup of containers is fetched out of the port so there is space.</p><p><blockquote>国际码头和仓库联盟表示，他们的成员将进行第三班工作，但前提是堆积如山的集装箱被运出港口，以便有空间。</blockquote></p><p> Frank Ponce De Leon, a coast committeeman at the ILWU, said: “Congestion won’t be fixed until everyone steps up and does their part. The terminal operators have been underutilizing their option to hire us for the third shift.</p><p><blockquote>ILWU海岸委员弗兰克·庞塞·德莱昂(Frank Ponce De Leon)表示：“除非每个人都站出来尽自己的一份力量，否则拥堵不会得到解决。码头运营商没有充分利用他们雇用我们做第三班的选择。</blockquote></p><p> Meanwhile, elsewhere in the supply chian, Federal safety regulations prevent commercial truck drivers to 11 hours of driving in a 14 hour workday. Port truckers like to start early in the morning so they can maximize the number of loads they can transport in a day.</p><p><blockquote>与此同时，在供应链的其他地方，联邦安全法规禁止商用卡车司机在14小时工作日中驾驶11小时。港口卡车司机喜欢一大早就出发，这样他们就可以最大限度地增加一天内运输的货物数量。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/65d90e5ff24743575095fb2c886f30b9\" tg-width=\"293\" tg-height=\"469\" width=\"100%\" height=\"auto\">Tom Boyle, chief executive of Quik Pick Express LLC, a trucking and warehousing provider, told the Journal: “The biggest issue it probably comes down to is labor.”</p><p><blockquote>卡车运输和仓储提供商Quik Pick Express LLC的首席执行官汤姆·博伊尔(Tom Boyle)告诉《华尔街日报》：“最大的问题可能归结为劳动力。”</blockquote></p><p> Rail operator Union Pacific says it sees most delays when it picks up cargo from ports and hands it to trucks at destinations.</p><p><blockquote>铁路运营商联合太平洋公司表示，当它从港口提取货物并在目的地将其交给卡车时，它会看到大多数延误。</blockquote></p><p> Wim Lagaay, chief executive of APM Terminals North America, who operates at the port of LA, said: “If you work a gate 24/7 it will improve your velocity. Up to 30% of overall truck appointments are not met because there are not enough trucks, drivers or chassis.”</p><p><blockquote>在洛杉矶港运营的APM Terminals North America首席执行官Wim Lagaay表示：“如果你全天候在登机口工作，就会提高你的速度。高达30%的卡车预约没有得到满足，因为没有足够的卡车、司机或底盘。”</blockquote></p><p> Matt Schrap, chief executive of the Harbor Trucking Association, added: “There is too much congestion from empty containers on terminals. The shipping lines aren’t moving the boxes out, which is preventing us from returning empties that we are storing in our yards.\"</p><p><blockquote>港口卡车运输协会首席执行官马特·施拉普(Matt Schrap)补充道：“码头上的空集装箱造成了太多拥堵。航运公司没有将箱子运出，这使我们无法退回存放在堆场的空集装箱。”</blockquote></p><p> Mario Cordero, executive director at the Port of Long Beach concluded: “It’s impossible to effectively move such volumes if we don’t move to 24/7 operations across the supply chain. They do it in other parts of the world.”</p><p><blockquote>长滩港执行董事马里奥·科德罗(Mario Cordero)总结道：“如果我们不在整个供应链中转向24/7运营，就不可能有效地转移如此数量。他们在世界其他地区也这样做。”</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>Despite Record Cargo Backlogs, Ports Of L.A. And Long Beach Still Don't Operate Around The Clock<blockquote>尽管货物积压创纪录，洛杉矶和长滩港口仍然无法全天候运营</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\">\nDespite Record Cargo Backlogs, Ports Of L.A. And Long Beach Still Don't Operate Around The Clock<blockquote>尽管货物积压创纪录，洛杉矶和长滩港口仍然无法全天候运营</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-09-28 09:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Some of the busiest U.S. ports, including many in California, are still struggling with how to deal with significant cargo backlogs.</p><p><blockquote>美国一些最繁忙的港口，包括加利福尼亚州的许多港口，仍在努力应对大量货物积压。</blockquote></p><p> Yet, despite the backlog, the busiest U.S. port still shuts down for hours on most days and is closed on Sundays,the Wall Street Journal reports. \"Tens of thousands\" of containers remain stuck at the ports of Los Angeles and Long Beach. More than 60 ships are lined up to dock, the report says.</p><p><blockquote>然而，据《华尔街日报》报道，尽管积压，美国最繁忙的港口在大多数日子里仍然关闭数小时，周日也关闭。“数万”集装箱仍滞留在洛杉矶和长滩港口。报道称，60多艘船排队停靠码头。</blockquote></p><p> More than 25% of all American imports pass through one of the two ports. LA and Long Beach collectively manage 13 private container terminals. Long Beach officials finally said last week they would try operating 24 hours a day between Monday and Thursday. LA says it's going to keep existing hours and wait for the rest of the supply chain to extend their hours first.</p><p><blockquote>超过25%的美国进口商品通过这两个港口之一。洛杉矶和长滩共同管理着13个私人集装箱码头。长滩官员上周终于表示，他们将尝试在周一至周四之间每天24小时运营。洛杉矶表示，将保持现有工作时间，并等待供应链的其他部分先延长工作时间。</blockquote></p><p> Gene Seroka, executive director of the larger Port of Los Angeles, said: “It has been nearly impossible to get everyone on the same page towards 24/7 operations.”</p><p><blockquote>洛杉矶较大港口的执行董事吉恩·塞罗卡(Gene Seroka)表示：“几乎不可能让每个人都在24/7运营方面达成一致。”</blockquote></p><p> Ports in places like Asia and Europe, for contrast, have operated around the clock \"for years\", the report notes.</p><p><blockquote>报告指出，相比之下，亚洲和欧洲等地的港口“多年来”一直在全天候运营。</blockquote></p><p> Uffe Ostergaard, president of the North America region for German boxship operator Hapag-Lloyd AG said: “With the current work schedule you have two big ports operating at 60%-70% of their capacity. That’s a huge operational disadvantage.”</p><p><blockquote>德国集装箱船运营商赫伯罗特股份公司北美地区总裁Uffe Ostergaard表示：“按照目前的工作时间表，两个大型港口的运营能力为60%-70%。这是一个巨大的运营劣势。”</blockquote></p><p> As the shortage continues, all members of the supply chain including truckers, warehouse operators and railways, are blaming each other for the shortages of products. All parts of the supply chain are also struggling with a shortage of labor.</p><p><blockquote>随着短缺的持续，供应链的所有成员，包括卡车司机、仓库运营商和铁路，都在互相指责产品短缺。供应链的各个部分也都在与劳动力短缺作斗争。</blockquote></p><p> A longshore shift at either of the two ports used to be either 8AM to 4PM or 6PM to 3AM. Overnight shifts of 5 hours were \"rarely used\" because they are up to 50% more expensive, the report says.</p><p><blockquote>这两个港口的码头班次过去是上午8点至下午4点或下午6点至凌晨3点。报告称，5小时的夜班“很少使用”，因为它们的成本高达50%。</blockquote></p><p> The International Longshore and Warehouse Union says their members will work a third shift, but only after the pileup of containers is fetched out of the port so there is space.</p><p><blockquote>国际码头和仓库联盟表示，他们的成员将进行第三班工作，但前提是堆积如山的集装箱被运出港口，以便有空间。</blockquote></p><p> Frank Ponce De Leon, a coast committeeman at the ILWU, said: “Congestion won’t be fixed until everyone steps up and does their part. The terminal operators have been underutilizing their option to hire us for the third shift.</p><p><blockquote>ILWU海岸委员弗兰克·庞塞·德莱昂(Frank Ponce De Leon)表示：“除非每个人都站出来尽自己的一份力量，否则拥堵不会得到解决。码头运营商没有充分利用他们雇用我们做第三班的选择。</blockquote></p><p> Meanwhile, elsewhere in the supply chian, Federal safety regulations prevent commercial truck drivers to 11 hours of driving in a 14 hour workday. Port truckers like to start early in the morning so they can maximize the number of loads they can transport in a day.</p><p><blockquote>与此同时，在供应链的其他地方，联邦安全法规禁止商用卡车司机在14小时工作日中驾驶11小时。港口卡车司机喜欢一大早就出发，这样他们就可以最大限度地增加一天内运输的货物数量。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/65d90e5ff24743575095fb2c886f30b9\" tg-width=\"293\" tg-height=\"469\" width=\"100%\" height=\"auto\">Tom Boyle, chief executive of Quik Pick Express LLC, a trucking and warehousing provider, told the Journal: “The biggest issue it probably comes down to is labor.”</p><p><blockquote>卡车运输和仓储提供商Quik Pick Express LLC的首席执行官汤姆·博伊尔(Tom Boyle)告诉《华尔街日报》：“最大的问题可能归结为劳动力。”</blockquote></p><p> Rail operator Union Pacific says it sees most delays when it picks up cargo from ports and hands it to trucks at destinations.</p><p><blockquote>铁路运营商联合太平洋公司表示，当它从港口提取货物并在目的地将其交给卡车时，它会看到大多数延误。</blockquote></p><p> Wim Lagaay, chief executive of APM Terminals North America, who operates at the port of LA, said: “If you work a gate 24/7 it will improve your velocity. Up to 30% of overall truck appointments are not met because there are not enough trucks, drivers or chassis.”</p><p><blockquote>在洛杉矶港运营的APM Terminals North America首席执行官Wim Lagaay表示：“如果你全天候在登机口工作，就会提高你的速度。高达30%的卡车预约没有得到满足，因为没有足够的卡车、司机或底盘。”</blockquote></p><p> Matt Schrap, chief executive of the Harbor Trucking Association, added: “There is too much congestion from empty containers on terminals. The shipping lines aren’t moving the boxes out, which is preventing us from returning empties that we are storing in our yards.\"</p><p><blockquote>港口卡车运输协会首席执行官马特·施拉普(Matt Schrap)补充道：“码头上的空集装箱造成了太多拥堵。航运公司没有将箱子运出，这使我们无法退回存放在堆场的空集装箱。”</blockquote></p><p> Mario Cordero, executive director at the Port of Long Beach concluded: “It’s impossible to effectively move such volumes if we don’t move to 24/7 operations across the supply chain. They do it in other parts of the world.”</p><p><blockquote>长滩港执行董事马里奥·科德罗(Mario Cordero)总结道：“如果我们不在整个供应链中转向24/7运营，就不可能有效地转移如此数量。他们在世界其他地区也这样做。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/despite-record-cargo-backlogs-ports-la-and-long-beach-still-dont-operate-around-clock?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/despite-record-cargo-backlogs-ports-la-and-long-beach-still-dont-operate-around-clock?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154590665","content_text":"Some of the busiest U.S. ports, including many in California, are still struggling with how to deal with significant cargo backlogs.\nYet, despite the backlog, the busiest U.S. port still shuts down for hours on most days and is closed on Sundays,the Wall Street Journal reports. \"Tens of thousands\" of containers remain stuck at the ports of Los Angeles and Long Beach. More than 60 ships are lined up to dock, the report says.\nMore than 25% of all American imports pass through one of the two ports. LA and Long Beach collectively manage 13 private container terminals. Long Beach officials finally said last week they would try operating 24 hours a day between Monday and Thursday. LA says it's going to keep existing hours and wait for the rest of the supply chain to extend their hours first.\nGene Seroka, executive director of the larger Port of Los Angeles, said: “It has been nearly impossible to get everyone on the same page towards 24/7 operations.”\nPorts in places like Asia and Europe, for contrast, have operated around the clock \"for years\", the report notes.\nUffe Ostergaard, president of the North America region for German boxship operator Hapag-Lloyd AG said: “With the current work schedule you have two big ports operating at 60%-70% of their capacity. That’s a huge operational disadvantage.”\nAs the shortage continues, all members of the supply chain including truckers, warehouse operators and railways, are blaming each other for the shortages of products. All parts of the supply chain are also struggling with a shortage of labor.\nA longshore shift at either of the two ports used to be either 8AM to 4PM or 6PM to 3AM. Overnight shifts of 5 hours were \"rarely used\" because they are up to 50% more expensive, the report says.\nThe International Longshore and Warehouse Union says their members will work a third shift, but only after the pileup of containers is fetched out of the port so there is space.\nFrank Ponce De Leon, a coast committeeman at the ILWU, said: “Congestion won’t be fixed until everyone steps up and does their part. The terminal operators have been underutilizing their option to hire us for the third shift.\nMeanwhile, elsewhere in the supply chian, Federal safety regulations prevent commercial truck drivers to 11 hours of driving in a 14 hour workday. Port truckers like to start early in the morning so they can maximize the number of loads they can transport in a day.\nTom Boyle, chief executive of Quik Pick Express LLC, a trucking and warehousing provider, told the Journal: “The biggest issue it probably comes down to is labor.”\nRail operator Union Pacific says it sees most delays when it picks up cargo from ports and hands it to trucks at destinations.\nWim Lagaay, chief executive of APM Terminals North America, who operates at the port of LA, said: “If you work a gate 24/7 it will improve your velocity. Up to 30% of overall truck appointments are not met because there are not enough trucks, drivers or chassis.”\nMatt Schrap, chief executive of the Harbor Trucking Association, added: “There is too much congestion from empty containers on terminals. The shipping lines aren’t moving the boxes out, which is preventing us from returning empties that we are storing in our yards.\"\nMario Cordero, executive director at the Port of Long Beach concluded: “It’s impossible to effectively move such volumes if we don’t move to 24/7 operations across the supply chain. They do it in other parts of the world.”","news_type":1,"symbols_score_info":{".IXIC":0.9,"SPY":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2175,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":866733885,"gmtCreate":1632803922647,"gmtModify":1632803922888,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"How much steam do they have left.Pls like and comment","listText":"How much steam do they have left.Pls like and comment","text":"How much steam do they have left.Pls like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/866733885","repostId":"1104797075","repostType":2,"repost":{"id":"1104797075","kind":"news","pubTimestamp":1632795494,"share":"https://www.laohu8.com/m/news/1104797075?lang=zh_CN&edition=full","pubTime":"2021-09-28 10:18","market":"us","language":"en","title":"7 Meme Stocks That May Have More Lead Left in Their Pencils<blockquote>7只可能留下更多线索的模因股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104797075","media":"InvestorPlace","summary":"These top meme stocks have potential to rally in the upcoming months.\n\nMeme stocks have been receivi","content":"<p><div> These top meme stocks have potential to rally in the upcoming months.  Meme stocks have been receiving a lot of attention from both new and seasoned investors. These stocks gain overnight with ...</p><p><blockquote><div>这些顶级模因股票在未来几个月有可能上涨。模因股票一直受到新投资者和经验丰富的投资者的广泛关注。这些股票一夜之间上涨...</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/09/7-meme-stocks-that-may-have-more-lead-left-in-their-pencils/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/09/7-meme-stocks-that-may-have-more-lead-left-in-their-pencils/\">网页连接</a></blockquote></p><p></p>","source":"lsy1606302653667","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>7 Meme Stocks That May Have More Lead Left in Their Pencils<blockquote>7只可能留下更多线索的模因股票</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\">\n7 Meme Stocks That May Have More Lead Left in Their Pencils<blockquote>7只可能留下更多线索的模因股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">InvestorPlace</strong><span class=\"h-time small\">2021-09-28 10:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> These top meme stocks have potential to rally in the upcoming months.  Meme stocks have been receiving a lot of attention from both new and seasoned investors. These stocks gain overnight with ...</p><p><blockquote><div>这些顶级模因股票在未来几个月有可能上涨。模因股票一直受到新投资者和经验丰富的投资者的广泛关注。这些股票一夜之间上涨...</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/09/7-meme-stocks-that-may-have-more-lead-left-in-their-pencils/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/09/7-meme-stocks-that-may-have-more-lead-left-in-their-pencils/\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://investorplace.com/2021/09/7-meme-stocks-that-may-have-more-lead-left-in-their-pencils/\">InvestorPlace</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":{"FUBO":"fuboTV Inc.","CRSR":"Corsair Gaming, Inc.","HOOD":"Robinhood","UPST":"Upstart Holdings, Inc.","GREE":"Greenidge Generation Holdings Inc.","GME":"游戏驿站","AMC":"AMC院线"},"source_url":"https://investorplace.com/2021/09/7-meme-stocks-that-may-have-more-lead-left-in-their-pencils/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104797075","content_text":"These top meme stocks have potential to rally in the upcoming months.\n\nMeme stocks have been receiving a lot of attention from both new and seasoned investors. These stocks gain overnight with dramatic surges due to well-planned social media hype. Popular platforms like Reddit allow retail investors to orchestrate price surges, leading to the impressiveshort squeezeswe’ve seen of late.\nMany of the stocks on this list either already saw a short squeeze or are a short-squeeze candidate. Many are good companies with reasons for investors to be excited. Others are struggling businesses with stock prices completely detached from their fundamentals.\nHowever, in a hyper-speculative market like this, sometimes valuations don’t matter. It’s cringe-worthy to say, but it’s also true. Accordingly, speculators looking for meme stocks with the potential to actually squeeze may already be well aware of the names on this list.\nFor those who believe the momentum in the meme stock segment is far from over, reviewing the pros and cons of these companies is worth doing. For other investors looking for fundamentally-sound options, these are probably not the stocks you’re looking for.\nThat said, risk appetite is up, and as we’ve seen, anything is possible. Accordingly, these top seven meme stocks are on my watch list right now:\n\nAMC Entertainment(NYSE:AMC)\nGameStop(NYSE:GME)\nRobinhood(NASDAQ:HOOD)\nGreenridge Generation(NASDAQ:GREE)\nUpstart(NASDAQ:UPST)\nCorsair Gaming(NASDAQ:CRSR)\nFuboTV(NYSE:FUBO)\n\nMeme Stocks: AMC Entertainment (AMC)Source: Helen89 / Shutterstock.com\nPerhaps the most highly-touted meme stock in the universe right now, AMC is a great example of a company with a valuation that’s completely detached from reality. The unbelievable thing is that AMC stock has held this valuation after squeezing multiple times this year.\nAs one of the largest movie theater chains in the country, AMC stock was hammered by the pandemic. Its price went from 2019 levels around $15 per share to a low around $2 per share in March 2020. Since then, the rest is history.\nAMC stock rose to more than $20 in late January during the peak of short squeeze mania. However, a second squeeze in June took AMC stock to more than $72 per share, another parabolic swing higher.\nRetail investors and speculators gambling on short squeezes have been right on a couple of occasions. Accordingly, this stock has become the poster child for investors looking to benefit from speculative largess in the markets.\nOne of the key drivers of AMC stock investors will be watching is how the upcoming blockbuster slate translates into the company’s earnings. The stock jumped 13% during the second week of September asShang-Chiand theLegend of the Ten Ringssawbox office recordsof $90 million over Labor Day weekend.\nAMC is also planning a$25 million ad campaignand isconsidering a partnershipwith GameStop to boost its future endeavors.\nGameStop (GME)Source: quietbits / Shutterstock.com\nInterestingly, GameStop is the meme stock that kicked off the trend this year. This Kansas-based Fortune 500 company offers a wide range of games and entertainment that consumers can buy online or through stores. GameStop stock has been up by more than 900% year-to-date (YTD) and is currently trading around $188 per share.\nThe company has been working on major projects with the aim of expanding its core business. In July, GameStop announced that it is leasing a530,000 square foot facilityin Nevada. This move is part of the company’s plan to expand its North American fulfillment network. The facility will be operational by 2022.\nGameStop is also working onanother expansion projectwith a 700,000 square foot facility in Pennsylvania.\nIn June, the company completed anequity offering programthrough which it sold five million common shares that are worth about $1 billion. The company wishes to use the proceeds for its expansion projects and balance sheet maintenance.\nThese catalysts, in addition to the company’s transition toward an e-commerce-focused business model, has investors believing this meme stock has further potential.\nMeme Stocks: Robinhood (HOOD)Source: Sulastri Sulastri / Shutterstock.com\nOne of the brokerage firms that enabled the short-squeeze trend, Robinhood has become a meme stock in its own right. Reduced minimum purchase requirements — which means investors can buy partial shares — and no-fee trading for equities has made the company extremely popular among the millennial investor crowd.\nIndeed, many retail investors profiting off the momentum rally coming out of the pandemic have used Robinhood as their broker. The company’s market cap of $37 billion and user base ofmore than 18 millionindividuals highlights the value investors see in its platform.\nThat’s not to say HOOD stock isn’t without its own set of critics. The company has come under scrutiny forsuspending tradingon popular meme stocks during previous rallies.\nIndeed, many retail investors who trusted Robinhood to make the investing process more transparent have turned against this platform. They have cited issues with the company’spayment for order flowbusiness model that funds its zero-fee trading.\nThat said, those banking on more meme stock rallies and a surge of capital into the market from millennials like HOOD stock. This meme stock has plenty of potential for another momentum rally — that is, if the company can maintain its status among its core user base.\nGreenridge Generation (GREE)Source: Shutterstock\nWhile not an original meme stock, Greenridge Generation is included because it recentlyclosed its mergerwith Support.com, a relative newcomer to the meme trade. As the name suggests, the latter is a big player in the customer support sector.\nIts meme status may surprise investors — what would retail investors want to do with a customer support company?\nThe reasons come down to its now-closed merger with Greenridge Generation, a Bitcoin (CCC:BTC-USD) mining company. If you think crypto miners and meme stock investors go together, you’re right.\nIndeed, this merger provides investors with a leveraged way to invest in crypto. The company’s combined operations and ambitious growth plans have encouraged speculators of all stripes to consider this stock. Accordingly, Support.com somewhat quietly gained popularity prior to the merger.\nGiven the hype around the crypto space of late, I expect to see momentum with GREE stock. Investors looking for meme stocks that could run certainly have reason to consider this one right now.\nMeme Stocks: Upstart (UPST)Source: shutterstock.com/CC7\nUpstart, an artificial intelligence-based lending platform that wishes to disrupt and revolutionize the process, certainly has the makings of a meme stock. Indeed, the impressive rally UPST stock has been on recently suggests retail investors are buying in full force.\nSince the end of July, shares of UPST stock have nearly tripled. This is a stock with a tremendous amount of momentum of late. That makes this a valid momentum play, if not a meme stock, by any rational investor’s standards.\nLike the other stocks on this list, Upstart has a rabid retail investor following. The company’s business model of disrupting traditional credit scoring companies’ monopolistic hold on the market is fascinating. Those looking for companies that are true movers and shakers seem to like what Upstart is doing. In a way, I have to agree wholeheartedly with this sentiment.\nIndeed, the company’srevenue growthhas been impressive of late. Investors looking for fundamental reasons to own this stock certainly aren’t fooled by its valuation. There’s real reason to believe that Upstart can grow into it over time. That’s why this is the stock on the list I’m most bullish on right now.\nCorsair Gaming (CRSR)Source: Tada Images/ShutterStock.com\nComputer peripherals and hardware manufacturing company Corsair has seenimpressive revenue growththroughout the pandemic.\nIndeed, CRSR stock had been on an incredible trajectory before the concept of meme stocks came into play. However, the company’s pandemic-induced gains seem to be fading away in recent times.\nThat’s not to say this is a stock retail investors aren’t interested in. The company’sshort squeeze potentialas rated by various sites is high. Accordingly, there’s a small subset of retail investors following this stock and banking on a squeeze play in the near-term. After all, looking at the performance of other beaten-up stocks, anything’s possible.\nThat said, traditional investors don’t seem to like the recent deceleration in Corsair’s growth rate.Its annual resultsshowed that revenue growth jumped 55% in 2020. However, expectations are thattop-line growthfor 2021 might come in at “only” 12% to 24%. That’s not good enough for many hyper-growth investors.\nAccordingly, investors are wondering if CRSR stock can squeeze. If not, is this a value pick at these levels?\nRight now, the jury’s still out. That said, it’s a gambler’s market right now, and it appears some meme stock investors are throwing a few chips at this one. Let’s see where CRSR stock goes from here.\nMeme Stocks: FuboTV (FUBO)Source: Lori Butcher/ShutterStock.com\nSimilar to other meme stocks, FuboTV  is getting a lot of attention due to itshigh short squeeze potential. As a result, the stock comes with high short interest, high borrow fee rates and other metrics that suggest such a scenario is possible.\nPossible and likely are two different things. However, investors have reason to like this stock on a fundamental level as well.\nFuboTV has been a hyper-growth stock. A beneficiary of the cord-cutting trend that has made streaming stocks fly, FUBO shares have done extremely well in recent years. This happens to be one of Cathie Wood’s picks, and is one that retail investors follow closely.\nWhether FUBO stock is a true meme stock can be debated. However, the various momentum-driven swings in this company’s stock price are worth noting.\nAccordingly, investors bullish on this stock for fundamental reasons or as a short squeeze candidate have reason to believe FUBO stock can see another rally. We’ll see what happens from here, but this is a stock I’m watching.","news_type":1,"symbols_score_info":{"AMC":0.9,"GME":0.9,"CRSR":0.9,"FUBO":0.9,"HOOD":0.9,"UPST":0.9,"GREE":0.9}},"isVote":1,"tweetType":1,"viewCount":2376,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":866358340,"gmtCreate":1632738536280,"gmtModify":1632798201771,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/VXRT\">$Vaxart, Inc(VXRT)$</a>come on... turn the corner quickly&nbsp;","listText":"<a href=\"https://laohu8.com/S/VXRT\">$Vaxart, Inc(VXRT)$</a>come on... turn the corner quickly&nbsp;","text":"$Vaxart, Inc(VXRT)$come on... turn the corner quickly","images":[{"img":"https://static.tigerbbs.com/7b7e0f52b7cc5f47d49b8b95a08952e3","width":"1080","height":"3299"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/866358340","isVote":1,"tweetType":1,"viewCount":3497,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":868232644,"gmtCreate":1632650306688,"gmtModify":1632798765207,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/KPTI\">$Karyopharm Therapeutics(KPTI)$</a>Moving along nicely","listText":"<a href=\"https://laohu8.com/S/KPTI\">$Karyopharm Therapeutics(KPTI)$</a>Moving along nicely","text":"$Karyopharm Therapeutics(KPTI)$Moving along nicely","images":[{"img":"https://static.tigerbbs.com/1a6c64fe6597fd601a73a117fe9d0806","width":"750","height":"1068"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/868232644","isVote":1,"tweetType":1,"viewCount":2721,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":868081499,"gmtCreate":1632551510011,"gmtModify":1632658269799,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"What price to go in ?","listText":"What price to go in ?","text":"What price to go in ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/868081499","repostId":"2169220665","repostType":2,"isVote":1,"tweetType":1,"viewCount":687,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":863499650,"gmtCreate":1632409867170,"gmtModify":1632730540745,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"Did I miss the boat??","listText":"Did I miss the boat??","text":"Did I miss the boat??","images":[{"img":"https://static.tigerbbs.com/b9d3956f0ed334f4b3ded75d6a96b017","width":"750","height":"2201"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/863499650","isVote":1,"tweetType":1,"viewCount":549,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":863490575,"gmtCreate":1632409835397,"gmtModify":1632730549748,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/LUMO\">$Lumos Pharma Inc.(LUMO)$</a>So far so good","listText":"<a href=\"https://laohu8.com/S/LUMO\">$Lumos Pharma Inc.(LUMO)$</a>So far so good","text":"$Lumos Pharma Inc.(LUMO)$So far so good","images":[{"img":"https://static.tigerbbs.com/f06fb054255063cacb24d1e55a9d9fe0","width":"750","height":"1068"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/863490575","isVote":1,"tweetType":1,"viewCount":749,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":869706703,"gmtCreate":1632320249902,"gmtModify":1632801260410,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"Not sure if should buy","listText":"Not sure if should buy","text":"Not sure if should buy","images":[{"img":"https://static.tigerbbs.com/3ce65340ffb46a28a029cc9927c18616","width":"750","height":"2356"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/869706703","isVote":1,"tweetType":1,"viewCount":533,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":860401706,"gmtCreate":1632193540705,"gmtModify":1632802148604,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"Interestimg article.Which to buy??Pls like n comment pls","listText":"Interestimg article.Which to buy??Pls like n comment pls","text":"Interestimg article.Which to buy??Pls like n comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/860401706","repostId":"1104395691","repostType":4,"repost":{"id":"1104395691","kind":"news","pubTimestamp":1632191363,"share":"https://www.laohu8.com/m/news/1104395691?lang=zh_CN&edition=full","pubTime":"2021-09-21 10:29","market":"us","language":"en","title":"The Reasons Why ServiceNow Deserves Higher Valuations<blockquote>ServiceNow值得更高估值的原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104395691","media":"Seeking Alpha","summary":"Summary\n\nServiceNow's IT services management tools help organizations manage the consumption of info","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>ServiceNow's IT services management tools help organizations manage the consumption of information technology services.</li>  <li>The company operates in a highly competitive market.</li>  <li>High growth with marketing expenses growing to a lesser degree shows that the company has been able to extend its services using collaborative apps development with partners.</li>  <li>Its ability to expand partnership agreements, as with Microsoft, means more growth at relatively lower costs.</li>  <li>The stock remains undervalued compared to a peer, but do expect volatility as FreshWorks launches its IPO in its quest to benefit from the rise of post-pandemic hybrid work.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/73869f5a5cbd9b1bbb736a28d6595612\" tg-width=\"1536\" tg-height=\"1025\" width=\"100%\" height=\"auto\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>ServiceNow的IT服务管理工具帮助组织管理信息技术服务的消费。</li><li>该公司在竞争激烈的市场中运营。</li><li>营销费用增长幅度较小的高增长表明，该公司已经能够通过与合作伙伴的协作应用程序开发来扩展其服务。</li><li>它有能力扩大合作协议，就像与微软一样，这意味着以相对较低的成本实现更多的增长。</li><li>与同行相比，该股仍被低估，但随着FreshWorks启动IPO以寻求从大流行后混合工作的兴起中受益，预计会出现波动。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock社论来自Getty Images</span></p></blockquote></p><p> After having known a sustained upside during the last three years, ServiceNow (NOW) currently trades at trailing price to sales multiples of about 25x or&nbsp;468%&nbsp;above the IT sector.</p><p><blockquote>在经历了过去三年的持续上涨之后，ServiceNow(NOW)目前的交易价格与销售额倍数约为IT行业的25倍或468%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5aab428e42dd257312a7f20da75c1dfe\" tg-width=\"635\" tg-height=\"447\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> This is a level that is difficult to justify unless the stock presents some specifics which not only justify its high valuations but also show that it is among a handful of software pure plays which have the capacity to generate far higher growth levels.</p><p><blockquote>这个水平很难证明是合理的，除非该股提出一些细节，不仅证明其高估值是合理的，而且表明它是少数有能力产生更高增长水平的纯软件股票之一。</blockquote></p><p> For those who are new to the stock, the company's IT services management (ITSM) tools help organizations manage the consumption of IT services. These tools are most heavily used by information technology service desks and service delivery functions.</p><p><blockquote>对于那些新手来说，该公司的IT服务管理（ITSM）工具可以帮助组织管理IT服务的消费。信息技术服务台和服务提供职能部门使用最多的是这些工具。</blockquote></p><p> For this purpose, ServiceNow has one of the richest ecosystems of third-party application integrations and works closely with partners.</p><p><blockquote>为此，ServiceNow拥有最丰富的第三方应用集成生态系统之一，并与合作伙伴密切合作。</blockquote></p><p> <b>The partnership model</b></p><p><blockquote><b>伙伴关系模式</b></blockquote></p><p> A few days back, on September 16, Microsoft (NASDAQ:MSFT)&nbsp;announced&nbsp;a new collaborative app from ServiceNow for bringing employee experiences within Microsoft Teams.</p><p><blockquote>几天前，即9月16日，微软（纳斯达克股票代码：MSFT）宣布了ServiceNow的一款新协作应用程序，用于为微软团队带来员工体验。</blockquote></p><p> The Teams collaborative app introduced by ServiceNow for its Employee Center provides employees with a single portal to find information and make service requests directly in the flow of their work in Teams.</p><p><blockquote>ServiceNow为其员工中心推出的Teams协作应用程序为员工提供了一个单一门户，可以在团队工作流程中直接查找信息和提出服务请求。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6ef53d9594a8e2b604d65eaad294b02a\" tg-width=\"640\" tg-height=\"224\" width=\"100%\" height=\"auto\"><span>Source: servicenow.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：servicenow.com</span></p></blockquote></p><p> While this development by ServiceNow can be classified as just another collaborative app, which is integrated with Microsoft’s software, there is more. Looking from an angle, ServiceNow appears to have taken more of a central role, by embedding its Employee Center at the very core of Microsoft’s apps distribution architecture.</p><p><blockquote>虽然ServiceNow的这一开发可以归类为另一个与微软软件集成的协作应用程序，但还有更多。从一个角度来看，ServiceNow似乎扮演了更核心的角色，将其员工中心嵌入微软应用分发架构的核心。</blockquote></p><p> Along the same lines, Teams, Microsoft's communication platform offering workspace chat and videoconferencing can be envisioned as the transport medium through which ServiceNow is able to make its app available to a wider audience. Additionally, the ITSM company is doing it in such a way so as to improve user satisfaction and business outcomes.</p><p><blockquote>同样，微软提供工作空间聊天和视频会议的通信平台Teams可以被视为ServiceNow能够向更广泛的受众提供其应用程序的传输介质。此外，ITSM公司这样做是为了提高用户满意度和业务成果。</blockquote></p><p> Looking in the rear mirror, ServiceNow was already integrated with Teams through a Direct integration profile, but this involved some manual steps. It was the same with Zoom (NASDAQ:ZM). It also has such integrations with Oracle (ORCL), SAP SE (SAP), and many others.</p><p><blockquote>从后视镜中看，ServiceNow已经通过直接集成配置文件与团队集成，但这涉及到一些手动步骤。Zoom（纳斯达克：ZM）也是如此。它还与Oracle(ORCL)、SAP SE(SAP)和许多其他公司进行了此类集成。</blockquote></p><p> Thus, the new development represents an expansion of ServiceNow's agreement with Microsoft.</p><p><blockquote>因此，新的发展代表了ServiceNow与微软协议的扩展。</blockquote></p><p> Think aloud, while it is Microsoft that is publicizing the development in its online services-oriented LinkedIn platform, it appears to be more beneficial to ServiceNow. Now, \"publicize\" reminds us of marketing hours spent by product experts in creating awareness about a corporation's product and services, especially the latest capabilities. In this respect, having Microsoft do the work as part of advertising its Team collaborative software is a boon to ServiceNow.</p><p><blockquote>大声想想，虽然是微软在宣传其面向在线服务的LinkedIn平台的发展，但这似乎对ServiceNow更有利。现在，“宣传”让我们想起了产品专家在创造对公司产品和服务的认识，尤其是最新功能的认识方面所花费的营销时间。在这方面，让微软做这项工作作为其团队协作软件广告的一部分对ServiceNow来说是一个福音。</blockquote></p><p> It is partly through this way that it has been able to grow revenues much faster, by 145% over three years, whereas SG&amp;A, which comprises sales and marketing expenses have increased by only 109%.</p><p><blockquote>部分正是通过这种方式，它的收入增长速度要快得多，三年内增长了145%，而包括销售和营销费用在内的SG&amp;A仅增长了109%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/605e7232e453eda56798584a59c2b202\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Investigating further, partners are absolutely critical to continued growth by ServiceNow, as per the organization’s Chief Customer and Partner Officer,Lara Caimi. She says that partners are “critical in terms of achieving what the organization wants to do”. For ServiceNow, partners also play a really important role in bringing the company \"into new C-suite conversations that maybe it was not part of before\". More important, partners drive \"90%&nbsp;of their implementation”.</p><p><blockquote>根据该组织的首席客户和合作伙伴官Lara Caimi的说法，进一步调查，合作伙伴对于ServiceNow的持续增长绝对至关重要。她说，合作伙伴“对于实现组织想要做的事情至关重要”。对于ServiceNow来说，合作伙伴在将公司“带入新的高管对话中，这可能是以前不是的一部分”方面也发挥着非常重要的作用。更重要的是，合作伙伴推动了“90%的实施”。</blockquote></p><p></p><p> To be realistic, while partnerships do help ServiceNow in selling more, there are also secular trends like digital transformation. However, ITSM remains a highly competitive field.</p><p><blockquote>现实地说，虽然合作伙伴关系确实有助于ServiceNow销售更多产品，但也存在数字化转型等长期趋势。然而，ITSM仍然是一个竞争激烈的领域。</blockquote></p><p> <b>The competition</b></p><p><blockquote><b>比赛</b></blockquote></p><p> Gartner's 2021&nbsp;Magic Quadrant&nbsp;for the ISTM market clearly shows the dominant position of ServiceNow, and this has been the case for the last many years. It is followed by&nbsp;BMC&nbsp;and its Helix ITSM offering. Then, there is also&nbsp;Ivanti, which was born from the merger of LanDesk and Heat Software in 2017.</p><p><blockquote>Gartner的2021年ISTM市场魔力象限清楚地显示了ServiceNow的主导地位，过去多年来一直如此。其次是BMC及其Helix ITSM产品。然后，还有Ivanti，它诞生于2017年LanDesk和Heat Software合并。</blockquote></p><p> One challenger is Freshworks (FRSH), whose IPO is pending, with Atlassian (NASDAQ:TEAM) being in the Gartner's visionaries quadrant. Looking further, International Business Machines (IBM) which used to form the&nbsp;rear&nbsp;two years back no longer forms part of Gartner's top list.</p><p><blockquote>Freshworks(FRSH)是一个挑战者，其IPO即将进行，Atlassian(纳斯达克：TEAM)也在Gartner的远见者象限中。进一步看，两年前曾位居其后的国际商业机器公司（IBM）不再是Gartner顶级名单的一部分。</blockquote></p><p> This shows the highly dynamic nature of the competition and Freshworks, which surpassed $300 million in annual recurring revenue (\"ARR\"),growing its business&nbsp;by 40% year-over-year in 2020, builds on its Neo customer data aggregation platform. It has closed two strategic acquisitions and expanded organically as well, with the next major goal being to reach&nbsp;$1 billion&nbsp;in ARR. Freshworks has also complemented its offerings by acquiring AnsweriQ, a provider of AI machine learning for larger enterprises.</p><p><blockquote>这表明了竞争的高度动态性，Freshworks建立在其Neo客户数据聚合平台的基础上，其年度经常性收入(“ARR”)超过3亿美元，2020年业务同比增长40%。它已经完成了两项战略收购，并进行了有机扩张，下一个主要目标是ARR达到10亿美元。Freshworks还通过收购AnsweriQ来补充其产品，AnsweriQ是一家为大型企业提供人工智能机器学习的提供商。</blockquote></p><p> One noteworthy point is that in 2020, the company unveiled Freshworks CRM. While this is a single platform solution that has a lot of merits, it also helps to shed light on ServiceNow's competitive strategy. In this respect, the ITSM play does not want to compete with companies like Salesforce (CRM) or Workday (WDAY) which excel in Customer Relationship Management and Human Resources respectively. Rather, it aims to work with them as partners, in extending their more department-focused products across the whole enterprise through the provision of third-party apps. These enable cross-functional processes.</p><p><blockquote>值得注意的一点是，2020年，该公司推出了Freshworks CRM。虽然这是一个有很多优点的单一平台解决方案，但它也有助于阐明ServiceNow的竞争战略。在这方面，ITSM公司不想与Salesforce(CRM)或Workday(WDAY)等分别在客户关系管理和人力资源方面表现出色的公司竞争。相反，它的目标是作为合作伙伴与他们合作，通过提供第三方应用程序，在整个企业中扩展他们更专注于部门的产品。这些支持跨职能流程。</blockquote></p><p> The ITSM space has taken more importance recently, with the IT department prioritizing centralizing resource management for simplification purposes and to promote cost rationalization. At the same time, stakeholders had to adapt to the transformative changes brought by SaaS (Software as a Service), with all players having made the move to the cloud, but at various degrees of success.</p><p><blockquote>ITSM领域最近变得更加重要，IT部门优先考虑集中资源管理，以实现简化和促进成本合理化。与此同时，利益相关者必须适应SaaS（软件即服务）带来的变革性变化，所有参与者都已迁移到云，但取得了不同程度的成功。</blockquote></p><p> In this context, the widening gap between BMC and ServiceNow's in Gartner's Magic Quadrant from&nbsp;2019&nbsp;to&nbsp;2021&nbsp;shows that the latter has been able to rapidly shift from an in-house deployment model to a SaaS one. This \"successful transition\" is confirmed by the ACV (annual contract value) steadily moving higher as more revenues are derived from monthly subscriptions.</p><p><blockquote>在这种背景下，BMC和ServiceNow在2019年至2021年Gartner魔力象限中的差距不断扩大，这表明后者已经能够迅速从内部部署模式转向SaaS模式。随着更多收入来自月度订阅，ACV（年度合同价值）稳步上升，证实了这种“成功转型”。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0a8c369179213e64ea29fcf49a055d6\" tg-width=\"640\" tg-height=\"308\" width=\"100%\" height=\"auto\"><span>Source: Company presentation in Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha中的公司演示</span></p></blockquote></p><p> According to Gartner, ServiceNow scores&nbsp;better&nbsp;ratings, with much more reviewers willing to recommend it compared to BMC. It scores better for Ease of Deployment, User Experience, and of course, Ease of Integration.</p><p><blockquote>根据Gartner的数据，ServiceNow获得了更好的评级，与BMC相比，有更多的评论者愿意推荐它。它在易于部署、用户体验，当然还有易于集成方面得分更高。</blockquote></p><p> Consequently, benefiting from better technical specifications, ServiceNow's second-quarter subscription billing was $1.328 billion, and for Q3-2021, the expected amount is between&nbsp;$1.4 billion and $1.405 billion, representing not only sequential growth but also 28% to 29% year-over-year growth.</p><p><blockquote>因此，受益于更好的技术规格，ServiceNow第二季度的订阅账单为13.28亿美元，2021年第三季度的预期金额在14亿美元至14.05亿美元之间，不仅环比增长，而且同比增长28%至29%-同比增长。</blockquote></p><p> <b>Valuations and key takeaways</b></p><p><blockquote><b>估值和主要要点</b></blockquote></p><p> With one of the richest ecosystems in terms of third-party application integration, ServiceNow has also invested heavily in AI by acquiring the cognitive search capabilities of&nbsp;Attivioin 2019, followed by&nbsp;Passage AI&nbsp;to advance its deep learning capabilities in 2020.</p><p><blockquote>凭借在第三方应用集成方面最丰富的生态系统之一，ServiceNow也在人工智能方面进行了大量投资，在2019年收购了Attivioin的认知搜索能力，随后Passage AI在2020年推进了其深度学习能力。</blockquote></p><p> Continuing with the momentum, with the acquisition of&nbsp;Element AI, ServiceNow has announced plans to create an AI innovation hub in Canada to “accelerate customer-focused AI innovation” on the company’s Now platform.</p><p><blockquote>通过收购Element AI，ServiceNow继续保持这一势头，宣布计划在加拿大创建一个人工智能创新中心，以在该公司的Now平台上“加速以客户为中心的人工智能创新”。</blockquote></p><p> At the same time, the management remains prudent in its acquisition strategy in order \"not to land in spaces\" already occupied by its partners, which would result in competition. Taking as example RPAs or Robotic Process Automation, currently, a hot M&amp;A topic, the President and Chief Executive Officer, Bill McDermott recently&nbsp;mentioned&nbsp;that:</p><p><blockquote>与此同时，管理层在收购策略上保持谨慎，以免“进入”合作伙伴已经占据的空间，从而导致竞争。以目前并购热门话题RPA或机器人流程自动化为例，总裁兼首席执行官Bill McDermott最近提到：</blockquote></p><p>   You shouldn’t expect us to make acquisitions in that space, but you should expect us to build our functionality and our capabilities, but also be an open and willing partner for the customers because it’s really about solving their problems.\"  Therefore, ServiceNow should not acquire RPA capabilities, but one can expect it to develop third-party apps around the robotic automation ecosystem, thereby penetrating deeper into corporate processes.</p><p><blockquote>您不应该期望我们在该领域进行收购，但您应该期望我们构建我们的功能和能力，同时也成为客户开放且愿意的合作伙伴，因为这实际上是为了解决他们的问题。”因此，ServiceNow不应该获得RPA能力，但人们可以期待它围绕机器人自动化生态系统开发第三方应用程序，从而更深入地渗透到企业流程中。</blockquote></p><p></p><p> Investigating further, developing advanced product integrations comes at a cost, as is evidenced by ServiceNow's lower gross margins compared to peer Atlassian. This signifies that its developers have to spend more time tweaking the platform in order to make sure that their software codes are integrated with partners.</p><p><blockquote>进一步调查，开发先进的产品集成是有成本的，ServiceNow与同行Atlassian相比较低的毛利率就证明了这一点。这意味着它的开发者必须花更多的时间来调整平台，以确保他们的软件代码与合作伙伴集成。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/17d47d95c2946edde8ab8d586b7190a3\" tg-width=\"411\" tg-height=\"186\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> Still, relatively lower operating expenses have enabled ServiceNow to generate EBIT margins of 4.54%, not far behind its peer.</p><p><blockquote>尽管如此，相对较低的运营费用使ServiceNow的息税前利润率达到了4.54%，与同行相差不远。</blockquote></p><p> This has been made possible through a partnership model which enables the company to expand its product globally, and at a relatively lower cost. Hence, looking at the trailing price to sales metric, ServiceNow's undervaluation by 100% compared to Atlassian does not make sense. In this case, just considering 30x multiples, I obtain a target price of $788-800 (30/24.72 x 650), based on the current share price.</p><p><blockquote>这是通过合作模式实现的，该模式使公司能够以相对较低的成本在全球范围内扩展其产品。因此，从历史价格与销售额指标来看，ServiceNow与Atlassian相比被低估100%是没有意义的。在这种情况下，仅考虑30倍市盈率，根据当前股价，我获得的目标价为788-800美元（30/24.72 x 650）。</blockquote></p><p> However, after high COVID gains, do expect some volatility due to inflationary pressures and a high probability of a Freshworks IPO this year.</p><p><blockquote>然而，在新冠疫情大幅上涨之后，由于通胀压力和Freshworks今年IPO的可能性很高，预计会出现一些波动。</blockquote></p><p> Finally, as the world shifts to hybrid work, people need tools that streamline daily tasks and maintain them in the flow of their work. Having realized this earlier on, ServiceNow focuses on delivering services in a way that customers see the value, while at the same time, ensuring that the partner becomes a multiplying force for its products.</p><p><blockquote>最后，随着世界转向混合工作，人们需要简化日常任务并在工作流程中维护它们的工具。ServiceNow很早就意识到了这一点，专注于以客户看到价值的方式提供服务，同时确保合作伙伴成为其产品的倍增力量。</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>The Reasons Why ServiceNow Deserves Higher Valuations<blockquote>ServiceNow值得更高估值的原因</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Reasons Why ServiceNow Deserves Higher Valuations<blockquote>ServiceNow值得更高估值的原因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-21 10:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>ServiceNow's IT services management tools help organizations manage the consumption of information technology services.</li>  <li>The company operates in a highly competitive market.</li>  <li>High growth with marketing expenses growing to a lesser degree shows that the company has been able to extend its services using collaborative apps development with partners.</li>  <li>Its ability to expand partnership agreements, as with Microsoft, means more growth at relatively lower costs.</li>  <li>The stock remains undervalued compared to a peer, but do expect volatility as FreshWorks launches its IPO in its quest to benefit from the rise of post-pandemic hybrid work.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/73869f5a5cbd9b1bbb736a28d6595612\" tg-width=\"1536\" tg-height=\"1025\" width=\"100%\" height=\"auto\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>ServiceNow的IT服务管理工具帮助组织管理信息技术服务的消费。</li><li>该公司在竞争激烈的市场中运营。</li><li>营销费用增长幅度较小的高增长表明，该公司已经能够通过与合作伙伴的协作应用程序开发来扩展其服务。</li><li>它有能力扩大合作协议，就像与微软一样，这意味着以相对较低的成本实现更多的增长。</li><li>与同行相比，该股仍被低估，但随着FreshWorks启动IPO以寻求从大流行后混合工作的兴起中受益，预计会出现波动。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock社论来自Getty Images</span></p></blockquote></p><p> After having known a sustained upside during the last three years, ServiceNow (NOW) currently trades at trailing price to sales multiples of about 25x or&nbsp;468%&nbsp;above the IT sector.</p><p><blockquote>在经历了过去三年的持续上涨之后，ServiceNow(NOW)目前的交易价格与销售额倍数约为IT行业的25倍或468%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5aab428e42dd257312a7f20da75c1dfe\" tg-width=\"635\" tg-height=\"447\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> This is a level that is difficult to justify unless the stock presents some specifics which not only justify its high valuations but also show that it is among a handful of software pure plays which have the capacity to generate far higher growth levels.</p><p><blockquote>这个水平很难证明是合理的，除非该股提出一些细节，不仅证明其高估值是合理的，而且表明它是少数有能力产生更高增长水平的纯软件股票之一。</blockquote></p><p> For those who are new to the stock, the company's IT services management (ITSM) tools help organizations manage the consumption of IT services. These tools are most heavily used by information technology service desks and service delivery functions.</p><p><blockquote>对于那些新手来说，该公司的IT服务管理（ITSM）工具可以帮助组织管理IT服务的消费。信息技术服务台和服务提供职能部门使用最多的是这些工具。</blockquote></p><p> For this purpose, ServiceNow has one of the richest ecosystems of third-party application integrations and works closely with partners.</p><p><blockquote>为此，ServiceNow拥有最丰富的第三方应用集成生态系统之一，并与合作伙伴密切合作。</blockquote></p><p> <b>The partnership model</b></p><p><blockquote><b>伙伴关系模式</b></blockquote></p><p> A few days back, on September 16, Microsoft (NASDAQ:MSFT)&nbsp;announced&nbsp;a new collaborative app from ServiceNow for bringing employee experiences within Microsoft Teams.</p><p><blockquote>几天前，即9月16日，微软（纳斯达克股票代码：MSFT）宣布了ServiceNow的一款新协作应用程序，用于为微软团队带来员工体验。</blockquote></p><p> The Teams collaborative app introduced by ServiceNow for its Employee Center provides employees with a single portal to find information and make service requests directly in the flow of their work in Teams.</p><p><blockquote>ServiceNow为其员工中心推出的Teams协作应用程序为员工提供了一个单一门户，可以在团队工作流程中直接查找信息和提出服务请求。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6ef53d9594a8e2b604d65eaad294b02a\" tg-width=\"640\" tg-height=\"224\" width=\"100%\" height=\"auto\"><span>Source: servicenow.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：servicenow.com</span></p></blockquote></p><p> While this development by ServiceNow can be classified as just another collaborative app, which is integrated with Microsoft’s software, there is more. Looking from an angle, ServiceNow appears to have taken more of a central role, by embedding its Employee Center at the very core of Microsoft’s apps distribution architecture.</p><p><blockquote>虽然ServiceNow的这一开发可以归类为另一个与微软软件集成的协作应用程序，但还有更多。从一个角度来看，ServiceNow似乎扮演了更核心的角色，将其员工中心嵌入微软应用分发架构的核心。</blockquote></p><p> Along the same lines, Teams, Microsoft's communication platform offering workspace chat and videoconferencing can be envisioned as the transport medium through which ServiceNow is able to make its app available to a wider audience. Additionally, the ITSM company is doing it in such a way so as to improve user satisfaction and business outcomes.</p><p><blockquote>同样，微软提供工作空间聊天和视频会议的通信平台Teams可以被视为ServiceNow能够向更广泛的受众提供其应用程序的传输介质。此外，ITSM公司这样做是为了提高用户满意度和业务成果。</blockquote></p><p> Looking in the rear mirror, ServiceNow was already integrated with Teams through a Direct integration profile, but this involved some manual steps. It was the same with Zoom (NASDAQ:ZM). It also has such integrations with Oracle (ORCL), SAP SE (SAP), and many others.</p><p><blockquote>从后视镜中看，ServiceNow已经通过直接集成配置文件与团队集成，但这涉及到一些手动步骤。Zoom（纳斯达克：ZM）也是如此。它还与Oracle(ORCL)、SAP SE(SAP)和许多其他公司进行了此类集成。</blockquote></p><p> Thus, the new development represents an expansion of ServiceNow's agreement with Microsoft.</p><p><blockquote>因此，新的发展代表了ServiceNow与微软协议的扩展。</blockquote></p><p> Think aloud, while it is Microsoft that is publicizing the development in its online services-oriented LinkedIn platform, it appears to be more beneficial to ServiceNow. Now, \"publicize\" reminds us of marketing hours spent by product experts in creating awareness about a corporation's product and services, especially the latest capabilities. In this respect, having Microsoft do the work as part of advertising its Team collaborative software is a boon to ServiceNow.</p><p><blockquote>大声想想，虽然是微软在宣传其面向在线服务的LinkedIn平台的发展，但这似乎对ServiceNow更有利。现在，“宣传”让我们想起了产品专家在创造对公司产品和服务的认识，尤其是最新功能的认识方面所花费的营销时间。在这方面，让微软做这项工作作为其团队协作软件广告的一部分对ServiceNow来说是一个福音。</blockquote></p><p> It is partly through this way that it has been able to grow revenues much faster, by 145% over three years, whereas SG&amp;A, which comprises sales and marketing expenses have increased by only 109%.</p><p><blockquote>部分正是通过这种方式，它的收入增长速度要快得多，三年内增长了145%，而包括销售和营销费用在内的SG&amp;A仅增长了109%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/605e7232e453eda56798584a59c2b202\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Investigating further, partners are absolutely critical to continued growth by ServiceNow, as per the organization’s Chief Customer and Partner Officer,Lara Caimi. She says that partners are “critical in terms of achieving what the organization wants to do”. For ServiceNow, partners also play a really important role in bringing the company \"into new C-suite conversations that maybe it was not part of before\". More important, partners drive \"90%&nbsp;of their implementation”.</p><p><blockquote>根据该组织的首席客户和合作伙伴官Lara Caimi的说法，进一步调查，合作伙伴对于ServiceNow的持续增长绝对至关重要。她说，合作伙伴“对于实现组织想要做的事情至关重要”。对于ServiceNow来说，合作伙伴在将公司“带入新的高管对话中，这可能是以前不是的一部分”方面也发挥着非常重要的作用。更重要的是，合作伙伴推动了“90%的实施”。</blockquote></p><p></p><p> To be realistic, while partnerships do help ServiceNow in selling more, there are also secular trends like digital transformation. However, ITSM remains a highly competitive field.</p><p><blockquote>现实地说，虽然合作伙伴关系确实有助于ServiceNow销售更多产品，但也存在数字化转型等长期趋势。然而，ITSM仍然是一个竞争激烈的领域。</blockquote></p><p> <b>The competition</b></p><p><blockquote><b>比赛</b></blockquote></p><p> Gartner's 2021&nbsp;Magic Quadrant&nbsp;for the ISTM market clearly shows the dominant position of ServiceNow, and this has been the case for the last many years. It is followed by&nbsp;BMC&nbsp;and its Helix ITSM offering. Then, there is also&nbsp;Ivanti, which was born from the merger of LanDesk and Heat Software in 2017.</p><p><blockquote>Gartner的2021年ISTM市场魔力象限清楚地显示了ServiceNow的主导地位，过去多年来一直如此。其次是BMC及其Helix ITSM产品。然后，还有Ivanti，它诞生于2017年LanDesk和Heat Software合并。</blockquote></p><p> One challenger is Freshworks (FRSH), whose IPO is pending, with Atlassian (NASDAQ:TEAM) being in the Gartner's visionaries quadrant. Looking further, International Business Machines (IBM) which used to form the&nbsp;rear&nbsp;two years back no longer forms part of Gartner's top list.</p><p><blockquote>Freshworks(FRSH)是一个挑战者，其IPO即将进行，Atlassian(纳斯达克：TEAM)也在Gartner的远见者象限中。进一步看，两年前曾位居其后的国际商业机器公司（IBM）不再是Gartner顶级名单的一部分。</blockquote></p><p> This shows the highly dynamic nature of the competition and Freshworks, which surpassed $300 million in annual recurring revenue (\"ARR\"),growing its business&nbsp;by 40% year-over-year in 2020, builds on its Neo customer data aggregation platform. It has closed two strategic acquisitions and expanded organically as well, with the next major goal being to reach&nbsp;$1 billion&nbsp;in ARR. Freshworks has also complemented its offerings by acquiring AnsweriQ, a provider of AI machine learning for larger enterprises.</p><p><blockquote>这表明了竞争的高度动态性，Freshworks建立在其Neo客户数据聚合平台的基础上，其年度经常性收入(“ARR”)超过3亿美元，2020年业务同比增长40%。它已经完成了两项战略收购，并进行了有机扩张，下一个主要目标是ARR达到10亿美元。Freshworks还通过收购AnsweriQ来补充其产品，AnsweriQ是一家为大型企业提供人工智能机器学习的提供商。</blockquote></p><p> One noteworthy point is that in 2020, the company unveiled Freshworks CRM. While this is a single platform solution that has a lot of merits, it also helps to shed light on ServiceNow's competitive strategy. In this respect, the ITSM play does not want to compete with companies like Salesforce (CRM) or Workday (WDAY) which excel in Customer Relationship Management and Human Resources respectively. Rather, it aims to work with them as partners, in extending their more department-focused products across the whole enterprise through the provision of third-party apps. These enable cross-functional processes.</p><p><blockquote>值得注意的一点是，2020年，该公司推出了Freshworks CRM。虽然这是一个有很多优点的单一平台解决方案，但它也有助于阐明ServiceNow的竞争战略。在这方面，ITSM公司不想与Salesforce(CRM)或Workday(WDAY)等分别在客户关系管理和人力资源方面表现出色的公司竞争。相反，它的目标是作为合作伙伴与他们合作，通过提供第三方应用程序，在整个企业中扩展他们更专注于部门的产品。这些支持跨职能流程。</blockquote></p><p> The ITSM space has taken more importance recently, with the IT department prioritizing centralizing resource management for simplification purposes and to promote cost rationalization. At the same time, stakeholders had to adapt to the transformative changes brought by SaaS (Software as a Service), with all players having made the move to the cloud, but at various degrees of success.</p><p><blockquote>ITSM领域最近变得更加重要，IT部门优先考虑集中资源管理，以实现简化和促进成本合理化。与此同时，利益相关者必须适应SaaS（软件即服务）带来的变革性变化，所有参与者都已迁移到云，但取得了不同程度的成功。</blockquote></p><p> In this context, the widening gap between BMC and ServiceNow's in Gartner's Magic Quadrant from&nbsp;2019&nbsp;to&nbsp;2021&nbsp;shows that the latter has been able to rapidly shift from an in-house deployment model to a SaaS one. This \"successful transition\" is confirmed by the ACV (annual contract value) steadily moving higher as more revenues are derived from monthly subscriptions.</p><p><blockquote>在这种背景下，BMC和ServiceNow在2019年至2021年Gartner魔力象限中的差距不断扩大，这表明后者已经能够迅速从内部部署模式转向SaaS模式。随着更多收入来自月度订阅，ACV（年度合同价值）稳步上升，证实了这种“成功转型”。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0a8c369179213e64ea29fcf49a055d6\" tg-width=\"640\" tg-height=\"308\" width=\"100%\" height=\"auto\"><span>Source: Company presentation in Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha中的公司演示</span></p></blockquote></p><p> According to Gartner, ServiceNow scores&nbsp;better&nbsp;ratings, with much more reviewers willing to recommend it compared to BMC. It scores better for Ease of Deployment, User Experience, and of course, Ease of Integration.</p><p><blockquote>根据Gartner的数据，ServiceNow获得了更好的评级，与BMC相比，有更多的评论者愿意推荐它。它在易于部署、用户体验，当然还有易于集成方面得分更高。</blockquote></p><p> Consequently, benefiting from better technical specifications, ServiceNow's second-quarter subscription billing was $1.328 billion, and for Q3-2021, the expected amount is between&nbsp;$1.4 billion and $1.405 billion, representing not only sequential growth but also 28% to 29% year-over-year growth.</p><p><blockquote>因此，受益于更好的技术规格，ServiceNow第二季度的订阅账单为13.28亿美元，2021年第三季度的预期金额在14亿美元至14.05亿美元之间，不仅环比增长，而且同比增长28%至29%-同比增长。</blockquote></p><p> <b>Valuations and key takeaways</b></p><p><blockquote><b>估值和主要要点</b></blockquote></p><p> With one of the richest ecosystems in terms of third-party application integration, ServiceNow has also invested heavily in AI by acquiring the cognitive search capabilities of&nbsp;Attivioin 2019, followed by&nbsp;Passage AI&nbsp;to advance its deep learning capabilities in 2020.</p><p><blockquote>凭借在第三方应用集成方面最丰富的生态系统之一，ServiceNow也在人工智能方面进行了大量投资，在2019年收购了Attivioin的认知搜索能力，随后Passage AI在2020年推进了其深度学习能力。</blockquote></p><p> Continuing with the momentum, with the acquisition of&nbsp;Element AI, ServiceNow has announced plans to create an AI innovation hub in Canada to “accelerate customer-focused AI innovation” on the company’s Now platform.</p><p><blockquote>通过收购Element AI，ServiceNow继续保持这一势头，宣布计划在加拿大创建一个人工智能创新中心，以在该公司的Now平台上“加速以客户为中心的人工智能创新”。</blockquote></p><p> At the same time, the management remains prudent in its acquisition strategy in order \"not to land in spaces\" already occupied by its partners, which would result in competition. Taking as example RPAs or Robotic Process Automation, currently, a hot M&amp;A topic, the President and Chief Executive Officer, Bill McDermott recently&nbsp;mentioned&nbsp;that:</p><p><blockquote>与此同时，管理层在收购策略上保持谨慎，以免“进入”合作伙伴已经占据的空间，从而导致竞争。以目前并购热门话题RPA或机器人流程自动化为例，总裁兼首席执行官Bill McDermott最近提到：</blockquote></p><p>   You shouldn’t expect us to make acquisitions in that space, but you should expect us to build our functionality and our capabilities, but also be an open and willing partner for the customers because it’s really about solving their problems.\"  Therefore, ServiceNow should not acquire RPA capabilities, but one can expect it to develop third-party apps around the robotic automation ecosystem, thereby penetrating deeper into corporate processes.</p><p><blockquote>您不应该期望我们在该领域进行收购，但您应该期望我们构建我们的功能和能力，同时也成为客户开放且愿意的合作伙伴，因为这实际上是为了解决他们的问题。”因此，ServiceNow不应该获得RPA能力，但人们可以期待它围绕机器人自动化生态系统开发第三方应用程序，从而更深入地渗透到企业流程中。</blockquote></p><p></p><p> Investigating further, developing advanced product integrations comes at a cost, as is evidenced by ServiceNow's lower gross margins compared to peer Atlassian. This signifies that its developers have to spend more time tweaking the platform in order to make sure that their software codes are integrated with partners.</p><p><blockquote>进一步调查，开发先进的产品集成是有成本的，ServiceNow与同行Atlassian相比较低的毛利率就证明了这一点。这意味着它的开发者必须花更多的时间来调整平台，以确保他们的软件代码与合作伙伴集成。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/17d47d95c2946edde8ab8d586b7190a3\" tg-width=\"411\" tg-height=\"186\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> Still, relatively lower operating expenses have enabled ServiceNow to generate EBIT margins of 4.54%, not far behind its peer.</p><p><blockquote>尽管如此，相对较低的运营费用使ServiceNow的息税前利润率达到了4.54%，与同行相差不远。</blockquote></p><p> This has been made possible through a partnership model which enables the company to expand its product globally, and at a relatively lower cost. Hence, looking at the trailing price to sales metric, ServiceNow's undervaluation by 100% compared to Atlassian does not make sense. In this case, just considering 30x multiples, I obtain a target price of $788-800 (30/24.72 x 650), based on the current share price.</p><p><blockquote>这是通过合作模式实现的，该模式使公司能够以相对较低的成本在全球范围内扩展其产品。因此，从历史价格与销售额指标来看，ServiceNow与Atlassian相比被低估100%是没有意义的。在这种情况下，仅考虑30倍市盈率，根据当前股价，我获得的目标价为788-800美元（30/24.72 x 650）。</blockquote></p><p> However, after high COVID gains, do expect some volatility due to inflationary pressures and a high probability of a Freshworks IPO this year.</p><p><blockquote>然而，在新冠疫情大幅上涨之后，由于通胀压力和Freshworks今年IPO的可能性很高，预计会出现一些波动。</blockquote></p><p> Finally, as the world shifts to hybrid work, people need tools that streamline daily tasks and maintain them in the flow of their work. Having realized this earlier on, ServiceNow focuses on delivering services in a way that customers see the value, while at the same time, ensuring that the partner becomes a multiplying force for its products.</p><p><blockquote>最后，随着世界转向混合工作，人们需要简化日常任务并在工作流程中维护它们的工具。ServiceNow很早就意识到了这一点，专注于以客户看到价值的方式提供服务，同时确保合作伙伴成为其产品的倍增力量。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4456215-the-reasons-why-servicenow-deserves-higher-valuations\">Seeking Alpha</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":{"NOW":"ServiceNow"},"source_url":"https://seekingalpha.com/article/4456215-the-reasons-why-servicenow-deserves-higher-valuations","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104395691","content_text":"Summary\n\nServiceNow's IT services management tools help organizations manage the consumption of information technology services.\nThe company operates in a highly competitive market.\nHigh growth with marketing expenses growing to a lesser degree shows that the company has been able to extend its services using collaborative apps development with partners.\nIts ability to expand partnership agreements, as with Microsoft, means more growth at relatively lower costs.\nThe stock remains undervalued compared to a peer, but do expect volatility as FreshWorks launches its IPO in its quest to benefit from the rise of post-pandemic hybrid work.\n\nSundry Photography/iStock Editorial via Getty Images\nAfter having known a sustained upside during the last three years, ServiceNow (NOW) currently trades at trailing price to sales multiples of about 25x or 468% above the IT sector.\nData by YCharts\nThis is a level that is difficult to justify unless the stock presents some specifics which not only justify its high valuations but also show that it is among a handful of software pure plays which have the capacity to generate far higher growth levels.\nFor those who are new to the stock, the company's IT services management (ITSM) tools help organizations manage the consumption of IT services. These tools are most heavily used by information technology service desks and service delivery functions.\nFor this purpose, ServiceNow has one of the richest ecosystems of third-party application integrations and works closely with partners.\nThe partnership model\nA few days back, on September 16, Microsoft (NASDAQ:MSFT) announced a new collaborative app from ServiceNow for bringing employee experiences within Microsoft Teams.\nThe Teams collaborative app introduced by ServiceNow for its Employee Center provides employees with a single portal to find information and make service requests directly in the flow of their work in Teams.\nSource: servicenow.com\nWhile this development by ServiceNow can be classified as just another collaborative app, which is integrated with Microsoft’s software, there is more. Looking from an angle, ServiceNow appears to have taken more of a central role, by embedding its Employee Center at the very core of Microsoft’s apps distribution architecture.\nAlong the same lines, Teams, Microsoft's communication platform offering workspace chat and videoconferencing can be envisioned as the transport medium through which ServiceNow is able to make its app available to a wider audience. Additionally, the ITSM company is doing it in such a way so as to improve user satisfaction and business outcomes.\nLooking in the rear mirror, ServiceNow was already integrated with Teams through a Direct integration profile, but this involved some manual steps. It was the same with Zoom (NASDAQ:ZM). It also has such integrations with Oracle (ORCL), SAP SE (SAP), and many others.\nThus, the new development represents an expansion of ServiceNow's agreement with Microsoft.\nThink aloud, while it is Microsoft that is publicizing the development in its online services-oriented LinkedIn platform, it appears to be more beneficial to ServiceNow. Now, \"publicize\" reminds us of marketing hours spent by product experts in creating awareness about a corporation's product and services, especially the latest capabilities. In this respect, having Microsoft do the work as part of advertising its Team collaborative software is a boon to ServiceNow.\nIt is partly through this way that it has been able to grow revenues much faster, by 145% over three years, whereas SG&A, which comprises sales and marketing expenses have increased by only 109%.\nData by YCharts\nInvestigating further, partners are absolutely critical to continued growth by ServiceNow, as per the organization’s Chief Customer and Partner Officer,Lara Caimi. She says that partners are “critical in terms of achieving what the organization wants to do”. For ServiceNow, partners also play a really important role in bringing the company \"into new C-suite conversations that maybe it was not part of before\". More important, partners drive \"90% of their implementation”.\nTo be realistic, while partnerships do help ServiceNow in selling more, there are also secular trends like digital transformation. However, ITSM remains a highly competitive field.\nThe competition\nGartner's 2021 Magic Quadrant for the ISTM market clearly shows the dominant position of ServiceNow, and this has been the case for the last many years. It is followed by BMC and its Helix ITSM offering. Then, there is also Ivanti, which was born from the merger of LanDesk and Heat Software in 2017.\nOne challenger is Freshworks (FRSH), whose IPO is pending, with Atlassian (NASDAQ:TEAM) being in the Gartner's visionaries quadrant. Looking further, International Business Machines (IBM) which used to form the rear two years back no longer forms part of Gartner's top list.\nThis shows the highly dynamic nature of the competition and Freshworks, which surpassed $300 million in annual recurring revenue (\"ARR\"),growing its business by 40% year-over-year in 2020, builds on its Neo customer data aggregation platform. It has closed two strategic acquisitions and expanded organically as well, with the next major goal being to reach $1 billion in ARR. Freshworks has also complemented its offerings by acquiring AnsweriQ, a provider of AI machine learning for larger enterprises.\nOne noteworthy point is that in 2020, the company unveiled Freshworks CRM. While this is a single platform solution that has a lot of merits, it also helps to shed light on ServiceNow's competitive strategy. In this respect, the ITSM play does not want to compete with companies like Salesforce (CRM) or Workday (WDAY) which excel in Customer Relationship Management and Human Resources respectively. Rather, it aims to work with them as partners, in extending their more department-focused products across the whole enterprise through the provision of third-party apps. These enable cross-functional processes.\nThe ITSM space has taken more importance recently, with the IT department prioritizing centralizing resource management for simplification purposes and to promote cost rationalization. At the same time, stakeholders had to adapt to the transformative changes brought by SaaS (Software as a Service), with all players having made the move to the cloud, but at various degrees of success.\nIn this context, the widening gap between BMC and ServiceNow's in Gartner's Magic Quadrant from 2019 to 2021 shows that the latter has been able to rapidly shift from an in-house deployment model to a SaaS one. This \"successful transition\" is confirmed by the ACV (annual contract value) steadily moving higher as more revenues are derived from monthly subscriptions.\nSource: Company presentation in Seeking Alpha\nAccording to Gartner, ServiceNow scores better ratings, with much more reviewers willing to recommend it compared to BMC. It scores better for Ease of Deployment, User Experience, and of course, Ease of Integration.\nConsequently, benefiting from better technical specifications, ServiceNow's second-quarter subscription billing was $1.328 billion, and for Q3-2021, the expected amount is between $1.4 billion and $1.405 billion, representing not only sequential growth but also 28% to 29% year-over-year growth.\nValuations and key takeaways\nWith one of the richest ecosystems in terms of third-party application integration, ServiceNow has also invested heavily in AI by acquiring the cognitive search capabilities of Attivioin 2019, followed by Passage AI to advance its deep learning capabilities in 2020.\nContinuing with the momentum, with the acquisition of Element AI, ServiceNow has announced plans to create an AI innovation hub in Canada to “accelerate customer-focused AI innovation” on the company’s Now platform.\nAt the same time, the management remains prudent in its acquisition strategy in order \"not to land in spaces\" already occupied by its partners, which would result in competition. Taking as example RPAs or Robotic Process Automation, currently, a hot M&A topic, the President and Chief Executive Officer, Bill McDermott recently mentioned that:\n\n You shouldn’t expect us to make acquisitions in that space, but you should expect us to build our functionality and our capabilities, but also be an open and willing partner for the customers because it’s really about solving their problems.\"\n\nTherefore, ServiceNow should not acquire RPA capabilities, but one can expect it to develop third-party apps around the robotic automation ecosystem, thereby penetrating deeper into corporate processes.\nInvestigating further, developing advanced product integrations comes at a cost, as is evidenced by ServiceNow's lower gross margins compared to peer Atlassian. This signifies that its developers have to spend more time tweaking the platform in order to make sure that their software codes are integrated with partners.\nSource: Seeking Alpha\nStill, relatively lower operating expenses have enabled ServiceNow to generate EBIT margins of 4.54%, not far behind its peer.\nThis has been made possible through a partnership model which enables the company to expand its product globally, and at a relatively lower cost. Hence, looking at the trailing price to sales metric, ServiceNow's undervaluation by 100% compared to Atlassian does not make sense. In this case, just considering 30x multiples, I obtain a target price of $788-800 (30/24.72 x 650), based on the current share price.\nHowever, after high COVID gains, do expect some volatility due to inflationary pressures and a high probability of a Freshworks IPO this year.\nFinally, as the world shifts to hybrid work, people need tools that streamline daily tasks and maintain them in the flow of their work. Having realized this earlier on, ServiceNow focuses on delivering services in a way that customers see the value, while at the same time, ensuring that the partner becomes a multiplying force for its products.","news_type":1,"symbols_score_info":{"NOW":0.9}},"isVote":1,"tweetType":1,"viewCount":549,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860401371,"gmtCreate":1632193467293,"gmtModify":1632802149093,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"Beyond stock price not showing much.Numbers need to go up","listText":"Beyond stock price not showing much.Numbers need to go up","text":"Beyond stock price not showing much.Numbers need to go up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/860401371","repostId":"1137903223","repostType":4,"isVote":1,"tweetType":1,"viewCount":599,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":887090178,"gmtCreate":1631939523194,"gmtModify":1632805179168,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"Pls like n comment&nbsp;","listText":"Pls like n comment&nbsp;","text":"Pls like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/887090178","repostId":"1197410423","repostType":4,"isVote":1,"tweetType":1,"viewCount":461,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":885435397,"gmtCreate":1631809890119,"gmtModify":1631889845347,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ACHV\">$Achieve Life Sciences, Inc.(ACHV)$</a>this guy needs to soar","listText":"<a href=\"https://laohu8.com/S/ACHV\">$Achieve Life Sciences, Inc.(ACHV)$</a>this guy needs to soar","text":"$Achieve Life Sciences, Inc.(ACHV)$this guy needs to soar","images":[{"img":"https://static.tigerbbs.com/9f2a40567ac734f6a44ea0fe0678057f","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/885435397","isVote":1,"tweetType":1,"viewCount":372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":882174805,"gmtCreate":1631670494107,"gmtModify":1631889845364,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"Hmmmm","listText":"Hmmmm","text":"Hmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/882174805","repostId":"2167878285","repostType":2,"repost":{"id":"2167878285","kind":"highlight","pubTimestamp":1631624294,"share":"https://www.laohu8.com/m/news/2167878285?lang=zh_CN&edition=full","pubTime":"2021-09-14 20:58","market":"us","language":"en","title":"Investors who want income need to understand this overlooked stock-market strategy<blockquote>想要收入的投资者需要了解这种被忽视的股市策略</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2167878285","media":"MarketWatch","summary":"You can earn surprisingly high yields with ETFs that employ covered-call strategies\nGetty Images/iSt","content":"<p>You can earn surprisingly high yields with ETFs that employ covered-call strategies</p><p><blockquote>您可以通过采用备兑看涨期权策略的ETF获得惊人的高收益率</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3c8dda5135c76d192a8ef563de4411fc\" tg-width=\"700\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Getty Images/iStockphoto</span></p><p><blockquote><p class=\"t-img-caption\"><span>盖蒂图片社/iStockphoto</span></p></blockquote></p><p> Interest rates have remained persistently low even as the economy emerges from the pandemic.</p><p><blockquote>即使经济走出疫情，利率也一直保持在低位。</blockquote></p><p> The yield on 10-year U.S. Treasury notes hasn't been above 2% for more than two years. (It's yielding 1.32% on Monday.)</p><p><blockquote>10年期美国国债收益率已经两年多没有超过2%了。（周一收益率为1.32%。）</blockquote></p><p> As a result, many income-seeking investors have migrated from bonds, considered the safest income investments, to the stock market. But the income from a diversified stock portfolio might not be high enough.</p><p><blockquote>因此，许多寻求收入的投资者从被认为是最安全的收入投资的债券转向了股票市场。但多元化股票投资组合的收入可能不够高。</blockquote></p><p> There is a way to increase that income, even while lowering your risk.</p><p><blockquote>有一种方法可以增加收入，同时降低风险。</blockquote></p><p> Below is a description of an income strategy for stocks that you might not be aware of -- covered call options -- along with examples from Kevin Simpson, the founder of Capital Wealth Planning in Naples, Fla., which manages the Amplify CWP Enhanced Dividend Income ETF.</p><p><blockquote>下面是您可能不知道的股票收入策略的描述——涵盖的看涨期权期权——以及佛罗里达州那不勒斯Capital Wealth Planning创始人Kevin Simpson的例子，该公司管理着Amplify CWP增强型股息收入ETF。</blockquote></p><p> This exchange traded fund is rated five stars (the highest) by Morningstar. We will also look at other ETFs that use covered call options in a different way, but with income as the main objective.</p><p><blockquote>该交易所交易基金被晨星评为五星（最高）。我们还将研究其他以不同方式使用备兑看涨期权期权但以收入为主要目标的ETF。</blockquote></p><p> <b>Covered call options</b></p><p><blockquote><b>承保的看涨期权期权</b></blockquote></p><p> A call option is a contract that allows an investor to buy a security at a particular price (called the strike price) until the option expires. A put option is the opposite, allowing the purchaser to sell a security at a specified price until the option expires.</p><p><blockquote>看涨期权期权是一种允许投资者以特定价格（称为执行价格）购买证券直至期权到期的合约。看跌期权则相反，允许买方以指定价格出售证券，直到期权到期。</blockquote></p><p> A covered call option is <a href=\"https://laohu8.com/S/AONE.U\">one</a> that you write when you already own a security. The strategy is used by stock investors to increase income and provide some downside protection.</p><p><blockquote>承保的看涨期权选项是<a href=\"https://laohu8.com/S/AONE.U\">一</a>当你已经拥有证券时你写的。股票投资者使用该策略来增加收入并提供一些下行保护。</blockquote></p><p> Here's a current example of a covered call option in the DIVO portfolio, described by Simpson during an interview.</p><p><blockquote>这是Simpson在接受采访时描述的DIVO投资组合中承保看涨期权期权的当前示例。</blockquote></p><p> On Aug. 23, the ETF wrote a one-month call for ConocoPhillips <a href=\"https://laohu8.com/S/COP\">$(COP)$</a>. At that time, the stock was trading at about $55 a share. The call has a strike price of $57.50.</p><p><blockquote>8月23日，该ETF为康菲石油公司撰写了一个月的看涨期权<a href=\"https://laohu8.com/S/COP\">$(COP)$</a>当时，该股的交易价格约为每股55美元。该看涨期权的执行价为57.50美元。</blockquote></p><p> \"We collected between 70 cents and 75 cents a share\" on that option, Simpson said. So if we go on the low side, 70 cents a share, we have a return of 1.27% for only one month. That is not an annualized figure -- it shows how much income can be made from the covered-call strategy if it is employed over and over again.</p><p><blockquote>辛普森表示，通过该期权，“我们每股收取了70美分至75美分”。因此，如果我们走低，每股70美分，我们只有一个月的回报率为1.27%。这不是一个年化数字——它显示了如果反复使用承保的看涨期权策略可以产生多少收入。</blockquote></p><p> If shares of ConocoPhillips rise above $57.50, they will likely be called away -- Simpson and DIVO will be forced to sell the shares at that price. If that happens, they may regret parting with a stock they like. But along with the 70 cents a share for the option, they will also have enjoyed a 4.6% gain from the share price at the time they wrote the option. And if the option expires without being exercised, they are free to write another option and earn more income.</p><p><blockquote>如果康菲石油公司的股价升至57.50美元以上，它们可能会被收回——辛普森和迪沃将被迫以该价格出售股票。如果发生这种情况，他们可能会后悔放弃自己喜欢的股票。但除了每股70美分的期权外，他们还将享受撰写期权时股价4.6%的涨幅。如果期权到期而没有被行使，他们可以自由地写另一份期权并赚取更多收入。</blockquote></p><p> Meanwhile, ConocoPhillips has a dividend yield of more than 3%, which itself is attractive compared with Treasury yields.</p><p><blockquote>与此同时，康菲石油公司的股息收益率超过3%，与国债收益率相比，股息收益率本身就很有吸引力。</blockquote></p><p> Still, there is risk. If ConocoPhillips were to double to $110 before the option expired, DIVO would still have to sell it for $57.50. All that upside would be left on the table. That's the price you pay for the income provided by this strategy.</p><p><blockquote>尽管如此，还是有风险的。如果康菲石油在期权到期前股价翻倍至110美元，DIVO仍需以57.50美元的价格出售。所有的好处都将留在桌面上。这就是您为该策略提供的收入所付出的代价。</blockquote></p><p> Simpson also provided two previous examples of stocks for which he wrote covered calls:</p><p><blockquote>Simpson还提供了他之前撰写的两个涉及评级的股票示例：</blockquote></p><p> <ul>  <li>DIVO bought shares of Nike Inc.&nbsp;for between $87 and $88 a share in May 2020 after the stock’s pullback and then then booked $4.50 a share in revenue by writing repeated covered call options for the stock through December. Simpson eventually sold the stock in August after booking another $5 a share in option premiums.</li>  <li>DIVO earned $6.30 a share in covered-call premiums on shares of Caterpillar Inc.,which were called away “in late February around $215-$220,” Simpson said. After that, the stock rallied to $245 in June, showing some lost upside. Caterpillar’s stock has now pulled back to about $206.</li> </ul> </p><p><blockquote><ul><li>2020年5月，在Nike Inc.股价回调后，DIVO以每股87美元至88美元的价格购买了Nike Inc.的股票，然后通过在12月份之前为该股撰写重复备兑看涨期权期权，获得了每股4.50美元的收入。辛普森在认购了每股5美元的期权溢价后，最终在8月份出售了该股票。</li><li>Simpson说，DIVO从卡特彼勒公司股票的备兑看涨期权溢价中获得了每股6.30美元的收益，这些股票“在2月底约为215-220美元”。此后，该股在6月份反弹至245美元，显示出一些上涨空间。卡特彼勒的股价目前已回落至206美元左右。</li></ul></blockquote></p><p> Simpson's strategy for DIVO is to hold a portfolio of about 25 to 30 blue chip stocks (all of which pay dividends) and only write a small number of options at any time, based on market conditions. It is primarily a long-term growth strategy, with the income enhancement from the covered call options.</p><p><blockquote>辛普森对DIVO的策略是持有大约25到30只蓝筹股（所有这些股票都支付股息）的投资组合，并且根据市场情况在任何时候只写少量期权。这主要是一项长期增长战略，通过所涵盖的看涨期权期权增加收入。</blockquote></p><p> The fund currently has five covered-call positions, including ConocoPhillips. DIVO's main objective is growth, but it has a monthly distribution that includes dividends, option income and at times a return of capital. The fund's quoted 30-day SEC yield is only 1.43%, but that only includes the dividend portion of the distribution. The distribution yield, which is what investors actually receive, is 5.03%.</p><p><blockquote>该基金目前拥有五个备兑看涨期权头寸，其中包括康菲石油公司。DIVO的主要目标是增长，但它的月度分配包括股息、期权收入，有时还有资本回报。该基金的30天SEC收益率报价仅为1.43%，但这仅包括分配的股息部分。投资者实际收到的分配收益率为5.03%。</blockquote></p><p> You can see the fund's top holdings here on the MarketWatch quote page. Here is a new guide to the quote page, which includes a wealth of information.</p><p><blockquote>您可以在MarketWatch报价页面上查看该基金的主要持股。这是报价页面的新指南，其中包含丰富的信息。</blockquote></p><p> <b>DIVO's performance</b></p><p><blockquote><b>迪沃的表现</b></blockquote></p><p></p><p> Morningstar's five-star rating for DIVO is based on the ETF's performance within the investment research firm's \"U.S. Fund Derivative Income\" peer group. A comparison of the ETF's total return with that of the S&amp;P 500 Index can be expected to show lower performance over the long term, in keeping with the income focus and the giving-up of some upside potential for stocks that are called away as part of the covered-call strategy.</p><p><blockquote>晨星公司对DIVO的五星级评级是基于该ETF在该投资研究公司“美国基金衍生品收入”同行群体中的表现。将ETF的总回报与标普500指数的总回报进行比较，预计长期表现会较低，这与收入焦点以及作为对冲看涨期权策略的一部分而被收回的股票放弃一些上涨潜力一致。</blockquote></p><p> DIVO was established on Dec. 14, 2016. Here's a comparison of returns on an NAV basis (with dividends reinvested, even though the fund might be best for investors who need income) for the fund and its Morningstar category, along with returns for the S&amp;P 500 calculated by FactSet:</p><p><blockquote>DIVO成立于2016年12月14日。以下是该基金及其晨星类别基于资产净值的回报（股息再投资，尽管该基金可能最适合需要收入的投资者）以及FactSet计算的标普500回报的比较：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5fb145b96939e4cf80e8839c8c4771db\" tg-width=\"930\" tg-height=\"343\" width=\"100%\" height=\"auto\"> <table>  <tbody>   <tr></tr>   <tr></tr>  </tbody> </table> <b>Return of capital</b></p><p><blockquote><table><tbody><tr></tr><tr></tr></tbody></table><b>资本回报</b></blockquote></p><p> A return of capital may be included as part of a distribution by an ETF, closed-end fund, real-estate investment trust, business development company or other investment vehicle. This distribution isn't taxed because it is already the investor's money. A fund may return some capital to maintain a dividend temporarily, or it may return capital instead of making a different sort of taxable distribution.</p><p><blockquote>ETF、封闭式基金、房地产投资信托、业务开发公司或其他投资工具可能会将资本回报作为分配的一部分。这种分配不征税，因为它已经是投资者的钱。基金可能会返还一些资本以暂时维持股息，也可能会返还资本而不是进行不同类型的应税分配。</blockquote></p><p> In a previous interview, Amplify ETFs CEO Christian Magoon distinguished between \"accretive and destructive\" returns of capital. Accretive means the fund's net asset value (the sum of its assets divided by the number of shares) continues to increase, despite a return of capital, while destructive means the NAV is declining, which makes for a poor investment over time if it continues.</p><p><blockquote>在之前的一次采访中，Amplify ETF首席执行官Christian Magoon区分了“增值性和破坏性”资本回报。增值意味着基金的资产净值（其资产总和除以股票数量）在资本回报的情况下继续增加，而破坏性意味着资产净值在下降，如果持续下去，随着时间的推移，投资会很差。</blockquote></p><p> <b>Covered calls on entire indexes</b></p><p><blockquote><b>涵盖整个指数的评级</b></blockquote></p><p> There are ETFs that take the covered-call option strategy to more of an extreme, by writing options against an entire stock index. An example is the <a href=\"https://laohu8.com/S/EFFE\">Global X</a> Nasdaq 100 Covered Call ETF <a href=\"https://laohu8.com/S/QYLD\">$(QYLD)$</a>, which holds the stocks that make up the Nasdaq-100 Index , in the same proportions as the index, while continually writing covered-call options against the entire index. QYLD has a four-star rating from Morningstar.</p><p><blockquote>有些ETF将备兑看涨期权期权策略发挥到了更极端的程度，通过针对整个股票指数撰写期权。一个例子是<a href=\"https://laohu8.com/S/EFFE\">全球X</a>纳斯达克100备兑看涨期权ETF<a href=\"https://laohu8.com/S/QYLD\">$(QYLD)$</a>该公司持有构成纳斯达克100指数的股票，比例与该指数相同，同时不断针对整个指数撰写备兑看涨期权期权。QYLD获得晨星公司的四星评级。</blockquote></p><p> The ETF pays monthly; its trailing 12-month distribution yield has been 12.47% and its distribution yields have consistently been above 11% since it was established in December 2013.</p><p><blockquote>ETF按月支付；其过去12个月的分配收益率为12.47%，自2013年12月成立以来，分配收益率一直在11%以上。</blockquote></p><p> That is quite a bit of income. However, QYLD also underlines of the importance of understanding that a \"pure\" covered-call strategy on an entire stock index is really an income strategy.</p><p><blockquote>这是相当多的收入。然而，QYLD也强调了理解整个股票指数的“纯粹”备兑看涨期权策略实际上是一种收入策略的重要性。</blockquote></p><p> Here's a comparison of returns for the fund and the Invesco QQQ Trust, which tracks the Nasdaq-100, from the end of 2019, encompassing the entire COVID-19 pandemic and its affect on the stock market:</p><p><blockquote>以下是该基金与跟踪纳斯达克100指数的景顺QQQ信托自2019年底以来的回报比较，涵盖了整个COVID-19大流行及其对股市的影响：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6b78531210378f9c5a9b5cb414d8858f\" tg-width=\"700\" tg-height=\"640\" width=\"100%\" height=\"auto\"><span>FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>FactSet</span></p></blockquote></p><p> QYLD took a sharp dive during February 2020, as did QQQ. But you can see that QQQ recovered more quickly and then soared. QYLD continued paying its high distributions all through the pandemic crisis, but it couldn't capture most of QQQ's additional upside. It isn't designed to do it.</p><p><blockquote>QYLD和QQQ在2020年2月大幅跳水。但你可以看到QQQ恢复得更快，然后飙升。QYLD在整个大流行危机期间继续支付高额分配，但它无法获得QQQ的大部分额外上涨空间。它不是为这样做而设计的。</blockquote></p><p> Global X has two other funds following covered-call strategies for entire indexes for income:</p><p><blockquote>Global X还有另外两只基金遵循整个收入指数的备兑看涨期权策略：</blockquote></p><p> <ul>  <li>The Global X S&amp;P 500 Covered Call ETF</li>  <li>The Global X Russell 2000 Covered Call ETF</li> </ul> </p><p><blockquote><ul><li>Global X标普500涵盖看涨期权ETF</li><li>Global X Russell 2000备兑看涨期权ETF</li></ul></blockquote></p><p> Covered-call strategies can work particularly well for stocks that have attractive dividend yields, and some investment advisers employ the strategy for individual investors. The ETFs provide an easier way of following the strategy. DIVO uses covered calls for a growth and income strategy, while the three listed Global X funds are more income-oriented.</p><p><blockquote>备兑看涨期权策略对于股息收益率有吸引力的股票特别有效，一些投资顾问为个人投资者采用该策略。ETF提供了一种更简单的遵循策略的方式。DIVO使用备兑评级来制定增长和收入策略，而三只上市的Global X基金则更加注重收入。</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>Investors who want income need to understand this overlooked stock-market strategy<blockquote>想要收入的投资者需要了解这种被忽视的股市策略</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\">\nInvestors who want income need to understand this overlooked stock-market strategy<blockquote>想要收入的投资者需要了解这种被忽视的股市策略</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-09-14 20:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>You can earn surprisingly high yields with ETFs that employ covered-call strategies</p><p><blockquote>您可以通过采用备兑看涨期权策略的ETF获得惊人的高收益率</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3c8dda5135c76d192a8ef563de4411fc\" tg-width=\"700\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Getty Images/iStockphoto</span></p><p><blockquote><p class=\"t-img-caption\"><span>盖蒂图片社/iStockphoto</span></p></blockquote></p><p> Interest rates have remained persistently low even as the economy emerges from the pandemic.</p><p><blockquote>即使经济走出疫情，利率也一直保持在低位。</blockquote></p><p> The yield on 10-year U.S. Treasury notes hasn't been above 2% for more than two years. (It's yielding 1.32% on Monday.)</p><p><blockquote>10年期美国国债收益率已经两年多没有超过2%了。（周一收益率为1.32%。）</blockquote></p><p> As a result, many income-seeking investors have migrated from bonds, considered the safest income investments, to the stock market. But the income from a diversified stock portfolio might not be high enough.</p><p><blockquote>因此，许多寻求收入的投资者从被认为是最安全的收入投资的债券转向了股票市场。但多元化股票投资组合的收入可能不够高。</blockquote></p><p> There is a way to increase that income, even while lowering your risk.</p><p><blockquote>有一种方法可以增加收入，同时降低风险。</blockquote></p><p> Below is a description of an income strategy for stocks that you might not be aware of -- covered call options -- along with examples from Kevin Simpson, the founder of Capital Wealth Planning in Naples, Fla., which manages the Amplify CWP Enhanced Dividend Income ETF.</p><p><blockquote>下面是您可能不知道的股票收入策略的描述——涵盖的看涨期权期权——以及佛罗里达州那不勒斯Capital Wealth Planning创始人Kevin Simpson的例子，该公司管理着Amplify CWP增强型股息收入ETF。</blockquote></p><p> This exchange traded fund is rated five stars (the highest) by Morningstar. We will also look at other ETFs that use covered call options in a different way, but with income as the main objective.</p><p><blockquote>该交易所交易基金被晨星评为五星（最高）。我们还将研究其他以不同方式使用备兑看涨期权期权但以收入为主要目标的ETF。</blockquote></p><p> <b>Covered call options</b></p><p><blockquote><b>承保的看涨期权期权</b></blockquote></p><p> A call option is a contract that allows an investor to buy a security at a particular price (called the strike price) until the option expires. A put option is the opposite, allowing the purchaser to sell a security at a specified price until the option expires.</p><p><blockquote>看涨期权期权是一种允许投资者以特定价格（称为执行价格）购买证券直至期权到期的合约。看跌期权则相反，允许买方以指定价格出售证券，直到期权到期。</blockquote></p><p> A covered call option is <a href=\"https://laohu8.com/S/AONE.U\">one</a> that you write when you already own a security. The strategy is used by stock investors to increase income and provide some downside protection.</p><p><blockquote>承保的看涨期权选项是<a href=\"https://laohu8.com/S/AONE.U\">一</a>当你已经拥有证券时你写的。股票投资者使用该策略来增加收入并提供一些下行保护。</blockquote></p><p> Here's a current example of a covered call option in the DIVO portfolio, described by Simpson during an interview.</p><p><blockquote>这是Simpson在接受采访时描述的DIVO投资组合中承保看涨期权期权的当前示例。</blockquote></p><p> On Aug. 23, the ETF wrote a one-month call for ConocoPhillips <a href=\"https://laohu8.com/S/COP\">$(COP)$</a>. At that time, the stock was trading at about $55 a share. The call has a strike price of $57.50.</p><p><blockquote>8月23日，该ETF为康菲石油公司撰写了一个月的看涨期权<a href=\"https://laohu8.com/S/COP\">$(COP)$</a>当时，该股的交易价格约为每股55美元。该看涨期权的执行价为57.50美元。</blockquote></p><p> \"We collected between 70 cents and 75 cents a share\" on that option, Simpson said. So if we go on the low side, 70 cents a share, we have a return of 1.27% for only one month. That is not an annualized figure -- it shows how much income can be made from the covered-call strategy if it is employed over and over again.</p><p><blockquote>辛普森表示，通过该期权，“我们每股收取了70美分至75美分”。因此，如果我们走低，每股70美分，我们只有一个月的回报率为1.27%。这不是一个年化数字——它显示了如果反复使用承保的看涨期权策略可以产生多少收入。</blockquote></p><p> If shares of ConocoPhillips rise above $57.50, they will likely be called away -- Simpson and DIVO will be forced to sell the shares at that price. If that happens, they may regret parting with a stock they like. But along with the 70 cents a share for the option, they will also have enjoyed a 4.6% gain from the share price at the time they wrote the option. And if the option expires without being exercised, they are free to write another option and earn more income.</p><p><blockquote>如果康菲石油公司的股价升至57.50美元以上，它们可能会被收回——辛普森和迪沃将被迫以该价格出售股票。如果发生这种情况，他们可能会后悔放弃自己喜欢的股票。但除了每股70美分的期权外，他们还将享受撰写期权时股价4.6%的涨幅。如果期权到期而没有被行使，他们可以自由地写另一份期权并赚取更多收入。</blockquote></p><p> Meanwhile, ConocoPhillips has a dividend yield of more than 3%, which itself is attractive compared with Treasury yields.</p><p><blockquote>与此同时，康菲石油公司的股息收益率超过3%，与国债收益率相比，股息收益率本身就很有吸引力。</blockquote></p><p> Still, there is risk. If ConocoPhillips were to double to $110 before the option expired, DIVO would still have to sell it for $57.50. All that upside would be left on the table. That's the price you pay for the income provided by this strategy.</p><p><blockquote>尽管如此，还是有风险的。如果康菲石油在期权到期前股价翻倍至110美元，DIVO仍需以57.50美元的价格出售。所有的好处都将留在桌面上。这就是您为该策略提供的收入所付出的代价。</blockquote></p><p> Simpson also provided two previous examples of stocks for which he wrote covered calls:</p><p><blockquote>Simpson还提供了他之前撰写的两个涉及评级的股票示例：</blockquote></p><p> <ul>  <li>DIVO bought shares of Nike Inc.&nbsp;for between $87 and $88 a share in May 2020 after the stock’s pullback and then then booked $4.50 a share in revenue by writing repeated covered call options for the stock through December. Simpson eventually sold the stock in August after booking another $5 a share in option premiums.</li>  <li>DIVO earned $6.30 a share in covered-call premiums on shares of Caterpillar Inc.,which were called away “in late February around $215-$220,” Simpson said. After that, the stock rallied to $245 in June, showing some lost upside. Caterpillar’s stock has now pulled back to about $206.</li> </ul> </p><p><blockquote><ul><li>2020年5月，在Nike Inc.股价回调后，DIVO以每股87美元至88美元的价格购买了Nike Inc.的股票，然后通过在12月份之前为该股撰写重复备兑看涨期权期权，获得了每股4.50美元的收入。辛普森在认购了每股5美元的期权溢价后，最终在8月份出售了该股票。</li><li>Simpson说，DIVO从卡特彼勒公司股票的备兑看涨期权溢价中获得了每股6.30美元的收益，这些股票“在2月底约为215-220美元”。此后，该股在6月份反弹至245美元，显示出一些上涨空间。卡特彼勒的股价目前已回落至206美元左右。</li></ul></blockquote></p><p> Simpson's strategy for DIVO is to hold a portfolio of about 25 to 30 blue chip stocks (all of which pay dividends) and only write a small number of options at any time, based on market conditions. It is primarily a long-term growth strategy, with the income enhancement from the covered call options.</p><p><blockquote>辛普森对DIVO的策略是持有大约25到30只蓝筹股（所有这些股票都支付股息）的投资组合，并且根据市场情况在任何时候只写少量期权。这主要是一项长期增长战略，通过所涵盖的看涨期权期权增加收入。</blockquote></p><p> The fund currently has five covered-call positions, including ConocoPhillips. DIVO's main objective is growth, but it has a monthly distribution that includes dividends, option income and at times a return of capital. The fund's quoted 30-day SEC yield is only 1.43%, but that only includes the dividend portion of the distribution. The distribution yield, which is what investors actually receive, is 5.03%.</p><p><blockquote>该基金目前拥有五个备兑看涨期权头寸，其中包括康菲石油公司。DIVO的主要目标是增长，但它的月度分配包括股息、期权收入，有时还有资本回报。该基金的30天SEC收益率报价仅为1.43%，但这仅包括分配的股息部分。投资者实际收到的分配收益率为5.03%。</blockquote></p><p> You can see the fund's top holdings here on the MarketWatch quote page. Here is a new guide to the quote page, which includes a wealth of information.</p><p><blockquote>您可以在MarketWatch报价页面上查看该基金的主要持股。这是报价页面的新指南，其中包含丰富的信息。</blockquote></p><p> <b>DIVO's performance</b></p><p><blockquote><b>迪沃的表现</b></blockquote></p><p></p><p> Morningstar's five-star rating for DIVO is based on the ETF's performance within the investment research firm's \"U.S. Fund Derivative Income\" peer group. A comparison of the ETF's total return with that of the S&amp;P 500 Index can be expected to show lower performance over the long term, in keeping with the income focus and the giving-up of some upside potential for stocks that are called away as part of the covered-call strategy.</p><p><blockquote>晨星公司对DIVO的五星级评级是基于该ETF在该投资研究公司“美国基金衍生品收入”同行群体中的表现。将ETF的总回报与标普500指数的总回报进行比较，预计长期表现会较低，这与收入焦点以及作为对冲看涨期权策略的一部分而被收回的股票放弃一些上涨潜力一致。</blockquote></p><p> DIVO was established on Dec. 14, 2016. Here's a comparison of returns on an NAV basis (with dividends reinvested, even though the fund might be best for investors who need income) for the fund and its Morningstar category, along with returns for the S&amp;P 500 calculated by FactSet:</p><p><blockquote>DIVO成立于2016年12月14日。以下是该基金及其晨星类别基于资产净值的回报（股息再投资，尽管该基金可能最适合需要收入的投资者）以及FactSet计算的标普500回报的比较：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5fb145b96939e4cf80e8839c8c4771db\" tg-width=\"930\" tg-height=\"343\" width=\"100%\" height=\"auto\"> <table>  <tbody>   <tr></tr>   <tr></tr>  </tbody> </table> <b>Return of capital</b></p><p><blockquote><table><tbody><tr></tr><tr></tr></tbody></table><b>资本回报</b></blockquote></p><p> A return of capital may be included as part of a distribution by an ETF, closed-end fund, real-estate investment trust, business development company or other investment vehicle. This distribution isn't taxed because it is already the investor's money. A fund may return some capital to maintain a dividend temporarily, or it may return capital instead of making a different sort of taxable distribution.</p><p><blockquote>ETF、封闭式基金、房地产投资信托、业务开发公司或其他投资工具可能会将资本回报作为分配的一部分。这种分配不征税，因为它已经是投资者的钱。基金可能会返还一些资本以暂时维持股息，也可能会返还资本而不是进行不同类型的应税分配。</blockquote></p><p> In a previous interview, Amplify ETFs CEO Christian Magoon distinguished between \"accretive and destructive\" returns of capital. Accretive means the fund's net asset value (the sum of its assets divided by the number of shares) continues to increase, despite a return of capital, while destructive means the NAV is declining, which makes for a poor investment over time if it continues.</p><p><blockquote>在之前的一次采访中，Amplify ETF首席执行官Christian Magoon区分了“增值性和破坏性”资本回报。增值意味着基金的资产净值（其资产总和除以股票数量）在资本回报的情况下继续增加，而破坏性意味着资产净值在下降，如果持续下去，随着时间的推移，投资会很差。</blockquote></p><p> <b>Covered calls on entire indexes</b></p><p><blockquote><b>涵盖整个指数的评级</b></blockquote></p><p> There are ETFs that take the covered-call option strategy to more of an extreme, by writing options against an entire stock index. An example is the <a href=\"https://laohu8.com/S/EFFE\">Global X</a> Nasdaq 100 Covered Call ETF <a href=\"https://laohu8.com/S/QYLD\">$(QYLD)$</a>, which holds the stocks that make up the Nasdaq-100 Index , in the same proportions as the index, while continually writing covered-call options against the entire index. QYLD has a four-star rating from Morningstar.</p><p><blockquote>有些ETF将备兑看涨期权期权策略发挥到了更极端的程度，通过针对整个股票指数撰写期权。一个例子是<a href=\"https://laohu8.com/S/EFFE\">全球X</a>纳斯达克100备兑看涨期权ETF<a href=\"https://laohu8.com/S/QYLD\">$(QYLD)$</a>该公司持有构成纳斯达克100指数的股票，比例与该指数相同，同时不断针对整个指数撰写备兑看涨期权期权。QYLD获得晨星公司的四星评级。</blockquote></p><p> The ETF pays monthly; its trailing 12-month distribution yield has been 12.47% and its distribution yields have consistently been above 11% since it was established in December 2013.</p><p><blockquote>ETF按月支付；其过去12个月的分配收益率为12.47%，自2013年12月成立以来，分配收益率一直在11%以上。</blockquote></p><p> That is quite a bit of income. However, QYLD also underlines of the importance of understanding that a \"pure\" covered-call strategy on an entire stock index is really an income strategy.</p><p><blockquote>这是相当多的收入。然而，QYLD也强调了理解整个股票指数的“纯粹”备兑看涨期权策略实际上是一种收入策略的重要性。</blockquote></p><p> Here's a comparison of returns for the fund and the Invesco QQQ Trust, which tracks the Nasdaq-100, from the end of 2019, encompassing the entire COVID-19 pandemic and its affect on the stock market:</p><p><blockquote>以下是该基金与跟踪纳斯达克100指数的景顺QQQ信托自2019年底以来的回报比较，涵盖了整个COVID-19大流行及其对股市的影响：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6b78531210378f9c5a9b5cb414d8858f\" tg-width=\"700\" tg-height=\"640\" width=\"100%\" height=\"auto\"><span>FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>FactSet</span></p></blockquote></p><p> QYLD took a sharp dive during February 2020, as did QQQ. But you can see that QQQ recovered more quickly and then soared. QYLD continued paying its high distributions all through the pandemic crisis, but it couldn't capture most of QQQ's additional upside. It isn't designed to do it.</p><p><blockquote>QYLD和QQQ在2020年2月大幅跳水。但你可以看到QQQ恢复得更快，然后飙升。QYLD在整个大流行危机期间继续支付高额分配，但它无法获得QQQ的大部分额外上涨空间。它不是为这样做而设计的。</blockquote></p><p> Global X has two other funds following covered-call strategies for entire indexes for income:</p><p><blockquote>Global X还有另外两只基金遵循整个收入指数的备兑看涨期权策略：</blockquote></p><p> <ul>  <li>The Global X S&amp;P 500 Covered Call ETF</li>  <li>The Global X Russell 2000 Covered Call ETF</li> </ul> </p><p><blockquote><ul><li>Global X标普500涵盖看涨期权ETF</li><li>Global X Russell 2000备兑看涨期权ETF</li></ul></blockquote></p><p> Covered-call strategies can work particularly well for stocks that have attractive dividend yields, and some investment advisers employ the strategy for individual investors. The ETFs provide an easier way of following the strategy. DIVO uses covered calls for a growth and income strategy, while the three listed Global X funds are more income-oriented.</p><p><blockquote>备兑看涨期权策略对于股息收益率有吸引力的股票特别有效，一些投资顾问为个人投资者采用该策略。ETF提供了一种更简单的遵循策略的方式。DIVO使用备兑评级来制定增长和收入策略，而三只上市的Global X基金则更加注重收入。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/investors-who-want-income-need-to-understand-this-overlooked-stock-market-strategy-11631551592?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":{"DIVO":"Amplify CWP Enhanced Dividend Income ETF",".IXIC":"NASDAQ Composite","QYLD":"纳斯达克100 Covered Call ETF-Global X","ISBC":"投资者银行","NKE":"耐克",".SPX":"S&P 500 Index","COP":"康菲石油","QQQ":"纳指100ETF",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/investors-who-want-income-need-to-understand-this-overlooked-stock-market-strategy-11631551592?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2167878285","content_text":"You can earn surprisingly high yields with ETFs that employ covered-call strategies\nGetty Images/iStockphoto\nInterest rates have remained persistently low even as the economy emerges from the pandemic.\nThe yield on 10-year U.S. Treasury notes hasn't been above 2% for more than two years. (It's yielding 1.32% on Monday.)\nAs a result, many income-seeking investors have migrated from bonds, considered the safest income investments, to the stock market. But the income from a diversified stock portfolio might not be high enough.\nThere is a way to increase that income, even while lowering your risk.\nBelow is a description of an income strategy for stocks that you might not be aware of -- covered call options -- along with examples from Kevin Simpson, the founder of Capital Wealth Planning in Naples, Fla., which manages the Amplify CWP Enhanced Dividend Income ETF.\nThis exchange traded fund is rated five stars (the highest) by Morningstar. We will also look at other ETFs that use covered call options in a different way, but with income as the main objective.\nCovered call options\nA call option is a contract that allows an investor to buy a security at a particular price (called the strike price) until the option expires. A put option is the opposite, allowing the purchaser to sell a security at a specified price until the option expires.\nA covered call option is one that you write when you already own a security. The strategy is used by stock investors to increase income and provide some downside protection.\nHere's a current example of a covered call option in the DIVO portfolio, described by Simpson during an interview.\nOn Aug. 23, the ETF wrote a one-month call for ConocoPhillips $(COP)$. At that time, the stock was trading at about $55 a share. The call has a strike price of $57.50.\n\"We collected between 70 cents and 75 cents a share\" on that option, Simpson said. So if we go on the low side, 70 cents a share, we have a return of 1.27% for only one month. That is not an annualized figure -- it shows how much income can be made from the covered-call strategy if it is employed over and over again.\nIf shares of ConocoPhillips rise above $57.50, they will likely be called away -- Simpson and DIVO will be forced to sell the shares at that price. If that happens, they may regret parting with a stock they like. But along with the 70 cents a share for the option, they will also have enjoyed a 4.6% gain from the share price at the time they wrote the option. And if the option expires without being exercised, they are free to write another option and earn more income.\nMeanwhile, ConocoPhillips has a dividend yield of more than 3%, which itself is attractive compared with Treasury yields.\nStill, there is risk. If ConocoPhillips were to double to $110 before the option expired, DIVO would still have to sell it for $57.50. All that upside would be left on the table. That's the price you pay for the income provided by this strategy.\nSimpson also provided two previous examples of stocks for which he wrote covered calls:\n\n\nDIVO bought shares of Nike Inc. for between $87 and $88 a share in May 2020 after the stock’s pullback and then then booked $4.50 a share in revenue by writing repeated covered call options for the stock through December. Simpson eventually sold the stock in August after booking another $5 a share in option premiums.\nDIVO earned $6.30 a share in covered-call premiums on shares of Caterpillar Inc.,which were called away “in late February around $215-$220,” Simpson said. After that, the stock rallied to $245 in June, showing some lost upside. Caterpillar’s stock has now pulled back to about $206.\n\n\nSimpson's strategy for DIVO is to hold a portfolio of about 25 to 30 blue chip stocks (all of which pay dividends) and only write a small number of options at any time, based on market conditions. It is primarily a long-term growth strategy, with the income enhancement from the covered call options.\nThe fund currently has five covered-call positions, including ConocoPhillips. DIVO's main objective is growth, but it has a monthly distribution that includes dividends, option income and at times a return of capital. The fund's quoted 30-day SEC yield is only 1.43%, but that only includes the dividend portion of the distribution. The distribution yield, which is what investors actually receive, is 5.03%.\nYou can see the fund's top holdings here on the MarketWatch quote page. Here is a new guide to the quote page, which includes a wealth of information.\nDIVO's performance\nMorningstar's five-star rating for DIVO is based on the ETF's performance within the investment research firm's \"U.S. Fund Derivative Income\" peer group. A comparison of the ETF's total return with that of the S&P 500 Index can be expected to show lower performance over the long term, in keeping with the income focus and the giving-up of some upside potential for stocks that are called away as part of the covered-call strategy.\nDIVO was established on Dec. 14, 2016. Here's a comparison of returns on an NAV basis (with dividends reinvested, even though the fund might be best for investors who need income) for the fund and its Morningstar category, along with returns for the S&P 500 calculated by FactSet:\n\n\n\n\n\n\n\nReturn of capital\nA return of capital may be included as part of a distribution by an ETF, closed-end fund, real-estate investment trust, business development company or other investment vehicle. This distribution isn't taxed because it is already the investor's money. A fund may return some capital to maintain a dividend temporarily, or it may return capital instead of making a different sort of taxable distribution.\nIn a previous interview, Amplify ETFs CEO Christian Magoon distinguished between \"accretive and destructive\" returns of capital. Accretive means the fund's net asset value (the sum of its assets divided by the number of shares) continues to increase, despite a return of capital, while destructive means the NAV is declining, which makes for a poor investment over time if it continues.\nCovered calls on entire indexes\nThere are ETFs that take the covered-call option strategy to more of an extreme, by writing options against an entire stock index. An example is the Global X Nasdaq 100 Covered Call ETF $(QYLD)$, which holds the stocks that make up the Nasdaq-100 Index , in the same proportions as the index, while continually writing covered-call options against the entire index. QYLD has a four-star rating from Morningstar.\nThe ETF pays monthly; its trailing 12-month distribution yield has been 12.47% and its distribution yields have consistently been above 11% since it was established in December 2013.\nThat is quite a bit of income. However, QYLD also underlines of the importance of understanding that a \"pure\" covered-call strategy on an entire stock index is really an income strategy.\nHere's a comparison of returns for the fund and the Invesco QQQ Trust, which tracks the Nasdaq-100, from the end of 2019, encompassing the entire COVID-19 pandemic and its affect on the stock market:\nFactSet\nQYLD took a sharp dive during February 2020, as did QQQ. But you can see that QQQ recovered more quickly and then soared. QYLD continued paying its high distributions all through the pandemic crisis, but it couldn't capture most of QQQ's additional upside. It isn't designed to do it.\nGlobal X has two other funds following covered-call strategies for entire indexes for income:\n\n\nThe Global X S&P 500 Covered Call ETF\nThe Global X Russell 2000 Covered Call ETF\n\n\nCovered-call strategies can work particularly well for stocks that have attractive dividend yields, and some investment advisers employ the strategy for individual investors. The ETFs provide an easier way of following the strategy. DIVO uses covered calls for a growth and income strategy, while the three listed Global X funds are more income-oriented.","news_type":1,"symbols_score_info":{"QYLD":0.9,".SPX":0.9,"DIVO":0.9,".IXIC":0.9,"ISBC":0.9,".DJI":0.9,"NKE":0.9,"QQQ":0.9,"COP":0.9}},"isVote":1,"tweetType":1,"viewCount":653,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":888643780,"gmtCreate":1631495696840,"gmtModify":1631889845369,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"Big fight.Pls like and comment","listText":"Big fight.Pls like and comment","text":"Big fight.Pls like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/888643780","repostId":"2167541305","repostType":4,"isVote":1,"tweetType":1,"viewCount":763,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":887090178,"gmtCreate":1631939523194,"gmtModify":1632805179168,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"Pls like n comment&nbsp;","listText":"Pls like n comment&nbsp;","text":"Pls like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/887090178","repostId":"1197410423","repostType":4,"isVote":1,"tweetType":1,"viewCount":461,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":839204024,"gmtCreate":1629159640268,"gmtModify":1633686982586,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/839204024","repostId":"1132638613","repostType":4,"isVote":1,"tweetType":1,"viewCount":341,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814600099,"gmtCreate":1630809310411,"gmtModify":1631889845458,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"Interesting advisePls like n comment","listText":"Interesting advisePls like n comment","text":"Interesting advisePls like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/814600099","repostId":"2165880909","repostType":2,"isVote":1,"tweetType":1,"viewCount":614,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895604367,"gmtCreate":1628736558259,"gmtModify":1633689878902,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"Dunno whether&nbsp; its&nbsp;worth picking any of these","listText":"Dunno whether&nbsp; its&nbsp;worth picking any of these","text":"Dunno whether its worth picking any of these","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/895604367","repostId":"1113045730","repostType":4,"isVote":1,"tweetType":1,"viewCount":608,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802250360,"gmtCreate":1627783831950,"gmtModify":1633756442927,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"Who knows where this is gonna go","listText":"Who knows where this is gonna go","text":"Who knows where this is gonna go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/802250360","repostId":"1167073573","repostType":4,"isVote":1,"tweetType":1,"viewCount":531,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":819387910,"gmtCreate":1630034543130,"gmtModify":1704954954289,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/819387910","repostId":"1177482103","repostType":4,"repost":{"id":"1177482103","kind":"news","pubTimestamp":1630032656,"share":"https://www.laohu8.com/m/news/1177482103?lang=zh_CN&edition=full","pubTime":"2021-08-27 10:50","market":"us","language":"en","title":"Snowflake: Why Jim Cramer Thinks Every Fortune 500 Company Will Be a Customer<blockquote>Snowflake：为什么Jim Cramer认为每家财富500强公司都会成为客户</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1177482103","media":"Thestreet","summary":"Cloud software company Snowflake (SNOW) reported a second-quarter loss of 64 cents a share onrevenue","content":"<p>Cloud software company Snowflake&nbsp;(<b>SNOW</b>)&nbsp;reported a second-quarter loss of 64 cents a share onrevenue of $272.2 million, up 104% from a year earlier.</p><p><blockquote>云软件公司雪花(<b>雪</b>）公布第二季度每股亏损64美分，营收为2.722亿美元，同比增长104%。</blockquote></p><p> Snowflake CEO Frank Slootman told Jim Cramer on \"Mad Money\" that Snowflake doesn't create demand for its products, it enables it. A lot more is possible with Snowflake when technology no longer holds companies back, Slootman said.</p><p><blockquote>Snowflake首席执行官Frank Slootman在“Mad Money”节目中告诉Jim Cramer，Snowflake并没有创造对其产品的需求，而是实现了需求。Slootman说，当技术不再阻碍公司时，Snowflake就有可能实现更多。</blockquote></p><p> Cramer told Action Alerts PLUS senior analyst Jeff Marks that Snowflake's 'pay as you go' use model will make it so every customer in the Fortune 500 is a customer.</p><p><blockquote>Cramer告诉Action Alerts PLUS高级分析师Jeff Marks，Snowflake的“现收现付”使用模式将使财富500强中的每个客户都成为客户。</blockquote></p><p> \"[Snowflake] is the way of the future, right now,\" Cramer said.</p><p><blockquote>“[雪花]现在就是未来的发展方向，”克莱默说。</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>Snowflake: Why Jim Cramer Thinks Every Fortune 500 Company Will Be a Customer<blockquote>Snowflake：为什么Jim Cramer认为每家财富500强公司都会成为客户</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\">\nSnowflake: Why Jim Cramer Thinks Every Fortune 500 Company Will Be a Customer<blockquote>Snowflake：为什么Jim Cramer认为每家财富500强公司都会成为客户</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-08-27 10:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Cloud software company Snowflake&nbsp;(<b>SNOW</b>)&nbsp;reported a second-quarter loss of 64 cents a share onrevenue of $272.2 million, up 104% from a year earlier.</p><p><blockquote>云软件公司雪花(<b>雪</b>）公布第二季度每股亏损64美分，营收为2.722亿美元，同比增长104%。</blockquote></p><p> Snowflake CEO Frank Slootman told Jim Cramer on \"Mad Money\" that Snowflake doesn't create demand for its products, it enables it. A lot more is possible with Snowflake when technology no longer holds companies back, Slootman said.</p><p><blockquote>Snowflake首席执行官Frank Slootman在“Mad Money”节目中告诉Jim Cramer，Snowflake并没有创造对其产品的需求，而是实现了需求。Slootman说，当技术不再阻碍公司时，Snowflake就有可能实现更多。</blockquote></p><p> Cramer told Action Alerts PLUS senior analyst Jeff Marks that Snowflake's 'pay as you go' use model will make it so every customer in the Fortune 500 is a customer.</p><p><blockquote>Cramer告诉Action Alerts PLUS高级分析师Jeff Marks，Snowflake的“现收现付”使用模式将使财富500强中的每个客户都成为客户。</blockquote></p><p> \"[Snowflake] is the way of the future, right now,\" Cramer said.</p><p><blockquote>“[雪花]现在就是未来的发展方向，”克莱默说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/jim-cramer/jim-cramer-snowflake-customers-every-fortune-500-company\">Thestreet</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":{"SNOW":"Snowflake"},"source_url":"https://www.thestreet.com/jim-cramer/jim-cramer-snowflake-customers-every-fortune-500-company","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177482103","content_text":"Cloud software company Snowflake (SNOW) reported a second-quarter loss of 64 cents a share onrevenue of $272.2 million, up 104% from a year earlier.\nSnowflake CEO Frank Slootman told Jim Cramer on \"Mad Money\" that Snowflake doesn't create demand for its products, it enables it. A lot more is possible with Snowflake when technology no longer holds companies back, Slootman said.\nCramer told Action Alerts PLUS senior analyst Jeff Marks that Snowflake's 'pay as you go' use model will make it so every customer in the Fortune 500 is a customer.\n\"[Snowflake] is the way of the future, right now,\" Cramer said.","news_type":1,"symbols_score_info":{"SNOW":0.9}},"isVote":1,"tweetType":1,"viewCount":346,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860401371,"gmtCreate":1632193467293,"gmtModify":1632802149093,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"Beyond stock price not showing much.Numbers need to go up","listText":"Beyond stock price not showing much.Numbers need to go up","text":"Beyond stock price not showing much.Numbers need to go up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/860401371","repostId":"1137903223","repostType":4,"isVote":1,"tweetType":1,"viewCount":599,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143499144,"gmtCreate":1625806656888,"gmtModify":1633937114449,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"Interesting perspective.&nbsp;Will there be capital gain also ?","listText":"Interesting perspective.&nbsp;Will there be capital gain also ?","text":"Interesting perspective. Will there be capital gain also ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/143499144","repostId":"1119741032","repostType":4,"repost":{"id":"1119741032","kind":"news","pubTimestamp":1625803532,"share":"https://www.laohu8.com/m/news/1119741032?lang=zh_CN&edition=full","pubTime":"2021-07-09 12:05","market":"us","language":"en","title":"5 Blue Chip Stocks to Buy With Huge Dividends as Interest Rates Plunge<blockquote>随着利率暴跌，值得买入并获得巨额股息的5只蓝筹股</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1119741032","media":"24/7 wall street","summary":"Just last month, we were being warned that interest rates were ready to move meaningfully higher as ","content":"<p><a href=\"https://laohu8.com/S/JE\">Just</a> last month, we were being warned that interest rates were ready to move meaningfully higher as inflation and the Federal Reserve were teaming up to end the massive low interest rate paradigm we have been stuck in for years. Then, seemingly out of nowhere, rates have dived lower, with the 10-year Treasury trading at a 1.32% yield, down from near 1.70% at the end of May. The benchmark 30-year Treasury bond is back at the 1.94% level. These are the lowest interest rate levels since last winter.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>上个月，我们被警告说，随着通胀和美联储联手结束我们多年来陷入的大规模低利率模式，利率已准备好大幅走高。然后，利率似乎突然大幅走低，10年期国债收益率从5月底的近1.70%降至1.32%。基准30年期国债回到1.94%的水平。这是自去年冬天以来的最低利率水平。</blockquote></p><p> For income investors, this is another setback in what has become over a ten-year problem. While rates certainly could rise again, <a href=\"https://laohu8.com/S/AONE\">one</a> thing seems certain: the Federal Reserve will not raise rates until it is positive the economy is back at full strength. The only move the Fed looks poised to make in the near term is the beginning of the tapering of the $120 billion per month purchase of Treasury and mortgage debt.</p><p><blockquote>对于收益投资者来说，这是十多年来问题的又一次挫折。虽然利率肯定会再次上升，<a href=\"https://laohu8.com/S/AONE\">一</a>事情似乎是肯定的：在经济恢复全面强劲之前，美联储不会加息。美联储近期唯一准备采取的举措是开始缩减每月1200亿美元的国债和抵押贷款债务购买规模。</blockquote></p><p> We screened the BofA Securities research universe looking for blue chip stocks rated Buy that paid at least a 4% dividend. We found five that are very appealing now to growth and income investors. While all are rated Buy, it is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.</p><p><blockquote>我们筛选了美国银行证券研究领域，寻找支付至少4%股息的买入评级蓝筹股。我们发现了五种现在对成长型和收益型投资者非常有吸引力的股票。虽然所有报告都被评为买入，但重要的是要记住，任何分析师报告都不应用作任何买入或卖出决策的唯一依据。</blockquote></p><p> <a href=\"https://laohu8.com/S/MO\">Altria</a></p><p><blockquote><a href=\"https://laohu8.com/S/MO\">奥驰亚</a></blockquote></p><p> This maker of tobacco products offers value investors a great entry point now and was hit recently as cigarette sales have slowed. Altria Group Inc. (NYSE: MO) is the parent company of <a href=\"https://laohu8.com/S/PM\">Philip Morris</a> USA (cigarettes), UST (smokeless), John Middleton (cigars), Ste. Michelle Wine Estates and Philip Morris Capital. PMUSA enjoys a 51% share of the U.S. cigarette market, led by its top cigarette brand Marlboro.</p><p><blockquote>这家烟草产品制造商现在为价值投资者提供了一个很好的切入点，但最近由于卷烟销售放缓而受到打击。奥驰亚集团公司（纽约证券交易所股票代码：MO）是<a href=\"https://laohu8.com/S/PM\">菲利普·莫里斯</a>美国（香烟），UST（无烟），约翰米德尔顿（雪茄），Ste。米歇尔葡萄酒庄园和菲利普莫里斯资本。PMUSA在美国卷烟市场占据51%的份额，由其顶级卷烟品牌万宝路引领。</blockquote></p><p> Altria also owns over 10% of Anheuser-Busch InBev, the world’s largest brewer. In March 2008, it spun off its international cigarette business to shareholders. In December 2018, the company acquired 35% of Juul Labs, and it has purchased a 45% stake in cannabis company Cronus for $1.8 billion.</p><p><blockquote>奥驰亚还拥有全球最大啤酒制造商百威英博10%以上的股份。2008年3月，它将国际卷烟业务分拆给股东。2018年12月，该公司收购了Juul Labs 35%的股份，并以18亿美元收购了大麻公司Cronus 45%的股份。</blockquote></p><p> BofA Securities is very favorable toward the company’s plans for the future:</p><p><blockquote>美银证券非常看好该公司的未来计划：</blockquote></p><p>   Management presented at CAGNY (Consumer Analyst Group of <a href=\"https://laohu8.com/S/NWY\">New York</a>) where it discussed a new corporate focus on ESG, additional details on its IQOS plans and its “Moving beyond smoking” 10-yr plan. Smokeables (cigarettes/cigars) will remain an important part of its strategy, providing funding behind its long-term growth and shareholder returns. Over the last 5-yrs, smokeable and other comprehensive income grew at a 5.5% compounded annual growth rate despite volume declines.  Shareholders receive a 7.35% dividend. The analyst has a $58 target price on the shares, while the consensus target is lower at $53.89. Altria stock closed on Wednesday at $46.79 per share.</p><p><blockquote>管理层在CAGNY（消费者分析师小组<a href=\"https://laohu8.com/S/NWY\">纽约</a>）讨论了企业对ESG的新关注、IQOS计划及其“超越吸烟”10年计划的更多细节。Smokeables（香烟/雪茄）仍将是其战略的重要组成部分，为其长期增长和股东回报提供资金。在过去的5年里，尽管数量下降，吸烟和其他综合收入仍以5.5%的复合年增长率增长。股东获得7.35%的股息。分析师对该股的目标价为58美元，而共识目标价较低，为53.89美元。奥驰亚股价周三收于每股46.79美元。</blockquote></p><p> <a href=\"https://laohu8.com/S/CVX\">Chevron</a></p><p><blockquote><a href=\"https://laohu8.com/S/CVX\">雪佛龙</a></blockquote></p><p> This energy giant is a solid way for investors who are more conservative to be positioned in the sector. Chevron Corp. (NYSE: CVX) is a U.S.-based integrated oil and gas company, with worldwide operations in exploration and production, refining and marketing, transportation and petrochemicals. The company sports a sizable dividend and has a solid place in the sector when it comes to natural gas and liquefied natural gas.</p><p><blockquote>对于较为保守的投资者来说，这家能源巨头是在该行业定位的可靠途径。雪佛龙公司（纽约证券交易所股票代码：CVX）是一家总部位于美国的综合性石油和天然气公司，在勘探和生产、炼油和营销、运输和石化领域开展全球业务。该公司拥有可观的股息，并在天然气和液化天然气领域拥有稳固的地位。</blockquote></p><p> With the strongest financial base of the majors, coupled with an attractive relative asset base, many on Wall Street feel that Chevron offers the most straightforwardly positive risk/reward. Although current conditions do not warrant a large focus on production growth, Chevron possesses numerous medium-term drivers (<a href=\"https://laohu8.com/S/NBL\">Noble</a> integration, Permian, TCO/WPMP expansion, Gulf of Mexico exploration, Vaca Muerta, and so on) that should support production levels in the coming years.</p><p><blockquote>凭借各大巨头中最强大的财务基础，加上有吸引力的相对资产基础，华尔街的许多人认为雪佛龙提供了最直接的正风险/回报。尽管目前的情况不值得大力关注产量增长，但雪佛龙拥有众多中期驱动因素（<a href=\"https://laohu8.com/S/NBL\">高尚的</a>一体化、二叠纪、TCO/WPMP扩张、墨西哥湾勘探、Vaca Muerta等）应该会支持未来几年的生产水平。</blockquote></p><p> <a href=\"https://laohu8.com/S/IBM\">IBM</a></p><p><blockquote><a href=\"https://laohu8.com/S/IBM\">IBM</a></blockquote></p><p> This old-school tech giant still offers investors a very solid entry point. International Business Machines Corp. (NYSE: IBM) is a leading provider of enterprise solutions, offering a broad portfolio of information technology (IT) hardware, business and IT services, and a full suite of software solutions.</p><p><blockquote>这家老派科技巨头仍然为投资者提供了一个非常坚实的切入点。国际商业机器公司（纽约证券交易所代码：IBM）是一家领先的企业解决方案提供商，提供广泛的信息技术（IT）硬件、商业和IT服务以及全套软件解决方案。</blockquote></p><p> The company integrates its hardware products with its software and services offerings in order to provide high-value solutions. Analysts have cited the company’s potential in the public cloud as a reason for their positive outlook going forward.</p><p><blockquote>该公司将其硬件产品与其软件和服务产品相集成，以提供高价值的解决方案。分析师将该公司在公共云领域的潜力作为他们对未来前景持积极态度的原因。</blockquote></p><p> CEO Ginni Rommety, who had been in the position since 2012, stepped down in January, and the stock market greeted the news in a very positive manner. Arvind Krishna, who has led the company’s cloud computing business, became the new chief executive. Rometty will remain as executive board chair until the end of the year.</p><p><blockquote>自2012年以来一直担任该职位的首席执行官吉尼·罗梅蒂(Ginni Rommety)于1月份辞职，股市以非常积极的方式迎接这一消息。领导该公司云计算业务的Arvind Krishna成为新任首席执行官。罗睿兰将继续担任执行董事会主席直至今年年底。</blockquote></p><p></p><p> Holders of IBM stock receive a 4.69% dividend. The $175 BofA Securities price target is well above the $144.14 consensus figure. The shares closed at $139.82 on Wednesday.</p><p><blockquote>IBM股票持有人获得4.69%的股息。美国银行证券175美元的目标价远高于144.14美元的共识价。该股周三收于139.82美元。</blockquote></p><p> Shareholders receive a 5.21% dividend, which analysts feel comfortable will remain at current levels. The BofA Securities price target is $125, which compares to a $122.48 consensus target and the last Chevron stock trade on Wednesday at $102.93 a share.</p><p><blockquote>股东获得5.21%的股息，分析师认为股息将保持在当前水平。美国银行证券的目标价为125美元，而共识目标价为122.48美元，周三雪佛龙股票最后一次交易价格为每股102.93美元。</blockquote></p><p> LyondellBasell</p><p><blockquote>利安德巴塞尔</blockquote></p><p> This top chemical company with a sterling balance sheet is another solid play for conservative investors. LyondellBasell Industries N.V. (NYSE: LYB) manufactures chemicals and polymers, refines crude oil, produces gasoline blending components and develops and licenses technologies for production of polymers.</p><p><blockquote>这家拥有良好资产负债表的顶级化工公司是保守投资者的另一个可靠选择。利安德巴塞尔工业公司（纽约证券交易所股票代码：LYB）生产化学品和聚合物、精炼原油、生产汽油混合成分以及开发和许可聚合物生产技术。</blockquote></p><p> Over half of earnings are generated in the company’s Olefins and Polyolefins Americas segment, where costs are linked to the price of cheap natural gas in the <a href=\"https://laohu8.com/S/UBNK\">United</a> States, while selling prices are correlated with the price of oil. The company has pursued a strategy of low-cost, high return on invested capital debottlenecks coupled with cash returns to shareholders.</p><p><blockquote>超过一半的收入来自该公司的烯烃和聚烯烃美洲部门，该部门的成本与该地区廉价天然气的价格相关。<a href=\"https://laohu8.com/S/UBNK\">团结的</a>国家，而销售价格与石油价格相关。该公司奉行低成本、高投资资本回报率的战略，消除瓶颈，并向股东提供现金回报。</blockquote></p><p> Note that debottlenecking is the process of identifying specific areas or equipment in oil and gas facilities that limit the flow of product (known as bottlenecks) and optimizing them so that overall capacity in the plant can be increased.</p><p><blockquote>请注意，去瓶颈是识别石油和天然气设施中限制产品流动的特定区域或设备（称为瓶颈）并对其进行优化的过程，以便提高工厂的整体产能。</blockquote></p><p> The company offers a 4.50% dividend. BofA Securities has set a $117 price target. The consensus target is $118.41, and LyondellBasell stock ended Wednesday at $100.40 a share.</p><p><blockquote>该公司提供4.50%的股息。美银证券将目标价定为117美元。共识目标为118.41美元，利安德巴塞尔股票周三收于每股100.40美元。</blockquote></p><p></p>","source":"lsy1620372341666","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>5 Blue Chip Stocks to Buy With Huge Dividends as Interest Rates Plunge<blockquote>随着利率暴跌，值得买入并获得巨额股息的5只蓝筹股</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\">\n5 Blue Chip Stocks to Buy With Huge Dividends as Interest Rates Plunge<blockquote>随着利率暴跌，值得买入并获得巨额股息的5只蓝筹股</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">24/7 wall street</strong><span class=\"h-time small\">2021-07-09 12:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/JE\">Just</a> last month, we were being warned that interest rates were ready to move meaningfully higher as inflation and the Federal Reserve were teaming up to end the massive low interest rate paradigm we have been stuck in for years. Then, seemingly out of nowhere, rates have dived lower, with the 10-year Treasury trading at a 1.32% yield, down from near 1.70% at the end of May. The benchmark 30-year Treasury bond is back at the 1.94% level. These are the lowest interest rate levels since last winter.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>上个月，我们被警告说，随着通胀和美联储联手结束我们多年来陷入的大规模低利率模式，利率已准备好大幅走高。然后，利率似乎突然大幅走低，10年期国债收益率从5月底的近1.70%降至1.32%。基准30年期国债回到1.94%的水平。这是自去年冬天以来的最低利率水平。</blockquote></p><p> For income investors, this is another setback in what has become over a ten-year problem. While rates certainly could rise again, <a href=\"https://laohu8.com/S/AONE\">one</a> thing seems certain: the Federal Reserve will not raise rates until it is positive the economy is back at full strength. The only move the Fed looks poised to make in the near term is the beginning of the tapering of the $120 billion per month purchase of Treasury and mortgage debt.</p><p><blockquote>对于收益投资者来说，这是十多年来问题的又一次挫折。虽然利率肯定会再次上升，<a href=\"https://laohu8.com/S/AONE\">一</a>事情似乎是肯定的：在经济恢复全面强劲之前，美联储不会加息。美联储近期唯一准备采取的举措是开始缩减每月1200亿美元的国债和抵押贷款债务购买规模。</blockquote></p><p> We screened the BofA Securities research universe looking for blue chip stocks rated Buy that paid at least a 4% dividend. We found five that are very appealing now to growth and income investors. While all are rated Buy, it is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.</p><p><blockquote>我们筛选了美国银行证券研究领域，寻找支付至少4%股息的买入评级蓝筹股。我们发现了五种现在对成长型和收益型投资者非常有吸引力的股票。虽然所有报告都被评为买入，但重要的是要记住，任何分析师报告都不应用作任何买入或卖出决策的唯一依据。</blockquote></p><p> <a href=\"https://laohu8.com/S/MO\">Altria</a></p><p><blockquote><a href=\"https://laohu8.com/S/MO\">奥驰亚</a></blockquote></p><p> This maker of tobacco products offers value investors a great entry point now and was hit recently as cigarette sales have slowed. Altria Group Inc. (NYSE: MO) is the parent company of <a href=\"https://laohu8.com/S/PM\">Philip Morris</a> USA (cigarettes), UST (smokeless), John Middleton (cigars), Ste. Michelle Wine Estates and Philip Morris Capital. PMUSA enjoys a 51% share of the U.S. cigarette market, led by its top cigarette brand Marlboro.</p><p><blockquote>这家烟草产品制造商现在为价值投资者提供了一个很好的切入点，但最近由于卷烟销售放缓而受到打击。奥驰亚集团公司（纽约证券交易所股票代码：MO）是<a href=\"https://laohu8.com/S/PM\">菲利普·莫里斯</a>美国（香烟），UST（无烟），约翰米德尔顿（雪茄），Ste。米歇尔葡萄酒庄园和菲利普莫里斯资本。PMUSA在美国卷烟市场占据51%的份额，由其顶级卷烟品牌万宝路引领。</blockquote></p><p> Altria also owns over 10% of Anheuser-Busch InBev, the world’s largest brewer. In March 2008, it spun off its international cigarette business to shareholders. In December 2018, the company acquired 35% of Juul Labs, and it has purchased a 45% stake in cannabis company Cronus for $1.8 billion.</p><p><blockquote>奥驰亚还拥有全球最大啤酒制造商百威英博10%以上的股份。2008年3月，它将国际卷烟业务分拆给股东。2018年12月，该公司收购了Juul Labs 35%的股份，并以18亿美元收购了大麻公司Cronus 45%的股份。</blockquote></p><p> BofA Securities is very favorable toward the company’s plans for the future:</p><p><blockquote>美银证券非常看好该公司的未来计划：</blockquote></p><p>   Management presented at CAGNY (Consumer Analyst Group of <a href=\"https://laohu8.com/S/NWY\">New York</a>) where it discussed a new corporate focus on ESG, additional details on its IQOS plans and its “Moving beyond smoking” 10-yr plan. Smokeables (cigarettes/cigars) will remain an important part of its strategy, providing funding behind its long-term growth and shareholder returns. Over the last 5-yrs, smokeable and other comprehensive income grew at a 5.5% compounded annual growth rate despite volume declines.  Shareholders receive a 7.35% dividend. The analyst has a $58 target price on the shares, while the consensus target is lower at $53.89. Altria stock closed on Wednesday at $46.79 per share.</p><p><blockquote>管理层在CAGNY（消费者分析师小组<a href=\"https://laohu8.com/S/NWY\">纽约</a>）讨论了企业对ESG的新关注、IQOS计划及其“超越吸烟”10年计划的更多细节。Smokeables（香烟/雪茄）仍将是其战略的重要组成部分，为其长期增长和股东回报提供资金。在过去的5年里，尽管数量下降，吸烟和其他综合收入仍以5.5%的复合年增长率增长。股东获得7.35%的股息。分析师对该股的目标价为58美元，而共识目标价较低，为53.89美元。奥驰亚股价周三收于每股46.79美元。</blockquote></p><p> <a href=\"https://laohu8.com/S/CVX\">Chevron</a></p><p><blockquote><a href=\"https://laohu8.com/S/CVX\">雪佛龙</a></blockquote></p><p> This energy giant is a solid way for investors who are more conservative to be positioned in the sector. Chevron Corp. (NYSE: CVX) is a U.S.-based integrated oil and gas company, with worldwide operations in exploration and production, refining and marketing, transportation and petrochemicals. The company sports a sizable dividend and has a solid place in the sector when it comes to natural gas and liquefied natural gas.</p><p><blockquote>对于较为保守的投资者来说，这家能源巨头是在该行业定位的可靠途径。雪佛龙公司（纽约证券交易所股票代码：CVX）是一家总部位于美国的综合性石油和天然气公司，在勘探和生产、炼油和营销、运输和石化领域开展全球业务。该公司拥有可观的股息，并在天然气和液化天然气领域拥有稳固的地位。</blockquote></p><p> With the strongest financial base of the majors, coupled with an attractive relative asset base, many on Wall Street feel that Chevron offers the most straightforwardly positive risk/reward. Although current conditions do not warrant a large focus on production growth, Chevron possesses numerous medium-term drivers (<a href=\"https://laohu8.com/S/NBL\">Noble</a> integration, Permian, TCO/WPMP expansion, Gulf of Mexico exploration, Vaca Muerta, and so on) that should support production levels in the coming years.</p><p><blockquote>凭借各大巨头中最强大的财务基础，加上有吸引力的相对资产基础，华尔街的许多人认为雪佛龙提供了最直接的正风险/回报。尽管目前的情况不值得大力关注产量增长，但雪佛龙拥有众多中期驱动因素（<a href=\"https://laohu8.com/S/NBL\">高尚的</a>一体化、二叠纪、TCO/WPMP扩张、墨西哥湾勘探、Vaca Muerta等）应该会支持未来几年的生产水平。</blockquote></p><p> <a href=\"https://laohu8.com/S/IBM\">IBM</a></p><p><blockquote><a href=\"https://laohu8.com/S/IBM\">IBM</a></blockquote></p><p> This old-school tech giant still offers investors a very solid entry point. International Business Machines Corp. (NYSE: IBM) is a leading provider of enterprise solutions, offering a broad portfolio of information technology (IT) hardware, business and IT services, and a full suite of software solutions.</p><p><blockquote>这家老派科技巨头仍然为投资者提供了一个非常坚实的切入点。国际商业机器公司（纽约证券交易所代码：IBM）是一家领先的企业解决方案提供商，提供广泛的信息技术（IT）硬件、商业和IT服务以及全套软件解决方案。</blockquote></p><p> The company integrates its hardware products with its software and services offerings in order to provide high-value solutions. Analysts have cited the company’s potential in the public cloud as a reason for their positive outlook going forward.</p><p><blockquote>该公司将其硬件产品与其软件和服务产品相集成，以提供高价值的解决方案。分析师将该公司在公共云领域的潜力作为他们对未来前景持积极态度的原因。</blockquote></p><p> CEO Ginni Rommety, who had been in the position since 2012, stepped down in January, and the stock market greeted the news in a very positive manner. Arvind Krishna, who has led the company’s cloud computing business, became the new chief executive. Rometty will remain as executive board chair until the end of the year.</p><p><blockquote>自2012年以来一直担任该职位的首席执行官吉尼·罗梅蒂(Ginni Rommety)于1月份辞职，股市以非常积极的方式迎接这一消息。领导该公司云计算业务的Arvind Krishna成为新任首席执行官。罗睿兰将继续担任执行董事会主席直至今年年底。</blockquote></p><p></p><p> Holders of IBM stock receive a 4.69% dividend. The $175 BofA Securities price target is well above the $144.14 consensus figure. The shares closed at $139.82 on Wednesday.</p><p><blockquote>IBM股票持有人获得4.69%的股息。美国银行证券175美元的目标价远高于144.14美元的共识价。该股周三收于139.82美元。</blockquote></p><p> Shareholders receive a 5.21% dividend, which analysts feel comfortable will remain at current levels. The BofA Securities price target is $125, which compares to a $122.48 consensus target and the last Chevron stock trade on Wednesday at $102.93 a share.</p><p><blockquote>股东获得5.21%的股息，分析师认为股息将保持在当前水平。美国银行证券的目标价为125美元，而共识目标价为122.48美元，周三雪佛龙股票最后一次交易价格为每股102.93美元。</blockquote></p><p> LyondellBasell</p><p><blockquote>利安德巴塞尔</blockquote></p><p> This top chemical company with a sterling balance sheet is another solid play for conservative investors. LyondellBasell Industries N.V. (NYSE: LYB) manufactures chemicals and polymers, refines crude oil, produces gasoline blending components and develops and licenses technologies for production of polymers.</p><p><blockquote>这家拥有良好资产负债表的顶级化工公司是保守投资者的另一个可靠选择。利安德巴塞尔工业公司（纽约证券交易所股票代码：LYB）生产化学品和聚合物、精炼原油、生产汽油混合成分以及开发和许可聚合物生产技术。</blockquote></p><p> Over half of earnings are generated in the company’s Olefins and Polyolefins Americas segment, where costs are linked to the price of cheap natural gas in the <a href=\"https://laohu8.com/S/UBNK\">United</a> States, while selling prices are correlated with the price of oil. The company has pursued a strategy of low-cost, high return on invested capital debottlenecks coupled with cash returns to shareholders.</p><p><blockquote>超过一半的收入来自该公司的烯烃和聚烯烃美洲部门，该部门的成本与该地区廉价天然气的价格相关。<a href=\"https://laohu8.com/S/UBNK\">团结的</a>国家，而销售价格与石油价格相关。该公司奉行低成本、高投资资本回报率的战略，消除瓶颈，并向股东提供现金回报。</blockquote></p><p> Note that debottlenecking is the process of identifying specific areas or equipment in oil and gas facilities that limit the flow of product (known as bottlenecks) and optimizing them so that overall capacity in the plant can be increased.</p><p><blockquote>请注意，去瓶颈是识别石油和天然气设施中限制产品流动的特定区域或设备（称为瓶颈）并对其进行优化的过程，以便提高工厂的整体产能。</blockquote></p><p> The company offers a 4.50% dividend. BofA Securities has set a $117 price target. The consensus target is $118.41, and LyondellBasell stock ended Wednesday at $100.40 a share.</p><p><blockquote>该公司提供4.50%的股息。美银证券将目标价定为117美元。共识目标为118.41美元，利安德巴塞尔股票周三收于每股100.40美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://247wallst.com/investing/2021/07/08/5-blue-chip-stocks-to-buy-with-huge-dividends-as-interest-rates-plunge/\">24/7 wall street</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://247wallst.com/investing/2021/07/08/5-blue-chip-stocks-to-buy-with-huge-dividends-as-interest-rates-plunge/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119741032","content_text":"Just last month, we were being warned that interest rates were ready to move meaningfully higher as inflation and the Federal Reserve were teaming up to end the massive low interest rate paradigm we have been stuck in for years. Then, seemingly out of nowhere, rates have dived lower, with the 10-year Treasury trading at a 1.32% yield, down from near 1.70% at the end of May. The benchmark 30-year Treasury bond is back at the 1.94% level. These are the lowest interest rate levels since last winter.\nFor income investors, this is another setback in what has become over a ten-year problem. While rates certainly could rise again, one thing seems certain: the Federal Reserve will not raise rates until it is positive the economy is back at full strength. The only move the Fed looks poised to make in the near term is the beginning of the tapering of the $120 billion per month purchase of Treasury and mortgage debt.\nWe screened the BofA Securities research universe looking for blue chip stocks rated Buy that paid at least a 4% dividend. We found five that are very appealing now to growth and income investors. While all are rated Buy, it is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.\nAltria\nThis maker of tobacco products offers value investors a great entry point now and was hit recently as cigarette sales have slowed. Altria Group Inc. (NYSE: MO) is the parent company of Philip Morris USA (cigarettes), UST (smokeless), John Middleton (cigars), Ste. Michelle Wine Estates and Philip Morris Capital. PMUSA enjoys a 51% share of the U.S. cigarette market, led by its top cigarette brand Marlboro.\nAltria also owns over 10% of Anheuser-Busch InBev, the world’s largest brewer. In March 2008, it spun off its international cigarette business to shareholders. In December 2018, the company acquired 35% of Juul Labs, and it has purchased a 45% stake in cannabis company Cronus for $1.8 billion.\nBofA Securities is very favorable toward the company’s plans for the future:\n\n Management presented at CAGNY (Consumer Analyst Group of New York) where it discussed a new corporate focus on ESG, additional details on its IQOS plans and its “Moving beyond smoking” 10-yr plan. Smokeables (cigarettes/cigars) will remain an important part of its strategy, providing funding behind its long-term growth and shareholder returns. Over the last 5-yrs, smokeable and other comprehensive income grew at a 5.5% compounded annual growth rate despite volume declines.\n\nShareholders receive a 7.35% dividend. The analyst has a $58 target price on the shares, while the consensus target is lower at $53.89. Altria stock closed on Wednesday at $46.79 per share.\nChevron\nThis energy giant is a solid way for investors who are more conservative to be positioned in the sector. Chevron Corp. (NYSE: CVX) is a U.S.-based integrated oil and gas company, with worldwide operations in exploration and production, refining and marketing, transportation and petrochemicals. The company sports a sizable dividend and has a solid place in the sector when it comes to natural gas and liquefied natural gas.\nWith the strongest financial base of the majors, coupled with an attractive relative asset base, many on Wall Street feel that Chevron offers the most straightforwardly positive risk/reward. Although current conditions do not warrant a large focus on production growth, Chevron possesses numerous medium-term drivers (Noble integration, Permian, TCO/WPMP expansion, Gulf of Mexico exploration, Vaca Muerta, and so on) that should support production levels in the coming years.\nIBM\nThis old-school tech giant still offers investors a very solid entry point. International Business Machines Corp. (NYSE: IBM) is a leading provider of enterprise solutions, offering a broad portfolio of information technology (IT) hardware, business and IT services, and a full suite of software solutions.\nThe company integrates its hardware products with its software and services offerings in order to provide high-value solutions. Analysts have cited the company’s potential in the public cloud as a reason for their positive outlook going forward.\nCEO Ginni Rommety, who had been in the position since 2012, stepped down in January, and the stock market greeted the news in a very positive manner. Arvind Krishna, who has led the company’s cloud computing business, became the new chief executive. Rometty will remain as executive board chair until the end of the year.\nHolders of IBM stock receive a 4.69% dividend. The $175 BofA Securities price target is well above the $144.14 consensus figure. The shares closed at $139.82 on Wednesday.\nShareholders receive a 5.21% dividend, which analysts feel comfortable will remain at current levels. The BofA Securities price target is $125, which compares to a $122.48 consensus target and the last Chevron stock trade on Wednesday at $102.93 a share.\nLyondellBasell\nThis top chemical company with a sterling balance sheet is another solid play for conservative investors. LyondellBasell Industries N.V. (NYSE: LYB) manufactures chemicals and polymers, refines crude oil, produces gasoline blending components and develops and licenses technologies for production of polymers.\nOver half of earnings are generated in the company’s Olefins and Polyolefins Americas segment, where costs are linked to the price of cheap natural gas in the United States, while selling prices are correlated with the price of oil. The company has pursued a strategy of low-cost, high return on invested capital debottlenecks coupled with cash returns to shareholders.\nNote that debottlenecking is the process of identifying specific areas or equipment in oil and gas facilities that limit the flow of product (known as bottlenecks) and optimizing them so that overall capacity in the plant can be increased.\nThe company offers a 4.50% dividend. BofA Securities has set a $117 price target. The consensus target is $118.41, and LyondellBasell stock ended Wednesday at $100.40 a share.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":820373791,"gmtCreate":1633356103511,"gmtModify":1633356104457,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/820373791","repostId":"1140558350","repostType":4,"isVote":1,"tweetType":1,"viewCount":2249,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":889100500,"gmtCreate":1631112277300,"gmtModify":1631889845419,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/889100500","repostId":"1104275040","repostType":2,"isVote":1,"tweetType":1,"viewCount":363,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":820378630,"gmtCreate":1633356174821,"gmtModify":1633356175661,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"Pls like and follow and comment","listText":"Pls like and follow and comment","text":"Pls like and follow and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/820378630","repostId":"1136399695","repostType":4,"repost":{"id":"1136399695","kind":"news","pubTimestamp":1633353815,"share":"https://www.laohu8.com/m/news/1136399695?lang=zh_CN&edition=full","pubTime":"2021-10-04 21:23","market":"us","language":"en","title":"A timeline of the Federal Reserve's trading scandal<blockquote>美联储交易丑闻的时间表</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1136399695","media":"finance.yahoo","summary":"A reputational crisis at the Federal Reserve has led to the resignation of two senior officials with","content":"<p>A reputational crisis at the Federal Reserve has led to the resignation of two senior officials within the central bank, raising questions about the strength of the Fed’s guardrails around personal financial interests.</p><p><blockquote>美联储的声誉危机导致央行内部两名高级官员辞职，引发了人们对美联储围绕个人金融利益的护栏强度的质疑。</blockquote></p><p> In September 2021, media reports highlighted several large financial transactions carried out by Dallas Fed President Robert Kaplan and Boston Fed President Eric Rosengren during 2020. As two heads of the 12 reserve banks, both were instrumental in engineering the Fed’s response to the financial fallout from the COVID-19 pandemic.</p><p><blockquote>2021年9月，媒体报道重点介绍了达拉斯联储主席罗伯特·卡普兰和波士顿联储主席埃里克·罗森格伦在2020年期间进行的几笔大型金融交易。作为12家储备银行的两位行长，两人都在设计美联储应对COVID-19大流行的金融影响方面发挥了重要作用。</blockquote></p><p> Rosengren and Kaplan would promise not to do any more trading during their tenure as senior Fed officials, but would later announce early retirements as the public fallout expanded.</p><p><blockquote>罗森格伦和卡普兰承诺在担任美联储高级官员期间不再进行任何交易，但随着公众影响的扩大，他们后来宣布提前退休。</blockquote></p><p> Fed Vice Chairman Richard Clarida would also likely catch scrutiny forrotating millions of dollars out of bond fund and into stock funds in February 2020— right before the Fed started slashing interest rates.</p><p><blockquote>美联储副主席理查德·克拉里达(Richard Clarida)也可能因在2020年2月（就在美联储开始降息之前）将数百万美元从债券基金转入股票基金而受到审查。</blockquote></p><p> At the direction of Fed Chairman Jerome Powell, the Federal Reserve Board is now in the process of a system-wide review regarding its ethics practices. Questions have been raised as to why members of the policy-setting Federal Open Market Committee (FOMC), with immense power to move markets, would ever be allowed to personally profit on trades.</p><p><blockquote>在美联储主席杰罗姆·鲍威尔的指导下，美联储目前正在对其道德实践进行全系统审查。有人质疑，为什么拥有巨大市场影响力的联邦公开市场委员会（FOMC）成员会被允许从交易中个人获利。</blockquote></p><p> “No one is happy,” Powell told the press on Sept. 22. “No one on the FOMC is happy to be in this situation, to be having these questions raised. It's something we take very, very seriously.”</p><p><blockquote>“没有人高兴，”鲍威尔9月22日对媒体表示。“联邦公开市场委员会没有人乐于处于这种情况，乐于提出这些问题。我们非常非常认真地对待这件事。”</blockquote></p><p> Peter Conti-Brown, a professor at the University of Pennsylvania who has written about Fed independence, told Yahoo Finance that the entire situation is a “calamity and a scandal” for the Fed.</p><p><blockquote>撰写过有关美联储独立性的文章的宾夕法尼亚大学教授彼得·康蒂-布朗告诉雅虎财经，整个情况对美联储来说是一场“灾难和丑闻”。</blockquote></p><p> “I think central bankers should never be under a cloud of suspicion that they’re advocating for policies that will enrich them,” Conti-Brown said, adding that he would support a wholesale ban on any senior Fed official holding any individual stocks.</p><p><blockquote>孔蒂-布朗表示：“我认为央行行长永远不应该怀疑他们正在倡导能够让他们致富的政策。”他补充说，他将支持全面禁止任何美联储高级官员持有任何个股。</blockquote></p><p> San Francisco President Mary Daly, whose financial disclosures showed no individual stock holdings, told reporters Sept. 29 that she acknowledges the American public’s concern that the Fed’s existing ethics rules are “not sufficient.”</p><p><blockquote>旧金山行长玛丽·戴利(Mary Daly)的财务披露显示没有持有个人股票，她9月29日对记者表示，她承认美国公众对美联储现有道德规则“不够”的担忧。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/041dbdec77d0aa8b865a34c363c30aba\" tg-width=\"705\" tg-height=\"504\" width=\"100%\" height=\"auto\"><span>Boston Fed President Eric Rosengren (left) and Dallas Fed President Robert Kaplan (right) announced early retirements. Credit: Getty and Reuters</span></p><p><blockquote><p class=\"t-img-caption\"><span>波士顿联储主席Eric Rosengren（左）和达拉斯联储主席Robert Kaplan（右）宣布提前退休。图片来源：盖蒂和路透社</span></p></blockquote></p><p> Here’s a timeline of all the events related to the central bank’s ethics debacle (as of Wednesday, September 29, 2021):</p><p><blockquote>以下是与央行道德崩溃相关的所有事件的时间表（截至2021年9月29日星期三）：</blockquote></p><p> <b>September 7, 2021:</b>The Wall Street Journalreportsthat Kaplan made multiple stock trades in 2020, with several $1 million dollar-plus stakes taken in Apple, Delta Air Lines, Occidental Petroleum, and iShares Floating Rate Bond ETFs, among others.</p><p><blockquote><b>2021年9月7日：</b>据《华尔街日报》报道，Kaplan在2020年进行了多笔股票交易，持有苹果、达美航空、西方石油和iShares浮动利率债券ETF等公司价值超过100万美元的股份。</blockquote></p><p> <b>September 8, 2021:</b>Bloombergreportsthat Rosengren made multiple purchases and sales in REITs and other securities in 2020, during which he was publicly warning of contagion in real estate markets. The Boston Fed said the trades were not done via a blind trust and were “consistent” with ethics rules.</p><p><blockquote><b>2021年9月8日：</b>彭博社报道称，罗森格伦在2020年多次买卖房地产投资信托基金和其他证券，期间他公开警告房地产市场的蔓延。波士顿联储表示，这些交易不是通过盲目信托进行的，并且“符合”道德规则。</blockquote></p><p> <b>September 9, 2021:</b>Federal Reserve Banks of Boston and Dallas simultaneously issue statements with nearly identical language, both noting that their financial transactions complied with the Fed’s ethics rules. The statements said both presidents would dump their holdings by Sept. 30 (with reinvestment into diversified index funds or cash savings), alongside a promise that they would not be active in those accounts as long as they remained presidents.</p><p><blockquote><b>2021年9月9日：</b>波士顿和达拉斯的联邦储备银行同时发布了几乎相同语言的声明，都指出他们的金融交易符合美联储的道德规则。声明称，两位总统将在9月30日之前抛售所持股份（再投资于多元化指数基金或现金储蓄），并承诺只要他们仍担任总统，他们就不会活跃在这些账户中。</blockquote></p><p> <b>September 15, 2021:</b>Sen. Elizabeth Warren (D-Mass.)writes to all 12 Federal Reserve banksasking them to, within 60 days, impose a ban on the ownership and trading of individual stocks by senior officials.</p><p><blockquote><b>2021年9月15日：</b>马萨诸塞州民主党参议员伊丽莎白·沃伦(Elizabeth Warren)写信给所有12家美联储银行，要求它们在60天内禁止高级官员持有和交易个股。</blockquote></p><p> <b>September 16, 2021:</b>Federal Reserve Board issues a statement via a spokesperson noting that Powell directed Board staff the week prior to “take a fresh and comprehensive look at the ethics rules around financial holdings and activities by senior Fed officials.” Fed notes that its rules on personal financial practices are “stricter than those that apply to Congress.”</p><p><blockquote><b>2021年9月16日：</b>美联储通过发言人发表声明指出，鲍威尔在一周前指示董事会工作人员“重新全面审视美联储高级官员有关金融控股和活动的道德规则”。美联储指出，其关于个人金融行为的规则“比适用于国会的规则更严格”。</blockquote></p><p> <b>September 22, 2021:</b>Powellfields questions from the press, insisting he was not aware of the trading until after both presidents had filed disclosures (which are filed on an annual basis). Powell reiterates the Fed's existing restrictions, such as not being able to trade immediately before and during a policy-setting meeting. But the Fed chief admits “no one is happy” about the situation.</p><p><blockquote><b>2021年9月22日：</b>鲍威尔菲尔德在接受媒体提问时坚称，直到两位总统提交披露文件（每年提交一次）后，他才知道这笔交易。鲍威尔重申了美联储现有的限制，例如不能在政策制定会议之前和期间立即进行交易。但美联储主席承认“没有人对这种情况感到高兴”。</blockquote></p><p> Powell said his personal financial interests includes ownership of municipal securities that he \"froze\" in 2019, holdings that he says were not tradedduring the Fed’s emergency measures in 2020.</p><p><blockquote>鲍威尔表示，他的个人财务利益包括他在2019年“冻结”的市政证券的所有权，他说这些资产在美联储2020年采取紧急措施期间没有交易。</blockquote></p><p></p><p> <b>September 27, 2021:</b>Before the market open, Boston Fed President Eric Rosengren announces he will pull forward his retirement by nine months, citing the “worsening of a kidney condition.” Rosengren, who was originally scheduled to retire in June 2022, makes no mention of his REIT trades and says his last day will be September 30, 2021.</p><p><blockquote><b>2021年9月27日：</b>开市前，波士顿联储主席埃里克·罗森格伦以“肾脏状况恶化”为由宣布将退休时间提前九个月。罗森格伦原定于2022年6月退休，但他没有提及自己的房地产投资信托基金交易，并表示他的最后一天将是2021年9月30日。</blockquote></p><p> After the market close, Dallas Fed President Robert Kaplan says he will step down October 8, 2021, noting that his financial dealings risk \"becoming a distraction to the Federal Reserve’s execution” of its monetary policy.</p><p><blockquote>收盘后，达拉斯联储主席罗伯特·卡普兰表示，他将于2021年10月8日辞职，并指出他的金融交易有可能“分散美联储执行货币政策的注意力”。</blockquote></p><p> <b>September 28, 2021:</b>Powell answers questions from Congress, telling the Senate Banking Committee that the Fed is “also looking carefully at the trading that was done to make sure that it’s in compliance with our rules and the law.\"</p><p><blockquote><b>2021年9月28日：</b>鲍威尔在回答国会的问题时告诉参议院银行委员会，美联储“也在仔细审查所进行的交易，以确保其符合我们的规则和法律。”</blockquote></p><p> A Securities and Exchange Commission spokesperson tells Yahoo Finance it \"does not comment on the existence or nonexistence of a possible investigation.\"</p><p><blockquote>美国证券交易委员会发言人告诉雅虎财经，“不对是否存在可能的调查发表评论”。</blockquote></p><p> <b>September 30, 2021:</b>Rosengren retires as Boston Fed President, with First Vice President Kenneth Montgomery stepping up to serve as interim president. A committee of Boston Fed board directors (not affiliated with regulated banks or financial institutions) will select a permanent replacement, who would need to be approved by the Fed Board.</p><p><blockquote><b>2021年9月30日：</b>罗森格伦卸任波士顿联储主席，第一副主席肯尼思·蒙哥马利接任临时主席。波士顿联储董事会董事委员会（不隶属于受监管的银行或金融机构）将选择一名永久替代者，该替代者需要得到联储董事会的批准。</blockquote></p><p> <b>October 1, 2021:</b>Bloombergreportsthat Fed Vice Chairman Richard Clarida traded between $1 million and $5 million out of a Pimco bond fund and into two stock funds. The shift happened on February 27, 2020, a day before Powell issued arare, impromptu statementreiterating the Fed's support of the economy. The transactions were disclosed via agovernment ethics filing. A Fed spokesman told Bloomberg the transactions \"represent a pre-planned rebalancing to his accounts.\"</p><p><blockquote><b>2021年10月1日：</b>彭博社报道称，美联储副主席理查德·克拉里达(Richard Clarida)从Pimco债券基金和两只股票基金中交易了100万至500万美元。这一转变发生在2020年2月27日，即鲍威尔发表临时声明重申美联储对经济的支持的前一天。这些交易通过政府道德文件披露。美联储发言人告诉彭博社，这些交易“代表了他账户预先计划的再平衡”。</blockquote></p><p> <b>October 8, 2021:</b>Kaplan retires as Dallas Fed President, with First Vice President Meredith Black delaying her impending retirement to serve as interim president. A committee of Dallas Fed board directors (not affiliated with regulated banks or financial institutions) will select a permanent replacement, who would need to be approved by the Fed Board.</p><p><blockquote><b>2021年10月8日：</b>卡普兰从达拉斯联储主席的职位上退休，第一副主席梅雷迪思·布莱克推迟了即将退休的时间，担任临时主席。达拉斯联储董事会董事委员会（不隶属于受监管的银行或金融机构）将选择一名永久替代者，该替代者需要得到联储董事会的批准。</blockquote></p><p></p>","source":"lsy1612507957220","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>A timeline of the Federal Reserve's trading scandal<blockquote>美联储交易丑闻的时间表</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\">\nA timeline of the Federal Reserve's trading scandal<blockquote>美联储交易丑闻的时间表</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">finance.yahoo</strong><span class=\"h-time small\">2021-10-04 21:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A reputational crisis at the Federal Reserve has led to the resignation of two senior officials within the central bank, raising questions about the strength of the Fed’s guardrails around personal financial interests.</p><p><blockquote>美联储的声誉危机导致央行内部两名高级官员辞职，引发了人们对美联储围绕个人金融利益的护栏强度的质疑。</blockquote></p><p> In September 2021, media reports highlighted several large financial transactions carried out by Dallas Fed President Robert Kaplan and Boston Fed President Eric Rosengren during 2020. As two heads of the 12 reserve banks, both were instrumental in engineering the Fed’s response to the financial fallout from the COVID-19 pandemic.</p><p><blockquote>2021年9月，媒体报道重点介绍了达拉斯联储主席罗伯特·卡普兰和波士顿联储主席埃里克·罗森格伦在2020年期间进行的几笔大型金融交易。作为12家储备银行的两位行长，两人都在设计美联储应对COVID-19大流行的金融影响方面发挥了重要作用。</blockquote></p><p> Rosengren and Kaplan would promise not to do any more trading during their tenure as senior Fed officials, but would later announce early retirements as the public fallout expanded.</p><p><blockquote>罗森格伦和卡普兰承诺在担任美联储高级官员期间不再进行任何交易，但随着公众影响的扩大，他们后来宣布提前退休。</blockquote></p><p> Fed Vice Chairman Richard Clarida would also likely catch scrutiny forrotating millions of dollars out of bond fund and into stock funds in February 2020— right before the Fed started slashing interest rates.</p><p><blockquote>美联储副主席理查德·克拉里达(Richard Clarida)也可能因在2020年2月（就在美联储开始降息之前）将数百万美元从债券基金转入股票基金而受到审查。</blockquote></p><p> At the direction of Fed Chairman Jerome Powell, the Federal Reserve Board is now in the process of a system-wide review regarding its ethics practices. Questions have been raised as to why members of the policy-setting Federal Open Market Committee (FOMC), with immense power to move markets, would ever be allowed to personally profit on trades.</p><p><blockquote>在美联储主席杰罗姆·鲍威尔的指导下，美联储目前正在对其道德实践进行全系统审查。有人质疑，为什么拥有巨大市场影响力的联邦公开市场委员会（FOMC）成员会被允许从交易中个人获利。</blockquote></p><p> “No one is happy,” Powell told the press on Sept. 22. “No one on the FOMC is happy to be in this situation, to be having these questions raised. It's something we take very, very seriously.”</p><p><blockquote>“没有人高兴，”鲍威尔9月22日对媒体表示。“联邦公开市场委员会没有人乐于处于这种情况，乐于提出这些问题。我们非常非常认真地对待这件事。”</blockquote></p><p> Peter Conti-Brown, a professor at the University of Pennsylvania who has written about Fed independence, told Yahoo Finance that the entire situation is a “calamity and a scandal” for the Fed.</p><p><blockquote>撰写过有关美联储独立性的文章的宾夕法尼亚大学教授彼得·康蒂-布朗告诉雅虎财经，整个情况对美联储来说是一场“灾难和丑闻”。</blockquote></p><p> “I think central bankers should never be under a cloud of suspicion that they’re advocating for policies that will enrich them,” Conti-Brown said, adding that he would support a wholesale ban on any senior Fed official holding any individual stocks.</p><p><blockquote>孔蒂-布朗表示：“我认为央行行长永远不应该怀疑他们正在倡导能够让他们致富的政策。”他补充说，他将支持全面禁止任何美联储高级官员持有任何个股。</blockquote></p><p> San Francisco President Mary Daly, whose financial disclosures showed no individual stock holdings, told reporters Sept. 29 that she acknowledges the American public’s concern that the Fed’s existing ethics rules are “not sufficient.”</p><p><blockquote>旧金山行长玛丽·戴利(Mary Daly)的财务披露显示没有持有个人股票，她9月29日对记者表示，她承认美国公众对美联储现有道德规则“不够”的担忧。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/041dbdec77d0aa8b865a34c363c30aba\" tg-width=\"705\" tg-height=\"504\" width=\"100%\" height=\"auto\"><span>Boston Fed President Eric Rosengren (left) and Dallas Fed President Robert Kaplan (right) announced early retirements. Credit: Getty and Reuters</span></p><p><blockquote><p class=\"t-img-caption\"><span>波士顿联储主席Eric Rosengren（左）和达拉斯联储主席Robert Kaplan（右）宣布提前退休。图片来源：盖蒂和路透社</span></p></blockquote></p><p> Here’s a timeline of all the events related to the central bank’s ethics debacle (as of Wednesday, September 29, 2021):</p><p><blockquote>以下是与央行道德崩溃相关的所有事件的时间表（截至2021年9月29日星期三）：</blockquote></p><p> <b>September 7, 2021:</b>The Wall Street Journalreportsthat Kaplan made multiple stock trades in 2020, with several $1 million dollar-plus stakes taken in Apple, Delta Air Lines, Occidental Petroleum, and iShares Floating Rate Bond ETFs, among others.</p><p><blockquote><b>2021年9月7日：</b>据《华尔街日报》报道，Kaplan在2020年进行了多笔股票交易，持有苹果、达美航空、西方石油和iShares浮动利率债券ETF等公司价值超过100万美元的股份。</blockquote></p><p> <b>September 8, 2021:</b>Bloombergreportsthat Rosengren made multiple purchases and sales in REITs and other securities in 2020, during which he was publicly warning of contagion in real estate markets. The Boston Fed said the trades were not done via a blind trust and were “consistent” with ethics rules.</p><p><blockquote><b>2021年9月8日：</b>彭博社报道称，罗森格伦在2020年多次买卖房地产投资信托基金和其他证券，期间他公开警告房地产市场的蔓延。波士顿联储表示，这些交易不是通过盲目信托进行的，并且“符合”道德规则。</blockquote></p><p> <b>September 9, 2021:</b>Federal Reserve Banks of Boston and Dallas simultaneously issue statements with nearly identical language, both noting that their financial transactions complied with the Fed’s ethics rules. The statements said both presidents would dump their holdings by Sept. 30 (with reinvestment into diversified index funds or cash savings), alongside a promise that they would not be active in those accounts as long as they remained presidents.</p><p><blockquote><b>2021年9月9日：</b>波士顿和达拉斯的联邦储备银行同时发布了几乎相同语言的声明，都指出他们的金融交易符合美联储的道德规则。声明称，两位总统将在9月30日之前抛售所持股份（再投资于多元化指数基金或现金储蓄），并承诺只要他们仍担任总统，他们就不会活跃在这些账户中。</blockquote></p><p> <b>September 15, 2021:</b>Sen. Elizabeth Warren (D-Mass.)writes to all 12 Federal Reserve banksasking them to, within 60 days, impose a ban on the ownership and trading of individual stocks by senior officials.</p><p><blockquote><b>2021年9月15日：</b>马萨诸塞州民主党参议员伊丽莎白·沃伦(Elizabeth Warren)写信给所有12家美联储银行，要求它们在60天内禁止高级官员持有和交易个股。</blockquote></p><p> <b>September 16, 2021:</b>Federal Reserve Board issues a statement via a spokesperson noting that Powell directed Board staff the week prior to “take a fresh and comprehensive look at the ethics rules around financial holdings and activities by senior Fed officials.” Fed notes that its rules on personal financial practices are “stricter than those that apply to Congress.”</p><p><blockquote><b>2021年9月16日：</b>美联储通过发言人发表声明指出，鲍威尔在一周前指示董事会工作人员“重新全面审视美联储高级官员有关金融控股和活动的道德规则”。美联储指出，其关于个人金融行为的规则“比适用于国会的规则更严格”。</blockquote></p><p> <b>September 22, 2021:</b>Powellfields questions from the press, insisting he was not aware of the trading until after both presidents had filed disclosures (which are filed on an annual basis). Powell reiterates the Fed's existing restrictions, such as not being able to trade immediately before and during a policy-setting meeting. But the Fed chief admits “no one is happy” about the situation.</p><p><blockquote><b>2021年9月22日：</b>鲍威尔菲尔德在接受媒体提问时坚称，直到两位总统提交披露文件（每年提交一次）后，他才知道这笔交易。鲍威尔重申了美联储现有的限制，例如不能在政策制定会议之前和期间立即进行交易。但美联储主席承认“没有人对这种情况感到高兴”。</blockquote></p><p> Powell said his personal financial interests includes ownership of municipal securities that he \"froze\" in 2019, holdings that he says were not tradedduring the Fed’s emergency measures in 2020.</p><p><blockquote>鲍威尔表示，他的个人财务利益包括他在2019年“冻结”的市政证券的所有权，他说这些资产在美联储2020年采取紧急措施期间没有交易。</blockquote></p><p></p><p> <b>September 27, 2021:</b>Before the market open, Boston Fed President Eric Rosengren announces he will pull forward his retirement by nine months, citing the “worsening of a kidney condition.” Rosengren, who was originally scheduled to retire in June 2022, makes no mention of his REIT trades and says his last day will be September 30, 2021.</p><p><blockquote><b>2021年9月27日：</b>开市前，波士顿联储主席埃里克·罗森格伦以“肾脏状况恶化”为由宣布将退休时间提前九个月。罗森格伦原定于2022年6月退休，但他没有提及自己的房地产投资信托基金交易，并表示他的最后一天将是2021年9月30日。</blockquote></p><p> After the market close, Dallas Fed President Robert Kaplan says he will step down October 8, 2021, noting that his financial dealings risk \"becoming a distraction to the Federal Reserve’s execution” of its monetary policy.</p><p><blockquote>收盘后，达拉斯联储主席罗伯特·卡普兰表示，他将于2021年10月8日辞职，并指出他的金融交易有可能“分散美联储执行货币政策的注意力”。</blockquote></p><p> <b>September 28, 2021:</b>Powell answers questions from Congress, telling the Senate Banking Committee that the Fed is “also looking carefully at the trading that was done to make sure that it’s in compliance with our rules and the law.\"</p><p><blockquote><b>2021年9月28日：</b>鲍威尔在回答国会的问题时告诉参议院银行委员会，美联储“也在仔细审查所进行的交易，以确保其符合我们的规则和法律。”</blockquote></p><p> A Securities and Exchange Commission spokesperson tells Yahoo Finance it \"does not comment on the existence or nonexistence of a possible investigation.\"</p><p><blockquote>美国证券交易委员会发言人告诉雅虎财经，“不对是否存在可能的调查发表评论”。</blockquote></p><p> <b>September 30, 2021:</b>Rosengren retires as Boston Fed President, with First Vice President Kenneth Montgomery stepping up to serve as interim president. A committee of Boston Fed board directors (not affiliated with regulated banks or financial institutions) will select a permanent replacement, who would need to be approved by the Fed Board.</p><p><blockquote><b>2021年9月30日：</b>罗森格伦卸任波士顿联储主席，第一副主席肯尼思·蒙哥马利接任临时主席。波士顿联储董事会董事委员会（不隶属于受监管的银行或金融机构）将选择一名永久替代者，该替代者需要得到联储董事会的批准。</blockquote></p><p> <b>October 1, 2021:</b>Bloombergreportsthat Fed Vice Chairman Richard Clarida traded between $1 million and $5 million out of a Pimco bond fund and into two stock funds. The shift happened on February 27, 2020, a day before Powell issued arare, impromptu statementreiterating the Fed's support of the economy. The transactions were disclosed via agovernment ethics filing. A Fed spokesman told Bloomberg the transactions \"represent a pre-planned rebalancing to his accounts.\"</p><p><blockquote><b>2021年10月1日：</b>彭博社报道称，美联储副主席理查德·克拉里达(Richard Clarida)从Pimco债券基金和两只股票基金中交易了100万至500万美元。这一转变发生在2020年2月27日，即鲍威尔发表临时声明重申美联储对经济的支持的前一天。这些交易通过政府道德文件披露。美联储发言人告诉彭博社，这些交易“代表了他账户预先计划的再平衡”。</blockquote></p><p> <b>October 8, 2021:</b>Kaplan retires as Dallas Fed President, with First Vice President Meredith Black delaying her impending retirement to serve as interim president. A committee of Dallas Fed board directors (not affiliated with regulated banks or financial institutions) will select a permanent replacement, who would need to be approved by the Fed Board.</p><p><blockquote><b>2021年10月8日：</b>卡普兰从达拉斯联储主席的职位上退休，第一副主席梅雷迪思·布莱克推迟了即将退休的时间，担任临时主席。达拉斯联储董事会董事委员会（不隶属于受监管的银行或金融机构）将选择一名永久替代者，该替代者需要得到联储董事会的批准。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/a-timeline-of-the-federal-reserves-trading-scandal-104415556.html\">finance.yahoo</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"},"source_url":"https://finance.yahoo.com/news/a-timeline-of-the-federal-reserves-trading-scandal-104415556.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136399695","content_text":"A reputational crisis at the Federal Reserve has led to the resignation of two senior officials within the central bank, raising questions about the strength of the Fed’s guardrails around personal financial interests.\nIn September 2021, media reports highlighted several large financial transactions carried out by Dallas Fed President Robert Kaplan and Boston Fed President Eric Rosengren during 2020. As two heads of the 12 reserve banks, both were instrumental in engineering the Fed’s response to the financial fallout from the COVID-19 pandemic.\nRosengren and Kaplan would promise not to do any more trading during their tenure as senior Fed officials, but would later announce early retirements as the public fallout expanded.\nFed Vice Chairman Richard Clarida would also likely catch scrutiny forrotating millions of dollars out of bond fund and into stock funds in February 2020— right before the Fed started slashing interest rates.\nAt the direction of Fed Chairman Jerome Powell, the Federal Reserve Board is now in the process of a system-wide review regarding its ethics practices. Questions have been raised as to why members of the policy-setting Federal Open Market Committee (FOMC), with immense power to move markets, would ever be allowed to personally profit on trades.\n“No one is happy,” Powell told the press on Sept. 22. “No one on the FOMC is happy to be in this situation, to be having these questions raised. It's something we take very, very seriously.”\nPeter Conti-Brown, a professor at the University of Pennsylvania who has written about Fed independence, told Yahoo Finance that the entire situation is a “calamity and a scandal” for the Fed.\n“I think central bankers should never be under a cloud of suspicion that they’re advocating for policies that will enrich them,” Conti-Brown said, adding that he would support a wholesale ban on any senior Fed official holding any individual stocks.\nSan Francisco President Mary Daly, whose financial disclosures showed no individual stock holdings, told reporters Sept. 29 that she acknowledges the American public’s concern that the Fed’s existing ethics rules are “not sufficient.”\nBoston Fed President Eric Rosengren (left) and Dallas Fed President Robert Kaplan (right) announced early retirements. Credit: Getty and Reuters\nHere’s a timeline of all the events related to the central bank’s ethics debacle (as of Wednesday, September 29, 2021):\nSeptember 7, 2021:The Wall Street Journalreportsthat Kaplan made multiple stock trades in 2020, with several $1 million dollar-plus stakes taken in Apple, Delta Air Lines, Occidental Petroleum, and iShares Floating Rate Bond ETFs, among others.\nSeptember 8, 2021:Bloombergreportsthat Rosengren made multiple purchases and sales in REITs and other securities in 2020, during which he was publicly warning of contagion in real estate markets. The Boston Fed said the trades were not done via a blind trust and were “consistent” with ethics rules.\nSeptember 9, 2021:Federal Reserve Banks of Boston and Dallas simultaneously issue statements with nearly identical language, both noting that their financial transactions complied with the Fed’s ethics rules. The statements said both presidents would dump their holdings by Sept. 30 (with reinvestment into diversified index funds or cash savings), alongside a promise that they would not be active in those accounts as long as they remained presidents.\nSeptember 15, 2021:Sen. Elizabeth Warren (D-Mass.)writes to all 12 Federal Reserve banksasking them to, within 60 days, impose a ban on the ownership and trading of individual stocks by senior officials.\nSeptember 16, 2021:Federal Reserve Board issues a statement via a spokesperson noting that Powell directed Board staff the week prior to “take a fresh and comprehensive look at the ethics rules around financial holdings and activities by senior Fed officials.” Fed notes that its rules on personal financial practices are “stricter than those that apply to Congress.”\nSeptember 22, 2021:Powellfields questions from the press, insisting he was not aware of the trading until after both presidents had filed disclosures (which are filed on an annual basis). Powell reiterates the Fed's existing restrictions, such as not being able to trade immediately before and during a policy-setting meeting. But the Fed chief admits “no one is happy” about the situation.\nPowell said his personal financial interests includes ownership of municipal securities that he \"froze\" in 2019, holdings that he says were not tradedduring the Fed’s emergency measures in 2020.\nSeptember 27, 2021:Before the market open, Boston Fed President Eric Rosengren announces he will pull forward his retirement by nine months, citing the “worsening of a kidney condition.” Rosengren, who was originally scheduled to retire in June 2022, makes no mention of his REIT trades and says his last day will be September 30, 2021.\nAfter the market close, Dallas Fed President Robert Kaplan says he will step down October 8, 2021, noting that his financial dealings risk \"becoming a distraction to the Federal Reserve’s execution” of its monetary policy.\nSeptember 28, 2021:Powell answers questions from Congress, telling the Senate Banking Committee that the Fed is “also looking carefully at the trading that was done to make sure that it’s in compliance with our rules and the law.\"\nA Securities and Exchange Commission spokesperson tells Yahoo Finance it \"does not comment on the existence or nonexistence of a possible investigation.\"\nSeptember 30, 2021:Rosengren retires as Boston Fed President, with First Vice President Kenneth Montgomery stepping up to serve as interim president. A committee of Boston Fed board directors (not affiliated with regulated banks or financial institutions) will select a permanent replacement, who would need to be approved by the Fed Board.\nOctober 1, 2021:Bloombergreportsthat Fed Vice Chairman Richard Clarida traded between $1 million and $5 million out of a Pimco bond fund and into two stock funds. The shift happened on February 27, 2020, a day before Powell issued arare, impromptu statementreiterating the Fed's support of the economy. The transactions were disclosed via agovernment ethics filing. A Fed spokesman told Bloomberg the transactions \"represent a pre-planned rebalancing to his accounts.\"\nOctober 8, 2021:Kaplan retires as Dallas Fed President, with First Vice President Meredith Black delaying her impending retirement to serve as interim president. A committee of Dallas Fed board directors (not affiliated with regulated banks or financial institutions) will select a permanent replacement, who would need to be approved by the Fed Board.","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2058,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":814964874,"gmtCreate":1630745604798,"gmtModify":1631892454722,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"HmmmmPls like and comment&nbsp;","listText":"HmmmmPls like and comment&nbsp;","text":"HmmmmPls like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/814964874","repostId":"1169514310","repostType":2,"repost":{"id":"1169514310","kind":"news","pubTimestamp":1630656896,"share":"https://www.laohu8.com/m/news/1169514310?lang=zh_CN&edition=full","pubTime":"2021-09-03 16:14","market":"us","language":"en","title":"2 Good Reasons the Stock Market Isn’t Ready to Blow Up Yet<blockquote>股市尚未准备好爆炸的2个充分理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169514310","media":"Barron's","summary":"tocks have had an impressive year so far, but there are still four months before 2021 wraps up. So w","content":"<p>tocks have had an impressive year so far, but there are still four months before 2021 wraps up. So what’s ahead? A correction? More gains? Right now, it’s easier to make the case for the rally to just keep on going.</p><p><blockquote>到目前为止，股票经历了令人印象深刻的一年，但距离2021年结束还有四个月的时间。那么接下来会发生什么？更正？更多收获？现在，更容易证明涨势继续下去。</blockquote></p><p> First, though, it’s understandable why investors might be nervous.</p><p><blockquote>不过，首先，投资者感到紧张是可以理解的。</blockquote></p><p> TheS&amp;P 500has gained about 21% year to date, far above the historical average annual return of about 10%. And in the first eight months, the index hasn’t had a pullback of more than 5%— a correction is defined as a 10% drawdown.</p><p><blockquote>标准普尔500指数今年迄今已上涨约21%，远高于约10%的历史平均年回报率。在前八个月，该指数的回调幅度没有超过5%——回调被定义为下跌10%。</blockquote></p><p> Still, a good run needs something to stop it—likehigher corporate taxes,which the Biden administration supports. They could shave 5% or more off projected earnings estimates for S&amp;P 500 companies. Or persistent inflation, which could cause the Federal Reserve to rapidly reduce economic support. And there are a host of other catalysts, enough to push some analyststo forecast a retreat.</p><p><blockquote>尽管如此，良好的运行需要一些东西来阻止它——比如拜登政府支持的更高的公司税。他们可能会将标普500公司的盈利预期下调5%或更多。或者持续的通胀，这可能导致美联储迅速减少经济支持。还有许多其他催化剂，足以促使一些分析师预测经济会出现回落。</blockquote></p><p> But who knows how long Washington might take to put a new tax structure in place, or if lawmakers even will. Or what the deal is with inflation. There has been tapering talk for a few months now, and the Fed holds firm to its wait-and-see approach.</p><p><blockquote>但谁知道华盛顿可能需要多长时间才能建立新的税收结构，或者立法者是否会这样做。或者通货膨胀是怎么回事。缩减购债规模的讨论已经持续了几个月，美联储仍坚持观望态度。</blockquote></p><p> So the nature of the market’s climb in the past couple of weeks seems to be the surest, strongest sign of what’s ahead. The S&amp;P 500 is up 3% since Aug. 18, the bottom of a brief and shallow drop.</p><p><blockquote>因此，过去几周市场上涨的性质似乎是未来最确定、最强烈的迹象。自8月18日以来，标普500已上涨3%，这是短暂而浅跌的底部。</blockquote></p><p> “[Market] internals improved last week,” writes&nbsp;Michael Gibbs, director of equity portfolio and technical strategy at Raymond James.</p><p><blockquote>雷蒙德·詹姆斯(Raymond James)股票投资组合和技术策略总监迈克尔·吉布斯(Michael Gibbs)写道：“上周[市场]内部结构有所改善。”</blockquote></p><p> First off, transaction volumes are improving.</p><p><blockquote>首先，交易量正在改善。</blockquote></p><p> In late August, the daily number of shares traded on the&nbsp;SPDR S&amp;P 500 Exchange-Traded Fund Trust(SPY) has been about 54 million, according to FactSet. That’s above just under 50 million seen in the middle of the month.</p><p><blockquote>FactSet的数据显示，8月底，SPDR标普500交易所交易基金信托（SPDR标普500指数ETF）的每日交易股票数量约为5400万股。这高于本月中旬的略低于5000万。</blockquote></p><p> The upshot: When more market participants are transacting and they are bidding prices higher, it’s a vote of confidence in the market.</p><p><blockquote>结果是：当更多的市场参与者进行交易并且他们出价更高时，这是对市场的信任票。</blockquote></p><p> Secondly, the rally has been broad-based—many stocks have participated. For example, almost 80% of stocks listed on the New York Stock Exchange have been gaining, according to Raymond James.</p><p><blockquote>其次，涨势基础广泛——许多股票都参与其中。例如，雷蒙德·詹姆斯(Raymond James)表示，纽约证券交易所上市的近80%的股票都在上涨。</blockquote></p><p> The last time that metric hit such a high was November 2020. More stocks participating in the rally means the major indexes are less dependent on one group of stocks to move higher. Plus, witheconomically sensitive stocks on a run as well,it means investors are confident in sustained economic growth ahead.</p><p><blockquote>该指标上一次达到如此高的水平是在2020年11月。更多股票参与涨势意味着主要股指较少依赖一组股票走高。此外，经济敏感型股票也在上涨，这意味着投资者对未来经济持续增长充满信心。</blockquote></p><p> So more gains or a correction? We’ve made our case, but time will tell.</p><p><blockquote>那么更多的收益还是修正？我们已经证明了我们的观点，但时间会证明一切。</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>2 Good Reasons the Stock Market Isn’t Ready to Blow Up Yet<blockquote>股市尚未准备好爆炸的2个充分理由</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n2 Good Reasons the Stock Market Isn’t Ready to Blow Up Yet<blockquote>股市尚未准备好爆炸的2个充分理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-09-03 16:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p>tocks have had an impressive year so far, but there are still four months before 2021 wraps up. So what’s ahead? A correction? More gains? Right now, it’s easier to make the case for the rally to just keep on going.</p><p><blockquote>到目前为止，股票经历了令人印象深刻的一年，但距离2021年结束还有四个月的时间。那么接下来会发生什么？更正？更多收获？现在，更容易证明涨势继续下去。</blockquote></p><p> First, though, it’s understandable why investors might be nervous.</p><p><blockquote>不过，首先，投资者感到紧张是可以理解的。</blockquote></p><p> TheS&amp;P 500has gained about 21% year to date, far above the historical average annual return of about 10%. And in the first eight months, the index hasn’t had a pullback of more than 5%— a correction is defined as a 10% drawdown.</p><p><blockquote>标准普尔500指数今年迄今已上涨约21%，远高于约10%的历史平均年回报率。在前八个月，该指数的回调幅度没有超过5%——回调被定义为下跌10%。</blockquote></p><p> Still, a good run needs something to stop it—likehigher corporate taxes,which the Biden administration supports. They could shave 5% or more off projected earnings estimates for S&amp;P 500 companies. Or persistent inflation, which could cause the Federal Reserve to rapidly reduce economic support. And there are a host of other catalysts, enough to push some analyststo forecast a retreat.</p><p><blockquote>尽管如此，良好的运行需要一些东西来阻止它——比如拜登政府支持的更高的公司税。他们可能会将标普500公司的盈利预期下调5%或更多。或者持续的通胀，这可能导致美联储迅速减少经济支持。还有许多其他催化剂，足以促使一些分析师预测经济会出现回落。</blockquote></p><p> But who knows how long Washington might take to put a new tax structure in place, or if lawmakers even will. Or what the deal is with inflation. There has been tapering talk for a few months now, and the Fed holds firm to its wait-and-see approach.</p><p><blockquote>但谁知道华盛顿可能需要多长时间才能建立新的税收结构，或者立法者是否会这样做。或者通货膨胀是怎么回事。缩减购债规模的讨论已经持续了几个月，美联储仍坚持观望态度。</blockquote></p><p> So the nature of the market’s climb in the past couple of weeks seems to be the surest, strongest sign of what’s ahead. The S&amp;P 500 is up 3% since Aug. 18, the bottom of a brief and shallow drop.</p><p><blockquote>因此，过去几周市场上涨的性质似乎是未来最确定、最强烈的迹象。自8月18日以来，标普500已上涨3%，这是短暂而浅跌的底部。</blockquote></p><p> “[Market] internals improved last week,” writes&nbsp;Michael Gibbs, director of equity portfolio and technical strategy at Raymond James.</p><p><blockquote>雷蒙德·詹姆斯(Raymond James)股票投资组合和技术策略总监迈克尔·吉布斯(Michael Gibbs)写道：“上周[市场]内部结构有所改善。”</blockquote></p><p> First off, transaction volumes are improving.</p><p><blockquote>首先，交易量正在改善。</blockquote></p><p> In late August, the daily number of shares traded on the&nbsp;SPDR S&amp;P 500 Exchange-Traded Fund Trust(SPY) has been about 54 million, according to FactSet. That’s above just under 50 million seen in the middle of the month.</p><p><blockquote>FactSet的数据显示，8月底，SPDR标普500交易所交易基金信托（SPDR标普500指数ETF）的每日交易股票数量约为5400万股。这高于本月中旬的略低于5000万。</blockquote></p><p> The upshot: When more market participants are transacting and they are bidding prices higher, it’s a vote of confidence in the market.</p><p><blockquote>结果是：当更多的市场参与者进行交易并且他们出价更高时，这是对市场的信任票。</blockquote></p><p> Secondly, the rally has been broad-based—many stocks have participated. For example, almost 80% of stocks listed on the New York Stock Exchange have been gaining, according to Raymond James.</p><p><blockquote>其次，涨势基础广泛——许多股票都参与其中。例如，雷蒙德·詹姆斯(Raymond James)表示，纽约证券交易所上市的近80%的股票都在上涨。</blockquote></p><p> The last time that metric hit such a high was November 2020. More stocks participating in the rally means the major indexes are less dependent on one group of stocks to move higher. Plus, witheconomically sensitive stocks on a run as well,it means investors are confident in sustained economic growth ahead.</p><p><blockquote>该指标上一次达到如此高的水平是在2020年11月。更多股票参与涨势意味着主要股指较少依赖一组股票走高。此外，经济敏感型股票也在上涨，这意味着投资者对未来经济持续增长充满信心。</blockquote></p><p> So more gains or a correction? We’ve made our case, but time will tell.</p><p><blockquote>那么更多的收益还是修正？我们已经证明了我们的观点，但时间会证明一切。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stock-market-outlook-crash-or-rally-51630526109?siteid=yhoof2\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/stock-market-outlook-crash-or-rally-51630526109?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169514310","content_text":"tocks have had an impressive year so far, but there are still four months before 2021 wraps up. So what’s ahead? A correction? More gains? Right now, it’s easier to make the case for the rally to just keep on going.\nFirst, though, it’s understandable why investors might be nervous.\nTheS&P 500has gained about 21% year to date, far above the historical average annual return of about 10%. And in the first eight months, the index hasn’t had a pullback of more than 5%— a correction is defined as a 10% drawdown.\nStill, a good run needs something to stop it—likehigher corporate taxes,which the Biden administration supports. They could shave 5% or more off projected earnings estimates for S&P 500 companies. Or persistent inflation, which could cause the Federal Reserve to rapidly reduce economic support. And there are a host of other catalysts, enough to push some analyststo forecast a retreat.\nBut who knows how long Washington might take to put a new tax structure in place, or if lawmakers even will. Or what the deal is with inflation. There has been tapering talk for a few months now, and the Fed holds firm to its wait-and-see approach.\nSo the nature of the market’s climb in the past couple of weeks seems to be the surest, strongest sign of what’s ahead. The S&P 500 is up 3% since Aug. 18, the bottom of a brief and shallow drop.\n“[Market] internals improved last week,” writes Michael Gibbs, director of equity portfolio and technical strategy at Raymond James.\nFirst off, transaction volumes are improving.\nIn late August, the daily number of shares traded on the SPDR S&P 500 Exchange-Traded Fund Trust(SPY) has been about 54 million, according to FactSet. That’s above just under 50 million seen in the middle of the month.\nThe upshot: When more market participants are transacting and they are bidding prices higher, it’s a vote of confidence in the market.\nSecondly, the rally has been broad-based—many stocks have participated. For example, almost 80% of stocks listed on the New York Stock Exchange have been gaining, according to Raymond James.\nThe last time that metric hit such a high was November 2020. More stocks participating in the rally means the major indexes are less dependent on one group of stocks to move higher. Plus, witheconomically sensitive stocks on a run as well,it means investors are confident in sustained economic growth ahead.\nSo more gains or a correction? We’ve made our case, but time will tell.","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":234,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":812934655,"gmtCreate":1630545852977,"gmtModify":1631892454734,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"Way to go Temasek!!!Pls like","listText":"Way to go Temasek!!!Pls like","text":"Way to go Temasek!!!Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/812934655","repostId":"1141017175","repostType":4,"isVote":1,"tweetType":1,"viewCount":378,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830951811,"gmtCreate":1629003487733,"gmtModify":1633688013907,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/830951811","repostId":"2159214569","repostType":4,"repost":{"id":"2159214569","kind":"highlight","pubTimestamp":1628989290,"share":"https://www.laohu8.com/m/news/2159214569?lang=zh_CN&edition=full","pubTime":"2021-08-15 09:01","market":"us","language":"en","title":"How to value Nio's stock compared to Tesla, VW, Ford and other rivals<blockquote>与特斯拉、大众、福特和其他竞争对手相比，如何评估蔚来股票的价值</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2159214569","media":"MarkeWatch","summary":"Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.That might make sense to you as an investor -- after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford's have almost doubled after cratering in the previous decade.So where does Nio $$","content":"<p>Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.</p><p><blockquote>蔚来可能是一家相对较小的公司。但投资者看好这家中国电动汽车制造商的前景。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/459f713c5dfcf08752165d643a5f1463\" tg-width=\"700\" tg-height=\"525\" width=\"100%\" height=\"auto\"><span>A Nio store in downtown Shanghai. (Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>上海市中心的一家蔚来店。（盖蒂图片社）</span></p></blockquote></p><p> Chinese electric-vehicle maker Nio Inc., which sells no cars in the U.S., has a market capitalization of $60.2 billion. By that measure, it is larger than Ford Motor Co., which was founded in 1903.</p><p><blockquote>中国电动汽车制造商蔚来在美国不销售汽车，其市值为602亿美元。以此衡量，它比1903年成立的福特汽车公司还要大。</blockquote></p><p> That might make sense to you as an investor -- after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford's have almost doubled after cratering in the previous decade.</p><p><blockquote>作为投资者，这对您来说可能是有意义的——毕竟，蔚来是一家只销售电动汽车的创新公司。福特是一家传统汽车制造商，正在努力迎头赶上并最终全面过渡到电动汽车。蔚来的股价在过去一年上涨了两倍多，而福特的股价在过去十年暴跌后几乎翻了一番。</blockquote></p><p> So where does Nio <a href=\"https://laohu8.com/S/NIO\">$(NIO)$</a>, which reported second-quarter results after the stock market closes Wednesday, fit in an investment thesis? Below are screens showing how its stock valuation compares to vehicle production, and how that valuation relates to projected earnings through 2025.</p><p><blockquote>那么蔚来在哪里<a href=\"https://laohu8.com/S/NIO\">$（蔚来）$</a>该公司在周三股市收盘后公布了第二季度业绩，符合投资理论吗？下面的屏幕显示了其股票估值与汽车产量的比较，以及该估值与2025年预计收益的关系。</blockquote></p><p> <b>Doubling car production</b></p><p><blockquote><b>汽车产量翻倍</b></blockquote></p><p> For the second quarter, Nio delivered 21,896 vehicles for a 112% increase from a year earlier. The growth is impressive, but the total number of vehicles sold is still relatively small.</p><p><blockquote>第二季度，蔚来交付了21,896辆汽车，同比增长112%。增长令人印象深刻，但销售的车辆总数仍然相对较少。</blockquote></p><p> Here's a look at the 10 largest auto makers by market capitalization, along with their second-quarter sales or delivery numbers (whichever was higher, if both were reported) and additional color below the table:</p><p><blockquote>以下是按市值计算的10家最大汽车制造商，以及它们第二季度的销售额或交付量（如果两者都报告，以较高者为准）以及表下方的附加颜色：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d9e9aed76c94544dbe44cde9f7c8bebc\" tg-width=\"931\" tg-height=\"761\" width=\"100%\" height=\"auto\"> <table>  <tbody>   <tr></tr>  </tbody> </table> You can see that those valuations are about the future, when innovators in the EV space -- Tesla Inc.&nbsp;and Nio, on this list -- may (or may not) become as large as legacy players.</p><p><blockquote><table><tbody><tr></tr></tbody></table>你可以看到，这些估值是关于未来的，届时电动汽车领域的创新者——名单上的特斯拉公司和蔚来——可能（也可能不会）变得与传统企业一样大。</blockquote></p><p> For now, Ford churns out mostly internal combustion engine&nbsp;vehicles at nearly 35 times the rate that Nio makes EVs.</p><p><blockquote>目前，福特主要生产内燃机汽车，其速度几乎是蔚来电动汽车生产速度的35倍。</blockquote></p><p> One thing to be aware of is that the legacy auto makers don't all report their unit sales the same way. Most don't break out electric vehicle sales.</p><p><blockquote>需要注意的一件事是，传统汽车制造商并不都以相同的方式报告其销量。大多数人都没有公布电动汽车销量。</blockquote></p><p> Among those that do, definitions vary. For example, Toyota Motor Corp. (7203.TO) reported that \"electrified vehicle\" sales made up 26.6% of total auto sales during the second quarter. But that category includes:</p><p><blockquote>在那些这样做的国家中，定义各不相同。例如，丰田汽车公司（7203.TO）报告称，第二季度“电动汽车”销量占汽车总销量的26.6%。但该类别包括：</blockquote></p><p> For Toyota, BEV made up only 0.2% of second-quarter sales, while they accounted for 100% of sales for Nio and Tesla. Toyota's PHEV sales made up 1.4% of the total.</p><p><blockquote>对于丰田来说，纯电动汽车仅占第二季度销量的0.2%，而蔚来和特斯拉则占100%。丰田的PHEV销量占总销量的1.4%。</blockquote></p><p> Volkswagen AG reports electric-vehicle sales as including PHEV, which accounted for 6.7% of second-quarter sales, or BEV, which made up 4.4% of total sales. Those are impressive numbers: a combined 11.1%.</p><p><blockquote>大众汽车公司报告称，电动汽车销量包括PHEV（占第二季度销量的6.7%）和BEV（占总销量的4.4%）。这些数字令人印象深刻：总计11.1%。</blockquote></p><p> For Bayerische Motoren Werke Aktiengesellschaft , better known as BWM Group, a second-quarter breakdown of electric-vehicle deliveries isn't yet available, but for the first half of 2021, 153,243 all-electric or plug-in hybrid vehicles were delivered, or 11.4% of total deliveries.</p><p><blockquote>对于Bayerische Motoren Werke Aktiengesellschaft（更广为人知的名称是BWM Group）来说，第二季度电动汽车交付量的细分数据尚未公布，但2021年上半年，交付了153,243辆全电动或插电式混合动力汽车，或占总交付量的11.4%。</blockquote></p><p> <b>Valuation to earnings estimates</b></p><p><blockquote><b>估值与盈利预测之比</b></blockquote></p><p> For companies at early stages, comparisons of price-to-earnings ratios may not mean very much. Such companies are focusing on growth rather than profits. An example of this has been Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>, which has traded at a high P/E for decades as it has worked to expand into new lines of business, at the expense of the bottom line.</p><p><blockquote>对于处于早期阶段的公司来说，市盈率的比较可能意义不大。这类公司关注的是增长而不是利润。这方面的一个例子是亚马逊公司。<a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>几十年来，该公司的市盈率一直很高，因为它一直在努力扩展到新的业务领域，但牺牲了利润。</blockquote></p><p> A high P/E ratio can reflect investors' enthusiasm for innovation and in the case of EVs, a political consensus for transforming the industry. So Nio and Tesla trade at much higher P/E ratios than the legacy auto makers.</p><p><blockquote>高市盈率可以反映投资者对创新的热情，就电动汽车而言，也可以反映行业转型的政治共识。因此，蔚来和特斯拉的市盈率远高于传统汽车制造商。</blockquote></p><p> Then again, very low P/E may show too much contempt among investors for the older manufacturers, as they use their cash flow from continuing massive sales of traditional vehicles to fund their development of EVs. Opportunities may be highlighted.</p><p><blockquote>话又说回来，非常低的市盈率可能表明投资者对老牌制造商过于蔑视，因为他们利用持续大量销售传统汽车的现金流来资助电动汽车的开发。机会可能会凸显。</blockquote></p><p> Normally a forward P/E ratio is calculated by dividing the share price by a rolling consensus estimate of earnings per share for 12 months. This isn't available for all the companies listed here, so we're using consensus estimates for net income for calendar 2022.</p><p><blockquote>通常，远期市盈率的计算方法是将股价除以12个月每股收益的滚动共识估计。这并不适用于此处列出的所有公司，因此我们使用对2022年净利润的共识估计。</blockquote></p><p> First, here are P/E ratios based on current market caps and consensus 2022 estimates among analysts polled by FactSet. The table includes the annual estimates going out to 2025, and also a P/E based on current market caps and the 2025 estimates:</p><p><blockquote>首先，以下是基于当前市值和FactSet调查的分析师对2022年普遍预期的市盈率。该表包括截至2025年的年度预测，以及基于当前市值和2025年预测的市盈率：</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/459439c822252d09b3dfb73cc5d51211\" tg-width=\"1058\" tg-height=\"743\" width=\"100%\" height=\"auto\"> Nio is expected to become profitable in 2023. Looking out to 2024, its forward P/E is lower than that of Tesla. To put the forward P/E valuations in perspective, the S&amp;P 500 Index trades for a weighted 20.5 times consensus 2022 EPS estimates.</p><p><blockquote>蔚来预计将于2023年实现盈利。展望2024年，其远期市盈率低于特斯拉。为了正确看待未来市盈率估值，标普500指数的加权交易价格是2022年每股收益普遍预期的20.5倍。</blockquote></p><p> <b>Valuation to sales</b></p><p><blockquote><b>估值与销售额之比</b></blockquote></p><p> <table>  <tbody>   <tr></tr>   <tr></tr>  </tbody> </table> Forward price-to-sales estimates might be more useful for early-stage companies that are showing low profits or net losses. Then again, the same distortions apply: Investors love the pure-play EV makers now, and may be paying too much for them when you consider that shares of Nio have more than tripled over the past year, while Tesla's stock has risen 150%.</p><p><blockquote><table><tbody><tr></tr><tr></tr></tbody></table>对于利润较低或净亏损的早期公司来说，远期市销率估计可能更有用。话又说回来，同样的扭曲也适用：投资者现在喜欢纯电动汽车制造商，当你考虑到蔚来的股价在过去一年中上涨了两倍多，而特斯拉的股价却上涨了150%时，他们可能会为它们支付过高的价格。</blockquote></p><p> Here's a similar set of data driving price-to-sale ratios, again using current market caps (in the first table at the top of this article) and consensus full-calendar-year estimates in millions of U.S. dollars:</p><p><blockquote>以下是一组推动市销率的类似数据，再次使用当前市值（在本文顶部的第一个表格中）和以百万美元为单位的共识全年估计：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c8c0b7d002e07914e42fcdf0e624b25c\" tg-width=\"1051\" tg-height=\"668\" width=\"100%\" height=\"auto\"> For reference, the S&amp;P 500 trades for 2.7 times its consensus 2022 sales estimate.</p><p><blockquote>作为参考，标普500的交易价格是其2022年普遍销售预期的2.7倍。</blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> <b>Analysts' opinions</b></p><p><blockquote><table><tbody><tr></tr></tbody></table><b>分析师观点</b></blockquote></p><p> Here's a summary of opinion of the 10 auto makers among analysts polled by FactSet. For companies with primary listings outside the U.S., the local tickers are used. All share prices and targets are in local currencies:</p><p><blockquote>以下是FactSet调查的分析师对10家汽车制造商的看法摘要。对于主要在美国以外上市的公司，使用当地股票代码。所有股价和目标均以当地货币计算：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/32f38063eabf2e93f73561a0454a44ac\" tg-width=\"1059\" tg-height=\"639\" width=\"100%\" height=\"auto\"> <table>  <tbody>   <tr></tr>  </tbody> </table></p><p><blockquote><table><tbody><tr></tr></tbody></table></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>How to value Nio's stock compared to Tesla, VW, Ford and other rivals<blockquote>与特斯拉、大众、福特和其他竞争对手相比，如何评估蔚来股票的价值</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\">\nHow to value Nio's stock compared to Tesla, VW, Ford and other rivals<blockquote>与特斯拉、大众、福特和其他竞争对手相比，如何评估蔚来股票的价值</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarkeWatch</strong><span class=\"h-time small\">2021-08-15 09:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.</p><p><blockquote>蔚来可能是一家相对较小的公司。但投资者看好这家中国电动汽车制造商的前景。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/459f713c5dfcf08752165d643a5f1463\" tg-width=\"700\" tg-height=\"525\" width=\"100%\" height=\"auto\"><span>A Nio store in downtown Shanghai. (Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>上海市中心的一家蔚来店。（盖蒂图片社）</span></p></blockquote></p><p> Chinese electric-vehicle maker Nio Inc., which sells no cars in the U.S., has a market capitalization of $60.2 billion. By that measure, it is larger than Ford Motor Co., which was founded in 1903.</p><p><blockquote>中国电动汽车制造商蔚来在美国不销售汽车，其市值为602亿美元。以此衡量，它比1903年成立的福特汽车公司还要大。</blockquote></p><p> That might make sense to you as an investor -- after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford's have almost doubled after cratering in the previous decade.</p><p><blockquote>作为投资者，这对您来说可能是有意义的——毕竟，蔚来是一家只销售电动汽车的创新公司。福特是一家传统汽车制造商，正在努力迎头赶上并最终全面过渡到电动汽车。蔚来的股价在过去一年上涨了两倍多，而福特的股价在过去十年暴跌后几乎翻了一番。</blockquote></p><p> So where does Nio <a href=\"https://laohu8.com/S/NIO\">$(NIO)$</a>, which reported second-quarter results after the stock market closes Wednesday, fit in an investment thesis? Below are screens showing how its stock valuation compares to vehicle production, and how that valuation relates to projected earnings through 2025.</p><p><blockquote>那么蔚来在哪里<a href=\"https://laohu8.com/S/NIO\">$（蔚来）$</a>该公司在周三股市收盘后公布了第二季度业绩，符合投资理论吗？下面的屏幕显示了其股票估值与汽车产量的比较，以及该估值与2025年预计收益的关系。</blockquote></p><p> <b>Doubling car production</b></p><p><blockquote><b>汽车产量翻倍</b></blockquote></p><p> For the second quarter, Nio delivered 21,896 vehicles for a 112% increase from a year earlier. The growth is impressive, but the total number of vehicles sold is still relatively small.</p><p><blockquote>第二季度，蔚来交付了21,896辆汽车，同比增长112%。增长令人印象深刻，但销售的车辆总数仍然相对较少。</blockquote></p><p> Here's a look at the 10 largest auto makers by market capitalization, along with their second-quarter sales or delivery numbers (whichever was higher, if both were reported) and additional color below the table:</p><p><blockquote>以下是按市值计算的10家最大汽车制造商，以及它们第二季度的销售额或交付量（如果两者都报告，以较高者为准）以及表下方的附加颜色：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d9e9aed76c94544dbe44cde9f7c8bebc\" tg-width=\"931\" tg-height=\"761\" width=\"100%\" height=\"auto\"> <table>  <tbody>   <tr></tr>  </tbody> </table> You can see that those valuations are about the future, when innovators in the EV space -- Tesla Inc.&nbsp;and Nio, on this list -- may (or may not) become as large as legacy players.</p><p><blockquote><table><tbody><tr></tr></tbody></table>你可以看到，这些估值是关于未来的，届时电动汽车领域的创新者——名单上的特斯拉公司和蔚来——可能（也可能不会）变得与传统企业一样大。</blockquote></p><p> For now, Ford churns out mostly internal combustion engine&nbsp;vehicles at nearly 35 times the rate that Nio makes EVs.</p><p><blockquote>目前，福特主要生产内燃机汽车，其速度几乎是蔚来电动汽车生产速度的35倍。</blockquote></p><p> One thing to be aware of is that the legacy auto makers don't all report their unit sales the same way. Most don't break out electric vehicle sales.</p><p><blockquote>需要注意的一件事是，传统汽车制造商并不都以相同的方式报告其销量。大多数人都没有公布电动汽车销量。</blockquote></p><p> Among those that do, definitions vary. For example, Toyota Motor Corp. (7203.TO) reported that \"electrified vehicle\" sales made up 26.6% of total auto sales during the second quarter. But that category includes:</p><p><blockquote>在那些这样做的国家中，定义各不相同。例如，丰田汽车公司（7203.TO）报告称，第二季度“电动汽车”销量占汽车总销量的26.6%。但该类别包括：</blockquote></p><p> For Toyota, BEV made up only 0.2% of second-quarter sales, while they accounted for 100% of sales for Nio and Tesla. Toyota's PHEV sales made up 1.4% of the total.</p><p><blockquote>对于丰田来说，纯电动汽车仅占第二季度销量的0.2%，而蔚来和特斯拉则占100%。丰田的PHEV销量占总销量的1.4%。</blockquote></p><p> Volkswagen AG reports electric-vehicle sales as including PHEV, which accounted for 6.7% of second-quarter sales, or BEV, which made up 4.4% of total sales. Those are impressive numbers: a combined 11.1%.</p><p><blockquote>大众汽车公司报告称，电动汽车销量包括PHEV（占第二季度销量的6.7%）和BEV（占总销量的4.4%）。这些数字令人印象深刻：总计11.1%。</blockquote></p><p> For Bayerische Motoren Werke Aktiengesellschaft , better known as BWM Group, a second-quarter breakdown of electric-vehicle deliveries isn't yet available, but for the first half of 2021, 153,243 all-electric or plug-in hybrid vehicles were delivered, or 11.4% of total deliveries.</p><p><blockquote>对于Bayerische Motoren Werke Aktiengesellschaft（更广为人知的名称是BWM Group）来说，第二季度电动汽车交付量的细分数据尚未公布，但2021年上半年，交付了153,243辆全电动或插电式混合动力汽车，或占总交付量的11.4%。</blockquote></p><p> <b>Valuation to earnings estimates</b></p><p><blockquote><b>估值与盈利预测之比</b></blockquote></p><p> For companies at early stages, comparisons of price-to-earnings ratios may not mean very much. Such companies are focusing on growth rather than profits. An example of this has been Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>, which has traded at a high P/E for decades as it has worked to expand into new lines of business, at the expense of the bottom line.</p><p><blockquote>对于处于早期阶段的公司来说，市盈率的比较可能意义不大。这类公司关注的是增长而不是利润。这方面的一个例子是亚马逊公司。<a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>几十年来，该公司的市盈率一直很高，因为它一直在努力扩展到新的业务领域，但牺牲了利润。</blockquote></p><p> A high P/E ratio can reflect investors' enthusiasm for innovation and in the case of EVs, a political consensus for transforming the industry. So Nio and Tesla trade at much higher P/E ratios than the legacy auto makers.</p><p><blockquote>高市盈率可以反映投资者对创新的热情，就电动汽车而言，也可以反映行业转型的政治共识。因此，蔚来和特斯拉的市盈率远高于传统汽车制造商。</blockquote></p><p> Then again, very low P/E may show too much contempt among investors for the older manufacturers, as they use their cash flow from continuing massive sales of traditional vehicles to fund their development of EVs. Opportunities may be highlighted.</p><p><blockquote>话又说回来，非常低的市盈率可能表明投资者对老牌制造商过于蔑视，因为他们利用持续大量销售传统汽车的现金流来资助电动汽车的开发。机会可能会凸显。</blockquote></p><p> Normally a forward P/E ratio is calculated by dividing the share price by a rolling consensus estimate of earnings per share for 12 months. This isn't available for all the companies listed here, so we're using consensus estimates for net income for calendar 2022.</p><p><blockquote>通常，远期市盈率的计算方法是将股价除以12个月每股收益的滚动共识估计。这并不适用于此处列出的所有公司，因此我们使用对2022年净利润的共识估计。</blockquote></p><p> First, here are P/E ratios based on current market caps and consensus 2022 estimates among analysts polled by FactSet. The table includes the annual estimates going out to 2025, and also a P/E based on current market caps and the 2025 estimates:</p><p><blockquote>首先，以下是基于当前市值和FactSet调查的分析师对2022年普遍预期的市盈率。该表包括截至2025年的年度预测，以及基于当前市值和2025年预测的市盈率：</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/459439c822252d09b3dfb73cc5d51211\" tg-width=\"1058\" tg-height=\"743\" width=\"100%\" height=\"auto\"> Nio is expected to become profitable in 2023. Looking out to 2024, its forward P/E is lower than that of Tesla. To put the forward P/E valuations in perspective, the S&amp;P 500 Index trades for a weighted 20.5 times consensus 2022 EPS estimates.</p><p><blockquote>蔚来预计将于2023年实现盈利。展望2024年，其远期市盈率低于特斯拉。为了正确看待未来市盈率估值，标普500指数的加权交易价格是2022年每股收益普遍预期的20.5倍。</blockquote></p><p> <b>Valuation to sales</b></p><p><blockquote><b>估值与销售额之比</b></blockquote></p><p> <table>  <tbody>   <tr></tr>   <tr></tr>  </tbody> </table> Forward price-to-sales estimates might be more useful for early-stage companies that are showing low profits or net losses. Then again, the same distortions apply: Investors love the pure-play EV makers now, and may be paying too much for them when you consider that shares of Nio have more than tripled over the past year, while Tesla's stock has risen 150%.</p><p><blockquote><table><tbody><tr></tr><tr></tr></tbody></table>对于利润较低或净亏损的早期公司来说，远期市销率估计可能更有用。话又说回来，同样的扭曲也适用：投资者现在喜欢纯电动汽车制造商，当你考虑到蔚来的股价在过去一年中上涨了两倍多，而特斯拉的股价却上涨了150%时，他们可能会为它们支付过高的价格。</blockquote></p><p> Here's a similar set of data driving price-to-sale ratios, again using current market caps (in the first table at the top of this article) and consensus full-calendar-year estimates in millions of U.S. dollars:</p><p><blockquote>以下是一组推动市销率的类似数据，再次使用当前市值（在本文顶部的第一个表格中）和以百万美元为单位的共识全年估计：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c8c0b7d002e07914e42fcdf0e624b25c\" tg-width=\"1051\" tg-height=\"668\" width=\"100%\" height=\"auto\"> For reference, the S&amp;P 500 trades for 2.7 times its consensus 2022 sales estimate.</p><p><blockquote>作为参考，标普500的交易价格是其2022年普遍销售预期的2.7倍。</blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> <b>Analysts' opinions</b></p><p><blockquote><table><tbody><tr></tr></tbody></table><b>分析师观点</b></blockquote></p><p> Here's a summary of opinion of the 10 auto makers among analysts polled by FactSet. For companies with primary listings outside the U.S., the local tickers are used. All share prices and targets are in local currencies:</p><p><blockquote>以下是FactSet调查的分析师对10家汽车制造商的看法摘要。对于主要在美国以外上市的公司，使用当地股票代码。所有股价和目标均以当地货币计算：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/32f38063eabf2e93f73561a0454a44ac\" tg-width=\"1059\" tg-height=\"639\" width=\"100%\" height=\"auto\"> <table>  <tbody>   <tr></tr>  </tbody> </table></p><p><blockquote><table><tbody><tr></tr></tbody></table></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/nio-releases-earnings-wednesday-heres-how-to-value-its-stock-compared-to-tesla-ford-and-other-rivals-11628716814?mod=mw_quote_news\">MarkeWatch</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":{"F":"福特汽车","NIO":"蔚来","TSLA":"特斯拉","HMC":"本田汽车","STLA":"Stellantis NV","GM":"通用汽车"},"source_url":"https://www.marketwatch.com/story/nio-releases-earnings-wednesday-heres-how-to-value-its-stock-compared-to-tesla-ford-and-other-rivals-11628716814?mod=mw_quote_news","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2159214569","content_text":"Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.\nA Nio store in downtown Shanghai. (Getty Images)\nChinese electric-vehicle maker Nio Inc., which sells no cars in the U.S., has a market capitalization of $60.2 billion. By that measure, it is larger than Ford Motor Co., which was founded in 1903.\nThat might make sense to you as an investor -- after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford's have almost doubled after cratering in the previous decade.\nSo where does Nio $(NIO)$, which reported second-quarter results after the stock market closes Wednesday, fit in an investment thesis? Below are screens showing how its stock valuation compares to vehicle production, and how that valuation relates to projected earnings through 2025.\nDoubling car production\nFor the second quarter, Nio delivered 21,896 vehicles for a 112% increase from a year earlier. The growth is impressive, but the total number of vehicles sold is still relatively small.\nHere's a look at the 10 largest auto makers by market capitalization, along with their second-quarter sales or delivery numbers (whichever was higher, if both were reported) and additional color below the table:\n\n\n\n\n\n\nYou can see that those valuations are about the future, when innovators in the EV space -- Tesla Inc. and Nio, on this list -- may (or may not) become as large as legacy players.\nFor now, Ford churns out mostly internal combustion engine vehicles at nearly 35 times the rate that Nio makes EVs.\nOne thing to be aware of is that the legacy auto makers don't all report their unit sales the same way. Most don't break out electric vehicle sales.\nAmong those that do, definitions vary. For example, Toyota Motor Corp. (7203.TO) reported that \"electrified vehicle\" sales made up 26.6% of total auto sales during the second quarter. But that category includes:\nFor Toyota, BEV made up only 0.2% of second-quarter sales, while they accounted for 100% of sales for Nio and Tesla. Toyota's PHEV sales made up 1.4% of the total.\nVolkswagen AG reports electric-vehicle sales as including PHEV, which accounted for 6.7% of second-quarter sales, or BEV, which made up 4.4% of total sales. Those are impressive numbers: a combined 11.1%.\nFor Bayerische Motoren Werke Aktiengesellschaft , better known as BWM Group, a second-quarter breakdown of electric-vehicle deliveries isn't yet available, but for the first half of 2021, 153,243 all-electric or plug-in hybrid vehicles were delivered, or 11.4% of total deliveries.\nValuation to earnings estimates\nFor companies at early stages, comparisons of price-to-earnings ratios may not mean very much. Such companies are focusing on growth rather than profits. An example of this has been Amazon.com Inc. $(AMZN)$, which has traded at a high P/E for decades as it has worked to expand into new lines of business, at the expense of the bottom line.\nA high P/E ratio can reflect investors' enthusiasm for innovation and in the case of EVs, a political consensus for transforming the industry. So Nio and Tesla trade at much higher P/E ratios than the legacy auto makers.\nThen again, very low P/E may show too much contempt among investors for the older manufacturers, as they use their cash flow from continuing massive sales of traditional vehicles to fund their development of EVs. Opportunities may be highlighted.\nNormally a forward P/E ratio is calculated by dividing the share price by a rolling consensus estimate of earnings per share for 12 months. This isn't available for all the companies listed here, so we're using consensus estimates for net income for calendar 2022.\nFirst, here are P/E ratios based on current market caps and consensus 2022 estimates among analysts polled by FactSet. The table includes the annual estimates going out to 2025, and also a P/E based on current market caps and the 2025 estimates:\n\nNio is expected to become profitable in 2023. Looking out to 2024, its forward P/E is lower than that of Tesla. To put the forward P/E valuations in perspective, the S&P 500 Index trades for a weighted 20.5 times consensus 2022 EPS estimates.\nValuation to sales\n\n\n\n\n\n\nForward price-to-sales estimates might be more useful for early-stage companies that are showing low profits or net losses. Then again, the same distortions apply: Investors love the pure-play EV makers now, and may be paying too much for them when you consider that shares of Nio have more than tripled over the past year, while Tesla's stock has risen 150%.\nHere's a similar set of data driving price-to-sale ratios, again using current market caps (in the first table at the top of this article) and consensus full-calendar-year estimates in millions of U.S. dollars:\n\nFor reference, the S&P 500 trades for 2.7 times its consensus 2022 sales estimate.\n\n\n\n\n\nAnalysts' opinions\nHere's a summary of opinion of the 10 auto makers among analysts polled by FactSet. For companies with primary listings outside the U.S., the local tickers are used. All share prices and targets are in local currencies:","news_type":1,"symbols_score_info":{"NIO":0.9,"TSLA":0.9,"HMC":0.9,"F":0.9,"GM":0.9,"STLA":0.9}},"isVote":1,"tweetType":1,"viewCount":288,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806366614,"gmtCreate":1627633500738,"gmtModify":1633757581333,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"That's a ridiculous amt of money","listText":"That's a ridiculous amt of money","text":"That's a ridiculous amt of money","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/806366614","repostId":"1196132618","repostType":4,"repost":{"id":"1196132618","kind":"news","pubTimestamp":1627632825,"share":"https://www.laohu8.com/m/news/1196132618?lang=zh_CN&edition=full","pubTime":"2021-07-30 16:13","market":"us","language":"en","title":"The $1.2 Trillion Infrastructure Bill Could Lift These Stocks<blockquote>1.2万亿美元的基础设施法案可能会提振这些股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1196132618","media":"Barrons","summary":"A $1.2 trillion infrastructure package is inching closer to the finish line now that the Senate has ","content":"<p>A $1.2 trillion infrastructure package is inching closer to the finish line now that the Senate has voted to begin debating the measure.</p><p><blockquote>随着参议院投票开始辩论该措施，1.2万亿美元的基础设施计划正在慢慢接近终点线。</blockquote></p><p> Analysts expect the Senate to pass a bill with bipartisan support next week. The House may then take up the measure.</p><p><blockquote>分析人士预计，参议院下周将通过一项得到两党支持的法案。然后众议院可以采取措施。</blockquote></p><p> The bill includes $550 billion in new spending, on top of existing programs. Highlights include $73 billion for clean-energy transmission, $110 billion for roads and bridges, and $7.5 billion for electric-vehicle charging stations. Money would also be doled out for airports, water projects, broadband internet, and initiatives to combat climate-change.</p><p><blockquote>除了现有项目之外，该法案还包括5500亿美元的新支出。亮点包括730亿美元用于清洁能源传输，1100亿美元用于道路和桥梁，75亿美元用于电动汽车充电站。资金还将用于机场、水利工程、宽带互联网和应对气候变化的计划。</blockquote></p><p> Passage of a bill still faces steep political hurdles.</p><p><blockquote>法案的通过仍然面临着巨大的政治障碍。</blockquote></p><p> While Senate Minority Leader Mitch McConnell (R-Kentucky) has indicated his support, the bill could be held up by Democract demands in the House to pass a $3.5 trillion budget reconciliation bill first. That won’t be easy, especially if Democrats hope to enlist Republican Senators for $1.2 trillion in infrastructure, conditioned on passing a reconciliation bill first.</p><p><blockquote>虽然参议院少数党领袖米奇·麦康奈尔（肯塔基州共和党人）表示支持，但该法案可能会因众议院民主党人要求首先通过3.5万亿美元的预算和解法案而受阻。这并不容易，特别是如果民主党希望争取共和党参议员支持1.2万亿美元的基础设施建设，前提是首先通过一项和解法案。</blockquote></p><p> Still, if a bill does keep moving forward, Wall Street analysts are likely to raise revenue estimates for 2022 and beyond, anticipating a steady trickle of money from federal, state, and local governments as projects win approval.</p><p><blockquote>尽管如此，如果法案确实继续推进，华尔街分析师可能会提高2022年及以后的收入预期，预计随着项目获得批准，联邦、州和地方政府将源源不断地提供资金。</blockquote></p><p> So how to play it? Four companies that stand to benefit are&nbsp;Jacobs Engineering Group(ticker: J),Hubbell(HUBB),Insteel Industries(IIIN), and&nbsp;Union Pacific(UNP), according to Andrew Little, research analyst at exchange-traded-fund sponsor Global X.</p><p><blockquote>那么怎么玩呢？交易所交易基金赞助商Global X的研究分析师安德鲁·利特尔(Andrew Little)表示，四家公司将受益：Jacobs Engineering Group（股票代码：J）、Hubbell(HUBB)、Insteel Industries(IIIN)和Union Pacific(UNP)。</blockquote></p><p> Jacobs is a construction company and the lead engineer on several major projects now underway, including a $1.2 billion reconstruction of the I-270 Corridor in Denver, he notes. Jacobs is also involved in renewable-energy projects and builds data centers.</p><p><blockquote>他指出，雅各布斯是一家建筑公司，也是目前正在进行的几个重大项目的首席工程师，包括耗资12亿美元重建丹佛的I-270走廊。雅各布斯还参与可再生能源项目并建设数据中心。</blockquote></p><p> Hubbell manufactures electrical equipment for industrial clients, including products to improve building energy efficiency and power transmission, helping create “smart grids.”</p><p><blockquote>Hubbell为工业客户制造电气设备，包括提高建筑能效和电力传输的产品，帮助创建“智能电网”。</blockquote></p><p> Insteel manufactures steel wiring used in construction projects and water utilities, including reinforcement of piping and irrigation projects.</p><p><blockquote>Insteel生产用于建筑项目和水务设施的钢丝，包括管道和灌溉项目的加固。</blockquote></p><p> Union Pacific runs one of the largest freight-rail networks in the U.S., operating in 23 western states, and would benefit from increased volume of raw materials and industrial goods.</p><p><blockquote>联合太平洋公司运营着美国最大的货运铁路网络之一，在西部23个州运营，将受益于原材料和工业品数量的增加。</blockquote></p><p> Investors may be paying a steep premium for these stocks, though.</p><p><blockquote>不过，投资者可能会为这些股票支付高额溢价。</blockquote></p><p> Jacobs is up 26% this year and trades at 19 times next-12-month earnings, a 19% premium to its five-year average price/earnings multiple. If there’s upside, however, it could be in infrastructure—Jacobs’ “people and places” business generates $7 billion in annual revenue through modernizing public and private projects, partly to meet higher environmental standards, the company said on a recent earnings call.</p><p><blockquote>Jacobs今年上涨了26%，未来12个月市盈率为19倍，比其五年平均市盈率溢价19%。然而，如果有上升空间的话，可能是在基础设施方面——该公司在最近的财报看涨期权上表示，Jacobs的“people and places”业务通过公共和私人项目现代化每年产生70亿美元的收入，部分原因是为了满足更高的环境标准。</blockquote></p><p> Hubbell is up 27% this year and goes for 21 times earnings, against a five-year P/E average of 18. The company would benefit from increased spending on renewable-energy infrastructure, including solar and wind components.</p><p><blockquote>Hubbell今年上涨了27%，市盈率为21倍，而五年平均市盈率为18倍。该公司将受益于可再生能源基础设施支出的增加，包括太阳能和风能组件。</blockquote></p><p> Insteel has gained 75% this year, though it still trades at a modest 13 times earnings. The company is facing supply constraints and logistics issues, though an infrastructure bill would be a benefit, Insteel recently told analysts.</p><p><blockquote>Insteel今年已上涨75%，但其市盈率仍为13倍。Insteel最近告诉分析师，该公司正面临供应限制和物流问题，尽管基础设施法案将是一个好处。</blockquote></p><p> Union Pacific stock is only up 5% this year and trades at 20 times earnings, above its five year P/E average of 19.</p><p><blockquote>联合太平洋公司股价今年仅上涨5%，市盈率为20倍，高于其五年平均市盈率19倍。</blockquote></p><p> Freight volume has been depressed due to supply-chain disruptions, a shortage of semiconductors, and backlogs of goods waiting to be unloaded at U.S. ports.</p><p><blockquote>由于供应链中断、半导体短缺以及美国港口等待卸货的积压货物，货运量一直受到抑制。</blockquote></p><p> But the railroad is expecting raw materials volume to remain robust as the economy gains momentum. And Union hiked its annual dividend in May by 10% to $1.07 a share, giving it a 2% annualized yield.</p><p><blockquote>但铁路预计，随着经济增长势头的增强，原材料运输量将保持强劲。Union 5月份将年度股息提高了10%，达到每股1.07美元，年化收益率为2%。</blockquote></p><p> Other infrastructure favorites include aggregates companies&nbsp;Vulcan Materials(VMC) and&nbsp;Martin Marietta Materials(MLM), and industrial-machinery giants&nbsp;Deere(DE) and&nbsp;Caterpillar(CAT). In broadband, cell-tower companies such as&nbsp;American Tower REIT(AMT),SBA Communications(SBAC), and&nbsp;Crown Castle International(CCI) could benefit.</p><p><blockquote>其他基础设施公司包括骨料公司Vulcan Materials(VMC)和Martin Marietta Materials(MLM)，以及工业机械巨头Deere(DE)和卡特彼勒(CAT)。在宽带领域，American Tower REIT(AMT)、SBA Communications(SBAC)和Crown Castle International(CCI)等蜂窝塔公司可能会受益。</blockquote></p><p> Investors can also gain exposure to the theme through an ETF. Top performers in clean tech this year include&nbsp;First Trust Nasdaq Clean Edge Smart GRID Infrastructure Index(GRID),Invesco MSCI Sustainable Future(ERTH), and&nbsp;First Trust Global Wind Energy(FAN).</p><p><blockquote>投资者还可以通过ETF投资该主题。今年清洁技术领域表现最好的公司包括第一信托纳斯达克清洁边缘智能电网基础设施指数(GRID)、景顺MSCI可持续未来(ERTH)和第一信托全球风能(FAN)。</blockquote></p><p> As<i>Barron’s</i>&nbsp;has&nbsp;noted, electric-vehicle-charger component providers, including&nbsp;Amphenol&nbsp;(APH),TE Connectivity&nbsp;(TEL), and&nbsp;Sensata Technologies Holding&nbsp;(ST), could also be winners.</p><p><blockquote>作为<i>巴伦周刊</i>指出，包括Amphenol(APH)、TE Connectivity(TEL)和Sensata Technologies Holding(ST)在内的电动汽车充电器组件供应商也可能成为赢家。</blockquote></p><p> The&nbsp;iShares U.S. Infrastructure&nbsp;ETF (IFRA) includes a big slug of utilities at 44% of its asset base. The ETF has done well this year, gaining 20% against a 17% return for the S&amp;P 500.</p><p><blockquote>iShares美国基础设施ETF(IFRA)包括大量公用事业，占其资产基础的44%。该ETF今年表现良好，上涨了20%，而标普500的回报率为17%。</blockquote></p><p> There could be more gains ahead if the infrastructure train finally leaves Union Station in Washington.</p><p><blockquote>如果基础设施列车最终离开华盛顿的联合车站，未来可能会有更多收益。</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>The $1.2 Trillion Infrastructure Bill Could Lift These Stocks<blockquote>1.2万亿美元的基础设施法案可能会提振这些股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe $1.2 Trillion Infrastructure Bill Could Lift These Stocks<blockquote>1.2万亿美元的基础设施法案可能会提振这些股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-30 16:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A $1.2 trillion infrastructure package is inching closer to the finish line now that the Senate has voted to begin debating the measure.</p><p><blockquote>随着参议院投票开始辩论该措施，1.2万亿美元的基础设施计划正在慢慢接近终点线。</blockquote></p><p> Analysts expect the Senate to pass a bill with bipartisan support next week. The House may then take up the measure.</p><p><blockquote>分析人士预计，参议院下周将通过一项得到两党支持的法案。然后众议院可以采取措施。</blockquote></p><p> The bill includes $550 billion in new spending, on top of existing programs. Highlights include $73 billion for clean-energy transmission, $110 billion for roads and bridges, and $7.5 billion for electric-vehicle charging stations. Money would also be doled out for airports, water projects, broadband internet, and initiatives to combat climate-change.</p><p><blockquote>除了现有项目之外，该法案还包括5500亿美元的新支出。亮点包括730亿美元用于清洁能源传输，1100亿美元用于道路和桥梁，75亿美元用于电动汽车充电站。资金还将用于机场、水利工程、宽带互联网和应对气候变化的计划。</blockquote></p><p> Passage of a bill still faces steep political hurdles.</p><p><blockquote>法案的通过仍然面临着巨大的政治障碍。</blockquote></p><p> While Senate Minority Leader Mitch McConnell (R-Kentucky) has indicated his support, the bill could be held up by Democract demands in the House to pass a $3.5 trillion budget reconciliation bill first. That won’t be easy, especially if Democrats hope to enlist Republican Senators for $1.2 trillion in infrastructure, conditioned on passing a reconciliation bill first.</p><p><blockquote>虽然参议院少数党领袖米奇·麦康奈尔（肯塔基州共和党人）表示支持，但该法案可能会因众议院民主党人要求首先通过3.5万亿美元的预算和解法案而受阻。这并不容易，特别是如果民主党希望争取共和党参议员支持1.2万亿美元的基础设施建设，前提是首先通过一项和解法案。</blockquote></p><p> Still, if a bill does keep moving forward, Wall Street analysts are likely to raise revenue estimates for 2022 and beyond, anticipating a steady trickle of money from federal, state, and local governments as projects win approval.</p><p><blockquote>尽管如此，如果法案确实继续推进，华尔街分析师可能会提高2022年及以后的收入预期，预计随着项目获得批准，联邦、州和地方政府将源源不断地提供资金。</blockquote></p><p> So how to play it? Four companies that stand to benefit are&nbsp;Jacobs Engineering Group(ticker: J),Hubbell(HUBB),Insteel Industries(IIIN), and&nbsp;Union Pacific(UNP), according to Andrew Little, research analyst at exchange-traded-fund sponsor Global X.</p><p><blockquote>那么怎么玩呢？交易所交易基金赞助商Global X的研究分析师安德鲁·利特尔(Andrew Little)表示，四家公司将受益：Jacobs Engineering Group（股票代码：J）、Hubbell(HUBB)、Insteel Industries(IIIN)和Union Pacific(UNP)。</blockquote></p><p> Jacobs is a construction company and the lead engineer on several major projects now underway, including a $1.2 billion reconstruction of the I-270 Corridor in Denver, he notes. Jacobs is also involved in renewable-energy projects and builds data centers.</p><p><blockquote>他指出，雅各布斯是一家建筑公司，也是目前正在进行的几个重大项目的首席工程师，包括耗资12亿美元重建丹佛的I-270走廊。雅各布斯还参与可再生能源项目并建设数据中心。</blockquote></p><p> Hubbell manufactures electrical equipment for industrial clients, including products to improve building energy efficiency and power transmission, helping create “smart grids.”</p><p><blockquote>Hubbell为工业客户制造电气设备，包括提高建筑能效和电力传输的产品，帮助创建“智能电网”。</blockquote></p><p> Insteel manufactures steel wiring used in construction projects and water utilities, including reinforcement of piping and irrigation projects.</p><p><blockquote>Insteel生产用于建筑项目和水务设施的钢丝，包括管道和灌溉项目的加固。</blockquote></p><p> Union Pacific runs one of the largest freight-rail networks in the U.S., operating in 23 western states, and would benefit from increased volume of raw materials and industrial goods.</p><p><blockquote>联合太平洋公司运营着美国最大的货运铁路网络之一，在西部23个州运营，将受益于原材料和工业品数量的增加。</blockquote></p><p> Investors may be paying a steep premium for these stocks, though.</p><p><blockquote>不过，投资者可能会为这些股票支付高额溢价。</blockquote></p><p> Jacobs is up 26% this year and trades at 19 times next-12-month earnings, a 19% premium to its five-year average price/earnings multiple. If there’s upside, however, it could be in infrastructure—Jacobs’ “people and places” business generates $7 billion in annual revenue through modernizing public and private projects, partly to meet higher environmental standards, the company said on a recent earnings call.</p><p><blockquote>Jacobs今年上涨了26%，未来12个月市盈率为19倍，比其五年平均市盈率溢价19%。然而，如果有上升空间的话，可能是在基础设施方面——该公司在最近的财报看涨期权上表示，Jacobs的“people and places”业务通过公共和私人项目现代化每年产生70亿美元的收入，部分原因是为了满足更高的环境标准。</blockquote></p><p> Hubbell is up 27% this year and goes for 21 times earnings, against a five-year P/E average of 18. The company would benefit from increased spending on renewable-energy infrastructure, including solar and wind components.</p><p><blockquote>Hubbell今年上涨了27%，市盈率为21倍，而五年平均市盈率为18倍。该公司将受益于可再生能源基础设施支出的增加，包括太阳能和风能组件。</blockquote></p><p> Insteel has gained 75% this year, though it still trades at a modest 13 times earnings. The company is facing supply constraints and logistics issues, though an infrastructure bill would be a benefit, Insteel recently told analysts.</p><p><blockquote>Insteel今年已上涨75%，但其市盈率仍为13倍。Insteel最近告诉分析师，该公司正面临供应限制和物流问题，尽管基础设施法案将是一个好处。</blockquote></p><p> Union Pacific stock is only up 5% this year and trades at 20 times earnings, above its five year P/E average of 19.</p><p><blockquote>联合太平洋公司股价今年仅上涨5%，市盈率为20倍，高于其五年平均市盈率19倍。</blockquote></p><p> Freight volume has been depressed due to supply-chain disruptions, a shortage of semiconductors, and backlogs of goods waiting to be unloaded at U.S. ports.</p><p><blockquote>由于供应链中断、半导体短缺以及美国港口等待卸货的积压货物，货运量一直受到抑制。</blockquote></p><p> But the railroad is expecting raw materials volume to remain robust as the economy gains momentum. And Union hiked its annual dividend in May by 10% to $1.07 a share, giving it a 2% annualized yield.</p><p><blockquote>但铁路预计，随着经济增长势头的增强，原材料运输量将保持强劲。Union 5月份将年度股息提高了10%，达到每股1.07美元，年化收益率为2%。</blockquote></p><p> Other infrastructure favorites include aggregates companies&nbsp;Vulcan Materials(VMC) and&nbsp;Martin Marietta Materials(MLM), and industrial-machinery giants&nbsp;Deere(DE) and&nbsp;Caterpillar(CAT). In broadband, cell-tower companies such as&nbsp;American Tower REIT(AMT),SBA Communications(SBAC), and&nbsp;Crown Castle International(CCI) could benefit.</p><p><blockquote>其他基础设施公司包括骨料公司Vulcan Materials(VMC)和Martin Marietta Materials(MLM)，以及工业机械巨头Deere(DE)和卡特彼勒(CAT)。在宽带领域，American Tower REIT(AMT)、SBA Communications(SBAC)和Crown Castle International(CCI)等蜂窝塔公司可能会受益。</blockquote></p><p> Investors can also gain exposure to the theme through an ETF. Top performers in clean tech this year include&nbsp;First Trust Nasdaq Clean Edge Smart GRID Infrastructure Index(GRID),Invesco MSCI Sustainable Future(ERTH), and&nbsp;First Trust Global Wind Energy(FAN).</p><p><blockquote>投资者还可以通过ETF投资该主题。今年清洁技术领域表现最好的公司包括第一信托纳斯达克清洁边缘智能电网基础设施指数(GRID)、景顺MSCI可持续未来(ERTH)和第一信托全球风能(FAN)。</blockquote></p><p> As<i>Barron’s</i>&nbsp;has&nbsp;noted, electric-vehicle-charger component providers, including&nbsp;Amphenol&nbsp;(APH),TE Connectivity&nbsp;(TEL), and&nbsp;Sensata Technologies Holding&nbsp;(ST), could also be winners.</p><p><blockquote>作为<i>巴伦周刊</i>指出，包括Amphenol(APH)、TE Connectivity(TEL)和Sensata Technologies Holding(ST)在内的电动汽车充电器组件供应商也可能成为赢家。</blockquote></p><p> The&nbsp;iShares U.S. Infrastructure&nbsp;ETF (IFRA) includes a big slug of utilities at 44% of its asset base. The ETF has done well this year, gaining 20% against a 17% return for the S&amp;P 500.</p><p><blockquote>iShares美国基础设施ETF(IFRA)包括大量公用事业，占其资产基础的44%。该ETF今年表现良好，上涨了20%，而标普500的回报率为17%。</blockquote></p><p> There could be more gains ahead if the infrastructure train finally leaves Union Station in Washington.</p><p><blockquote>如果基础设施列车最终离开华盛顿的联合车站，未来可能会有更多收益。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/infrastructure-bill-could-lift-these-stocks-51627593447?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":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/infrastructure-bill-could-lift-these-stocks-51627593447?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196132618","content_text":"A $1.2 trillion infrastructure package is inching closer to the finish line now that the Senate has voted to begin debating the measure.\nAnalysts expect the Senate to pass a bill with bipartisan support next week. The House may then take up the measure.\nThe bill includes $550 billion in new spending, on top of existing programs. Highlights include $73 billion for clean-energy transmission, $110 billion for roads and bridges, and $7.5 billion for electric-vehicle charging stations. Money would also be doled out for airports, water projects, broadband internet, and initiatives to combat climate-change.\nPassage of a bill still faces steep political hurdles.\nWhile Senate Minority Leader Mitch McConnell (R-Kentucky) has indicated his support, the bill could be held up by Democract demands in the House to pass a $3.5 trillion budget reconciliation bill first. That won’t be easy, especially if Democrats hope to enlist Republican Senators for $1.2 trillion in infrastructure, conditioned on passing a reconciliation bill first.\nStill, if a bill does keep moving forward, Wall Street analysts are likely to raise revenue estimates for 2022 and beyond, anticipating a steady trickle of money from federal, state, and local governments as projects win approval.\nSo how to play it? Four companies that stand to benefit are Jacobs Engineering Group(ticker: J),Hubbell(HUBB),Insteel Industries(IIIN), and Union Pacific(UNP), according to Andrew Little, research analyst at exchange-traded-fund sponsor Global X.\nJacobs is a construction company and the lead engineer on several major projects now underway, including a $1.2 billion reconstruction of the I-270 Corridor in Denver, he notes. Jacobs is also involved in renewable-energy projects and builds data centers.\nHubbell manufactures electrical equipment for industrial clients, including products to improve building energy efficiency and power transmission, helping create “smart grids.”\nInsteel manufactures steel wiring used in construction projects and water utilities, including reinforcement of piping and irrigation projects.\nUnion Pacific runs one of the largest freight-rail networks in the U.S., operating in 23 western states, and would benefit from increased volume of raw materials and industrial goods.\nInvestors may be paying a steep premium for these stocks, though.\nJacobs is up 26% this year and trades at 19 times next-12-month earnings, a 19% premium to its five-year average price/earnings multiple. If there’s upside, however, it could be in infrastructure—Jacobs’ “people and places” business generates $7 billion in annual revenue through modernizing public and private projects, partly to meet higher environmental standards, the company said on a recent earnings call.\nHubbell is up 27% this year and goes for 21 times earnings, against a five-year P/E average of 18. The company would benefit from increased spending on renewable-energy infrastructure, including solar and wind components.\nInsteel has gained 75% this year, though it still trades at a modest 13 times earnings. The company is facing supply constraints and logistics issues, though an infrastructure bill would be a benefit, Insteel recently told analysts.\nUnion Pacific stock is only up 5% this year and trades at 20 times earnings, above its five year P/E average of 19.\nFreight volume has been depressed due to supply-chain disruptions, a shortage of semiconductors, and backlogs of goods waiting to be unloaded at U.S. ports.\nBut the railroad is expecting raw materials volume to remain robust as the economy gains momentum. And Union hiked its annual dividend in May by 10% to $1.07 a share, giving it a 2% annualized yield.\nOther infrastructure favorites include aggregates companies Vulcan Materials(VMC) and Martin Marietta Materials(MLM), and industrial-machinery giants Deere(DE) and Caterpillar(CAT). In broadband, cell-tower companies such as American Tower REIT(AMT),SBA Communications(SBAC), and Crown Castle International(CCI) could benefit.\nInvestors can also gain exposure to the theme through an ETF. Top performers in clean tech this year include First Trust Nasdaq Clean Edge Smart GRID Infrastructure Index(GRID),Invesco MSCI Sustainable Future(ERTH), and First Trust Global Wind Energy(FAN).\nAsBarron’s has noted, electric-vehicle-charger component providers, including Amphenol (APH),TE Connectivity (TEL), and Sensata Technologies Holding (ST), could also be winners.\nThe iShares U.S. Infrastructure ETF (IFRA) includes a big slug of utilities at 44% of its asset base. The ETF has done well this year, gaining 20% against a 17% return for the S&P 500.\nThere could be more gains ahead if the infrastructure train finally leaves Union Station in Washington.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":370,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860401706,"gmtCreate":1632193540705,"gmtModify":1632802148604,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"Interestimg article.Which to buy??Pls like n comment pls","listText":"Interestimg article.Which to buy??Pls like n comment pls","text":"Interestimg article.Which to buy??Pls like n comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/860401706","repostId":"1104395691","repostType":4,"repost":{"id":"1104395691","kind":"news","pubTimestamp":1632191363,"share":"https://www.laohu8.com/m/news/1104395691?lang=zh_CN&edition=full","pubTime":"2021-09-21 10:29","market":"us","language":"en","title":"The Reasons Why ServiceNow Deserves Higher Valuations<blockquote>ServiceNow值得更高估值的原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104395691","media":"Seeking Alpha","summary":"Summary\n\nServiceNow's IT services management tools help organizations manage the consumption of info","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>ServiceNow's IT services management tools help organizations manage the consumption of information technology services.</li>  <li>The company operates in a highly competitive market.</li>  <li>High growth with marketing expenses growing to a lesser degree shows that the company has been able to extend its services using collaborative apps development with partners.</li>  <li>Its ability to expand partnership agreements, as with Microsoft, means more growth at relatively lower costs.</li>  <li>The stock remains undervalued compared to a peer, but do expect volatility as FreshWorks launches its IPO in its quest to benefit from the rise of post-pandemic hybrid work.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/73869f5a5cbd9b1bbb736a28d6595612\" tg-width=\"1536\" tg-height=\"1025\" width=\"100%\" height=\"auto\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>ServiceNow的IT服务管理工具帮助组织管理信息技术服务的消费。</li><li>该公司在竞争激烈的市场中运营。</li><li>营销费用增长幅度较小的高增长表明，该公司已经能够通过与合作伙伴的协作应用程序开发来扩展其服务。</li><li>它有能力扩大合作协议，就像与微软一样，这意味着以相对较低的成本实现更多的增长。</li><li>与同行相比，该股仍被低估，但随着FreshWorks启动IPO以寻求从大流行后混合工作的兴起中受益，预计会出现波动。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock社论来自Getty Images</span></p></blockquote></p><p> After having known a sustained upside during the last three years, ServiceNow (NOW) currently trades at trailing price to sales multiples of about 25x or&nbsp;468%&nbsp;above the IT sector.</p><p><blockquote>在经历了过去三年的持续上涨之后，ServiceNow(NOW)目前的交易价格与销售额倍数约为IT行业的25倍或468%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5aab428e42dd257312a7f20da75c1dfe\" tg-width=\"635\" tg-height=\"447\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> This is a level that is difficult to justify unless the stock presents some specifics which not only justify its high valuations but also show that it is among a handful of software pure plays which have the capacity to generate far higher growth levels.</p><p><blockquote>这个水平很难证明是合理的，除非该股提出一些细节，不仅证明其高估值是合理的，而且表明它是少数有能力产生更高增长水平的纯软件股票之一。</blockquote></p><p> For those who are new to the stock, the company's IT services management (ITSM) tools help organizations manage the consumption of IT services. These tools are most heavily used by information technology service desks and service delivery functions.</p><p><blockquote>对于那些新手来说，该公司的IT服务管理（ITSM）工具可以帮助组织管理IT服务的消费。信息技术服务台和服务提供职能部门使用最多的是这些工具。</blockquote></p><p> For this purpose, ServiceNow has one of the richest ecosystems of third-party application integrations and works closely with partners.</p><p><blockquote>为此，ServiceNow拥有最丰富的第三方应用集成生态系统之一，并与合作伙伴密切合作。</blockquote></p><p> <b>The partnership model</b></p><p><blockquote><b>伙伴关系模式</b></blockquote></p><p> A few days back, on September 16, Microsoft (NASDAQ:MSFT)&nbsp;announced&nbsp;a new collaborative app from ServiceNow for bringing employee experiences within Microsoft Teams.</p><p><blockquote>几天前，即9月16日，微软（纳斯达克股票代码：MSFT）宣布了ServiceNow的一款新协作应用程序，用于为微软团队带来员工体验。</blockquote></p><p> The Teams collaborative app introduced by ServiceNow for its Employee Center provides employees with a single portal to find information and make service requests directly in the flow of their work in Teams.</p><p><blockquote>ServiceNow为其员工中心推出的Teams协作应用程序为员工提供了一个单一门户，可以在团队工作流程中直接查找信息和提出服务请求。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6ef53d9594a8e2b604d65eaad294b02a\" tg-width=\"640\" tg-height=\"224\" width=\"100%\" height=\"auto\"><span>Source: servicenow.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：servicenow.com</span></p></blockquote></p><p> While this development by ServiceNow can be classified as just another collaborative app, which is integrated with Microsoft’s software, there is more. Looking from an angle, ServiceNow appears to have taken more of a central role, by embedding its Employee Center at the very core of Microsoft’s apps distribution architecture.</p><p><blockquote>虽然ServiceNow的这一开发可以归类为另一个与微软软件集成的协作应用程序，但还有更多。从一个角度来看，ServiceNow似乎扮演了更核心的角色，将其员工中心嵌入微软应用分发架构的核心。</blockquote></p><p> Along the same lines, Teams, Microsoft's communication platform offering workspace chat and videoconferencing can be envisioned as the transport medium through which ServiceNow is able to make its app available to a wider audience. Additionally, the ITSM company is doing it in such a way so as to improve user satisfaction and business outcomes.</p><p><blockquote>同样，微软提供工作空间聊天和视频会议的通信平台Teams可以被视为ServiceNow能够向更广泛的受众提供其应用程序的传输介质。此外，ITSM公司这样做是为了提高用户满意度和业务成果。</blockquote></p><p> Looking in the rear mirror, ServiceNow was already integrated with Teams through a Direct integration profile, but this involved some manual steps. It was the same with Zoom (NASDAQ:ZM). It also has such integrations with Oracle (ORCL), SAP SE (SAP), and many others.</p><p><blockquote>从后视镜中看，ServiceNow已经通过直接集成配置文件与团队集成，但这涉及到一些手动步骤。Zoom（纳斯达克：ZM）也是如此。它还与Oracle(ORCL)、SAP SE(SAP)和许多其他公司进行了此类集成。</blockquote></p><p> Thus, the new development represents an expansion of ServiceNow's agreement with Microsoft.</p><p><blockquote>因此，新的发展代表了ServiceNow与微软协议的扩展。</blockquote></p><p> Think aloud, while it is Microsoft that is publicizing the development in its online services-oriented LinkedIn platform, it appears to be more beneficial to ServiceNow. Now, \"publicize\" reminds us of marketing hours spent by product experts in creating awareness about a corporation's product and services, especially the latest capabilities. In this respect, having Microsoft do the work as part of advertising its Team collaborative software is a boon to ServiceNow.</p><p><blockquote>大声想想，虽然是微软在宣传其面向在线服务的LinkedIn平台的发展，但这似乎对ServiceNow更有利。现在，“宣传”让我们想起了产品专家在创造对公司产品和服务的认识，尤其是最新功能的认识方面所花费的营销时间。在这方面，让微软做这项工作作为其团队协作软件广告的一部分对ServiceNow来说是一个福音。</blockquote></p><p> It is partly through this way that it has been able to grow revenues much faster, by 145% over three years, whereas SG&amp;A, which comprises sales and marketing expenses have increased by only 109%.</p><p><blockquote>部分正是通过这种方式，它的收入增长速度要快得多，三年内增长了145%，而包括销售和营销费用在内的SG&amp;A仅增长了109%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/605e7232e453eda56798584a59c2b202\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Investigating further, partners are absolutely critical to continued growth by ServiceNow, as per the organization’s Chief Customer and Partner Officer,Lara Caimi. She says that partners are “critical in terms of achieving what the organization wants to do”. For ServiceNow, partners also play a really important role in bringing the company \"into new C-suite conversations that maybe it was not part of before\". More important, partners drive \"90%&nbsp;of their implementation”.</p><p><blockquote>根据该组织的首席客户和合作伙伴官Lara Caimi的说法，进一步调查，合作伙伴对于ServiceNow的持续增长绝对至关重要。她说，合作伙伴“对于实现组织想要做的事情至关重要”。对于ServiceNow来说，合作伙伴在将公司“带入新的高管对话中，这可能是以前不是的一部分”方面也发挥着非常重要的作用。更重要的是，合作伙伴推动了“90%的实施”。</blockquote></p><p></p><p> To be realistic, while partnerships do help ServiceNow in selling more, there are also secular trends like digital transformation. However, ITSM remains a highly competitive field.</p><p><blockquote>现实地说，虽然合作伙伴关系确实有助于ServiceNow销售更多产品，但也存在数字化转型等长期趋势。然而，ITSM仍然是一个竞争激烈的领域。</blockquote></p><p> <b>The competition</b></p><p><blockquote><b>比赛</b></blockquote></p><p> Gartner's 2021&nbsp;Magic Quadrant&nbsp;for the ISTM market clearly shows the dominant position of ServiceNow, and this has been the case for the last many years. It is followed by&nbsp;BMC&nbsp;and its Helix ITSM offering. Then, there is also&nbsp;Ivanti, which was born from the merger of LanDesk and Heat Software in 2017.</p><p><blockquote>Gartner的2021年ISTM市场魔力象限清楚地显示了ServiceNow的主导地位，过去多年来一直如此。其次是BMC及其Helix ITSM产品。然后，还有Ivanti，它诞生于2017年LanDesk和Heat Software合并。</blockquote></p><p> One challenger is Freshworks (FRSH), whose IPO is pending, with Atlassian (NASDAQ:TEAM) being in the Gartner's visionaries quadrant. Looking further, International Business Machines (IBM) which used to form the&nbsp;rear&nbsp;two years back no longer forms part of Gartner's top list.</p><p><blockquote>Freshworks(FRSH)是一个挑战者，其IPO即将进行，Atlassian(纳斯达克：TEAM)也在Gartner的远见者象限中。进一步看，两年前曾位居其后的国际商业机器公司（IBM）不再是Gartner顶级名单的一部分。</blockquote></p><p> This shows the highly dynamic nature of the competition and Freshworks, which surpassed $300 million in annual recurring revenue (\"ARR\"),growing its business&nbsp;by 40% year-over-year in 2020, builds on its Neo customer data aggregation platform. It has closed two strategic acquisitions and expanded organically as well, with the next major goal being to reach&nbsp;$1 billion&nbsp;in ARR. Freshworks has also complemented its offerings by acquiring AnsweriQ, a provider of AI machine learning for larger enterprises.</p><p><blockquote>这表明了竞争的高度动态性，Freshworks建立在其Neo客户数据聚合平台的基础上，其年度经常性收入(“ARR”)超过3亿美元，2020年业务同比增长40%。它已经完成了两项战略收购，并进行了有机扩张，下一个主要目标是ARR达到10亿美元。Freshworks还通过收购AnsweriQ来补充其产品，AnsweriQ是一家为大型企业提供人工智能机器学习的提供商。</blockquote></p><p> One noteworthy point is that in 2020, the company unveiled Freshworks CRM. While this is a single platform solution that has a lot of merits, it also helps to shed light on ServiceNow's competitive strategy. In this respect, the ITSM play does not want to compete with companies like Salesforce (CRM) or Workday (WDAY) which excel in Customer Relationship Management and Human Resources respectively. Rather, it aims to work with them as partners, in extending their more department-focused products across the whole enterprise through the provision of third-party apps. These enable cross-functional processes.</p><p><blockquote>值得注意的一点是，2020年，该公司推出了Freshworks CRM。虽然这是一个有很多优点的单一平台解决方案，但它也有助于阐明ServiceNow的竞争战略。在这方面，ITSM公司不想与Salesforce(CRM)或Workday(WDAY)等分别在客户关系管理和人力资源方面表现出色的公司竞争。相反，它的目标是作为合作伙伴与他们合作，通过提供第三方应用程序，在整个企业中扩展他们更专注于部门的产品。这些支持跨职能流程。</blockquote></p><p> The ITSM space has taken more importance recently, with the IT department prioritizing centralizing resource management for simplification purposes and to promote cost rationalization. At the same time, stakeholders had to adapt to the transformative changes brought by SaaS (Software as a Service), with all players having made the move to the cloud, but at various degrees of success.</p><p><blockquote>ITSM领域最近变得更加重要，IT部门优先考虑集中资源管理，以实现简化和促进成本合理化。与此同时，利益相关者必须适应SaaS（软件即服务）带来的变革性变化，所有参与者都已迁移到云，但取得了不同程度的成功。</blockquote></p><p> In this context, the widening gap between BMC and ServiceNow's in Gartner's Magic Quadrant from&nbsp;2019&nbsp;to&nbsp;2021&nbsp;shows that the latter has been able to rapidly shift from an in-house deployment model to a SaaS one. This \"successful transition\" is confirmed by the ACV (annual contract value) steadily moving higher as more revenues are derived from monthly subscriptions.</p><p><blockquote>在这种背景下，BMC和ServiceNow在2019年至2021年Gartner魔力象限中的差距不断扩大，这表明后者已经能够迅速从内部部署模式转向SaaS模式。随着更多收入来自月度订阅，ACV（年度合同价值）稳步上升，证实了这种“成功转型”。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0a8c369179213e64ea29fcf49a055d6\" tg-width=\"640\" tg-height=\"308\" width=\"100%\" height=\"auto\"><span>Source: Company presentation in Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha中的公司演示</span></p></blockquote></p><p> According to Gartner, ServiceNow scores&nbsp;better&nbsp;ratings, with much more reviewers willing to recommend it compared to BMC. It scores better for Ease of Deployment, User Experience, and of course, Ease of Integration.</p><p><blockquote>根据Gartner的数据，ServiceNow获得了更好的评级，与BMC相比，有更多的评论者愿意推荐它。它在易于部署、用户体验，当然还有易于集成方面得分更高。</blockquote></p><p> Consequently, benefiting from better technical specifications, ServiceNow's second-quarter subscription billing was $1.328 billion, and for Q3-2021, the expected amount is between&nbsp;$1.4 billion and $1.405 billion, representing not only sequential growth but also 28% to 29% year-over-year growth.</p><p><blockquote>因此，受益于更好的技术规格，ServiceNow第二季度的订阅账单为13.28亿美元，2021年第三季度的预期金额在14亿美元至14.05亿美元之间，不仅环比增长，而且同比增长28%至29%-同比增长。</blockquote></p><p> <b>Valuations and key takeaways</b></p><p><blockquote><b>估值和主要要点</b></blockquote></p><p> With one of the richest ecosystems in terms of third-party application integration, ServiceNow has also invested heavily in AI by acquiring the cognitive search capabilities of&nbsp;Attivioin 2019, followed by&nbsp;Passage AI&nbsp;to advance its deep learning capabilities in 2020.</p><p><blockquote>凭借在第三方应用集成方面最丰富的生态系统之一，ServiceNow也在人工智能方面进行了大量投资，在2019年收购了Attivioin的认知搜索能力，随后Passage AI在2020年推进了其深度学习能力。</blockquote></p><p> Continuing with the momentum, with the acquisition of&nbsp;Element AI, ServiceNow has announced plans to create an AI innovation hub in Canada to “accelerate customer-focused AI innovation” on the company’s Now platform.</p><p><blockquote>通过收购Element AI，ServiceNow继续保持这一势头，宣布计划在加拿大创建一个人工智能创新中心，以在该公司的Now平台上“加速以客户为中心的人工智能创新”。</blockquote></p><p> At the same time, the management remains prudent in its acquisition strategy in order \"not to land in spaces\" already occupied by its partners, which would result in competition. Taking as example RPAs or Robotic Process Automation, currently, a hot M&amp;A topic, the President and Chief Executive Officer, Bill McDermott recently&nbsp;mentioned&nbsp;that:</p><p><blockquote>与此同时，管理层在收购策略上保持谨慎，以免“进入”合作伙伴已经占据的空间，从而导致竞争。以目前并购热门话题RPA或机器人流程自动化为例，总裁兼首席执行官Bill McDermott最近提到：</blockquote></p><p>   You shouldn’t expect us to make acquisitions in that space, but you should expect us to build our functionality and our capabilities, but also be an open and willing partner for the customers because it’s really about solving their problems.\"  Therefore, ServiceNow should not acquire RPA capabilities, but one can expect it to develop third-party apps around the robotic automation ecosystem, thereby penetrating deeper into corporate processes.</p><p><blockquote>您不应该期望我们在该领域进行收购，但您应该期望我们构建我们的功能和能力，同时也成为客户开放且愿意的合作伙伴，因为这实际上是为了解决他们的问题。”因此，ServiceNow不应该获得RPA能力，但人们可以期待它围绕机器人自动化生态系统开发第三方应用程序，从而更深入地渗透到企业流程中。</blockquote></p><p></p><p> Investigating further, developing advanced product integrations comes at a cost, as is evidenced by ServiceNow's lower gross margins compared to peer Atlassian. This signifies that its developers have to spend more time tweaking the platform in order to make sure that their software codes are integrated with partners.</p><p><blockquote>进一步调查，开发先进的产品集成是有成本的，ServiceNow与同行Atlassian相比较低的毛利率就证明了这一点。这意味着它的开发者必须花更多的时间来调整平台，以确保他们的软件代码与合作伙伴集成。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/17d47d95c2946edde8ab8d586b7190a3\" tg-width=\"411\" tg-height=\"186\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> Still, relatively lower operating expenses have enabled ServiceNow to generate EBIT margins of 4.54%, not far behind its peer.</p><p><blockquote>尽管如此，相对较低的运营费用使ServiceNow的息税前利润率达到了4.54%，与同行相差不远。</blockquote></p><p> This has been made possible through a partnership model which enables the company to expand its product globally, and at a relatively lower cost. Hence, looking at the trailing price to sales metric, ServiceNow's undervaluation by 100% compared to Atlassian does not make sense. In this case, just considering 30x multiples, I obtain a target price of $788-800 (30/24.72 x 650), based on the current share price.</p><p><blockquote>这是通过合作模式实现的，该模式使公司能够以相对较低的成本在全球范围内扩展其产品。因此，从历史价格与销售额指标来看，ServiceNow与Atlassian相比被低估100%是没有意义的。在这种情况下，仅考虑30倍市盈率，根据当前股价，我获得的目标价为788-800美元（30/24.72 x 650）。</blockquote></p><p> However, after high COVID gains, do expect some volatility due to inflationary pressures and a high probability of a Freshworks IPO this year.</p><p><blockquote>然而，在新冠疫情大幅上涨之后，由于通胀压力和Freshworks今年IPO的可能性很高，预计会出现一些波动。</blockquote></p><p> Finally, as the world shifts to hybrid work, people need tools that streamline daily tasks and maintain them in the flow of their work. Having realized this earlier on, ServiceNow focuses on delivering services in a way that customers see the value, while at the same time, ensuring that the partner becomes a multiplying force for its products.</p><p><blockquote>最后，随着世界转向混合工作，人们需要简化日常任务并在工作流程中维护它们的工具。ServiceNow很早就意识到了这一点，专注于以客户看到价值的方式提供服务，同时确保合作伙伴成为其产品的倍增力量。</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>The Reasons Why ServiceNow Deserves Higher Valuations<blockquote>ServiceNow值得更高估值的原因</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Reasons Why ServiceNow Deserves Higher Valuations<blockquote>ServiceNow值得更高估值的原因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-21 10:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>ServiceNow's IT services management tools help organizations manage the consumption of information technology services.</li>  <li>The company operates in a highly competitive market.</li>  <li>High growth with marketing expenses growing to a lesser degree shows that the company has been able to extend its services using collaborative apps development with partners.</li>  <li>Its ability to expand partnership agreements, as with Microsoft, means more growth at relatively lower costs.</li>  <li>The stock remains undervalued compared to a peer, but do expect volatility as FreshWorks launches its IPO in its quest to benefit from the rise of post-pandemic hybrid work.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/73869f5a5cbd9b1bbb736a28d6595612\" tg-width=\"1536\" tg-height=\"1025\" width=\"100%\" height=\"auto\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>ServiceNow的IT服务管理工具帮助组织管理信息技术服务的消费。</li><li>该公司在竞争激烈的市场中运营。</li><li>营销费用增长幅度较小的高增长表明，该公司已经能够通过与合作伙伴的协作应用程序开发来扩展其服务。</li><li>它有能力扩大合作协议，就像与微软一样，这意味着以相对较低的成本实现更多的增长。</li><li>与同行相比，该股仍被低估，但随着FreshWorks启动IPO以寻求从大流行后混合工作的兴起中受益，预计会出现波动。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock社论来自Getty Images</span></p></blockquote></p><p> After having known a sustained upside during the last three years, ServiceNow (NOW) currently trades at trailing price to sales multiples of about 25x or&nbsp;468%&nbsp;above the IT sector.</p><p><blockquote>在经历了过去三年的持续上涨之后，ServiceNow(NOW)目前的交易价格与销售额倍数约为IT行业的25倍或468%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5aab428e42dd257312a7f20da75c1dfe\" tg-width=\"635\" tg-height=\"447\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> This is a level that is difficult to justify unless the stock presents some specifics which not only justify its high valuations but also show that it is among a handful of software pure plays which have the capacity to generate far higher growth levels.</p><p><blockquote>这个水平很难证明是合理的，除非该股提出一些细节，不仅证明其高估值是合理的，而且表明它是少数有能力产生更高增长水平的纯软件股票之一。</blockquote></p><p> For those who are new to the stock, the company's IT services management (ITSM) tools help organizations manage the consumption of IT services. These tools are most heavily used by information technology service desks and service delivery functions.</p><p><blockquote>对于那些新手来说，该公司的IT服务管理（ITSM）工具可以帮助组织管理IT服务的消费。信息技术服务台和服务提供职能部门使用最多的是这些工具。</blockquote></p><p> For this purpose, ServiceNow has one of the richest ecosystems of third-party application integrations and works closely with partners.</p><p><blockquote>为此，ServiceNow拥有最丰富的第三方应用集成生态系统之一，并与合作伙伴密切合作。</blockquote></p><p> <b>The partnership model</b></p><p><blockquote><b>伙伴关系模式</b></blockquote></p><p> A few days back, on September 16, Microsoft (NASDAQ:MSFT)&nbsp;announced&nbsp;a new collaborative app from ServiceNow for bringing employee experiences within Microsoft Teams.</p><p><blockquote>几天前，即9月16日，微软（纳斯达克股票代码：MSFT）宣布了ServiceNow的一款新协作应用程序，用于为微软团队带来员工体验。</blockquote></p><p> The Teams collaborative app introduced by ServiceNow for its Employee Center provides employees with a single portal to find information and make service requests directly in the flow of their work in Teams.</p><p><blockquote>ServiceNow为其员工中心推出的Teams协作应用程序为员工提供了一个单一门户，可以在团队工作流程中直接查找信息和提出服务请求。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6ef53d9594a8e2b604d65eaad294b02a\" tg-width=\"640\" tg-height=\"224\" width=\"100%\" height=\"auto\"><span>Source: servicenow.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：servicenow.com</span></p></blockquote></p><p> While this development by ServiceNow can be classified as just another collaborative app, which is integrated with Microsoft’s software, there is more. Looking from an angle, ServiceNow appears to have taken more of a central role, by embedding its Employee Center at the very core of Microsoft’s apps distribution architecture.</p><p><blockquote>虽然ServiceNow的这一开发可以归类为另一个与微软软件集成的协作应用程序，但还有更多。从一个角度来看，ServiceNow似乎扮演了更核心的角色，将其员工中心嵌入微软应用分发架构的核心。</blockquote></p><p> Along the same lines, Teams, Microsoft's communication platform offering workspace chat and videoconferencing can be envisioned as the transport medium through which ServiceNow is able to make its app available to a wider audience. Additionally, the ITSM company is doing it in such a way so as to improve user satisfaction and business outcomes.</p><p><blockquote>同样，微软提供工作空间聊天和视频会议的通信平台Teams可以被视为ServiceNow能够向更广泛的受众提供其应用程序的传输介质。此外，ITSM公司这样做是为了提高用户满意度和业务成果。</blockquote></p><p> Looking in the rear mirror, ServiceNow was already integrated with Teams through a Direct integration profile, but this involved some manual steps. It was the same with Zoom (NASDAQ:ZM). It also has such integrations with Oracle (ORCL), SAP SE (SAP), and many others.</p><p><blockquote>从后视镜中看，ServiceNow已经通过直接集成配置文件与团队集成，但这涉及到一些手动步骤。Zoom（纳斯达克：ZM）也是如此。它还与Oracle(ORCL)、SAP SE(SAP)和许多其他公司进行了此类集成。</blockquote></p><p> Thus, the new development represents an expansion of ServiceNow's agreement with Microsoft.</p><p><blockquote>因此，新的发展代表了ServiceNow与微软协议的扩展。</blockquote></p><p> Think aloud, while it is Microsoft that is publicizing the development in its online services-oriented LinkedIn platform, it appears to be more beneficial to ServiceNow. Now, \"publicize\" reminds us of marketing hours spent by product experts in creating awareness about a corporation's product and services, especially the latest capabilities. In this respect, having Microsoft do the work as part of advertising its Team collaborative software is a boon to ServiceNow.</p><p><blockquote>大声想想，虽然是微软在宣传其面向在线服务的LinkedIn平台的发展，但这似乎对ServiceNow更有利。现在，“宣传”让我们想起了产品专家在创造对公司产品和服务的认识，尤其是最新功能的认识方面所花费的营销时间。在这方面，让微软做这项工作作为其团队协作软件广告的一部分对ServiceNow来说是一个福音。</blockquote></p><p> It is partly through this way that it has been able to grow revenues much faster, by 145% over three years, whereas SG&amp;A, which comprises sales and marketing expenses have increased by only 109%.</p><p><blockquote>部分正是通过这种方式，它的收入增长速度要快得多，三年内增长了145%，而包括销售和营销费用在内的SG&amp;A仅增长了109%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/605e7232e453eda56798584a59c2b202\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Investigating further, partners are absolutely critical to continued growth by ServiceNow, as per the organization’s Chief Customer and Partner Officer,Lara Caimi. She says that partners are “critical in terms of achieving what the organization wants to do”. For ServiceNow, partners also play a really important role in bringing the company \"into new C-suite conversations that maybe it was not part of before\". More important, partners drive \"90%&nbsp;of their implementation”.</p><p><blockquote>根据该组织的首席客户和合作伙伴官Lara Caimi的说法，进一步调查，合作伙伴对于ServiceNow的持续增长绝对至关重要。她说，合作伙伴“对于实现组织想要做的事情至关重要”。对于ServiceNow来说，合作伙伴在将公司“带入新的高管对话中，这可能是以前不是的一部分”方面也发挥着非常重要的作用。更重要的是，合作伙伴推动了“90%的实施”。</blockquote></p><p></p><p> To be realistic, while partnerships do help ServiceNow in selling more, there are also secular trends like digital transformation. However, ITSM remains a highly competitive field.</p><p><blockquote>现实地说，虽然合作伙伴关系确实有助于ServiceNow销售更多产品，但也存在数字化转型等长期趋势。然而，ITSM仍然是一个竞争激烈的领域。</blockquote></p><p> <b>The competition</b></p><p><blockquote><b>比赛</b></blockquote></p><p> Gartner's 2021&nbsp;Magic Quadrant&nbsp;for the ISTM market clearly shows the dominant position of ServiceNow, and this has been the case for the last many years. It is followed by&nbsp;BMC&nbsp;and its Helix ITSM offering. Then, there is also&nbsp;Ivanti, which was born from the merger of LanDesk and Heat Software in 2017.</p><p><blockquote>Gartner的2021年ISTM市场魔力象限清楚地显示了ServiceNow的主导地位，过去多年来一直如此。其次是BMC及其Helix ITSM产品。然后，还有Ivanti，它诞生于2017年LanDesk和Heat Software合并。</blockquote></p><p> One challenger is Freshworks (FRSH), whose IPO is pending, with Atlassian (NASDAQ:TEAM) being in the Gartner's visionaries quadrant. Looking further, International Business Machines (IBM) which used to form the&nbsp;rear&nbsp;two years back no longer forms part of Gartner's top list.</p><p><blockquote>Freshworks(FRSH)是一个挑战者，其IPO即将进行，Atlassian(纳斯达克：TEAM)也在Gartner的远见者象限中。进一步看，两年前曾位居其后的国际商业机器公司（IBM）不再是Gartner顶级名单的一部分。</blockquote></p><p> This shows the highly dynamic nature of the competition and Freshworks, which surpassed $300 million in annual recurring revenue (\"ARR\"),growing its business&nbsp;by 40% year-over-year in 2020, builds on its Neo customer data aggregation platform. It has closed two strategic acquisitions and expanded organically as well, with the next major goal being to reach&nbsp;$1 billion&nbsp;in ARR. Freshworks has also complemented its offerings by acquiring AnsweriQ, a provider of AI machine learning for larger enterprises.</p><p><blockquote>这表明了竞争的高度动态性，Freshworks建立在其Neo客户数据聚合平台的基础上，其年度经常性收入(“ARR”)超过3亿美元，2020年业务同比增长40%。它已经完成了两项战略收购，并进行了有机扩张，下一个主要目标是ARR达到10亿美元。Freshworks还通过收购AnsweriQ来补充其产品，AnsweriQ是一家为大型企业提供人工智能机器学习的提供商。</blockquote></p><p> One noteworthy point is that in 2020, the company unveiled Freshworks CRM. While this is a single platform solution that has a lot of merits, it also helps to shed light on ServiceNow's competitive strategy. In this respect, the ITSM play does not want to compete with companies like Salesforce (CRM) or Workday (WDAY) which excel in Customer Relationship Management and Human Resources respectively. Rather, it aims to work with them as partners, in extending their more department-focused products across the whole enterprise through the provision of third-party apps. These enable cross-functional processes.</p><p><blockquote>值得注意的一点是，2020年，该公司推出了Freshworks CRM。虽然这是一个有很多优点的单一平台解决方案，但它也有助于阐明ServiceNow的竞争战略。在这方面，ITSM公司不想与Salesforce(CRM)或Workday(WDAY)等分别在客户关系管理和人力资源方面表现出色的公司竞争。相反，它的目标是作为合作伙伴与他们合作，通过提供第三方应用程序，在整个企业中扩展他们更专注于部门的产品。这些支持跨职能流程。</blockquote></p><p> The ITSM space has taken more importance recently, with the IT department prioritizing centralizing resource management for simplification purposes and to promote cost rationalization. At the same time, stakeholders had to adapt to the transformative changes brought by SaaS (Software as a Service), with all players having made the move to the cloud, but at various degrees of success.</p><p><blockquote>ITSM领域最近变得更加重要，IT部门优先考虑集中资源管理，以实现简化和促进成本合理化。与此同时，利益相关者必须适应SaaS（软件即服务）带来的变革性变化，所有参与者都已迁移到云，但取得了不同程度的成功。</blockquote></p><p> In this context, the widening gap between BMC and ServiceNow's in Gartner's Magic Quadrant from&nbsp;2019&nbsp;to&nbsp;2021&nbsp;shows that the latter has been able to rapidly shift from an in-house deployment model to a SaaS one. This \"successful transition\" is confirmed by the ACV (annual contract value) steadily moving higher as more revenues are derived from monthly subscriptions.</p><p><blockquote>在这种背景下，BMC和ServiceNow在2019年至2021年Gartner魔力象限中的差距不断扩大，这表明后者已经能够迅速从内部部署模式转向SaaS模式。随着更多收入来自月度订阅，ACV（年度合同价值）稳步上升，证实了这种“成功转型”。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0a8c369179213e64ea29fcf49a055d6\" tg-width=\"640\" tg-height=\"308\" width=\"100%\" height=\"auto\"><span>Source: Company presentation in Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha中的公司演示</span></p></blockquote></p><p> According to Gartner, ServiceNow scores&nbsp;better&nbsp;ratings, with much more reviewers willing to recommend it compared to BMC. It scores better for Ease of Deployment, User Experience, and of course, Ease of Integration.</p><p><blockquote>根据Gartner的数据，ServiceNow获得了更好的评级，与BMC相比，有更多的评论者愿意推荐它。它在易于部署、用户体验，当然还有易于集成方面得分更高。</blockquote></p><p> Consequently, benefiting from better technical specifications, ServiceNow's second-quarter subscription billing was $1.328 billion, and for Q3-2021, the expected amount is between&nbsp;$1.4 billion and $1.405 billion, representing not only sequential growth but also 28% to 29% year-over-year growth.</p><p><blockquote>因此，受益于更好的技术规格，ServiceNow第二季度的订阅账单为13.28亿美元，2021年第三季度的预期金额在14亿美元至14.05亿美元之间，不仅环比增长，而且同比增长28%至29%-同比增长。</blockquote></p><p> <b>Valuations and key takeaways</b></p><p><blockquote><b>估值和主要要点</b></blockquote></p><p> With one of the richest ecosystems in terms of third-party application integration, ServiceNow has also invested heavily in AI by acquiring the cognitive search capabilities of&nbsp;Attivioin 2019, followed by&nbsp;Passage AI&nbsp;to advance its deep learning capabilities in 2020.</p><p><blockquote>凭借在第三方应用集成方面最丰富的生态系统之一，ServiceNow也在人工智能方面进行了大量投资，在2019年收购了Attivioin的认知搜索能力，随后Passage AI在2020年推进了其深度学习能力。</blockquote></p><p> Continuing with the momentum, with the acquisition of&nbsp;Element AI, ServiceNow has announced plans to create an AI innovation hub in Canada to “accelerate customer-focused AI innovation” on the company’s Now platform.</p><p><blockquote>通过收购Element AI，ServiceNow继续保持这一势头，宣布计划在加拿大创建一个人工智能创新中心，以在该公司的Now平台上“加速以客户为中心的人工智能创新”。</blockquote></p><p> At the same time, the management remains prudent in its acquisition strategy in order \"not to land in spaces\" already occupied by its partners, which would result in competition. Taking as example RPAs or Robotic Process Automation, currently, a hot M&amp;A topic, the President and Chief Executive Officer, Bill McDermott recently&nbsp;mentioned&nbsp;that:</p><p><blockquote>与此同时，管理层在收购策略上保持谨慎，以免“进入”合作伙伴已经占据的空间，从而导致竞争。以目前并购热门话题RPA或机器人流程自动化为例，总裁兼首席执行官Bill McDermott最近提到：</blockquote></p><p>   You shouldn’t expect us to make acquisitions in that space, but you should expect us to build our functionality and our capabilities, but also be an open and willing partner for the customers because it’s really about solving their problems.\"  Therefore, ServiceNow should not acquire RPA capabilities, but one can expect it to develop third-party apps around the robotic automation ecosystem, thereby penetrating deeper into corporate processes.</p><p><blockquote>您不应该期望我们在该领域进行收购，但您应该期望我们构建我们的功能和能力，同时也成为客户开放且愿意的合作伙伴，因为这实际上是为了解决他们的问题。”因此，ServiceNow不应该获得RPA能力，但人们可以期待它围绕机器人自动化生态系统开发第三方应用程序，从而更深入地渗透到企业流程中。</blockquote></p><p></p><p> Investigating further, developing advanced product integrations comes at a cost, as is evidenced by ServiceNow's lower gross margins compared to peer Atlassian. This signifies that its developers have to spend more time tweaking the platform in order to make sure that their software codes are integrated with partners.</p><p><blockquote>进一步调查，开发先进的产品集成是有成本的，ServiceNow与同行Atlassian相比较低的毛利率就证明了这一点。这意味着它的开发者必须花更多的时间来调整平台，以确保他们的软件代码与合作伙伴集成。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/17d47d95c2946edde8ab8d586b7190a3\" tg-width=\"411\" tg-height=\"186\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> Still, relatively lower operating expenses have enabled ServiceNow to generate EBIT margins of 4.54%, not far behind its peer.</p><p><blockquote>尽管如此，相对较低的运营费用使ServiceNow的息税前利润率达到了4.54%，与同行相差不远。</blockquote></p><p> This has been made possible through a partnership model which enables the company to expand its product globally, and at a relatively lower cost. Hence, looking at the trailing price to sales metric, ServiceNow's undervaluation by 100% compared to Atlassian does not make sense. In this case, just considering 30x multiples, I obtain a target price of $788-800 (30/24.72 x 650), based on the current share price.</p><p><blockquote>这是通过合作模式实现的，该模式使公司能够以相对较低的成本在全球范围内扩展其产品。因此，从历史价格与销售额指标来看，ServiceNow与Atlassian相比被低估100%是没有意义的。在这种情况下，仅考虑30倍市盈率，根据当前股价，我获得的目标价为788-800美元（30/24.72 x 650）。</blockquote></p><p> However, after high COVID gains, do expect some volatility due to inflationary pressures and a high probability of a Freshworks IPO this year.</p><p><blockquote>然而，在新冠疫情大幅上涨之后，由于通胀压力和Freshworks今年IPO的可能性很高，预计会出现一些波动。</blockquote></p><p> Finally, as the world shifts to hybrid work, people need tools that streamline daily tasks and maintain them in the flow of their work. Having realized this earlier on, ServiceNow focuses on delivering services in a way that customers see the value, while at the same time, ensuring that the partner becomes a multiplying force for its products.</p><p><blockquote>最后，随着世界转向混合工作，人们需要简化日常任务并在工作流程中维护它们的工具。ServiceNow很早就意识到了这一点，专注于以客户看到价值的方式提供服务，同时确保合作伙伴成为其产品的倍增力量。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4456215-the-reasons-why-servicenow-deserves-higher-valuations\">Seeking Alpha</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":{"NOW":"ServiceNow"},"source_url":"https://seekingalpha.com/article/4456215-the-reasons-why-servicenow-deserves-higher-valuations","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104395691","content_text":"Summary\n\nServiceNow's IT services management tools help organizations manage the consumption of information technology services.\nThe company operates in a highly competitive market.\nHigh growth with marketing expenses growing to a lesser degree shows that the company has been able to extend its services using collaborative apps development with partners.\nIts ability to expand partnership agreements, as with Microsoft, means more growth at relatively lower costs.\nThe stock remains undervalued compared to a peer, but do expect volatility as FreshWorks launches its IPO in its quest to benefit from the rise of post-pandemic hybrid work.\n\nSundry Photography/iStock Editorial via Getty Images\nAfter having known a sustained upside during the last three years, ServiceNow (NOW) currently trades at trailing price to sales multiples of about 25x or 468% above the IT sector.\nData by YCharts\nThis is a level that is difficult to justify unless the stock presents some specifics which not only justify its high valuations but also show that it is among a handful of software pure plays which have the capacity to generate far higher growth levels.\nFor those who are new to the stock, the company's IT services management (ITSM) tools help organizations manage the consumption of IT services. These tools are most heavily used by information technology service desks and service delivery functions.\nFor this purpose, ServiceNow has one of the richest ecosystems of third-party application integrations and works closely with partners.\nThe partnership model\nA few days back, on September 16, Microsoft (NASDAQ:MSFT) announced a new collaborative app from ServiceNow for bringing employee experiences within Microsoft Teams.\nThe Teams collaborative app introduced by ServiceNow for its Employee Center provides employees with a single portal to find information and make service requests directly in the flow of their work in Teams.\nSource: servicenow.com\nWhile this development by ServiceNow can be classified as just another collaborative app, which is integrated with Microsoft’s software, there is more. Looking from an angle, ServiceNow appears to have taken more of a central role, by embedding its Employee Center at the very core of Microsoft’s apps distribution architecture.\nAlong the same lines, Teams, Microsoft's communication platform offering workspace chat and videoconferencing can be envisioned as the transport medium through which ServiceNow is able to make its app available to a wider audience. Additionally, the ITSM company is doing it in such a way so as to improve user satisfaction and business outcomes.\nLooking in the rear mirror, ServiceNow was already integrated with Teams through a Direct integration profile, but this involved some manual steps. It was the same with Zoom (NASDAQ:ZM). It also has such integrations with Oracle (ORCL), SAP SE (SAP), and many others.\nThus, the new development represents an expansion of ServiceNow's agreement with Microsoft.\nThink aloud, while it is Microsoft that is publicizing the development in its online services-oriented LinkedIn platform, it appears to be more beneficial to ServiceNow. Now, \"publicize\" reminds us of marketing hours spent by product experts in creating awareness about a corporation's product and services, especially the latest capabilities. In this respect, having Microsoft do the work as part of advertising its Team collaborative software is a boon to ServiceNow.\nIt is partly through this way that it has been able to grow revenues much faster, by 145% over three years, whereas SG&A, which comprises sales and marketing expenses have increased by only 109%.\nData by YCharts\nInvestigating further, partners are absolutely critical to continued growth by ServiceNow, as per the organization’s Chief Customer and Partner Officer,Lara Caimi. She says that partners are “critical in terms of achieving what the organization wants to do”. For ServiceNow, partners also play a really important role in bringing the company \"into new C-suite conversations that maybe it was not part of before\". More important, partners drive \"90% of their implementation”.\nTo be realistic, while partnerships do help ServiceNow in selling more, there are also secular trends like digital transformation. However, ITSM remains a highly competitive field.\nThe competition\nGartner's 2021 Magic Quadrant for the ISTM market clearly shows the dominant position of ServiceNow, and this has been the case for the last many years. It is followed by BMC and its Helix ITSM offering. Then, there is also Ivanti, which was born from the merger of LanDesk and Heat Software in 2017.\nOne challenger is Freshworks (FRSH), whose IPO is pending, with Atlassian (NASDAQ:TEAM) being in the Gartner's visionaries quadrant. Looking further, International Business Machines (IBM) which used to form the rear two years back no longer forms part of Gartner's top list.\nThis shows the highly dynamic nature of the competition and Freshworks, which surpassed $300 million in annual recurring revenue (\"ARR\"),growing its business by 40% year-over-year in 2020, builds on its Neo customer data aggregation platform. It has closed two strategic acquisitions and expanded organically as well, with the next major goal being to reach $1 billion in ARR. Freshworks has also complemented its offerings by acquiring AnsweriQ, a provider of AI machine learning for larger enterprises.\nOne noteworthy point is that in 2020, the company unveiled Freshworks CRM. While this is a single platform solution that has a lot of merits, it also helps to shed light on ServiceNow's competitive strategy. In this respect, the ITSM play does not want to compete with companies like Salesforce (CRM) or Workday (WDAY) which excel in Customer Relationship Management and Human Resources respectively. Rather, it aims to work with them as partners, in extending their more department-focused products across the whole enterprise through the provision of third-party apps. These enable cross-functional processes.\nThe ITSM space has taken more importance recently, with the IT department prioritizing centralizing resource management for simplification purposes and to promote cost rationalization. At the same time, stakeholders had to adapt to the transformative changes brought by SaaS (Software as a Service), with all players having made the move to the cloud, but at various degrees of success.\nIn this context, the widening gap between BMC and ServiceNow's in Gartner's Magic Quadrant from 2019 to 2021 shows that the latter has been able to rapidly shift from an in-house deployment model to a SaaS one. This \"successful transition\" is confirmed by the ACV (annual contract value) steadily moving higher as more revenues are derived from monthly subscriptions.\nSource: Company presentation in Seeking Alpha\nAccording to Gartner, ServiceNow scores better ratings, with much more reviewers willing to recommend it compared to BMC. It scores better for Ease of Deployment, User Experience, and of course, Ease of Integration.\nConsequently, benefiting from better technical specifications, ServiceNow's second-quarter subscription billing was $1.328 billion, and for Q3-2021, the expected amount is between $1.4 billion and $1.405 billion, representing not only sequential growth but also 28% to 29% year-over-year growth.\nValuations and key takeaways\nWith one of the richest ecosystems in terms of third-party application integration, ServiceNow has also invested heavily in AI by acquiring the cognitive search capabilities of Attivioin 2019, followed by Passage AI to advance its deep learning capabilities in 2020.\nContinuing with the momentum, with the acquisition of Element AI, ServiceNow has announced plans to create an AI innovation hub in Canada to “accelerate customer-focused AI innovation” on the company’s Now platform.\nAt the same time, the management remains prudent in its acquisition strategy in order \"not to land in spaces\" already occupied by its partners, which would result in competition. Taking as example RPAs or Robotic Process Automation, currently, a hot M&A topic, the President and Chief Executive Officer, Bill McDermott recently mentioned that:\n\n You shouldn’t expect us to make acquisitions in that space, but you should expect us to build our functionality and our capabilities, but also be an open and willing partner for the customers because it’s really about solving their problems.\"\n\nTherefore, ServiceNow should not acquire RPA capabilities, but one can expect it to develop third-party apps around the robotic automation ecosystem, thereby penetrating deeper into corporate processes.\nInvestigating further, developing advanced product integrations comes at a cost, as is evidenced by ServiceNow's lower gross margins compared to peer Atlassian. This signifies that its developers have to spend more time tweaking the platform in order to make sure that their software codes are integrated with partners.\nSource: Seeking Alpha\nStill, relatively lower operating expenses have enabled ServiceNow to generate EBIT margins of 4.54%, not far behind its peer.\nThis has been made possible through a partnership model which enables the company to expand its product globally, and at a relatively lower cost. Hence, looking at the trailing price to sales metric, ServiceNow's undervaluation by 100% compared to Atlassian does not make sense. In this case, just considering 30x multiples, I obtain a target price of $788-800 (30/24.72 x 650), based on the current share price.\nHowever, after high COVID gains, do expect some volatility due to inflationary pressures and a high probability of a Freshworks IPO this year.\nFinally, as the world shifts to hybrid work, people need tools that streamline daily tasks and maintain them in the flow of their work. Having realized this earlier on, ServiceNow focuses on delivering services in a way that customers see the value, while at the same time, ensuring that the partner becomes a multiplying force for its products.","news_type":1,"symbols_score_info":{"NOW":0.9}},"isVote":1,"tweetType":1,"viewCount":549,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832009207,"gmtCreate":1629532617509,"gmtModify":1633684147777,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"That’s a huge sumPls like n comment&nbsp;","listText":"That’s a huge sumPls like n comment&nbsp;","text":"That’s a huge sumPls like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/832009207","repostId":"1114812009","repostType":4,"isVote":1,"tweetType":1,"viewCount":596,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891653905,"gmtCreate":1628388126207,"gmtModify":1633751312479,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"Madness","listText":"Madness","text":"Madness","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/891653905","repostId":"1143051031","repostType":4,"isVote":1,"tweetType":1,"viewCount":445,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148684260,"gmtCreate":1625971775250,"gmtModify":1633931232543,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"Very generic info. Not enough depth in analysis","listText":"Very generic info. Not enough depth in analysis","text":"Very generic info. Not enough depth in analysis","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/148684260","repostId":"1185154176","repostType":2,"repost":{"id":"1185154176","kind":"news","pubTimestamp":1625886925,"share":"https://www.laohu8.com/m/news/1185154176?lang=zh_CN&edition=full","pubTime":"2021-07-10 11:15","market":"us","language":"en","title":"The bull market in stocks may last up to five years — here are six reasons why<blockquote>股市牛市可能持续长达五年——以下是六个原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185154176","media":"marketwatch","summary":"The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support. When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit n","content":"<p>The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support</p><p><blockquote>经济蓬勃发展，盈利上升，美联储给予前所未有的支持</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16f57eb7b0f75afb2f46b6d61281db87\" tg-width=\"1260\" tg-height=\"839\"><span>(Photo by Jorge Guerrero/AFP via Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（豪尔赫·格雷罗/法新社，盖蒂图片社摄）</span></p></blockquote></p><p> When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.</p><p><blockquote>当股市抛售时，就像周四一样，正确的做法是购买你最喜欢的股票。周五的市场走势证明了这一点。</blockquote></p><p> It’s true that there could be a correction, given the already sizable 17% gain in the S&amp;P 500 Index&nbsp;this year. But you should buy then, too.</p><p><blockquote>鉴于标普500指数今年已经大幅上涨17%，确实可能会出现回调。但你也应该买。</blockquote></p><p> Here’s why.</p><p><blockquote>原因如下。</blockquote></p><p> We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.</p><p><blockquote>由于这六个原因，我们仍处于股市三到五年牛市的早期阶段。</blockquote></p><p> <b>1. There’s tremendous pent-up demand</b></p><p><blockquote><b>1.有巨大的被压抑的需求</b></blockquote></p><p> Everyone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.</p><p><blockquote>每个人都在向美联储寻求有关刺激的线索。他们忽视了将推高股市的私营部门力量。总而言之，巨大的被压抑的私营部门需求将有助于推动美国今年的GDP增长达到8%，并在此后几年达到3.5%-4.5%。Leuthold Group首席策略师兼经济学家吉姆·保尔森指出，被压抑的需求来自以下来源。</blockquote></p><p> First, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.</p><p><blockquote>首先，随着千禧一代进入家庭年，家庭组建激增。这有助于解释家庭需求的大幅上升。一旦你买了房子，你就得把它装满东西。更多的消费者需求即将到来。</blockquote></p><p> Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.</p><p><blockquote>在幕后，消费者有大量未用完的储蓄，因为他们为疫情做好了准备。个人储蓄率接近GDP的16%，而战后的平均水平为6.5%。之前的高点是20世纪70年代的10%。</blockquote></p><p> Relatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.</p><p><blockquote>与此相关的是，家庭资产负债表显著改善。债务收入比是20世纪90年代以来的最低水平。消费者将继续利用更多的银行贷款和信用卡容量，因为就业和经济保持强劲，他们的信心增强。</blockquote></p><p> Next, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.</p><p><blockquote>接下来，一旦额外的失业救济金在9月份到期，将会有更多的新就业人口。这意味着消费者信心将会提高，这必然会促进经济增长。劳动参与率还有提高的空间，在我们达到可能限制经济增长的充分就业之前，留下了闲置的就业能力。</blockquote></p><p> Now let’s look at the pent-up demand in businesses.</p><p><blockquote>现在让我们看看企业被压抑的需求。</blockquote></p><p> You know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.</p><p><blockquote>你知道你经常遇到或听说的所有短缺的东西吗？这就是为什么会发生这种情况。为了应对长期的疫情，企业大幅削减库存。这是有史以来最大的库存清理。但现在，企业不得不重建库存。正在进行的库存重建将是巨大的。</blockquote></p><p> Companies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.</p><p><blockquote>公司也削减了产能，并再次扩大产能。资本货物支出在过去二十年的大部分时间里基本持平，去年飙升至历史新高，增长了近23%。这创造了持续的增长，它告诉我们很多关于商业信心的信息。</blockquote></p><p> <b>The bottom line</b>: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.</p><p><blockquote><b>底线</b>：我们今年将看到7%-8%的GDP增长，明年将达到4%-4.5%，之后将高于平均水平的增长，支持股市持续牛市。期待一路上的正常修正。</blockquote></p><p> <b>2. An under-appreciated earnings boom lies ahead</b></p><p><blockquote><b>2.被低估的盈利繁荣即将到来</b></blockquote></p><p> The economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&amp;P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.</p><p><blockquote>经济反弹发生得如此之快，分析师们跟不上。分析师预计标普500今年的每股收益为190美元。但考虑到预期的7%-8%的GDP增长和尚未生效的大规模刺激措施，这一数字低得可怜。刺激通常需要六到八个月才能生效，最近的很多刺激都发生在这个窗口内。</blockquote></p><p> Paulsen expects 2021 S&amp;P 500 earnings will be more like $220 instead of the consensus estimate of $190.</p><p><blockquote>保尔森预计，2021年标普500的盈利将更接近220美元，而不是普遍预期的190美元。</blockquote></p><p> “Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”</p><p><blockquote>保尔森表示：“分析师仍然低估了利润的改善程度以及将会改善多少。”“我们从政策官员那里得到了戏剧性的过度反应。他们解决了崩溃的问题，但在基本面上创造了巨大的改善。这在利润复苏方面仍在发挥作用。”</blockquote></p><p> Plus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.</p><p><blockquote>此外，更多的财政刺激可能即将以基础设施支出的形式出现。</blockquote></p><p> <b>3. There’s a new Fed in town</b></p><p><blockquote><b>3.城里有一个新的美联储</b></blockquote></p><p> For much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).</p><p><blockquote>在过去三十年的大部分时间里，美联储一直在迅速收紧政策以抵御通胀。在此过程中，央行扼杀了经济增长。这就是过去20年是战后经济增长最慢的原因之一。然而现在，美联储更加宽松，这种情况可能会持续下去，因为通胀将保持低迷（更多内容见下文）。</blockquote></p><p></p><p> Here’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.</p><p><blockquote>这里有一个简单的衡量标准来衡量这一点。以GDP增长减去10年期国债收益率MUBMUSD10Y，1.359%。该指标在1980年至2010年的大部分时间里都为负值，当时美联储保持增长降温以遏制通胀。但现在，美联储的政策正在帮助将10年期国债收益率保持在远低于GDP增长的水平，从而使经济过热。这就是1950-1965年的情况，一些分析家将其看涨期权为“资本主义的黄金时代”，因为增长的下滑路径。</blockquote></p><p> <b>4. Inflation won’t kill the bull</b></p><p><blockquote><b>4.通货膨胀不会杀死公牛</b></blockquote></p><p> Inflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.</p><p><blockquote>由于经济如此火爆，通胀短期内可能会上升。但从中期来看，通胀杀手将获胜。这是一个综述。人口老龄化，老年人消费减少。企业资本支出的繁荣将继续提高企业的生产率。这使他们能够避免将上升的成本转嫁给客户。全球贸易和竞争并没有消失。这给价格带来了下行压力，因为在许多外国可以更便宜地制造商品。持续的技术进步不断给科技产品带来下行压力。</blockquote></p><p> <b>5. Valuations will improve</b></p><p><blockquote><b>五、估值将改善</b></blockquote></p><p> We’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.</p><p><blockquote>我们现在正处于经济反弹的阶段，通常会出现以下动态。股市连续几个月横盘整理，主要是因为对通胀和债券收益率上升的担忧。与此同时，经济和盈利持续增长，压低了股票估值。在1983-84年、1993-94年、2004-05年和2009-10年的经济反弹中，这种动态大约在这一点上发挥了作用。简而言之，我们将看到盈利大幅飙升，而股市则标志着时间的到来，甚至是回调。</blockquote></p><p> This will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&amp;P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.</p><p><blockquote>这将降低股票估值，消除投资者的主要担忧之一——高估值。如果标普500的盈利在年底达到220美元，并且该指数因回调而达到4,000至4,100点，那么股票的市盈率将达到18-19倍，低于1990年以来的平均水平。</blockquote></p><p> True to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000&nbsp;small-cap index have traded sideways for two to four months. The S&amp;P 500 and Nasdaq&nbsp;recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.</p><p><blockquote>与往常一样，道琼斯工业平均指数DJIA+1.30%和罗素2000小盘股指数已经横盘整理了两到四个月。标普500和纳斯达克最近突破了交易区间，但更大的回调将使它们重新进入横盘整理模式。</blockquote></p><p> <b>6. Sentiment isn’t extreme</b></p><p><blockquote><b>6.情绪并不极端</b></blockquote></p><p> As a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.</p><p><blockquote>作为一名逆向投资者，我将过度情绪视为是时候筹集一些现金的迹象。我们还没有看到这一点。一个简单的衡量标准是投资者情报牛熊比率。最近的价格是3.92。那是在警告路径附近，对我来说从4点开始。另一方面，共同基金现金最近为4.6万亿美元，接近历史高位。这代表了投资者的谨慎态度。</blockquote></p><p> <b>Three themes to follow</b></p><p><blockquote><b>遵循三个主题</b></blockquote></p><p> If we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.</p><p><blockquote>如果我们即将迎来持续的经济复苏和股市多年牛市，那么遵循这三个主题是值得的。</blockquote></p><p> <b>Favor cyclicals.</b>Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.</p><p><blockquote><b>青睐周期性股票。</b>继续投资对经济敏感的企业，并在回调时增持这些企业。这意味着金融、材料、工业和非必需消费品业务等领域的周期性公司。</blockquote></p><p> <b>Avoid defensives.</b>If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot&nbsp;in retail, B. Riley Financial,a markets and investment banking name, and Regional Management&nbsp;in consumer finance.</p><p><blockquote><b>避免防御。</b>如果您想要收益，请选择支付股息但具有资本增值潜力的股票，而不是销售消费品等稳定增长的公司。关于这个主题，在我的股票信Brush Up on Stocks（链接在下面的简介中）中，我最近建议或重申了零售业的家得宝、市场和投资银行名称B.Riley Financial以及消费者金融领域的区域管理。</blockquote></p><p> <b>Favor emerging markets.</b>Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.</p><p><blockquote><b>青睐新兴市场。</b>在扩张期间，它们的增长率往往更高。小心中国。它的人口正在老龄化。劳动力增长有限可能会限制经济增长。另一个挑战是，持续的美中紧张局势以及持续关税和贸易壁垒的相关威胁导致全球公司将供应链转移到其他地方。</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>The bull market in stocks may last up to five years — here are six reasons why<blockquote>股市牛市可能持续长达五年——以下是六个原因</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 bull market in stocks may last up to five years — here are six reasons why<blockquote>股市牛市可能持续长达五年——以下是六个原因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-07-10 11:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support</p><p><blockquote>经济蓬勃发展，盈利上升，美联储给予前所未有的支持</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16f57eb7b0f75afb2f46b6d61281db87\" tg-width=\"1260\" tg-height=\"839\"><span>(Photo by Jorge Guerrero/AFP via Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（豪尔赫·格雷罗/法新社，盖蒂图片社摄）</span></p></blockquote></p><p> When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.</p><p><blockquote>当股市抛售时，就像周四一样，正确的做法是购买你最喜欢的股票。周五的市场走势证明了这一点。</blockquote></p><p> It’s true that there could be a correction, given the already sizable 17% gain in the S&amp;P 500 Index&nbsp;this year. But you should buy then, too.</p><p><blockquote>鉴于标普500指数今年已经大幅上涨17%，确实可能会出现回调。但你也应该买。</blockquote></p><p> Here’s why.</p><p><blockquote>原因如下。</blockquote></p><p> We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.</p><p><blockquote>由于这六个原因，我们仍处于股市三到五年牛市的早期阶段。</blockquote></p><p> <b>1. There’s tremendous pent-up demand</b></p><p><blockquote><b>1.有巨大的被压抑的需求</b></blockquote></p><p> Everyone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.</p><p><blockquote>每个人都在向美联储寻求有关刺激的线索。他们忽视了将推高股市的私营部门力量。总而言之，巨大的被压抑的私营部门需求将有助于推动美国今年的GDP增长达到8%，并在此后几年达到3.5%-4.5%。Leuthold Group首席策略师兼经济学家吉姆·保尔森指出，被压抑的需求来自以下来源。</blockquote></p><p> First, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.</p><p><blockquote>首先，随着千禧一代进入家庭年，家庭组建激增。这有助于解释家庭需求的大幅上升。一旦你买了房子，你就得把它装满东西。更多的消费者需求即将到来。</blockquote></p><p> Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.</p><p><blockquote>在幕后，消费者有大量未用完的储蓄，因为他们为疫情做好了准备。个人储蓄率接近GDP的16%，而战后的平均水平为6.5%。之前的高点是20世纪70年代的10%。</blockquote></p><p> Relatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.</p><p><blockquote>与此相关的是，家庭资产负债表显著改善。债务收入比是20世纪90年代以来的最低水平。消费者将继续利用更多的银行贷款和信用卡容量，因为就业和经济保持强劲，他们的信心增强。</blockquote></p><p> Next, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.</p><p><blockquote>接下来，一旦额外的失业救济金在9月份到期，将会有更多的新就业人口。这意味着消费者信心将会提高，这必然会促进经济增长。劳动参与率还有提高的空间，在我们达到可能限制经济增长的充分就业之前，留下了闲置的就业能力。</blockquote></p><p> Now let’s look at the pent-up demand in businesses.</p><p><blockquote>现在让我们看看企业被压抑的需求。</blockquote></p><p> You know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.</p><p><blockquote>你知道你经常遇到或听说的所有短缺的东西吗？这就是为什么会发生这种情况。为了应对长期的疫情，企业大幅削减库存。这是有史以来最大的库存清理。但现在，企业不得不重建库存。正在进行的库存重建将是巨大的。</blockquote></p><p> Companies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.</p><p><blockquote>公司也削减了产能，并再次扩大产能。资本货物支出在过去二十年的大部分时间里基本持平，去年飙升至历史新高，增长了近23%。这创造了持续的增长，它告诉我们很多关于商业信心的信息。</blockquote></p><p> <b>The bottom line</b>: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.</p><p><blockquote><b>底线</b>：我们今年将看到7%-8%的GDP增长，明年将达到4%-4.5%，之后将高于平均水平的增长，支持股市持续牛市。期待一路上的正常修正。</blockquote></p><p> <b>2. An under-appreciated earnings boom lies ahead</b></p><p><blockquote><b>2.被低估的盈利繁荣即将到来</b></blockquote></p><p> The economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&amp;P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.</p><p><blockquote>经济反弹发生得如此之快，分析师们跟不上。分析师预计标普500今年的每股收益为190美元。但考虑到预期的7%-8%的GDP增长和尚未生效的大规模刺激措施，这一数字低得可怜。刺激通常需要六到八个月才能生效，最近的很多刺激都发生在这个窗口内。</blockquote></p><p> Paulsen expects 2021 S&amp;P 500 earnings will be more like $220 instead of the consensus estimate of $190.</p><p><blockquote>保尔森预计，2021年标普500的盈利将更接近220美元，而不是普遍预期的190美元。</blockquote></p><p> “Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”</p><p><blockquote>保尔森表示：“分析师仍然低估了利润的改善程度以及将会改善多少。”“我们从政策官员那里得到了戏剧性的过度反应。他们解决了崩溃的问题，但在基本面上创造了巨大的改善。这在利润复苏方面仍在发挥作用。”</blockquote></p><p> Plus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.</p><p><blockquote>此外，更多的财政刺激可能即将以基础设施支出的形式出现。</blockquote></p><p> <b>3. There’s a new Fed in town</b></p><p><blockquote><b>3.城里有一个新的美联储</b></blockquote></p><p> For much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).</p><p><blockquote>在过去三十年的大部分时间里，美联储一直在迅速收紧政策以抵御通胀。在此过程中，央行扼杀了经济增长。这就是过去20年是战后经济增长最慢的原因之一。然而现在，美联储更加宽松，这种情况可能会持续下去，因为通胀将保持低迷（更多内容见下文）。</blockquote></p><p></p><p> Here’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.</p><p><blockquote>这里有一个简单的衡量标准来衡量这一点。以GDP增长减去10年期国债收益率MUBMUSD10Y，1.359%。该指标在1980年至2010年的大部分时间里都为负值，当时美联储保持增长降温以遏制通胀。但现在，美联储的政策正在帮助将10年期国债收益率保持在远低于GDP增长的水平，从而使经济过热。这就是1950-1965年的情况，一些分析家将其看涨期权为“资本主义的黄金时代”，因为增长的下滑路径。</blockquote></p><p> <b>4. Inflation won’t kill the bull</b></p><p><blockquote><b>4.通货膨胀不会杀死公牛</b></blockquote></p><p> Inflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.</p><p><blockquote>由于经济如此火爆，通胀短期内可能会上升。但从中期来看，通胀杀手将获胜。这是一个综述。人口老龄化，老年人消费减少。企业资本支出的繁荣将继续提高企业的生产率。这使他们能够避免将上升的成本转嫁给客户。全球贸易和竞争并没有消失。这给价格带来了下行压力，因为在许多外国可以更便宜地制造商品。持续的技术进步不断给科技产品带来下行压力。</blockquote></p><p> <b>5. Valuations will improve</b></p><p><blockquote><b>五、估值将改善</b></blockquote></p><p> We’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.</p><p><blockquote>我们现在正处于经济反弹的阶段，通常会出现以下动态。股市连续几个月横盘整理，主要是因为对通胀和债券收益率上升的担忧。与此同时，经济和盈利持续增长，压低了股票估值。在1983-84年、1993-94年、2004-05年和2009-10年的经济反弹中，这种动态大约在这一点上发挥了作用。简而言之，我们将看到盈利大幅飙升，而股市则标志着时间的到来，甚至是回调。</blockquote></p><p> This will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&amp;P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.</p><p><blockquote>这将降低股票估值，消除投资者的主要担忧之一——高估值。如果标普500的盈利在年底达到220美元，并且该指数因回调而达到4,000至4,100点，那么股票的市盈率将达到18-19倍，低于1990年以来的平均水平。</blockquote></p><p> True to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000&nbsp;small-cap index have traded sideways for two to four months. The S&amp;P 500 and Nasdaq&nbsp;recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.</p><p><blockquote>与往常一样，道琼斯工业平均指数DJIA+1.30%和罗素2000小盘股指数已经横盘整理了两到四个月。标普500和纳斯达克最近突破了交易区间，但更大的回调将使它们重新进入横盘整理模式。</blockquote></p><p> <b>6. Sentiment isn’t extreme</b></p><p><blockquote><b>6.情绪并不极端</b></blockquote></p><p> As a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.</p><p><blockquote>作为一名逆向投资者，我将过度情绪视为是时候筹集一些现金的迹象。我们还没有看到这一点。一个简单的衡量标准是投资者情报牛熊比率。最近的价格是3.92。那是在警告路径附近，对我来说从4点开始。另一方面，共同基金现金最近为4.6万亿美元，接近历史高位。这代表了投资者的谨慎态度。</blockquote></p><p> <b>Three themes to follow</b></p><p><blockquote><b>遵循三个主题</b></blockquote></p><p> If we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.</p><p><blockquote>如果我们即将迎来持续的经济复苏和股市多年牛市，那么遵循这三个主题是值得的。</blockquote></p><p> <b>Favor cyclicals.</b>Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.</p><p><blockquote><b>青睐周期性股票。</b>继续投资对经济敏感的企业，并在回调时增持这些企业。这意味着金融、材料、工业和非必需消费品业务等领域的周期性公司。</blockquote></p><p> <b>Avoid defensives.</b>If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot&nbsp;in retail, B. Riley Financial,a markets and investment banking name, and Regional Management&nbsp;in consumer finance.</p><p><blockquote><b>避免防御。</b>如果您想要收益，请选择支付股息但具有资本增值潜力的股票，而不是销售消费品等稳定增长的公司。关于这个主题，在我的股票信Brush Up on Stocks（链接在下面的简介中）中，我最近建议或重申了零售业的家得宝、市场和投资银行名称B.Riley Financial以及消费者金融领域的区域管理。</blockquote></p><p> <b>Favor emerging markets.</b>Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.</p><p><blockquote><b>青睐新兴市场。</b>在扩张期间，它们的增长率往往更高。小心中国。它的人口正在老龄化。劳动力增长有限可能会限制经济增长。另一个挑战是，持续的美中紧张局势以及持续关税和贸易壁垒的相关威胁导致全球公司将供应链转移到其他地方。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/the-bull-market-in-stocks-may-last-up-to-five-years-here-are-six-reasons-why-11625842781?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":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/the-bull-market-in-stocks-may-last-up-to-five-years-here-are-six-reasons-why-11625842781?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185154176","content_text":"The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support\n(Photo by Jorge Guerrero/AFP via Getty Images)\nWhen the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.\nIt’s true that there could be a correction, given the already sizable 17% gain in the S&P 500 Index this year. But you should buy then, too.\nHere’s why.\nWe are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.\n1. There’s tremendous pent-up demand\nEveryone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.\nFirst, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.\nBehind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.\nRelatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.\nNext, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.\nNow let’s look at the pent-up demand in businesses.\nYou know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.\nCompanies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.\nThe bottom line: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.\n2. An under-appreciated earnings boom lies ahead\nThe economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.\nPaulsen expects 2021 S&P 500 earnings will be more like $220 instead of the consensus estimate of $190.\n“Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”\nPlus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.\n3. There’s a new Fed in town\nFor much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).\nHere’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.\n4. Inflation won’t kill the bull\nInflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.\n5. Valuations will improve\nWe’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.\nThis will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.\nTrue to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000 small-cap index have traded sideways for two to four months. The S&P 500 and Nasdaq recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.\n6. Sentiment isn’t extreme\nAs a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.\nThree themes to follow\nIf we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.\nFavor cyclicals.Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.\nAvoid defensives.If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot in retail, B. Riley Financial,a markets and investment banking name, and Regional Management in consumer finance.\nFavor emerging markets.Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":248,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":862518578,"gmtCreate":1632889458876,"gmtModify":1632891980467,"author":{"id":"3582203097187155","authorId":"3582203097187155","name":"gupzbajaj","avatar":"https://static.tigerbbs.com/b0441cdcbc87c9f271dee51139b52dff","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582203097187155","idStr":"3582203097187155"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/D03.SI\">$DEL MONTE PACIFIC LIMITED(D03.SI)$</a>bright future","listText":"<a href=\"https://laohu8.com/S/D03.SI\">$DEL MONTE PACIFIC LIMITED(D03.SI)$</a>bright future","text":"$DEL MONTE PACIFIC LIMITED(D03.SI)$bright future","images":[{"img":"https://static.tigerbbs.com/f3df1bd96ea10e58560af8906595b5e3","width":"1080","height":"3206"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/862518578","isVote":1,"tweetType":1,"viewCount":1513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0}],"lives":[]}