chwong personal page - To The Moon

chwong

chwong

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06-17

78

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2023-11-23

I got an ang pow!! [Happy]

2023-11-23

Is SEA still worth to invest? I'm a super fan for shopee though

2022-05-29

👍

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2022-05-04

$TENCENT(00700)$Is it time to buy [Thinking] Hopefully good timing to buy and to add more. Any feedback if will go uptrend soon?

2021-03-26

Yes

Tesla ordered to have Elon Musk delete anti-union tweet

2021-02-13

Still able to buy? Is it too late?

Not Just Tesla: Why Big Companies are Buying into Crypto-Mania

2021-02-13

Ooo

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2021-02-10

Elon musk the iron man

Musk Says Starlink to IPO Once Cash Flow More Predictable

2021-02-10

Will it go hire?

Sorry, the original content has been removed

2021-02-06

Why Indonesia?

Indonesia receives investment proposal from Tesla: official

2021-02-06

Applause to retail investor

Performance of funds invested in GameStop in past two weeks

2021-01-30

Missed the boat

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2021-01-30

Wow

Who is Trading on U.S. Markets?

Go to Tiger App to see more news

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got an ang pow!!&nbsp;[Happy]&nbsp;&nbsp;","listText":"I got an ang pow!!&nbsp;[Happy]&nbsp;&nbsp;","text":"I got an ang pow!! 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I'm a super fan for shopee though","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/244526601117768","isVote":1,"tweetType":1,"viewCount":396,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9024042097,"gmtCreate":1653784662919,"gmtModify":1676535339887,"author":{"id":"3561281850951905","authorId":"3561281850951905","authorIdStr":"3561281850951905","name":"chwong","avatar":"https://static.tigerbbs.com/30876853271e5666bf3c183adef4b1aa","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561281850951905"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9024042097","repostId":"1150561243","repostType":4,"isVote":1,"tweetType":1,"viewCount":184,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9061718314,"gmtCreate":1651676180649,"gmtModify":1676534947436,"author":{"id":"3561281850951905","authorId":"3561281850951905","authorIdStr":"3561281850951905","name":"chwong","avatar":"https://static.tigerbbs.com/30876853271e5666bf3c183adef4b1aa","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561281850951905"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/00700\">$TENCENT(00700)$</a>Is it time to buy&nbsp;[Thinking]&nbsp;Hopefully good timing to buy and to add more. Any feedback if will go uptrend soon?","listText":"<a href=\"https://ttm.financial/S/00700\">$TENCENT(00700)$</a>Is it time to buy&nbsp;[Thinking]&nbsp;Hopefully good timing to buy and to add more. Any feedback if will go uptrend soon?","text":"$TENCENT(00700)$Is it time to buy [Thinking] Hopefully good timing to buy and to add more. Any feedback if will go uptrend soon?","images":[{"img":"https://community-static.tradeup.com/news/0046c9a6fb9e1ca6673fda704707d8ca","width":"1080","height":"1920"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":21,"commentSize":1,"repostSize":1,"link":"https://ttm.financial/post/9061718314","isVote":1,"tweetType":1,"viewCount":898,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3575318222868101","authorId":"3575318222868101","authorIdStr":"3575318222868101","name":"vaztan","avatar":"https://static.tigerbbs.com/972c075f63310a3140cf0ac0cb71158c","crmLevel":2,"crmLevelSwitch":0,"idStr":"3575318222868101"},"content":"Don't touch Chinese stock yet. Wait another 3 months","text":"Don't touch Chinese stock yet. Wait another 3 months","html":"Don't touch Chinese stock yet. Wait another 3 months"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":358578271,"gmtCreate":1616719303693,"gmtModify":1704797804727,"author":{"id":"3561281850951905","authorId":"3561281850951905","authorIdStr":"3561281850951905","name":"chwong","avatar":"https://static.tigerbbs.com/30876853271e5666bf3c183adef4b1aa","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561281850951905"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/358578271","repostId":"1186949092","repostType":4,"repost":{"id":"1186949092","pubTimestamp":1616717923,"share":"https://ttm.financial/m/news/1186949092?lang=&edition=fundamental","pubTime":"2021-03-26 08:18","market":"us","language":"en","title":"Tesla ordered to have Elon Musk delete anti-union tweet","url":"https://stock-news.laohu8.com/highlight/detail?id=1186949092","media":"cnbc","summary":"KEY POINTS\n\nThe National Labor Relations Board ordered Tesla to make Elon Musk delete a tweet that w","content":"<div>\n<p>KEY POINTS\n\nThe National Labor Relations Board ordered Tesla to make Elon Musk delete a tweet that was seen as threatening to labor organizers within the company.\nThe federal board also ordered Tesla ...</p>\n\n<a href=\"https://www.cnbc.com/2021/03/25/tesla-elon-musk-anti-union-tweet-must-be-deleted-nlrb.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla ordered to have Elon Musk delete anti-union tweet</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\">\nTesla ordered to have Elon Musk delete anti-union tweet\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-26 08:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/03/25/tesla-elon-musk-anti-union-tweet-must-be-deleted-nlrb.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nThe National Labor Relations Board ordered Tesla to make Elon Musk delete a tweet that was seen as threatening to labor organizers within the company.\nThe federal board also ordered Tesla ...</p>\n\n<a href=\"https://www.cnbc.com/2021/03/25/tesla-elon-musk-anti-union-tweet-must-be-deleted-nlrb.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/25938de6d968b35e73bf3575f330760e","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.cnbc.com/2021/03/25/tesla-elon-musk-anti-union-tweet-must-be-deleted-nlrb.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1186949092","content_text":"KEY POINTS\n\nThe National Labor Relations Board ordered Tesla to make Elon Musk delete a tweet that was seen as threatening to labor organizers within the company.\nThe federal board also ordered Tesla to reinstate a terminated employee, Richard Ortiz, who was a union advocate.\nThe decision and order was in line with an administrative judge’s ruling from 2019.\n\nThe National Labor Relations Board has decided thatTeslaviolated labor laws when it fired a union activist, and when CEO Elon Muskwrote on Twitterin 2018: “Nothing stopping Tesla team at our car plant from voting union. Could do so tmrw if they wanted. But why pay union dues & give up stock options for nothing?”\nAmong other things, the federal agency has directed Tesla to ask Musk to remove his offending tweet, and to offer a job back to the terminated employee, Richard Ortiz. Tesla must also compensate Ortiz for loss of earnings, benefits and adverse tax consequences that resulted from his firing.\nThe employee was part of an organizing campaign, “Fair Future at Tesla.” At the time of the campaign, Tesla said its business should stay union-free. But Musk’s public comments on his Twitter account, where he has tens of millions of followers, were seen as threatening. Tesla considers Elon Musk tweets to be official company communication, as disclosed in its financial filings.\nTesla will also have to revise a confidentiality agreement it gives to employees as a matter of course. The company previously told employees they were not allowed to speak with media without explicit written permission. However, national labor law generally “protects employees when they speak with the media about working conditions, labor disputes, or other terms and conditions of employment,” the NLRB noted.\nThe board also directed Tesla to post notices nationwide, and hold a meeting (or series of meetings) at their main U.S. car plant in Fremont, to inform workers of their protected rights. At the meeting, Musk himself or a “board agent” in the presence of Musk, will have to read that notice to workers, along with security guards, managers and supervisors.\nNews of the decision was previously reported byBloomberg, and confirmed by the United Auto Workers, which brought the suit. UAW said it was preparing a statement, and Tesla was not immediately available to comment.\nThursday’s decision was largely in line with one from September 2019 by an administrative law judge, who had considered the complaint before. Tesla appealed that all the way to the full board.","news_type":1},"isVote":1,"tweetType":1,"viewCount":300,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386627330,"gmtCreate":1613175846420,"gmtModify":1704879193620,"author":{"id":"3561281850951905","authorId":"3561281850951905","authorIdStr":"3561281850951905","name":"chwong","avatar":"https://static.tigerbbs.com/30876853271e5666bf3c183adef4b1aa","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561281850951905"},"themes":[],"htmlText":"Still able to buy? Is it too late?","listText":"Still able to buy? Is it too late?","text":"Still able to buy? Is it too late?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/386627330","repostId":"1179092967","repostType":4,"repost":{"id":"1179092967","pubTimestamp":1613100617,"share":"https://ttm.financial/m/news/1179092967?lang=&edition=fundamental","pubTime":"2021-02-12 11:30","market":"us","language":"en","title":"Not Just Tesla: Why Big Companies are Buying into Crypto-Mania","url":"https://stock-news.laohu8.com/highlight/detail?id=1179092967","media":"barrons","summary":"For months, there has beena consistent trickle of newsabout mainstream businesses getting involved in cryptocurrencies. In the past week, it has turned into a flood, helping to push the price of Bitcoin to a record of $48,297 on Thursday.The most buzzworthy move came from Tesla , which disclosed on Monday that it hasbought $1.5 billion worth of Bitcointo hold on its balance sheet. The company plans to let consumers use the currency to pay for cars.Mastercard  said on Wednesday that it will let m","content":"<p>For months, there has beena consistent trickle of newsabout mainstream businesses getting involved in cryptocurrencies. In the past week, it has turned into a flood, helping to push the price of Bitcoin to a record of $48,297 on Thursday.</p><p>The most buzzworthy move came from Tesla (ticker: TSLA), which disclosed on Monday that it hasbought $1.5 billion worth of Bitcointo hold on its balance sheet. The company plans to let consumers use the currency to pay for cars.</p><p>But Tesla isn’t the only one. On Thursday, BNY Mellon (BK), the oldest bank in the U.S.,said it will hold and transfer cryptocurrencies for customers. “Growing client demand for digital assets, maturity of advanced solutions, and improving regulatory clarity present a tremendous opportunity for us to extend our current service offerings to this emerging field,” said Roman Regelman, the bank’s CEO of asset servicing and head of digital.</p><p>Mastercard (MA) said on Wednesday that it will let merchants accept some cryptocurrencies through its network later this year. The payments will be converted to traditional money before it enters the companies’ systems.Twitter(TWTR) is also considering a Bitcoin investment. And Square (SQ) has already put some on its balance sheet, as well as given users of its Cash App access to buy the cryptocurrency.</p><p>Why is this happening now? Cryptocurrencies are still not particularly useful outside of a very few cases, such as cross-border transactions. Even there, they haven’t fully taken hold.</p><p>There are at least four big reasons corporations are diving in.</p><p>One is that some company founders believe in Bitcoin. Their excitement about the asset has convinced them that their companies need to be involved, or have cryptocurrency investments, even if Bitcoin isn’t really the core of their operations. That appears to be the case for Tesla and its CEO Elon Musk, and for a software company calledMicrostrategyand its CEO, Michael Saylor.</p><p>Microstrategy, whose entire market capitalization was below $1 billion early last year, now owns more than $2 billion of Bitcoin, and its market cap is now just under $10 billion. Saylor told<i>Barron’s</i>&nbsp;in an interview last yearthat he sees Bitcoin as a hedge against monetary debasement and inflation.</p><p>Square CEO Jack Dorsey ‘s fascination with Bitcoin also likely sped Square’s adoption. He has spoken about his interest in the currency for years.</p><p>Tesla’s purchase of Bitcoin is strong marketing for the company and the currency, said Dan Morehead, founder of the crypto hedge fund Pantera Capital. But it won’t likely change the way Bitcoin is used. “Tesla sells a half a million cars a year,” he said. “If they sold 4% in Bitcoin, I’d be surprised.” Morehead thinks Bitoin’s growing use for cross-border payments is much more exciting from a practical perspective.</p><p>Other companies are getting into Bitcoin because of customer demand. That appears to be the case for BNY Mellon, which is not known for making risky bets on new technologies. It could stay out of the industry altogether, but more institutional investors are buying Bitcoin and need somewhere to put it.</p><p>And the infrastructure around Bitcoin has grown, so that it now more closely resembles the systems used in the rest of the world of finance.. Big companies now insure cryptocurrencies or—as in the case ofJPMorgan Chase(JPM)—offer services to cryptocurrency businesses, even if most still don’t hold Bitcoin on their own balance sheets.</p><p>A third reason is increasing government acceptance of the trend. BNY cited greater regulatory clarity around Bitcoin as one reason it is diving in. The U.S. government has taken a mostly laissez-faire approach to regulating digital assets even as many of the illegal activities that cryptocurrency has been associated with in the past have continued. Without at least the tacit approval of regulators, crypto couldn’t have landed on the balance sheets of so many companies.</p><p>A fourth reason cryptocurrencies are gaining hold in corporate boardrooms is that they serve multiple purposes. That gives corporations several different rationales to hold the coins, or offer related services. Cryptocurrencies have the potential to go well beyond Bitcoin’s initial premise as a way to send money without financial intermediaries. So-called stablecoins, whose value is meant to track fiat currencies, could allow for faster transactions for some kinds of financial services, for instance.</p><p>Visa(V) andMasterCardseem like the last places in the world that Bitcoin would take hold given that Bitcoin was created to eliminate the middlemen in finance. Few companies fill the role of middleman as perfectly as the credit-card processors. Visa, however, thinks that cryptocurrencies are useful for many other purposes, and its trusted brand makes it an important player, according to Cuy Sheffield, head of crypto at the company.</p><p>“We’ve seen growing demand from clients across the world that want to be able to plug in and use these networks, but they want a global, neutral, trusted brand, to help them be able to do that,” Sheffield said in an interview. Visa said last week it has created software that allows bank customers to buy and hold cryptocurrencies through lenders’ websites.</p><p>Will old-line financial companies be the biggest beneficiaries of the crypto “revolution”? Michael Venuto, the chief investment officer of Toroso Investments, doesn’t think it will be easy for them to dominate this new world. Toroso created theAmplify Transformational Data SharingETF (ticker: BLOK), which invests in public companies involved in the technology behind Bitcoin.</p><p>“In terms of the self-referenced paradox of the old economy accepting the blockchain, it is simply inevitable,” Venuto wrote in an email to<i>Barron’s</i>. “If they don’t explore the blockchain they will be extinct. They understand that, but they are not aware of how big the changes will be or how fast they will happen. They have to evolve, but evolution can be messy.”</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>Not Just Tesla: Why Big Companies are Buying into Crypto-Mania</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\">\nNot Just Tesla: Why Big Companies are Buying into Crypto-Mania\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-12 11:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/not-just-tesla-why-big-companies-are-buying-into-crypto-mania-51613069805?mod=hp_LEADSUPP_1><strong>barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>For months, there has beena consistent trickle of newsabout mainstream businesses getting involved in cryptocurrencies. In the past week, it has turned into a flood, helping to push the price of ...</p>\n\n<a href=\"https://www.barrons.com/articles/not-just-tesla-why-big-companies-are-buying-into-crypto-mania-51613069805?mod=hp_LEADSUPP_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/414360f2ef7b5c785cb936b4a9b53a44","relate_stocks":{"TSLA":"特斯拉","GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.barrons.com/articles/not-just-tesla-why-big-companies-are-buying-into-crypto-mania-51613069805?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179092967","content_text":"For months, there has beena consistent trickle of newsabout mainstream businesses getting involved in cryptocurrencies. In the past week, it has turned into a flood, helping to push the price of Bitcoin to a record of $48,297 on Thursday.The most buzzworthy move came from Tesla (ticker: TSLA), which disclosed on Monday that it hasbought $1.5 billion worth of Bitcointo hold on its balance sheet. The company plans to let consumers use the currency to pay for cars.But Tesla isn’t the only one. On Thursday, BNY Mellon (BK), the oldest bank in the U.S.,said it will hold and transfer cryptocurrencies for customers. “Growing client demand for digital assets, maturity of advanced solutions, and improving regulatory clarity present a tremendous opportunity for us to extend our current service offerings to this emerging field,” said Roman Regelman, the bank’s CEO of asset servicing and head of digital.Mastercard (MA) said on Wednesday that it will let merchants accept some cryptocurrencies through its network later this year. The payments will be converted to traditional money before it enters the companies’ systems.Twitter(TWTR) is also considering a Bitcoin investment. And Square (SQ) has already put some on its balance sheet, as well as given users of its Cash App access to buy the cryptocurrency.Why is this happening now? Cryptocurrencies are still not particularly useful outside of a very few cases, such as cross-border transactions. Even there, they haven’t fully taken hold.There are at least four big reasons corporations are diving in.One is that some company founders believe in Bitcoin. Their excitement about the asset has convinced them that their companies need to be involved, or have cryptocurrency investments, even if Bitcoin isn’t really the core of their operations. That appears to be the case for Tesla and its CEO Elon Musk, and for a software company calledMicrostrategyand its CEO, Michael Saylor.Microstrategy, whose entire market capitalization was below $1 billion early last year, now owns more than $2 billion of Bitcoin, and its market cap is now just under $10 billion. Saylor toldBarron’s in an interview last yearthat he sees Bitcoin as a hedge against monetary debasement and inflation.Square CEO Jack Dorsey ‘s fascination with Bitcoin also likely sped Square’s adoption. He has spoken about his interest in the currency for years.Tesla’s purchase of Bitcoin is strong marketing for the company and the currency, said Dan Morehead, founder of the crypto hedge fund Pantera Capital. But it won’t likely change the way Bitcoin is used. “Tesla sells a half a million cars a year,” he said. “If they sold 4% in Bitcoin, I’d be surprised.” Morehead thinks Bitoin’s growing use for cross-border payments is much more exciting from a practical perspective.Other companies are getting into Bitcoin because of customer demand. That appears to be the case for BNY Mellon, which is not known for making risky bets on new technologies. It could stay out of the industry altogether, but more institutional investors are buying Bitcoin and need somewhere to put it.And the infrastructure around Bitcoin has grown, so that it now more closely resembles the systems used in the rest of the world of finance.. Big companies now insure cryptocurrencies or—as in the case ofJPMorgan Chase(JPM)—offer services to cryptocurrency businesses, even if most still don’t hold Bitcoin on their own balance sheets.A third reason is increasing government acceptance of the trend. BNY cited greater regulatory clarity around Bitcoin as one reason it is diving in. The U.S. government has taken a mostly laissez-faire approach to regulating digital assets even as many of the illegal activities that cryptocurrency has been associated with in the past have continued. Without at least the tacit approval of regulators, crypto couldn’t have landed on the balance sheets of so many companies.A fourth reason cryptocurrencies are gaining hold in corporate boardrooms is that they serve multiple purposes. That gives corporations several different rationales to hold the coins, or offer related services. Cryptocurrencies have the potential to go well beyond Bitcoin’s initial premise as a way to send money without financial intermediaries. So-called stablecoins, whose value is meant to track fiat currencies, could allow for faster transactions for some kinds of financial services, for instance.Visa(V) andMasterCardseem like the last places in the world that Bitcoin would take hold given that Bitcoin was created to eliminate the middlemen in finance. Few companies fill the role of middleman as perfectly as the credit-card processors. Visa, however, thinks that cryptocurrencies are useful for many other purposes, and its trusted brand makes it an important player, according to Cuy Sheffield, head of crypto at the company.“We’ve seen growing demand from clients across the world that want to be able to plug in and use these networks, but they want a global, neutral, trusted brand, to help them be able to do that,” Sheffield said in an interview. Visa said last week it has created software that allows bank customers to buy and hold cryptocurrencies through lenders’ websites.Will old-line financial companies be the biggest beneficiaries of the crypto “revolution”? Michael Venuto, the chief investment officer of Toroso Investments, doesn’t think it will be easy for them to dominate this new world. Toroso created theAmplify Transformational Data SharingETF (ticker: BLOK), which invests in public companies involved in the technology behind Bitcoin.“In terms of the self-referenced paradox of the old economy accepting the blockchain, it is simply inevitable,” Venuto wrote in an email toBarron’s. “If they don’t explore the blockchain they will be extinct. They understand that, but they are not aware of how big the changes will be or how fast they will happen. They have to evolve, but evolution can be messy.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":257,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386624985,"gmtCreate":1613175781047,"gmtModify":1704879192323,"author":{"id":"3561281850951905","authorId":"3561281850951905","authorIdStr":"3561281850951905","name":"chwong","avatar":"https://static.tigerbbs.com/30876853271e5666bf3c183adef4b1aa","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561281850951905"},"themes":[],"htmlText":"Ooo","listText":"Ooo","text":"Ooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/386624985","repostId":"2110026963","repostType":4,"isVote":1,"tweetType":1,"viewCount":310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381073866,"gmtCreate":1612917492855,"gmtModify":1704875961384,"author":{"id":"3561281850951905","authorId":"3561281850951905","authorIdStr":"3561281850951905","name":"chwong","avatar":"https://static.tigerbbs.com/30876853271e5666bf3c183adef4b1aa","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561281850951905"},"themes":[],"htmlText":"Elon musk the iron man","listText":"Elon musk the iron man","text":"Elon musk the iron man","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/381073866","repostId":"1109747216","repostType":4,"repost":{"id":"1109747216","pubTimestamp":1612858882,"share":"https://ttm.financial/m/news/1109747216?lang=&edition=fundamental","pubTime":"2021-02-09 16:21","market":"us","language":"en","title":"Musk Says Starlink to IPO Once Cash Flow More Predictable","url":"https://stock-news.laohu8.com/highlight/detail?id=1109747216","media":"Bloomberg","summary":"Elon Musk said Starlink will list publicly once the cash flow of the space-based internet service ca","content":"<p>Elon Musk said Starlink will list publicly once the cash flow of the space-based internet service can be predicted “reasonably well,” giving investors a window of opportunity to own a promising part of his closely held SpaceX.</p>\n<p>Musk was responding to a question on Twitter, where a user asked: “Will starlink IPO soon? Would love to invest!”</p>\n<p>Prior to that question, Musk had been responding to posts on the cost of the service provided by Starlink.Space Exploration Technologies Corp.has been launching satellites on its Falcon 9 rockets and now has about 1,000 in orbit to beam down data to Starlink customers on Earth.</p>\n<blockquote>\n Starlink is a staggeringly difficult technical &amp; economic endeavor. However, if we don’t fail, the cost to end users will improve every year.— Elon Musk (@elonmusk)February 9, 2021\n</blockquote>\n<p>“SpaceX needs to pass through a deep chasm of negative cash flow over the next year or so to make Starlink financially viable,” Musk wrote in another tweet. “Every new satellite constellation in history has gone bankrupt. Wehopeto be the first that does not.”</p>\n<p>SpaceX Chief Operating Officer Gwynne Shotwell said last year that Starlink is the business that the company would likely spin out and take public.</p>\n<p>Musk’sTesla Inc.has achieved incredible gains in the stock market, rising 743% in 2020. The electric-vehicle maker is already up a further 22% this year.</p>","source":"lsy1584095487587","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>Musk Says Starlink to IPO Once Cash Flow More Predictable</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\">\nMusk Says Starlink to IPO Once Cash Flow More Predictable\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-09 16:21 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://bloomberg.com/news/articles/2021-02-09/musk-says-starlink-to-ipo-once-cash-flow-more-predictable><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Elon Musk said Starlink will list publicly once the cash flow of the space-based internet service can be predicted “reasonably well,” giving investors a window of opportunity to own a promising part ...</p>\n\n<a href=\"http://bloomberg.com/news/articles/2021-02-09/musk-says-starlink-to-ipo-once-cash-flow-more-predictable\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"http://bloomberg.com/news/articles/2021-02-09/musk-says-starlink-to-ipo-once-cash-flow-more-predictable","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109747216","content_text":"Elon Musk said Starlink will list publicly once the cash flow of the space-based internet service can be predicted “reasonably well,” giving investors a window of opportunity to own a promising part of his closely held SpaceX.\nMusk was responding to a question on Twitter, where a user asked: “Will starlink IPO soon? Would love to invest!”\nPrior to that question, Musk had been responding to posts on the cost of the service provided by Starlink.Space Exploration Technologies Corp.has been launching satellites on its Falcon 9 rockets and now has about 1,000 in orbit to beam down data to Starlink customers on Earth.\n\n Starlink is a staggeringly difficult technical & economic endeavor. However, if we don’t fail, the cost to end users will improve every year.— Elon Musk (@elonmusk)February 9, 2021\n\n“SpaceX needs to pass through a deep chasm of negative cash flow over the next year or so to make Starlink financially viable,” Musk wrote in another tweet. “Every new satellite constellation in history has gone bankrupt. Wehopeto be the first that does not.”\nSpaceX Chief Operating Officer Gwynne Shotwell said last year that Starlink is the business that the company would likely spin out and take public.\nMusk’sTesla Inc.has achieved incredible gains in the stock market, rising 743% in 2020. The electric-vehicle maker is already up a further 22% this year.","news_type":1},"isVote":1,"tweetType":1,"viewCount":498,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381079014,"gmtCreate":1612917399438,"gmtModify":1704875959763,"author":{"id":"3561281850951905","authorId":"3561281850951905","authorIdStr":"3561281850951905","name":"chwong","avatar":"https://static.tigerbbs.com/30876853271e5666bf3c183adef4b1aa","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561281850951905"},"themes":[],"htmlText":"Will it go hire?","listText":"Will it go hire?","text":"Will it go hire?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/381079014","repostId":"2110663052","repostType":4,"isVote":1,"tweetType":1,"viewCount":173,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":380421932,"gmtCreate":1612576736326,"gmtModify":1704873018431,"author":{"id":"3561281850951905","authorId":"3561281850951905","authorIdStr":"3561281850951905","name":"chwong","avatar":"https://static.tigerbbs.com/30876853271e5666bf3c183adef4b1aa","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561281850951905"},"themes":[],"htmlText":"Why Indonesia?","listText":"Why Indonesia?","text":"Why Indonesia?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/380421932","repostId":"1191925403","repostType":4,"repost":{"id":"1191925403","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":1612497807,"share":"https://ttm.financial/m/news/1191925403?lang=&edition=fundamental","pubTime":"2021-02-05 12:03","market":"us","language":"en","title":"Indonesia receives investment proposal from Tesla: official","url":"https://stock-news.laohu8.com/highlight/detail?id=1191925403","media":"Reuters","summary":"SINGAPORE (Reuters) - Indonesia has received an investment proposal from U.S. electric vehicle (EV) ","content":"<p>SINGAPORE (Reuters) - Indonesia has received an investment proposal from U.S. electric vehicle (EV) maker Tesla, the country’s deputy head for investment and mining coordination, Septian Hario Seto, told reporters on Friday.</p>\n<p>Indonesia is the world’s biggest nickel producer, a material crucial for EV batteries, and has been publicly wooing Tesla to invest in the country to help develop its ambitious EV and battery industry plans.</p>\n<p>“I received their proposal yesterday morning... next week we will meet them (virtually) to get an official explanation,” Septian said.</p>\n<p>Septian said he could not give details of the proposal due to a non-disclosure agreement, but said that the focus of their discussions had been on batteries and energy storage solutions.</p>\n<p>“If they only want to buy raw materials, we are not interested. This (proposal) is beyond just taking the raw material,” he added.</p>\n<p>Once the top exporter of nickel, Indonesia stopped nickel shipments last year, in an effort to develop a full nickel supply chain, starting from extraction, then processing into metals and chemicals used in batteries, to meet the demand for electric vehicles (EVs).</p>\n<p>Tesla said last year it was looking to find reliable sources of nickel globally after warning the current cost of batteries remained a hurdle to its growth.</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>Indonesia receives investment proposal from Tesla: official</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\">\nIndonesia receives investment proposal from Tesla: official\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\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\">2021-02-05 12:03</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>SINGAPORE (Reuters) - Indonesia has received an investment proposal from U.S. electric vehicle (EV) maker Tesla, the country’s deputy head for investment and mining coordination, Septian Hario Seto, told reporters on Friday.</p>\n<p>Indonesia is the world’s biggest nickel producer, a material crucial for EV batteries, and has been publicly wooing Tesla to invest in the country to help develop its ambitious EV and battery industry plans.</p>\n<p>“I received their proposal yesterday morning... next week we will meet them (virtually) to get an official explanation,” Septian said.</p>\n<p>Septian said he could not give details of the proposal due to a non-disclosure agreement, but said that the focus of their discussions had been on batteries and energy storage solutions.</p>\n<p>“If they only want to buy raw materials, we are not interested. This (proposal) is beyond just taking the raw material,” he added.</p>\n<p>Once the top exporter of nickel, Indonesia stopped nickel shipments last year, in an effort to develop a full nickel supply chain, starting from extraction, then processing into metals and chemicals used in batteries, to meet the demand for electric vehicles (EVs).</p>\n<p>Tesla said last year it was looking to find reliable sources of nickel globally after warning the current cost of batteries remained a hurdle to its growth.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d1f099f6724852eed80c0925003dfca8","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191925403","content_text":"SINGAPORE (Reuters) - Indonesia has received an investment proposal from U.S. electric vehicle (EV) maker Tesla, the country’s deputy head for investment and mining coordination, Septian Hario Seto, told reporters on Friday.\nIndonesia is the world’s biggest nickel producer, a material crucial for EV batteries, and has been publicly wooing Tesla to invest in the country to help develop its ambitious EV and battery industry plans.\n“I received their proposal yesterday morning... next week we will meet them (virtually) to get an official explanation,” Septian said.\nSeptian said he could not give details of the proposal due to a non-disclosure agreement, but said that the focus of their discussions had been on batteries and energy storage solutions.\n“If they only want to buy raw materials, we are not interested. This (proposal) is beyond just taking the raw material,” he added.\nOnce the top exporter of nickel, Indonesia stopped nickel shipments last year, in an effort to develop a full nickel supply chain, starting from extraction, then processing into metals and chemicals used in batteries, to meet the demand for electric vehicles (EVs).\nTesla said last year it was looking to find reliable sources of nickel globally after warning the current cost of batteries remained a hurdle to its growth.","news_type":1},"isVote":1,"tweetType":1,"viewCount":420,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":380423058,"gmtCreate":1612576577974,"gmtModify":1704873017137,"author":{"id":"3561281850951905","authorId":"3561281850951905","authorIdStr":"3561281850951905","name":"chwong","avatar":"https://static.tigerbbs.com/30876853271e5666bf3c183adef4b1aa","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561281850951905"},"themes":[],"htmlText":"Applause to retail investor","listText":"Applause to retail investor","text":"Applause to retail investor","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/380423058","repostId":"1132260998","repostType":4,"repost":{"id":"1132260998","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":1612519255,"share":"https://ttm.financial/m/news/1132260998?lang=&edition=fundamental","pubTime":"2021-02-05 18:00","market":"us","language":"en","title":"Performance of funds invested in GameStop in past two weeks","url":"https://stock-news.laohu8.com/highlight/detail?id=1132260998","media":"Reuters","summary":"(Reuters) - The Morgan Stanley Institutional Small Co. Inception Portfolio fund was among the top ga","content":"<p>(Reuters) - The Morgan Stanley Institutional Small Co. Inception Portfolio fund was among the top gainers among mutual funds over the past two weeks having exposure to videogame retailer GameStop, data from Refinitiv Lipper showed.</p>\n<p>Crowds of retail punters sent shares in GameStop up by more than 2000% last month, causing some Wall Street hedge funds to lose billions of dollars on their short bets on the stock.</p>\n<p>The Morgan Stanley fund, which had 346,943 shares of GameStop as per the latest filing, gained 23% in the last two weeks, according to the data, which was based on the last two weeks’ price performance.</p>\n<p>The fund’s net assets rose 61% to $746.7 million in January, the data showed.</p>\n<p>Shares of iShares Micro-Cap ETF and Cambria Shareholder Yield ETF also gained about 7% each in the past two weeks.</p>\n<p>Graphic: Mutual fund gainers in the past two weeks</p>\n<p><img src=\"https://static.tigerbbs.com/bdf861b5fe2dd34bcafbc688c67e9075\" tg-width=\"962\" tg-height=\"515\" referrerpolicy=\"no-referrer\"></p>\n<p>Shares of GameStop have fallen more than 83.5% in the first four days of this month as the retail frenzy faded.</p>\n<p>Graphic: Bottom performers in the past two weeks</p>\n<p><img src=\"https://static.tigerbbs.com/ee25f46afa762db3e988a73a7147042d\" tg-width=\"940\" tg-height=\"492\" referrerpolicy=\"no-referrer\"></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>Performance of funds invested in GameStop in past two weeks</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\">\nPerformance of funds invested in GameStop in past two weeks\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\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\">2021-02-05 18:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(Reuters) - The Morgan Stanley Institutional Small Co. Inception Portfolio fund was among the top gainers among mutual funds over the past two weeks having exposure to videogame retailer GameStop, data from Refinitiv Lipper showed.</p>\n<p>Crowds of retail punters sent shares in GameStop up by more than 2000% last month, causing some Wall Street hedge funds to lose billions of dollars on their short bets on the stock.</p>\n<p>The Morgan Stanley fund, which had 346,943 shares of GameStop as per the latest filing, gained 23% in the last two weeks, according to the data, which was based on the last two weeks’ price performance.</p>\n<p>The fund’s net assets rose 61% to $746.7 million in January, the data showed.</p>\n<p>Shares of iShares Micro-Cap ETF and Cambria Shareholder Yield ETF also gained about 7% each in the past two weeks.</p>\n<p>Graphic: Mutual fund gainers in the past two weeks</p>\n<p><img src=\"https://static.tigerbbs.com/bdf861b5fe2dd34bcafbc688c67e9075\" tg-width=\"962\" tg-height=\"515\" referrerpolicy=\"no-referrer\"></p>\n<p>Shares of GameStop have fallen more than 83.5% in the first four days of this month as the retail frenzy faded.</p>\n<p>Graphic: Bottom performers in the past two weeks</p>\n<p><img src=\"https://static.tigerbbs.com/ee25f46afa762db3e988a73a7147042d\" tg-width=\"940\" tg-height=\"492\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b72bab52a7d49e9d26088350ab4826c1","relate_stocks":{"GME":"游戏驿站"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132260998","content_text":"(Reuters) - The Morgan Stanley Institutional Small Co. Inception Portfolio fund was among the top gainers among mutual funds over the past two weeks having exposure to videogame retailer GameStop, data from Refinitiv Lipper showed.\nCrowds of retail punters sent shares in GameStop up by more than 2000% last month, causing some Wall Street hedge funds to lose billions of dollars on their short bets on the stock.\nThe Morgan Stanley fund, which had 346,943 shares of GameStop as per the latest filing, gained 23% in the last two weeks, according to the data, which was based on the last two weeks’ price performance.\nThe fund’s net assets rose 61% to $746.7 million in January, the data showed.\nShares of iShares Micro-Cap ETF and Cambria Shareholder Yield ETF also gained about 7% each in the past two weeks.\nGraphic: Mutual fund gainers in the past two weeks\n\nShares of GameStop have fallen more than 83.5% in the first four days of this month as the retail frenzy faded.\nGraphic: Bottom performers in the past two weeks","news_type":1},"isVote":1,"tweetType":1,"viewCount":362,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":312392729,"gmtCreate":1612013653761,"gmtModify":1704866944972,"author":{"id":"3561281850951905","authorId":"3561281850951905","authorIdStr":"3561281850951905","name":"chwong","avatar":"https://static.tigerbbs.com/30876853271e5666bf3c183adef4b1aa","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561281850951905"},"themes":[],"htmlText":"Missed the boat","listText":"Missed the boat","text":"Missed the boat","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/312392729","repostId":"1130139919","repostType":4,"isVote":1,"tweetType":1,"viewCount":589,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":312935388,"gmtCreate":1611988483844,"gmtModify":1704866832629,"author":{"id":"3561281850951905","authorId":"3561281850951905","authorIdStr":"3561281850951905","name":"chwong","avatar":"https://static.tigerbbs.com/30876853271e5666bf3c183adef4b1aa","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561281850951905"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/312935388","repostId":"1131015158","repostType":4,"repost":{"id":"1131015158","pubTimestamp":1611902095,"share":"https://ttm.financial/m/news/1131015158?lang=&edition=fundamental","pubTime":"2021-01-29 14:34","market":"us","language":"en","title":"Who is Trading on U.S. Markets?","url":"https://stock-news.laohu8.com/highlight/detail?id=1131015158","media":"Nasdaq","summary":"The U.S. equity market is the largest and most liquid stock market in the world (Chart 1).As of year","content":"<p>The U.S. equity market is the largest and most liquid stock market in the world (Chart 1).</p><p>As of year-end 2019, the market cap of publicly traded companies listed in the U.S. totaled almost $38 trillion, representing nearly 40% of totalglobal marketcapitalization. On an average day in 2019, trading in company stocks (excluding ETPs) adds to $233 billion. That results in turnover, multiplied by a company’s market cap trades each year, which is more than double what we see in Asia or Europe.</p><p>Better liquidity for all companies should result in&nbsp;lower trading costs&nbsp;for investors and lower&nbsp;costs of capital&nbsp;for issuers.</p><p><b>Chart 1: The U.S. equity market is the most liquid in the world (2019 data shown)</b><img src=\"https://static.tigerbbs.com/750bf1eaa39bf5912710666180423d55\" tg-width=\"843\" tg-height=\"557\" referrerpolicy=\"no-referrer\"></p><p>Which raises a question: “Who is doing all this U.S. stock trading?”</p><p>The answer isn’t obvious, as very little trading is attributed to counterparties in public data sources. But using a number of sources, the estimates we create below show that all the participants in the&nbsp;U.S. markets ecosystem&nbsp;have different and important roles to play. These different players keep trading spreads low and prices efficient, and transfer liquidity between markets rapidly and cheaply.</p><p><b>Chart 2: The U.S. market ecosystem shows lots of participants contribute to liquidity</b><img src=\"https://static.tigerbbs.com/6184c14291f0a33d44ed198bce806821\" tg-width=\"827\" tg-height=\"765\" referrerpolicy=\"no-referrer\"></p><p>Our estimates are shown below in Table 1. But there are a few things to highlight before we get going:</p><ul><li>Liquidity is relevant to both buyers&nbsp;<i>and</i>&nbsp;And risk is hedged in dollars, not shares. So we look at the value of&nbsp;<i>gross</i>&nbsp;liquidity (trades x 2). So&nbsp;<i>trading</i>&nbsp;of $233 billion per day actually represents&nbsp;<i>liquidity</i>&nbsp;of double that, or $466 billion per day.</li><li>Because most of the data from 2020 isn’t available yet, we’re basing these estimates on 2019 trading and assets. Total liquidity in 2020 actually increased 50% to almost $700 billion per day, thanks to an increase in retail trading and volatility caused by COVID-19.</li><li>Public data becomes harder and harder to find the more we progress down the list in Table 1. Accordingly, our estimates would increasingly adjust once more data becomes available.</li><li>We don’t include ETF trading, even though they are&nbsp;NMS stocks, which would add another $88 billion per day, or $176 billion in liquidity.</li></ul><p>We also try to separate our estimates by strategies available to investors (“natural” investors) and those deployed by liquidity providers (intermediators).</p><p><b>Table 1: Estimating who contributes to market liquidity</b><img src=\"https://static.tigerbbs.com/ce7e8a9db500a8d200aab6a55764908f\" tg-width=\"830\" tg-height=\"661\" referrerpolicy=\"no-referrer\"></p><p>So, let’s walk through how we arrived at these estimates.</p><p><b>How much do investors trade?</b></p><p>As Chart 3 shows, investors represent a small section of the market ecosystem, although data shows that they own the majority of stock market capital.</p><p>Around two-thirds of corporate shares are owned by U.S. households via mutual funds (22%), pension funds (11%) or retail brokerage (34%) accounts. And an additional 16% are owned by foreign investors, likely mostly through professionally managed investments too.</p><p><b>Chart 3: Ownership of U.S. stocks</b><img src=\"https://static.tigerbbs.com/86ec9c7de9bf77f18a31094ba470b364\" tg-width=\"838\" tg-height=\"526\" referrerpolicy=\"no-referrer\"><b>How much do mutual funds trade?</b></p><p>Let’s start with professionally managed investments: mutual funds (domestic and international), ETFs and pensions. We know their assets are around $21.2 trillion (Chart 3).</p><p>ICI tracks the&nbsp;average turnover&nbsp;of all mutual funds. Their data shows that average turnover has been steadily declining for most of the past 35 years and now sits below 30% per annum each side.</p><p>Some of the decline is due to the rise in index funds. As we discuss below, they have a much&nbsp;lower turnover. Even when we account for that, we estimate active trading has still fallen to around 47% each side, equating to longer average hold times even in active institutional accounts.</p><p><b>Chart 4: Mutual fund turnover has declined to around 30%</b><img src=\"https://static.tigerbbs.com/fa5b070aeac70dd7d00d369f1f131dda\" tg-width=\"849\" tg-height=\"583\" referrerpolicy=\"no-referrer\">Knowing that mutual funds tend to stay close to fully invested, we know that their buys are likely offset by sells, so turnover will result in a two-sided trade. Doing the math:</p><p>Mutual fund trading = $21.1 trillion in assets x 28% turnover x 2 sides</p><p>= $47.2 billion per day, or less than 10% of liquidity.</p><p>This total is somewhat understated as ICI doesn’t include cash inflows and outflows. If gross cash flows are (say) half the size again of trades, that would lead to around $70 billion in liquidity each day, or just 15% of all liquidity.</p><p><b>Index funds trade much (much) less</b></p><p>One of the common myths of liquidity is that because index funds have such large assets and consistent inflows, they also do a lot of trading, which also distorts prices.</p><p>The truth is very different. In fact,&nbsp;BlackRock&nbsp;estimated in 2017 that for every $1 in index trading, there was more than $20 in active trading.</p><p>That’s because index funds are designed to do very little trading. Once an index portfolio buys an index weight holding of a stock, in principle, they don’t have to trade it ever again. As the price of the stock rises, so does its weight in the index and in the portfolio, and the portfolio tracks the performance of the index perfectly. That should make index funds some of the longest-term holders of stocks in the market.</p><p>In the real world, some trading is required. As companies raise more capital or buy back stock, index funds also need to adjust holdings. IPOs, mergers and price changes can also cause stocks to be added and deleted from indexes, also requiring the index portfolio to trade. But index providers tend to do that infrequently. In fact,&nbsp;S&amp;P 500 turnover&nbsp;is estimated at around 4.4%, a statistic consistent with Credit Suisse’s estimates for the annual Russell 1000 reconstitution of just 3% over recent years.</p><p>Although small-cap indexes see higher turnover as their largest holdings are often promoted to large-cap indexes during the year. For example, Credit Suisse also estimates turnover in the small-cap Russell 2000 is much higher at around 20%.</p><p>In addition, because index funds are focused on replicating their index, not trying to beat it, they tend to trade exactly when the index trades. That means almost all their trading happens at the close.</p><p>Interestingly, despite their sizable assets, Credit Suisse’s index team estimated that all U.S. index funds traded&nbsp;just over $300 billion&nbsp;in 2019, including adds and deletes (both buys and sells). The&nbsp;BlackRock&nbsp;study of 2017 estimated that index funds traded $460 billion annually. Even this higher turnover estimate means index funds make up less than 0.5% of all liquidity in the stock market.</p><p>Because indexes themselves tend to minimize their rebalances, we also see that there are nine dates each year when index funds do&nbsp;most of their trading. Data suggests that index funds are around 40% of all trading on index rebalance dates, but cash flows that occur on other days add to less than 5% of close volume, hardly enough to impact price discovery.</p><p><b>Chart 5: Trading in the close higher on index rebalance dates</b><img src=\"https://static.tigerbbs.com/b2fcee6a01b19149c5c43f4810606571\" tg-width=\"839\" tg-height=\"518\" referrerpolicy=\"no-referrer\">That leaves active funds providing almost all of the $70 trillion in mutual fund liquidity, and basically to 100% of intraday trading and price discovery done by mutual funds.</p><p>There are two important points to note about this. Even though index funds are large:</p><ul><li>Their turnover is low, making them even longer-term holders than active investors.</li><li>Their contribution to price discovery (or price distortions, as some claim) is muted.</li></ul><p><b>Chart 6: Index funds have grown to around 40% of all mutual fund assets</b><img src=\"https://static.tigerbbs.com/f847fbcbc3db0bbe61eb12fe1b10d8a7\" tg-width=\"840\" tg-height=\"554\" referrerpolicy=\"no-referrer\"><b>Hedge funds have fewer assets but higher turnover</b></p><p>Based on&nbsp;estimates, hedge funds hold around 3% of total corporate equities. This translates into roughly $1 trillion in assets under management (AUM). However, most hedge funds are both levered and operating higher turnover (lower hold time) strategies, which increases the liquidity they supply to the market.</p><p>Hedge funds are notoriously secretive. They also have a wide range of strategies from long term activists to high turnover stat-arb funds. So finding good average trading data is hard.</p><ul><li>This paper&nbsp;suggests that equity hedge fund leverage could be around two times. That puts gross assets are closer to $2 trillion, although&nbsp;short interest data&nbsp;suggests that a lot of hedge funds actually short with ETFs (reducing stock trading). Other data suggests some hedge funds lever up during the day.</li><li>Other sources suggest hedge fund turnover is between&nbsp;120%&nbsp;and&nbsp;200%&nbsp;per annum, which implies an average hold time for each stock of less than one year.</li><li>Some funds likely trade much more intraday and minimize overnight exposures (increasing stock trading), but we classify them as intermediation liquidity in Table 1, rather than as a strategy used by natural investors.</li></ul><p>Using these conservative estimates:</p><p>Hedge fund trading = $1 trillion in assets x (2 leverage x 2 sides) x 200% turnover = $9 trillion in liquidity each year</p><p>= $36 billion/day or 8% of all liquidity.</p><p><b>What about ETFs?</b></p><p>With&nbsp;ETF liquidity of $176 billion per day&nbsp;(both sides) in 2019, it is easy to say they cause a lot of stock trading, but that’s not true. There are three types of ETF liquidity:</p><ol><li><b>ETFs as mutual funds:</b>&nbsp;Just like other mutual funds, their portfolio will turnover as indexes change. However, most ETF assets are in index-style portfolios where turnover by the portfolio manager is limited. Consequently, we have included these in the mutual fund turnover metrics in the mutual funds section above.</li><li><b>ETF trading:</b>&nbsp;ETFs are their own ticker. An investor trading an ETF&nbsp;usually has nothing to do&nbsp;with underlying company stocks. In many QQQ trades, both the buyer and seller usually represent traders choosing ETFs because they are a cheaper way to gain portfolio exposure.</li><li><b>ETF to stock arbitrage</b>: Only authorized participants have the ability to arbitrage between the ETF and the stocks. We classify them as intermediaries (not naturals) and discuss their impact on stock liquidity later.</li></ol><p><b>What proportion of professional investors trade in dark pools?</b></p><p>All of the categories above could be considered “professional investors.” They are likely to use&nbsp;brokers’ algorithms&nbsp;to work orders in the market. As a whole, these professional investors (mutual, international, pension and ETF funds) represent almost 60% of all investor assets, but just 23% of all liquidity.</p><p>We also know that brokers route their orders through dark pools—and we know that&nbsp;dark pools represent around 12%&nbsp;of all liquidity.</p><p>Even with market makers in dark pools, the math shows that professional investors execute a material proportion of their trades in dark pools, possibly 30% or more.</p><p><b>What about retail?</b></p><p>Retail trading grew significantly in 2020 to&nbsp;around 20%&nbsp;of the market. However, even in 2019, with 15% of all trades being retail, they represented a meaningful amount of “investor” liquidity.</p><p>However, the way people refer to retail market share overstates their contribution to liquidity for two reasons:</p><ol><li>Each retail trade represents a buyer&nbsp;<i>or</i>&nbsp;seller, so they are on one side of 15% of&nbsp;<i>shares</i></li><li>Retail tends to trade lower-priced stocks (see Chart 7). Using non-ATS TRF data by ticker, we estimate their contribution to&nbsp;<i>value</i>&nbsp;traded is actually 15% lower.</li></ol><p>That adds to closer to $30 billion each day in 2019, or just over 6% of all liquidity.</p><p><b>Chart 7: Retail tends to trade lower-priced stocks more, reducing their contribution to notional liquidity</b><img src=\"https://static.tigerbbs.com/5fb7571f7a20913204cd900b55773c47\" tg-width=\"830\" tg-height=\"596\" referrerpolicy=\"no-referrer\"><b>Where do Naturals trade?</b></p><p>So far, we have accounted for around 93% of assets but less than 30% of all liquidity.</p><p>That’s less than all the liquidity that trades off-exchange. With dark pools representing 12% of all trades and other off exchange adding to 29% of all trades.</p><p>That seems to indicate that a material proportion of naturals execute off-exchange – even though they rely on the exchanges for efficient prices and tight spreads. Ironically that makes the role of intermediaries, and competitive quotes on exchanges, even more important to the whole ecosystem. (It’s also a reason to reward the public market for sharing price data – but that’s a topic for another day)</p><p><b>Chart 8: These calculations indicate natural investors rely on exchanges for efficient prices but do a large proportion of trading off exchanges</b><img src=\"https://static.tigerbbs.com/f8a0508b17c8db1f9b8a96b973225c11\" tg-width=\"836\" tg-height=\"769\"></p><p><b>What about the rest?</b></p><p>The breakdown for the other 70% of liquidity is much harder to support with public data, but our estimates show this is where specialist liquidity providers step in to keep markets and spreads efficient.</p><p>It includes a lot of different strategies, from two-sided liquidity provision to cross market arbitrage to statistical arbitrage strategies, all targeting short-term mispricing caused by other traders.</p><p>Their size in the U.S. market is a testament to low transaction costs, which allow for risk to be transferred via one or more additional trades. It is also a result of fragmentation and segmentation that increases facilitated trades.</p><p>Here our estimates are based on less hard data but inferred from other levels of activity. To see how intermediaries could add to 70% of liquidity, consider:</p><ul><li><b>Wholesaler facilitation</b>: Each&nbsp;retail trade facilitated off-exchange&nbsp;has a wholesaler on the other side. So the intermediation doubles the liquidity recorded (totaling 13% of all liquidity). However, TRF data shows the major wholesalers actually print trades representing closer to 25% of all liquidity, or about $117 billion per day. That additional 12% of all liquidity represents $57 billion, and likely trades with institutional investors or even other brokers.</li><li><b>Equity futures</b>&nbsp;traded around $620 billion each day in 2019, even more liquidity than the whole underlying U.S. stock market (Chart 9). S&amp;P 500 Futures spreads are tight, at 0.8 basis points (bps), and there are arbitrage opportunities with SPY ETFs at 0.4bps and underlying portfolio at 4bps. Given stocks are the most expensive, it’s likely that most futures trades do NOT cause stocks to trade. But if just 5% of futures trading led to stock arbitrage, that would account for around $31bn/day or 7% of all stock liquidity, almost all in S&amp;P500 stocks.</li><li><b>ETF arbitrage:</b>As discussed above, some “authorized participants” are able to convert rich stocks into cheaper ETFs and vice versa, a critical market function that keeps ETFs fairly priced for investors. However, ETF spreads are&nbsp;often so cheap&nbsp;that there are no arbitrage opportunities. Industry estimates peg the amount of trading that is ETF arbitrage at&nbsp;between 4% and 10% of ETF trading. If that’s the case, then ETF arbitrage contributes around $11 billion per day in liquidity, of just 2% of all liquidity. That’s consistent with the average creations plus redemptions per day (Chart 9), although that also includes many non-U.S. equity ETFs.</li></ul><p><b>Chart 9: ETF creations are a fraction of ETF liquidity, which is a fraction of stock liquidity, which itself is a fraction of equity futures liquidity</b><img src=\"https://static.tigerbbs.com/12186b4f2fe4046cb66be42b3a4428cf\" tg-width=\"840\" tg-height=\"580\" referrerpolicy=\"no-referrer\"></p><ul><li><b>Options</b>&nbsp;markets require initial hedges and constant delta hedging. Notional trading of stock options totals $221 billion per day. If just 30% of notional leads to stock hedges and arbitrage, that translates to $66 billion per day, or 14% of liquidity.</li><li><b>Market makers’</b>&nbsp;purpose is to provide two-sided liquidity, not hold stocks long or short. They make money by accurately pricing the spread, and investors benefit from instantaneous liquidity on market orders. Given how few natural investors actually trade on-exchange, it’s more likely than many expect that the quotes on the screen are in fact market makers intermediating trades. If market makers provide liquidity on one side of every second trade on-exchange, that would add to around 16% in total liquidity.</li><li><b>Opportunistic traders:</b>&nbsp;Some traders run arbitrage strategies that correct mispricing, often by taking liquidity. We note that&nbsp;this paper&nbsp;suggests hedge funds made up as much as 30% of all trades, almost double our estimate above. That’s likely because traders with short-term mispricing strategies and small overnight balance, like statistical arbitrage, are excluded from our estimates above. These traders provide important risk transfers, even though there are little overnight positions or leverage. Given liquidity providers make up 16%, it’s possible these taker strategies add to 8% of all liquidity, or $37 billion per day.</li></ul><p>That still leaves us with a pretty large “other” category, at least from the perspective of natural investors. However, there are many other trading and hedging strategies we don’t know much about. For example, hedge funds also buy swaps and OTC options contracts from banks who still need to hedge their risk. Without data on the size of those markets, it’s difficult to estimate their impact on stock trading, but their gamma could even explain some of the growth in market-on-close trading.</p><p>It’s also possible some of our intermediation estimates are off by at least this amount (given the lack of real data to reconcile to).</p><p><b>Chart 10: Naturals hold most assets, but intermediation makes up most of the trading</b><img src=\"https://static.tigerbbs.com/5433155e6e58652d046d387c3c7bc1f6\" tg-width=\"847\" tg-height=\"495\" referrerpolicy=\"no-referrer\"></p><p><b>What does this teach us?</b></p><p>We would love to have more data to refine our results. But even as they stand, it helps us understand the role of each participant, bringing liquidity and price efficiency to the ecosystem. The data also busts some common myths:</p><ul><li><b>Index funds don’t trade much at all</b>, which means they can’t permanently distort prices either.</li><li><b>Price discovery comes from active funds and hedge funds.</b>Informed trading overwhelms index fund inflows.</li><li><b>Lots of other participants specialize in risk transfer</b>, from futures arbitrage to statistical arbitrage to classic market making. By process of elimination, these participants may trade even more than all the natural investors combined. But having all this competition for lit trading is also critical to the rest of the market who rely on tight spreads and instant liquidity.</li></ul><p>The key takeaway though is that very low costs to trade in the U.S. allow so many specialists to play a role in keeping markets efficient. Rather than degrading market quality, all the competition for marginally profitable trades translates into more liquidity and tighter spreads for investors, which in turn leads to&nbsp;more attractive valuations&nbsp;for issuers.</p>","source":"lsy1603171495471","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>Who is Trading on U.S. Markets?</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\">\nWho is Trading on U.S. Markets?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-01-29 14:34 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.nasdaq.com/articles/who-is-trading-on-u.s.-markets-2021-01-28><strong>Nasdaq</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The U.S. equity market is the largest and most liquid stock market in the world (Chart 1).As of year-end 2019, the market cap of publicly traded companies listed in the U.S. totaled almost $38 ...</p>\n\n<a href=\"https://www.nasdaq.com/articles/who-is-trading-on-u.s.-markets-2021-01-28\">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.nasdaq.com/articles/who-is-trading-on-u.s.-markets-2021-01-28","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131015158","content_text":"The U.S. equity market is the largest and most liquid stock market in the world (Chart 1).As of year-end 2019, the market cap of publicly traded companies listed in the U.S. totaled almost $38 trillion, representing nearly 40% of totalglobal marketcapitalization. On an average day in 2019, trading in company stocks (excluding ETPs) adds to $233 billion. That results in turnover, multiplied by a company’s market cap trades each year, which is more than double what we see in Asia or Europe.Better liquidity for all companies should result in lower trading costs for investors and lower costs of capital for issuers.Chart 1: The U.S. equity market is the most liquid in the world (2019 data shown)Which raises a question: “Who is doing all this U.S. stock trading?”The answer isn’t obvious, as very little trading is attributed to counterparties in public data sources. But using a number of sources, the estimates we create below show that all the participants in the U.S. markets ecosystem have different and important roles to play. These different players keep trading spreads low and prices efficient, and transfer liquidity between markets rapidly and cheaply.Chart 2: The U.S. market ecosystem shows lots of participants contribute to liquidityOur estimates are shown below in Table 1. But there are a few things to highlight before we get going:Liquidity is relevant to both buyers and And risk is hedged in dollars, not shares. So we look at the value of gross liquidity (trades x 2). So trading of $233 billion per day actually represents liquidity of double that, or $466 billion per day.Because most of the data from 2020 isn’t available yet, we’re basing these estimates on 2019 trading and assets. Total liquidity in 2020 actually increased 50% to almost $700 billion per day, thanks to an increase in retail trading and volatility caused by COVID-19.Public data becomes harder and harder to find the more we progress down the list in Table 1. Accordingly, our estimates would increasingly adjust once more data becomes available.We don’t include ETF trading, even though they are NMS stocks, which would add another $88 billion per day, or $176 billion in liquidity.We also try to separate our estimates by strategies available to investors (“natural” investors) and those deployed by liquidity providers (intermediators).Table 1: Estimating who contributes to market liquiditySo, let’s walk through how we arrived at these estimates.How much do investors trade?As Chart 3 shows, investors represent a small section of the market ecosystem, although data shows that they own the majority of stock market capital.Around two-thirds of corporate shares are owned by U.S. households via mutual funds (22%), pension funds (11%) or retail brokerage (34%) accounts. And an additional 16% are owned by foreign investors, likely mostly through professionally managed investments too.Chart 3: Ownership of U.S. stocksHow much do mutual funds trade?Let’s start with professionally managed investments: mutual funds (domestic and international), ETFs and pensions. We know their assets are around $21.2 trillion (Chart 3).ICI tracks the average turnover of all mutual funds. Their data shows that average turnover has been steadily declining for most of the past 35 years and now sits below 30% per annum each side.Some of the decline is due to the rise in index funds. As we discuss below, they have a much lower turnover. Even when we account for that, we estimate active trading has still fallen to around 47% each side, equating to longer average hold times even in active institutional accounts.Chart 4: Mutual fund turnover has declined to around 30%Knowing that mutual funds tend to stay close to fully invested, we know that their buys are likely offset by sells, so turnover will result in a two-sided trade. Doing the math:Mutual fund trading = $21.1 trillion in assets x 28% turnover x 2 sides= $47.2 billion per day, or less than 10% of liquidity.This total is somewhat understated as ICI doesn’t include cash inflows and outflows. If gross cash flows are (say) half the size again of trades, that would lead to around $70 billion in liquidity each day, or just 15% of all liquidity.Index funds trade much (much) lessOne of the common myths of liquidity is that because index funds have such large assets and consistent inflows, they also do a lot of trading, which also distorts prices.The truth is very different. In fact, BlackRock estimated in 2017 that for every $1 in index trading, there was more than $20 in active trading.That’s because index funds are designed to do very little trading. Once an index portfolio buys an index weight holding of a stock, in principle, they don’t have to trade it ever again. As the price of the stock rises, so does its weight in the index and in the portfolio, and the portfolio tracks the performance of the index perfectly. That should make index funds some of the longest-term holders of stocks in the market.In the real world, some trading is required. As companies raise more capital or buy back stock, index funds also need to adjust holdings. IPOs, mergers and price changes can also cause stocks to be added and deleted from indexes, also requiring the index portfolio to trade. But index providers tend to do that infrequently. In fact, S&P 500 turnover is estimated at around 4.4%, a statistic consistent with Credit Suisse’s estimates for the annual Russell 1000 reconstitution of just 3% over recent years.Although small-cap indexes see higher turnover as their largest holdings are often promoted to large-cap indexes during the year. For example, Credit Suisse also estimates turnover in the small-cap Russell 2000 is much higher at around 20%.In addition, because index funds are focused on replicating their index, not trying to beat it, they tend to trade exactly when the index trades. That means almost all their trading happens at the close.Interestingly, despite their sizable assets, Credit Suisse’s index team estimated that all U.S. index funds traded just over $300 billion in 2019, including adds and deletes (both buys and sells). The BlackRock study of 2017 estimated that index funds traded $460 billion annually. Even this higher turnover estimate means index funds make up less than 0.5% of all liquidity in the stock market.Because indexes themselves tend to minimize their rebalances, we also see that there are nine dates each year when index funds do most of their trading. Data suggests that index funds are around 40% of all trading on index rebalance dates, but cash flows that occur on other days add to less than 5% of close volume, hardly enough to impact price discovery.Chart 5: Trading in the close higher on index rebalance datesThat leaves active funds providing almost all of the $70 trillion in mutual fund liquidity, and basically to 100% of intraday trading and price discovery done by mutual funds.There are two important points to note about this. Even though index funds are large:Their turnover is low, making them even longer-term holders than active investors.Their contribution to price discovery (or price distortions, as some claim) is muted.Chart 6: Index funds have grown to around 40% of all mutual fund assetsHedge funds have fewer assets but higher turnoverBased on estimates, hedge funds hold around 3% of total corporate equities. This translates into roughly $1 trillion in assets under management (AUM). However, most hedge funds are both levered and operating higher turnover (lower hold time) strategies, which increases the liquidity they supply to the market.Hedge funds are notoriously secretive. They also have a wide range of strategies from long term activists to high turnover stat-arb funds. So finding good average trading data is hard.This paper suggests that equity hedge fund leverage could be around two times. That puts gross assets are closer to $2 trillion, although short interest data suggests that a lot of hedge funds actually short with ETFs (reducing stock trading). Other data suggests some hedge funds lever up during the day.Other sources suggest hedge fund turnover is between 120% and 200% per annum, which implies an average hold time for each stock of less than one year.Some funds likely trade much more intraday and minimize overnight exposures (increasing stock trading), but we classify them as intermediation liquidity in Table 1, rather than as a strategy used by natural investors.Using these conservative estimates:Hedge fund trading = $1 trillion in assets x (2 leverage x 2 sides) x 200% turnover = $9 trillion in liquidity each year= $36 billion/day or 8% of all liquidity.What about ETFs?With ETF liquidity of $176 billion per day (both sides) in 2019, it is easy to say they cause a lot of stock trading, but that’s not true. There are three types of ETF liquidity:ETFs as mutual funds: Just like other mutual funds, their portfolio will turnover as indexes change. However, most ETF assets are in index-style portfolios where turnover by the portfolio manager is limited. Consequently, we have included these in the mutual fund turnover metrics in the mutual funds section above.ETF trading: ETFs are their own ticker. An investor trading an ETF usually has nothing to do with underlying company stocks. In many QQQ trades, both the buyer and seller usually represent traders choosing ETFs because they are a cheaper way to gain portfolio exposure.ETF to stock arbitrage: Only authorized participants have the ability to arbitrage between the ETF and the stocks. We classify them as intermediaries (not naturals) and discuss their impact on stock liquidity later.What proportion of professional investors trade in dark pools?All of the categories above could be considered “professional investors.” They are likely to use brokers’ algorithms to work orders in the market. As a whole, these professional investors (mutual, international, pension and ETF funds) represent almost 60% of all investor assets, but just 23% of all liquidity.We also know that brokers route their orders through dark pools—and we know that dark pools represent around 12% of all liquidity.Even with market makers in dark pools, the math shows that professional investors execute a material proportion of their trades in dark pools, possibly 30% or more.What about retail?Retail trading grew significantly in 2020 to around 20% of the market. However, even in 2019, with 15% of all trades being retail, they represented a meaningful amount of “investor” liquidity.However, the way people refer to retail market share overstates their contribution to liquidity for two reasons:Each retail trade represents a buyer or seller, so they are on one side of 15% of sharesRetail tends to trade lower-priced stocks (see Chart 7). Using non-ATS TRF data by ticker, we estimate their contribution to value traded is actually 15% lower.That adds to closer to $30 billion each day in 2019, or just over 6% of all liquidity.Chart 7: Retail tends to trade lower-priced stocks more, reducing their contribution to notional liquidityWhere do Naturals trade?So far, we have accounted for around 93% of assets but less than 30% of all liquidity.That’s less than all the liquidity that trades off-exchange. With dark pools representing 12% of all trades and other off exchange adding to 29% of all trades.That seems to indicate that a material proportion of naturals execute off-exchange – even though they rely on the exchanges for efficient prices and tight spreads. Ironically that makes the role of intermediaries, and competitive quotes on exchanges, even more important to the whole ecosystem. (It’s also a reason to reward the public market for sharing price data – but that’s a topic for another day)Chart 8: These calculations indicate natural investors rely on exchanges for efficient prices but do a large proportion of trading off exchangesWhat about the rest?The breakdown for the other 70% of liquidity is much harder to support with public data, but our estimates show this is where specialist liquidity providers step in to keep markets and spreads efficient.It includes a lot of different strategies, from two-sided liquidity provision to cross market arbitrage to statistical arbitrage strategies, all targeting short-term mispricing caused by other traders.Their size in the U.S. market is a testament to low transaction costs, which allow for risk to be transferred via one or more additional trades. It is also a result of fragmentation and segmentation that increases facilitated trades.Here our estimates are based on less hard data but inferred from other levels of activity. To see how intermediaries could add to 70% of liquidity, consider:Wholesaler facilitation: Each retail trade facilitated off-exchange has a wholesaler on the other side. So the intermediation doubles the liquidity recorded (totaling 13% of all liquidity). However, TRF data shows the major wholesalers actually print trades representing closer to 25% of all liquidity, or about $117 billion per day. That additional 12% of all liquidity represents $57 billion, and likely trades with institutional investors or even other brokers.Equity futures traded around $620 billion each day in 2019, even more liquidity than the whole underlying U.S. stock market (Chart 9). S&P 500 Futures spreads are tight, at 0.8 basis points (bps), and there are arbitrage opportunities with SPY ETFs at 0.4bps and underlying portfolio at 4bps. Given stocks are the most expensive, it’s likely that most futures trades do NOT cause stocks to trade. But if just 5% of futures trading led to stock arbitrage, that would account for around $31bn/day or 7% of all stock liquidity, almost all in S&P500 stocks.ETF arbitrage:As discussed above, some “authorized participants” are able to convert rich stocks into cheaper ETFs and vice versa, a critical market function that keeps ETFs fairly priced for investors. However, ETF spreads are often so cheap that there are no arbitrage opportunities. Industry estimates peg the amount of trading that is ETF arbitrage at between 4% and 10% of ETF trading. If that’s the case, then ETF arbitrage contributes around $11 billion per day in liquidity, of just 2% of all liquidity. That’s consistent with the average creations plus redemptions per day (Chart 9), although that also includes many non-U.S. equity ETFs.Chart 9: ETF creations are a fraction of ETF liquidity, which is a fraction of stock liquidity, which itself is a fraction of equity futures liquidityOptions markets require initial hedges and constant delta hedging. Notional trading of stock options totals $221 billion per day. If just 30% of notional leads to stock hedges and arbitrage, that translates to $66 billion per day, or 14% of liquidity.Market makers’ purpose is to provide two-sided liquidity, not hold stocks long or short. They make money by accurately pricing the spread, and investors benefit from instantaneous liquidity on market orders. Given how few natural investors actually trade on-exchange, it’s more likely than many expect that the quotes on the screen are in fact market makers intermediating trades. If market makers provide liquidity on one side of every second trade on-exchange, that would add to around 16% in total liquidity.Opportunistic traders: Some traders run arbitrage strategies that correct mispricing, often by taking liquidity. We note that this paper suggests hedge funds made up as much as 30% of all trades, almost double our estimate above. That’s likely because traders with short-term mispricing strategies and small overnight balance, like statistical arbitrage, are excluded from our estimates above. These traders provide important risk transfers, even though there are little overnight positions or leverage. Given liquidity providers make up 16%, it’s possible these taker strategies add to 8% of all liquidity, or $37 billion per day.That still leaves us with a pretty large “other” category, at least from the perspective of natural investors. However, there are many other trading and hedging strategies we don’t know much about. For example, hedge funds also buy swaps and OTC options contracts from banks who still need to hedge their risk. Without data on the size of those markets, it’s difficult to estimate their impact on stock trading, but their gamma could even explain some of the growth in market-on-close trading.It’s also possible some of our intermediation estimates are off by at least this amount (given the lack of real data to reconcile to).Chart 10: Naturals hold most assets, but intermediation makes up most of the tradingWhat does this teach us?We would love to have more data to refine our results. But even as they stand, it helps us understand the role of each participant, bringing liquidity and price efficiency to the ecosystem. The data also busts some common myths:Index funds don’t trade much at all, which means they can’t permanently distort prices either.Price discovery comes from active funds and hedge funds.Informed trading overwhelms index fund inflows.Lots of other participants specialize in risk transfer, from futures arbitrage to statistical arbitrage to classic market making. By process of elimination, these participants may trade even more than all the natural investors combined. But having all this competition for lit trading is also critical to the rest of the market who rely on tight spreads and instant liquidity.The key takeaway though is that very low costs to trade in the U.S. allow so many specialists to play a role in keeping markets efficient. Rather than degrading market quality, all the competition for marginally profitable trades translates into more liquidity and tighter spreads for investors, which in turn leads to more attractive valuations for issuers.","news_type":1},"isVote":1,"tweetType":1,"viewCount":318,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3527667803686145","authorId":"3527667803686145","authorIdStr":"3527667803686145","name":"社区成长助手","avatar":"https://static.tigerbbs.com/2b7c7106b5c0c8b0037faa67439d898f","crmLevel":1,"crmLevelSwitch":0,"idStr":"3527667803686145"},"content":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","text":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","html":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation"}],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9061718314,"gmtCreate":1651676180649,"gmtModify":1676534947436,"author":{"id":"3561281850951905","authorId":"3561281850951905","authorIdStr":"3561281850951905","name":"chwong","avatar":"https://static.tigerbbs.com/30876853271e5666bf3c183adef4b1aa","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561281850951905"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/00700\">$TENCENT(00700)$</a>Is it time to buy&nbsp;[Thinking]&nbsp;Hopefully good timing to buy and to add more. Any feedback if will go uptrend soon?","listText":"<a href=\"https://ttm.financial/S/00700\">$TENCENT(00700)$</a>Is it time to buy&nbsp;[Thinking]&nbsp;Hopefully good timing to buy and to add more. Any feedback if will go uptrend soon?","text":"$TENCENT(00700)$Is it time to buy [Thinking] Hopefully good timing to buy and to add more. Any feedback if will go uptrend soon?","images":[{"img":"https://community-static.tradeup.com/news/0046c9a6fb9e1ca6673fda704707d8ca","width":"1080","height":"1920"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":21,"commentSize":1,"repostSize":1,"link":"https://ttm.financial/post/9061718314","isVote":1,"tweetType":1,"viewCount":898,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3575318222868101","authorId":"3575318222868101","authorIdStr":"3575318222868101","name":"vaztan","avatar":"https://static.tigerbbs.com/972c075f63310a3140cf0ac0cb71158c","crmLevel":2,"crmLevelSwitch":0,"idStr":"3575318222868101"},"content":"Don't touch Chinese stock yet. Wait another 3 months","text":"Don't touch Chinese stock yet. Wait another 3 months","html":"Don't touch Chinese stock yet. Wait another 3 months"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9024042097,"gmtCreate":1653784662919,"gmtModify":1676535339887,"author":{"id":"3561281850951905","authorId":"3561281850951905","authorIdStr":"3561281850951905","name":"chwong","avatar":"https://static.tigerbbs.com/30876853271e5666bf3c183adef4b1aa","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561281850951905"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9024042097","repostId":"1150561243","repostType":4,"repost":{"id":"1150561243","pubTimestamp":1653782159,"share":"https://ttm.financial/m/news/1150561243?lang=&edition=fundamental","pubTime":"2022-05-29 07:55","market":"us","language":"en","title":"7 Growth Stocks to Buy Before They Make a Big Comeback","url":"https://stock-news.laohu8.com/highlight/detail?id=1150561243","media":"InvestorPlace","summary":"Although growth stocks have faced significant setbacks, these seven robust shares should rebound in ","content":"<html><head></head><body><p>Although growth stocks have faced significant setbacks, these seven robust shares should rebound in the coming months.</p><ul><li><a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a>: Investors are looking forward to the stock split on July 15.</li><li><a href=\"https://laohu8.com/S/AMAT\">Applied Materials</a>: Given its robust balance sheet and revenue generations, AMAT stock has the potential for a strong comeback.</li><li><a href=\"https://laohu8.com/S/CMG\">Chipotle Mexican Grill</a>: A new investment venture could provide long-term revenue growth and technological innovation</li><li><a href=\"https://laohu8.com/S/FTXL\">First Trust Nasdaq Semiconductor ETF</a>: The fund invests in leading semiconductor companies that will continue play a prominent role in technological developments.</li><li><a href=\"https://laohu8.com/S/SPGP\">Invesco S&amp;P 500 GARP ETF</a>: This ETF invests in equities that have been identified as high growth with attractive valuation levels.</li><li><a href=\"https://laohu8.com/S/LULU\">Lululemon</a>: The apparel retailer’s newly outlined 5-year growth plan intends to double revenue by 2026.</li><li><a href=\"https://laohu8.com/S/CRM\">Salesforce</a>: Recently announced software development platform could provide a new source of revenue from a rapidly growing industry.</li></ul><p>Growth stocks faced significant challenges in the second quarter of 2022. Investors have hit the ‘sell’ button as profits could face serious headwinds while the Federal Reserve increases rates.</p><p>Effects ofinterest rate hikeson the marketsare further compounded by ever-rising inflation and signs of a looming recession.As a result,theS&amp;P 500 Growth Indexhas fallenmore than 28% since the beginning of the year.Moreover, the <b>Vanguard S&amp;P 500 Growth ETF</b> (<b>VOOG</b>) has dropped27.8% over the same period.</p><p>It is also possible to compare theS&amp;P 500 Growth IndexandS&amp;P 500 Indexindices over various time spans. Then, we note that volatility of returns in growth shares is higher as growth stocks typically have betas (β) of well over 1.</p><p>Most of our readers would know that beta shows stock’s volatility relative to the broader market, such as the S&amp;P 500 Index whose beta is accepted as 1. For instance if a stock’s beta is 1.30, it is assumed to be 30% more volatile the S&amp;P 500.</p><p>Although current declines in share prices aresignificant in percentage terms, these headwinds are likely transitory. History shows us that bear markets come to an end and robust shares end up making new highs. When a new bull leg begins, growth stocks could potentially outperform theoverallmarket.</p><p>With that information, here are the seven best growth stocks to buy in June:</p><p><a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a> (GOOGL, GOOG)<img src=\"https://static.tigerbbs.com/9f5f5c46c1809eb2738f15e11711ea07\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\"/>Source: IgorGolovniov / Shutterstock.com</p><p><b>52-week range:</b>$2,109.76 – $2,174.98</p><p>Our first growth stock is the cloud services giant <b>Alphabet</b>, the parent company of Google and YouTube.  Alphabet has numerous subsidiaries in different sectors.</p><p>The tech giant announced first-quarter results on April 26. Revenue was $68.01 billion, up 23% year-over-year (YOY) growth. Diluted earnings per share (EPS) was $24.62. Free cash flow (FCF) for the period resulted in $15.32 billion.</p><p>Management expressed its intention to keep investing in growth opportunities worldwide.The board also approved to re-purchase $70 billion of stock.</p><p>Now, many investors look forward to the upcoming 20-for-1 stock split that should take place on July 15. If today’s price holds, GOOGL should at the time trade around $100.</p><p>Like many of its peers, GOOGL stock has been caught in the tech swoon and is down by 25% year-to-date (YTD). It recently hit a 52-week low.</p><p>The stock is trading at 19.3 times forward earnings and 5.45 times sales. For now, the 12 month priceforecaststands at $3,200. However, after July 15, the price will change to reflect the stock split.</p><p><a href=\"https://laohu8.com/S/AMAT\">Applied Materials</a><img src=\"https://static.tigerbbs.com/459356abc4bf8a4158403f81d8e608b7\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\"/>Source: michelmond / Shutterstock.com</p><p><b>52-week range:</b>$101.33 – $167.06</p><p><a href=\"https://laohu8.com/S/AMAT\">Applied Materials</a> is known for its tools used in chip manufacturing. Like many other semiconductor names, it has been benefiting from recent technological developments and digitalization efforts worldwide.</p><p>AMAT releasedQ2results on May 19. Revenue was $6.25 billion, up 12% YOY. Adjusted EPS was $1.85, up 13%. Cash from operations stood at $2.66 billion of cash, while $2.02 billion was returned to shareholders through stock repurchase and dividends.</p><p>Management highlighted that Applied Materials has been able to deliver results despite significant supply chain challenges. In addition, the manufacturer is likely to benefit from increased spending in wafer fab equipment.</p><p>However, AMAT shares have lost over a third of their value this year and just hit a 52-week low. Meanwhile, the current price supports a dividend yield of 0.92%.</p><p>This stock is changing hands at 13.12 time forward earnings and 4.02 times sales. Finally, the 12 month priceforecastfor AMAT is $140.</p><p><a href=\"https://laohu8.com/S/CMG\">Chipotle Mexican Grill</a><img src=\"https://static.tigerbbs.com/d4cab18b0d8457c8bbf961104a80ab55\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\"/>Source: Northfoto / Shutterstock.com</p><p><b>52-week range:</b>$1,230.91 – $1,958.55</p><p>Our next stock pick for today is the restaurant chain <b>Chipotle Mexican Grill</b>(NYSE:CMG). The popular Tex-Mex chain has around 3,000 restaurants stateside.</p><p>In late April, Chipotle reportedQ1metrics. Revenue increased 16% YOY to $2 billion. Adjusted diluted EPS came in at $5.70, up from $5.36 in the previous year. Cash and equivalents stood at $646.7 million.</p><p>Management recentlyannouncedthe formation ofCultivate Next, a venture fund for investing in companies that strategically align with Chipotle’s mission. Investments in innovations can possibly lead to reduced costs and improved efficiency in Chipotle’s own restaurants.</p><p>CMG stock has lost almost 23% YTD and is flirting with 52-week lows. Shares are trading at39.53times forward earnings and4.7times sales. The12-month medianpriceforecast isat$1900.</p><p><a href=\"https://laohu8.com/S/FTXL\">First Trust Nasdaq Semiconductor ETF</a><img src=\"https://static.tigerbbs.com/56447832a6e96e7551c0a82dbfed7b34\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\"/>Source: shutterstock.com/bangoland</p><p><b>52-week range:</b> $56.80 – $83.10</p><p><b>Expense ratio:</b> 0.60% per year</p><p>Our next discussion centers around an exchange-traded fund (ETF), namely the <a href=\"https://laohu8.com/S/FTXL\">First Trust Nasdaq Semiconductor ETF</a>, which provides exposure to U.S. chip stocks.The fund started trading in September 2016.</p><p>FTXL tracks the Nasdaq US Smart Semiconductor Index and currently has 30 holdings. With regards to sub-sectors, we see Semiconductors (78.78%) and Production Technology Equipment (21.22%).</p><p>Meanwhile, the top 10 stocks in the portfolio account for close to 55% of $94 million in net assets. <a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>, <a href=\"https://laohu8.com/S/INTC\">Intel</a>; <a href=\"https://laohu8.com/S/TXN\">Texas Instruments</a>, <a href=\"https://laohu8.com/S/MU\">Micron Technology</a> are among the most prominent holdings.</p><p>FTXL is down roughly 30% this year, trading near 52-week lows. Trailing price-to-earnings (P/E) and price-to-book (P/B) ratios are 18.01x and 4.04x, respectively.</p><p>Despite the recent declines in prices of chip shares, the outlook for the global semiconductor industry remains healthy. Therefore, many of the names in a fund like FTXL should start to recover in the near future.</p><p><a href=\"https://laohu8.com/S/SPGP\">Invesco S&amp;P 500 GARP ETF</a><img src=\"https://static.tigerbbs.com/1b6e05358cd1981ab5a5d52bf7ebad26\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\"/>Source: Eviart / Shutterstock.com</p><p><b>52-week range:</b> $80.44 – $97.90</p><p><b>Expense ratio:</b> 0.36% per year</p><p>Our secondfund,the <a href=\"https://laohu8.com/S/SPGP\">Invesco S&amp;P 500 GARP ETF</a>, invests in securities that the fund managers have determined to be high growth names with attractive valuation levels.The fund, which started trading in June 2011, is rebalanced and reconstituted semi-annually.</p><p>SPGP currently has 77 holdings. Health care shares lead at 31.15%. Then come information technology (18.96%) and financials (19%).</p><p>The top 10 stocks in the portfolio account for almost a fifth of net assets of $829.9 million.Among them are the biotech name <a href=\"https://laohu8.com/S/VRTX\">Vertex Pharmaceuticals</a>; insurance providers <a href=\"https://laohu8.com/S/CI\">Cigna</a> and <a href=\"https://laohu8.com/S/PGR\">Progressive</a>; and automated cybersecurity solutions company <a href=\"https://laohu8.com/S/FTNT\">Fortinet</a>.</p><p>SPGP has declined more than 12% YTD. As a result, the fund is trading at 15.84 times trailing earnings and 3.71 times book value. If you are looking for above-average growth businesses that are reasonably priced, SPGP deserves to be on your radar screen.</p><p><a href=\"https://laohu8.com/S/LULU\">Lululemon</a><img src=\"https://static.tigerbbs.com/6d033bbc33ff6e77bdeb0ae8a3cb4a5c\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\"/>Source: lentamart / Shutterstock</p><p><b>52-week range:</b>$251.51 – $485.83</p><p><a href=\"https://laohu8.com/S/LULU\">Lululemon</a>, our next growth stock, is a Canadian athletic apparel and fitness equipment group known for high-end yoga pants. Its reach has expanded toover 570 stores across 17 countries.</p><p>In late March, Lululemon announcedQ4 FY21earnings. Revenue was $2.1 billion, representing a 23% increase YOY. Adjusted dilutedEPSincreased from $2.58 in Q4 FY20 to $3.37.</p><p>Recently, management has provideddetailson a new 5-year growth plan, which calls for doubling annual revenue to $12.5 billion by 2026. The focus will be on growingthemen’s apparelsegmentto increase current revenue and also quadrupling international revenuewithinfive years.</p><p>LULU stockhas dropped 28% YTDto trade at 52-week lows. Forward P/E and P/S numbers are29and5.68, respectively. The 12-month medianpriceforecast stands at$435.</p><p><a href=\"https://laohu8.com/S/CRM\">Salesforce</a><img src=\"https://static.tigerbbs.com/0dcf93b50bcf2e1a1530f0a5cca22c06\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\"/>Source: Bjorn Bakstad / Shutterstock.com</p><p><b>52-week range:</b>$154.55 – $311.75</p><p><a href=\"https://laohu8.com/S/CRM\">Salesforce</a>, a member of the <b>Dow Jones Industrial Average (DJIA)</b>, istheleading provider of customer relationship management (CRM) software. More than 150,000 companies around the world rely on the Salesforce platform.</p><p>In early March, the CRM company reportedQ4 FY21financials. Revenue increased 26% YOY to $7.3 billion. Diluted EPS was 84 cents. Cash and equivalents totaled $5.5 billion.</p><p>Salesforce recentlyannouncedthe release of the Anypoint Code Builder, an integrated development environment (IDE). This new IDE, released by Salesforce subsidiary MuleSoft, is a platform designed to improve efficiency and lower development times for new software.</p><p>CRM stockhas declined 36% YTDand has hit 52-week lows. Shares are trading at33.67times forward earnings and5.78times sales. At present, the12-month medianpriceforecastisat$354.</p></body></html>","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 Growth Stocks to Buy Before They Make a Big Comeback</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: 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\">\n7 Growth Stocks to Buy Before They Make a Big Comeback\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-29 07:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/05/7-growth-stocks-to-buy-before-they-make-a-big-comeback/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Although growth stocks have faced significant setbacks, these seven robust shares should rebound in the coming months.Alphabet: Investors are looking forward to the stock split on July 15.Applied ...</p>\n\n<a href=\"https://investorplace.com/2022/05/7-growth-stocks-to-buy-before-they-make-a-big-comeback/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPGP":"Invesco S&P 500 GARP ETF","FTXL":"First Trust Nasdaq Semiconductor ETF"},"source_url":"https://investorplace.com/2022/05/7-growth-stocks-to-buy-before-they-make-a-big-comeback/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150561243","content_text":"Although growth stocks have faced significant setbacks, these seven robust shares should rebound in the coming months.Alphabet: Investors are looking forward to the stock split on July 15.Applied Materials: Given its robust balance sheet and revenue generations, AMAT stock has the potential for a strong comeback.Chipotle Mexican Grill: A new investment venture could provide long-term revenue growth and technological innovationFirst Trust Nasdaq Semiconductor ETF: The fund invests in leading semiconductor companies that will continue play a prominent role in technological developments.Invesco S&P 500 GARP ETF: This ETF invests in equities that have been identified as high growth with attractive valuation levels.Lululemon: The apparel retailer’s newly outlined 5-year growth plan intends to double revenue by 2026.Salesforce: Recently announced software development platform could provide a new source of revenue from a rapidly growing industry.Growth stocks faced significant challenges in the second quarter of 2022. Investors have hit the ‘sell’ button as profits could face serious headwinds while the Federal Reserve increases rates.Effects ofinterest rate hikeson the marketsare further compounded by ever-rising inflation and signs of a looming recession.As a result,theS&P 500 Growth Indexhas fallenmore than 28% since the beginning of the year.Moreover, the Vanguard S&P 500 Growth ETF (VOOG) has dropped27.8% over the same period.It is also possible to compare theS&P 500 Growth IndexandS&P 500 Indexindices over various time spans. Then, we note that volatility of returns in growth shares is higher as growth stocks typically have betas (β) of well over 1.Most of our readers would know that beta shows stock’s volatility relative to the broader market, such as the S&P 500 Index whose beta is accepted as 1. For instance if a stock’s beta is 1.30, it is assumed to be 30% more volatile the S&P 500.Although current declines in share prices aresignificant in percentage terms, these headwinds are likely transitory. History shows us that bear markets come to an end and robust shares end up making new highs. When a new bull leg begins, growth stocks could potentially outperform theoverallmarket.With that information, here are the seven best growth stocks to buy in June:Alphabet (GOOGL, GOOG)Source: IgorGolovniov / Shutterstock.com52-week range:$2,109.76 – $2,174.98Our first growth stock is the cloud services giant Alphabet, the parent company of Google and YouTube.  Alphabet has numerous subsidiaries in different sectors.The tech giant announced first-quarter results on April 26. Revenue was $68.01 billion, up 23% year-over-year (YOY) growth. Diluted earnings per share (EPS) was $24.62. Free cash flow (FCF) for the period resulted in $15.32 billion.Management expressed its intention to keep investing in growth opportunities worldwide.The board also approved to re-purchase $70 billion of stock.Now, many investors look forward to the upcoming 20-for-1 stock split that should take place on July 15. If today’s price holds, GOOGL should at the time trade around $100.Like many of its peers, GOOGL stock has been caught in the tech swoon and is down by 25% year-to-date (YTD). It recently hit a 52-week low.The stock is trading at 19.3 times forward earnings and 5.45 times sales. For now, the 12 month priceforecaststands at $3,200. However, after July 15, the price will change to reflect the stock split.Applied MaterialsSource: michelmond / Shutterstock.com52-week range:$101.33 – $167.06Applied Materials is known for its tools used in chip manufacturing. Like many other semiconductor names, it has been benefiting from recent technological developments and digitalization efforts worldwide.AMAT releasedQ2results on May 19. Revenue was $6.25 billion, up 12% YOY. Adjusted EPS was $1.85, up 13%. Cash from operations stood at $2.66 billion of cash, while $2.02 billion was returned to shareholders through stock repurchase and dividends.Management highlighted that Applied Materials has been able to deliver results despite significant supply chain challenges. In addition, the manufacturer is likely to benefit from increased spending in wafer fab equipment.However, AMAT shares have lost over a third of their value this year and just hit a 52-week low. Meanwhile, the current price supports a dividend yield of 0.92%.This stock is changing hands at 13.12 time forward earnings and 4.02 times sales. Finally, the 12 month priceforecastfor AMAT is $140.Chipotle Mexican GrillSource: Northfoto / Shutterstock.com52-week range:$1,230.91 – $1,958.55Our next stock pick for today is the restaurant chain Chipotle Mexican Grill(NYSE:CMG). The popular Tex-Mex chain has around 3,000 restaurants stateside.In late April, Chipotle reportedQ1metrics. Revenue increased 16% YOY to $2 billion. Adjusted diluted EPS came in at $5.70, up from $5.36 in the previous year. Cash and equivalents stood at $646.7 million.Management recentlyannouncedthe formation ofCultivate Next, a venture fund for investing in companies that strategically align with Chipotle’s mission. Investments in innovations can possibly lead to reduced costs and improved efficiency in Chipotle’s own restaurants.CMG stock has lost almost 23% YTD and is flirting with 52-week lows. Shares are trading at39.53times forward earnings and4.7times sales. The12-month medianpriceforecast isat$1900.First Trust Nasdaq Semiconductor ETFSource: shutterstock.com/bangoland52-week range: $56.80 – $83.10Expense ratio: 0.60% per yearOur next discussion centers around an exchange-traded fund (ETF), namely the First Trust Nasdaq Semiconductor ETF, which provides exposure to U.S. chip stocks.The fund started trading in September 2016.FTXL tracks the Nasdaq US Smart Semiconductor Index and currently has 30 holdings. With regards to sub-sectors, we see Semiconductors (78.78%) and Production Technology Equipment (21.22%).Meanwhile, the top 10 stocks in the portfolio account for close to 55% of $94 million in net assets. Broadcom, Intel; Texas Instruments, Micron Technology are among the most prominent holdings.FTXL is down roughly 30% this year, trading near 52-week lows. Trailing price-to-earnings (P/E) and price-to-book (P/B) ratios are 18.01x and 4.04x, respectively.Despite the recent declines in prices of chip shares, the outlook for the global semiconductor industry remains healthy. Therefore, many of the names in a fund like FTXL should start to recover in the near future.Invesco S&P 500 GARP ETFSource: Eviart / Shutterstock.com52-week range: $80.44 – $97.90Expense ratio: 0.36% per yearOur secondfund,the Invesco S&P 500 GARP ETF, invests in securities that the fund managers have determined to be high growth names with attractive valuation levels.The fund, which started trading in June 2011, is rebalanced and reconstituted semi-annually.SPGP currently has 77 holdings. Health care shares lead at 31.15%. Then come information technology (18.96%) and financials (19%).The top 10 stocks in the portfolio account for almost a fifth of net assets of $829.9 million.Among them are the biotech name Vertex Pharmaceuticals; insurance providers Cigna and Progressive; and automated cybersecurity solutions company Fortinet.SPGP has declined more than 12% YTD. As a result, the fund is trading at 15.84 times trailing earnings and 3.71 times book value. If you are looking for above-average growth businesses that are reasonably priced, SPGP deserves to be on your radar screen.LululemonSource: lentamart / Shutterstock52-week range:$251.51 – $485.83Lululemon, our next growth stock, is a Canadian athletic apparel and fitness equipment group known for high-end yoga pants. Its reach has expanded toover 570 stores across 17 countries.In late March, Lululemon announcedQ4 FY21earnings. Revenue was $2.1 billion, representing a 23% increase YOY. Adjusted dilutedEPSincreased from $2.58 in Q4 FY20 to $3.37.Recently, management has provideddetailson a new 5-year growth plan, which calls for doubling annual revenue to $12.5 billion by 2026. The focus will be on growingthemen’s apparelsegmentto increase current revenue and also quadrupling international revenuewithinfive years.LULU stockhas dropped 28% YTDto trade at 52-week lows. Forward P/E and P/S numbers are29and5.68, respectively. The 12-month medianpriceforecast stands at$435.SalesforceSource: Bjorn Bakstad / Shutterstock.com52-week range:$154.55 – $311.75Salesforce, a member of the Dow Jones Industrial Average (DJIA), istheleading provider of customer relationship management (CRM) software. More than 150,000 companies around the world rely on the Salesforce platform.In early March, the CRM company reportedQ4 FY21financials. Revenue increased 26% YOY to $7.3 billion. Diluted EPS was 84 cents. Cash and equivalents totaled $5.5 billion.Salesforce recentlyannouncedthe release of the Anypoint Code Builder, an integrated development environment (IDE). This new IDE, released by Salesforce subsidiary MuleSoft, is a platform designed to improve efficiency and lower development times for new software.CRM stockhas declined 36% YTDand has hit 52-week lows. Shares are trading at33.67times forward earnings and5.78times sales. At present, the12-month medianpriceforecastisat$354.","news_type":1},"isVote":1,"tweetType":1,"viewCount":184,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386627330,"gmtCreate":1613175846420,"gmtModify":1704879193620,"author":{"id":"3561281850951905","authorId":"3561281850951905","authorIdStr":"3561281850951905","name":"chwong","avatar":"https://static.tigerbbs.com/30876853271e5666bf3c183adef4b1aa","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561281850951905"},"themes":[],"htmlText":"Still able to buy? Is it too late?","listText":"Still able to buy? Is it too late?","text":"Still able to buy? Is it too late?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/386627330","repostId":"1179092967","repostType":4,"repost":{"id":"1179092967","pubTimestamp":1613100617,"share":"https://ttm.financial/m/news/1179092967?lang=&edition=fundamental","pubTime":"2021-02-12 11:30","market":"us","language":"en","title":"Not Just Tesla: Why Big Companies are Buying into Crypto-Mania","url":"https://stock-news.laohu8.com/highlight/detail?id=1179092967","media":"barrons","summary":"For months, there has beena consistent trickle of newsabout mainstream businesses getting involved in cryptocurrencies. In the past week, it has turned into a flood, helping to push the price of Bitcoin to a record of $48,297 on Thursday.The most buzzworthy move came from Tesla , which disclosed on Monday that it hasbought $1.5 billion worth of Bitcointo hold on its balance sheet. The company plans to let consumers use the currency to pay for cars.Mastercard  said on Wednesday that it will let m","content":"<p>For months, there has beena consistent trickle of newsabout mainstream businesses getting involved in cryptocurrencies. In the past week, it has turned into a flood, helping to push the price of Bitcoin to a record of $48,297 on Thursday.</p><p>The most buzzworthy move came from Tesla (ticker: TSLA), which disclosed on Monday that it hasbought $1.5 billion worth of Bitcointo hold on its balance sheet. The company plans to let consumers use the currency to pay for cars.</p><p>But Tesla isn’t the only one. On Thursday, BNY Mellon (BK), the oldest bank in the U.S.,said it will hold and transfer cryptocurrencies for customers. “Growing client demand for digital assets, maturity of advanced solutions, and improving regulatory clarity present a tremendous opportunity for us to extend our current service offerings to this emerging field,” said Roman Regelman, the bank’s CEO of asset servicing and head of digital.</p><p>Mastercard (MA) said on Wednesday that it will let merchants accept some cryptocurrencies through its network later this year. The payments will be converted to traditional money before it enters the companies’ systems.Twitter(TWTR) is also considering a Bitcoin investment. And Square (SQ) has already put some on its balance sheet, as well as given users of its Cash App access to buy the cryptocurrency.</p><p>Why is this happening now? Cryptocurrencies are still not particularly useful outside of a very few cases, such as cross-border transactions. Even there, they haven’t fully taken hold.</p><p>There are at least four big reasons corporations are diving in.</p><p>One is that some company founders believe in Bitcoin. Their excitement about the asset has convinced them that their companies need to be involved, or have cryptocurrency investments, even if Bitcoin isn’t really the core of their operations. That appears to be the case for Tesla and its CEO Elon Musk, and for a software company calledMicrostrategyand its CEO, Michael Saylor.</p><p>Microstrategy, whose entire market capitalization was below $1 billion early last year, now owns more than $2 billion of Bitcoin, and its market cap is now just under $10 billion. Saylor told<i>Barron’s</i>&nbsp;in an interview last yearthat he sees Bitcoin as a hedge against monetary debasement and inflation.</p><p>Square CEO Jack Dorsey ‘s fascination with Bitcoin also likely sped Square’s adoption. He has spoken about his interest in the currency for years.</p><p>Tesla’s purchase of Bitcoin is strong marketing for the company and the currency, said Dan Morehead, founder of the crypto hedge fund Pantera Capital. But it won’t likely change the way Bitcoin is used. “Tesla sells a half a million cars a year,” he said. “If they sold 4% in Bitcoin, I’d be surprised.” Morehead thinks Bitoin’s growing use for cross-border payments is much more exciting from a practical perspective.</p><p>Other companies are getting into Bitcoin because of customer demand. That appears to be the case for BNY Mellon, which is not known for making risky bets on new technologies. It could stay out of the industry altogether, but more institutional investors are buying Bitcoin and need somewhere to put it.</p><p>And the infrastructure around Bitcoin has grown, so that it now more closely resembles the systems used in the rest of the world of finance.. Big companies now insure cryptocurrencies or—as in the case ofJPMorgan Chase(JPM)—offer services to cryptocurrency businesses, even if most still don’t hold Bitcoin on their own balance sheets.</p><p>A third reason is increasing government acceptance of the trend. BNY cited greater regulatory clarity around Bitcoin as one reason it is diving in. The U.S. government has taken a mostly laissez-faire approach to regulating digital assets even as many of the illegal activities that cryptocurrency has been associated with in the past have continued. Without at least the tacit approval of regulators, crypto couldn’t have landed on the balance sheets of so many companies.</p><p>A fourth reason cryptocurrencies are gaining hold in corporate boardrooms is that they serve multiple purposes. That gives corporations several different rationales to hold the coins, or offer related services. Cryptocurrencies have the potential to go well beyond Bitcoin’s initial premise as a way to send money without financial intermediaries. So-called stablecoins, whose value is meant to track fiat currencies, could allow for faster transactions for some kinds of financial services, for instance.</p><p>Visa(V) andMasterCardseem like the last places in the world that Bitcoin would take hold given that Bitcoin was created to eliminate the middlemen in finance. Few companies fill the role of middleman as perfectly as the credit-card processors. Visa, however, thinks that cryptocurrencies are useful for many other purposes, and its trusted brand makes it an important player, according to Cuy Sheffield, head of crypto at the company.</p><p>“We’ve seen growing demand from clients across the world that want to be able to plug in and use these networks, but they want a global, neutral, trusted brand, to help them be able to do that,” Sheffield said in an interview. Visa said last week it has created software that allows bank customers to buy and hold cryptocurrencies through lenders’ websites.</p><p>Will old-line financial companies be the biggest beneficiaries of the crypto “revolution”? Michael Venuto, the chief investment officer of Toroso Investments, doesn’t think it will be easy for them to dominate this new world. Toroso created theAmplify Transformational Data SharingETF (ticker: BLOK), which invests in public companies involved in the technology behind Bitcoin.</p><p>“In terms of the self-referenced paradox of the old economy accepting the blockchain, it is simply inevitable,” Venuto wrote in an email to<i>Barron’s</i>. “If they don’t explore the blockchain they will be extinct. They understand that, but they are not aware of how big the changes will be or how fast they will happen. They have to evolve, but evolution can be messy.”</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>Not Just Tesla: Why Big Companies are Buying into Crypto-Mania</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\">\nNot Just Tesla: Why Big Companies are Buying into Crypto-Mania\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-12 11:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/not-just-tesla-why-big-companies-are-buying-into-crypto-mania-51613069805?mod=hp_LEADSUPP_1><strong>barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>For months, there has beena consistent trickle of newsabout mainstream businesses getting involved in cryptocurrencies. In the past week, it has turned into a flood, helping to push the price of ...</p>\n\n<a href=\"https://www.barrons.com/articles/not-just-tesla-why-big-companies-are-buying-into-crypto-mania-51613069805?mod=hp_LEADSUPP_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/414360f2ef7b5c785cb936b4a9b53a44","relate_stocks":{"TSLA":"特斯拉","GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.barrons.com/articles/not-just-tesla-why-big-companies-are-buying-into-crypto-mania-51613069805?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179092967","content_text":"For months, there has beena consistent trickle of newsabout mainstream businesses getting involved in cryptocurrencies. In the past week, it has turned into a flood, helping to push the price of Bitcoin to a record of $48,297 on Thursday.The most buzzworthy move came from Tesla (ticker: TSLA), which disclosed on Monday that it hasbought $1.5 billion worth of Bitcointo hold on its balance sheet. The company plans to let consumers use the currency to pay for cars.But Tesla isn’t the only one. On Thursday, BNY Mellon (BK), the oldest bank in the U.S.,said it will hold and transfer cryptocurrencies for customers. “Growing client demand for digital assets, maturity of advanced solutions, and improving regulatory clarity present a tremendous opportunity for us to extend our current service offerings to this emerging field,” said Roman Regelman, the bank’s CEO of asset servicing and head of digital.Mastercard (MA) said on Wednesday that it will let merchants accept some cryptocurrencies through its network later this year. The payments will be converted to traditional money before it enters the companies’ systems.Twitter(TWTR) is also considering a Bitcoin investment. And Square (SQ) has already put some on its balance sheet, as well as given users of its Cash App access to buy the cryptocurrency.Why is this happening now? Cryptocurrencies are still not particularly useful outside of a very few cases, such as cross-border transactions. Even there, they haven’t fully taken hold.There are at least four big reasons corporations are diving in.One is that some company founders believe in Bitcoin. Their excitement about the asset has convinced them that their companies need to be involved, or have cryptocurrency investments, even if Bitcoin isn’t really the core of their operations. That appears to be the case for Tesla and its CEO Elon Musk, and for a software company calledMicrostrategyand its CEO, Michael Saylor.Microstrategy, whose entire market capitalization was below $1 billion early last year, now owns more than $2 billion of Bitcoin, and its market cap is now just under $10 billion. Saylor toldBarron’s in an interview last yearthat he sees Bitcoin as a hedge against monetary debasement and inflation.Square CEO Jack Dorsey ‘s fascination with Bitcoin also likely sped Square’s adoption. He has spoken about his interest in the currency for years.Tesla’s purchase of Bitcoin is strong marketing for the company and the currency, said Dan Morehead, founder of the crypto hedge fund Pantera Capital. But it won’t likely change the way Bitcoin is used. “Tesla sells a half a million cars a year,” he said. “If they sold 4% in Bitcoin, I’d be surprised.” Morehead thinks Bitoin’s growing use for cross-border payments is much more exciting from a practical perspective.Other companies are getting into Bitcoin because of customer demand. That appears to be the case for BNY Mellon, which is not known for making risky bets on new technologies. It could stay out of the industry altogether, but more institutional investors are buying Bitcoin and need somewhere to put it.And the infrastructure around Bitcoin has grown, so that it now more closely resembles the systems used in the rest of the world of finance.. Big companies now insure cryptocurrencies or—as in the case ofJPMorgan Chase(JPM)—offer services to cryptocurrency businesses, even if most still don’t hold Bitcoin on their own balance sheets.A third reason is increasing government acceptance of the trend. BNY cited greater regulatory clarity around Bitcoin as one reason it is diving in. The U.S. government has taken a mostly laissez-faire approach to regulating digital assets even as many of the illegal activities that cryptocurrency has been associated with in the past have continued. Without at least the tacit approval of regulators, crypto couldn’t have landed on the balance sheets of so many companies.A fourth reason cryptocurrencies are gaining hold in corporate boardrooms is that they serve multiple purposes. That gives corporations several different rationales to hold the coins, or offer related services. Cryptocurrencies have the potential to go well beyond Bitcoin’s initial premise as a way to send money without financial intermediaries. So-called stablecoins, whose value is meant to track fiat currencies, could allow for faster transactions for some kinds of financial services, for instance.Visa(V) andMasterCardseem like the last places in the world that Bitcoin would take hold given that Bitcoin was created to eliminate the middlemen in finance. Few companies fill the role of middleman as perfectly as the credit-card processors. Visa, however, thinks that cryptocurrencies are useful for many other purposes, and its trusted brand makes it an important player, according to Cuy Sheffield, head of crypto at the company.“We’ve seen growing demand from clients across the world that want to be able to plug in and use these networks, but they want a global, neutral, trusted brand, to help them be able to do that,” Sheffield said in an interview. Visa said last week it has created software that allows bank customers to buy and hold cryptocurrencies through lenders’ websites.Will old-line financial companies be the biggest beneficiaries of the crypto “revolution”? Michael Venuto, the chief investment officer of Toroso Investments, doesn’t think it will be easy for them to dominate this new world. Toroso created theAmplify Transformational Data SharingETF (ticker: BLOK), which invests in public companies involved in the technology behind Bitcoin.“In terms of the self-referenced paradox of the old economy accepting the blockchain, it is simply inevitable,” Venuto wrote in an email toBarron’s. “If they don’t explore the blockchain they will be extinct. They understand that, but they are not aware of how big the changes will be or how fast they will happen. They have to evolve, but evolution can be messy.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":257,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":312935388,"gmtCreate":1611988483844,"gmtModify":1704866832629,"author":{"id":"3561281850951905","authorId":"3561281850951905","authorIdStr":"3561281850951905","name":"chwong","avatar":"https://static.tigerbbs.com/30876853271e5666bf3c183adef4b1aa","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561281850951905"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/312935388","repostId":"1131015158","repostType":4,"repost":{"id":"1131015158","pubTimestamp":1611902095,"share":"https://ttm.financial/m/news/1131015158?lang=&edition=fundamental","pubTime":"2021-01-29 14:34","market":"us","language":"en","title":"Who is Trading on U.S. Markets?","url":"https://stock-news.laohu8.com/highlight/detail?id=1131015158","media":"Nasdaq","summary":"The U.S. equity market is the largest and most liquid stock market in the world (Chart 1).As of year","content":"<p>The U.S. equity market is the largest and most liquid stock market in the world (Chart 1).</p><p>As of year-end 2019, the market cap of publicly traded companies listed in the U.S. totaled almost $38 trillion, representing nearly 40% of totalglobal marketcapitalization. On an average day in 2019, trading in company stocks (excluding ETPs) adds to $233 billion. That results in turnover, multiplied by a company’s market cap trades each year, which is more than double what we see in Asia or Europe.</p><p>Better liquidity for all companies should result in&nbsp;lower trading costs&nbsp;for investors and lower&nbsp;costs of capital&nbsp;for issuers.</p><p><b>Chart 1: The U.S. equity market is the most liquid in the world (2019 data shown)</b><img src=\"https://static.tigerbbs.com/750bf1eaa39bf5912710666180423d55\" tg-width=\"843\" tg-height=\"557\" referrerpolicy=\"no-referrer\"></p><p>Which raises a question: “Who is doing all this U.S. stock trading?”</p><p>The answer isn’t obvious, as very little trading is attributed to counterparties in public data sources. But using a number of sources, the estimates we create below show that all the participants in the&nbsp;U.S. markets ecosystem&nbsp;have different and important roles to play. These different players keep trading spreads low and prices efficient, and transfer liquidity between markets rapidly and cheaply.</p><p><b>Chart 2: The U.S. market ecosystem shows lots of participants contribute to liquidity</b><img src=\"https://static.tigerbbs.com/6184c14291f0a33d44ed198bce806821\" tg-width=\"827\" tg-height=\"765\" referrerpolicy=\"no-referrer\"></p><p>Our estimates are shown below in Table 1. But there are a few things to highlight before we get going:</p><ul><li>Liquidity is relevant to both buyers&nbsp;<i>and</i>&nbsp;And risk is hedged in dollars, not shares. So we look at the value of&nbsp;<i>gross</i>&nbsp;liquidity (trades x 2). So&nbsp;<i>trading</i>&nbsp;of $233 billion per day actually represents&nbsp;<i>liquidity</i>&nbsp;of double that, or $466 billion per day.</li><li>Because most of the data from 2020 isn’t available yet, we’re basing these estimates on 2019 trading and assets. Total liquidity in 2020 actually increased 50% to almost $700 billion per day, thanks to an increase in retail trading and volatility caused by COVID-19.</li><li>Public data becomes harder and harder to find the more we progress down the list in Table 1. Accordingly, our estimates would increasingly adjust once more data becomes available.</li><li>We don’t include ETF trading, even though they are&nbsp;NMS stocks, which would add another $88 billion per day, or $176 billion in liquidity.</li></ul><p>We also try to separate our estimates by strategies available to investors (“natural” investors) and those deployed by liquidity providers (intermediators).</p><p><b>Table 1: Estimating who contributes to market liquidity</b><img src=\"https://static.tigerbbs.com/ce7e8a9db500a8d200aab6a55764908f\" tg-width=\"830\" tg-height=\"661\" referrerpolicy=\"no-referrer\"></p><p>So, let’s walk through how we arrived at these estimates.</p><p><b>How much do investors trade?</b></p><p>As Chart 3 shows, investors represent a small section of the market ecosystem, although data shows that they own the majority of stock market capital.</p><p>Around two-thirds of corporate shares are owned by U.S. households via mutual funds (22%), pension funds (11%) or retail brokerage (34%) accounts. And an additional 16% are owned by foreign investors, likely mostly through professionally managed investments too.</p><p><b>Chart 3: Ownership of U.S. stocks</b><img src=\"https://static.tigerbbs.com/86ec9c7de9bf77f18a31094ba470b364\" tg-width=\"838\" tg-height=\"526\" referrerpolicy=\"no-referrer\"><b>How much do mutual funds trade?</b></p><p>Let’s start with professionally managed investments: mutual funds (domestic and international), ETFs and pensions. We know their assets are around $21.2 trillion (Chart 3).</p><p>ICI tracks the&nbsp;average turnover&nbsp;of all mutual funds. Their data shows that average turnover has been steadily declining for most of the past 35 years and now sits below 30% per annum each side.</p><p>Some of the decline is due to the rise in index funds. As we discuss below, they have a much&nbsp;lower turnover. Even when we account for that, we estimate active trading has still fallen to around 47% each side, equating to longer average hold times even in active institutional accounts.</p><p><b>Chart 4: Mutual fund turnover has declined to around 30%</b><img src=\"https://static.tigerbbs.com/fa5b070aeac70dd7d00d369f1f131dda\" tg-width=\"849\" tg-height=\"583\" referrerpolicy=\"no-referrer\">Knowing that mutual funds tend to stay close to fully invested, we know that their buys are likely offset by sells, so turnover will result in a two-sided trade. Doing the math:</p><p>Mutual fund trading = $21.1 trillion in assets x 28% turnover x 2 sides</p><p>= $47.2 billion per day, or less than 10% of liquidity.</p><p>This total is somewhat understated as ICI doesn’t include cash inflows and outflows. If gross cash flows are (say) half the size again of trades, that would lead to around $70 billion in liquidity each day, or just 15% of all liquidity.</p><p><b>Index funds trade much (much) less</b></p><p>One of the common myths of liquidity is that because index funds have such large assets and consistent inflows, they also do a lot of trading, which also distorts prices.</p><p>The truth is very different. In fact,&nbsp;BlackRock&nbsp;estimated in 2017 that for every $1 in index trading, there was more than $20 in active trading.</p><p>That’s because index funds are designed to do very little trading. Once an index portfolio buys an index weight holding of a stock, in principle, they don’t have to trade it ever again. As the price of the stock rises, so does its weight in the index and in the portfolio, and the portfolio tracks the performance of the index perfectly. That should make index funds some of the longest-term holders of stocks in the market.</p><p>In the real world, some trading is required. As companies raise more capital or buy back stock, index funds also need to adjust holdings. IPOs, mergers and price changes can also cause stocks to be added and deleted from indexes, also requiring the index portfolio to trade. But index providers tend to do that infrequently. In fact,&nbsp;S&amp;P 500 turnover&nbsp;is estimated at around 4.4%, a statistic consistent with Credit Suisse’s estimates for the annual Russell 1000 reconstitution of just 3% over recent years.</p><p>Although small-cap indexes see higher turnover as their largest holdings are often promoted to large-cap indexes during the year. For example, Credit Suisse also estimates turnover in the small-cap Russell 2000 is much higher at around 20%.</p><p>In addition, because index funds are focused on replicating their index, not trying to beat it, they tend to trade exactly when the index trades. That means almost all their trading happens at the close.</p><p>Interestingly, despite their sizable assets, Credit Suisse’s index team estimated that all U.S. index funds traded&nbsp;just over $300 billion&nbsp;in 2019, including adds and deletes (both buys and sells). The&nbsp;BlackRock&nbsp;study of 2017 estimated that index funds traded $460 billion annually. Even this higher turnover estimate means index funds make up less than 0.5% of all liquidity in the stock market.</p><p>Because indexes themselves tend to minimize their rebalances, we also see that there are nine dates each year when index funds do&nbsp;most of their trading. Data suggests that index funds are around 40% of all trading on index rebalance dates, but cash flows that occur on other days add to less than 5% of close volume, hardly enough to impact price discovery.</p><p><b>Chart 5: Trading in the close higher on index rebalance dates</b><img src=\"https://static.tigerbbs.com/b2fcee6a01b19149c5c43f4810606571\" tg-width=\"839\" tg-height=\"518\" referrerpolicy=\"no-referrer\">That leaves active funds providing almost all of the $70 trillion in mutual fund liquidity, and basically to 100% of intraday trading and price discovery done by mutual funds.</p><p>There are two important points to note about this. Even though index funds are large:</p><ul><li>Their turnover is low, making them even longer-term holders than active investors.</li><li>Their contribution to price discovery (or price distortions, as some claim) is muted.</li></ul><p><b>Chart 6: Index funds have grown to around 40% of all mutual fund assets</b><img src=\"https://static.tigerbbs.com/f847fbcbc3db0bbe61eb12fe1b10d8a7\" tg-width=\"840\" tg-height=\"554\" referrerpolicy=\"no-referrer\"><b>Hedge funds have fewer assets but higher turnover</b></p><p>Based on&nbsp;estimates, hedge funds hold around 3% of total corporate equities. This translates into roughly $1 trillion in assets under management (AUM). However, most hedge funds are both levered and operating higher turnover (lower hold time) strategies, which increases the liquidity they supply to the market.</p><p>Hedge funds are notoriously secretive. They also have a wide range of strategies from long term activists to high turnover stat-arb funds. So finding good average trading data is hard.</p><ul><li>This paper&nbsp;suggests that equity hedge fund leverage could be around two times. That puts gross assets are closer to $2 trillion, although&nbsp;short interest data&nbsp;suggests that a lot of hedge funds actually short with ETFs (reducing stock trading). Other data suggests some hedge funds lever up during the day.</li><li>Other sources suggest hedge fund turnover is between&nbsp;120%&nbsp;and&nbsp;200%&nbsp;per annum, which implies an average hold time for each stock of less than one year.</li><li>Some funds likely trade much more intraday and minimize overnight exposures (increasing stock trading), but we classify them as intermediation liquidity in Table 1, rather than as a strategy used by natural investors.</li></ul><p>Using these conservative estimates:</p><p>Hedge fund trading = $1 trillion in assets x (2 leverage x 2 sides) x 200% turnover = $9 trillion in liquidity each year</p><p>= $36 billion/day or 8% of all liquidity.</p><p><b>What about ETFs?</b></p><p>With&nbsp;ETF liquidity of $176 billion per day&nbsp;(both sides) in 2019, it is easy to say they cause a lot of stock trading, but that’s not true. There are three types of ETF liquidity:</p><ol><li><b>ETFs as mutual funds:</b>&nbsp;Just like other mutual funds, their portfolio will turnover as indexes change. However, most ETF assets are in index-style portfolios where turnover by the portfolio manager is limited. Consequently, we have included these in the mutual fund turnover metrics in the mutual funds section above.</li><li><b>ETF trading:</b>&nbsp;ETFs are their own ticker. An investor trading an ETF&nbsp;usually has nothing to do&nbsp;with underlying company stocks. In many QQQ trades, both the buyer and seller usually represent traders choosing ETFs because they are a cheaper way to gain portfolio exposure.</li><li><b>ETF to stock arbitrage</b>: Only authorized participants have the ability to arbitrage between the ETF and the stocks. We classify them as intermediaries (not naturals) and discuss their impact on stock liquidity later.</li></ol><p><b>What proportion of professional investors trade in dark pools?</b></p><p>All of the categories above could be considered “professional investors.” They are likely to use&nbsp;brokers’ algorithms&nbsp;to work orders in the market. As a whole, these professional investors (mutual, international, pension and ETF funds) represent almost 60% of all investor assets, but just 23% of all liquidity.</p><p>We also know that brokers route their orders through dark pools—and we know that&nbsp;dark pools represent around 12%&nbsp;of all liquidity.</p><p>Even with market makers in dark pools, the math shows that professional investors execute a material proportion of their trades in dark pools, possibly 30% or more.</p><p><b>What about retail?</b></p><p>Retail trading grew significantly in 2020 to&nbsp;around 20%&nbsp;of the market. However, even in 2019, with 15% of all trades being retail, they represented a meaningful amount of “investor” liquidity.</p><p>However, the way people refer to retail market share overstates their contribution to liquidity for two reasons:</p><ol><li>Each retail trade represents a buyer&nbsp;<i>or</i>&nbsp;seller, so they are on one side of 15% of&nbsp;<i>shares</i></li><li>Retail tends to trade lower-priced stocks (see Chart 7). Using non-ATS TRF data by ticker, we estimate their contribution to&nbsp;<i>value</i>&nbsp;traded is actually 15% lower.</li></ol><p>That adds to closer to $30 billion each day in 2019, or just over 6% of all liquidity.</p><p><b>Chart 7: Retail tends to trade lower-priced stocks more, reducing their contribution to notional liquidity</b><img src=\"https://static.tigerbbs.com/5fb7571f7a20913204cd900b55773c47\" tg-width=\"830\" tg-height=\"596\" referrerpolicy=\"no-referrer\"><b>Where do Naturals trade?</b></p><p>So far, we have accounted for around 93% of assets but less than 30% of all liquidity.</p><p>That’s less than all the liquidity that trades off-exchange. With dark pools representing 12% of all trades and other off exchange adding to 29% of all trades.</p><p>That seems to indicate that a material proportion of naturals execute off-exchange – even though they rely on the exchanges for efficient prices and tight spreads. Ironically that makes the role of intermediaries, and competitive quotes on exchanges, even more important to the whole ecosystem. (It’s also a reason to reward the public market for sharing price data – but that’s a topic for another day)</p><p><b>Chart 8: These calculations indicate natural investors rely on exchanges for efficient prices but do a large proportion of trading off exchanges</b><img src=\"https://static.tigerbbs.com/f8a0508b17c8db1f9b8a96b973225c11\" tg-width=\"836\" tg-height=\"769\"></p><p><b>What about the rest?</b></p><p>The breakdown for the other 70% of liquidity is much harder to support with public data, but our estimates show this is where specialist liquidity providers step in to keep markets and spreads efficient.</p><p>It includes a lot of different strategies, from two-sided liquidity provision to cross market arbitrage to statistical arbitrage strategies, all targeting short-term mispricing caused by other traders.</p><p>Their size in the U.S. market is a testament to low transaction costs, which allow for risk to be transferred via one or more additional trades. It is also a result of fragmentation and segmentation that increases facilitated trades.</p><p>Here our estimates are based on less hard data but inferred from other levels of activity. To see how intermediaries could add to 70% of liquidity, consider:</p><ul><li><b>Wholesaler facilitation</b>: Each&nbsp;retail trade facilitated off-exchange&nbsp;has a wholesaler on the other side. So the intermediation doubles the liquidity recorded (totaling 13% of all liquidity). However, TRF data shows the major wholesalers actually print trades representing closer to 25% of all liquidity, or about $117 billion per day. That additional 12% of all liquidity represents $57 billion, and likely trades with institutional investors or even other brokers.</li><li><b>Equity futures</b>&nbsp;traded around $620 billion each day in 2019, even more liquidity than the whole underlying U.S. stock market (Chart 9). S&amp;P 500 Futures spreads are tight, at 0.8 basis points (bps), and there are arbitrage opportunities with SPY ETFs at 0.4bps and underlying portfolio at 4bps. Given stocks are the most expensive, it’s likely that most futures trades do NOT cause stocks to trade. But if just 5% of futures trading led to stock arbitrage, that would account for around $31bn/day or 7% of all stock liquidity, almost all in S&amp;P500 stocks.</li><li><b>ETF arbitrage:</b>As discussed above, some “authorized participants” are able to convert rich stocks into cheaper ETFs and vice versa, a critical market function that keeps ETFs fairly priced for investors. However, ETF spreads are&nbsp;often so cheap&nbsp;that there are no arbitrage opportunities. Industry estimates peg the amount of trading that is ETF arbitrage at&nbsp;between 4% and 10% of ETF trading. If that’s the case, then ETF arbitrage contributes around $11 billion per day in liquidity, of just 2% of all liquidity. That’s consistent with the average creations plus redemptions per day (Chart 9), although that also includes many non-U.S. equity ETFs.</li></ul><p><b>Chart 9: ETF creations are a fraction of ETF liquidity, which is a fraction of stock liquidity, which itself is a fraction of equity futures liquidity</b><img src=\"https://static.tigerbbs.com/12186b4f2fe4046cb66be42b3a4428cf\" tg-width=\"840\" tg-height=\"580\" referrerpolicy=\"no-referrer\"></p><ul><li><b>Options</b>&nbsp;markets require initial hedges and constant delta hedging. Notional trading of stock options totals $221 billion per day. If just 30% of notional leads to stock hedges and arbitrage, that translates to $66 billion per day, or 14% of liquidity.</li><li><b>Market makers’</b>&nbsp;purpose is to provide two-sided liquidity, not hold stocks long or short. They make money by accurately pricing the spread, and investors benefit from instantaneous liquidity on market orders. Given how few natural investors actually trade on-exchange, it’s more likely than many expect that the quotes on the screen are in fact market makers intermediating trades. If market makers provide liquidity on one side of every second trade on-exchange, that would add to around 16% in total liquidity.</li><li><b>Opportunistic traders:</b>&nbsp;Some traders run arbitrage strategies that correct mispricing, often by taking liquidity. We note that&nbsp;this paper&nbsp;suggests hedge funds made up as much as 30% of all trades, almost double our estimate above. That’s likely because traders with short-term mispricing strategies and small overnight balance, like statistical arbitrage, are excluded from our estimates above. These traders provide important risk transfers, even though there are little overnight positions or leverage. Given liquidity providers make up 16%, it’s possible these taker strategies add to 8% of all liquidity, or $37 billion per day.</li></ul><p>That still leaves us with a pretty large “other” category, at least from the perspective of natural investors. However, there are many other trading and hedging strategies we don’t know much about. For example, hedge funds also buy swaps and OTC options contracts from banks who still need to hedge their risk. Without data on the size of those markets, it’s difficult to estimate their impact on stock trading, but their gamma could even explain some of the growth in market-on-close trading.</p><p>It’s also possible some of our intermediation estimates are off by at least this amount (given the lack of real data to reconcile to).</p><p><b>Chart 10: Naturals hold most assets, but intermediation makes up most of the trading</b><img src=\"https://static.tigerbbs.com/5433155e6e58652d046d387c3c7bc1f6\" tg-width=\"847\" tg-height=\"495\" referrerpolicy=\"no-referrer\"></p><p><b>What does this teach us?</b></p><p>We would love to have more data to refine our results. But even as they stand, it helps us understand the role of each participant, bringing liquidity and price efficiency to the ecosystem. The data also busts some common myths:</p><ul><li><b>Index funds don’t trade much at all</b>, which means they can’t permanently distort prices either.</li><li><b>Price discovery comes from active funds and hedge funds.</b>Informed trading overwhelms index fund inflows.</li><li><b>Lots of other participants specialize in risk transfer</b>, from futures arbitrage to statistical arbitrage to classic market making. By process of elimination, these participants may trade even more than all the natural investors combined. But having all this competition for lit trading is also critical to the rest of the market who rely on tight spreads and instant liquidity.</li></ul><p>The key takeaway though is that very low costs to trade in the U.S. allow so many specialists to play a role in keeping markets efficient. Rather than degrading market quality, all the competition for marginally profitable trades translates into more liquidity and tighter spreads for investors, which in turn leads to&nbsp;more attractive valuations&nbsp;for issuers.</p>","source":"lsy1603171495471","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>Who is Trading on U.S. Markets?</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\">\nWho is Trading on U.S. Markets?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-01-29 14:34 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.nasdaq.com/articles/who-is-trading-on-u.s.-markets-2021-01-28><strong>Nasdaq</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The U.S. equity market is the largest and most liquid stock market in the world (Chart 1).As of year-end 2019, the market cap of publicly traded companies listed in the U.S. totaled almost $38 ...</p>\n\n<a href=\"https://www.nasdaq.com/articles/who-is-trading-on-u.s.-markets-2021-01-28\">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.nasdaq.com/articles/who-is-trading-on-u.s.-markets-2021-01-28","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131015158","content_text":"The U.S. equity market is the largest and most liquid stock market in the world (Chart 1).As of year-end 2019, the market cap of publicly traded companies listed in the U.S. totaled almost $38 trillion, representing nearly 40% of totalglobal marketcapitalization. On an average day in 2019, trading in company stocks (excluding ETPs) adds to $233 billion. That results in turnover, multiplied by a company’s market cap trades each year, which is more than double what we see in Asia or Europe.Better liquidity for all companies should result in lower trading costs for investors and lower costs of capital for issuers.Chart 1: The U.S. equity market is the most liquid in the world (2019 data shown)Which raises a question: “Who is doing all this U.S. stock trading?”The answer isn’t obvious, as very little trading is attributed to counterparties in public data sources. But using a number of sources, the estimates we create below show that all the participants in the U.S. markets ecosystem have different and important roles to play. These different players keep trading spreads low and prices efficient, and transfer liquidity between markets rapidly and cheaply.Chart 2: The U.S. market ecosystem shows lots of participants contribute to liquidityOur estimates are shown below in Table 1. But there are a few things to highlight before we get going:Liquidity is relevant to both buyers and And risk is hedged in dollars, not shares. So we look at the value of gross liquidity (trades x 2). So trading of $233 billion per day actually represents liquidity of double that, or $466 billion per day.Because most of the data from 2020 isn’t available yet, we’re basing these estimates on 2019 trading and assets. Total liquidity in 2020 actually increased 50% to almost $700 billion per day, thanks to an increase in retail trading and volatility caused by COVID-19.Public data becomes harder and harder to find the more we progress down the list in Table 1. Accordingly, our estimates would increasingly adjust once more data becomes available.We don’t include ETF trading, even though they are NMS stocks, which would add another $88 billion per day, or $176 billion in liquidity.We also try to separate our estimates by strategies available to investors (“natural” investors) and those deployed by liquidity providers (intermediators).Table 1: Estimating who contributes to market liquiditySo, let’s walk through how we arrived at these estimates.How much do investors trade?As Chart 3 shows, investors represent a small section of the market ecosystem, although data shows that they own the majority of stock market capital.Around two-thirds of corporate shares are owned by U.S. households via mutual funds (22%), pension funds (11%) or retail brokerage (34%) accounts. And an additional 16% are owned by foreign investors, likely mostly through professionally managed investments too.Chart 3: Ownership of U.S. stocksHow much do mutual funds trade?Let’s start with professionally managed investments: mutual funds (domestic and international), ETFs and pensions. We know their assets are around $21.2 trillion (Chart 3).ICI tracks the average turnover of all mutual funds. Their data shows that average turnover has been steadily declining for most of the past 35 years and now sits below 30% per annum each side.Some of the decline is due to the rise in index funds. As we discuss below, they have a much lower turnover. Even when we account for that, we estimate active trading has still fallen to around 47% each side, equating to longer average hold times even in active institutional accounts.Chart 4: Mutual fund turnover has declined to around 30%Knowing that mutual funds tend to stay close to fully invested, we know that their buys are likely offset by sells, so turnover will result in a two-sided trade. Doing the math:Mutual fund trading = $21.1 trillion in assets x 28% turnover x 2 sides= $47.2 billion per day, or less than 10% of liquidity.This total is somewhat understated as ICI doesn’t include cash inflows and outflows. If gross cash flows are (say) half the size again of trades, that would lead to around $70 billion in liquidity each day, or just 15% of all liquidity.Index funds trade much (much) lessOne of the common myths of liquidity is that because index funds have such large assets and consistent inflows, they also do a lot of trading, which also distorts prices.The truth is very different. In fact, BlackRock estimated in 2017 that for every $1 in index trading, there was more than $20 in active trading.That’s because index funds are designed to do very little trading. Once an index portfolio buys an index weight holding of a stock, in principle, they don’t have to trade it ever again. As the price of the stock rises, so does its weight in the index and in the portfolio, and the portfolio tracks the performance of the index perfectly. That should make index funds some of the longest-term holders of stocks in the market.In the real world, some trading is required. As companies raise more capital or buy back stock, index funds also need to adjust holdings. IPOs, mergers and price changes can also cause stocks to be added and deleted from indexes, also requiring the index portfolio to trade. But index providers tend to do that infrequently. In fact, S&P 500 turnover is estimated at around 4.4%, a statistic consistent with Credit Suisse’s estimates for the annual Russell 1000 reconstitution of just 3% over recent years.Although small-cap indexes see higher turnover as their largest holdings are often promoted to large-cap indexes during the year. For example, Credit Suisse also estimates turnover in the small-cap Russell 2000 is much higher at around 20%.In addition, because index funds are focused on replicating their index, not trying to beat it, they tend to trade exactly when the index trades. That means almost all their trading happens at the close.Interestingly, despite their sizable assets, Credit Suisse’s index team estimated that all U.S. index funds traded just over $300 billion in 2019, including adds and deletes (both buys and sells). The BlackRock study of 2017 estimated that index funds traded $460 billion annually. Even this higher turnover estimate means index funds make up less than 0.5% of all liquidity in the stock market.Because indexes themselves tend to minimize their rebalances, we also see that there are nine dates each year when index funds do most of their trading. Data suggests that index funds are around 40% of all trading on index rebalance dates, but cash flows that occur on other days add to less than 5% of close volume, hardly enough to impact price discovery.Chart 5: Trading in the close higher on index rebalance datesThat leaves active funds providing almost all of the $70 trillion in mutual fund liquidity, and basically to 100% of intraday trading and price discovery done by mutual funds.There are two important points to note about this. Even though index funds are large:Their turnover is low, making them even longer-term holders than active investors.Their contribution to price discovery (or price distortions, as some claim) is muted.Chart 6: Index funds have grown to around 40% of all mutual fund assetsHedge funds have fewer assets but higher turnoverBased on estimates, hedge funds hold around 3% of total corporate equities. This translates into roughly $1 trillion in assets under management (AUM). However, most hedge funds are both levered and operating higher turnover (lower hold time) strategies, which increases the liquidity they supply to the market.Hedge funds are notoriously secretive. They also have a wide range of strategies from long term activists to high turnover stat-arb funds. So finding good average trading data is hard.This paper suggests that equity hedge fund leverage could be around two times. That puts gross assets are closer to $2 trillion, although short interest data suggests that a lot of hedge funds actually short with ETFs (reducing stock trading). Other data suggests some hedge funds lever up during the day.Other sources suggest hedge fund turnover is between 120% and 200% per annum, which implies an average hold time for each stock of less than one year.Some funds likely trade much more intraday and minimize overnight exposures (increasing stock trading), but we classify them as intermediation liquidity in Table 1, rather than as a strategy used by natural investors.Using these conservative estimates:Hedge fund trading = $1 trillion in assets x (2 leverage x 2 sides) x 200% turnover = $9 trillion in liquidity each year= $36 billion/day or 8% of all liquidity.What about ETFs?With ETF liquidity of $176 billion per day (both sides) in 2019, it is easy to say they cause a lot of stock trading, but that’s not true. There are three types of ETF liquidity:ETFs as mutual funds: Just like other mutual funds, their portfolio will turnover as indexes change. However, most ETF assets are in index-style portfolios where turnover by the portfolio manager is limited. Consequently, we have included these in the mutual fund turnover metrics in the mutual funds section above.ETF trading: ETFs are their own ticker. An investor trading an ETF usually has nothing to do with underlying company stocks. In many QQQ trades, both the buyer and seller usually represent traders choosing ETFs because they are a cheaper way to gain portfolio exposure.ETF to stock arbitrage: Only authorized participants have the ability to arbitrage between the ETF and the stocks. We classify them as intermediaries (not naturals) and discuss their impact on stock liquidity later.What proportion of professional investors trade in dark pools?All of the categories above could be considered “professional investors.” They are likely to use brokers’ algorithms to work orders in the market. As a whole, these professional investors (mutual, international, pension and ETF funds) represent almost 60% of all investor assets, but just 23% of all liquidity.We also know that brokers route their orders through dark pools—and we know that dark pools represent around 12% of all liquidity.Even with market makers in dark pools, the math shows that professional investors execute a material proportion of their trades in dark pools, possibly 30% or more.What about retail?Retail trading grew significantly in 2020 to around 20% of the market. However, even in 2019, with 15% of all trades being retail, they represented a meaningful amount of “investor” liquidity.However, the way people refer to retail market share overstates their contribution to liquidity for two reasons:Each retail trade represents a buyer or seller, so they are on one side of 15% of sharesRetail tends to trade lower-priced stocks (see Chart 7). Using non-ATS TRF data by ticker, we estimate their contribution to value traded is actually 15% lower.That adds to closer to $30 billion each day in 2019, or just over 6% of all liquidity.Chart 7: Retail tends to trade lower-priced stocks more, reducing their contribution to notional liquidityWhere do Naturals trade?So far, we have accounted for around 93% of assets but less than 30% of all liquidity.That’s less than all the liquidity that trades off-exchange. With dark pools representing 12% of all trades and other off exchange adding to 29% of all trades.That seems to indicate that a material proportion of naturals execute off-exchange – even though they rely on the exchanges for efficient prices and tight spreads. Ironically that makes the role of intermediaries, and competitive quotes on exchanges, even more important to the whole ecosystem. (It’s also a reason to reward the public market for sharing price data – but that’s a topic for another day)Chart 8: These calculations indicate natural investors rely on exchanges for efficient prices but do a large proportion of trading off exchangesWhat about the rest?The breakdown for the other 70% of liquidity is much harder to support with public data, but our estimates show this is where specialist liquidity providers step in to keep markets and spreads efficient.It includes a lot of different strategies, from two-sided liquidity provision to cross market arbitrage to statistical arbitrage strategies, all targeting short-term mispricing caused by other traders.Their size in the U.S. market is a testament to low transaction costs, which allow for risk to be transferred via one or more additional trades. It is also a result of fragmentation and segmentation that increases facilitated trades.Here our estimates are based on less hard data but inferred from other levels of activity. To see how intermediaries could add to 70% of liquidity, consider:Wholesaler facilitation: Each retail trade facilitated off-exchange has a wholesaler on the other side. So the intermediation doubles the liquidity recorded (totaling 13% of all liquidity). However, TRF data shows the major wholesalers actually print trades representing closer to 25% of all liquidity, or about $117 billion per day. That additional 12% of all liquidity represents $57 billion, and likely trades with institutional investors or even other brokers.Equity futures traded around $620 billion each day in 2019, even more liquidity than the whole underlying U.S. stock market (Chart 9). S&P 500 Futures spreads are tight, at 0.8 basis points (bps), and there are arbitrage opportunities with SPY ETFs at 0.4bps and underlying portfolio at 4bps. Given stocks are the most expensive, it’s likely that most futures trades do NOT cause stocks to trade. But if just 5% of futures trading led to stock arbitrage, that would account for around $31bn/day or 7% of all stock liquidity, almost all in S&P500 stocks.ETF arbitrage:As discussed above, some “authorized participants” are able to convert rich stocks into cheaper ETFs and vice versa, a critical market function that keeps ETFs fairly priced for investors. However, ETF spreads are often so cheap that there are no arbitrage opportunities. Industry estimates peg the amount of trading that is ETF arbitrage at between 4% and 10% of ETF trading. If that’s the case, then ETF arbitrage contributes around $11 billion per day in liquidity, of just 2% of all liquidity. That’s consistent with the average creations plus redemptions per day (Chart 9), although that also includes many non-U.S. equity ETFs.Chart 9: ETF creations are a fraction of ETF liquidity, which is a fraction of stock liquidity, which itself is a fraction of equity futures liquidityOptions markets require initial hedges and constant delta hedging. Notional trading of stock options totals $221 billion per day. If just 30% of notional leads to stock hedges and arbitrage, that translates to $66 billion per day, or 14% of liquidity.Market makers’ purpose is to provide two-sided liquidity, not hold stocks long or short. They make money by accurately pricing the spread, and investors benefit from instantaneous liquidity on market orders. Given how few natural investors actually trade on-exchange, it’s more likely than many expect that the quotes on the screen are in fact market makers intermediating trades. If market makers provide liquidity on one side of every second trade on-exchange, that would add to around 16% in total liquidity.Opportunistic traders: Some traders run arbitrage strategies that correct mispricing, often by taking liquidity. We note that this paper suggests hedge funds made up as much as 30% of all trades, almost double our estimate above. That’s likely because traders with short-term mispricing strategies and small overnight balance, like statistical arbitrage, are excluded from our estimates above. These traders provide important risk transfers, even though there are little overnight positions or leverage. Given liquidity providers make up 16%, it’s possible these taker strategies add to 8% of all liquidity, or $37 billion per day.That still leaves us with a pretty large “other” category, at least from the perspective of natural investors. However, there are many other trading and hedging strategies we don’t know much about. For example, hedge funds also buy swaps and OTC options contracts from banks who still need to hedge their risk. Without data on the size of those markets, it’s difficult to estimate their impact on stock trading, but their gamma could even explain some of the growth in market-on-close trading.It’s also possible some of our intermediation estimates are off by at least this amount (given the lack of real data to reconcile to).Chart 10: Naturals hold most assets, but intermediation makes up most of the tradingWhat does this teach us?We would love to have more data to refine our results. But even as they stand, it helps us understand the role of each participant, bringing liquidity and price efficiency to the ecosystem. The data also busts some common myths:Index funds don’t trade much at all, which means they can’t permanently distort prices either.Price discovery comes from active funds and hedge funds.Informed trading overwhelms index fund inflows.Lots of other participants specialize in risk transfer, from futures arbitrage to statistical arbitrage to classic market making. By process of elimination, these participants may trade even more than all the natural investors combined. But having all this competition for lit trading is also critical to the rest of the market who rely on tight spreads and instant liquidity.The key takeaway though is that very low costs to trade in the U.S. allow so many specialists to play a role in keeping markets efficient. Rather than degrading market quality, all the competition for marginally profitable trades translates into more liquidity and tighter spreads for investors, which in turn leads to more attractive valuations for issuers.","news_type":1},"isVote":1,"tweetType":1,"viewCount":318,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3527667803686145","authorId":"3527667803686145","authorIdStr":"3527667803686145","name":"社区成长助手","avatar":"https://static.tigerbbs.com/2b7c7106b5c0c8b0037faa67439d898f","crmLevel":1,"crmLevelSwitch":0,"idStr":"3527667803686145"},"content":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","text":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","html":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358578271,"gmtCreate":1616719303693,"gmtModify":1704797804727,"author":{"id":"3561281850951905","authorId":"3561281850951905","authorIdStr":"3561281850951905","name":"chwong","avatar":"https://static.tigerbbs.com/30876853271e5666bf3c183adef4b1aa","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561281850951905"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/358578271","repostId":"1186949092","repostType":4,"isVote":1,"tweetType":1,"viewCount":300,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381073866,"gmtCreate":1612917492855,"gmtModify":1704875961384,"author":{"id":"3561281850951905","authorId":"3561281850951905","authorIdStr":"3561281850951905","name":"chwong","avatar":"https://static.tigerbbs.com/30876853271e5666bf3c183adef4b1aa","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561281850951905"},"themes":[],"htmlText":"Elon musk the iron man","listText":"Elon musk the iron man","text":"Elon musk the iron man","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/381073866","repostId":"1109747216","repostType":4,"isVote":1,"tweetType":1,"viewCount":498,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386624985,"gmtCreate":1613175781047,"gmtModify":1704879192323,"author":{"id":"3561281850951905","authorId":"3561281850951905","authorIdStr":"3561281850951905","name":"chwong","avatar":"https://static.tigerbbs.com/30876853271e5666bf3c183adef4b1aa","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561281850951905"},"themes":[],"htmlText":"Ooo","listText":"Ooo","text":"Ooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/386624985","repostId":"2110026963","repostType":4,"repost":{"id":"2110026963","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1613109422,"share":"https://ttm.financial/m/news/2110026963?lang=&edition=fundamental","pubTime":"2021-02-12 13:57","market":"us","language":"en","title":"Here's the formula for spotting genuinely undervalued companies, claims this investment house","url":"https://stock-news.laohu8.com/highlight/detail?id=2110026963","media":"Dow Jones","summary":"The growth stock vs. value stock dichotomy doesn't make sense, says ValuAnalysis. For most of 2020, investors poured money into names like online retailer Amazon $$, electric-car maker Tesla $$, and e-commerce platform Shopify -- \"growth\" stocks that kept indexes afloat in a turbulent year that hammered share prices across the board.But when news broke in early November 2020 that drug company Pfizer $$ and its partner BioNTech $$ had developed an effective vaccine against COVID-19, something pro","content":"<p>MW Here's the formula for spotting genuinely undervalued companies, claims this investment house</p>\n<p>The growth stock vs. value stock dichotomy doesn't make sense, says ValuAnalysis</p>\n<p>For most of 2020, investors poured money into names like online retailer Amazon <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>, electric-car maker Tesla <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a>, and e-commerce platform Shopify (SHOP.T)-- \"growth\" stocks that kept indexes afloat in a turbulent year that hammered share prices across the board.</p>\n<p>But when news broke in early November 2020 that drug company Pfizer <a href=\"https://laohu8.com/S/PFE\">$(PFE)$</a> and its partner BioNTech <a href=\"https://laohu8.com/S/BNTX\">$(BNTX)$</a> had developed an effective vaccine against COVID-19, something profound happened in financial markets.</p>\n<p>Investors rotated out of these investments in favor of \"value\" stocks hammered by the COVID-19 pandemic, like airlines.</p>\n<p>This rotation was based on an essential concept in investing: There are some stocks that are clearly undervalued based on standard metrics.</p>\n<p>And it is completely flawed, according to research from ValuAnalysis, a London-based fund manager and equity investment boutique, which specializes in valuation.</p>\n<p>The apparent difference between growth stocks and value stocks is that the former is overvalued based on fundamental metrics while the latter is undervalued.</p>\n<p>\"Everyone knows that this thing doesn't make any sense because growth is not the opposite of value,\" Pascal Costantini, who led the research at ValuAnalysis, tells MarketWatch.</p>\n<p>\"It should be high-growth and low-growth, and I can imagine that, somewhere in an office, some guy said 'well this is not catchy enough, so how about growth and value?'\"</p>\n<p>Analysts and investors use metrics like the price-to-earnings ratio, or price multiple, to value stocks. ValuAnalysis uses price as a multiple of normalized net free cash flow as its benchmark, and identifies the imaginary dividing line between value and growth stocks at 35x, which is the market median.</p>\n<p>The value vs. growth divide would suggest that a company trading at a 17x earnings multiple is undervalued. In reality, ValuAnalysis says it is likely a company that won't grow.</p>\n<p>In reality, a stock's value is based on the company's ability to grow free cash flow in an environment where the cost of capital is 5% to 6%. So if a company isn't outpacing that by improving revenue and margins, the multiple won't increase and the stock price is unlikely to rise.</p>\n<p>Stocks that are actually undervalued will trade between 25x and 35x free cash flow, Costantini says, outpacing the cost of capital but not breaking past the market median.</p>\n<p>To have potential, a company's accumulation of assets or revenue growth must outpace increases in global gross domestic product, and ideally show signs of accelerating. There must also be an increase in operational leverage through revenue or margins. A decrease in the risk premium, such as through advances in controlling carbon emissions, helps.</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>Here's the formula for spotting genuinely undervalued companies, claims this investment house</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\">\nHere's the formula for spotting genuinely undervalued companies, claims this investment house\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-02-12 13:57</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>MW Here's the formula for spotting genuinely undervalued companies, claims this investment house</p>\n<p>The growth stock vs. value stock dichotomy doesn't make sense, says ValuAnalysis</p>\n<p>For most of 2020, investors poured money into names like online retailer Amazon <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>, electric-car maker Tesla <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a>, and e-commerce platform Shopify (SHOP.T)-- \"growth\" stocks that kept indexes afloat in a turbulent year that hammered share prices across the board.</p>\n<p>But when news broke in early November 2020 that drug company Pfizer <a href=\"https://laohu8.com/S/PFE\">$(PFE)$</a> and its partner BioNTech <a href=\"https://laohu8.com/S/BNTX\">$(BNTX)$</a> had developed an effective vaccine against COVID-19, something profound happened in financial markets.</p>\n<p>Investors rotated out of these investments in favor of \"value\" stocks hammered by the COVID-19 pandemic, like airlines.</p>\n<p>This rotation was based on an essential concept in investing: There are some stocks that are clearly undervalued based on standard metrics.</p>\n<p>And it is completely flawed, according to research from ValuAnalysis, a London-based fund manager and equity investment boutique, which specializes in valuation.</p>\n<p>The apparent difference between growth stocks and value stocks is that the former is overvalued based on fundamental metrics while the latter is undervalued.</p>\n<p>\"Everyone knows that this thing doesn't make any sense because growth is not the opposite of value,\" Pascal Costantini, who led the research at ValuAnalysis, tells MarketWatch.</p>\n<p>\"It should be high-growth and low-growth, and I can imagine that, somewhere in an office, some guy said 'well this is not catchy enough, so how about growth and value?'\"</p>\n<p>Analysts and investors use metrics like the price-to-earnings ratio, or price multiple, to value stocks. ValuAnalysis uses price as a multiple of normalized net free cash flow as its benchmark, and identifies the imaginary dividing line between value and growth stocks at 35x, which is the market median.</p>\n<p>The value vs. growth divide would suggest that a company trading at a 17x earnings multiple is undervalued. In reality, ValuAnalysis says it is likely a company that won't grow.</p>\n<p>In reality, a stock's value is based on the company's ability to grow free cash flow in an environment where the cost of capital is 5% to 6%. So if a company isn't outpacing that by improving revenue and margins, the multiple won't increase and the stock price is unlikely to rise.</p>\n<p>Stocks that are actually undervalued will trade between 25x and 35x free cash flow, Costantini says, outpacing the cost of capital but not breaking past the market median.</p>\n<p>To have potential, a company's accumulation of assets or revenue growth must outpace increases in global gross domestic product, and ideally show signs of accelerating. There must also be an increase in operational leverage through revenue or margins. A decrease in the risk premium, such as through advances in controlling carbon emissions, helps.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/15e20574f8fb568333181d61bb200086","relate_stocks":{"AMZN":"亚马逊","PFE":"辉瑞","TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2110026963","content_text":"MW Here's the formula for spotting genuinely undervalued companies, claims this investment house\nThe growth stock vs. value stock dichotomy doesn't make sense, says ValuAnalysis\nFor most of 2020, investors poured money into names like online retailer Amazon $(AMZN)$, electric-car maker Tesla $(TSLA)$, and e-commerce platform Shopify (SHOP.T)-- \"growth\" stocks that kept indexes afloat in a turbulent year that hammered share prices across the board.\nBut when news broke in early November 2020 that drug company Pfizer $(PFE)$ and its partner BioNTech $(BNTX)$ had developed an effective vaccine against COVID-19, something profound happened in financial markets.\nInvestors rotated out of these investments in favor of \"value\" stocks hammered by the COVID-19 pandemic, like airlines.\nThis rotation was based on an essential concept in investing: There are some stocks that are clearly undervalued based on standard metrics.\nAnd it is completely flawed, according to research from ValuAnalysis, a London-based fund manager and equity investment boutique, which specializes in valuation.\nThe apparent difference between growth stocks and value stocks is that the former is overvalued based on fundamental metrics while the latter is undervalued.\n\"Everyone knows that this thing doesn't make any sense because growth is not the opposite of value,\" Pascal Costantini, who led the research at ValuAnalysis, tells MarketWatch.\n\"It should be high-growth and low-growth, and I can imagine that, somewhere in an office, some guy said 'well this is not catchy enough, so how about growth and value?'\"\nAnalysts and investors use metrics like the price-to-earnings ratio, or price multiple, to value stocks. ValuAnalysis uses price as a multiple of normalized net free cash flow as its benchmark, and identifies the imaginary dividing line between value and growth stocks at 35x, which is the market median.\nThe value vs. growth divide would suggest that a company trading at a 17x earnings multiple is undervalued. In reality, ValuAnalysis says it is likely a company that won't grow.\nIn reality, a stock's value is based on the company's ability to grow free cash flow in an environment where the cost of capital is 5% to 6%. So if a company isn't outpacing that by improving revenue and margins, the multiple won't increase and the stock price is unlikely to rise.\nStocks that are actually undervalued will trade between 25x and 35x free cash flow, Costantini says, outpacing the cost of capital but not breaking past the market median.\nTo have potential, a company's accumulation of assets or revenue growth must outpace increases in global gross domestic product, and ideally show signs of accelerating. There must also be an increase in operational leverage through revenue or margins. A decrease in the risk premium, such as through advances in controlling carbon emissions, helps.","news_type":1},"isVote":1,"tweetType":1,"viewCount":310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381079014,"gmtCreate":1612917399438,"gmtModify":1704875959763,"author":{"id":"3561281850951905","authorId":"3561281850951905","authorIdStr":"3561281850951905","name":"chwong","avatar":"https://static.tigerbbs.com/30876853271e5666bf3c183adef4b1aa","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561281850951905"},"themes":[],"htmlText":"Will it go hire?","listText":"Will it go hire?","text":"Will it go hire?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/381079014","repostId":"2110663052","repostType":4,"repost":{"id":"2110663052","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":1612859995,"share":"https://ttm.financial/m/news/2110663052?lang=&edition=fundamental","pubTime":"2021-02-09 16:39","market":"us","language":"en","title":"Bitcoin powers to new high as Tesla takes it mainstream","url":"https://stock-news.laohu8.com/highlight/detail?id=2110663052","media":"Reuters","summary":"TOKYO, Feb 9 (Reuters) - Bitcoin extended gains on Tuesday to a record high as the afterglow of Tesl","content":"<p>TOKYO, Feb 9 (Reuters) - Bitcoin extended gains on Tuesday to a record high as the afterglow of Tesla Inc's&nbsp;investment in the cryptocurrency had investors reckoning it would become a mainstream asset class for both corporates and money managers.</p>\n<p>Bitcoin has more than doubled over two months as institutional investors search for alternative wealth stores and retail traders ride the wave. Monday's leap after Tesla's announcement was its largest daily rise in more than three years.</p>\n<p>It climbed to a new peak of $48,216 late in the Asian afternoon on Tuesday. Rival cryptocurrency ethereum had struck a record high of $1,784.85 in the early morning.</p>\n<p>Shares of companies that provide trading platforms for bitcoin and the technology to \"mine\" the cryptocurrency surged in China, South Korea, and Australia, and big computer chip making companies such as SK Hynix also rose.</p>\n<p>The U.S. dollar slumped against most currencies.</p>\n<p>Analysts figuredTesla's announcement that it had bought $1.5 billion in bitcoin and that it would take the cryptocurrency as payment for cars is part of a larger shift as companies and big investment houses follow small traders into the asset.</p>\n<p>\"While you can now buy a Tesla with bitcoin, I wouldn't suggest doing so,\" said Michael Bucella, partner at crypto investment firm BlockTower on CNBC. \"We're in a position where these are the earliest phases of an allocation to bitcoin from the institutional and corporate community.\"</p>\n<p>Bitcoin is already up 62% this year, on top of a 300% rally last year, as investors search for alternatives to the greenback because of the U.S. Federal Reserve's 0% interest rates.</p>\n<p>Central bankers and regulators, particularly in China, are also starting to embrace issuing their own digital currencies for everyday use, in a major break from the conventional workings of global finance.</p>\n<p>\"Digital currencies, it seems clear to us, are going to be an increasing part of financial architecture very broadly and potentially portfolios moving forward,\" Ben Powell, APAC chief investment strategist at BlackRock's Investment Institute, said on CNBC.</p>\n<p>\"There isn't just news in the U.S. with the bitcoin situation, but in China we've got a rollout of China's digital currency with so-called 'red packets'.\"</p>\n<p>Tesla boss Elon Musk has long been a cryptocurrency fan - he has talked them up online - but Tesla's hard currency investment came as a surprise that has put a rocket under the sector.</p>\n<p>Even dogecoin, a joke cryptocurrency with a dog as its symbol, has seen its value turbocharged after Musk mentioned it on <a href=\"https://laohu8.com/S/TWTR\">Twitter</a>. It has jumped by 13% in the past day, according to CoinMarketCap.</p>\n<p>China's Feitian Technologies Co Ltd, which makes technology for digital payments, rose 4.47% on Tuesday.</p>\n<p>Beijing will issue 10 million yuan ($1.55 million) worth of digital currency to residents that can be used during the Lunar New Year holiday starting on Thursday, domestic media reported.</p>\n<p>In addition, Chinese are expected to send billions of yuan to each other during the weeklong holiday via chat apps such as WeChat - digital versions of traditional 'red packet' envelopes filled with cash.</p>\n<p>($1 = 6.4493 Chinese yuan)</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin powers to new high as Tesla takes it mainstream</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\">\nBitcoin powers to new high as Tesla takes it mainstream\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\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\">2021-02-09 16:39</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>TOKYO, Feb 9 (Reuters) - Bitcoin extended gains on Tuesday to a record high as the afterglow of Tesla Inc's&nbsp;investment in the cryptocurrency had investors reckoning it would become a mainstream asset class for both corporates and money managers.</p>\n<p>Bitcoin has more than doubled over two months as institutional investors search for alternative wealth stores and retail traders ride the wave. Monday's leap after Tesla's announcement was its largest daily rise in more than three years.</p>\n<p>It climbed to a new peak of $48,216 late in the Asian afternoon on Tuesday. Rival cryptocurrency ethereum had struck a record high of $1,784.85 in the early morning.</p>\n<p>Shares of companies that provide trading platforms for bitcoin and the technology to \"mine\" the cryptocurrency surged in China, South Korea, and Australia, and big computer chip making companies such as SK Hynix also rose.</p>\n<p>The U.S. dollar slumped against most currencies.</p>\n<p>Analysts figuredTesla's announcement that it had bought $1.5 billion in bitcoin and that it would take the cryptocurrency as payment for cars is part of a larger shift as companies and big investment houses follow small traders into the asset.</p>\n<p>\"While you can now buy a Tesla with bitcoin, I wouldn't suggest doing so,\" said Michael Bucella, partner at crypto investment firm BlockTower on CNBC. \"We're in a position where these are the earliest phases of an allocation to bitcoin from the institutional and corporate community.\"</p>\n<p>Bitcoin is already up 62% this year, on top of a 300% rally last year, as investors search for alternatives to the greenback because of the U.S. Federal Reserve's 0% interest rates.</p>\n<p>Central bankers and regulators, particularly in China, are also starting to embrace issuing their own digital currencies for everyday use, in a major break from the conventional workings of global finance.</p>\n<p>\"Digital currencies, it seems clear to us, are going to be an increasing part of financial architecture very broadly and potentially portfolios moving forward,\" Ben Powell, APAC chief investment strategist at BlackRock's Investment Institute, said on CNBC.</p>\n<p>\"There isn't just news in the U.S. with the bitcoin situation, but in China we've got a rollout of China's digital currency with so-called 'red packets'.\"</p>\n<p>Tesla boss Elon Musk has long been a cryptocurrency fan - he has talked them up online - but Tesla's hard currency investment came as a surprise that has put a rocket under the sector.</p>\n<p>Even dogecoin, a joke cryptocurrency with a dog as its symbol, has seen its value turbocharged after Musk mentioned it on <a href=\"https://laohu8.com/S/TWTR\">Twitter</a>. It has jumped by 13% in the past day, according to CoinMarketCap.</p>\n<p>China's Feitian Technologies Co Ltd, which makes technology for digital payments, rose 4.47% on Tuesday.</p>\n<p>Beijing will issue 10 million yuan ($1.55 million) worth of digital currency to residents that can be used during the Lunar New Year holiday starting on Thursday, domestic media reported.</p>\n<p>In addition, Chinese are expected to send billions of yuan to each other during the weeklong holiday via chat apps such as WeChat - digital versions of traditional 'red packet' envelopes filled with cash.</p>\n<p>($1 = 6.4493 Chinese yuan)</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","GBTC":"Grayscale Bitcoin Trust"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2110663052","content_text":"TOKYO, Feb 9 (Reuters) - Bitcoin extended gains on Tuesday to a record high as the afterglow of Tesla Inc's investment in the cryptocurrency had investors reckoning it would become a mainstream asset class for both corporates and money managers.\nBitcoin has more than doubled over two months as institutional investors search for alternative wealth stores and retail traders ride the wave. Monday's leap after Tesla's announcement was its largest daily rise in more than three years.\nIt climbed to a new peak of $48,216 late in the Asian afternoon on Tuesday. Rival cryptocurrency ethereum had struck a record high of $1,784.85 in the early morning.\nShares of companies that provide trading platforms for bitcoin and the technology to \"mine\" the cryptocurrency surged in China, South Korea, and Australia, and big computer chip making companies such as SK Hynix also rose.\nThe U.S. dollar slumped against most currencies.\nAnalysts figuredTesla's announcement that it had bought $1.5 billion in bitcoin and that it would take the cryptocurrency as payment for cars is part of a larger shift as companies and big investment houses follow small traders into the asset.\n\"While you can now buy a Tesla with bitcoin, I wouldn't suggest doing so,\" said Michael Bucella, partner at crypto investment firm BlockTower on CNBC. \"We're in a position where these are the earliest phases of an allocation to bitcoin from the institutional and corporate community.\"\nBitcoin is already up 62% this year, on top of a 300% rally last year, as investors search for alternatives to the greenback because of the U.S. Federal Reserve's 0% interest rates.\nCentral bankers and regulators, particularly in China, are also starting to embrace issuing their own digital currencies for everyday use, in a major break from the conventional workings of global finance.\n\"Digital currencies, it seems clear to us, are going to be an increasing part of financial architecture very broadly and potentially portfolios moving forward,\" Ben Powell, APAC chief investment strategist at BlackRock's Investment Institute, said on CNBC.\n\"There isn't just news in the U.S. with the bitcoin situation, but in China we've got a rollout of China's digital currency with so-called 'red packets'.\"\nTesla boss Elon Musk has long been a cryptocurrency fan - he has talked them up online - but Tesla's hard currency investment came as a surprise that has put a rocket under the sector.\nEven dogecoin, a joke cryptocurrency with a dog as its symbol, has seen its value turbocharged after Musk mentioned it on Twitter. It has jumped by 13% in the past day, according to CoinMarketCap.\nChina's Feitian Technologies Co Ltd, which makes technology for digital payments, rose 4.47% on Tuesday.\nBeijing will issue 10 million yuan ($1.55 million) worth of digital currency to residents that can be used during the Lunar New Year holiday starting on Thursday, domestic media reported.\nIn addition, Chinese are expected to send billions of yuan to each other during the weeklong holiday via chat apps such as WeChat - digital versions of traditional 'red packet' envelopes filled with cash.\n($1 = 6.4493 Chinese yuan)","news_type":1},"isVote":1,"tweetType":1,"viewCount":173,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":380421932,"gmtCreate":1612576736326,"gmtModify":1704873018431,"author":{"id":"3561281850951905","authorId":"3561281850951905","authorIdStr":"3561281850951905","name":"chwong","avatar":"https://static.tigerbbs.com/30876853271e5666bf3c183adef4b1aa","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561281850951905"},"themes":[],"htmlText":"Why Indonesia?","listText":"Why Indonesia?","text":"Why Indonesia?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/380421932","repostId":"1191925403","repostType":4,"isVote":1,"tweetType":1,"viewCount":420,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":312392729,"gmtCreate":1612013653761,"gmtModify":1704866944972,"author":{"id":"3561281850951905","authorId":"3561281850951905","authorIdStr":"3561281850951905","name":"chwong","avatar":"https://static.tigerbbs.com/30876853271e5666bf3c183adef4b1aa","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561281850951905"},"themes":[],"htmlText":"Missed the boat","listText":"Missed the boat","text":"Missed the boat","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/312392729","repostId":"1130139919","repostType":4,"repost":{"id":"1130139919","pubTimestamp":1611908401,"share":"https://ttm.financial/m/news/1130139919?lang=&edition=fundamental","pubTime":"2021-01-29 16:20","market":"us","language":"en","title":"Should You Buy GameStop? A Guide for the Uninitiated Investor","url":"https://stock-news.laohu8.com/highlight/detail?id=1130139919","media":"Bloomberg","summary":"You know hype can be dangerous. You know stock picking is risky, and you’re unlikely to beat the mar","content":"<p>You know hype can be dangerous. You know stock picking is risky, and you’re unlikely to beat the market consistently.</p><p>So you maxed out your 401(k) contributions, you bought some low-cost index funds. And you’re socking away cash for a rainy day.</p><p>And yet.</p><p>Wealth For YouHelp us deliver more relevant content for you by telling us about yourself. Answer 3 questions to tailor your experience.Get started</p><p>Your friends have been texting you about just one thing this week: GameStop Corp.Its share price has surged. Back in April, the brick-and-mortar video-game retailer was trading at $2.80. On Wednesday, it hit $380. Reddit is obsessed with it. Elon Musk tweeted about it.People are making some serious money off this single stock.</p><p>And it looks like this behavior could be repeated: Reddit posters are already searching for the next company to pounce on. Shares of AMC Entertainment, BlackBerry, Bed Bath &amp; Beyond and Expresshave soared, too.</p><p>It might be just enough to make you wonder: Am I missing something?</p><p>We polled financial advisers on both sides of the Atlantic and asked them that question. This is what they want you to know now right now:</p><p>Yes, You’re Smart. Don’t Let That Hurt You</p><p>With more time and cash than usual, many home-bound workers have started paying closer attention to markets. Many have been finding something surprising: they understand some pretty complex trading strategies.</p><p>Advisers caution that this doesn’t mean you should hop in.</p><p>“Just because you read an Investopedia article and you now know what a short squeeze is, there are enough other people out there who have also read that same article,” said Mike Caligiuri, founder and chief executive of Caligiuri Financial in New Albany, Ohio, describing one phenomenon behind GameStop’s performance this week.</p><p>Also read:&nbsp;What’s the $23 Billion GameStop Really Worth? Maybe $2 Billion</p><p>This collective knowledge has probably already increased shares to a peak, he said. “Eventually once they squeeze enough of these short sellers out, the opportunity for people to pile in and keep pushing up the share price is going to evaporate.”</p><p>You’re Not a Hedge Fund</p><p>One of the striking developments about this week’s Reddit wave was that GameStop boosters on social media effectively forced Melvin Capital, a $12.5 billion hedge fund, toback down from its short position on the stock—&nbsp;or its bet that shares of the video-game retailer will drop.</p><p>This might make you feel empowered to join in on the action. But advisers caution that one win for Reddit users is unlikely to translate into continuous, long-term gains for you.</p><p>“On the institutional side they’re all unified in their position and their rationale behind what they're doing,” said Dana Menard, the founder and CEO of Twin Cities Wealth Strategies Inc. Yet on a decentralized, digital community like Reddit, users will undoubtedly have myriad motives for boosting a stock, and your financial wellbeing is likely not one of them.</p><p>Large financial firms also have access to information individual investors just can’t get. Because of this, Menard says investors should be wary of stock boosters promoting their own research.</p><p>“While they’ve read about a couple indicators here or there, they certainly are not privy to the information that institutional investors have,” said Menard. “Unless these people are actually going into GameStop to interview the CEO and getting access to their books like institutional investors do, then it’s completely hearsay.”</p><p>You’re Probably Not Running for Governor of California</p><p>Yes, wealthy investors have recently revealed their stakes in GameStop, pumping the share price even more. Ryan Cohen, co-founder of Chewy Inc., is one of them. Chamath Palihapitiya, a venture capitalist and former Facebook Inc. executive, is another.</p><p>But they’re both billionaires. On Monday, Palihapitiya bothannounced he was running for governor of Californiaand invested in twoSPAC deals. Someone making those kinds of bets can likely afford to lose money on an investment.</p><p>Chances are your balance sheet looks a bit different. Menard encourages retail investors to think twice about any money they put in speculative shares, and only allocate what they can afford to lose completely.</p><p>That said, he recognizes that some investors may want to get in on the frenzy. And that’s fine, as long as it’s just a small portion of a portfolio.</p><p>“I call it their play money. What it does is it gives them the ability to be irrational, to have fun, to play around, to follow the trends, just to do it responsibly,” he said.</p><p>Patience Will Be Rewarded</p><p>Finally, the focus for any individual investors should be about their long-term investment goals and not headlines, said James McManus, chief investment officer of Nutmeg, an online investment-management firm based in London.</p><p>“Focusing on having patience rather than chasing the story of today, that holds true in down market as well as an up market,” he said, noting that historically investors have been rewarded for diversification, patience, and discipline.</p><p><a href=\"https://laohu8.com/S/GME\">$(GME)$</a><a href=\"https://laohu8.com/S/AMC\">$(AMC)$</a><a href=\"https://laohu8.com/S/SNDL\">$(SNDL)$</a><a href=\"https://laohu8.com/S/NOK\">$(NOK)$</a><a href=\"https://laohu8.com/S/BB\">$(BB)$</a><img src=\"https://static.tigerbbs.com/7a7716a22752d664a8d3df0796d86a29\" tg-width=\"750\" tg-height=\"1334\"></p>","source":"lsy1584095487587","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>Should You Buy GameStop? A Guide for the Uninitiated Investor</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\">\nShould You Buy GameStop? A Guide for the Uninitiated Investor\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-01-29 16:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-01-27/gamestop-gme-should-you-buy-hyped-reddit-stocks-amc-express-expr-bbby-bb><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>You know hype can be dangerous. You know stock picking is risky, and you’re unlikely to beat the market consistently.So you maxed out your 401(k) contributions, you bought some low-cost index funds. ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-01-27/gamestop-gme-should-you-buy-hyped-reddit-stocks-amc-express-expr-bbby-bb\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BBBY":"3B家居","AMC":"AMC院线","BB":"黑莓","GME":"游戏驿站"},"source_url":"https://www.bloomberg.com/news/articles/2021-01-27/gamestop-gme-should-you-buy-hyped-reddit-stocks-amc-express-expr-bbby-bb","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130139919","content_text":"You know hype can be dangerous. You know stock picking is risky, and you’re unlikely to beat the market consistently.So you maxed out your 401(k) contributions, you bought some low-cost index funds. And you’re socking away cash for a rainy day.And yet.Wealth For YouHelp us deliver more relevant content for you by telling us about yourself. Answer 3 questions to tailor your experience.Get startedYour friends have been texting you about just one thing this week: GameStop Corp.Its share price has surged. Back in April, the brick-and-mortar video-game retailer was trading at $2.80. On Wednesday, it hit $380. Reddit is obsessed with it. Elon Musk tweeted about it.People are making some serious money off this single stock.And it looks like this behavior could be repeated: Reddit posters are already searching for the next company to pounce on. Shares of AMC Entertainment, BlackBerry, Bed Bath & Beyond and Expresshave soared, too.It might be just enough to make you wonder: Am I missing something?We polled financial advisers on both sides of the Atlantic and asked them that question. This is what they want you to know now right now:Yes, You’re Smart. Don’t Let That Hurt YouWith more time and cash than usual, many home-bound workers have started paying closer attention to markets. Many have been finding something surprising: they understand some pretty complex trading strategies.Advisers caution that this doesn’t mean you should hop in.“Just because you read an Investopedia article and you now know what a short squeeze is, there are enough other people out there who have also read that same article,” said Mike Caligiuri, founder and chief executive of Caligiuri Financial in New Albany, Ohio, describing one phenomenon behind GameStop’s performance this week.Also read: What’s the $23 Billion GameStop Really Worth? Maybe $2 BillionThis collective knowledge has probably already increased shares to a peak, he said. “Eventually once they squeeze enough of these short sellers out, the opportunity for people to pile in and keep pushing up the share price is going to evaporate.”You’re Not a Hedge FundOne of the striking developments about this week’s Reddit wave was that GameStop boosters on social media effectively forced Melvin Capital, a $12.5 billion hedge fund, toback down from its short position on the stock— or its bet that shares of the video-game retailer will drop.This might make you feel empowered to join in on the action. But advisers caution that one win for Reddit users is unlikely to translate into continuous, long-term gains for you.“On the institutional side they’re all unified in their position and their rationale behind what they're doing,” said Dana Menard, the founder and CEO of Twin Cities Wealth Strategies Inc. Yet on a decentralized, digital community like Reddit, users will undoubtedly have myriad motives for boosting a stock, and your financial wellbeing is likely not one of them.Large financial firms also have access to information individual investors just can’t get. Because of this, Menard says investors should be wary of stock boosters promoting their own research.“While they’ve read about a couple indicators here or there, they certainly are not privy to the information that institutional investors have,” said Menard. “Unless these people are actually going into GameStop to interview the CEO and getting access to their books like institutional investors do, then it’s completely hearsay.”You’re Probably Not Running for Governor of CaliforniaYes, wealthy investors have recently revealed their stakes in GameStop, pumping the share price even more. Ryan Cohen, co-founder of Chewy Inc., is one of them. Chamath Palihapitiya, a venture capitalist and former Facebook Inc. executive, is another.But they’re both billionaires. On Monday, Palihapitiya bothannounced he was running for governor of Californiaand invested in twoSPAC deals. Someone making those kinds of bets can likely afford to lose money on an investment.Chances are your balance sheet looks a bit different. Menard encourages retail investors to think twice about any money they put in speculative shares, and only allocate what they can afford to lose completely.That said, he recognizes that some investors may want to get in on the frenzy. And that’s fine, as long as it’s just a small portion of a portfolio.“I call it their play money. What it does is it gives them the ability to be irrational, to have fun, to play around, to follow the trends, just to do it responsibly,” he said.Patience Will Be RewardedFinally, the focus for any individual investors should be about their long-term investment goals and not headlines, said James McManus, chief investment officer of Nutmeg, an online investment-management firm based in London.“Focusing on having patience rather than chasing the story of today, that holds true in down market as well as an up market,” he said, noting that historically investors have been rewarded for diversification, patience, and discipline.$(GME)$$(AMC)$$(SNDL)$$(NOK)$$(BB)$","news_type":1},"isVote":1,"tweetType":1,"viewCount":589,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":317707188654272,"gmtCreate":1718604353399,"gmtModify":1718604355969,"author":{"id":"3561281850951905","authorId":"3561281850951905","authorIdStr":"3561281850951905","name":"chwong","avatar":"https://static.tigerbbs.com/30876853271e5666bf3c183adef4b1aa","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561281850951905"},"themes":[],"htmlText":"78","listText":"78","text":"78","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/317707188654272","repostId":"2438051873","repostType":2,"repost":{"id":"2438051873","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1716790980,"share":"https://ttm.financial/m/news/2438051873?lang=&edition=fundamental","pubTime":"2024-05-27 14:23","market":"other","language":"en","title":"Sheng Siong Group May Gain as Consumers Look for Value -- Market Talk","url":"https://stock-news.laohu8.com/highlight/detail?id=2438051873","media":"Dow Jones","summary":"0623 GMT - Sheng Siong Group could gain by offering consumers value-for-money products as the cost of living rises, UOB Kay Hian analysts John Cheong and Heidi Mo say in a note. Sustained inflationary pressures and the recent GST hike are likely to spur consumers towards more value-for-money purchases, they say. The supermarket-chain operator may also likely benefit from improved sales as consumers cut back on dining out, the analysts say. UOB KH keeps a buy rating on the stock, with a target price of S$1.88. Shares are 0.7% higher at S$1.51.","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0623 GMT - Sheng Siong Group could gain by offering consumers value-for-money products as the cost of living rises, UOB Kay Hian analysts John Cheong and Heidi Mo say in a note. Sustained inflationary pressures and the recent GST hike are likely to spur consumers towards more value-for-money purchases, they say. The supermarket-chain operator may also likely benefit from improved sales as consumers cut back on dining out, the analysts say. UOB KH keeps a buy rating on the stock, with a target price of S$1.88. Shares are 0.7% higher at S$1.51.(amanda.lee@wsj.com) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  May 27, 2024 02:23 ET (06:23 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","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>Sheng Siong Group May Gain as Consumers Look for Value -- Market Talk</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\">\nSheng Siong Group May Gain as Consumers Look for Value -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-05-27 14:23</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0623 GMT - Sheng Siong Group could gain by offering consumers value-for-money products as the cost of living rises, UOB Kay Hian analysts John Cheong and Heidi Mo say in a note. Sustained inflationary pressures and the recent GST hike are likely to spur consumers towards more value-for-money purchases, they say. The supermarket-chain operator may also likely benefit from improved sales as consumers cut back on dining out, the analysts say. UOB KH keeps a buy rating on the stock, with a target price of S$1.88. Shares are 0.7% higher at S$1.51.(amanda.lee@wsj.com) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  May 27, 2024 02:23 ET (06:23 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU0918141887.USD":"安联亚洲实际收益股票基金","SG9999002406.SGD":"利安新加坡信托基金","SG9999001127.SGD":"United Singapore Growth Fund SGD","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","SG9999002620.SGD":"LionGlobal South East Asia SGD","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU0898667661.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD-H","SG9999004360.SGD":"Nikko AM Shenton Thrift Fund SGD","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","SG9999001069.SGD":"UOB UNITED ASIA PACIFIC GROWTH (SGD) ACC","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","SG9999000343.SGD":"Schroder Singapore Trust A Dis SGD","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","SG9999002604.SGD":"LionGlobal Singapore/Malaysia SGD","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","BK6518":"食品和药品零售股","SG9999002679.SGD":"LionGlobal Singapore Balanced SGD","LU0048597586.USD":"富达亚洲焦点A","SG9999005177.SGD":"Legg Mason Martin Currie - Southeast Asia Trust A Acc SGD","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","SG9999001135.SGD":"United ASEAN Fund SGD","SG9999013486.USD":"LIONGLOBAL SINGAPORE DIVIDEND EQUITY (USD) INC A","BK6516":"银行与投资服务概念","LU0048573645.USD":"富达东盟基金","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","BK6523":"ESG概念","LU0251143029.SGD":"Fidelity ASEAN A-SGD","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","OV8.SI":"昇菘","LU0955669360.SGD":"Schroder ISF Asian Dividend Maximiser A Dis SGD","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","LU0210637038.USD":"HSBC GIF THAI EQUITY \"AD\" INC","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund  SGD","U11.SI":"大华银行","LU0878005551.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) ACC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0831103253.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD","LU1130305938.SGD":"Schroder ISF Asian Dividend Maximiser A Dis SGD-H","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","BK6034":"食品零售"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2438051873","content_text":"0623 GMT - Sheng Siong Group could gain by offering consumers value-for-money products as the cost of living rises, UOB Kay Hian analysts John Cheong and Heidi Mo say in a note. Sustained inflationary pressures and the recent GST hike are likely to spur consumers towards more value-for-money purchases, they say. The supermarket-chain operator may also likely benefit from improved sales as consumers cut back on dining out, the analysts say. UOB KH keeps a buy rating on the stock, with a target price of S$1.88. Shares are 0.7% higher at S$1.51.(amanda.lee@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  May 27, 2024 02:23 ET (06:23 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","news_type":1},"isVote":1,"tweetType":1,"viewCount":36,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":244527538675848,"gmtCreate":1700723131986,"gmtModify":1700723136840,"author":{"id":"3561281850951905","authorId":"3561281850951905","authorIdStr":"3561281850951905","name":"chwong","avatar":"https://static.tigerbbs.com/30876853271e5666bf3c183adef4b1aa","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561281850951905"},"themes":[],"htmlText":"I got an ang pow!!&nbsp;[Happy]&nbsp;&nbsp;","listText":"I got an ang pow!!&nbsp;[Happy]&nbsp;&nbsp;","text":"I got an ang pow!! [Happy]","images":[{"img":"https://community-static.tradeup.com/news/ddd2287dbe0c9a144f509f55b8efbec0","width":"1080","height":"2400"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/244527538675848","isVote":1,"tweetType":1,"viewCount":171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":244526601117768,"gmtCreate":1700722783713,"gmtModify":1700722788584,"author":{"id":"3561281850951905","authorId":"3561281850951905","authorIdStr":"3561281850951905","name":"chwong","avatar":"https://static.tigerbbs.com/30876853271e5666bf3c183adef4b1aa","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561281850951905"},"themes":[],"htmlText":"Is SEA still worth to invest? I'm a super fan for shopee though&nbsp;","listText":"Is SEA still worth to invest? I'm a super fan for shopee though&nbsp;","text":"Is SEA still worth to invest? I'm a super fan for shopee though","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/244526601117768","isVote":1,"tweetType":1,"viewCount":396,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":380423058,"gmtCreate":1612576577974,"gmtModify":1704873017137,"author":{"id":"3561281850951905","authorId":"3561281850951905","authorIdStr":"3561281850951905","name":"chwong","avatar":"https://static.tigerbbs.com/30876853271e5666bf3c183adef4b1aa","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561281850951905"},"themes":[],"htmlText":"Applause to retail investor","listText":"Applause to retail investor","text":"Applause to retail investor","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/380423058","repostId":"1132260998","repostType":4,"repost":{"id":"1132260998","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":1612519255,"share":"https://ttm.financial/m/news/1132260998?lang=&edition=fundamental","pubTime":"2021-02-05 18:00","market":"us","language":"en","title":"Performance of funds invested in GameStop in past two weeks","url":"https://stock-news.laohu8.com/highlight/detail?id=1132260998","media":"Reuters","summary":"(Reuters) - The Morgan Stanley Institutional Small Co. Inception Portfolio fund was among the top ga","content":"<p>(Reuters) - The Morgan Stanley Institutional Small Co. Inception Portfolio fund was among the top gainers among mutual funds over the past two weeks having exposure to videogame retailer GameStop, data from Refinitiv Lipper showed.</p>\n<p>Crowds of retail punters sent shares in GameStop up by more than 2000% last month, causing some Wall Street hedge funds to lose billions of dollars on their short bets on the stock.</p>\n<p>The Morgan Stanley fund, which had 346,943 shares of GameStop as per the latest filing, gained 23% in the last two weeks, according to the data, which was based on the last two weeks’ price performance.</p>\n<p>The fund’s net assets rose 61% to $746.7 million in January, the data showed.</p>\n<p>Shares of iShares Micro-Cap ETF and Cambria Shareholder Yield ETF also gained about 7% each in the past two weeks.</p>\n<p>Graphic: Mutual fund gainers in the past two weeks</p>\n<p><img src=\"https://static.tigerbbs.com/bdf861b5fe2dd34bcafbc688c67e9075\" tg-width=\"962\" tg-height=\"515\" referrerpolicy=\"no-referrer\"></p>\n<p>Shares of GameStop have fallen more than 83.5% in the first four days of this month as the retail frenzy faded.</p>\n<p>Graphic: Bottom performers in the past two weeks</p>\n<p><img src=\"https://static.tigerbbs.com/ee25f46afa762db3e988a73a7147042d\" tg-width=\"940\" tg-height=\"492\" referrerpolicy=\"no-referrer\"></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>Performance of funds invested in GameStop in past two weeks</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\">\nPerformance of funds invested in GameStop in past two weeks\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\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\">2021-02-05 18:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(Reuters) - The Morgan Stanley Institutional Small Co. Inception Portfolio fund was among the top gainers among mutual funds over the past two weeks having exposure to videogame retailer GameStop, data from Refinitiv Lipper showed.</p>\n<p>Crowds of retail punters sent shares in GameStop up by more than 2000% last month, causing some Wall Street hedge funds to lose billions of dollars on their short bets on the stock.</p>\n<p>The Morgan Stanley fund, which had 346,943 shares of GameStop as per the latest filing, gained 23% in the last two weeks, according to the data, which was based on the last two weeks’ price performance.</p>\n<p>The fund’s net assets rose 61% to $746.7 million in January, the data showed.</p>\n<p>Shares of iShares Micro-Cap ETF and Cambria Shareholder Yield ETF also gained about 7% each in the past two weeks.</p>\n<p>Graphic: Mutual fund gainers in the past two weeks</p>\n<p><img src=\"https://static.tigerbbs.com/bdf861b5fe2dd34bcafbc688c67e9075\" tg-width=\"962\" tg-height=\"515\" referrerpolicy=\"no-referrer\"></p>\n<p>Shares of GameStop have fallen more than 83.5% in the first four days of this month as the retail frenzy faded.</p>\n<p>Graphic: Bottom performers in the past two weeks</p>\n<p><img src=\"https://static.tigerbbs.com/ee25f46afa762db3e988a73a7147042d\" tg-width=\"940\" tg-height=\"492\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b72bab52a7d49e9d26088350ab4826c1","relate_stocks":{"GME":"游戏驿站"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132260998","content_text":"(Reuters) - The Morgan Stanley Institutional Small Co. Inception Portfolio fund was among the top gainers among mutual funds over the past two weeks having exposure to videogame retailer GameStop, data from Refinitiv Lipper showed.\nCrowds of retail punters sent shares in GameStop up by more than 2000% last month, causing some Wall Street hedge funds to lose billions of dollars on their short bets on the stock.\nThe Morgan Stanley fund, which had 346,943 shares of GameStop as per the latest filing, gained 23% in the last two weeks, according to the data, which was based on the last two weeks’ price performance.\nThe fund’s net assets rose 61% to $746.7 million in January, the data showed.\nShares of iShares Micro-Cap ETF and Cambria Shareholder Yield ETF also gained about 7% each in the past two weeks.\nGraphic: Mutual fund gainers in the past two weeks\n\nShares of GameStop have fallen more than 83.5% in the first four days of this month as the retail frenzy faded.\nGraphic: Bottom performers in the past two weeks","news_type":1},"isVote":1,"tweetType":1,"viewCount":362,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}