How to Hedge Your Portfolio Against a Stock Market Plunge

Barrons2021-03-19

Record highs. Record angst.Such is the predicament of many investors as the stock market keeps rising higher and higher. The historic advance has left many investment accounts plump with unrealized ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Silverate
2021-03-19
Silverate
[驚訝]
Ericlam
2021-03-19
Ericlam
Need to be discipline in order to stay afloat in the market.Invest wisely.Good advise
- SSVC:
  [强][握手]
- YYY99:
  yes
KenKai
2021-03-19
KenKai
Like and comment my post thanks!
- dandan_4896:
  i love u
- reyreyjr:
  pls reply to this
- JessFeng:
  like and comments ?
- Xiaosi:
  Awesome
AL30
2021-03-19
AL30
Please like and comment. Appreciate![微笑]
- AL30ReplyEriclam:
  NiCe
- Ericlam:
  Nice
- reyreyjr:
  pls reply to this
pandaroar
2021-03-19
pandaroar
More education in options is a good thing, particular in relation to learning to hedge rather than being used mainly as a speculative instrument.
Kenneth736
2021-03-19
Kenneth736
Nice
- reyreyjr:
  pls reply to this
- Kenneth736:
  stay safe guys

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/1120004991?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2021-03-19 14:45","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1120004991","market":"us","top_or_hot":-1,"title":" How to Hedge Your Portfolio Against a Stock Market Plunge","media":"Barrons","content":"<div>\n<p>Record highs. Record angst.Such is the predicament of many investors as the stock market keeps rising higher and higher. The historic advance has left many investment accounts plump with unrealized ...</p>\n\n<a href=\"https://www.barrons.com/articles/how-to-hedge-your-portfolio-against-a-stock-market-plunge-51616065221?mod=RTA\">Source Link</a>\n\n</div>\n","source":"lsy1601382232898","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 Hedge Your Portfolio Against a Stock Market Plunge</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\">\n How to Hedge Your Portfolio Against a Stock Market Plunge\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-19 14:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/how-to-hedge-your-portfolio-against-a-stock-market-plunge-51616065221?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Record highs. Record angst.Such is the predicament of many investors as the stock market keeps rising higher and higher. The historic advance has left many investment accounts plump with unrealized ...</p>\n\n<a href=\"https://www.barrons.com/articles/how-to-hedge-your-portfolio-against-a-stock-market-plunge-51616065221?mod=RTA\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":".IXIC","symbol_name":"NASDAQ Composite","start_time":0,"source_url":"https://www.barrons.com/articles/how-to-hedge-your-portfolio-against-a-stock-market-plunge-51616065221?mod=RTA","article_id":"1120004991","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1120004991","pubTimestamp":1616136343,"sourceInfo":{"source_id":"lsy1601382232898","name":"Barrons"},"weMediaInfo":null,"summary":"Record highs. Record angst.Such is the predicament of many investors as the stock market keeps risin","collect":0,"end_time":0,"defaultTopTitle":"barrons.com","property":[],"viewcount":null,"language":"en","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"translate_title":"对于这个历史性的股票市场来说，风险正在增加。如何防范暴跌。","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9},"content_text":"Record highs. Record angst.Such is the predicament of many investors as the stock market keeps rising higher and higher. The historic advance has left many investment accounts plump with unrealized gains, and that is starting to make some investors fret about what comes next.“Does a good thing go on forever? Human nature, and experience, suggest otherwise,”Michael Schwartz, Oppenheimer & Co.’s chief options strategist, told Barron’s.Though it has been hard to be bearish about stocks for a long time, some investors are beginning to fixate on the unrealized gains in their portfolios. Rather than selling securities to lock in those gains—which is a profoundly difficult decision for all but the most disciplined—investors are looking at protecting them with options.It’s impossible to quantify hedging activity, but defensive trading patterns are starting to emerge in the market. For the first time in ages, says Schwartz, the dean of the Street’s options strategists, clients have begun asking how to hedge stock portfolios in case something upsets the historic rally.His clients aren’t citing any specific reason for a stock market decline. He says they just seem to have concerns that making money through investing won’t be as easy as it has been for so long.The S&P 500 index is up about 80% since its March 2020 lows, and many stocks have surged even more.To hedge, Schwartz has advised some clientsto buy put options directly on the S&P 500. A $1 million portfolio can be partially hedged against a 10% stock market decline by buying three S&P 500 April $3,925 puts. Each contract cost about $6,530 when the benchmark index was at 3974. The total cost to hedge is about $19,590.If the index declines by 10%, the portfolio will decline by about 0.8%, Schwartz says. If the index declines 10%, to 3553, the puts would be worth about $92,009. If the index is above the put strike price at expiration, the hedge fails, and the money spent on the puts is probably lost or seriously diminished. During the past 52 weeks, the S&P 500 has ranged from 2191.86 to 3981.04. The index is up about 6% so far this year.Over the years, we have rarely discussedhedging strategies. Our preferred approach since the 2007-09 financial crisis has generally been to sell puts and buy call options. The existence ofa massive “Fed put”minted by low interest rates has generally supported such a bullish posture. Ironically, this has helped to make hedging more reasonably priced for the first time in a long while.In the past, the stock market needed to experience a massive correction for hedges even to be worth the expense. Now, hedging expenses have moderated for reasons that reflect deep changes in the options market.Rather than just buying stocks, a new breed of investors is also buying loads of upside calls to further cash in on the rising stock market. This incredible bullishness among investors means that calls are often more expensive than puts. In other words, the market mob is arguably more greedy than fearful at this current moment.Still, anyone who considers hedging must understand that hedges must be managed. They are not “set and forget” positions.Many investors fail to realize profits on hedges because they get greedy, and hedges expire with little profit when the market rebounds. Determine in advance at what point you would monetize the hedge. Some investors will take profits at a 100% gain; others at 50%.The key is just to take the profits, which can be as difficult to do on the downside as it is on the upside.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":350014655,"gmtCreate":1616137578377,"gmtModify":1704791409148,"author":{"id":"3576540217952344","authorId":"3576540217952344","name":"Silverate","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0},"htmlText":"[驚訝]&nbsp;","listText":"[驚訝]&nbsp;","text":"[驚訝]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/350014655","repostId":1120004991,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":350014935,"gmtCreate":1616137532227,"gmtModify":1704791408824,"author":{"id":"3559787818034959","authorId":"3559787818034959","name":"Ericlam","avatar":"https://static.tigerbbs.com/f2154f4bb8afd22f8e6fde60b57acb69","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":7,"crmLevelSwitch":1},"htmlText":"Need to be discipline in order to stay afloat in the market.Invest wisely.Good advise","listText":"Need to be discipline in order to stay afloat in the market.Invest wisely.Good advise","text":"Need to be discipline in order to stay afloat in the market.Invest wisely.Good advise","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/350014935","repostId":1120004991,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3835687,"gmtCreate":1616155008453,"gmtModify":1680780996509,"authorId":3574906731000207,"author":{"id":3574906731000207,"authorId":3574906731000207,"name":"SSVC","avatar":"https://static.tigerbbs.com/545a5ea462ff4ac7cc100bd3d8d97f72","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":350014935,"type":1,"supId":0,"prevId":0,"content":"[强][握手]","text":"[强][握手]","html":"[强][握手]"},{"id":3834732,"gmtCreate":1616144748951,"gmtModify":1680780985128,"authorId":3576061747010543,"author":{"id":3576061747010543,"authorId":3576061747010543,"name":"YYY99","avatar":"https://static.tigerbbs.com/505fb163e309d639fc53d8a00d311a0d","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":350014935,"type":1,"supId":0,"prevId":0,"content":"yes","text":"yes","html":"yes"}],"langContent":"EN"},{"id":350018328,"gmtCreate":1616137094964,"gmtModify":1704791403158,"author":{"id":"3577186651876260","authorId":"3577186651876260","name":"KenKai","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Like and comment my post thanks!","listText":"Like and comment my post thanks!","text":"Like and comment my post thanks!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/350018328","repostId":1120004991,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3834145,"gmtCreate":1616137460588,"gmtModify":1680780975612,"authorId":3576232257279797,"author":{"id":3576232257279797,"authorId":3576232257279797,"name":"dandan_4896","avatar":"https://static.tigerbbs.com/d8b00e27a4dd6f248e38c3d78f21f188","vip":1,"crmLevel":2,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":350018328,"type":1,"supId":3834120,"prevId":0,"content":"i love u","text":"i love u","html":"i love u"},{"id":3834120,"gmtCreate":1616137257830,"gmtModify":1680780974307,"authorId":3574929017125033,"author":{"id":3574929017125033,"authorId":3574929017125033,"name":"reyreyjr","avatar":"https://static.tigerbbs.com/f2d5195924dc2ed050733714c6a5e88a","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":350018328,"type":1,"supId":0,"prevId":0,"content":"pls reply to this","text":"pls reply to this","html":"pls reply to this"},{"id":3834209,"gmtCreate":1616138942782,"gmtModify":1680780973026,"authorId":3576796562001389,"author":{"id":3576796562001389,"authorId":3576796562001389,"name":"JessFeng","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":350018328,"type":1,"supId":3834187,"prevId":0,"content":"like and comments ?","text":"like and comments ?","html":"like and comments ?"},{"id":3834187,"gmtCreate":1616138175794,"gmtModify":1680780972967,"authorId":3576287085861657,"author":{"id":3576287085861657,"authorId":3576287085861657,"name":"Xiaosi","avatar":"https://static.tigerbbs.com/46909cc409181f2cc009fed3f01aef1a","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":350018328,"type":1,"supId":0,"prevId":0,"content":"Awesome","text":"Awesome","html":"Awesome"}],"langContent":"EN"},{"id":350011366,"gmtCreate":1616136999155,"gmtModify":1704791402024,"author":{"id":"3568580406017469","authorId":"3568580406017469","name":"AL30","avatar":"https://static.tigerbbs.com/8f77aca4dee7e85735912a4dff52ffc6","vip":1,"crmLevel":1,"crmLevelSwitch":1},"htmlText":"&nbsp;Please like and comment. Appreciate![微笑]&nbsp;","listText":"&nbsp;Please like and comment. Appreciate![微笑]&nbsp;","text":"Please like and comment. Appreciate![微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/350011366","repostId":1120004991,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3834262,"gmtCreate":1616139616207,"gmtModify":1680780983003,"authorId":3568580406017469,"author":{"id":3568580406017469,"authorId":3568580406017469,"name":"AL30","avatar":"https://static.tigerbbs.com/8f77aca4dee7e85735912a4dff52ffc6","vip":1,"crmLevel":1,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":3559787818034959,"repliedAuthor":{"id":3559787818034959,"authorId":3559787818034959,"name":"Ericlam","avatar":"https://static.tigerbbs.com/f2154f4bb8afd22f8e6fde60b57acb69","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-2","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Senior Tiger","description":"Join the tiger community for 1000 days","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.05.04","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1001},"crmLevel":7,"crmLevelSwitch":1,"individualDisplayBadges":[]},"objectId":350011366,"type":1,"supId":3834122,"prevId":3834153,"content":"NiCe","text":"NiCe","html":"NiCe"},{"id":3834153,"gmtCreate":1616137552666,"gmtModify":1680780974122,"authorId":3559787818034959,"author":{"id":3559787818034959,"authorId":3559787818034959,"name":"Ericlam","avatar":"https://static.tigerbbs.com/f2154f4bb8afd22f8e6fde60b57acb69","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-2","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Senior Tiger","description":"Join the tiger community for 1000 days","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.05.04","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1001},"crmLevel":7,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":350011366,"type":1,"supId":3834122,"prevId":0,"content":"Nice","text":"Nice","html":"Nice"},{"id":3834122,"gmtCreate":1616137265479,"gmtModify":1680780973877,"authorId":3574929017125033,"author":{"id":3574929017125033,"authorId":3574929017125033,"name":"reyreyjr","avatar":"https://static.tigerbbs.com/f2d5195924dc2ed050733714c6a5e88a","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":350011366,"type":1,"supId":0,"prevId":0,"content":"pls reply to this","text":"pls reply to this","html":"pls reply to this"}],"langContent":"CN"},{"id":350013843,"gmtCreate":1616136861282,"gmtModify":1704791400567,"author":{"id":"3576088975090731","authorId":"3576088975090731","name":"pandaroar","avatar":"https://static.tigerbbs.com/6a89ea1d0b07ef871d4ca0666dcc1abd","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"More education in options is a good thing, particular in relation to learning to hedge rather than being used mainly as a speculative instrument.","listText":"More education in options is a good thing, particular in relation to learning to hedge rather than being used mainly as a speculative instrument.","text":"More education in options is a good thing, particular in relation to learning to hedge rather than being used mainly as a speculative instrument.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/350013843","repostId":1120004991,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":350013943,"gmtCreate":1616136841282,"gmtModify":1704791400079,"author":{"id":"3572402868098850","authorId":"3572402868098850","name":"Kenneth736","avatar":"https://static.tigerbbs.com/3e37c55fc7e5181364d2c0a1a8238830","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/350013943","repostId":1120004991,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3834123,"gmtCreate":1616137271407,"gmtModify":1680780973493,"authorId":3574929017125033,"author":{"id":3574929017125033,"authorId":3574929017125033,"name":"reyreyjr","avatar":"https://static.tigerbbs.com/f2d5195924dc2ed050733714c6a5e88a","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":350013943,"type":1,"supId":0,"prevId":0,"content":"pls reply to this","text":"pls reply to this","html":"pls reply to this"},{"id":3834084,"gmtCreate":1616136870375,"gmtModify":1680780973323,"authorId":3572402868098850,"author":{"id":3572402868098850,"authorId":3572402868098850,"name":"Kenneth736","avatar":"https://static.tigerbbs.com/3e37c55fc7e5181364d2c0a1a8238830","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":350013943,"type":1,"supId":0,"prevId":0,"content":"stay safe guys","text":"stay safe guys","html":"stay safe guys"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":13,"commentSize":7,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1120004991"}