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- FongwuFongwu
  ·2021-05-03
  Sell sell sell
  U.S. stocks have risen to all-time highs this year. Should you ‘sell in May and go away’?
  In the past, the sell-in-May strategy shakes out better in Europe than in the U.S. Stocks have been
  U.S. stocks have risen to all-time highs this year. Should you ‘sell in May and go away’?
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- FongwuFongwu
  ·2021-04-13
  Bad
  SEC Drops Accounting Bomb, Blows Up SPAC Boom
  Having dropped their first major warning that something was coming last week with a subtle tweet sug
  SEC Drops Accounting Bomb, Blows Up SPAC Boom
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sell sell&nbsp;","listText":"Sell sell sell&nbsp;","text":"Sell sell sell","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/108610932","repostId":"2132548564","repostType":4,"repost":{"id":"2132548564","kind":"highlight","pubTimestamp":1620001778,"share":"https://www.laohu8.com/m/news/2132548564?lang=&edition=full","pubTime":"2021-05-03 08:29","market":"us","language":"en","title":"U.S. stocks have risen to all-time highs this year. Should you ‘sell in May and go away’?","url":"https://stock-news.laohu8.com/highlight/detail?id=2132548564","media":"MarketWatch","summary":"In the past, the sell-in-May strategy shakes out better in Europe than in the U.S.\n\nStocks have been","content":"<p>In the past, the sell-in-May strategy shakes out better in Europe than in the U.S.</p>\n<p><img src=\"https://static.tigerbbs.com/18b93b4406770158f62b0e2dd392f424\" tg-width=\"1260\" tg-height=\"822\"></p>\n<p>Stocks have been on a tear this year, leaving investors to question whether to \"sell in May and go away.\"</p>\n<p>\"With stocks at record highs, some investors may be tempted to follow the old adage,\" a team of strategists at UBS Group's global wealth management division, wrote in a note Friday.</p>\n<p>The hypothesis is that equities tend to underperform in the six months through October, so investors should sell stocks at the start of May, invest in cash and then re-enter the market in late autumn, the strategists said. Historically, the approach has worked for Europe, but not as well in the U.S., according to their note.</p>\n<p>\"In the U.S., a stay invested strategy has tended to outperform, particularly in recent years,\" the strategists said. \"Market composition, with the U.S. market more tilted towards growth stocks, partly explains the outperformance.\"</p>\n<p><img src=\"https://static.tigerbbs.com/b499645739c349ea55647a2512665932\" tg-width=\"1064\" tg-height=\"808\"></p>\n<p>The technology sector now accounts for 27% of the S&amp;P 500, or much higher than the 8% weighting for the MSCI Europe index, according to UBS. For that reason, investors who tried timing the U.S. equity benchmark for \"seasonal reasons\" would have missed the outperformance of growth stocks in the bull market since the global financial crisis of 2008-09.</p>\n<p>Using the past as a guide, the UBS team recommends staying invested, even through they also point to historical evidence in Europe that supported a sell-in-May strategy.</p>\n<p>Over the past 15 years, returns in Europe have been negative in June 80% of the time, according to the report. \"This has contributed to a sell-in-May strategy outperforming a stay invested strategy during those years,\" the strategists said.</p>\n<p>Meanwhile, the U.S. stock market has risen to all-time records this year, including as recently as this week, as measured by the S&amp;P 500 and Dow Jones Industrial Average benchmarks. The S&amp;P 500 rose to a record 4,211.47 finish on April 29, for example, and was up 11.3% this year as of Friday's close.</p>\n<p>\"We are now entering a time of year when stocks have historically found it more challenging to advance,\" according to the UBS report. \"With many equity indexes making new highs, some measures of sentiment looking extended, and ongoing concerns about the spread of new COVID-19 variants,\" some investors may be contemplating selling.</p>\n<p>Billionaire investor Leon Cooperman, a self-described \"fully invested bear,\" told CNBC on Friday that he has \"an eye on the exit\" given a coming expected rise in taxes, inflation and a \"reasonably richly appraised market.\"</p>\n<p>Ryan Detrick, chief market strategist for LPL Financial, said in a blog Friday that the six months from May through October have been \"some of the weakest months of the year for stocks\" in the past 10 years. \"But with an accommodative Fed, fiscal and monetary policy, along with an economy that is opening faster than nearly anyone expected, we'd use any weakness as an opportunity to add to positions,\" he said.</p>\n<p><img src=\"https://static.tigerbbs.com/50be26e2a50ece27ce6023a634a9e705\" tg-width=\"1260\" tg-height=\"725\"></p>\n<p>\"Here's the catch,\" Detrick said. \"Stocks have actually been higher during these worst months of the year eight of the past ten years.\"</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>U.S. stocks have risen to all-time highs this year. Should you ‘sell in May and go away’?</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. stocks have risen to all-time highs this year. Should you ‘sell in May and go away’?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-03 08:29 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/u-s-stocks-have-risen-to-all-time-highs-this-year-should-you-sell-in-may-and-go-away-11619818845?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>In the past, the sell-in-May strategy shakes out better in Europe than in the U.S.\n\nStocks have been on a tear this year, leaving investors to question whether to \"sell in May and go away.\"\n\"With ...</p>\n\n<a href=\"https://www.marketwatch.com/story/u-s-stocks-have-risen-to-all-time-highs-this-year-should-you-sell-in-may-and-go-away-11619818845?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF",".SPX":"S&P 500 Index","OEF":"标普100指数ETF-iShares","UPRO":"三倍做多标普500ETF","OEX":"标普100","SDS":"两倍做空标普500ETF","SSO":"两倍做多标普500ETF","SPXU":"三倍做空标普500ETF",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SH":"标普500反向ETF","IVV":"标普500指数ETF"},"source_url":"https://www.marketwatch.com/story/u-s-stocks-have-risen-to-all-time-highs-this-year-should-you-sell-in-may-and-go-away-11619818845?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2132548564","content_text":"In the past, the sell-in-May strategy shakes out better in Europe than in the U.S.\n\nStocks have been on a tear this year, leaving investors to question whether to \"sell in May and go away.\"\n\"With stocks at record highs, some investors may be tempted to follow the old adage,\" a team of strategists at UBS Group's global wealth management division, wrote in a note Friday.\nThe hypothesis is that equities tend to underperform in the six months through October, so investors should sell stocks at the start of May, invest in cash and then re-enter the market in late autumn, the strategists said. Historically, the approach has worked for Europe, but not as well in the U.S., according to their note.\n\"In the U.S., a stay invested strategy has tended to outperform, particularly in recent years,\" the strategists said. \"Market composition, with the U.S. market more tilted towards growth stocks, partly explains the outperformance.\"\n\nThe technology sector now accounts for 27% of the S&P 500, or much higher than the 8% weighting for the MSCI Europe index, according to UBS. For that reason, investors who tried timing the U.S. equity benchmark for \"seasonal reasons\" would have missed the outperformance of growth stocks in the bull market since the global financial crisis of 2008-09.\nUsing the past as a guide, the UBS team recommends staying invested, even through they also point to historical evidence in Europe that supported a sell-in-May strategy.\nOver the past 15 years, returns in Europe have been negative in June 80% of the time, according to the report. \"This has contributed to a sell-in-May strategy outperforming a stay invested strategy during those years,\" the strategists said.\nMeanwhile, the U.S. stock market has risen to all-time records this year, including as recently as this week, as measured by the S&P 500 and Dow Jones Industrial Average benchmarks. The S&P 500 rose to a record 4,211.47 finish on April 29, for example, and was up 11.3% this year as of Friday's close.\n\"We are now entering a time of year when stocks have historically found it more challenging to advance,\" according to the UBS report. \"With many equity indexes making new highs, some measures of sentiment looking extended, and ongoing concerns about the spread of new COVID-19 variants,\" some investors may be contemplating selling.\nBillionaire investor Leon Cooperman, a self-described \"fully invested bear,\" told CNBC on Friday that he has \"an eye on the exit\" given a coming expected rise in taxes, inflation and a \"reasonably richly appraised market.\"\nRyan Detrick, chief market strategist for LPL Financial, said in a blog Friday that the six months from May through October have been \"some of the weakest months of the year for stocks\" in the past 10 years. \"But with an accommodative Fed, fiscal and monetary policy, along with an economy that is opening faster than nearly anyone expected, we'd use any weakness as an opportunity to add to positions,\" he said.\n\n\"Here's the catch,\" Detrick said. \"Stocks have actually been higher during these worst months of the year eight of the past ten years.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":659,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":345804673,"gmtCreate":1618295591192,"gmtModify":1634293887093,"author":{"id":"3577175280172865","authorId":"3577175280172865","name":"Fongwu","avatar":"https://static.tigerbbs.com/6df7d5c81bb73a5c46cdedb4d9c16569","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577175280172865","authorIdStr":"3577175280172865"},"themes":[],"htmlText":"Bad","listText":"Bad","text":"Bad","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/345804673","repostId":"1111921032","repostType":4,"repost":{"id":"1111921032","kind":"news","pubTimestamp":1618295045,"share":"https://www.laohu8.com/m/news/1111921032?lang=&edition=full","pubTime":"2021-04-13 14:24","market":"us","language":"en","title":"SEC Drops Accounting Bomb, Blows Up SPAC Boom","url":"https://stock-news.laohu8.com/highlight/detail?id=1111921032","media":"zerohedge","summary":"Having dropped their first major warning that something was coming last week with a subtle tweet sug","content":"<p>Having dropped their first major warning that something was coming last week with a subtle tweet suggesting<i><b>\"it is never a good idea to invest in a SPAC just because someone famous sponsors or invests in it,\"</b></i>The Securities and Exchange Commission (SEC) just turned up the SPAC bubble-busting amplifier to '11' by signaling changes for how accounting rules apply to a key element of blank-check companies.</p>\n<p><img src=\"https://static.tigerbbs.com/00bf9c515bea1774c6f51d4f319e7fdf\" tg-width=\"463\" tg-height=\"233\">That was followed<b>the tsunami of newly launched SPACs suddenly and dramatically hitting a brick wall.</b>Aswe noted here, just three SPACs listed last week (including 2 on Wednesday), compared to more than 20 deals per week on average for most of the year.</p>\n<p><img src=\"https://static.tigerbbs.com/13637697f91d4387d8fcfbb5f8f88a41\" tg-width=\"500\" tg-height=\"396\">Tonight we found out why as Bloomberg reports, citing people familiar with the matter, that<b>The SEC last week began privately telling accountants that warrants, which are issued to early investors in the deals, might not be considered equity instruments</b>. Bloomberg explains:</p>\n<blockquote>\n In a SPAC, early investors buy units, which typically includes a share of common stock and a fraction of a warrant to purchase more stock at a later date. They’re considered a sweetener for backers and have thus far been considered equity instruments for accounting purposes.The proposed changes could result in warrants being considered a liability for accounting purposes, according to the Marcum note.\n <b>The shift would spell a massive nuisance for accountants and lawyers, who are hired to ensured SPACs are in compliance with the agency.</b>\n</blockquote>\n<p>Shortly after the Bloomberg story dropped, exposing the 'private' conversations, the SEC was forced to come clean and releases a press release detailing the accounting changes. For those so inclined,the full briefing is here,but this was a section we found notable...</p>\n<blockquote>\n We recently evaluated a fact pattern involving warrants issued by a SPAC. The terms of those warrants included a provision that in the event of a tender or exchange offer made to and accepted by holders of more than 50% of the outstanding shares of a single class of common stock, all holders of the warrants would be entitled to receive cash for their warrants.\n <b>In other words, in the event of a qualifying cash tender offer (which could be outside the control of the entity), all warrant holders would be entitled to cash, while only certain of the holders of the underlying shares of common stock would be entitled to cash.</b>OCA staff concluded that, in this fact pattern, the tender offer provision would require the warrants to be classified as a liability measured at fair value, with changes in fair value reported each period in earnings.\n</blockquote>\n<p>Simply put, as Bloomberg notes,<b>the communications mean that filings for new SPACs may not go forward until the warrants issue is addressed.</b></p>\n<p><b>Perhaps worst still,</b>SPACs that are already public and that have struck mergers with targets<b>may have to restate their financial results</b>.</p>\n<p><img src=\"https://static.tigerbbs.com/17f63b3547cd1a6b3737cad4b390199f\" tg-width=\"500\" tg-height=\"274\"><img src=\"https://static.tigerbbs.com/3589b5255b85f6ea2d557d39a66b5582\" tg-width=\"461\" tg-height=\"380\"></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>SEC Drops Accounting Bomb, Blows Up SPAC Boom</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; 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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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nSEC Drops Accounting Bomb, Blows Up SPAC Boom\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-13 14:24 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/sec-drops-accounting-bomb-blow-spac-boom><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Having dropped their first major warning that something was coming last week with a subtle tweet suggesting\"it is never a good idea to invest in a SPAC just because someone famous sponsors or invests ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/sec-drops-accounting-bomb-blow-spac-boom\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/sec-drops-accounting-bomb-blow-spac-boom","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111921032","content_text":"Having dropped their first major warning that something was coming last week with a subtle tweet suggesting\"it is never a good idea to invest in a SPAC just because someone famous sponsors or invests in it,\"The Securities and Exchange Commission (SEC) just turned up the SPAC bubble-busting amplifier to '11' by signaling changes for how accounting rules apply to a key element of blank-check companies.\nThat was followedthe tsunami of newly launched SPACs suddenly and dramatically hitting a brick wall.Aswe noted here, just three SPACs listed last week (including 2 on Wednesday), compared to more than 20 deals per week on average for most of the year.\nTonight we found out why as Bloomberg reports, citing people familiar with the matter, thatThe SEC last week began privately telling accountants that warrants, which are issued to early investors in the deals, might not be considered equity instruments. Bloomberg explains:\n\n In a SPAC, early investors buy units, which typically includes a share of common stock and a fraction of a warrant to purchase more stock at a later date. They’re considered a sweetener for backers and have thus far been considered equity instruments for accounting purposes.The proposed changes could result in warrants being considered a liability for accounting purposes, according to the Marcum note.\n The shift would spell a massive nuisance for accountants and lawyers, who are hired to ensured SPACs are in compliance with the agency.\n\nShortly after the Bloomberg story dropped, exposing the 'private' conversations, the SEC was forced to come clean and releases a press release detailing the accounting changes. For those so inclined,the full briefing is here,but this was a section we found notable...\n\n We recently evaluated a fact pattern involving warrants issued by a SPAC. The terms of those warrants included a provision that in the event of a tender or exchange offer made to and accepted by holders of more than 50% of the outstanding shares of a single class of common stock, all holders of the warrants would be entitled to receive cash for their warrants.\n In other words, in the event of a qualifying cash tender offer (which could be outside the control of the entity), all warrant holders would be entitled to cash, while only certain of the holders of the underlying shares of common stock would be entitled to cash.OCA staff concluded that, in this fact pattern, the tender offer provision would require the warrants to be classified as a liability measured at fair value, with changes in fair value reported each period in earnings.\n\nSimply put, as Bloomberg notes,the communications mean that filings for new SPACs may not go forward until the warrants issue is addressed.\nPerhaps worst still,SPACs that are already public and that have struck mergers with targetsmay have to restate their financial results.","news_type":1},"isVote":1,"tweetType":1,"viewCount":473,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}