25e24627 personal page - To The Moon

25e24627

低买高卖

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17Followers

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2021-05-02

$GameStop(GME)$???

2021-03-26

Please help like and comment ??

Tesla Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.

2021-06-09

$Bionano Genomics(BNGO)$Slow and stead

2021-05-12

$GameStop(GME)$?

2021-04-30

$GameStop(GME)$??

2021-03-20

Stonks only go up! ?

8 Stocks To Watch For 2021 March Madness

2021-05-14

$GameStop(GME)$GG

2021-03-26

Please help like and comment! :)

Top 10 Undervalued Income Stocks For 2021 - Value Beats Growth

2021-04-14

$Tiger Brokers(TIGR)$[Miser] [Miser] [Miser]

2021-04-14

Moon ?

Coinbase IPO: Everything you need to know about the ‘watershed moment’ in crypto

2021-03-18

Nice

Fed patience calms yields for now, but market feels like 'coiled spring'

2021-06-02

$Palantir Technologies Inc.(PLTR)$Long

2021-04-26

$Palantir Technologies Inc.(PLTR)$??

2021-03-26

GME ??

Some “meme” stocks are flying again.

2021-03-26

?

GameStop Takes $6 Billion Round Trip as Results Shrugged Off

2021-03-16

Nice

How To Spot A Bubble

2021-05-29

$Apple(AAPL)$[Facepalm] [Facepalm] [Facepalm]

2021-05-29

$Apple(AAPL)$[Sad]

2021-04-28

$Palantir Technologies Inc.(PLTR)$?

2021-04-14

FUD?

Some SPACs Could Fail Outright, Research Is Paramount: Cathie Wood

Go to Tiger App to see more news

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Technologies Inc.(PLTR)$??","images":[{"img":"https://static.tigerbbs.com/04d085493ae38dd68f32afe4d4e0cbc3","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/374332498","isVote":1,"tweetType":1,"viewCount":64,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":344265313,"gmtCreate":1618410843932,"gmtModify":1704710458275,"author":{"id":"3562062646632373","authorId":"3562062646632373","authorIdStr":"3562062646632373","name":"25e24627","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562062646632373"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","text":"$Tiger 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[Miser]","images":[{"img":"https://static.tigerbbs.com/f965e9ac8455fdf50536e6250340a19e","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/344265313","isVote":1,"tweetType":1,"viewCount":277,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":344261584,"gmtCreate":1618410686448,"gmtModify":1704710452837,"author":{"id":"3562062646632373","authorId":"3562062646632373","authorIdStr":"3562062646632373","name":"25e24627","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562062646632373"},"themes":[],"htmlText":"FUD?","listText":"FUD?","text":"FUD?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/344261584","repostId":"1106153811","repostType":4,"repost":{"id":"1106153811","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1618409078,"share":"https://ttm.financial/m/news/1106153811?lang=&edition=fundamental","pubTime":"2021-04-14 22:04","market":"us","language":"en","title":"Some SPACs Could Fail Outright, Research Is Paramount: Cathie Wood","url":"https://stock-news.laohu8.com/highlight/detail?id=1106153811","media":"Benzinga","summary":"An Ark Investwebinarwas held on April 13. Among the topics discussed by CEOCathie Woodand the team w","content":"<p>An Ark Investwebinarwas held on April 13. Among the topics discussed by CEOCathie Woodand the team were SPACs.</p>\n<p><b>Caution On SPACs:</b>Ark Invest and Cathie Wood have two points of view when it comes to SPACs: \"We share optimism and concern.\"</p>\n<p>Wood said the compensation structure of SPACs deprives individual investors and rewards the sponsors of SPACs.</p>\n<p>The large number of SPACs and early-stage companies going public is another cautionary item. The venture capital model of getting two out of 10 deals right is good for VC but not how equity markets operate, according to Wood.</p>\n<p>“We think there will be some accidents in the SPAC market,\" she said.</p>\n<p>Wood said&nbsp;some of the companies going public via SPAC could fail outright.</p>\n<p><b>Research Is Paramount:</b>Wood said there are too many good opportunities in the SPAC investment segment and there are some great companies going public via this option though.</p>\n<p>“We’ve known many of the companies that have been acquired by SPACs,” Wood said, adding that they watched the companies prior to them going public. Wood mentioned 3D printing and drones specifically when discussing some areas that have had good SPAC deals.</p>\n<p>“Research is paramount,\" she said.</p>\n<p>Ark Invest has invested in several SPACs over the last 12 months. Among the 3D printing and drone companies owned by the ETF company are<b>Jaws Spitfire Acquisition Corp</b>SPFR 0.17%,<b>One</b>AONE 0.09%,<b>Desktop Metal Inc</b>DM 1.16%,<b>Reinvent Technology Partners</b>RTP 0.3%,<b>Experience Investment Corp</b>EXPC 0.07%and<b>Atlas Crest Investment Corp</b>ACIC 0.07%.</p>\n<p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Some SPACs Could Fail Outright, Research Is Paramount: Cathie Wood</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\">\nSome SPACs Could Fail Outright, Research Is Paramount: Cathie Wood\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/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2021-04-14 22:04</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>An Ark Investwebinarwas held on April 13. Among the topics discussed by CEOCathie Woodand the team were SPACs.</p>\n<p><b>Caution On SPACs:</b>Ark Invest and Cathie Wood have two points of view when it comes to SPACs: \"We share optimism and concern.\"</p>\n<p>Wood said the compensation structure of SPACs deprives individual investors and rewards the sponsors of SPACs.</p>\n<p>The large number of SPACs and early-stage companies going public is another cautionary item. The venture capital model of getting two out of 10 deals right is good for VC but not how equity markets operate, according to Wood.</p>\n<p>“We think there will be some accidents in the SPAC market,\" she said.</p>\n<p>Wood said&nbsp;some of the companies going public via SPAC could fail outright.</p>\n<p><b>Research Is Paramount:</b>Wood said there are too many good opportunities in the SPAC investment segment and there are some great companies going public via this option though.</p>\n<p>“We’ve known many of the companies that have been acquired by SPACs,” Wood said, adding that they watched the companies prior to them going public. Wood mentioned 3D printing and drones specifically when discussing some areas that have had good SPAC deals.</p>\n<p>“Research is paramount,\" she said.</p>\n<p>Ark Invest has invested in several SPACs over the last 12 months. Among the 3D printing and drone companies owned by the ETF company are<b>Jaws Spitfire Acquisition Corp</b>SPFR 0.17%,<b>One</b>AONE 0.09%,<b>Desktop Metal Inc</b>DM 1.16%,<b>Reinvent Technology Partners</b>RTP 0.3%,<b>Experience Investment Corp</b>EXPC 0.07%and<b>Atlas Crest Investment Corp</b>ACIC 0.07%.</p>\n<p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106153811","content_text":"An Ark Investwebinarwas held on April 13. Among the topics discussed by CEOCathie Woodand the team were SPACs.\nCaution On SPACs:Ark Invest and Cathie Wood have two points of view when it comes to SPACs: \"We share optimism and concern.\"\nWood said the compensation structure of SPACs deprives individual investors and rewards the sponsors of SPACs.\nThe large number of SPACs and early-stage companies going public is another cautionary item. The venture capital model of getting two out of 10 deals right is good for VC but not how equity markets operate, according to Wood.\n“We think there will be some accidents in the SPAC market,\" she said.\nWood said some of the companies going public via SPAC could fail outright.\nResearch Is Paramount:Wood said there are too many good opportunities in the SPAC investment segment and there are some great companies going public via this option though.\n“We’ve known many of the companies that have been acquired by SPACs,” Wood said, adding that they watched the companies prior to them going public. Wood mentioned 3D printing and drones specifically when discussing some areas that have had good SPAC deals.\n“Research is paramount,\" she said.\nArk Invest has invested in several SPACs over the last 12 months. Among the 3D printing and drone companies owned by the ETF company areJaws Spitfire Acquisition CorpSPFR 0.17%,OneAONE 0.09%,Desktop Metal IncDM 1.16%,Reinvent Technology PartnersRTP 0.3%,Experience Investment CorpEXPC 0.07%andAtlas Crest Investment CorpACIC 0.07%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":54,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344261311,"gmtCreate":1618410663533,"gmtModify":1704710452344,"author":{"id":"3562062646632373","authorId":"3562062646632373","authorIdStr":"3562062646632373","name":"25e24627","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562062646632373"},"themes":[],"htmlText":"Moon ?","listText":"Moon ?","text":"Moon ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/344261311","repostId":"2127454000","repostType":4,"repost":{"id":"2127454000","pubTimestamp":1618364092,"share":"https://ttm.financial/m/news/2127454000?lang=&edition=fundamental","pubTime":"2021-04-14 09:34","market":"us","language":"en","title":"Coinbase IPO: Everything you need to know about the ‘watershed moment’ in crypto","url":"https://stock-news.laohu8.com/highlight/detail?id=2127454000","media":"MarketWatch","summary":"'That said, investing in Coinbase is not for the faint of heart, as the business--and the stock--wil","content":"<p>'That said, investing in Coinbase is not for the faint of heart, as the business--and the stock--will likely see dramatic, potentially protracted, swings,' MoffettNathanson's Ellis writes</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9a8244209cb653b4d9e43e2d729863b9\" tg-width=\"620\" tg-height=\"414\" referrerpolicy=\"no-referrer\"><span>Here comes the Coinbase IPO! Photographer: Tiffany Hagler-Geard/Bloomberg</span></p><p>Coinbase is the talk of Wall Street, as the largest crypto platform in the U.S. gears up for its public debut on a traditional exchange Wednesday, through a direct listing.</p><p>There is no doubt that the public offering of Coinbase is a big deal in the world of crypto. The company was created just over a decade ago with the genesis of bitcoin  and is now in the midst of a moment that many in the industry have described as a tipping point .</p><p>There are few ways to get direct ownership of crypto currencies, outside of buying them directly, a service that Coinbase provides for a fee, and what investors appear willing to be pay up for.</p><p>Leeor Shimron, analyst at FundStrat Global Advisors, described the Coinbase listing as seminal. \"Coinbase's direct listing is a watershed moment for the crypto industry.\"</p><p>Wedbush analyst Dan Ives said the listing is a reflection of the crypto's mainstream evolution.</p><p>\"Coinbase is a foundational piece of the crypto ecosystem and is a barometer for the growing mainstream adoption of Bitcoin and crypto for the coming years in our opinion,\" he wrote in a research note Tuesday.</p><p>Some caution that the implied valuations for Coinbase as a crypto exchange are too lofty , the parent company of the New York Stock Exchange.</p><p>In a direct listing, a company floats its shares on a stock exchange, but without hiring banks to underwrite the transaction, like in an IPO.</p><p>Here's what you need to know about the coming offering.</p><p><b>What is Coinbase?</b></p><p>The Silicon Valley crypto exchange was co-founded in 2012 by Brian Armstrong, 38, who runs the platform as chief executive. Fred Ehrsam, a Coinbase director, also helped to create the company.</p><p>According to Forbes , Armstrong's networth is currently $6.5 billion based on his ownership in the company and his wealth is likely to increase if the direct listing goes off successfully.</p><p><b>When will Coinbase go public?</b></p><p>Coinbase will list on April 14. The precise timing of the list isn't clear but <a href=\"https://laohu8.com/S/PLTR\">Palantir Technologies Inc.</a>'s (PLTR)direct listing   after 1:30 p.m. Eastern Time.</p><p><b>Where will it list?</b></p><p>Coinbase is set to go public on the Nasdaq under the ticker symbol \"COIN\" as a direct listing, meaning it isn't raising any new money, as a company would under a traditional IPO.</p><p>Coinbase is the Nasdaq's first major direct listing, with Spotify <a href=\"https://laohu8.com/S/SPOT\">$(SPOT)$</a>, <a href=\"https://laohu8.com/S/WORK\">Slack Technologies</a> (WORK) and most recently Palantir Technologies (PLTR) all opting to directly list at the NYSE.</p><p><b>Valuations?</b></p><p>Valuations for Coinbase vary from $50 billion to $150 billion based on some decentralized crypto platforms that attempt to replicate how the company's shares might trade. At the top end of the spectrum, Coinbase would be bigger than a number of U.S. exchanges, including ICE, Nasdaq, CME Group <a href=\"https://laohu8.com/S/CME\">$(CME)$</a> and Cboe Global Markets <a href=\"https://laohu8.com/S/CBOE\">$(CBOE)$</a>.</p><p><img src=\"https://static.tigerbbs.com/d2200134a14a3d37a8a656d85f6906c0\" tg-width=\"955\" tg-height=\"657\" referrerpolicy=\"no-referrer\"></p><p>David Trainer, CEO of New Constructs, an investment research firm, said the crypto platform's value is ridiculously high. \"Even though Coinbase's revenue surged over the past 12 months, the company has little-to-no-chance of meeting the future profit expectations that are baked into its ridiculously high expected valuation of $100 billion,\" he said.</p><p>\"Coinbase's expected valuation of $100 billion implies that its revenue will be 1.5x the combined 2020 revenues of two of the most established exchanges in the marketplace, Nasdaq Inc. <a href=\"https://laohu8.com/S/NDAQ\">$(NDAQ)$</a> and Intercontinental Exchange <a href=\"https://laohu8.com/S/ICE\">$(ICE)$</a>, the parent company of the New York Stock Exchange,\" he said.</p><p>Trainer said that based on his calculation, Coinbase's valuation should be closer to $18.9 billion--an 81% decrease from the $100 billion expected valuation.</p><p><b>'Not for the faint of heart'</b></p><p>MoffettNathanson analyst Lisa Ellis explained to MarketWatch why the offering is, as she describes it \"not for the faint of heart,\" but why she initiated coverage of the exchange at a buy with a price-target of $600, even before it sees its first trade on the Nasdaq.</p><p>\"I'm super super bullish on Coinbase...because you get the sense that they are a market leader in the space and crypto agnostic,\" she said.</p><p>That said, she acknowledges that currently 90% of Coinbase's revenues are derived directly from retail trading, with most in the U.S. and trading centered primarily on the two largest cryptos: bitcoin and Ether  on the ethereum blockchain.</p><p>\"So the implications is that Coinbase's revenues are correlated with the level of activity in cryto currency and especially bitcoin and ether.\"</p><p>Ellis says investors need to have at least a one-year long-term investment strategy in bitcoin, which could still go to zero by some bearish accounts, but a three-year outlook is even better, because the crypto complex has tended to operate in three-year cycles of boom and then bust.</p><p><b>Validation for crypto or a top?</b></p><p>Some bulls see Coinbase as validation for the nascent crpyto industry.</p><p>Alex Mashinsky, head of crypto-lending and trading platform Celsius Network, put it this way:</p><p>\"We look at the Coinbase listing as an additional validation of the space, and a major PR opportunity for the entire industry to shine as the future of finance,\" he told MarketWatch via email.</p><p>\"Coinbase has more users and more revenues than many of the largest Wall Street players and is more profitable than any major exchange, and this validation puts most skeptics at a crossroads having to re-evaluate their denial and frustration with the disruption coming at them from all sides.\"</p><p>Others suggest that it may prove a new top for the market and put crypto prices under pressure after a precipitous rally in recent days and a fresh record for bitcoin.</p><p>Yves Lamoureux, the president of Montreal-based macroeconomic research firm Lamoureux &amp; Co., told MarketWatch that he is fearful that too much euphoria surrounds bitcoin and crypto and sees it due for a retrenchment as a result. \"Can you find out-there anyone with a bearish viewpoint?\" he asked. \"A resounding no,\" said Lamoureux.</p><p><b>Is Coinbase the largest crypto exchange?</b></p><p>Coinbase is the second-largest crypto platform, but the largest in the U.S., by volume. The title of largest goes to Binance, which sees $47 billion in crypto trading volume in a 24-hour period, according to CoinMarketCap.com .</p><p><b>Who else owns Coinbase?</b></p><p>Venture-capital firm Andreessen Horowitz, is the largest owner of Coinbase, boasting about 25% of Class A shares  and 14%% of Class B. And Marc Andreessen, head of the venture capital outfit, sits on Coinbase's board.</p><p><b>Other facts</b></p><p>For those aiming for an even deeper dive into Coinbase, check out MarketWatch's <a href=\"https://laohu8.com/NW/2116458171\" target=\"_blank\">5 things to know about the company</a>.</p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coinbase IPO: Everything you need to know about the ‘watershed moment’ in crypto</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\">\nCoinbase IPO: Everything you need to know about the ‘watershed moment’ in crypto\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-14 09:34 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/coinbase-ipo-everything-you-need-to-know-about-the-watershed-moment-in-crypto-11618350086?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>'That said, investing in Coinbase is not for the faint of heart, as the business--and the stock--will likely see dramatic, potentially protracted, swings,' MoffettNathanson's Ellis writesHere comes ...</p>\n\n<a href=\"https://www.marketwatch.com/story/coinbase-ipo-everything-you-need-to-know-about-the-watershed-moment-in-crypto-11618350086?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.marketwatch.com/story/coinbase-ipo-everything-you-need-to-know-about-the-watershed-moment-in-crypto-11618350086?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2127454000","content_text":"'That said, investing in Coinbase is not for the faint of heart, as the business--and the stock--will likely see dramatic, potentially protracted, swings,' MoffettNathanson's Ellis writesHere comes the Coinbase IPO! Photographer: Tiffany Hagler-Geard/BloombergCoinbase is the talk of Wall Street, as the largest crypto platform in the U.S. gears up for its public debut on a traditional exchange Wednesday, through a direct listing.There is no doubt that the public offering of Coinbase is a big deal in the world of crypto. The company was created just over a decade ago with the genesis of bitcoin  and is now in the midst of a moment that many in the industry have described as a tipping point .There are few ways to get direct ownership of crypto currencies, outside of buying them directly, a service that Coinbase provides for a fee, and what investors appear willing to be pay up for.Leeor Shimron, analyst at FundStrat Global Advisors, described the Coinbase listing as seminal. \"Coinbase's direct listing is a watershed moment for the crypto industry.\"Wedbush analyst Dan Ives said the listing is a reflection of the crypto's mainstream evolution.\"Coinbase is a foundational piece of the crypto ecosystem and is a barometer for the growing mainstream adoption of Bitcoin and crypto for the coming years in our opinion,\" he wrote in a research note Tuesday.Some caution that the implied valuations for Coinbase as a crypto exchange are too lofty , the parent company of the New York Stock Exchange.In a direct listing, a company floats its shares on a stock exchange, but without hiring banks to underwrite the transaction, like in an IPO.Here's what you need to know about the coming offering.What is Coinbase?The Silicon Valley crypto exchange was co-founded in 2012 by Brian Armstrong, 38, who runs the platform as chief executive. Fred Ehrsam, a Coinbase director, also helped to create the company.According to Forbes , Armstrong's networth is currently $6.5 billion based on his ownership in the company and his wealth is likely to increase if the direct listing goes off successfully.When will Coinbase go public?Coinbase will list on April 14. The precise timing of the list isn't clear but Palantir Technologies Inc.'s (PLTR)direct listing   after 1:30 p.m. Eastern Time.Where will it list?Coinbase is set to go public on the Nasdaq under the ticker symbol \"COIN\" as a direct listing, meaning it isn't raising any new money, as a company would under a traditional IPO.Coinbase is the Nasdaq's first major direct listing, with Spotify $(SPOT)$, Slack Technologies (WORK) and most recently Palantir Technologies (PLTR) all opting to directly list at the NYSE.Valuations?Valuations for Coinbase vary from $50 billion to $150 billion based on some decentralized crypto platforms that attempt to replicate how the company's shares might trade. At the top end of the spectrum, Coinbase would be bigger than a number of U.S. exchanges, including ICE, Nasdaq, CME Group $(CME)$ and Cboe Global Markets $(CBOE)$.David Trainer, CEO of New Constructs, an investment research firm, said the crypto platform's value is ridiculously high. \"Even though Coinbase's revenue surged over the past 12 months, the company has little-to-no-chance of meeting the future profit expectations that are baked into its ridiculously high expected valuation of $100 billion,\" he said.\"Coinbase's expected valuation of $100 billion implies that its revenue will be 1.5x the combined 2020 revenues of two of the most established exchanges in the marketplace, Nasdaq Inc. $(NDAQ)$ and Intercontinental Exchange $(ICE)$, the parent company of the New York Stock Exchange,\" he said.Trainer said that based on his calculation, Coinbase's valuation should be closer to $18.9 billion--an 81% decrease from the $100 billion expected valuation.'Not for the faint of heart'MoffettNathanson analyst Lisa Ellis explained to MarketWatch why the offering is, as she describes it \"not for the faint of heart,\" but why she initiated coverage of the exchange at a buy with a price-target of $600, even before it sees its first trade on the Nasdaq.\"I'm super super bullish on Coinbase...because you get the sense that they are a market leader in the space and crypto agnostic,\" she said.That said, she acknowledges that currently 90% of Coinbase's revenues are derived directly from retail trading, with most in the U.S. and trading centered primarily on the two largest cryptos: bitcoin and Ether  on the ethereum blockchain.\"So the implications is that Coinbase's revenues are correlated with the level of activity in cryto currency and especially bitcoin and ether.\"Ellis says investors need to have at least a one-year long-term investment strategy in bitcoin, which could still go to zero by some bearish accounts, but a three-year outlook is even better, because the crypto complex has tended to operate in three-year cycles of boom and then bust.Validation for crypto or a top?Some bulls see Coinbase as validation for the nascent crpyto industry.Alex Mashinsky, head of crypto-lending and trading platform Celsius Network, put it this way:\"We look at the Coinbase listing as an additional validation of the space, and a major PR opportunity for the entire industry to shine as the future of finance,\" he told MarketWatch via email.\"Coinbase has more users and more revenues than many of the largest Wall Street players and is more profitable than any major exchange, and this validation puts most skeptics at a crossroads having to re-evaluate their denial and frustration with the disruption coming at them from all sides.\"Others suggest that it may prove a new top for the market and put crypto prices under pressure after a precipitous rally in recent days and a fresh record for bitcoin.Yves Lamoureux, the president of Montreal-based macroeconomic research firm Lamoureux & Co., told MarketWatch that he is fearful that too much euphoria surrounds bitcoin and crypto and sees it due for a retrenchment as a result. \"Can you find out-there anyone with a bearish viewpoint?\" he asked. \"A resounding no,\" said Lamoureux.Is Coinbase the largest crypto exchange?Coinbase is the second-largest crypto platform, but the largest in the U.S., by volume. The title of largest goes to Binance, which sees $47 billion in crypto trading volume in a 24-hour period, according to CoinMarketCap.com .Who else owns Coinbase?Venture-capital firm Andreessen Horowitz, is the largest owner of Coinbase, boasting about 25% of Class A shares  and 14%% of Class B. And Marc Andreessen, head of the venture capital outfit, sits on Coinbase's board.Other factsFor those aiming for an even deeper dive into Coinbase, check out MarketWatch's 5 things to know about the company.","news_type":1},"isVote":1,"tweetType":1,"viewCount":73,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342555905,"gmtCreate":1618234507107,"gmtModify":1704707868177,"author":{"id":"3562062646632373","authorId":"3562062646632373","authorIdStr":"3562062646632373","name":"25e24627","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562062646632373"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>??","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>??","text":"$Tiger Brokers(TIGR)$??","images":[{"img":"https://static.tigerbbs.com/1190cf460e1708db23ac65f7d6b53fdd","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/342555905","isVote":1,"tweetType":1,"viewCount":78,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":355329584,"gmtCreate":1617029674448,"gmtModify":1704801123649,"author":{"id":"3562062646632373","authorId":"3562062646632373","authorIdStr":"3562062646632373","name":"25e24627","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562062646632373"},"themes":[],"htmlText":"? stonks only go up ?","listText":"? stonks only go up ?","text":"? stonks only go up ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/355329584","repostId":"1135921653","repostType":4,"repost":{"id":"1135921653","pubTimestamp":1617026419,"share":"https://ttm.financial/m/news/1135921653?lang=&edition=fundamental","pubTime":"2021-03-29 22:00","market":"us","language":"en","title":"Cathie Wood’s ARK Invest is launching an ETF focused on space exploration, to begin trading Tuesday","url":"https://stock-news.laohu8.com/highlight/detail?id=1135921653","media":"cnbc","summary":"KEY POINTS\n\nArk Invest, Cathie Wood’s firm with multiple actively managed exchanged-traded funds, wi","content":"<div>\n<p>KEY POINTS\n\nArk Invest, Cathie Wood’s firm with multiple actively managed exchanged-traded funds, will debut its latest fund on Tuesday: a space exploration ETF.\nARKX, the firm’s eighth ETF, comes as ...</p>\n\n<a href=\"https://www.cnbc.com/2021/03/29/ark-invests-arkx-space-exploration-etf-to-begin-trading-on-tuesday.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>Cathie Wood’s ARK Invest is launching an ETF focused on space exploration, to begin trading Tuesday</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\">\nCathie Wood’s ARK Invest is launching an ETF focused on space exploration, to begin trading Tuesday\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-29 22:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/03/29/ark-invests-arkx-space-exploration-etf-to-begin-trading-on-tuesday.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nArk Invest, Cathie Wood’s firm with multiple actively managed exchanged-traded funds, will debut its latest fund on Tuesday: a space exploration ETF.\nARKX, the firm’s eighth ETF, comes as ...</p>\n\n<a href=\"https://www.cnbc.com/2021/03/29/ark-invests-arkx-space-exploration-etf-to-begin-trading-on-tuesday.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/411c6ea7e969aee81c7c240d3341abef","relate_stocks":{"ARKX":"ARK Space Exploration & Innovation ETF"},"source_url":"https://www.cnbc.com/2021/03/29/ark-invests-arkx-space-exploration-etf-to-begin-trading-on-tuesday.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1135921653","content_text":"KEY POINTS\n\nArk Invest, Cathie Wood’s firm with multiple actively managed exchanged-traded funds, will debut its latest fund on Tuesday: a space exploration ETF.\nARKX, the firm’s eighth ETF, comes as an increasing number of private space companies prepare to go public later this year.\nWood — CIO and CEO of Ark Investment Management — has made a name for herself by investing in “disruptive innovation” stocks.\n\nArk Invest, Cathie Wood’s firm with multiple actively managed exchanged-traded funds, will debut its latest fund on Tuesday: aspace exploration ETF.\nARKX, the firm’s eighth ETF, comes as an increasing number of private space companies prepare to go public later this year. In the past six months,seven space companies have announced SPAC deals.\nWood — chief investment officer and CEO of Ark Investment Management — has made a name for herself by investing in \"disruptive innovation\" stocks. Wood's flagship fund, Ark Innovation, has seen more than $16 billion in inflows in the past year, according to FactSet.\nWood has big bets on names like Tesla, Teladoc and Roku.\nWood has garnered a large following after Ark Innovation returned nearly 150% last year. However, her flagship fund, Ark Innovation, is down nearly 9% this year. Amid the recent rotation out of technology names and into value stocks from the pressure of rising interest rates,Wood has stayed the course. Ark often buys the dip in any of its top holdings, which are all high conviction names.","news_type":1},"isVote":1,"tweetType":1,"viewCount":196,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":356685816,"gmtCreate":1616772294135,"gmtModify":1704798834107,"author":{"id":"3562062646632373","authorId":"3562062646632373","authorIdStr":"3562062646632373","name":"25e24627","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562062646632373"},"themes":[],"htmlText":"Please help like and comment! :)","listText":"Please help like and comment! :)","text":"Please help like and comment! :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/356685816","repostId":"1114428323","repostType":4,"repost":{"id":"1114428323","pubTimestamp":1616771427,"share":"https://ttm.financial/m/news/1114428323?lang=&edition=fundamental","pubTime":"2021-03-26 23:10","market":"us","language":"en","title":"Top 10 Undervalued Income Stocks For 2021 - Value Beats Growth","url":"https://stock-news.laohu8.com/highlight/detail?id=1114428323","media":"seekingalpha","summary":"At the end of 2020, we showcased a list of 10 undervalued income stocks for 2021. Looking back, we see that the performance, on average, has been great so far.In this report, we examine the reasons for that and will look at whether all 10 are still strong buys today.In some cases, the opportunity is even better now, in others, it may be time to lock in some gains.In the above chart, we see a very clear trend that emerged towards the end of February. The growth-heavy Nasdaq index  started to decl","content":"<p><b>Summary</b></p>\n<ul>\n <li>At the end of 2020, we showcased a list of 10 undervalued income stocks for 2021. Looking back, we see that the performance, on average, has been great so far.</li>\n <li>In this report, we examine the reasons for that and will look at whether all 10 are still strong buys today.</li>\n <li>In some cases, the opportunity is even better now, in others, it may be time to lock in some gains.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2d4b3c6dfc0c9c3580bdfc40f4151fb\" tg-width=\"1536\" tg-height=\"1025\"><span>Photo by VeranikaSmirnaya/iStock via Getty Images</span></p>\n<p>We wrote an article at the end of December in which we showcased 10 attractive income stocks that traded at inexpensive valuations back then. This resulted in a combination of upside potential and above-average income for investors that bought these stocks at the time. In this article, we will look again at the same ten stocks to see what has changed and whether they are all still attractive at current valuations.</p>\n<p><b>Top 10 Value Picks For Dividend Investors</b></p>\n<p>Our choices in&nbsp;our original article&nbsp;included the following 10 stocks:</p>\n<p>- Bristol-Myers Squibb (BMY) and AbbVie (ABBV) in healthcare</p>\n<p>- MPLX (MPLX) and Enterprise Products (EPD) in energy</p>\n<p>- Prudential (PRU) and Citigroup (C) in financials</p>\n<p>- Simon Property Group (SPG) and W. P. Carey (WPC) in real estate</p>\n<p>- AT&amp;T (T) in telecommunication</p>\n<p>- Intel (INTC) in tech</p>\n<p>Looking back one quarter later, we see that shares have performed like this:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/efdd2ae3235c94c5e041ed4f3925d561\" tg-width=\"635\" tg-height=\"555\"><span>Data by YCharts</span></p>\n<p>Year-to-date, they delivered an average return of 12% and a median return of 15%. Contrast this with the year-to-date return of 3% that was delivered by the S&amp;P 500 index (SPY), and we see that our picks clearly outperformed the broad market, delivering 4-5 times the performance enjoyed by those that put their money into the index.</p>\n<p><b>2020 Versus 2021: Growth Versus Value</b></p>\n<p>This was, I believe, partially the result of investing in high-yielding stocks that traded at very inexpensive valuations and were thus undervalued, but the portfolio also benefited from an overall shift in the market's focus.</p>\n<p>2020 was the year of growth stocks, which saw many \"growthy\" tech names generate very attractive gains. The same could be said about EV stocks, renewable stocks, etc., which all flourished last year thanks to an appetite for growth stocks and unprecedented monetary stimulus. In 2021, that has changed to some degree:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a81cfc9a5d54fce53409f7ea5cd0975\" tg-width=\"635\" tg-height=\"470\"><span>Data by YCharts</span></p>\n<p>In the above chart, we see a very clear trend that emerged towards the end of February. The growth-heavy Nasdaq index (NASDAQ:QQQ) started to decline, underperforming the S&amp;P 500 index this year, whereas the less techy, less growth-focused Dow Jones index (NYSEARCA:DIA) has beaten the S&amp;P 500 so far in 2021. Looking at two ETFs that focus on either Value (VTV) or Growth(NYSEARCA:VUG), we see that the value theme clearly has been the winner so far this year, beating all three indexes, whereas the growth-themed ETF is down this year. The good news is that our basket of stocks still easily outperformed the Value ETF, which shows that we seem to have at least some skill when it comes to picking individual stocks (or maybe we got lucky).</p>\n<p><b>Are Those 10 Still Great Buys Today?</b></p>\n<p>Since some of these stocks have moved so much already in the first three months, they may not all be an opportune buy any longer, which is why we will take a quick look at all ten individually.</p>\n<p><b>1. AbbVie</b></p>\n<p>AbbVie was one of our two healthcare picks in the original article. The company combines many positives, including an above-average yield, a low valuation, and steady growth even during the pandemic. AbbVie's most recent quarterly results showcase its outstanding resilience during the current crisis: The company managed to grow its revenues across its portfolio, with Humira, Imbruvica, and its new drugs Skyrizi and Rinvoq&nbsp;showing&nbsp;a strong performance.</p>\n<p>Even better, the company guided earnings above consensus, forecasting earnings per share of $12.40 for the current year. Relative to its share price of $103, this means that shares got even cheaper since our December article, they are now trading for just 8.3 times forward earnings. In short, there is nothing not to like, and I believe that 5.1%-yielding AbbVie is a&nbsp;strong buy.</p>\n<p><b>2. Bristol-Myers Squibb</b></p>\n<p>Bristol-Myers is the other healthcare pick in our original list. Like AbbVie, its shares were very inexpensive in December, and like AbbVie, it has continued to deliver strong operational results. Its most recent quarterly update included a 39% revenue growth rate compared to the previous year's quarter. This was impacted by one-time items from the Celgene takeover, but even adjusted for that, revenue growth came in at a strong 10% year over year.</p>\n<p>Like AbbVie, Bristol-Myers has also increased its earnings per share guidance for 2021, now forecasting profits of ~$7.30&nbsp;per share. Since shares are essentially flat since the beginning of the year, investors get an even better deal right now in terms of Bristol-Myers' valuation, which stands at 8.3 times net profits right now. Bristol-Myers is also one of the stocks Berkshire Hathaway (BRK.A)(BRK.B)&nbsp;has continued to add to&nbsp;in the most recent quarter, which indicates that this is indeed a strong pick for value investors.</p>\n<p><b>3. MPLX</b></p>\n<p>MPLX is a natural gas midstream player that offered a great income yield in December, at almost 13%. On top of that, shares were very inexpensive, trading at a distributable cash flow yield of almost 19%.</p>\n<p>Like many other energy-related names, MPLX has performed very well in Q1, delivering a performance of almost 20% in three months. Nevertheless, shares are not at all expensive, trading at a single-digit<i>earnings</i>multiple - even though earnings are generally a lot lower than cash flows for pipeline companies due to non-cash depreciation charges. Management believes that the company will have ample surplus cash this year, even after making its hefty dividend payments.</p>\n<p>Its CEO stated that shares are undervalued and that the company will likely do&nbsp;buybacks&nbsp;this year, which is a major positive. This will not only be highly accretive thanks to the low valuation shares are trading at, but should also further support the price. Shares are a less outstanding buy compared to December (or&nbsp;earlier in 2020), but they still look very compelling, we believe. They also still offer a very attractive dividend yield of 11% at today's price.</p>\n<p><b>4. Enterprise Products</b></p>\n<p>Like MPLX, Enterprise Products has performed well so far this year, on the back of enthusiasm for energy-related names. Its profits and cash flows are not really tied to the price of oil, but the market still bid up shares in recent months. The same had been true in 2020 when shares were sold off in tandem with other energy names, even though Enterprise Products' cash flows were not really impacted by lower oil prices.</p>\n<p>Shares are up by double-digits so far this year, but Enterprise Products' shares are not at all expensive. Considering that shares are trading at just around 7 times this year's distributable cash flows, while shares offer a dividend yield of 8.1%, makes us believe that this is still a strong pick for income investors. The fact that management has been buying back shares is another tailwind that could gain relevance as growth spending slows down, which should free up more money for buybacks going forward. We thus&nbsp;still like Enterprise Products&nbsp;as a high-quality midstream company at current prices.</p>\n<p><b>5. Prudential Financial</b></p>\n<p>This insurer has had a very solid 2020 and seeks to generate even stronger profits this year. Shares are up by double-digits so far this year but do not look expensive. With current forecasts seeing the company earn about $11.50 per share this year, and even more next year, shares trade at a ~8 times forward earnings multiple right now. The company continues to reward shareholders handsomely, as Prudential has raised its dividend by 5% in February.</p>\n<p>At current prices, the stock yields 5.1%, which is quite attractive in a low-yield world. Management plans to return a total of $10 billion to the company's owners through 2023, which equates to shareholder returns in the 10% range. Investors can thus count on more dividend increases down the road, coupled with some buybacks that will be quite accretive as long as shares continue to trade at an inexpensive valuation. Shares were a better buy in December, but they still look solid today.</p>\n<p><b>6. Citigroup</b></p>\n<p>Citigroup was the only bank on our list, and I mainly chose it over peers due to its below-average valuation and above-average dividend yield. 2021 has been great for bank stocks so far, due to an overall shift to value stocks, combined with rising interest spreads that are beneficial for banks' earnings.</p>\n<p>Shares rose by double-digits so far this year, hitting a high of $76 about two weeks ago. At that price, shares were trading above tangible book value, which stands at $73.80 right now, which is why I sold part of my position in the mid-$70s. Nevertheless, I did not sell my entire stake, as I feel that shares could rise above that level at some point in 2021, even though they have pulled back a little for now.</p>\n<p>The fact that banks are allowed to return more capital to their owners this year could become a catalyst for share price gains in 2021, as Citigroup will likely seek to increase its dividend and ramp up share repurchases. Trading marginally below tangible book value and at around 10 times this year's earnings, Citigroup is not at all expensive, although also not an absolute bargain any longer. I am moderately bullish, but wouldn't buy more at current valuations.</p>\n<p><b>7. Simon Property</b></p>\n<p>Simon Property is the leading mall player in the US, especially following the close of its acquisition of Taubman. The company had a harsh 2020, but its assets will, we believe, remain in use for a long time. High-quality malls in major metropolitan areas will not lose their value due to online shopping, as retail space can be used for more experimental retail, restaurants, bars, co-working spaces, hotels, and so on.</p>\n<p>This was our thesis throughout 2020, which is why we were very bullish on the stock when it traded at ultra-low valuations last year. In 2021, shares have, so far, returned almost 30%, as the market is increasingly realizing that the pandemic was not the end for high-quality retail real estate such as the properties that Simon Property owns. Shares breached $120 earlier in March but have pulled back a little for now.</p>\n<p>Trading at ~11 times this year's FFO, Simon Property is not an absolute bargain stock any longer. I personally believe that shares will rise back towards pre-crisis levels of $150+ eventually, but that may take some time, and there is not necessarily massive upside left in 2021. I continue to hold my Simon Property position and am bullish with a long-term view, but the best time to add this stock wasin 2020 when it traded at double-digits.</p>\n<p><b>8. W. P. Carey</b></p>\n<p>Unlike Simon Property, W. P. Carey has not risen a lot this year. Instead, shares are down slightly, potentially due to the fact that real estate investors moved towards more cyclical picks in the sector for the reopening trade. W. P. Carey is a rock-solid, low-risk income stock that offers a yield of 6.0% right here and that trades at 15 times forward FFO. This is an above-average valuation compared to the other stocks in this list, but that seems justified based on the fact that W. P. Carey has always traded at higher valuations than most of these stocks.</p>\n<p>As income investors can still not generate attractive yields from bonds, they will, I believe, eventually flock back towards low-risk REITs such as W. P. Carey or Realty Income (O), which could propel shares of these companies back to pre-crisis levels. In W. P. Carey's case, they traded at around $90 before the pandemic, which equates to a yield of around 4.5%. A recovery to that level does not seem unrealistic, I believe, which is why I continue to see W. P. Carey as a moderate-return, low-risk stock, which makes it attractive from a risk-to-reward perspective.</p>\n<p><b>9. AT&amp;T</b></p>\n<p>AT&amp;T remains a battleground stock, with bulls touting the undervaluation and potential in streaming, while bears focus on the high debt load. We do not see AT&amp;T as an extremely-high-quality pick, but the company's shares offer a solid yield of almost 7% and current management seems to have the right focus. Plans to monetize non-core assets, including DirecTV, are great, and the company plans to deleverage meaningfully over the coming years. AT&amp;T is not a high-growth company and will not turn into one, but the fact that the performance of HBO Max has&nbsp;beaten management's expectations&nbsp;is a positive for sure. At less than 10 times net profits, AT&amp;T remains quite inexpensive and if management executes on its plans, shares could deliver quite solid returns over the coming years.</p>\n<p><b>10. Intel</b></p>\n<p>Intel is a somewhat weird stock - the company executes well and grows steadily, but its shares see big swings up and down depending on whether investors are focusing on positive news items or negative news items at the moment. So far this year, they seem to do the prior, as shares have risen by 25% in just three months. This can't be explained by the underlying operational performance, which has been solid but didn't include growth of 20%+. Instead, the market is currently liking Intel's stock based on recent news such as a new CEO and plans to invest heavily to grow production capacity.</p>\n<p>I think the best time to buy Intel's shares is when the market is&nbsp;focusing on the bad news, whereas one may want to lock in gains when shares are trading at the top end of the recent valuation range. At 13.5 times forward earnings, Intel's shares trade at a premium to the median earnings multiple they have traded at over the last couple of years, thus I wouldn't buy here. Instead, locking in gains in the high $60s seemed like an opportune choice. I wouldn't be too surprised if shares fell back towards the mid-$50s or lower at some point during this year.</p>\n<p><b>Takeaway</b></p>\n<p>Our picks for 2020 have done very well so far, easily beating the market and even purely value-focused ETFs. However, not all of these stocks are necessarily still a great buy. I personally wouldn't buy Intel now, as the stock has already delivered easily more than 20% this year, and is trading at the higher end of the recent valuation range. On the other hand, some of our picks, such as AbbVie or W. P. Carey, are still priced very favorably and may even be a better buy right now compared to the beginning of the year.</p>\n<p>We welcome you to share your comments on the above stocks, as well as your picks for the remainder of 2021!</p>","source":"seekingalpha","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>Top 10 Undervalued Income Stocks For 2021 - Value Beats Growth</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\">\nTop 10 Undervalued Income Stocks For 2021 - Value Beats Growth\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-26 23:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4416178-top-10-undervalued-income-stocks-for-2021-value-beats-growth><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAt the end of 2020, we showcased a list of 10 undervalued income stocks for 2021. Looking back, we see that the performance, on average, has been great so far.\nIn this report, we examine the ...</p>\n\n<a href=\"https://seekingalpha.com/article/4416178-top-10-undervalued-income-stocks-for-2021-value-beats-growth\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"INTC":"英特尔","SPG":"西蒙地产","C":"花旗","WPC":"W. P. Carey Inc","EPD":"Enterprise Products Partners L.P","MPLX":"MPLX LP","BMY":"施贵宝","T":"美国电话电报","ABBV":"艾伯维公司","PFH":"Prudential Financial Inc"},"source_url":"https://seekingalpha.com/article/4416178-top-10-undervalued-income-stocks-for-2021-value-beats-growth","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1114428323","content_text":"Summary\n\nAt the end of 2020, we showcased a list of 10 undervalued income stocks for 2021. Looking back, we see that the performance, on average, has been great so far.\nIn this report, we examine the reasons for that and will look at whether all 10 are still strong buys today.\nIn some cases, the opportunity is even better now, in others, it may be time to lock in some gains.\n\nPhoto by VeranikaSmirnaya/iStock via Getty Images\nWe wrote an article at the end of December in which we showcased 10 attractive income stocks that traded at inexpensive valuations back then. This resulted in a combination of upside potential and above-average income for investors that bought these stocks at the time. In this article, we will look again at the same ten stocks to see what has changed and whether they are all still attractive at current valuations.\nTop 10 Value Picks For Dividend Investors\nOur choices in our original article included the following 10 stocks:\n- Bristol-Myers Squibb (BMY) and AbbVie (ABBV) in healthcare\n- MPLX (MPLX) and Enterprise Products (EPD) in energy\n- Prudential (PRU) and Citigroup (C) in financials\n- Simon Property Group (SPG) and W. P. Carey (WPC) in real estate\n- AT&T (T) in telecommunication\n- Intel (INTC) in tech\nLooking back one quarter later, we see that shares have performed like this:\nData by YCharts\nYear-to-date, they delivered an average return of 12% and a median return of 15%. Contrast this with the year-to-date return of 3% that was delivered by the S&P 500 index (SPY), and we see that our picks clearly outperformed the broad market, delivering 4-5 times the performance enjoyed by those that put their money into the index.\n2020 Versus 2021: Growth Versus Value\nThis was, I believe, partially the result of investing in high-yielding stocks that traded at very inexpensive valuations and were thus undervalued, but the portfolio also benefited from an overall shift in the market's focus.\n2020 was the year of growth stocks, which saw many \"growthy\" tech names generate very attractive gains. The same could be said about EV stocks, renewable stocks, etc., which all flourished last year thanks to an appetite for growth stocks and unprecedented monetary stimulus. In 2021, that has changed to some degree:\nData by YCharts\nIn the above chart, we see a very clear trend that emerged towards the end of February. The growth-heavy Nasdaq index (NASDAQ:QQQ) started to decline, underperforming the S&P 500 index this year, whereas the less techy, less growth-focused Dow Jones index (NYSEARCA:DIA) has beaten the S&P 500 so far in 2021. Looking at two ETFs that focus on either Value (VTV) or Growth(NYSEARCA:VUG), we see that the value theme clearly has been the winner so far this year, beating all three indexes, whereas the growth-themed ETF is down this year. The good news is that our basket of stocks still easily outperformed the Value ETF, which shows that we seem to have at least some skill when it comes to picking individual stocks (or maybe we got lucky).\nAre Those 10 Still Great Buys Today?\nSince some of these stocks have moved so much already in the first three months, they may not all be an opportune buy any longer, which is why we will take a quick look at all ten individually.\n1. AbbVie\nAbbVie was one of our two healthcare picks in the original article. The company combines many positives, including an above-average yield, a low valuation, and steady growth even during the pandemic. AbbVie's most recent quarterly results showcase its outstanding resilience during the current crisis: The company managed to grow its revenues across its portfolio, with Humira, Imbruvica, and its new drugs Skyrizi and Rinvoq showing a strong performance.\nEven better, the company guided earnings above consensus, forecasting earnings per share of $12.40 for the current year. Relative to its share price of $103, this means that shares got even cheaper since our December article, they are now trading for just 8.3 times forward earnings. In short, there is nothing not to like, and I believe that 5.1%-yielding AbbVie is a strong buy.\n2. Bristol-Myers Squibb\nBristol-Myers is the other healthcare pick in our original list. Like AbbVie, its shares were very inexpensive in December, and like AbbVie, it has continued to deliver strong operational results. Its most recent quarterly update included a 39% revenue growth rate compared to the previous year's quarter. This was impacted by one-time items from the Celgene takeover, but even adjusted for that, revenue growth came in at a strong 10% year over year.\nLike AbbVie, Bristol-Myers has also increased its earnings per share guidance for 2021, now forecasting profits of ~$7.30 per share. Since shares are essentially flat since the beginning of the year, investors get an even better deal right now in terms of Bristol-Myers' valuation, which stands at 8.3 times net profits right now. Bristol-Myers is also one of the stocks Berkshire Hathaway (BRK.A)(BRK.B) has continued to add to in the most recent quarter, which indicates that this is indeed a strong pick for value investors.\n3. MPLX\nMPLX is a natural gas midstream player that offered a great income yield in December, at almost 13%. On top of that, shares were very inexpensive, trading at a distributable cash flow yield of almost 19%.\nLike many other energy-related names, MPLX has performed very well in Q1, delivering a performance of almost 20% in three months. Nevertheless, shares are not at all expensive, trading at a single-digitearningsmultiple - even though earnings are generally a lot lower than cash flows for pipeline companies due to non-cash depreciation charges. Management believes that the company will have ample surplus cash this year, even after making its hefty dividend payments.\nIts CEO stated that shares are undervalued and that the company will likely do buybacks this year, which is a major positive. This will not only be highly accretive thanks to the low valuation shares are trading at, but should also further support the price. Shares are a less outstanding buy compared to December (or earlier in 2020), but they still look very compelling, we believe. They also still offer a very attractive dividend yield of 11% at today's price.\n4. Enterprise Products\nLike MPLX, Enterprise Products has performed well so far this year, on the back of enthusiasm for energy-related names. Its profits and cash flows are not really tied to the price of oil, but the market still bid up shares in recent months. The same had been true in 2020 when shares were sold off in tandem with other energy names, even though Enterprise Products' cash flows were not really impacted by lower oil prices.\nShares are up by double-digits so far this year, but Enterprise Products' shares are not at all expensive. Considering that shares are trading at just around 7 times this year's distributable cash flows, while shares offer a dividend yield of 8.1%, makes us believe that this is still a strong pick for income investors. The fact that management has been buying back shares is another tailwind that could gain relevance as growth spending slows down, which should free up more money for buybacks going forward. We thus still like Enterprise Products as a high-quality midstream company at current prices.\n5. Prudential Financial\nThis insurer has had a very solid 2020 and seeks to generate even stronger profits this year. Shares are up by double-digits so far this year but do not look expensive. With current forecasts seeing the company earn about $11.50 per share this year, and even more next year, shares trade at a ~8 times forward earnings multiple right now. The company continues to reward shareholders handsomely, as Prudential has raised its dividend by 5% in February.\nAt current prices, the stock yields 5.1%, which is quite attractive in a low-yield world. Management plans to return a total of $10 billion to the company's owners through 2023, which equates to shareholder returns in the 10% range. Investors can thus count on more dividend increases down the road, coupled with some buybacks that will be quite accretive as long as shares continue to trade at an inexpensive valuation. Shares were a better buy in December, but they still look solid today.\n6. Citigroup\nCitigroup was the only bank on our list, and I mainly chose it over peers due to its below-average valuation and above-average dividend yield. 2021 has been great for bank stocks so far, due to an overall shift to value stocks, combined with rising interest spreads that are beneficial for banks' earnings.\nShares rose by double-digits so far this year, hitting a high of $76 about two weeks ago. At that price, shares were trading above tangible book value, which stands at $73.80 right now, which is why I sold part of my position in the mid-$70s. Nevertheless, I did not sell my entire stake, as I feel that shares could rise above that level at some point in 2021, even though they have pulled back a little for now.\nThe fact that banks are allowed to return more capital to their owners this year could become a catalyst for share price gains in 2021, as Citigroup will likely seek to increase its dividend and ramp up share repurchases. Trading marginally below tangible book value and at around 10 times this year's earnings, Citigroup is not at all expensive, although also not an absolute bargain any longer. I am moderately bullish, but wouldn't buy more at current valuations.\n7. Simon Property\nSimon Property is the leading mall player in the US, especially following the close of its acquisition of Taubman. The company had a harsh 2020, but its assets will, we believe, remain in use for a long time. High-quality malls in major metropolitan areas will not lose their value due to online shopping, as retail space can be used for more experimental retail, restaurants, bars, co-working spaces, hotels, and so on.\nThis was our thesis throughout 2020, which is why we were very bullish on the stock when it traded at ultra-low valuations last year. In 2021, shares have, so far, returned almost 30%, as the market is increasingly realizing that the pandemic was not the end for high-quality retail real estate such as the properties that Simon Property owns. Shares breached $120 earlier in March but have pulled back a little for now.\nTrading at ~11 times this year's FFO, Simon Property is not an absolute bargain stock any longer. I personally believe that shares will rise back towards pre-crisis levels of $150+ eventually, but that may take some time, and there is not necessarily massive upside left in 2021. I continue to hold my Simon Property position and am bullish with a long-term view, but the best time to add this stock wasin 2020 when it traded at double-digits.\n8. W. P. Carey\nUnlike Simon Property, W. P. Carey has not risen a lot this year. Instead, shares are down slightly, potentially due to the fact that real estate investors moved towards more cyclical picks in the sector for the reopening trade. W. P. Carey is a rock-solid, low-risk income stock that offers a yield of 6.0% right here and that trades at 15 times forward FFO. This is an above-average valuation compared to the other stocks in this list, but that seems justified based on the fact that W. P. Carey has always traded at higher valuations than most of these stocks.\nAs income investors can still not generate attractive yields from bonds, they will, I believe, eventually flock back towards low-risk REITs such as W. P. Carey or Realty Income (O), which could propel shares of these companies back to pre-crisis levels. In W. P. Carey's case, they traded at around $90 before the pandemic, which equates to a yield of around 4.5%. A recovery to that level does not seem unrealistic, I believe, which is why I continue to see W. P. Carey as a moderate-return, low-risk stock, which makes it attractive from a risk-to-reward perspective.\n9. AT&T\nAT&T remains a battleground stock, with bulls touting the undervaluation and potential in streaming, while bears focus on the high debt load. We do not see AT&T as an extremely-high-quality pick, but the company's shares offer a solid yield of almost 7% and current management seems to have the right focus. Plans to monetize non-core assets, including DirecTV, are great, and the company plans to deleverage meaningfully over the coming years. AT&T is not a high-growth company and will not turn into one, but the fact that the performance of HBO Max has beaten management's expectations is a positive for sure. At less than 10 times net profits, AT&T remains quite inexpensive and if management executes on its plans, shares could deliver quite solid returns over the coming years.\n10. Intel\nIntel is a somewhat weird stock - the company executes well and grows steadily, but its shares see big swings up and down depending on whether investors are focusing on positive news items or negative news items at the moment. So far this year, they seem to do the prior, as shares have risen by 25% in just three months. This can't be explained by the underlying operational performance, which has been solid but didn't include growth of 20%+. Instead, the market is currently liking Intel's stock based on recent news such as a new CEO and plans to invest heavily to grow production capacity.\nI think the best time to buy Intel's shares is when the market is focusing on the bad news, whereas one may want to lock in gains when shares are trading at the top end of the recent valuation range. At 13.5 times forward earnings, Intel's shares trade at a premium to the median earnings multiple they have traded at over the last couple of years, thus I wouldn't buy here. Instead, locking in gains in the high $60s seemed like an opportune choice. I wouldn't be too surprised if shares fell back towards the mid-$50s or lower at some point during this year.\nTakeaway\nOur picks for 2020 have done very well so far, easily beating the market and even purely value-focused ETFs. However, not all of these stocks are necessarily still a great buy. I personally wouldn't buy Intel now, as the stock has already delivered easily more than 20% this year, and is trading at the higher end of the recent valuation range. On the other hand, some of our picks, such as AbbVie or W. P. Carey, are still priced very favorably and may even be a better buy right now compared to the beginning of the year.\nWe welcome you to share your comments on the above stocks, as well as your picks for the remainder of 2021!","news_type":1},"isVote":1,"tweetType":1,"viewCount":127,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":356685000,"gmtCreate":1616772275400,"gmtModify":1704798834268,"author":{"id":"3562062646632373","authorId":"3562062646632373","authorIdStr":"3562062646632373","name":"25e24627","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562062646632373"},"themes":[],"htmlText":"Please help like and comment ??","listText":"Please help like and comment ??","text":"Please help like and comment ??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/356685000","repostId":"1111192234","repostType":4,"repost":{"id":"1111192234","pubTimestamp":1616772179,"share":"https://ttm.financial/m/news/1111192234?lang=&edition=fundamental","pubTime":"2021-03-26 23:22","market":"us","language":"en","title":"Tesla Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.","url":"https://stock-news.laohu8.com/highlight/detail?id=1111192234","media":"Barrons","summary":"The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global automotive microchip shortage is roiling the entire car business.Numbers will matter even more for richly valued, high-growth companies such as Tesla. Tesla investors want growth, and the chip situation is squeezing growth. Both General Motors and Ford Motor have taken unexpected plant downtime recently and","content":"<p>The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global automotive microchip shortage is roiling the entire car business.</p>\n<p>Numbers will matter even more for richly valued, high-growth companies such as&nbsp;Tesla(ticker: TSLA). Tesla investors want growth, and the chip situation is squeezing growth. Both&nbsp;General Motors(GM) and&nbsp;Ford Motor(F) have taken unexpected plant downtime recently and have called the chip issue a billion-dollar profit headwind for 2021. That’s not what investors want to hear.</p>\n<p>Everyone is aware of the issue. Still, when first-quarter data is released, investors have to decide whether or not to give Tesla, or any other fast-growing EV maker, a pass if results are weaker than expected.</p>\n<p>So far the market isn’t feeling charitable. But the sample size is only one stock.</p>\n<p>NIO&nbsp;shares (NIO) are down more than 6% in Friday trading after the EV maker&nbsp;reduced guidance&nbsp;for first-quarter deliveries from about 20,250 cars to about 19,500. NIO management cited the chip shortage and is shutting a manufacturing plant for five days starting March 29.</p>\n<p>For Tesla, Wall Street is looking for about 162,000 vehicles delivered in March. That’s down from a peak estimate of about 183,000 vehicles. Analysts seem to be reducing numbers, possibly because of the shortage.</p>\n<p>Tesla delivered about 181,000 vehicles in the&nbsp;fourth quarter. For the full year 2021, analysts are looking for almost 800,000 vehicle deliveries, up about 60% year over year.</p>\n<p>RBC analyst&nbsp;Joe Spak&nbsp;is forecasting 170,000 first-quarter deliveries, up more than 90% year over year. He also forecasts Tesla will make 96,000 cars in California and 74,000 cars in China during the quarter. “Consensus [estimate] looks mostly reasonable,” wrote Spak in a Thursday report. “We do look for updates to see how the semi shortage is impacting&nbsp;Tesla—as it has the rest of the industry.” He sees some additional downside risk to estimates, especially for second-quarter numbers, because of chips.</p>\n<p>Spak rates Tesla stock Hold and has a $725 price target for shares.</p>\n<p>In the case of Tesla stock, the chip shortage has taken a back seat to rising interest rates. Rising rateshit growth stocksin two main ways. For starters, it makes growth more expensive to finance. NIO isn’t profitable yet. High-growth companies generate most of their cash flow far in the future. That cash flow is worth a little less, relatively speaking, when investors can earn higher interest rates on their cash today.</p>\n<p>Tesla stock is down roughly 10% year to date after rising more than 740% in 2020. Shares are down 0.9% in early Friday trading, at $634.40. The&nbsp;S&amp;P 500is up about 0.7%.</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>Tesla Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.</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 Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-26 23:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/tesla-deliveries-are-coming-they-matter-more-than-ever-heres-what-to-expect-51616769819?mod=hp_DAY_Theme_1_3><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global ...</p>\n\n<a href=\"https://www.barrons.com/articles/tesla-deliveries-are-coming-they-matter-more-than-ever-heres-what-to-expect-51616769819?mod=hp_DAY_Theme_1_3\">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":"https://www.barrons.com/articles/tesla-deliveries-are-coming-they-matter-more-than-ever-heres-what-to-expect-51616769819?mod=hp_DAY_Theme_1_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111192234","content_text":"The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global automotive microchip shortage is roiling the entire car business.\nNumbers will matter even more for richly valued, high-growth companies such as Tesla(ticker: TSLA). Tesla investors want growth, and the chip situation is squeezing growth. Both General Motors(GM) and Ford Motor(F) have taken unexpected plant downtime recently and have called the chip issue a billion-dollar profit headwind for 2021. That’s not what investors want to hear.\nEveryone is aware of the issue. Still, when first-quarter data is released, investors have to decide whether or not to give Tesla, or any other fast-growing EV maker, a pass if results are weaker than expected.\nSo far the market isn’t feeling charitable. But the sample size is only one stock.\nNIO shares (NIO) are down more than 6% in Friday trading after the EV maker reduced guidance for first-quarter deliveries from about 20,250 cars to about 19,500. NIO management cited the chip shortage and is shutting a manufacturing plant for five days starting March 29.\nFor Tesla, Wall Street is looking for about 162,000 vehicles delivered in March. That’s down from a peak estimate of about 183,000 vehicles. Analysts seem to be reducing numbers, possibly because of the shortage.\nTesla delivered about 181,000 vehicles in the fourth quarter. For the full year 2021, analysts are looking for almost 800,000 vehicle deliveries, up about 60% year over year.\nRBC analyst Joe Spak is forecasting 170,000 first-quarter deliveries, up more than 90% year over year. He also forecasts Tesla will make 96,000 cars in California and 74,000 cars in China during the quarter. “Consensus [estimate] looks mostly reasonable,” wrote Spak in a Thursday report. “We do look for updates to see how the semi shortage is impacting Tesla—as it has the rest of the industry.” He sees some additional downside risk to estimates, especially for second-quarter numbers, because of chips.\nSpak rates Tesla stock Hold and has a $725 price target for shares.\nIn the case of Tesla stock, the chip shortage has taken a back seat to rising interest rates. Rising rateshit growth stocksin two main ways. For starters, it makes growth more expensive to finance. NIO isn’t profitable yet. High-growth companies generate most of their cash flow far in the future. That cash flow is worth a little less, relatively speaking, when investors can earn higher interest rates on their cash today.\nTesla stock is down roughly 10% year to date after rising more than 740% in 2020. Shares are down 0.9% in early Friday trading, at $634.40. The S&P 500is up about 0.7%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":156,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":101438283,"gmtCreate":1619929484342,"gmtModify":1704336503492,"author":{"id":"3562062646632373","authorId":"3562062646632373","authorIdStr":"3562062646632373","name":"25e24627","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562062646632373"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>???","listText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>???","text":"$GameStop(GME)$???","images":[{"img":"https://static.tigerbbs.com/e2e4e83287390553df44f1ddcd08dcff","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/101438283","isVote":1,"tweetType":1,"viewCount":451,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":356685000,"gmtCreate":1616772275400,"gmtModify":1704798834268,"author":{"id":"3562062646632373","authorId":"3562062646632373","authorIdStr":"3562062646632373","name":"25e24627","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562062646632373"},"themes":[],"htmlText":"Please help like and comment ??","listText":"Please help like and comment ??","text":"Please help like and comment ??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/356685000","repostId":"1111192234","repostType":4,"repost":{"id":"1111192234","pubTimestamp":1616772179,"share":"https://ttm.financial/m/news/1111192234?lang=&edition=fundamental","pubTime":"2021-03-26 23:22","market":"us","language":"en","title":"Tesla Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.","url":"https://stock-news.laohu8.com/highlight/detail?id=1111192234","media":"Barrons","summary":"The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global automotive microchip shortage is roiling the entire car business.Numbers will matter even more for richly valued, high-growth companies such as Tesla. Tesla investors want growth, and the chip situation is squeezing growth. Both General Motors and Ford Motor have taken unexpected plant downtime recently and","content":"<p>The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global automotive microchip shortage is roiling the entire car business.</p>\n<p>Numbers will matter even more for richly valued, high-growth companies such as&nbsp;Tesla(ticker: TSLA). Tesla investors want growth, and the chip situation is squeezing growth. Both&nbsp;General Motors(GM) and&nbsp;Ford Motor(F) have taken unexpected plant downtime recently and have called the chip issue a billion-dollar profit headwind for 2021. That’s not what investors want to hear.</p>\n<p>Everyone is aware of the issue. Still, when first-quarter data is released, investors have to decide whether or not to give Tesla, or any other fast-growing EV maker, a pass if results are weaker than expected.</p>\n<p>So far the market isn’t feeling charitable. But the sample size is only one stock.</p>\n<p>NIO&nbsp;shares (NIO) are down more than 6% in Friday trading after the EV maker&nbsp;reduced guidance&nbsp;for first-quarter deliveries from about 20,250 cars to about 19,500. NIO management cited the chip shortage and is shutting a manufacturing plant for five days starting March 29.</p>\n<p>For Tesla, Wall Street is looking for about 162,000 vehicles delivered in March. That’s down from a peak estimate of about 183,000 vehicles. Analysts seem to be reducing numbers, possibly because of the shortage.</p>\n<p>Tesla delivered about 181,000 vehicles in the&nbsp;fourth quarter. For the full year 2021, analysts are looking for almost 800,000 vehicle deliveries, up about 60% year over year.</p>\n<p>RBC analyst&nbsp;Joe Spak&nbsp;is forecasting 170,000 first-quarter deliveries, up more than 90% year over year. He also forecasts Tesla will make 96,000 cars in California and 74,000 cars in China during the quarter. “Consensus [estimate] looks mostly reasonable,” wrote Spak in a Thursday report. “We do look for updates to see how the semi shortage is impacting&nbsp;Tesla—as it has the rest of the industry.” He sees some additional downside risk to estimates, especially for second-quarter numbers, because of chips.</p>\n<p>Spak rates Tesla stock Hold and has a $725 price target for shares.</p>\n<p>In the case of Tesla stock, the chip shortage has taken a back seat to rising interest rates. Rising rateshit growth stocksin two main ways. For starters, it makes growth more expensive to finance. NIO isn’t profitable yet. High-growth companies generate most of their cash flow far in the future. That cash flow is worth a little less, relatively speaking, when investors can earn higher interest rates on their cash today.</p>\n<p>Tesla stock is down roughly 10% year to date after rising more than 740% in 2020. Shares are down 0.9% in early Friday trading, at $634.40. The&nbsp;S&amp;P 500is up about 0.7%.</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>Tesla Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.</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 Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-26 23:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/tesla-deliveries-are-coming-they-matter-more-than-ever-heres-what-to-expect-51616769819?mod=hp_DAY_Theme_1_3><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global ...</p>\n\n<a href=\"https://www.barrons.com/articles/tesla-deliveries-are-coming-they-matter-more-than-ever-heres-what-to-expect-51616769819?mod=hp_DAY_Theme_1_3\">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":"https://www.barrons.com/articles/tesla-deliveries-are-coming-they-matter-more-than-ever-heres-what-to-expect-51616769819?mod=hp_DAY_Theme_1_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111192234","content_text":"The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global automotive microchip shortage is roiling the entire car business.\nNumbers will matter even more for richly valued, high-growth companies such as Tesla(ticker: TSLA). Tesla investors want growth, and the chip situation is squeezing growth. Both General Motors(GM) and Ford Motor(F) have taken unexpected plant downtime recently and have called the chip issue a billion-dollar profit headwind for 2021. That’s not what investors want to hear.\nEveryone is aware of the issue. Still, when first-quarter data is released, investors have to decide whether or not to give Tesla, or any other fast-growing EV maker, a pass if results are weaker than expected.\nSo far the market isn’t feeling charitable. But the sample size is only one stock.\nNIO shares (NIO) are down more than 6% in Friday trading after the EV maker reduced guidance for first-quarter deliveries from about 20,250 cars to about 19,500. NIO management cited the chip shortage and is shutting a manufacturing plant for five days starting March 29.\nFor Tesla, Wall Street is looking for about 162,000 vehicles delivered in March. That’s down from a peak estimate of about 183,000 vehicles. Analysts seem to be reducing numbers, possibly because of the shortage.\nTesla delivered about 181,000 vehicles in the fourth quarter. For the full year 2021, analysts are looking for almost 800,000 vehicle deliveries, up about 60% year over year.\nRBC analyst Joe Spak is forecasting 170,000 first-quarter deliveries, up more than 90% year over year. He also forecasts Tesla will make 96,000 cars in California and 74,000 cars in China during the quarter. “Consensus [estimate] looks mostly reasonable,” wrote Spak in a Thursday report. “We do look for updates to see how the semi shortage is impacting Tesla—as it has the rest of the industry.” He sees some additional downside risk to estimates, especially for second-quarter numbers, because of chips.\nSpak rates Tesla stock Hold and has a $725 price target for shares.\nIn the case of Tesla stock, the chip shortage has taken a back seat to rising interest rates. Rising rateshit growth stocksin two main ways. For starters, it makes growth more expensive to finance. NIO isn’t profitable yet. High-growth companies generate most of their cash flow far in the future. That cash flow is worth a little less, relatively speaking, when investors can earn higher interest rates on their cash today.\nTesla stock is down roughly 10% year to date after rising more than 740% in 2020. Shares are down 0.9% in early Friday trading, at $634.40. The S&P 500is up about 0.7%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":156,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180256832,"gmtCreate":1623208044026,"gmtModify":1704198387534,"author":{"id":"3562062646632373","authorId":"3562062646632373","authorIdStr":"3562062646632373","name":"25e24627","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562062646632373"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BNGO\">$Bionano Genomics(BNGO)$</a>Slow and stead","listText":"<a href=\"https://laohu8.com/S/BNGO\">$Bionano Genomics(BNGO)$</a>Slow and stead","text":"$Bionano Genomics(BNGO)$Slow and stead","images":[{"img":"https://static.tigerbbs.com/7942b1218c85c6a2dcb358b3f8016ba1","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":1,"link":"https://ttm.financial/post/180256832","isVote":1,"tweetType":1,"viewCount":184,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":191984420,"gmtCreate":1620833883660,"gmtModify":1704349151233,"author":{"id":"3562062646632373","authorId":"3562062646632373","authorIdStr":"3562062646632373","name":"25e24627","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562062646632373"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>?","listText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>?","text":"$GameStop(GME)$?","images":[{"img":"https://static.tigerbbs.com/3638ad6bb86b494d4d6601e2660c6a23","width":"1125","height":"2183"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/191984420","isVote":1,"tweetType":1,"viewCount":599,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":103094558,"gmtCreate":1619737926574,"gmtModify":1704271482871,"author":{"id":"3562062646632373","authorId":"3562062646632373","authorIdStr":"3562062646632373","name":"25e24627","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562062646632373"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>??","listText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>??","text":"$GameStop(GME)$??","images":[{"img":"https://static.tigerbbs.com/e30988b365e876292c8ce270e282d299","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/103094558","isVote":1,"tweetType":1,"viewCount":429,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":350839158,"gmtCreate":1616173342574,"gmtModify":1704791933065,"author":{"id":"3562062646632373","authorId":"3562062646632373","authorIdStr":"3562062646632373","name":"25e24627","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562062646632373"},"themes":[],"htmlText":"Stonks only go up! ?","listText":"Stonks only go up! ?","text":"Stonks only go up! ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/350839158","repostId":"1102451613","repostType":4,"repost":{"id":"1102451613","pubTimestamp":1616160196,"share":"https://ttm.financial/m/news/1102451613?lang=&edition=fundamental","pubTime":"2021-03-19 21:23","market":"us","language":"en","title":"8 Stocks To Watch For 2021 March Madness","url":"https://stock-news.laohu8.com/highlight/detail?id=1102451613","media":"Benzinga","summary":"After the COVID-19 pandemic shut down March Madness in 2020, many people are excited for the 2021 NC","content":"<p>After the COVID-19 pandemic shut down March Madness in 2020, many people are excited for the 2021 NCAA Basketball tournament kicking off this&nbsp;weekend. Sports fans, sports bettors and advertisers are among the parties ready for games to take place.</p>\n<p>Here's a look at some publicly traded companies that are ready for March Madness to begin.</p>\n<p><b>CBS:</b>This could be a strong year for<b>ViacomCBS Inc</b>VIAC, the&nbsp;host&nbsp;of both the Super Bowl and games from March Madness. CBS could see March Madness advertising revenue. The companytold reporterslast week that the ads were “virtually sold out.”</p>\n<p>Eighty percent of linear advertisers will also have a digital advertising presence. Around 90% of last year’s planned advertisers are airing ads this year after last year’s canceled tournament.</p>\n<p>Over 100 advertisers are signed between CBS and its partner Turner Sports. The top five advertiser categories are insurance, automotive, financials, telecommunications and restaurants.</p>\n<p>CBS hascoverageof games in each round and has the exclusive coverage of the Final Four and Championship games.</p>\n<p><i>See Also:How ViacomCBS Became The Latest 'YOLO Stock'</i></p>\n<p><b>AT&amp;T:</b>Turner Sports, a segment of&nbsp;<b>AT&amp;T</b>T,&nbsp;has rights to March Madness games along with CBS. Games will be aired on the TBS and truTV channels. These channels will have the rights to all of the Play-In games on Thursday night.</p>\n<p>Games will air on TBS, truTV and TNT on Friday, Saturday, Sunday and Monday. Turner will have coverage of games in the first four rounds.</p>\n<p><b>Sports Betting Companies:</b>In 2019, only seven states had legal sports betting for the March Madness tournament. Adults in 20 states and Washington, D.C. will be able to bet on sports for March Madness in 2021. Over 86 million people will be able to place wagers compared to 26 million in 2019.</p>\n<p>In 2021, Play USAestimates&nbsp;between $1 billion and $1.5 billion could be wagered on March Madness. While the Super Bowl is the most bet on game of the year, the combination of more than 60 games makes March Madness the largest bet sporting event.</p>\n<p>“The 2021 NCAA Tournament will be the most widely bet-on sporting event in U.S. history,\" said PlayUSA.com analyst Eric Ramsey.</p>\n<p>The predictions for the total amount are hard given the increased number of states to legalize;&nbsp;no numbers from&nbsp;2020 for comparison purposes; and the continued pandemic hitting retail sportsbooks, Ramsey said.</p>\n<p>With the huge predictions set for sports betting on March Madness, the stocks to watch include&nbsp;<b>DraftKings Inc</b>DKNG,<b>Penn National Gaming Inc</b>PENN,<b>MGM Resorts International</b>MGM,<b>Rush Street Interactive</b>RSIand<b>Golden Nugget Online Gaming Inc</b>GNOG.</p>\n<p><b>Genius Sports:</b>Set togo publicin a SPAC merger with<b>dMY Technology Inc II</b>DMYD 0.13%, Genius Sports provides data to sports betting partners.</p>\n<p>Genius Sports has a 10-yearexclusivedeal with the NCAA that includes coverage of Men’s Basketball. Under the deal signed in 2018, no party other than Genius Sports is allowed to collect data at NCAA events for commercial exploitation.</p>","source":"lsy1606299360108","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>8 Stocks To Watch For 2021 March Madness</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\">\n8 Stocks To Watch For 2021 March Madness\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-19 21:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/news/small-cap/21/03/20213971/8-stocks-to-watch-for-2021-march-madness><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>After the COVID-19 pandemic shut down March Madness in 2020, many people are excited for the 2021 NCAA Basketball tournament kicking off this weekend. Sports fans, sports bettors and advertisers are ...</p>\n\n<a href=\"https://www.benzinga.com/news/small-cap/21/03/20213971/8-stocks-to-watch-for-2021-march-madness\">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.benzinga.com/news/small-cap/21/03/20213971/8-stocks-to-watch-for-2021-march-madness","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102451613","content_text":"After the COVID-19 pandemic shut down March Madness in 2020, many people are excited for the 2021 NCAA Basketball tournament kicking off this weekend. Sports fans, sports bettors and advertisers are among the parties ready for games to take place.\nHere's a look at some publicly traded companies that are ready for March Madness to begin.\nCBS:This could be a strong year forViacomCBS IncVIAC, the host of both the Super Bowl and games from March Madness. CBS could see March Madness advertising revenue. The companytold reporterslast week that the ads were “virtually sold out.”\nEighty percent of linear advertisers will also have a digital advertising presence. Around 90% of last year’s planned advertisers are airing ads this year after last year’s canceled tournament.\nOver 100 advertisers are signed between CBS and its partner Turner Sports. The top five advertiser categories are insurance, automotive, financials, telecommunications and restaurants.\nCBS hascoverageof games in each round and has the exclusive coverage of the Final Four and Championship games.\nSee Also:How ViacomCBS Became The Latest 'YOLO Stock'\nAT&T:Turner Sports, a segment of AT&TT, has rights to March Madness games along with CBS. Games will be aired on the TBS and truTV channels. These channels will have the rights to all of the Play-In games on Thursday night.\nGames will air on TBS, truTV and TNT on Friday, Saturday, Sunday and Monday. Turner will have coverage of games in the first four rounds.\nSports Betting Companies:In 2019, only seven states had legal sports betting for the March Madness tournament. Adults in 20 states and Washington, D.C. will be able to bet on sports for March Madness in 2021. Over 86 million people will be able to place wagers compared to 26 million in 2019.\nIn 2021, Play USAestimates between $1 billion and $1.5 billion could be wagered on March Madness. While the Super Bowl is the most bet on game of the year, the combination of more than 60 games makes March Madness the largest bet sporting event.\n“The 2021 NCAA Tournament will be the most widely bet-on sporting event in U.S. history,\" said PlayUSA.com analyst Eric Ramsey.\nThe predictions for the total amount are hard given the increased number of states to legalize; no numbers from 2020 for comparison purposes; and the continued pandemic hitting retail sportsbooks, Ramsey said.\nWith the huge predictions set for sports betting on March Madness, the stocks to watch include DraftKings IncDKNG,Penn National Gaming IncPENN,MGM Resorts InternationalMGM,Rush Street InteractiveRSIandGolden Nugget Online Gaming IncGNOG.\nGenius Sports:Set togo publicin a SPAC merger withdMY Technology Inc IIDMYD 0.13%, Genius Sports provides data to sports betting partners.\nGenius Sports has a 10-yearexclusivedeal with the NCAA that includes coverage of Men’s Basketball. Under the deal signed in 2018, no party other than Genius Sports is allowed to collect data at NCAA events for commercial exploitation.","news_type":1},"isVote":1,"tweetType":1,"viewCount":103,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":198770767,"gmtCreate":1620995742759,"gmtModify":1704351685426,"author":{"id":"3562062646632373","authorId":"3562062646632373","authorIdStr":"3562062646632373","name":"25e24627","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562062646632373"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>GG","listText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>GG","text":"$GameStop(GME)$GG","images":[{"img":"https://static.tigerbbs.com/43c18f885ce29c1d5efdb01a4b0c66fa","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/198770767","isVote":1,"tweetType":1,"viewCount":687,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":356685816,"gmtCreate":1616772294135,"gmtModify":1704798834107,"author":{"id":"3562062646632373","authorId":"3562062646632373","authorIdStr":"3562062646632373","name":"25e24627","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562062646632373"},"themes":[],"htmlText":"Please help like and comment! :)","listText":"Please help like and comment! :)","text":"Please help like and comment! :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/356685816","repostId":"1114428323","repostType":4,"repost":{"id":"1114428323","pubTimestamp":1616771427,"share":"https://ttm.financial/m/news/1114428323?lang=&edition=fundamental","pubTime":"2021-03-26 23:10","market":"us","language":"en","title":"Top 10 Undervalued Income Stocks For 2021 - Value Beats Growth","url":"https://stock-news.laohu8.com/highlight/detail?id=1114428323","media":"seekingalpha","summary":"At the end of 2020, we showcased a list of 10 undervalued income stocks for 2021. Looking back, we see that the performance, on average, has been great so far.In this report, we examine the reasons for that and will look at whether all 10 are still strong buys today.In some cases, the opportunity is even better now, in others, it may be time to lock in some gains.In the above chart, we see a very clear trend that emerged towards the end of February. The growth-heavy Nasdaq index  started to decl","content":"<p><b>Summary</b></p>\n<ul>\n <li>At the end of 2020, we showcased a list of 10 undervalued income stocks for 2021. Looking back, we see that the performance, on average, has been great so far.</li>\n <li>In this report, we examine the reasons for that and will look at whether all 10 are still strong buys today.</li>\n <li>In some cases, the opportunity is even better now, in others, it may be time to lock in some gains.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2d4b3c6dfc0c9c3580bdfc40f4151fb\" tg-width=\"1536\" tg-height=\"1025\"><span>Photo by VeranikaSmirnaya/iStock via Getty Images</span></p>\n<p>We wrote an article at the end of December in which we showcased 10 attractive income stocks that traded at inexpensive valuations back then. This resulted in a combination of upside potential and above-average income for investors that bought these stocks at the time. In this article, we will look again at the same ten stocks to see what has changed and whether they are all still attractive at current valuations.</p>\n<p><b>Top 10 Value Picks For Dividend Investors</b></p>\n<p>Our choices in&nbsp;our original article&nbsp;included the following 10 stocks:</p>\n<p>- Bristol-Myers Squibb (BMY) and AbbVie (ABBV) in healthcare</p>\n<p>- MPLX (MPLX) and Enterprise Products (EPD) in energy</p>\n<p>- Prudential (PRU) and Citigroup (C) in financials</p>\n<p>- Simon Property Group (SPG) and W. P. Carey (WPC) in real estate</p>\n<p>- AT&amp;T (T) in telecommunication</p>\n<p>- Intel (INTC) in tech</p>\n<p>Looking back one quarter later, we see that shares have performed like this:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/efdd2ae3235c94c5e041ed4f3925d561\" tg-width=\"635\" tg-height=\"555\"><span>Data by YCharts</span></p>\n<p>Year-to-date, they delivered an average return of 12% and a median return of 15%. Contrast this with the year-to-date return of 3% that was delivered by the S&amp;P 500 index (SPY), and we see that our picks clearly outperformed the broad market, delivering 4-5 times the performance enjoyed by those that put their money into the index.</p>\n<p><b>2020 Versus 2021: Growth Versus Value</b></p>\n<p>This was, I believe, partially the result of investing in high-yielding stocks that traded at very inexpensive valuations and were thus undervalued, but the portfolio also benefited from an overall shift in the market's focus.</p>\n<p>2020 was the year of growth stocks, which saw many \"growthy\" tech names generate very attractive gains. The same could be said about EV stocks, renewable stocks, etc., which all flourished last year thanks to an appetite for growth stocks and unprecedented monetary stimulus. In 2021, that has changed to some degree:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a81cfc9a5d54fce53409f7ea5cd0975\" tg-width=\"635\" tg-height=\"470\"><span>Data by YCharts</span></p>\n<p>In the above chart, we see a very clear trend that emerged towards the end of February. The growth-heavy Nasdaq index (NASDAQ:QQQ) started to decline, underperforming the S&amp;P 500 index this year, whereas the less techy, less growth-focused Dow Jones index (NYSEARCA:DIA) has beaten the S&amp;P 500 so far in 2021. Looking at two ETFs that focus on either Value (VTV) or Growth(NYSEARCA:VUG), we see that the value theme clearly has been the winner so far this year, beating all three indexes, whereas the growth-themed ETF is down this year. The good news is that our basket of stocks still easily outperformed the Value ETF, which shows that we seem to have at least some skill when it comes to picking individual stocks (or maybe we got lucky).</p>\n<p><b>Are Those 10 Still Great Buys Today?</b></p>\n<p>Since some of these stocks have moved so much already in the first three months, they may not all be an opportune buy any longer, which is why we will take a quick look at all ten individually.</p>\n<p><b>1. AbbVie</b></p>\n<p>AbbVie was one of our two healthcare picks in the original article. The company combines many positives, including an above-average yield, a low valuation, and steady growth even during the pandemic. AbbVie's most recent quarterly results showcase its outstanding resilience during the current crisis: The company managed to grow its revenues across its portfolio, with Humira, Imbruvica, and its new drugs Skyrizi and Rinvoq&nbsp;showing&nbsp;a strong performance.</p>\n<p>Even better, the company guided earnings above consensus, forecasting earnings per share of $12.40 for the current year. Relative to its share price of $103, this means that shares got even cheaper since our December article, they are now trading for just 8.3 times forward earnings. In short, there is nothing not to like, and I believe that 5.1%-yielding AbbVie is a&nbsp;strong buy.</p>\n<p><b>2. Bristol-Myers Squibb</b></p>\n<p>Bristol-Myers is the other healthcare pick in our original list. Like AbbVie, its shares were very inexpensive in December, and like AbbVie, it has continued to deliver strong operational results. Its most recent quarterly update included a 39% revenue growth rate compared to the previous year's quarter. This was impacted by one-time items from the Celgene takeover, but even adjusted for that, revenue growth came in at a strong 10% year over year.</p>\n<p>Like AbbVie, Bristol-Myers has also increased its earnings per share guidance for 2021, now forecasting profits of ~$7.30&nbsp;per share. Since shares are essentially flat since the beginning of the year, investors get an even better deal right now in terms of Bristol-Myers' valuation, which stands at 8.3 times net profits right now. Bristol-Myers is also one of the stocks Berkshire Hathaway (BRK.A)(BRK.B)&nbsp;has continued to add to&nbsp;in the most recent quarter, which indicates that this is indeed a strong pick for value investors.</p>\n<p><b>3. MPLX</b></p>\n<p>MPLX is a natural gas midstream player that offered a great income yield in December, at almost 13%. On top of that, shares were very inexpensive, trading at a distributable cash flow yield of almost 19%.</p>\n<p>Like many other energy-related names, MPLX has performed very well in Q1, delivering a performance of almost 20% in three months. Nevertheless, shares are not at all expensive, trading at a single-digit<i>earnings</i>multiple - even though earnings are generally a lot lower than cash flows for pipeline companies due to non-cash depreciation charges. Management believes that the company will have ample surplus cash this year, even after making its hefty dividend payments.</p>\n<p>Its CEO stated that shares are undervalued and that the company will likely do&nbsp;buybacks&nbsp;this year, which is a major positive. This will not only be highly accretive thanks to the low valuation shares are trading at, but should also further support the price. Shares are a less outstanding buy compared to December (or&nbsp;earlier in 2020), but they still look very compelling, we believe. They also still offer a very attractive dividend yield of 11% at today's price.</p>\n<p><b>4. Enterprise Products</b></p>\n<p>Like MPLX, Enterprise Products has performed well so far this year, on the back of enthusiasm for energy-related names. Its profits and cash flows are not really tied to the price of oil, but the market still bid up shares in recent months. The same had been true in 2020 when shares were sold off in tandem with other energy names, even though Enterprise Products' cash flows were not really impacted by lower oil prices.</p>\n<p>Shares are up by double-digits so far this year, but Enterprise Products' shares are not at all expensive. Considering that shares are trading at just around 7 times this year's distributable cash flows, while shares offer a dividend yield of 8.1%, makes us believe that this is still a strong pick for income investors. The fact that management has been buying back shares is another tailwind that could gain relevance as growth spending slows down, which should free up more money for buybacks going forward. We thus&nbsp;still like Enterprise Products&nbsp;as a high-quality midstream company at current prices.</p>\n<p><b>5. Prudential Financial</b></p>\n<p>This insurer has had a very solid 2020 and seeks to generate even stronger profits this year. Shares are up by double-digits so far this year but do not look expensive. With current forecasts seeing the company earn about $11.50 per share this year, and even more next year, shares trade at a ~8 times forward earnings multiple right now. The company continues to reward shareholders handsomely, as Prudential has raised its dividend by 5% in February.</p>\n<p>At current prices, the stock yields 5.1%, which is quite attractive in a low-yield world. Management plans to return a total of $10 billion to the company's owners through 2023, which equates to shareholder returns in the 10% range. Investors can thus count on more dividend increases down the road, coupled with some buybacks that will be quite accretive as long as shares continue to trade at an inexpensive valuation. Shares were a better buy in December, but they still look solid today.</p>\n<p><b>6. Citigroup</b></p>\n<p>Citigroup was the only bank on our list, and I mainly chose it over peers due to its below-average valuation and above-average dividend yield. 2021 has been great for bank stocks so far, due to an overall shift to value stocks, combined with rising interest spreads that are beneficial for banks' earnings.</p>\n<p>Shares rose by double-digits so far this year, hitting a high of $76 about two weeks ago. At that price, shares were trading above tangible book value, which stands at $73.80 right now, which is why I sold part of my position in the mid-$70s. Nevertheless, I did not sell my entire stake, as I feel that shares could rise above that level at some point in 2021, even though they have pulled back a little for now.</p>\n<p>The fact that banks are allowed to return more capital to their owners this year could become a catalyst for share price gains in 2021, as Citigroup will likely seek to increase its dividend and ramp up share repurchases. Trading marginally below tangible book value and at around 10 times this year's earnings, Citigroup is not at all expensive, although also not an absolute bargain any longer. I am moderately bullish, but wouldn't buy more at current valuations.</p>\n<p><b>7. Simon Property</b></p>\n<p>Simon Property is the leading mall player in the US, especially following the close of its acquisition of Taubman. The company had a harsh 2020, but its assets will, we believe, remain in use for a long time. High-quality malls in major metropolitan areas will not lose their value due to online shopping, as retail space can be used for more experimental retail, restaurants, bars, co-working spaces, hotels, and so on.</p>\n<p>This was our thesis throughout 2020, which is why we were very bullish on the stock when it traded at ultra-low valuations last year. In 2021, shares have, so far, returned almost 30%, as the market is increasingly realizing that the pandemic was not the end for high-quality retail real estate such as the properties that Simon Property owns. Shares breached $120 earlier in March but have pulled back a little for now.</p>\n<p>Trading at ~11 times this year's FFO, Simon Property is not an absolute bargain stock any longer. I personally believe that shares will rise back towards pre-crisis levels of $150+ eventually, but that may take some time, and there is not necessarily massive upside left in 2021. I continue to hold my Simon Property position and am bullish with a long-term view, but the best time to add this stock wasin 2020 when it traded at double-digits.</p>\n<p><b>8. W. P. Carey</b></p>\n<p>Unlike Simon Property, W. P. Carey has not risen a lot this year. Instead, shares are down slightly, potentially due to the fact that real estate investors moved towards more cyclical picks in the sector for the reopening trade. W. P. Carey is a rock-solid, low-risk income stock that offers a yield of 6.0% right here and that trades at 15 times forward FFO. This is an above-average valuation compared to the other stocks in this list, but that seems justified based on the fact that W. P. Carey has always traded at higher valuations than most of these stocks.</p>\n<p>As income investors can still not generate attractive yields from bonds, they will, I believe, eventually flock back towards low-risk REITs such as W. P. Carey or Realty Income (O), which could propel shares of these companies back to pre-crisis levels. In W. P. Carey's case, they traded at around $90 before the pandemic, which equates to a yield of around 4.5%. A recovery to that level does not seem unrealistic, I believe, which is why I continue to see W. P. Carey as a moderate-return, low-risk stock, which makes it attractive from a risk-to-reward perspective.</p>\n<p><b>9. AT&amp;T</b></p>\n<p>AT&amp;T remains a battleground stock, with bulls touting the undervaluation and potential in streaming, while bears focus on the high debt load. We do not see AT&amp;T as an extremely-high-quality pick, but the company's shares offer a solid yield of almost 7% and current management seems to have the right focus. Plans to monetize non-core assets, including DirecTV, are great, and the company plans to deleverage meaningfully over the coming years. AT&amp;T is not a high-growth company and will not turn into one, but the fact that the performance of HBO Max has&nbsp;beaten management's expectations&nbsp;is a positive for sure. At less than 10 times net profits, AT&amp;T remains quite inexpensive and if management executes on its plans, shares could deliver quite solid returns over the coming years.</p>\n<p><b>10. Intel</b></p>\n<p>Intel is a somewhat weird stock - the company executes well and grows steadily, but its shares see big swings up and down depending on whether investors are focusing on positive news items or negative news items at the moment. So far this year, they seem to do the prior, as shares have risen by 25% in just three months. This can't be explained by the underlying operational performance, which has been solid but didn't include growth of 20%+. Instead, the market is currently liking Intel's stock based on recent news such as a new CEO and plans to invest heavily to grow production capacity.</p>\n<p>I think the best time to buy Intel's shares is when the market is&nbsp;focusing on the bad news, whereas one may want to lock in gains when shares are trading at the top end of the recent valuation range. At 13.5 times forward earnings, Intel's shares trade at a premium to the median earnings multiple they have traded at over the last couple of years, thus I wouldn't buy here. Instead, locking in gains in the high $60s seemed like an opportune choice. I wouldn't be too surprised if shares fell back towards the mid-$50s or lower at some point during this year.</p>\n<p><b>Takeaway</b></p>\n<p>Our picks for 2020 have done very well so far, easily beating the market and even purely value-focused ETFs. However, not all of these stocks are necessarily still a great buy. I personally wouldn't buy Intel now, as the stock has already delivered easily more than 20% this year, and is trading at the higher end of the recent valuation range. On the other hand, some of our picks, such as AbbVie or W. P. Carey, are still priced very favorably and may even be a better buy right now compared to the beginning of the year.</p>\n<p>We welcome you to share your comments on the above stocks, as well as your picks for the remainder of 2021!</p>","source":"seekingalpha","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>Top 10 Undervalued Income Stocks For 2021 - Value Beats Growth</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\">\nTop 10 Undervalued Income Stocks For 2021 - Value Beats Growth\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-26 23:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4416178-top-10-undervalued-income-stocks-for-2021-value-beats-growth><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAt the end of 2020, we showcased a list of 10 undervalued income stocks for 2021. Looking back, we see that the performance, on average, has been great so far.\nIn this report, we examine the ...</p>\n\n<a href=\"https://seekingalpha.com/article/4416178-top-10-undervalued-income-stocks-for-2021-value-beats-growth\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"INTC":"英特尔","SPG":"西蒙地产","C":"花旗","WPC":"W. P. Carey Inc","EPD":"Enterprise Products Partners L.P","MPLX":"MPLX LP","BMY":"施贵宝","T":"美国电话电报","ABBV":"艾伯维公司","PFH":"Prudential Financial Inc"},"source_url":"https://seekingalpha.com/article/4416178-top-10-undervalued-income-stocks-for-2021-value-beats-growth","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1114428323","content_text":"Summary\n\nAt the end of 2020, we showcased a list of 10 undervalued income stocks for 2021. Looking back, we see that the performance, on average, has been great so far.\nIn this report, we examine the reasons for that and will look at whether all 10 are still strong buys today.\nIn some cases, the opportunity is even better now, in others, it may be time to lock in some gains.\n\nPhoto by VeranikaSmirnaya/iStock via Getty Images\nWe wrote an article at the end of December in which we showcased 10 attractive income stocks that traded at inexpensive valuations back then. This resulted in a combination of upside potential and above-average income for investors that bought these stocks at the time. In this article, we will look again at the same ten stocks to see what has changed and whether they are all still attractive at current valuations.\nTop 10 Value Picks For Dividend Investors\nOur choices in our original article included the following 10 stocks:\n- Bristol-Myers Squibb (BMY) and AbbVie (ABBV) in healthcare\n- MPLX (MPLX) and Enterprise Products (EPD) in energy\n- Prudential (PRU) and Citigroup (C) in financials\n- Simon Property Group (SPG) and W. P. Carey (WPC) in real estate\n- AT&T (T) in telecommunication\n- Intel (INTC) in tech\nLooking back one quarter later, we see that shares have performed like this:\nData by YCharts\nYear-to-date, they delivered an average return of 12% and a median return of 15%. Contrast this with the year-to-date return of 3% that was delivered by the S&P 500 index (SPY), and we see that our picks clearly outperformed the broad market, delivering 4-5 times the performance enjoyed by those that put their money into the index.\n2020 Versus 2021: Growth Versus Value\nThis was, I believe, partially the result of investing in high-yielding stocks that traded at very inexpensive valuations and were thus undervalued, but the portfolio also benefited from an overall shift in the market's focus.\n2020 was the year of growth stocks, which saw many \"growthy\" tech names generate very attractive gains. The same could be said about EV stocks, renewable stocks, etc., which all flourished last year thanks to an appetite for growth stocks and unprecedented monetary stimulus. In 2021, that has changed to some degree:\nData by YCharts\nIn the above chart, we see a very clear trend that emerged towards the end of February. The growth-heavy Nasdaq index (NASDAQ:QQQ) started to decline, underperforming the S&P 500 index this year, whereas the less techy, less growth-focused Dow Jones index (NYSEARCA:DIA) has beaten the S&P 500 so far in 2021. Looking at two ETFs that focus on either Value (VTV) or Growth(NYSEARCA:VUG), we see that the value theme clearly has been the winner so far this year, beating all three indexes, whereas the growth-themed ETF is down this year. The good news is that our basket of stocks still easily outperformed the Value ETF, which shows that we seem to have at least some skill when it comes to picking individual stocks (or maybe we got lucky).\nAre Those 10 Still Great Buys Today?\nSince some of these stocks have moved so much already in the first three months, they may not all be an opportune buy any longer, which is why we will take a quick look at all ten individually.\n1. AbbVie\nAbbVie was one of our two healthcare picks in the original article. The company combines many positives, including an above-average yield, a low valuation, and steady growth even during the pandemic. AbbVie's most recent quarterly results showcase its outstanding resilience during the current crisis: The company managed to grow its revenues across its portfolio, with Humira, Imbruvica, and its new drugs Skyrizi and Rinvoq showing a strong performance.\nEven better, the company guided earnings above consensus, forecasting earnings per share of $12.40 for the current year. Relative to its share price of $103, this means that shares got even cheaper since our December article, they are now trading for just 8.3 times forward earnings. In short, there is nothing not to like, and I believe that 5.1%-yielding AbbVie is a strong buy.\n2. Bristol-Myers Squibb\nBristol-Myers is the other healthcare pick in our original list. Like AbbVie, its shares were very inexpensive in December, and like AbbVie, it has continued to deliver strong operational results. Its most recent quarterly update included a 39% revenue growth rate compared to the previous year's quarter. This was impacted by one-time items from the Celgene takeover, but even adjusted for that, revenue growth came in at a strong 10% year over year.\nLike AbbVie, Bristol-Myers has also increased its earnings per share guidance for 2021, now forecasting profits of ~$7.30 per share. Since shares are essentially flat since the beginning of the year, investors get an even better deal right now in terms of Bristol-Myers' valuation, which stands at 8.3 times net profits right now. Bristol-Myers is also one of the stocks Berkshire Hathaway (BRK.A)(BRK.B) has continued to add to in the most recent quarter, which indicates that this is indeed a strong pick for value investors.\n3. MPLX\nMPLX is a natural gas midstream player that offered a great income yield in December, at almost 13%. On top of that, shares were very inexpensive, trading at a distributable cash flow yield of almost 19%.\nLike many other energy-related names, MPLX has performed very well in Q1, delivering a performance of almost 20% in three months. Nevertheless, shares are not at all expensive, trading at a single-digitearningsmultiple - even though earnings are generally a lot lower than cash flows for pipeline companies due to non-cash depreciation charges. Management believes that the company will have ample surplus cash this year, even after making its hefty dividend payments.\nIts CEO stated that shares are undervalued and that the company will likely do buybacks this year, which is a major positive. This will not only be highly accretive thanks to the low valuation shares are trading at, but should also further support the price. Shares are a less outstanding buy compared to December (or earlier in 2020), but they still look very compelling, we believe. They also still offer a very attractive dividend yield of 11% at today's price.\n4. Enterprise Products\nLike MPLX, Enterprise Products has performed well so far this year, on the back of enthusiasm for energy-related names. Its profits and cash flows are not really tied to the price of oil, but the market still bid up shares in recent months. The same had been true in 2020 when shares were sold off in tandem with other energy names, even though Enterprise Products' cash flows were not really impacted by lower oil prices.\nShares are up by double-digits so far this year, but Enterprise Products' shares are not at all expensive. Considering that shares are trading at just around 7 times this year's distributable cash flows, while shares offer a dividend yield of 8.1%, makes us believe that this is still a strong pick for income investors. The fact that management has been buying back shares is another tailwind that could gain relevance as growth spending slows down, which should free up more money for buybacks going forward. We thus still like Enterprise Products as a high-quality midstream company at current prices.\n5. Prudential Financial\nThis insurer has had a very solid 2020 and seeks to generate even stronger profits this year. Shares are up by double-digits so far this year but do not look expensive. With current forecasts seeing the company earn about $11.50 per share this year, and even more next year, shares trade at a ~8 times forward earnings multiple right now. The company continues to reward shareholders handsomely, as Prudential has raised its dividend by 5% in February.\nAt current prices, the stock yields 5.1%, which is quite attractive in a low-yield world. Management plans to return a total of $10 billion to the company's owners through 2023, which equates to shareholder returns in the 10% range. Investors can thus count on more dividend increases down the road, coupled with some buybacks that will be quite accretive as long as shares continue to trade at an inexpensive valuation. Shares were a better buy in December, but they still look solid today.\n6. Citigroup\nCitigroup was the only bank on our list, and I mainly chose it over peers due to its below-average valuation and above-average dividend yield. 2021 has been great for bank stocks so far, due to an overall shift to value stocks, combined with rising interest spreads that are beneficial for banks' earnings.\nShares rose by double-digits so far this year, hitting a high of $76 about two weeks ago. At that price, shares were trading above tangible book value, which stands at $73.80 right now, which is why I sold part of my position in the mid-$70s. Nevertheless, I did not sell my entire stake, as I feel that shares could rise above that level at some point in 2021, even though they have pulled back a little for now.\nThe fact that banks are allowed to return more capital to their owners this year could become a catalyst for share price gains in 2021, as Citigroup will likely seek to increase its dividend and ramp up share repurchases. Trading marginally below tangible book value and at around 10 times this year's earnings, Citigroup is not at all expensive, although also not an absolute bargain any longer. I am moderately bullish, but wouldn't buy more at current valuations.\n7. Simon Property\nSimon Property is the leading mall player in the US, especially following the close of its acquisition of Taubman. The company had a harsh 2020, but its assets will, we believe, remain in use for a long time. High-quality malls in major metropolitan areas will not lose their value due to online shopping, as retail space can be used for more experimental retail, restaurants, bars, co-working spaces, hotels, and so on.\nThis was our thesis throughout 2020, which is why we were very bullish on the stock when it traded at ultra-low valuations last year. In 2021, shares have, so far, returned almost 30%, as the market is increasingly realizing that the pandemic was not the end for high-quality retail real estate such as the properties that Simon Property owns. Shares breached $120 earlier in March but have pulled back a little for now.\nTrading at ~11 times this year's FFO, Simon Property is not an absolute bargain stock any longer. I personally believe that shares will rise back towards pre-crisis levels of $150+ eventually, but that may take some time, and there is not necessarily massive upside left in 2021. I continue to hold my Simon Property position and am bullish with a long-term view, but the best time to add this stock wasin 2020 when it traded at double-digits.\n8. W. P. Carey\nUnlike Simon Property, W. P. Carey has not risen a lot this year. Instead, shares are down slightly, potentially due to the fact that real estate investors moved towards more cyclical picks in the sector for the reopening trade. W. P. Carey is a rock-solid, low-risk income stock that offers a yield of 6.0% right here and that trades at 15 times forward FFO. This is an above-average valuation compared to the other stocks in this list, but that seems justified based on the fact that W. P. Carey has always traded at higher valuations than most of these stocks.\nAs income investors can still not generate attractive yields from bonds, they will, I believe, eventually flock back towards low-risk REITs such as W. P. Carey or Realty Income (O), which could propel shares of these companies back to pre-crisis levels. In W. P. Carey's case, they traded at around $90 before the pandemic, which equates to a yield of around 4.5%. A recovery to that level does not seem unrealistic, I believe, which is why I continue to see W. P. Carey as a moderate-return, low-risk stock, which makes it attractive from a risk-to-reward perspective.\n9. AT&T\nAT&T remains a battleground stock, with bulls touting the undervaluation and potential in streaming, while bears focus on the high debt load. We do not see AT&T as an extremely-high-quality pick, but the company's shares offer a solid yield of almost 7% and current management seems to have the right focus. Plans to monetize non-core assets, including DirecTV, are great, and the company plans to deleverage meaningfully over the coming years. AT&T is not a high-growth company and will not turn into one, but the fact that the performance of HBO Max has beaten management's expectations is a positive for sure. At less than 10 times net profits, AT&T remains quite inexpensive and if management executes on its plans, shares could deliver quite solid returns over the coming years.\n10. Intel\nIntel is a somewhat weird stock - the company executes well and grows steadily, but its shares see big swings up and down depending on whether investors are focusing on positive news items or negative news items at the moment. So far this year, they seem to do the prior, as shares have risen by 25% in just three months. This can't be explained by the underlying operational performance, which has been solid but didn't include growth of 20%+. Instead, the market is currently liking Intel's stock based on recent news such as a new CEO and plans to invest heavily to grow production capacity.\nI think the best time to buy Intel's shares is when the market is focusing on the bad news, whereas one may want to lock in gains when shares are trading at the top end of the recent valuation range. At 13.5 times forward earnings, Intel's shares trade at a premium to the median earnings multiple they have traded at over the last couple of years, thus I wouldn't buy here. Instead, locking in gains in the high $60s seemed like an opportune choice. I wouldn't be too surprised if shares fell back towards the mid-$50s or lower at some point during this year.\nTakeaway\nOur picks for 2020 have done very well so far, easily beating the market and even purely value-focused ETFs. However, not all of these stocks are necessarily still a great buy. I personally wouldn't buy Intel now, as the stock has already delivered easily more than 20% this year, and is trading at the higher end of the recent valuation range. On the other hand, some of our picks, such as AbbVie or W. P. Carey, are still priced very favorably and may even be a better buy right now compared to the beginning of the year.\nWe welcome you to share your comments on the above stocks, as well as your picks for the remainder of 2021!","news_type":1},"isVote":1,"tweetType":1,"viewCount":127,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344265313,"gmtCreate":1618410843932,"gmtModify":1704710458275,"author":{"id":"3562062646632373","authorId":"3562062646632373","authorIdStr":"3562062646632373","name":"25e24627","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562062646632373"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","text":"$Tiger Brokers(TIGR)$[Miser] [Miser] [Miser]","images":[{"img":"https://static.tigerbbs.com/f965e9ac8455fdf50536e6250340a19e","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/344265313","isVote":1,"tweetType":1,"viewCount":277,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":344261311,"gmtCreate":1618410663533,"gmtModify":1704710452344,"author":{"id":"3562062646632373","authorId":"3562062646632373","authorIdStr":"3562062646632373","name":"25e24627","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562062646632373"},"themes":[],"htmlText":"Moon ?","listText":"Moon ?","text":"Moon ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/344261311","repostId":"2127454000","repostType":4,"repost":{"id":"2127454000","pubTimestamp":1618364092,"share":"https://ttm.financial/m/news/2127454000?lang=&edition=fundamental","pubTime":"2021-04-14 09:34","market":"us","language":"en","title":"Coinbase IPO: Everything you need to know about the ‘watershed moment’ in crypto","url":"https://stock-news.laohu8.com/highlight/detail?id=2127454000","media":"MarketWatch","summary":"'That said, investing in Coinbase is not for the faint of heart, as the business--and the stock--wil","content":"<p>'That said, investing in Coinbase is not for the faint of heart, as the business--and the stock--will likely see dramatic, potentially protracted, swings,' MoffettNathanson's Ellis writes</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9a8244209cb653b4d9e43e2d729863b9\" tg-width=\"620\" tg-height=\"414\" referrerpolicy=\"no-referrer\"><span>Here comes the Coinbase IPO! Photographer: Tiffany Hagler-Geard/Bloomberg</span></p><p>Coinbase is the talk of Wall Street, as the largest crypto platform in the U.S. gears up for its public debut on a traditional exchange Wednesday, through a direct listing.</p><p>There is no doubt that the public offering of Coinbase is a big deal in the world of crypto. The company was created just over a decade ago with the genesis of bitcoin  and is now in the midst of a moment that many in the industry have described as a tipping point .</p><p>There are few ways to get direct ownership of crypto currencies, outside of buying them directly, a service that Coinbase provides for a fee, and what investors appear willing to be pay up for.</p><p>Leeor Shimron, analyst at FundStrat Global Advisors, described the Coinbase listing as seminal. \"Coinbase's direct listing is a watershed moment for the crypto industry.\"</p><p>Wedbush analyst Dan Ives said the listing is a reflection of the crypto's mainstream evolution.</p><p>\"Coinbase is a foundational piece of the crypto ecosystem and is a barometer for the growing mainstream adoption of Bitcoin and crypto for the coming years in our opinion,\" he wrote in a research note Tuesday.</p><p>Some caution that the implied valuations for Coinbase as a crypto exchange are too lofty , the parent company of the New York Stock Exchange.</p><p>In a direct listing, a company floats its shares on a stock exchange, but without hiring banks to underwrite the transaction, like in an IPO.</p><p>Here's what you need to know about the coming offering.</p><p><b>What is Coinbase?</b></p><p>The Silicon Valley crypto exchange was co-founded in 2012 by Brian Armstrong, 38, who runs the platform as chief executive. Fred Ehrsam, a Coinbase director, also helped to create the company.</p><p>According to Forbes , Armstrong's networth is currently $6.5 billion based on his ownership in the company and his wealth is likely to increase if the direct listing goes off successfully.</p><p><b>When will Coinbase go public?</b></p><p>Coinbase will list on April 14. The precise timing of the list isn't clear but <a href=\"https://laohu8.com/S/PLTR\">Palantir Technologies Inc.</a>'s (PLTR)direct listing   after 1:30 p.m. Eastern Time.</p><p><b>Where will it list?</b></p><p>Coinbase is set to go public on the Nasdaq under the ticker symbol \"COIN\" as a direct listing, meaning it isn't raising any new money, as a company would under a traditional IPO.</p><p>Coinbase is the Nasdaq's first major direct listing, with Spotify <a href=\"https://laohu8.com/S/SPOT\">$(SPOT)$</a>, <a href=\"https://laohu8.com/S/WORK\">Slack Technologies</a> (WORK) and most recently Palantir Technologies (PLTR) all opting to directly list at the NYSE.</p><p><b>Valuations?</b></p><p>Valuations for Coinbase vary from $50 billion to $150 billion based on some decentralized crypto platforms that attempt to replicate how the company's shares might trade. At the top end of the spectrum, Coinbase would be bigger than a number of U.S. exchanges, including ICE, Nasdaq, CME Group <a href=\"https://laohu8.com/S/CME\">$(CME)$</a> and Cboe Global Markets <a href=\"https://laohu8.com/S/CBOE\">$(CBOE)$</a>.</p><p><img src=\"https://static.tigerbbs.com/d2200134a14a3d37a8a656d85f6906c0\" tg-width=\"955\" tg-height=\"657\" referrerpolicy=\"no-referrer\"></p><p>David Trainer, CEO of New Constructs, an investment research firm, said the crypto platform's value is ridiculously high. \"Even though Coinbase's revenue surged over the past 12 months, the company has little-to-no-chance of meeting the future profit expectations that are baked into its ridiculously high expected valuation of $100 billion,\" he said.</p><p>\"Coinbase's expected valuation of $100 billion implies that its revenue will be 1.5x the combined 2020 revenues of two of the most established exchanges in the marketplace, Nasdaq Inc. <a href=\"https://laohu8.com/S/NDAQ\">$(NDAQ)$</a> and Intercontinental Exchange <a href=\"https://laohu8.com/S/ICE\">$(ICE)$</a>, the parent company of the New York Stock Exchange,\" he said.</p><p>Trainer said that based on his calculation, Coinbase's valuation should be closer to $18.9 billion--an 81% decrease from the $100 billion expected valuation.</p><p><b>'Not for the faint of heart'</b></p><p>MoffettNathanson analyst Lisa Ellis explained to MarketWatch why the offering is, as she describes it \"not for the faint of heart,\" but why she initiated coverage of the exchange at a buy with a price-target of $600, even before it sees its first trade on the Nasdaq.</p><p>\"I'm super super bullish on Coinbase...because you get the sense that they are a market leader in the space and crypto agnostic,\" she said.</p><p>That said, she acknowledges that currently 90% of Coinbase's revenues are derived directly from retail trading, with most in the U.S. and trading centered primarily on the two largest cryptos: bitcoin and Ether  on the ethereum blockchain.</p><p>\"So the implications is that Coinbase's revenues are correlated with the level of activity in cryto currency and especially bitcoin and ether.\"</p><p>Ellis says investors need to have at least a one-year long-term investment strategy in bitcoin, which could still go to zero by some bearish accounts, but a three-year outlook is even better, because the crypto complex has tended to operate in three-year cycles of boom and then bust.</p><p><b>Validation for crypto or a top?</b></p><p>Some bulls see Coinbase as validation for the nascent crpyto industry.</p><p>Alex Mashinsky, head of crypto-lending and trading platform Celsius Network, put it this way:</p><p>\"We look at the Coinbase listing as an additional validation of the space, and a major PR opportunity for the entire industry to shine as the future of finance,\" he told MarketWatch via email.</p><p>\"Coinbase has more users and more revenues than many of the largest Wall Street players and is more profitable than any major exchange, and this validation puts most skeptics at a crossroads having to re-evaluate their denial and frustration with the disruption coming at them from all sides.\"</p><p>Others suggest that it may prove a new top for the market and put crypto prices under pressure after a precipitous rally in recent days and a fresh record for bitcoin.</p><p>Yves Lamoureux, the president of Montreal-based macroeconomic research firm Lamoureux &amp; Co., told MarketWatch that he is fearful that too much euphoria surrounds bitcoin and crypto and sees it due for a retrenchment as a result. \"Can you find out-there anyone with a bearish viewpoint?\" he asked. \"A resounding no,\" said Lamoureux.</p><p><b>Is Coinbase the largest crypto exchange?</b></p><p>Coinbase is the second-largest crypto platform, but the largest in the U.S., by volume. The title of largest goes to Binance, which sees $47 billion in crypto trading volume in a 24-hour period, according to CoinMarketCap.com .</p><p><b>Who else owns Coinbase?</b></p><p>Venture-capital firm Andreessen Horowitz, is the largest owner of Coinbase, boasting about 25% of Class A shares  and 14%% of Class B. And Marc Andreessen, head of the venture capital outfit, sits on Coinbase's board.</p><p><b>Other facts</b></p><p>For those aiming for an even deeper dive into Coinbase, check out MarketWatch's <a href=\"https://laohu8.com/NW/2116458171\" target=\"_blank\">5 things to know about the company</a>.</p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coinbase IPO: Everything you need to know about the ‘watershed moment’ in crypto</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\">\nCoinbase IPO: Everything you need to know about the ‘watershed moment’ in crypto\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-14 09:34 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/coinbase-ipo-everything-you-need-to-know-about-the-watershed-moment-in-crypto-11618350086?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>'That said, investing in Coinbase is not for the faint of heart, as the business--and the stock--will likely see dramatic, potentially protracted, swings,' MoffettNathanson's Ellis writesHere comes ...</p>\n\n<a href=\"https://www.marketwatch.com/story/coinbase-ipo-everything-you-need-to-know-about-the-watershed-moment-in-crypto-11618350086?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.marketwatch.com/story/coinbase-ipo-everything-you-need-to-know-about-the-watershed-moment-in-crypto-11618350086?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2127454000","content_text":"'That said, investing in Coinbase is not for the faint of heart, as the business--and the stock--will likely see dramatic, potentially protracted, swings,' MoffettNathanson's Ellis writesHere comes the Coinbase IPO! Photographer: Tiffany Hagler-Geard/BloombergCoinbase is the talk of Wall Street, as the largest crypto platform in the U.S. gears up for its public debut on a traditional exchange Wednesday, through a direct listing.There is no doubt that the public offering of Coinbase is a big deal in the world of crypto. The company was created just over a decade ago with the genesis of bitcoin  and is now in the midst of a moment that many in the industry have described as a tipping point .There are few ways to get direct ownership of crypto currencies, outside of buying them directly, a service that Coinbase provides for a fee, and what investors appear willing to be pay up for.Leeor Shimron, analyst at FundStrat Global Advisors, described the Coinbase listing as seminal. \"Coinbase's direct listing is a watershed moment for the crypto industry.\"Wedbush analyst Dan Ives said the listing is a reflection of the crypto's mainstream evolution.\"Coinbase is a foundational piece of the crypto ecosystem and is a barometer for the growing mainstream adoption of Bitcoin and crypto for the coming years in our opinion,\" he wrote in a research note Tuesday.Some caution that the implied valuations for Coinbase as a crypto exchange are too lofty , the parent company of the New York Stock Exchange.In a direct listing, a company floats its shares on a stock exchange, but without hiring banks to underwrite the transaction, like in an IPO.Here's what you need to know about the coming offering.What is Coinbase?The Silicon Valley crypto exchange was co-founded in 2012 by Brian Armstrong, 38, who runs the platform as chief executive. Fred Ehrsam, a Coinbase director, also helped to create the company.According to Forbes , Armstrong's networth is currently $6.5 billion based on his ownership in the company and his wealth is likely to increase if the direct listing goes off successfully.When will Coinbase go public?Coinbase will list on April 14. The precise timing of the list isn't clear but Palantir Technologies Inc.'s (PLTR)direct listing   after 1:30 p.m. Eastern Time.Where will it list?Coinbase is set to go public on the Nasdaq under the ticker symbol \"COIN\" as a direct listing, meaning it isn't raising any new money, as a company would under a traditional IPO.Coinbase is the Nasdaq's first major direct listing, with Spotify $(SPOT)$, Slack Technologies (WORK) and most recently Palantir Technologies (PLTR) all opting to directly list at the NYSE.Valuations?Valuations for Coinbase vary from $50 billion to $150 billion based on some decentralized crypto platforms that attempt to replicate how the company's shares might trade. At the top end of the spectrum, Coinbase would be bigger than a number of U.S. exchanges, including ICE, Nasdaq, CME Group $(CME)$ and Cboe Global Markets $(CBOE)$.David Trainer, CEO of New Constructs, an investment research firm, said the crypto platform's value is ridiculously high. \"Even though Coinbase's revenue surged over the past 12 months, the company has little-to-no-chance of meeting the future profit expectations that are baked into its ridiculously high expected valuation of $100 billion,\" he said.\"Coinbase's expected valuation of $100 billion implies that its revenue will be 1.5x the combined 2020 revenues of two of the most established exchanges in the marketplace, Nasdaq Inc. $(NDAQ)$ and Intercontinental Exchange $(ICE)$, the parent company of the New York Stock Exchange,\" he said.Trainer said that based on his calculation, Coinbase's valuation should be closer to $18.9 billion--an 81% decrease from the $100 billion expected valuation.'Not for the faint of heart'MoffettNathanson analyst Lisa Ellis explained to MarketWatch why the offering is, as she describes it \"not for the faint of heart,\" but why she initiated coverage of the exchange at a buy with a price-target of $600, even before it sees its first trade on the Nasdaq.\"I'm super super bullish on Coinbase...because you get the sense that they are a market leader in the space and crypto agnostic,\" she said.That said, she acknowledges that currently 90% of Coinbase's revenues are derived directly from retail trading, with most in the U.S. and trading centered primarily on the two largest cryptos: bitcoin and Ether  on the ethereum blockchain.\"So the implications is that Coinbase's revenues are correlated with the level of activity in cryto currency and especially bitcoin and ether.\"Ellis says investors need to have at least a one-year long-term investment strategy in bitcoin, which could still go to zero by some bearish accounts, but a three-year outlook is even better, because the crypto complex has tended to operate in three-year cycles of boom and then bust.Validation for crypto or a top?Some bulls see Coinbase as validation for the nascent crpyto industry.Alex Mashinsky, head of crypto-lending and trading platform Celsius Network, put it this way:\"We look at the Coinbase listing as an additional validation of the space, and a major PR opportunity for the entire industry to shine as the future of finance,\" he told MarketWatch via email.\"Coinbase has more users and more revenues than many of the largest Wall Street players and is more profitable than any major exchange, and this validation puts most skeptics at a crossroads having to re-evaluate their denial and frustration with the disruption coming at them from all sides.\"Others suggest that it may prove a new top for the market and put crypto prices under pressure after a precipitous rally in recent days and a fresh record for bitcoin.Yves Lamoureux, the president of Montreal-based macroeconomic research firm Lamoureux & Co., told MarketWatch that he is fearful that too much euphoria surrounds bitcoin and crypto and sees it due for a retrenchment as a result. \"Can you find out-there anyone with a bearish viewpoint?\" he asked. \"A resounding no,\" said Lamoureux.Is Coinbase the largest crypto exchange?Coinbase is the second-largest crypto platform, but the largest in the U.S., by volume. The title of largest goes to Binance, which sees $47 billion in crypto trading volume in a 24-hour period, according to CoinMarketCap.com .Who else owns Coinbase?Venture-capital firm Andreessen Horowitz, is the largest owner of Coinbase, boasting about 25% of Class A shares  and 14%% of Class B. And Marc Andreessen, head of the venture capital outfit, sits on Coinbase's board.Other factsFor those aiming for an even deeper dive into Coinbase, check out MarketWatch's 5 things to know about the company.","news_type":1},"isVote":1,"tweetType":1,"viewCount":73,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":327993123,"gmtCreate":1616045989362,"gmtModify":1704790173728,"author":{"id":"3562062646632373","authorId":"3562062646632373","authorIdStr":"3562062646632373","name":"25e24627","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562062646632373"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/327993123","repostId":"2120308231","repostType":4,"repost":{"id":"2120308231","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":1616045100,"share":"https://ttm.financial/m/news/2120308231?lang=&edition=fundamental","pubTime":"2021-03-18 13:25","market":"us","language":"en","title":"Fed patience calms yields for now, but market feels like 'coiled spring'","url":"https://stock-news.laohu8.com/highlight/detail?id=2120308231","media":"Reuters","summary":"NEW YORK  - The Federal Reserve may have avoided inflaming the bond market with its latest policy decision and outlook, but as economic growth rebounds and inflation rises, at least temporarily, there are questions of how long yields will remain contained.That's a key issue for both investors and Fed officials who would rather not have to ride out another bout of bond market volatility as a growing body of indicators suggests U.S. growth is poised to take off this year.The yield curve steepened ","content":"<p>NEW YORK (Reuters) - The Federal Reserve may have avoided inflaming the bond market with its latest policy decision and outlook, but as economic growth rebounds and inflation rises, at least temporarily, there are questions of how long yields will remain contained.</p>\n<p>That's a key issue for both investors and Fed officials who would rather not have to ride out another bout of bond market volatility as a growing body of indicators suggests U.S. growth is poised to take off this year.</p>\n<p>The yield curve steepened to its highest since September 2015 on Wednesday - with shorter-dated rates falling faster than the long end - indicating investors took the Fed at its word that interest rates would remain anchored even as the COVID-19 crisis winds down. Recent evidence that an economic recovery has been taking hold had investors concerned the Fed would withdraw its accommodative policy sooner than expected.</p>\n<p>But while the Fed's actions may be keeping the yield increases relatively orderly, for now, a surge higher remains a risk. That would raise borrowing costs for companies and consumers, and could ripple across other assets such as equities.</p>\n<p>\"To me it feels like it is a coiled spring,\" said Mark Cabana, head of U.S. rates strategy at Bank of America. The Fed's current stance, he said, \"does raise some risks that whenever we do begin to hear a shift in tone from the Fed that there may be a bit more of a rapid adjustment in the market.\"</p>\n<p>The Fed \"is signaling that it wants to see an overshoot, it wants to see inflation and employment run quite hot,\" Cabana said.</p>\n<p>Fears of sooner-than-expected rate hikes, or tapering of the Fed's asset purchases, in recent weeks have helped to send yields on longer-dated Treasury yields to the highest in a year.</p>\n<p>The benchmark 10-year Treasury yield rose to a high of 1.689% prior to the Fed's statement following the close of its policy meeting on Wednesday, its highest since January 2020. It later fell to around 1.646%, though it remained higher on the day.</p>\n<p>Two-year note yields, which are the most sensitive to interest-rate policy, dropped as low as 0.125% after the Fed meeting before bouncing back to 0.137%.</p>\n<p>That meant the spread between the two- and 10-year rates - the most common measure of the yield curve - widened to 153.2 basis points.</p>\n<p>While long-term rates are likely to continue their march upward in line with better economic projections and rising Treasury supply, it could be more gradual than had been feared.</p>\n<p>The Fed \"has now calmed down potential market anxiety about a taper tantrum, and I think it buys time and paves the way for financial conditions to remain relatively loose and for the recovery to gather pace,\" said Daniel Ahn, chief U.S. economist and head of markets 360 North America at BNP Paribas.</p>\n<p>The 2013 taper tantrum saw bond yields rise dramatically after then-Fed Chair Ben Bernanke told lawmakers the Fed could take a step down in its pace of purchases of assets that had been propping up markets.</p>\n<p>The Fed's message on Wednesday was that rates are not rising in a hurry even though it sees the U.S. economy rising 6.5% this year, unemployment falling to 4.5% by year-end and the pace of price increases exceeding the Fed's 2% target, at least temporarily. Powell noted the \"strong bulk\" of the policy-setting committee anticipates no interest rate increase until at least 2024.</p>\n<p>\"The chairman has been quite clear that he's happy about the pace of recovery increasing, but that doesn't change their framework and it certainly isn't going to force their hand to tighten policy sooner than they deem necessary,\" said Michael Lorizio, senior fixed income trader at Manulife Investment Management in Boston.</p>\n<p>Indeed, Powell could be comfortable with a steeper yield curve that bolsters private banking, said Venk Reddy, chief investment officer, Zeo Capital Advisors.</p>\n<p>\"I don't see how we don't end up with a very steep upward sloping yield curve over the course of time here,\" Reddy said.</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>Fed patience calms yields for now, but market feels like 'coiled spring'</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\">\nFed patience calms yields for now, but market feels like 'coiled spring'\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\">2021-03-18 13:25</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>NEW YORK (Reuters) - The Federal Reserve may have avoided inflaming the bond market with its latest policy decision and outlook, but as economic growth rebounds and inflation rises, at least temporarily, there are questions of how long yields will remain contained.</p>\n<p>That's a key issue for both investors and Fed officials who would rather not have to ride out another bout of bond market volatility as a growing body of indicators suggests U.S. growth is poised to take off this year.</p>\n<p>The yield curve steepened to its highest since September 2015 on Wednesday - with shorter-dated rates falling faster than the long end - indicating investors took the Fed at its word that interest rates would remain anchored even as the COVID-19 crisis winds down. Recent evidence that an economic recovery has been taking hold had investors concerned the Fed would withdraw its accommodative policy sooner than expected.</p>\n<p>But while the Fed's actions may be keeping the yield increases relatively orderly, for now, a surge higher remains a risk. That would raise borrowing costs for companies and consumers, and could ripple across other assets such as equities.</p>\n<p>\"To me it feels like it is a coiled spring,\" said Mark Cabana, head of U.S. rates strategy at Bank of America. The Fed's current stance, he said, \"does raise some risks that whenever we do begin to hear a shift in tone from the Fed that there may be a bit more of a rapid adjustment in the market.\"</p>\n<p>The Fed \"is signaling that it wants to see an overshoot, it wants to see inflation and employment run quite hot,\" Cabana said.</p>\n<p>Fears of sooner-than-expected rate hikes, or tapering of the Fed's asset purchases, in recent weeks have helped to send yields on longer-dated Treasury yields to the highest in a year.</p>\n<p>The benchmark 10-year Treasury yield rose to a high of 1.689% prior to the Fed's statement following the close of its policy meeting on Wednesday, its highest since January 2020. It later fell to around 1.646%, though it remained higher on the day.</p>\n<p>Two-year note yields, which are the most sensitive to interest-rate policy, dropped as low as 0.125% after the Fed meeting before bouncing back to 0.137%.</p>\n<p>That meant the spread between the two- and 10-year rates - the most common measure of the yield curve - widened to 153.2 basis points.</p>\n<p>While long-term rates are likely to continue their march upward in line with better economic projections and rising Treasury supply, it could be more gradual than had been feared.</p>\n<p>The Fed \"has now calmed down potential market anxiety about a taper tantrum, and I think it buys time and paves the way for financial conditions to remain relatively loose and for the recovery to gather pace,\" said Daniel Ahn, chief U.S. economist and head of markets 360 North America at BNP Paribas.</p>\n<p>The 2013 taper tantrum saw bond yields rise dramatically after then-Fed Chair Ben Bernanke told lawmakers the Fed could take a step down in its pace of purchases of assets that had been propping up markets.</p>\n<p>The Fed's message on Wednesday was that rates are not rising in a hurry even though it sees the U.S. economy rising 6.5% this year, unemployment falling to 4.5% by year-end and the pace of price increases exceeding the Fed's 2% target, at least temporarily. Powell noted the \"strong bulk\" of the policy-setting committee anticipates no interest rate increase until at least 2024.</p>\n<p>\"The chairman has been quite clear that he's happy about the pace of recovery increasing, but that doesn't change their framework and it certainly isn't going to force their hand to tighten policy sooner than they deem necessary,\" said Michael Lorizio, senior fixed income trader at Manulife Investment Management in Boston.</p>\n<p>Indeed, Powell could be comfortable with a steeper yield curve that bolsters private banking, said Venk Reddy, chief investment officer, Zeo Capital Advisors.</p>\n<p>\"I don't see how we don't end up with a very steep upward sloping yield curve over the course of time here,\" Reddy said.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2120308231","content_text":"NEW YORK (Reuters) - The Federal Reserve may have avoided inflaming the bond market with its latest policy decision and outlook, but as economic growth rebounds and inflation rises, at least temporarily, there are questions of how long yields will remain contained.\nThat's a key issue for both investors and Fed officials who would rather not have to ride out another bout of bond market volatility as a growing body of indicators suggests U.S. growth is poised to take off this year.\nThe yield curve steepened to its highest since September 2015 on Wednesday - with shorter-dated rates falling faster than the long end - indicating investors took the Fed at its word that interest rates would remain anchored even as the COVID-19 crisis winds down. Recent evidence that an economic recovery has been taking hold had investors concerned the Fed would withdraw its accommodative policy sooner than expected.\nBut while the Fed's actions may be keeping the yield increases relatively orderly, for now, a surge higher remains a risk. That would raise borrowing costs for companies and consumers, and could ripple across other assets such as equities.\n\"To me it feels like it is a coiled spring,\" said Mark Cabana, head of U.S. rates strategy at Bank of America. The Fed's current stance, he said, \"does raise some risks that whenever we do begin to hear a shift in tone from the Fed that there may be a bit more of a rapid adjustment in the market.\"\nThe Fed \"is signaling that it wants to see an overshoot, it wants to see inflation and employment run quite hot,\" Cabana said.\nFears of sooner-than-expected rate hikes, or tapering of the Fed's asset purchases, in recent weeks have helped to send yields on longer-dated Treasury yields to the highest in a year.\nThe benchmark 10-year Treasury yield rose to a high of 1.689% prior to the Fed's statement following the close of its policy meeting on Wednesday, its highest since January 2020. It later fell to around 1.646%, though it remained higher on the day.\nTwo-year note yields, which are the most sensitive to interest-rate policy, dropped as low as 0.125% after the Fed meeting before bouncing back to 0.137%.\nThat meant the spread between the two- and 10-year rates - the most common measure of the yield curve - widened to 153.2 basis points.\nWhile long-term rates are likely to continue their march upward in line with better economic projections and rising Treasury supply, it could be more gradual than had been feared.\nThe Fed \"has now calmed down potential market anxiety about a taper tantrum, and I think it buys time and paves the way for financial conditions to remain relatively loose and for the recovery to gather pace,\" said Daniel Ahn, chief U.S. economist and head of markets 360 North America at BNP Paribas.\nThe 2013 taper tantrum saw bond yields rise dramatically after then-Fed Chair Ben Bernanke told lawmakers the Fed could take a step down in its pace of purchases of assets that had been propping up markets.\nThe Fed's message on Wednesday was that rates are not rising in a hurry even though it sees the U.S. economy rising 6.5% this year, unemployment falling to 4.5% by year-end and the pace of price increases exceeding the Fed's 2% target, at least temporarily. Powell noted the \"strong bulk\" of the policy-setting committee anticipates no interest rate increase until at least 2024.\n\"The chairman has been quite clear that he's happy about the pace of recovery increasing, but that doesn't change their framework and it certainly isn't going to force their hand to tighten policy sooner than they deem necessary,\" said Michael Lorizio, senior fixed income trader at Manulife Investment Management in Boston.\nIndeed, Powell could be comfortable with a steeper yield curve that bolsters private banking, said Venk Reddy, chief investment officer, Zeo Capital Advisors.\n\"I don't see how we don't end up with a very steep upward sloping yield curve over the course of time here,\" Reddy said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":2,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113356486,"gmtCreate":1622595559745,"gmtModify":1704186944612,"author":{"id":"3562062646632373","authorId":"3562062646632373","authorIdStr":"3562062646632373","name":"25e24627","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562062646632373"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>Long","listText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>Long","text":"$Palantir Technologies Inc.(PLTR)$Long","images":[{"img":"https://static.tigerbbs.com/085b1834e81de0ea20763726805dfb8c","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/113356486","isVote":1,"tweetType":1,"viewCount":312,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":374332498,"gmtCreate":1619417291014,"gmtModify":1704723521903,"author":{"id":"3562062646632373","authorId":"3562062646632373","authorIdStr":"3562062646632373","name":"25e24627","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562062646632373"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>??","listText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>??","text":"$Palantir Technologies Inc.(PLTR)$??","images":[{"img":"https://static.tigerbbs.com/04d085493ae38dd68f32afe4d4e0cbc3","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/374332498","isVote":1,"tweetType":1,"viewCount":64,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":356682837,"gmtCreate":1616772236929,"gmtModify":1704798832653,"author":{"id":"3562062646632373","authorId":"3562062646632373","authorIdStr":"3562062646632373","name":"25e24627","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562062646632373"},"themes":[],"htmlText":"GME ??","listText":"GME ??","text":"GME ??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/356682837","repostId":"1109499191","repostType":2,"repost":{"id":"1109499191","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1616766726,"share":"https://ttm.financial/m/news/1109499191?lang=&edition=fundamental","pubTime":"2021-03-26 21:52","market":"us","language":"en","title":"Some “meme” stocks are flying again.","url":"https://stock-news.laohu8.com/highlight/detail?id=1109499191","media":"Tiger Newspress","summary":"Some “meme” stocks are flying again in Friday morning trading.The shares of NAKD is up 22%,GameStop ","content":"<p>Some “meme” stocks are flying again&nbsp;in Friday morning trading.The shares of NAKD is up 22%,GameStop is up 18%，Nikola&nbsp;is&nbsp;up&nbsp;4%&nbsp;and&nbsp;AMC&nbsp;is&nbsp;up&nbsp;3%.</p><p><img src=\"https://static.tigerbbs.com/e8e92190c4c2210799a5c7eed4a46654\" tg-width=\"377\" tg-height=\"601\" 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>Some “meme” stocks are flying again. </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\">\nSome “meme” stocks are flying again. \n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-03-26 21:52</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Some “meme” stocks are flying again&nbsp;in Friday morning trading.The shares of NAKD is up 22%,GameStop is up 18%，Nikola&nbsp;is&nbsp;up&nbsp;4%&nbsp;and&nbsp;AMC&nbsp;is&nbsp;up&nbsp;3%.</p><p><img src=\"https://static.tigerbbs.com/e8e92190c4c2210799a5c7eed4a46654\" tg-width=\"377\" tg-height=\"601\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NKLA":"Nikola Corporation","GME":"游戏驿站","AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109499191","content_text":"Some “meme” stocks are flying again in Friday morning trading.The shares of NAKD is up 22%,GameStop is up 18%，Nikola is up 4% and AMC is up 3%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":3,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":356686145,"gmtCreate":1616772190487,"gmtModify":1704798831196,"author":{"id":"3562062646632373","authorId":"3562062646632373","authorIdStr":"3562062646632373","name":"25e24627","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562062646632373"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/356686145","repostId":"1157584662","repostType":2,"repost":{"id":"1157584662","pubTimestamp":1616769057,"share":"https://ttm.financial/m/news/1157584662?lang=&edition=fundamental","pubTime":"2021-03-26 22:30","market":"us","language":"en","title":"GameStop Takes $6 Billion Round Trip as Results Shrugged Off","url":"https://stock-news.laohu8.com/highlight/detail?id=1157584662","media":"Bloomberg","summary":"After see-sawing, stock trades near last Friday’s level\nCompany’s turnaround will be difficult to de","content":"<ul>\n <li>After see-sawing, stock trades near last Friday’s level</li>\n <li>Company’s turnaround will be difficult to deliver: analysts</li>\n</ul>\n<p>GameStop Corp.&nbsp;is ending the week where it started, after an earnings-related selloff was quickly reversed, with retail investors refusing to let go of their commitment to the stock.</p>\n<p>Investors were quick to get over GameStop’s 12th consecutive quarter of&nbsp;slowing sales&nbsp;and management’s decision to not take questions on its earnings call on Tuesday, despite warnings from most Wall Street analysts. After see-sawing to as low as $118.62, the stock was trading near last week’s closing level on Friday. That created a more than $6.4 billion swing in market value from Monday’s intraday high to a bottom on Wednesday.</p>\n<p>GameStop rose as much as 9.8% to $201.81 as of 9:45 a.m. in New York. The shares are up about 900% so far this year compared to a 4.5% gain for the S&amp;P 500.</p>\n<p>GameStop bulls are leaning into activist investor and board member Ryan Cohen’s ongoing shakeup. Cohen has become a cult-like figure for investors populating social media platforms like Twitter and Reddit and his push to turn the retailer into a tech giant has amassed hordes of eager traders.</p>\n<p><img src=\"https://static.tigerbbs.com/13dcb6315c6418b02364853d27a1f71a\" tg-width=\"930\" tg-height=\"523\"></p>\n<p>Analysts warned that fundamentals matter little for investors and the company’s overahaul faces considerable challenges.</p>\n<p>“The turnaround story will be extremely difficult for GameStop to deliver on and right now shares are acting like they have already been successful,” said Edward Moya, senior market analyst at Oanda. “The GameStop stock party is lasting longer than anyone expected, but eventually should trade sub-$100 a share.”</p>\n<p>Total trading volume during Thursday’s rebound topped the cumulative activity seen in the three-day selloff, meaning investors who were eager to buy the dip and trade on the way up were far greater than the sellers looking to cash out or short stock after the earnings result. The retail traders who love to talk up their diamond hands cheered as the retailer continued to make changes to its board and bring in industry veterans to help reshape the business.</p>\n<p>Other stocks that have captivated retail traders were more choppy Friday morning after snapping losing streaks alongside GameStop.AMC Entertainment Holdings Inc.&nbsp;climbed as much as 5.4% while headphone maker&nbsp;Koss Corp.&nbsp;slumped as much as 10%.</p>\n<p>The group of meme stocks have continued to be unloved by Wall Street analysts who cover the companies. GameStop is not recommended by any analysts and has three holds and four sell ratings -- with the average price target implying a 76% drop. While AMC has no buys, five holds, and four sell ratings and an average 12-month target that’s nearly 70% below Thursday’s close.</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>GameStop Takes $6 Billion Round Trip as Results Shrugged Off</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\">\nGameStop Takes $6 Billion Round Trip as Results Shrugged Off\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-26 22:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://bloomberg.com/news/articles/2021-03-26/gamestop-takes-6-4-billion-round-trip-as-traders-shrug-results?srnd=markets-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>After see-sawing, stock trades near last Friday’s level\nCompany’s turnaround will be difficult to deliver: analysts\n\nGameStop Corp. is ending the week where it started, after an earnings-related ...</p>\n\n<a href=\"http://bloomberg.com/news/articles/2021-03-26/gamestop-takes-6-4-billion-round-trip-as-traders-shrug-results?srnd=markets-vp\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"http://bloomberg.com/news/articles/2021-03-26/gamestop-takes-6-4-billion-round-trip-as-traders-shrug-results?srnd=markets-vp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157584662","content_text":"After see-sawing, stock trades near last Friday’s level\nCompany’s turnaround will be difficult to deliver: analysts\n\nGameStop Corp. is ending the week where it started, after an earnings-related selloff was quickly reversed, with retail investors refusing to let go of their commitment to the stock.\nInvestors were quick to get over GameStop’s 12th consecutive quarter of slowing sales and management’s decision to not take questions on its earnings call on Tuesday, despite warnings from most Wall Street analysts. After see-sawing to as low as $118.62, the stock was trading near last week’s closing level on Friday. That created a more than $6.4 billion swing in market value from Monday’s intraday high to a bottom on Wednesday.\nGameStop rose as much as 9.8% to $201.81 as of 9:45 a.m. in New York. The shares are up about 900% so far this year compared to a 4.5% gain for the S&P 500.\nGameStop bulls are leaning into activist investor and board member Ryan Cohen’s ongoing shakeup. Cohen has become a cult-like figure for investors populating social media platforms like Twitter and Reddit and his push to turn the retailer into a tech giant has amassed hordes of eager traders.\n\nAnalysts warned that fundamentals matter little for investors and the company’s overahaul faces considerable challenges.\n“The turnaround story will be extremely difficult for GameStop to deliver on and right now shares are acting like they have already been successful,” said Edward Moya, senior market analyst at Oanda. “The GameStop stock party is lasting longer than anyone expected, but eventually should trade sub-$100 a share.”\nTotal trading volume during Thursday’s rebound topped the cumulative activity seen in the three-day selloff, meaning investors who were eager to buy the dip and trade on the way up were far greater than the sellers looking to cash out or short stock after the earnings result. The retail traders who love to talk up their diamond hands cheered as the retailer continued to make changes to its board and bring in industry veterans to help reshape the business.\nOther stocks that have captivated retail traders were more choppy Friday morning after snapping losing streaks alongside GameStop.AMC Entertainment Holdings Inc. climbed as much as 5.4% while headphone maker Koss Corp. slumped as much as 10%.\nThe group of meme stocks have continued to be unloved by Wall Street analysts who cover the companies. GameStop is not recommended by any analysts and has three holds and four sell ratings -- with the average price target implying a 76% drop. While AMC has no buys, five holds, and four sell ratings and an average 12-month target that’s nearly 70% below Thursday’s close.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325191115,"gmtCreate":1615871811237,"gmtModify":1704787746704,"author":{"id":"3562062646632373","authorId":"3562062646632373","authorIdStr":"3562062646632373","name":"25e24627","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562062646632373"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/325191115","repostId":"1172271196","repostType":4,"repost":{"id":"1172271196","pubTimestamp":1615871336,"share":"https://ttm.financial/m/news/1172271196?lang=&edition=fundamental","pubTime":"2021-03-16 13:08","market":"us","language":"en","title":"How To Spot A Bubble","url":"https://stock-news.laohu8.com/highlight/detail?id=1172271196","media":"Hussman Funds","summary":"Summary\n\nThe defining feature of a bubble is inconsistency between expected returns based on price b","content":"<p><b>Summary</b></p>\n<ul>\n <li>The defining feature of a bubble is inconsistency between expected returns based on price behavior and expected returns based on valuations.</li>\n <li>If we compare our most reliable valuation measures with the valuation measures that one would obtain from a proper long-term discounted cash flow analysis, we find that they're nearly identical.</li>\n <li>One of the unfortunate bits of financial illiteracy that Wall Street has pushed into the heads of investors is the idea that extreme valuations are \"justified\" by low interest rates.</li>\n <li>It's undoubtedly true that profit margins, expected growth, and other factors have an effect on future deliverable cash flows and the valuations that investors place on stocks.</li>\n <li>To understand why extreme valuations imply high volatility, and require extremely long investment horizons, it's useful to consider the concept of \"duration.\"</li>\n</ul>\n<blockquote>\n I can show, really precisely, that there are two warranted prices for a share. The one I prefer is based on such fundamentals as earnings and growth rates, but the bubble is rational in a certain sense. The expectation of growth produces the growth, which confirms the expectation; people will buy it because it went up. But once you are convinced that it is not growing anymore, nobody wants to hold a stock because it is overvalued. Everybody wants to get out and it collapses, beyond the fundamentals.- Nobel Laureate Franco Modigliani, New York Times, March 30, 2000\n</blockquote>\n<p>The word \"bubble\" is tossed around quite a bit in the financial markets, but it's rarely used correctly. See, the thing that defines a bubble isn't that valuations are extremely high, or that expected returns are extremely low. Instead, what defines a bubble is that investors drive valuations higher without simultaneously adjusting expectations for returns lower. That is, investors extrapolate past returns based on price behavior, even though those expectations are inconsistent with the returns that would equate price with discounted cash flows.</p>\n<p>In March 2000, at the height of the technology bubble, I noted: \"Over time, price/revenue ratios come back in line. Currently, that would imply an 83% plunge in tech stocks. If you understand values and market history, you know we're not joking.\" The following month, I discussed Modigliani's quote above, and detailed the dynamics he was describing. The collapse of the 2000 bubble would ultimately erase half the value of the S&amp;P 500, and would take the tech-heavy Nasdaq 100 down an implausibly precise 83%.</p>\n<p>The defining feature of a bubble is inconsistency between expected returns based on price behavior and expected returns based on valuations. If investors pay $150 today for a security that will deliver a single $100 payment a decade from now, but they also fully understand that they'll lose 4% annually on the deal, without extrapolating past gains into the future, then we might say the security is overvalued, and we might question why investors would accept that trade, but we can't call it a bubble.</p>\n<p>But if investors pay $150 today for that security, because they look back in the rear-view mirror, decide that it \"always goes up\" over time, and convince themselves that expected future returns are always positive, then you've got a bubble. Discounting the future $100 cash flow of the security using any positive expected return would produce a price less than $100. So the positive returns expected by investors are inconsistent with the returns that would equate price with discounted cash flows. The size of the bubble is the fraction of the market price that represents expectational \"hot air.\"</p>\n<p>Likewise, the willingness of investors to embrace \"passive investments\" like ETFs and asset-backed securities based on past performance, with little concern about the valuations, yields, or credit risk of the securities inside, is the very soap from which bubbles repeatedly emerge. Amid the current enthusiasm for special purpose acquisition companies (SPACS), investors might recall the bubble in \"incubators\" at the 2000 peak, the \"conglomerates\" of the late-1960s Go-Go bubble, and even the South Sea Company in the early 1700s, along with similar companies formed at the time \"for carrying on an undertaking of great advantage, but nobody to know what it is.\"</p>\n<p>If investors price the S&amp;P 500 at levels that are highly likely to produce negative returns for a decade, as they did in 1929 and 2000, and as I believe they are doing at present, yet investors continue to press stock prices higher on the expectation that they will provide historically normal levels of future return regardless of valuations, then you have the sort of inconsistency that defines a bubble.</p>\n<p>Likewise, if the expected return of a conventional passive investment mix is negative on a 10-12 year horizon (based on reliable valuation measures strongly correlated with actual subsequent returns over a century of market history), yet pension return assumptions remain locked near 7% annually, you've got a bubble, and most likely a future pension funding crisis, on your hands.</p>\n<p>This is how very bad things have repeatedly happened in the financial markets across history, enabled by what Galbraith called \"the extreme brevity of the financial memory.\"</p>\n<p>When Modigliani says that there are two \"warranted\" prices, he means that - at least in the short run - there are two ways that prices can fulfill the expectations of investors. In one case, investors have expectations about future returns, and those expectations are informed by the level of valuations. If prices rise, and expected cash flows haven't changed, investors recognize that future returns will be lower. In the \"bubble\" case, investors have high expectations about future returns, mainly based on past returns, and they act on those expectations by driving prices up further. So the expectation of additional price increases is simply reinforced. \"The expectation of growth produces the growth, which confirms the expectation.\"</p>\n<p>Only one of these prices is consistent, in that the rate of return expected by investors is also the rate of return that equates price with discounted future cash flows. The other price becomes increasingly detached from fundamentals, as a larger and larger fraction of the price represents hot air, and it ultimately collapses as the gap becomes untenably wide.</p>\n<p>During speculative segments of the market cycle, there's nothing that forces investors to recognize that higher valuations imply lower returns, or to change their expectation of high returns as far as the eye can see. That, of course, is why we use measures of market internals to gauge the inclination of investors toward speculation or risk-aversion. Valuation provides an enormous amount of information about likely long-term returns and potential market losses over the complete cycle. But valuation isn't a timing tool. In recent years, it hasn't even imposed a limit on speculative recklessness.</p>\n<p>Still, with each price advance, the actual long-term return implied by future cash flows - what investors will ultimately realize as those cash flows are delivered - collapses further, even while investors act on their delusion that long-term returns have nothing to do with price. Eventually, the bulk of the security price represents a bubble component, not the price that would actually need to exist in order for the long-term expectations of investors to be accurate.</p>\n<p>As I wrote at the 2000 market peak:</p>\n<blockquote>\n \"As long as investors focus on year-to-year returns and not discounted cash flow calculations, the bubble can continue to grow in self-reinforcing fashion. Investors anticipate a high return, and the price behavior reinforces the expectation. The true long-term return becomes increasingly detached from the long-term return imagined by investors, and the bubble component accounts for an increasingly large proportion of the total price.\"\n</blockquote>\n<p>By our most reliable measures, run-of-the-mill historical valuation norms are roughly 70% below current levels. I know you don't want to believe that.</p>\n<p><img src=\"https://static.tigerbbs.com/493c338076df85e2a04ebf892af4762f\" tg-width=\"1280\" tg-height=\"713\"></p>\n<p>The trap door quietly swings open when valuations are extreme and market internals begin to deteriorate. That's the situation we've observed in our measures in recent weeks, with the initial deterioration largely driven by debt securities, but with increasing divergences in equities as well.</p>\n<p><b>Valuations and discounted cash flows</b></p>\n<blockquote>\n Valuations measure the tradeoff between current prices and a very long-term stream of expected future cash flows. Every useful valuation ratio is just shorthand for that calculation. Every valuation ratio that fails that criterion is inferior, and you can show it in historical data.\n</blockquote>\n<blockquote>\n - John P. Hussman, Ph.D., The Meaning of Valuation, December 2019\n</blockquote>\n<p>I've often noted that the denominator of every good valuation measure is just shorthand for the decades and decades of cash flows that the security is likely to deliver in the future. In fact, we always test the validity of the valuation measures we use by examining:</p>\n<p>a) how strongly the resulting valuation measures are correlated with actual subsequent total returns, and;</p>\n<p>b) how closely they replicate an explicit discounted cash flow analysis.</p>\n<p>Below, we'll examine a variety of valuation measures that offer some perspective on why I view the U.S. equity market as a bubble near the breaking point. Along the way, I'll point out some interesting features of valuations and their relationship with subsequent returns. If math gives you hives, feel free to skim over the small amount that I've included here and there.</p>\n<p>Consider first the relationship between valuations and subsequent returns. I'll state the following, which you can prove to yourself by toying around a bit with present value models: the logarithm of a good valuation measure should have an inverse and roughly linear relationship with the expected subsequent investment return.</p>\n<p>Here's a simple example of what this looks like.</p>\n<p><img src=\"https://static.tigerbbs.com/d1e5bdf4391c9c91a8b9a051f6635116\" tg-width=\"819\" tg-height=\"708\"></p>\n<p>Here's what this looks like for MarketCap/GVA, our most reliable stock market valuation measure</p>\n<p><img src=\"https://static.tigerbbs.com/485141919c853722522159d2e9d05e85\" tg-width=\"1280\" tg-height=\"720\"></p>\n<p>During the past three decades, we've studied and introduced a broad range of valuation measures. Most can be calculated back to 1947. Some can be evaluated over a century or more. Across history, even in recent decades, we find that the valuation measures that are best correlated with actual subsequent returns are those with muted sensitivity to cyclical fluctuations in profit margins, and that behave largely like broad, market-wide price/revenue ratios.</p>\n<p>If we compare our most reliable valuation measures with the valuation measures that one would obtain from a proper long-term discounted cash flow analysis, we find that they're nearly identical. Here's what this comparison looks like for the actual stream of dividends (including the impact of repurchases) delivered by the S&amp;P 500 since 1900, discounted at a fixed 10% rate (see the chart text for additional details).</p>\n<p>The reason we use a fixed rate of return is that a multiple of 1.0 is then, by definition, the level at which the S&amp;P 500 would have been priced for that particular level of expected return. Any deviation in the valuation multiple from 1.0 then gauges how far likely future returns are from that \"typical\" expected return. We're currently farther away from \"typical\" expected returns than at any moment in history, including the 1929 and 2000 market peaks.</p>\n<p><img src=\"https://static.tigerbbs.com/e6f61d2794095c2545d0d2c130320e45\" tg-width=\"1280\" tg-height=\"722\"></p>\n<p>One of the unfortunate bits of financial illiteracy that Wall Street has pushed into the heads of investors is the idea that extreme valuations are \"justified\" by low interest rates. Now, it's certainly true that holding future cash flows constant, raising the price of an investment will lower the embedded rate of return, and vice versa. If you pay $32 today for $100 a decade from today, you can expect a 12% annual return. If you pay $82 for the same security, you can expect a 2% annual return. If you pay $100 today, you can expect nothing. So it's clearly true that holding future cash flows constant, a lower rate of return implies a higher level of valuation.</p>\n<p>The reason the statement \"low interest rates justify high valuations\" contributes to financial illiteracy is that the statement has been learned entirely out of context of the arithmetic. As a result, investors seem to imagine that, as long as high valuations can be \"justified,\" stocks can be expected to provide historically normal rates of return in the future. Likewise, investors seem to have no concept that if interest rates are low because growth rates are low, no valuation premium is \"justified\" for stocks, because the lower growth is already sufficient to bring future stock returns down to levels that are commensurate with the low level of interest rates.</p>\n<p>The truth is simple but uncomfortable. If interest rates are low and expected growth is held constant, higher valuations imply lower long-term returns. If interest rates are low because expected future growth is also low, higher valuations are not required. Long-term returns will be lower anyway. A valuation premium just makes future returns even worse.</p>\n<p>Saying that extremely low interest rates \"justify\" extremely high stock valuations is identical to saying that extremely low future returns on bonds \"justify\" extremely low future returns on stocks. I don't really think that's something Wall Street cares to clarify when it tells investors that stock market valuations are \"justified.\"</p>\n<p>Investment valuation is concerned with the relationship between three objects: the current price, the future cash flows, and the rate of return that connects the two like a string. The lower the current price and the higher the future cash flows, the steeper the string. The higher the current price and the lower the future cash flows, the flatter the string. Raise the current price above the future cash flows, and the string will point down instead of up. Given any two of these objects, you can calculate the third one.</p>\n<p>For example, if you want to estimate expected long-term returns, you need two objects: a) the current price and b) the expected stream of future cash flows. A good valuation ratio is just shorthand for those two objects, so you can estimate the long-term return directly from the level of valuation. Then, if you like, you can compare it with the level of interest rates. That comparison can be useful, because even when investors realize that high stock market valuations imply low long-term returns, it's not at all clear that they realize how low long-term return prospects have been driven.</p>\n<p>The chart below shows our estimate of expected 12-year S&amp;P 500 total returns over-and-above Treasury bond yields, across a century of market history. Compare this with the nearly useless drivel that Wall Street passes off as the \"equity risk premium\" (typically quoted as the S&amp;P 500 forward earnings yield minus the 10-year Treasury yield). Yes, you're reading the chart correctly. Given current valuations, we expect the total return of the S&amp;P 500 to underperform the lowly yield on Treasury bonds by roughly -6% annually over the coming 12-year period.</p>\n<p><img src=\"https://static.tigerbbs.com/42561963df9d259a93fe0d4f2502c13e\" tg-width=\"1024\" tg-height=\"577\"></p>\n<p>Many investors confuse the estimation of expected returns (which requires only expected cash flows and the observed price) with a different problem - the estimation of \"fair value.\" See, interest rates come into the picture when you have an expected stream of future cash flows and you want to calculate a \"fair\" current price. In that case, rather than picking an arbitrary rate of return from a hat, it's common to use the level of interest rates, plus some risk premium, as the expected long-term return (or discount rate, or capitalization rate). This sort of calculation can be super-sensitive to arbitrary choices.</p>\n<p>In particular, Wall Street loves to combine super-high growth rates, super-low discount rates, and super-long time horizons, which allows one to calculate a \"fair value\" that's as close to infinity as possible. The thing to remember is that whatever rate of return an analyst embeds into the fair value calculation is also the long-term rate of return you'll earn over time if you pay that price, assuming the future cash flows are delivered as expected.</p>\n<p>Among scores of measures we've evaluated or introduced over time, MarketCap/GVA (nonfinancial market capitalization to corporate gross value-added, including our estimate of foreign revenues) has the highest correlation with actual subsequent 10-12 year S&amp;P 500 total returns, followed by our Margin-Adjusted P/E (MAPE). I find it hilarious that the various valuation measures I've introduced over time are sometimes described as products of \"machine learning,\" \"data mining,\" and \"curve fitting\" when they are, in fact, just different versions of an apples-to-apples economy-wide price/revenue ratio.</p>\n<p><img src=\"https://static.tigerbbs.com/75dac426a3ad2f3830f9dce50f7c0a1c\" tg-width=\"1265\" tg-height=\"712\"></p>\n<p>The S&amp;P 500 price/revenue ratio and nonfinancial market capitalization to GDP (the \"Buffett indicator\") also perform well, and better than earnings-based alternatives like price/forward earnings, the Fed Model, and even the Shiller CAPE. See, while earnings are necessary to generate long-term cash flows, they are also subject to fluctuations in profit margins (both cyclically and even from decade to decade) that turn out to be highly uninformative.</p>\n<p>Economically, fluctuations in profit margins are driven primarily by fluctuations in real unit labor costs. Because companies compete on the basis of realized after-tax profits rather than pre-tax profits, changes in tax policy also have far less durable impact on corporate profits than investors seem to imagine. While corporate profits got a tremendous boost last year from CARES spending (the deficit of one sector always emerges as the surplus of another), here's what the relationship between corporate profits and real unit labor costs looks like historically.</p>\n<p>Real unit labor costs are presented on an inverted left scale. The upward pressure on labor costs (observed as a plunge in the blue line) isn't particularly auspicious for future profits. Still, there's so much distortion in recent quarters that I'd consider the jury to be out on how much of this will be sustained.</p>\n<p><img src=\"https://static.tigerbbs.com/3110e7d3c0468c39d343b20835566bcc\" tg-width=\"1157\" tg-height=\"652\"></p>\n<p>It's undoubtedly true that profit margins, expected growth, and other factors have an effect on future deliverable cash flows and the valuations that investors place on stocks. But even for technology stocks, these assumptions should be made explicit and tested against history. You'll find that observable measures like price/revenue are still very serviceable. In fact, the extreme price/revenue multiples of technology stocks helped to inform my March 2000 projection of an 83% loss in that sector.</p>\n<p>As Benjamin Graham wrote, \"The habit of relating what is paid to what is being offered is an invaluable trait in investment. The more dependent the valuation becomes on anticipations of the future - and the less it is tied to a figure demonstrated by past performance - the more vulnerable it becomes to possible miscalculation and serious error.\"</p>\n<p>The current 5.19 price/revenue multiple for the Nasdaq 100, is the most extreme level since February 2001, which was followed by a 60% loss in the index (after it had already dropped in half). The situation is actually a bit worse than 2001 here. If one examines the largest components of the index, it becomes clear that their annual growth rates have declined substantially over time.</p>\n<p>As a result, a dollar of current revenues should arguably command a smaller multiple than a dollar of revenues might have during earlier periods of emerging growth. Yet even if one takes the Nasdaq 100 price/revenue ratio at face value, and even if one restricts attention to the bubble period since 2000, it's difficult to expect the Nasdaq to produce total returns over the coming decade much better than zero.</p>\n<p><img src=\"https://static.tigerbbs.com/48dd88f74eaed48d53b237b4d0209d8e\" tg-width=\"963\" tg-height=\"542\"></p>\n<p>You don't really want to see what the same chart looks like for the S&amp;P 500.</p>\n<p><img src=\"https://static.tigerbbs.com/24f70ab683592ef20a8c6c75fc9bd1fc\" tg-width=\"963\" tg-height=\"543\"></p>\n<p>The same is true, unfortunately, for passive investment strategies. We presently estimate negative 12-year average annual total returns for a conventional passive investment mix invested 60% in the S&amp;P 500, 30% in Treasury bonds, and 10% in Treasury bills.</p>\n<p>In a 2019&nbsp;white paper, I detailed an approach to estimate a \"value-focused asset allocation\" by jointly considering prevailing stock market valuations and interest rates. It specifies an investment allocation based on which asset class is estimated to have the highest average annual expected return, adjusted for risk, to each point in a long-term investment horizon. That allocation can then be modified by a risk-management component, to adjust the exposure during segments of the market cycle where risk-aversion or speculation among market participants may temporarily drive valuations to depressed or elevated levels. The white paper includes numerous charts showing how this value-focused asset allocation has changed across market history, particularly at important peaks and troughs in the stock and bond markets.</p>\n<p>Along with those methods, I introduced our \"Endowment/spending multiple,\" which estimates the number of years of spending that a passive 60/30/10 investor requires up-front, in order to finance an expected 36-year stream of future inflation-adjusted spending. The idea here is that in a deeply undervalued market with high expected future returns, investors can finance a future stream of spending with far less than they require when valuations are extreme and prospective returns are low.</p>\n<p>You know you're in a bubble when funding a 36-year stream of expected inflation-adjusted spending requires over 38 years of money up-front.</p>\n<p><img src=\"https://static.tigerbbs.com/1adff1ad0dbaa2737f60cb7589d206fb\" tg-width=\"1230\" tg-height=\"693\"></p>\n<p>In the chart below, the Endowment/spending multiple is presented on an inverted log scale (left), along with the actual subsequent average annual total return of a 60/30/10 portfolio mix (right scale). Needless to say, we adhere to investment disciplines that are intended to address problems like this.</p>\n<p><img src=\"https://static.tigerbbs.com/1480e881b4d04ace81a96f31f6368796\" tg-width=\"1229\" tg-height=\"692\"></p>\n<p>As a testament to the breadth of this speculative episode, the median price/revenue ratio of S&amp;P 500 components now exceeds 3.3, easily a record, and extreme enough to provoke distress about the potential losses that innocent but poorly-informed investors may experience over the completion of this cycle.</p>\n<p><img src=\"https://static.tigerbbs.com/ffe0cc33bdaf0695dacb7ae1d817edab\" tg-width=\"1110\" tg-height=\"625\"></p>\n<p>The next chart shows the median price/revenue ratio of S&amp;P 500 components sorted into 10 deciles by valuation. The chart is presented on log scale to allow each line to be compared with its own history. Each segment on the vertical axis represents a doubling of valuations. Notice that every single decile of S&amp;P 500 components is at record valuation extremes. Investors now rely on a permanently high plateau in these extremes.</p>\n<p><img src=\"https://static.tigerbbs.com/cb7c995e64e3c9cba85d6e0fc9124223\" tg-width=\"1280\" tg-height=\"721\"></p>\n<p>It's interesting, but far less important, that the median price/earnings ratio of S&amp;P 500 components has also reached 32.4, the highest level in history. This compares with a median P/E of 19.4 at the 2000 market peak. The problem with P/E multiples, of course, is that they are substantially affected by earnings variability. In fact, prior to the current peak, the highest median P/E for the S&amp;P 500 was actually in March 2002, when the index was down 25% from the March 2000 bubble highs. That's because earnings were down far more by then, which boosted P/E ratios. Such is the danger of taking P/E multiples at face value.</p>\n<p>A crude but reasonably effective way to get around the cyclicality of earnings (but only for very broad indices), is to compare prices to the highest level of earnings achieved to-date. I introduced this metric back in 1998 as the price-to-peak-earnings ratio. The chart below shows a version of that. The blue line (left scale) shows the ratio of total U.S. equity market capitalization to GDP. The red line (right scale) shows the ratio of total U.S. equity market capitalization to the highest level of economy-wide U.S. profits to date. Investors have gotten themselves into trouble here.</p>\n<p><img src=\"https://static.tigerbbs.com/a6630cf8302360e1b4645870051b21de\" tg-width=\"989\" tg-height=\"557\"></p>\n<p><b>What if valuations remain extreme forever?</b></p>\n<p>Probably the single most frequent question I've heard from investors over the past couple of years is \"What happens if valuations remain extreme forever?\" It's actually a version of the \"permanently high plateau\" that Irving Fisher disastrously projected in 1929. Still, recent years have produced enormous confidence among investors that the Federal Reserve's purchases of Treasury debt can permanently \"backstop\" the stock market.</p>\n<p>As I've detailed previously, quantitative easing supports the market only by creating zero interest hot potatoes that are uncomfortable for investors to hold (provided that they're inclined toward speculation), and that are impossible to get rid of in aggregate. Moreover, the Fed's purchases of corporate bonds during the pandemic were legally constrained to CARES funds provided by the Treasury, and ultimately amounted to $14 billion of bonds, in an economy with $11 trillion in corporate debt at $58 trillion in equity market capitalization.</p>\n<p>Suffice it to say that the \"Fed backstop\" is largely in the minds of investors, and relies almost exclusively on the psychological discomfort of holding low-yielding base money. Yet since perception can be indistinguishable from reality, particularly in the short run, it's important to entertain the question.</p>\n<p>My answer is that if the Fed is indeed able to maintain valuations at the highest levels in history, forever, stock prices would likely grow at roughly the same rate as nominal GDP. So figure 1.6% real structural growth plus 2% inflation gets you 3.6%. Let's call it 4%, which would match nominal GDP growth in both the 10-year and 20-year periods ending at the Q4 2019 economic peak, just before the pandemic. The first casualty of rising inflation is stock valuations, so it's not at all clear that assuming higher inflation would help stocks until valuations were roughly normalized, which would require consumer prices to roughly triple.</p>\n<p>The chart below is a reminder of how structural real GDP growth has progressed over recent decades (driven by demographic labor force growth and trend productivity), and the basis for that 1.6% figure for structural real GDP growth.</p>\n<p><img src=\"https://static.tigerbbs.com/cf63b9b8f5f3b55136c8523d73e864f3\" tg-width=\"1131\" tg-height=\"637\"></p>\n<p>Sticking with 4% nominal growth, and adding a 1.5% dividend yield, a \"permanently high plateau\" in market valuations would imply S&amp;P 500 total returns of about 5.5% annually. Again, this assumes that valuations never retreat from levels that presently stand at about 3.6 times their historical norms. Simply allow them to retreat to 2.4 times their historical norms a decade from now - which would still keep valuations among the highest 10% in U.S. history - and the resulting 10-year total return would drop to about 1.3%. I think this would actually be the best-case scenario even in a permanently overvalued world.</p>\n<p>At elevated valuations, even very small changes in expected return imply enormous changes in prices. So it's unlikely that a period of much higher average valuations will escape the prospect of relatively high volatility. Rather than a 70% market decline, which would presently be required for the S&amp;P 500 to simply touch historically run-of-the-mill valuation norms, investors could expect rather frequent market losses in the 20-35% range, which is essentially what we've seen even over the past few years.</p>\n<p>All of that would be fine with us. We've adapted our discipline sufficiently (especially in late-2017) to tolerate the possibility of permanently sustained overvaluation. My impression is that the impact of those adaptations has become more evident as we've had greater opportunities to live into them. I can't say that I believe for a second that investors will actually be spared from a 50-70% loss in the S&amp;P 500 in the coming years, but again, it will be fine with us if the market never approaches historical valuation norms again. With the adaptations we introduced in late-2017, our discipline is flexible enough to navigate a bubble even without embracing its premise.</p>\n<p><b>An unusual overlap of high-risk conditions</b></p>\n<p>Returning to Modigliani, my impression is that the advance of recent years to the most extreme valuations in history reflects exactly the bubble dynamics he described, and I expect that it will also end as he described (though not necessarily in one fell swoop): \"The expectation of growth produces the growth, which confirms the expectation; people will buy it because it went up. But once you are convinced that it is not growing anymore, nobody wants to hold a stock because it is overvalued. Everybody wants to get out and it collapses, beyond the fundamentals.\"</p>\n<p>One of our internal gauges tracks the correlation of market conditions with certain high-risk features that have preceded steep market collapses - a collection of measures capturing valuations, internals, sentiment, leverage, overextension, and yield pressures. Only a handful of instances in history overlap pre-crash conditions as well as they do at present. The current overlap is actually quite similar to August 1987. Meanwhile, the correlation of current conditions with features typically observed at market lows is the most negative in history.</p>\n<p>If you want my opinion, I suspect that a near-vertical market plunge on the order of 25-35% is coming, probably quite shortly, most likely out of the blue, as in 1987, driven by nothing more than the sudden concerted effort of overextended investors to sell, and the need for a large price adjustment in order to induce scarce buyers to take the other side.</p>\n<p>As usual, no forecasts are necessary. We'll align our investment stance in response to the valuations and market action that we observe at each point in time. Still, it's of particular concern that these overlaps are occurring in the context of the most extreme valuations in history, along with strikingly dysfunctional pockets of illiquidity in many individual issues. This dysfunctional behavior isn't about any particular video game retailer. I suspect it's actually about some sort of fragility or segmentation in order-flow mechanisms, possibly coupled with poorly managed derivatives exposure.</p>\n<p>As I used to teach my students, show me a financial debacle, and I'll show you someone who had a leveraged, mismatched position that they were suddenly forced to close into an illiquid market.</p>\n<p>Though my concerns run far beyond the amount of leverage in the system, it isn't helpful that the amount of leverage in the U.S. equity markets is now easily the highest in history. Some observers are inclined to bring this figure down by dividing instead by the market capitalization of equities. But here's some useful arithmetic:</p>\n<p>Margin Debt/GDP = Margin Debt/Market Cap x Market Cap/GDP</p>\n<p>To say that margin debt to GDP is at the highest level in history is to say not only that stocks are heavily owned on margin, but that those stocks are also breathtakingly overvalued. That combination is particularly worrisome.</p>\n<blockquote>\n All crises have involved debt that, in one fashion or another, has become dangerously out of scale in relation to the underlying means of payment.\n</blockquote>\n<blockquote>\n - John Kenneth Galbraith, A Short History of Financial Euphoria\n</blockquote>\n<p><img src=\"https://static.tigerbbs.com/dc55dacbd5e01016cd9964422f941b0c\" tg-width=\"983\" tg-height=\"556\"></p>\n<p>The kind of event I'm suggesting would not bring valuations anywhere near historical valuation norms. Given current valuation extremes, it would be more like a palate cleanser. I have no particular expectation about what the next dish would be. In the event we do observe an abrupt market collapse, the Fed will undoubtedly respond with some new palliative. Whether or not it is effective will depend on the context of risk-aversion, inflation, credit risk, and other conditions at the time. The larger problem, as we've discussed, is that you can't \"save\" an overvalued asset by propping up its price. The value is in the future cash flows that will be delivered to investors over time. The elevated price only ensures that the long-term return between now and then will be dismal.</p>\n<p>Of course, nothing in our discipline relies on a market plunge. Given the combination of hypervaluation and divergent market internals (largely based on debt securities, but with increasing divergences in equities as well), I do believe that the stock market remains in a \"trap door\" situation. Still, that view will change as market conditions change. We'll refrain from adopting or amplifying a negative outlook if our measures of market internals improve. That discipline has served us well even amid record highs. Again, no forecasts are required, nor does this opinion drive our current investment stance. I just think the correlation with historical pre-crash conditions is worth noting.</p>\n<blockquote>\n How little, it will perhaps be agreed, was either original or otherwise remarkable about this history. Prices driven up on the expectation that they would go up, the expectation realized by the resulting purchases. Then the inevitable reversal of these expectations because of some seemingly damaging event or development or perhaps merely because the supply of intellectually vulnerable buyers was exhausted. Whatever the reason (and it is unimportant), the absolute certainty is that this world ends not with a whimper but with a bang. And so on to the moment of mass disillusion and the crash. This last, it will now be sufficiently evident, never comes gently. It is always accompanied by a desperate and largely unsuccessful effort to get out.\n</blockquote>\n<blockquote>\n - John Kenneth Galbraith on the 1929 collapse\n</blockquote>\n<p><b>Valuations and investment duration</b></p>\n<p>To understand why extreme valuations imply high volatility, and require extremely long investment horizons, it's useful to consider the concept of \"duration.\"</p>\n<p>Every security is a claim on a stream of future cash flows that can be expected to be delivered to the investor over time. While the concept of \"duration\" is most commonly used for bonds, it's actually applicable to any security, no matter how \"lumpy\" the stream of cash flows might be.</p>\n<p>If you don't like math, feel free to skim over the various equations and just read the pull quotes. I've provided the details just for completeness.</p>\n<p>The \"duration\" of a security can be defined in two ways.</p>\n<p>Investment horizon: the weighted average number of years it takes for the security to deliver its payments. For each period, you take the share of total present value represented by that year's payment, and multiply it by the number of years in the future the payment will be received. Add them all up. The result is the number of years from today (a weighted average) that the present value of your investment will be repaid. For example, the duration of a security that delivers a single payment a decade from now is simply 10 years.</p>\n<p>Elasticity: the percentage change in the security in response to a change in the underlying gross rate of return. Technically, elasticity is (-dP/P)/(dk/1+k). For example, suppose you own a security that will pay $100 a decade from now, and it's priced at $82.0348, for a 2% annual return. Now assume the expected return moves to 2.01%. The price would drop to $81.9544. Elasticity is (0.0804/82.0348)/(0.0001/1.02) = 10%</p>\n<p>It turns out that the \"duration\" of a security in years is identical to its \"duration\" in terms of the percentage change of price in response to a 1% fluctuation in expected returns. Duration is also the holding period that \"immunizes\" the investor against changes in expected returns over time. In other words, assuming you reinvest your cash flows over time, duration gives you a good idea of how long you have to hold the security in order for your ending wealth to be largely independent of the fluctuations that the security experiences over that horizon.</p>\n<p>If you know differentiation, can prove to yourself that the \"modified duration\" of the S&amp;P 500 is essentially the inverse of the dividend yield. The modified duration is just (-dP/P)/dk or Macaulay duration/(1+k).</p>\n<p>Consider P = D/(k-g). Differentiating with respect to k, dP/dk = -P/(k-g), so duration (-dP/P)/dk = P/D.</p>\n<p>Here's how to think about the link between valuations and duration. Presently, the dividend yield of the S&amp;P 500 is 1.48%. If the yield moves to 1.49%, holding dividends constant, prices drop by 1.48/1.49-1 = -0.67% on that 1 basis point move. Duration is just that sensitivity, defined for a 100 basis point move, which would be 67. It turns out that's also the weighted-average number of years from today that you'll receive your present value, if you invest today.</p>\n<p>Compare that to the typical situation over the past century, when the dividend yield of the S&amp;P 500 averaged about 3.7%. At normal valuations, a 1 basis point increase in the dividend yield would produce a price drop of 3.7/3.71-1 = 0.27%, implying a duration of 27 years.</p>\n<blockquote>\n It turns out that the 'duration' of a security in years is identical to its 'duration' in terms of the percentage change of price in response to a 1% fluctuation in expected returns. Duration is also the holding period that 'immunizes' the investor against changes in expected returns over time.\n</blockquote>\n<p>Historically, investors wishing to match the duration of their investment portfolio to the duration of their investment horizon could be reasonably comfortable holding 100% of their assets in stocks, provided they had an investment horizon of about 25-30 years. Presently, these investors would need an investment horizon closer to 65-70 years. They are currently holding sippy cups.</p>\n<p><b>Scarcity, usefulness, and value</b></p>\n<p>While we're on the subject of bubbles, I'll add a few comments on Bitcoin, just for fun. I'd write more, but my sides still hurt from laughing.</p>\n<p>Objects like tulip bulbs and Bitcoin differ from securities in that they do not deliver a stream of cash flows to the holder. Instead, what objects like tulips and currencies provide is a little stream of services over time, for example, as a perennial thing of beauty or as a means of payment. What people sometimes forget is that it is not just scarcity that defines the value of an object, but the stream of useful \"services\" that it provides (for some reason, nobody wants to buy my unique, limited edition, digitally-signed porcupine seat covers). The price of the object, and the stream of services it provides, should be commensurate.</p>\n<p>U.S. dollars, for example, have value primarily because they are tethered to the real economy by fiat (they legally must be accepted as a means of payment, as noted on the face of any dollar bill), and they represent the entire substrate of the banking system - nearly every payment that goes back and forth in the U.S. economy represents a transfer of base money. Base money (currency and bank reserves) provides billions of little \"services\" over time.</p>\n<p>With every transaction, reserves move electronically from bank to bank between one account holder and another. That combination of legal fiat and constant use as a substrate of the payments system is what gives money \"value.\" That value also means that the U.S. government essentially obtains revenue as \"seigniorage\" for producing the stuff. For those who imagine that governments are going to surrender that revenue in favor of using Bitcoin, I've got a non-fungible token to sell you.</p>\n<p><img src=\"https://static.tigerbbs.com/747b2ba31a8d94d85d374d12b13b3c96\" tg-width=\"665\" tg-height=\"718\"></p>\n<p>As I've noted before, blockchain is a brilliant algorithm, and I expect that it will have a great number of uses for secure transactions and inventory management. Bitcoin, however, is a token generated by an energy-inefficient, replicable blockchain app. Ultimately, its value rests on the capacity to provide transactions services, yet without fiat to require its use, and with strikingly narrow bandwidth - one block of roughly 2000 transactions every 10 minutes - that I expect will prove to be a wildly limiting feature. That's a problem in a world where speculators now value the stock of bitcoin at one-fifth the value of the entire U.S. monetary base.</p>\n<blockquote>\n If you think about how money is valued, it's clear that people accept it because they believe it will provide a claim on the future output of others. Of course, that expectation requires that future producers will also give away their output and accept the money, on the belief that yet other future producers will do the same. That expectation has to continue indefinitely. Like the question 'What holds up Atlas when Atlas holds up the world?' it's not enough to answer that he's standing on a turtle. It's got to be turtles all the way down. The value of money has an enormous psychological component.\"\n</blockquote>\n<blockquote>\n - John P. Hussman, Ph.D., Turtles All the Way Down, February 2019\n</blockquote>\n<p>Of course, Bitcoin may have a certain user base as a vehicle for money laundering and black market transactions, but that's an undesirable investment thesis. The vast majority of transactions are to exchange Bitcoin itself, though the New York Times did recently report that \"pornography, patio furniture, and an at-home coronavirus test are among the odd assortment of goods and services that people are purchasing with the cryptocurrency.\" So, basically, if your typical day consists of surfing porn on your patio while testing yourself for COVID, you're gonna want to look into Bitcoin.</p>\n<p>My largest concern is that people are actually forking over hard-earned savings in exchange for these tokens, which allows early \"miners\" to cash out. That's essentially the defining feature of a Ponzi scheme. Like all speculative bubbles that rely on increases in price, rather than cash flows generated by the production of value-added goods and services, Bitcoin isn't actually creating \"wealth.\" It's only creating the opportunity for wealth transfer, primarily from those who will end up holding the bag.</p>\n<p>Bitcoin has certain characteristics of base money in the sense that it's exchanged on an electronic ledger, but by design, transactions are limited to an average of about 2000 per block, with one block successfully validated, on average, every 10 minutes. In order to validate a transaction block, CPU farms across the world grind out terahashes of random SHA256 validation attempts in order to discover a sufficiently small binary that matches the cryptographic hash of the block.</p>\n<p>All of this \"mining\" burns up about as much energy as it takes to run a modest-sized country. Validating a block of transactions produces a reward to the miner (and dilution of the coinbase) of 6.25 Bitcoin per block, which currently works out to nearly $200 per transaction. Yet the value of the median transaction in Bitcoin is only about $1000 in the first place.</p>\n<p>There's a rather primitive regression analysis floating around (tagged as \"sophisticated\" by some observers who apparently go numb at the word \"logarithm\") that attempts to relate the log price of bitcoin to the log \"stock/flow\" ratio, as if it represents some mechanistic supply-demand relationship. Aside from the fact that the correlation between two diagonal lines is always about 0.9-something, I find that one can obtain a better fit just by regressing the log price of Bitcoin on the log ratio of block difficulty/block reward, which is basically a measure of how much energy one needs to waste in order to mine a new bitcoin.</p>\n<p>So the \"value\" of Bitcoin is partially linked to the backward-looking sunk cost of the energy wasted to mine these tokens. Still, I wouldn't dream of using this sort of \"model\" to trade an object whose \"value\" is primarily in the heads of speculators. Use it if you like. If you happen make money on it, feel free send me a check, preferably in U.S. dollars.</p>\n<p>Undoubtedly, this view of Bitcoin will be unpopular among those who associate holding Bitcoin with superpowers like laser eyes and diamond hands. \"Not surprised Hussman doesn't get Bitcoin. Few do.\" M'kay. Look, there's certainly a case to be made that a speculative mindset creates its own reality, and while it does, there's an opportunity to obtain wealth transfers from frantic late-comers who can no longer tolerate missing out. Tulips gonna tulip. Not my gig, thanks.</p>\n<blockquote>\n In the short run, it will be said to be an attack, motivated by either deficient understanding or uncontrolled envy, of the wonderful process of enrichment. Those involved with the speculation are experiencing an increase in wealth - getting rich or being further enriched. No one wishes to believe that this is fortuitous or undeserved; all wish to think that it is the result of their own superior insight or intuition. As long as they are in, they have a strong pecuniary commitment to belief in the unique personal intelligence that tells them there will be yet more. Accordingly, possession must be associated with some special genius. Speculation buys up, in a very practical way, the intelligence of those involved. Only after the speculative collapse does the truth emerge. What was thought to be unusual acuity turns out to be only a fortuitous and unfortunate association with the assets.\n</blockquote>\n<blockquote>\n - John Kenneth Galbraith, A Brief History of Financial Euphoria\n</blockquote>","source":"lsy1615871319183","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How To Spot A Bubble</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\">\nHow To Spot A Bubble\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-16 13:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.hussmanfunds.com/comment/mc210315/><strong>Hussman Funds</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nThe defining feature of a bubble is inconsistency between expected returns based on price behavior and expected returns based on valuations.\nIf we compare our most reliable valuation measures...</p>\n\n<a href=\"https://www.hussmanfunds.com/comment/mc210315/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.hussmanfunds.com/comment/mc210315/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172271196","content_text":"Summary\n\nThe defining feature of a bubble is inconsistency between expected returns based on price behavior and expected returns based on valuations.\nIf we compare our most reliable valuation measures with the valuation measures that one would obtain from a proper long-term discounted cash flow analysis, we find that they're nearly identical.\nOne of the unfortunate bits of financial illiteracy that Wall Street has pushed into the heads of investors is the idea that extreme valuations are \"justified\" by low interest rates.\nIt's undoubtedly true that profit margins, expected growth, and other factors have an effect on future deliverable cash flows and the valuations that investors place on stocks.\nTo understand why extreme valuations imply high volatility, and require extremely long investment horizons, it's useful to consider the concept of \"duration.\"\n\n\n I can show, really precisely, that there are two warranted prices for a share. The one I prefer is based on such fundamentals as earnings and growth rates, but the bubble is rational in a certain sense. The expectation of growth produces the growth, which confirms the expectation; people will buy it because it went up. But once you are convinced that it is not growing anymore, nobody wants to hold a stock because it is overvalued. Everybody wants to get out and it collapses, beyond the fundamentals.- Nobel Laureate Franco Modigliani, New York Times, March 30, 2000\n\nThe word \"bubble\" is tossed around quite a bit in the financial markets, but it's rarely used correctly. See, the thing that defines a bubble isn't that valuations are extremely high, or that expected returns are extremely low. Instead, what defines a bubble is that investors drive valuations higher without simultaneously adjusting expectations for returns lower. That is, investors extrapolate past returns based on price behavior, even though those expectations are inconsistent with the returns that would equate price with discounted cash flows.\nIn March 2000, at the height of the technology bubble, I noted: \"Over time, price/revenue ratios come back in line. Currently, that would imply an 83% plunge in tech stocks. If you understand values and market history, you know we're not joking.\" The following month, I discussed Modigliani's quote above, and detailed the dynamics he was describing. The collapse of the 2000 bubble would ultimately erase half the value of the S&P 500, and would take the tech-heavy Nasdaq 100 down an implausibly precise 83%.\nThe defining feature of a bubble is inconsistency between expected returns based on price behavior and expected returns based on valuations. If investors pay $150 today for a security that will deliver a single $100 payment a decade from now, but they also fully understand that they'll lose 4% annually on the deal, without extrapolating past gains into the future, then we might say the security is overvalued, and we might question why investors would accept that trade, but we can't call it a bubble.\nBut if investors pay $150 today for that security, because they look back in the rear-view mirror, decide that it \"always goes up\" over time, and convince themselves that expected future returns are always positive, then you've got a bubble. Discounting the future $100 cash flow of the security using any positive expected return would produce a price less than $100. So the positive returns expected by investors are inconsistent with the returns that would equate price with discounted cash flows. The size of the bubble is the fraction of the market price that represents expectational \"hot air.\"\nLikewise, the willingness of investors to embrace \"passive investments\" like ETFs and asset-backed securities based on past performance, with little concern about the valuations, yields, or credit risk of the securities inside, is the very soap from which bubbles repeatedly emerge. Amid the current enthusiasm for special purpose acquisition companies (SPACS), investors might recall the bubble in \"incubators\" at the 2000 peak, the \"conglomerates\" of the late-1960s Go-Go bubble, and even the South Sea Company in the early 1700s, along with similar companies formed at the time \"for carrying on an undertaking of great advantage, but nobody to know what it is.\"\nIf investors price the S&P 500 at levels that are highly likely to produce negative returns for a decade, as they did in 1929 and 2000, and as I believe they are doing at present, yet investors continue to press stock prices higher on the expectation that they will provide historically normal levels of future return regardless of valuations, then you have the sort of inconsistency that defines a bubble.\nLikewise, if the expected return of a conventional passive investment mix is negative on a 10-12 year horizon (based on reliable valuation measures strongly correlated with actual subsequent returns over a century of market history), yet pension return assumptions remain locked near 7% annually, you've got a bubble, and most likely a future pension funding crisis, on your hands.\nThis is how very bad things have repeatedly happened in the financial markets across history, enabled by what Galbraith called \"the extreme brevity of the financial memory.\"\nWhen Modigliani says that there are two \"warranted\" prices, he means that - at least in the short run - there are two ways that prices can fulfill the expectations of investors. In one case, investors have expectations about future returns, and those expectations are informed by the level of valuations. If prices rise, and expected cash flows haven't changed, investors recognize that future returns will be lower. In the \"bubble\" case, investors have high expectations about future returns, mainly based on past returns, and they act on those expectations by driving prices up further. So the expectation of additional price increases is simply reinforced. \"The expectation of growth produces the growth, which confirms the expectation.\"\nOnly one of these prices is consistent, in that the rate of return expected by investors is also the rate of return that equates price with discounted future cash flows. The other price becomes increasingly detached from fundamentals, as a larger and larger fraction of the price represents hot air, and it ultimately collapses as the gap becomes untenably wide.\nDuring speculative segments of the market cycle, there's nothing that forces investors to recognize that higher valuations imply lower returns, or to change their expectation of high returns as far as the eye can see. That, of course, is why we use measures of market internals to gauge the inclination of investors toward speculation or risk-aversion. Valuation provides an enormous amount of information about likely long-term returns and potential market losses over the complete cycle. But valuation isn't a timing tool. In recent years, it hasn't even imposed a limit on speculative recklessness.\nStill, with each price advance, the actual long-term return implied by future cash flows - what investors will ultimately realize as those cash flows are delivered - collapses further, even while investors act on their delusion that long-term returns have nothing to do with price. Eventually, the bulk of the security price represents a bubble component, not the price that would actually need to exist in order for the long-term expectations of investors to be accurate.\nAs I wrote at the 2000 market peak:\n\n \"As long as investors focus on year-to-year returns and not discounted cash flow calculations, the bubble can continue to grow in self-reinforcing fashion. Investors anticipate a high return, and the price behavior reinforces the expectation. The true long-term return becomes increasingly detached from the long-term return imagined by investors, and the bubble component accounts for an increasingly large proportion of the total price.\"\n\nBy our most reliable measures, run-of-the-mill historical valuation norms are roughly 70% below current levels. I know you don't want to believe that.\n\nThe trap door quietly swings open when valuations are extreme and market internals begin to deteriorate. That's the situation we've observed in our measures in recent weeks, with the initial deterioration largely driven by debt securities, but with increasing divergences in equities as well.\nValuations and discounted cash flows\n\n Valuations measure the tradeoff between current prices and a very long-term stream of expected future cash flows. Every useful valuation ratio is just shorthand for that calculation. Every valuation ratio that fails that criterion is inferior, and you can show it in historical data.\n\n\n - John P. Hussman, Ph.D., The Meaning of Valuation, December 2019\n\nI've often noted that the denominator of every good valuation measure is just shorthand for the decades and decades of cash flows that the security is likely to deliver in the future. In fact, we always test the validity of the valuation measures we use by examining:\na) how strongly the resulting valuation measures are correlated with actual subsequent total returns, and;\nb) how closely they replicate an explicit discounted cash flow analysis.\nBelow, we'll examine a variety of valuation measures that offer some perspective on why I view the U.S. equity market as a bubble near the breaking point. Along the way, I'll point out some interesting features of valuations and their relationship with subsequent returns. If math gives you hives, feel free to skim over the small amount that I've included here and there.\nConsider first the relationship between valuations and subsequent returns. I'll state the following, which you can prove to yourself by toying around a bit with present value models: the logarithm of a good valuation measure should have an inverse and roughly linear relationship with the expected subsequent investment return.\nHere's a simple example of what this looks like.\n\nHere's what this looks like for MarketCap/GVA, our most reliable stock market valuation measure\n\nDuring the past three decades, we've studied and introduced a broad range of valuation measures. Most can be calculated back to 1947. Some can be evaluated over a century or more. Across history, even in recent decades, we find that the valuation measures that are best correlated with actual subsequent returns are those with muted sensitivity to cyclical fluctuations in profit margins, and that behave largely like broad, market-wide price/revenue ratios.\nIf we compare our most reliable valuation measures with the valuation measures that one would obtain from a proper long-term discounted cash flow analysis, we find that they're nearly identical. Here's what this comparison looks like for the actual stream of dividends (including the impact of repurchases) delivered by the S&P 500 since 1900, discounted at a fixed 10% rate (see the chart text for additional details).\nThe reason we use a fixed rate of return is that a multiple of 1.0 is then, by definition, the level at which the S&P 500 would have been priced for that particular level of expected return. Any deviation in the valuation multiple from 1.0 then gauges how far likely future returns are from that \"typical\" expected return. We're currently farther away from \"typical\" expected returns than at any moment in history, including the 1929 and 2000 market peaks.\n\nOne of the unfortunate bits of financial illiteracy that Wall Street has pushed into the heads of investors is the idea that extreme valuations are \"justified\" by low interest rates. Now, it's certainly true that holding future cash flows constant, raising the price of an investment will lower the embedded rate of return, and vice versa. If you pay $32 today for $100 a decade from today, you can expect a 12% annual return. If you pay $82 for the same security, you can expect a 2% annual return. If you pay $100 today, you can expect nothing. So it's clearly true that holding future cash flows constant, a lower rate of return implies a higher level of valuation.\nThe reason the statement \"low interest rates justify high valuations\" contributes to financial illiteracy is that the statement has been learned entirely out of context of the arithmetic. As a result, investors seem to imagine that, as long as high valuations can be \"justified,\" stocks can be expected to provide historically normal rates of return in the future. Likewise, investors seem to have no concept that if interest rates are low because growth rates are low, no valuation premium is \"justified\" for stocks, because the lower growth is already sufficient to bring future stock returns down to levels that are commensurate with the low level of interest rates.\nThe truth is simple but uncomfortable. If interest rates are low and expected growth is held constant, higher valuations imply lower long-term returns. If interest rates are low because expected future growth is also low, higher valuations are not required. Long-term returns will be lower anyway. A valuation premium just makes future returns even worse.\nSaying that extremely low interest rates \"justify\" extremely high stock valuations is identical to saying that extremely low future returns on bonds \"justify\" extremely low future returns on stocks. I don't really think that's something Wall Street cares to clarify when it tells investors that stock market valuations are \"justified.\"\nInvestment valuation is concerned with the relationship between three objects: the current price, the future cash flows, and the rate of return that connects the two like a string. The lower the current price and the higher the future cash flows, the steeper the string. The higher the current price and the lower the future cash flows, the flatter the string. Raise the current price above the future cash flows, and the string will point down instead of up. Given any two of these objects, you can calculate the third one.\nFor example, if you want to estimate expected long-term returns, you need two objects: a) the current price and b) the expected stream of future cash flows. A good valuation ratio is just shorthand for those two objects, so you can estimate the long-term return directly from the level of valuation. Then, if you like, you can compare it with the level of interest rates. That comparison can be useful, because even when investors realize that high stock market valuations imply low long-term returns, it's not at all clear that they realize how low long-term return prospects have been driven.\nThe chart below shows our estimate of expected 12-year S&P 500 total returns over-and-above Treasury bond yields, across a century of market history. Compare this with the nearly useless drivel that Wall Street passes off as the \"equity risk premium\" (typically quoted as the S&P 500 forward earnings yield minus the 10-year Treasury yield). Yes, you're reading the chart correctly. Given current valuations, we expect the total return of the S&P 500 to underperform the lowly yield on Treasury bonds by roughly -6% annually over the coming 12-year period.\n\nMany investors confuse the estimation of expected returns (which requires only expected cash flows and the observed price) with a different problem - the estimation of \"fair value.\" See, interest rates come into the picture when you have an expected stream of future cash flows and you want to calculate a \"fair\" current price. In that case, rather than picking an arbitrary rate of return from a hat, it's common to use the level of interest rates, plus some risk premium, as the expected long-term return (or discount rate, or capitalization rate). This sort of calculation can be super-sensitive to arbitrary choices.\nIn particular, Wall Street loves to combine super-high growth rates, super-low discount rates, and super-long time horizons, which allows one to calculate a \"fair value\" that's as close to infinity as possible. The thing to remember is that whatever rate of return an analyst embeds into the fair value calculation is also the long-term rate of return you'll earn over time if you pay that price, assuming the future cash flows are delivered as expected.\nAmong scores of measures we've evaluated or introduced over time, MarketCap/GVA (nonfinancial market capitalization to corporate gross value-added, including our estimate of foreign revenues) has the highest correlation with actual subsequent 10-12 year S&P 500 total returns, followed by our Margin-Adjusted P/E (MAPE). I find it hilarious that the various valuation measures I've introduced over time are sometimes described as products of \"machine learning,\" \"data mining,\" and \"curve fitting\" when they are, in fact, just different versions of an apples-to-apples economy-wide price/revenue ratio.\n\nThe S&P 500 price/revenue ratio and nonfinancial market capitalization to GDP (the \"Buffett indicator\") also perform well, and better than earnings-based alternatives like price/forward earnings, the Fed Model, and even the Shiller CAPE. See, while earnings are necessary to generate long-term cash flows, they are also subject to fluctuations in profit margins (both cyclically and even from decade to decade) that turn out to be highly uninformative.\nEconomically, fluctuations in profit margins are driven primarily by fluctuations in real unit labor costs. Because companies compete on the basis of realized after-tax profits rather than pre-tax profits, changes in tax policy also have far less durable impact on corporate profits than investors seem to imagine. While corporate profits got a tremendous boost last year from CARES spending (the deficit of one sector always emerges as the surplus of another), here's what the relationship between corporate profits and real unit labor costs looks like historically.\nReal unit labor costs are presented on an inverted left scale. The upward pressure on labor costs (observed as a plunge in the blue line) isn't particularly auspicious for future profits. Still, there's so much distortion in recent quarters that I'd consider the jury to be out on how much of this will be sustained.\n\nIt's undoubtedly true that profit margins, expected growth, and other factors have an effect on future deliverable cash flows and the valuations that investors place on stocks. But even for technology stocks, these assumptions should be made explicit and tested against history. You'll find that observable measures like price/revenue are still very serviceable. In fact, the extreme price/revenue multiples of technology stocks helped to inform my March 2000 projection of an 83% loss in that sector.\nAs Benjamin Graham wrote, \"The habit of relating what is paid to what is being offered is an invaluable trait in investment. The more dependent the valuation becomes on anticipations of the future - and the less it is tied to a figure demonstrated by past performance - the more vulnerable it becomes to possible miscalculation and serious error.\"\nThe current 5.19 price/revenue multiple for the Nasdaq 100, is the most extreme level since February 2001, which was followed by a 60% loss in the index (after it had already dropped in half). The situation is actually a bit worse than 2001 here. If one examines the largest components of the index, it becomes clear that their annual growth rates have declined substantially over time.\nAs a result, a dollar of current revenues should arguably command a smaller multiple than a dollar of revenues might have during earlier periods of emerging growth. Yet even if one takes the Nasdaq 100 price/revenue ratio at face value, and even if one restricts attention to the bubble period since 2000, it's difficult to expect the Nasdaq to produce total returns over the coming decade much better than zero.\n\nYou don't really want to see what the same chart looks like for the S&P 500.\n\nThe same is true, unfortunately, for passive investment strategies. We presently estimate negative 12-year average annual total returns for a conventional passive investment mix invested 60% in the S&P 500, 30% in Treasury bonds, and 10% in Treasury bills.\nIn a 2019 white paper, I detailed an approach to estimate a \"value-focused asset allocation\" by jointly considering prevailing stock market valuations and interest rates. It specifies an investment allocation based on which asset class is estimated to have the highest average annual expected return, adjusted for risk, to each point in a long-term investment horizon. That allocation can then be modified by a risk-management component, to adjust the exposure during segments of the market cycle where risk-aversion or speculation among market participants may temporarily drive valuations to depressed or elevated levels. The white paper includes numerous charts showing how this value-focused asset allocation has changed across market history, particularly at important peaks and troughs in the stock and bond markets.\nAlong with those methods, I introduced our \"Endowment/spending multiple,\" which estimates the number of years of spending that a passive 60/30/10 investor requires up-front, in order to finance an expected 36-year stream of future inflation-adjusted spending. The idea here is that in a deeply undervalued market with high expected future returns, investors can finance a future stream of spending with far less than they require when valuations are extreme and prospective returns are low.\nYou know you're in a bubble when funding a 36-year stream of expected inflation-adjusted spending requires over 38 years of money up-front.\n\nIn the chart below, the Endowment/spending multiple is presented on an inverted log scale (left), along with the actual subsequent average annual total return of a 60/30/10 portfolio mix (right scale). Needless to say, we adhere to investment disciplines that are intended to address problems like this.\n\nAs a testament to the breadth of this speculative episode, the median price/revenue ratio of S&P 500 components now exceeds 3.3, easily a record, and extreme enough to provoke distress about the potential losses that innocent but poorly-informed investors may experience over the completion of this cycle.\n\nThe next chart shows the median price/revenue ratio of S&P 500 components sorted into 10 deciles by valuation. The chart is presented on log scale to allow each line to be compared with its own history. Each segment on the vertical axis represents a doubling of valuations. Notice that every single decile of S&P 500 components is at record valuation extremes. Investors now rely on a permanently high plateau in these extremes.\n\nIt's interesting, but far less important, that the median price/earnings ratio of S&P 500 components has also reached 32.4, the highest level in history. This compares with a median P/E of 19.4 at the 2000 market peak. The problem with P/E multiples, of course, is that they are substantially affected by earnings variability. In fact, prior to the current peak, the highest median P/E for the S&P 500 was actually in March 2002, when the index was down 25% from the March 2000 bubble highs. That's because earnings were down far more by then, which boosted P/E ratios. Such is the danger of taking P/E multiples at face value.\nA crude but reasonably effective way to get around the cyclicality of earnings (but only for very broad indices), is to compare prices to the highest level of earnings achieved to-date. I introduced this metric back in 1998 as the price-to-peak-earnings ratio. The chart below shows a version of that. The blue line (left scale) shows the ratio of total U.S. equity market capitalization to GDP. The red line (right scale) shows the ratio of total U.S. equity market capitalization to the highest level of economy-wide U.S. profits to date. Investors have gotten themselves into trouble here.\n\nWhat if valuations remain extreme forever?\nProbably the single most frequent question I've heard from investors over the past couple of years is \"What happens if valuations remain extreme forever?\" It's actually a version of the \"permanently high plateau\" that Irving Fisher disastrously projected in 1929. Still, recent years have produced enormous confidence among investors that the Federal Reserve's purchases of Treasury debt can permanently \"backstop\" the stock market.\nAs I've detailed previously, quantitative easing supports the market only by creating zero interest hot potatoes that are uncomfortable for investors to hold (provided that they're inclined toward speculation), and that are impossible to get rid of in aggregate. Moreover, the Fed's purchases of corporate bonds during the pandemic were legally constrained to CARES funds provided by the Treasury, and ultimately amounted to $14 billion of bonds, in an economy with $11 trillion in corporate debt at $58 trillion in equity market capitalization.\nSuffice it to say that the \"Fed backstop\" is largely in the minds of investors, and relies almost exclusively on the psychological discomfort of holding low-yielding base money. Yet since perception can be indistinguishable from reality, particularly in the short run, it's important to entertain the question.\nMy answer is that if the Fed is indeed able to maintain valuations at the highest levels in history, forever, stock prices would likely grow at roughly the same rate as nominal GDP. So figure 1.6% real structural growth plus 2% inflation gets you 3.6%. Let's call it 4%, which would match nominal GDP growth in both the 10-year and 20-year periods ending at the Q4 2019 economic peak, just before the pandemic. The first casualty of rising inflation is stock valuations, so it's not at all clear that assuming higher inflation would help stocks until valuations were roughly normalized, which would require consumer prices to roughly triple.\nThe chart below is a reminder of how structural real GDP growth has progressed over recent decades (driven by demographic labor force growth and trend productivity), and the basis for that 1.6% figure for structural real GDP growth.\n\nSticking with 4% nominal growth, and adding a 1.5% dividend yield, a \"permanently high plateau\" in market valuations would imply S&P 500 total returns of about 5.5% annually. Again, this assumes that valuations never retreat from levels that presently stand at about 3.6 times their historical norms. Simply allow them to retreat to 2.4 times their historical norms a decade from now - which would still keep valuations among the highest 10% in U.S. history - and the resulting 10-year total return would drop to about 1.3%. I think this would actually be the best-case scenario even in a permanently overvalued world.\nAt elevated valuations, even very small changes in expected return imply enormous changes in prices. So it's unlikely that a period of much higher average valuations will escape the prospect of relatively high volatility. Rather than a 70% market decline, which would presently be required for the S&P 500 to simply touch historically run-of-the-mill valuation norms, investors could expect rather frequent market losses in the 20-35% range, which is essentially what we've seen even over the past few years.\nAll of that would be fine with us. We've adapted our discipline sufficiently (especially in late-2017) to tolerate the possibility of permanently sustained overvaluation. My impression is that the impact of those adaptations has become more evident as we've had greater opportunities to live into them. I can't say that I believe for a second that investors will actually be spared from a 50-70% loss in the S&P 500 in the coming years, but again, it will be fine with us if the market never approaches historical valuation norms again. With the adaptations we introduced in late-2017, our discipline is flexible enough to navigate a bubble even without embracing its premise.\nAn unusual overlap of high-risk conditions\nReturning to Modigliani, my impression is that the advance of recent years to the most extreme valuations in history reflects exactly the bubble dynamics he described, and I expect that it will also end as he described (though not necessarily in one fell swoop): \"The expectation of growth produces the growth, which confirms the expectation; people will buy it because it went up. But once you are convinced that it is not growing anymore, nobody wants to hold a stock because it is overvalued. Everybody wants to get out and it collapses, beyond the fundamentals.\"\nOne of our internal gauges tracks the correlation of market conditions with certain high-risk features that have preceded steep market collapses - a collection of measures capturing valuations, internals, sentiment, leverage, overextension, and yield pressures. Only a handful of instances in history overlap pre-crash conditions as well as they do at present. The current overlap is actually quite similar to August 1987. Meanwhile, the correlation of current conditions with features typically observed at market lows is the most negative in history.\nIf you want my opinion, I suspect that a near-vertical market plunge on the order of 25-35% is coming, probably quite shortly, most likely out of the blue, as in 1987, driven by nothing more than the sudden concerted effort of overextended investors to sell, and the need for a large price adjustment in order to induce scarce buyers to take the other side.\nAs usual, no forecasts are necessary. We'll align our investment stance in response to the valuations and market action that we observe at each point in time. Still, it's of particular concern that these overlaps are occurring in the context of the most extreme valuations in history, along with strikingly dysfunctional pockets of illiquidity in many individual issues. This dysfunctional behavior isn't about any particular video game retailer. I suspect it's actually about some sort of fragility or segmentation in order-flow mechanisms, possibly coupled with poorly managed derivatives exposure.\nAs I used to teach my students, show me a financial debacle, and I'll show you someone who had a leveraged, mismatched position that they were suddenly forced to close into an illiquid market.\nThough my concerns run far beyond the amount of leverage in the system, it isn't helpful that the amount of leverage in the U.S. equity markets is now easily the highest in history. Some observers are inclined to bring this figure down by dividing instead by the market capitalization of equities. But here's some useful arithmetic:\nMargin Debt/GDP = Margin Debt/Market Cap x Market Cap/GDP\nTo say that margin debt to GDP is at the highest level in history is to say not only that stocks are heavily owned on margin, but that those stocks are also breathtakingly overvalued. That combination is particularly worrisome.\n\n All crises have involved debt that, in one fashion or another, has become dangerously out of scale in relation to the underlying means of payment.\n\n\n - John Kenneth Galbraith, A Short History of Financial Euphoria\n\n\nThe kind of event I'm suggesting would not bring valuations anywhere near historical valuation norms. Given current valuation extremes, it would be more like a palate cleanser. I have no particular expectation about what the next dish would be. In the event we do observe an abrupt market collapse, the Fed will undoubtedly respond with some new palliative. Whether or not it is effective will depend on the context of risk-aversion, inflation, credit risk, and other conditions at the time. The larger problem, as we've discussed, is that you can't \"save\" an overvalued asset by propping up its price. The value is in the future cash flows that will be delivered to investors over time. The elevated price only ensures that the long-term return between now and then will be dismal.\nOf course, nothing in our discipline relies on a market plunge. Given the combination of hypervaluation and divergent market internals (largely based on debt securities, but with increasing divergences in equities as well), I do believe that the stock market remains in a \"trap door\" situation. Still, that view will change as market conditions change. We'll refrain from adopting or amplifying a negative outlook if our measures of market internals improve. That discipline has served us well even amid record highs. Again, no forecasts are required, nor does this opinion drive our current investment stance. I just think the correlation with historical pre-crash conditions is worth noting.\n\n How little, it will perhaps be agreed, was either original or otherwise remarkable about this history. Prices driven up on the expectation that they would go up, the expectation realized by the resulting purchases. Then the inevitable reversal of these expectations because of some seemingly damaging event or development or perhaps merely because the supply of intellectually vulnerable buyers was exhausted. Whatever the reason (and it is unimportant), the absolute certainty is that this world ends not with a whimper but with a bang. And so on to the moment of mass disillusion and the crash. This last, it will now be sufficiently evident, never comes gently. It is always accompanied by a desperate and largely unsuccessful effort to get out.\n\n\n - John Kenneth Galbraith on the 1929 collapse\n\nValuations and investment duration\nTo understand why extreme valuations imply high volatility, and require extremely long investment horizons, it's useful to consider the concept of \"duration.\"\nEvery security is a claim on a stream of future cash flows that can be expected to be delivered to the investor over time. While the concept of \"duration\" is most commonly used for bonds, it's actually applicable to any security, no matter how \"lumpy\" the stream of cash flows might be.\nIf you don't like math, feel free to skim over the various equations and just read the pull quotes. I've provided the details just for completeness.\nThe \"duration\" of a security can be defined in two ways.\nInvestment horizon: the weighted average number of years it takes for the security to deliver its payments. For each period, you take the share of total present value represented by that year's payment, and multiply it by the number of years in the future the payment will be received. Add them all up. The result is the number of years from today (a weighted average) that the present value of your investment will be repaid. For example, the duration of a security that delivers a single payment a decade from now is simply 10 years.\nElasticity: the percentage change in the security in response to a change in the underlying gross rate of return. Technically, elasticity is (-dP/P)/(dk/1+k). For example, suppose you own a security that will pay $100 a decade from now, and it's priced at $82.0348, for a 2% annual return. Now assume the expected return moves to 2.01%. The price would drop to $81.9544. Elasticity is (0.0804/82.0348)/(0.0001/1.02) = 10%\nIt turns out that the \"duration\" of a security in years is identical to its \"duration\" in terms of the percentage change of price in response to a 1% fluctuation in expected returns. Duration is also the holding period that \"immunizes\" the investor against changes in expected returns over time. In other words, assuming you reinvest your cash flows over time, duration gives you a good idea of how long you have to hold the security in order for your ending wealth to be largely independent of the fluctuations that the security experiences over that horizon.\nIf you know differentiation, can prove to yourself that the \"modified duration\" of the S&P 500 is essentially the inverse of the dividend yield. The modified duration is just (-dP/P)/dk or Macaulay duration/(1+k).\nConsider P = D/(k-g). Differentiating with respect to k, dP/dk = -P/(k-g), so duration (-dP/P)/dk = P/D.\nHere's how to think about the link between valuations and duration. Presently, the dividend yield of the S&P 500 is 1.48%. If the yield moves to 1.49%, holding dividends constant, prices drop by 1.48/1.49-1 = -0.67% on that 1 basis point move. Duration is just that sensitivity, defined for a 100 basis point move, which would be 67. It turns out that's also the weighted-average number of years from today that you'll receive your present value, if you invest today.\nCompare that to the typical situation over the past century, when the dividend yield of the S&P 500 averaged about 3.7%. At normal valuations, a 1 basis point increase in the dividend yield would produce a price drop of 3.7/3.71-1 = 0.27%, implying a duration of 27 years.\n\n It turns out that the 'duration' of a security in years is identical to its 'duration' in terms of the percentage change of price in response to a 1% fluctuation in expected returns. Duration is also the holding period that 'immunizes' the investor against changes in expected returns over time.\n\nHistorically, investors wishing to match the duration of their investment portfolio to the duration of their investment horizon could be reasonably comfortable holding 100% of their assets in stocks, provided they had an investment horizon of about 25-30 years. Presently, these investors would need an investment horizon closer to 65-70 years. They are currently holding sippy cups.\nScarcity, usefulness, and value\nWhile we're on the subject of bubbles, I'll add a few comments on Bitcoin, just for fun. I'd write more, but my sides still hurt from laughing.\nObjects like tulip bulbs and Bitcoin differ from securities in that they do not deliver a stream of cash flows to the holder. Instead, what objects like tulips and currencies provide is a little stream of services over time, for example, as a perennial thing of beauty or as a means of payment. What people sometimes forget is that it is not just scarcity that defines the value of an object, but the stream of useful \"services\" that it provides (for some reason, nobody wants to buy my unique, limited edition, digitally-signed porcupine seat covers). The price of the object, and the stream of services it provides, should be commensurate.\nU.S. dollars, for example, have value primarily because they are tethered to the real economy by fiat (they legally must be accepted as a means of payment, as noted on the face of any dollar bill), and they represent the entire substrate of the banking system - nearly every payment that goes back and forth in the U.S. economy represents a transfer of base money. Base money (currency and bank reserves) provides billions of little \"services\" over time.\nWith every transaction, reserves move electronically from bank to bank between one account holder and another. That combination of legal fiat and constant use as a substrate of the payments system is what gives money \"value.\" That value also means that the U.S. government essentially obtains revenue as \"seigniorage\" for producing the stuff. For those who imagine that governments are going to surrender that revenue in favor of using Bitcoin, I've got a non-fungible token to sell you.\n\nAs I've noted before, blockchain is a brilliant algorithm, and I expect that it will have a great number of uses for secure transactions and inventory management. Bitcoin, however, is a token generated by an energy-inefficient, replicable blockchain app. Ultimately, its value rests on the capacity to provide transactions services, yet without fiat to require its use, and with strikingly narrow bandwidth - one block of roughly 2000 transactions every 10 minutes - that I expect will prove to be a wildly limiting feature. That's a problem in a world where speculators now value the stock of bitcoin at one-fifth the value of the entire U.S. monetary base.\n\n If you think about how money is valued, it's clear that people accept it because they believe it will provide a claim on the future output of others. Of course, that expectation requires that future producers will also give away their output and accept the money, on the belief that yet other future producers will do the same. That expectation has to continue indefinitely. Like the question 'What holds up Atlas when Atlas holds up the world?' it's not enough to answer that he's standing on a turtle. It's got to be turtles all the way down. The value of money has an enormous psychological component.\"\n\n\n - John P. Hussman, Ph.D., Turtles All the Way Down, February 2019\n\nOf course, Bitcoin may have a certain user base as a vehicle for money laundering and black market transactions, but that's an undesirable investment thesis. The vast majority of transactions are to exchange Bitcoin itself, though the New York Times did recently report that \"pornography, patio furniture, and an at-home coronavirus test are among the odd assortment of goods and services that people are purchasing with the cryptocurrency.\" So, basically, if your typical day consists of surfing porn on your patio while testing yourself for COVID, you're gonna want to look into Bitcoin.\nMy largest concern is that people are actually forking over hard-earned savings in exchange for these tokens, which allows early \"miners\" to cash out. That's essentially the defining feature of a Ponzi scheme. Like all speculative bubbles that rely on increases in price, rather than cash flows generated by the production of value-added goods and services, Bitcoin isn't actually creating \"wealth.\" It's only creating the opportunity for wealth transfer, primarily from those who will end up holding the bag.\nBitcoin has certain characteristics of base money in the sense that it's exchanged on an electronic ledger, but by design, transactions are limited to an average of about 2000 per block, with one block successfully validated, on average, every 10 minutes. In order to validate a transaction block, CPU farms across the world grind out terahashes of random SHA256 validation attempts in order to discover a sufficiently small binary that matches the cryptographic hash of the block.\nAll of this \"mining\" burns up about as much energy as it takes to run a modest-sized country. Validating a block of transactions produces a reward to the miner (and dilution of the coinbase) of 6.25 Bitcoin per block, which currently works out to nearly $200 per transaction. Yet the value of the median transaction in Bitcoin is only about $1000 in the first place.\nThere's a rather primitive regression analysis floating around (tagged as \"sophisticated\" by some observers who apparently go numb at the word \"logarithm\") that attempts to relate the log price of bitcoin to the log \"stock/flow\" ratio, as if it represents some mechanistic supply-demand relationship. Aside from the fact that the correlation between two diagonal lines is always about 0.9-something, I find that one can obtain a better fit just by regressing the log price of Bitcoin on the log ratio of block difficulty/block reward, which is basically a measure of how much energy one needs to waste in order to mine a new bitcoin.\nSo the \"value\" of Bitcoin is partially linked to the backward-looking sunk cost of the energy wasted to mine these tokens. Still, I wouldn't dream of using this sort of \"model\" to trade an object whose \"value\" is primarily in the heads of speculators. Use it if you like. If you happen make money on it, feel free send me a check, preferably in U.S. dollars.\nUndoubtedly, this view of Bitcoin will be unpopular among those who associate holding Bitcoin with superpowers like laser eyes and diamond hands. \"Not surprised Hussman doesn't get Bitcoin. Few do.\" M'kay. Look, there's certainly a case to be made that a speculative mindset creates its own reality, and while it does, there's an opportunity to obtain wealth transfers from frantic late-comers who can no longer tolerate missing out. Tulips gonna tulip. Not my gig, thanks.\n\n In the short run, it will be said to be an attack, motivated by either deficient understanding or uncontrolled envy, of the wonderful process of enrichment. Those involved with the speculation are experiencing an increase in wealth - getting rich or being further enriched. No one wishes to believe that this is fortuitous or undeserved; all wish to think that it is the result of their own superior insight or intuition. As long as they are in, they have a strong pecuniary commitment to belief in the unique personal intelligence that tells them there will be yet more. Accordingly, possession must be associated with some special genius. Speculation buys up, in a very practical way, the intelligence of those involved. Only after the speculative collapse does the truth emerge. What was thought to be unusual acuity turns out to be only a fortuitous and unfortunate association with the assets.\n\n\n - John Kenneth Galbraith, A Brief History of Financial Euphoria","news_type":1},"isVote":1,"tweetType":1,"viewCount":5,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134415839,"gmtCreate":1622253499821,"gmtModify":1704182273425,"author":{"id":"3562062646632373","authorId":"3562062646632373","authorIdStr":"3562062646632373","name":"25e24627","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562062646632373"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>[Facepalm]&nbsp;[Facepalm]&nbsp;[Facepalm]&nbsp;","listText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>[Facepalm]&nbsp;[Facepalm]&nbsp;[Facepalm]&nbsp;","text":"$Apple(AAPL)$[Facepalm] [Facepalm] [Facepalm]","images":[{"img":"https://static.tigerbbs.com/63526f10a448885d15f72495abfad168","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/134415839","isVote":1,"tweetType":1,"viewCount":221,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":134689293,"gmtCreate":1622221559812,"gmtModify":1704181873591,"author":{"id":"3562062646632373","authorId":"3562062646632373","authorIdStr":"3562062646632373","name":"25e24627","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562062646632373"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>[Sad]&nbsp;","listText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>[Sad]&nbsp;","text":"$Apple(AAPL)$[Sad]","images":[{"img":"https://static.tigerbbs.com/ce3f68935c4f5f144990facceea361df","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/134689293","isVote":1,"tweetType":1,"viewCount":317,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3582077407840671","authorId":"3582077407840671","authorIdStr":"3582077407840671","name":"Mabbu","avatar":"https://static.tigerbbs.com/c40bb9c2c203f909ba09ab554180a10a","crmLevel":2,"crmLevelSwitch":0,"idStr":"3582077407840671"},"content":"only $2 diff","text":"only $2 diff","html":"only $2 diff"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":100520172,"gmtCreate":1619622519196,"gmtModify":1704727017121,"author":{"id":"3562062646632373","authorId":"3562062646632373","authorIdStr":"3562062646632373","name":"25e24627","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562062646632373"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>?","listText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>?","text":"$Palantir Technologies Inc.(PLTR)$?","images":[{"img":"https://static.tigerbbs.com/6aa7dd9998e0c6b9c36ea604e379438f","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/100520172","isVote":1,"tweetType":1,"viewCount":101,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":344261584,"gmtCreate":1618410686448,"gmtModify":1704710452837,"author":{"id":"3562062646632373","authorId":"3562062646632373","authorIdStr":"3562062646632373","name":"25e24627","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562062646632373"},"themes":[],"htmlText":"FUD?","listText":"FUD?","text":"FUD?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/344261584","repostId":"1106153811","repostType":4,"repost":{"id":"1106153811","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1618409078,"share":"https://ttm.financial/m/news/1106153811?lang=&edition=fundamental","pubTime":"2021-04-14 22:04","market":"us","language":"en","title":"Some SPACs Could Fail Outright, Research Is Paramount: Cathie Wood","url":"https://stock-news.laohu8.com/highlight/detail?id=1106153811","media":"Benzinga","summary":"An Ark Investwebinarwas held on April 13. Among the topics discussed by CEOCathie Woodand the team w","content":"<p>An Ark Investwebinarwas held on April 13. Among the topics discussed by CEOCathie Woodand the team were SPACs.</p>\n<p><b>Caution On SPACs:</b>Ark Invest and Cathie Wood have two points of view when it comes to SPACs: \"We share optimism and concern.\"</p>\n<p>Wood said the compensation structure of SPACs deprives individual investors and rewards the sponsors of SPACs.</p>\n<p>The large number of SPACs and early-stage companies going public is another cautionary item. The venture capital model of getting two out of 10 deals right is good for VC but not how equity markets operate, according to Wood.</p>\n<p>“We think there will be some accidents in the SPAC market,\" she said.</p>\n<p>Wood said&nbsp;some of the companies going public via SPAC could fail outright.</p>\n<p><b>Research Is Paramount:</b>Wood said there are too many good opportunities in the SPAC investment segment and there are some great companies going public via this option though.</p>\n<p>“We’ve known many of the companies that have been acquired by SPACs,” Wood said, adding that they watched the companies prior to them going public. Wood mentioned 3D printing and drones specifically when discussing some areas that have had good SPAC deals.</p>\n<p>“Research is paramount,\" she said.</p>\n<p>Ark Invest has invested in several SPACs over the last 12 months. Among the 3D printing and drone companies owned by the ETF company are<b>Jaws Spitfire Acquisition Corp</b>SPFR 0.17%,<b>One</b>AONE 0.09%,<b>Desktop Metal Inc</b>DM 1.16%,<b>Reinvent Technology Partners</b>RTP 0.3%,<b>Experience Investment Corp</b>EXPC 0.07%and<b>Atlas Crest Investment Corp</b>ACIC 0.07%.</p>\n<p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Some SPACs Could Fail Outright, Research Is Paramount: Cathie Wood</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\">\nSome SPACs Could Fail Outright, Research Is Paramount: Cathie Wood\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/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2021-04-14 22:04</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>An Ark Investwebinarwas held on April 13. Among the topics discussed by CEOCathie Woodand the team were SPACs.</p>\n<p><b>Caution On SPACs:</b>Ark Invest and Cathie Wood have two points of view when it comes to SPACs: \"We share optimism and concern.\"</p>\n<p>Wood said the compensation structure of SPACs deprives individual investors and rewards the sponsors of SPACs.</p>\n<p>The large number of SPACs and early-stage companies going public is another cautionary item. The venture capital model of getting two out of 10 deals right is good for VC but not how equity markets operate, according to Wood.</p>\n<p>“We think there will be some accidents in the SPAC market,\" she said.</p>\n<p>Wood said&nbsp;some of the companies going public via SPAC could fail outright.</p>\n<p><b>Research Is Paramount:</b>Wood said there are too many good opportunities in the SPAC investment segment and there are some great companies going public via this option though.</p>\n<p>“We’ve known many of the companies that have been acquired by SPACs,” Wood said, adding that they watched the companies prior to them going public. Wood mentioned 3D printing and drones specifically when discussing some areas that have had good SPAC deals.</p>\n<p>“Research is paramount,\" she said.</p>\n<p>Ark Invest has invested in several SPACs over the last 12 months. Among the 3D printing and drone companies owned by the ETF company are<b>Jaws Spitfire Acquisition Corp</b>SPFR 0.17%,<b>One</b>AONE 0.09%,<b>Desktop Metal Inc</b>DM 1.16%,<b>Reinvent Technology Partners</b>RTP 0.3%,<b>Experience Investment Corp</b>EXPC 0.07%and<b>Atlas Crest Investment Corp</b>ACIC 0.07%.</p>\n<p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106153811","content_text":"An Ark Investwebinarwas held on April 13. Among the topics discussed by CEOCathie Woodand the team were SPACs.\nCaution On SPACs:Ark Invest and Cathie Wood have two points of view when it comes to SPACs: \"We share optimism and concern.\"\nWood said the compensation structure of SPACs deprives individual investors and rewards the sponsors of SPACs.\nThe large number of SPACs and early-stage companies going public is another cautionary item. The venture capital model of getting two out of 10 deals right is good for VC but not how equity markets operate, according to Wood.\n“We think there will be some accidents in the SPAC market,\" she said.\nWood said some of the companies going public via SPAC could fail outright.\nResearch Is Paramount:Wood said there are too many good opportunities in the SPAC investment segment and there are some great companies going public via this option though.\n“We’ve known many of the companies that have been acquired by SPACs,” Wood said, adding that they watched the companies prior to them going public. Wood mentioned 3D printing and drones specifically when discussing some areas that have had good SPAC deals.\n“Research is paramount,\" she said.\nArk Invest has invested in several SPACs over the last 12 months. Among the 3D printing and drone companies owned by the ETF company areJaws Spitfire Acquisition CorpSPFR 0.17%,OneAONE 0.09%,Desktop Metal IncDM 1.16%,Reinvent Technology PartnersRTP 0.3%,Experience Investment CorpEXPC 0.07%andAtlas Crest Investment CorpACIC 0.07%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":54,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}