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MichaelScott

MichaelScott

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2021-02-14

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BRIEF-Blank Check Co Reinvent Technology Partners Y Files For IPO Of Up To $850 Million

2021-02-14

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Clubhouse says reviewing data protection practices after report points to flaws

2021-02-10

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2021-02-10

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The 30-Year Treasury Hit 2%. When Will Yields Start Hurting the Stock Market?

2021-02-10

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Is Tesla’s $1.5 billion bitcoin buy smart corporate finance? Experts weigh in

2021-02-10

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What the GameStop craziness could mean for the future of investing

2021-02-08

Coin reward ~~

2021-02-04

Posting for coin reward

2021-02-03

Testing testing

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CONSISTS OF 1 CLASS A ORDINARY SHARE &amp; ONE-EIGHTH OF 1 REDEEMABLE WARRANT</p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS REID HOFFMAN WHO CO-FOUNDED LINKEDIN WILL SERVE AS CO'S CO-LEAD DIRECTOR</p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS MARK PINCUS WILL SERVE AS CO'S CO-LEAD DIRECTOR</p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS PROPOSED IPO PRICE IS AN ESTIMATE SOLELY FOR CALCULATING SEC REGISTRATION FEE</p><p>Source text for Eikon: ()</p><p> ((Reuters.Briefs@thomsonreuters.com;))</p></body></html>","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>BRIEF-Blank Check Co Reinvent Technology Partners Y Files For IPO Of Up To $850 Million</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBRIEF-Blank Check Co Reinvent Technology Partners Y Files For IPO Of Up To $850 Million\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-02-13 07:35</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>Feb 12 (Reuters) - </p><p>   * BLANK CHECK CO REINVENT TECHNOLOGY PARTNERS Y FILES FOR IPO OF UP TO $850 MILLION - SEC FILING</p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS IT INTENDS TO APPLY TO HAVE ITS UNITS LISTED ON NASDAQ UNDER THE SYMBOL \"RTPYU\"</p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS MORGAN STANLEY IS SOLE BOOK-RUNNING MANAGER TO IPO</p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS EACH UNIT HAS OFFERING PRICE OF $10.00 &amp; CONSISTS OF 1 CLASS A ORDINARY SHARE &amp; ONE-EIGHTH OF 1 REDEEMABLE WARRANT</p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS REID HOFFMAN WHO CO-FOUNDED LINKEDIN WILL SERVE AS CO'S CO-LEAD DIRECTOR</p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS MARK PINCUS WILL SERVE AS CO'S CO-LEAD DIRECTOR</p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS PROPOSED IPO PRICE IS AN ESTIMATE SOLELY FOR CALCULATING SEC REGISTRATION FEE</p><p>Source text for Eikon: ()</p><p> ((Reuters.Briefs@thomsonreuters.com;))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RTP.U":"Reinvent Technology Partners"},"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2111007109","content_text":"Feb 12 (Reuters) -    * BLANK CHECK CO REINVENT TECHNOLOGY PARTNERS Y FILES FOR IPO OF UP TO $850 MILLION - SEC FILING   * REINVENT TECHNOLOGY PARTNERS Y SAYS IT INTENDS TO APPLY TO HAVE ITS UNITS LISTED ON NASDAQ UNDER THE SYMBOL \"RTPYU\"   * REINVENT TECHNOLOGY PARTNERS Y SAYS MORGAN STANLEY IS SOLE BOOK-RUNNING MANAGER TO IPO   * REINVENT TECHNOLOGY PARTNERS Y SAYS EACH UNIT HAS OFFERING PRICE OF $10.00 & CONSISTS OF 1 CLASS A ORDINARY SHARE & ONE-EIGHTH OF 1 REDEEMABLE WARRANT   * REINVENT TECHNOLOGY PARTNERS Y SAYS REID HOFFMAN WHO CO-FOUNDED LINKEDIN WILL SERVE AS CO'S CO-LEAD DIRECTOR   * REINVENT TECHNOLOGY PARTNERS Y SAYS MARK PINCUS WILL SERVE AS CO'S CO-LEAD DIRECTOR   * REINVENT TECHNOLOGY PARTNERS Y SAYS PROPOSED IPO PRICE IS AN ESTIMATE SOLELY FOR CALCULATING SEC REGISTRATION FEESource text for Eikon: () ((Reuters.Briefs@thomsonreuters.com;))","news_type":1},"isVote":1,"tweetType":1,"viewCount":236,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386757277,"gmtCreate":1613282499199,"gmtModify":1704879741964,"author":{"id":"3574522643398993","authorId":"3574522643398993","name":"MichaelScott","avatar":"https://static.tigerbbs.com/5ecc22ac51092ae4378d9011bba47652","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574522643398993","authorIdStr":"3574522643398993"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/386757277","repostId":"2111417072","repostType":2,"repost":{"id":"2111417072","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":1613213238,"share":"https://ttm.financial/m/news/2111417072?lang=&edition=fundamental","pubTime":"2021-02-13 18:47","market":"sh","language":"en","title":"Clubhouse says reviewing data protection practices after report points to flaws","url":"https://stock-news.laohu8.com/highlight/detail?id=2111417072","media":"Reuters","summary":"SHANGHAI, Feb 13 (Reuters) - U.S. audio app Clubhouse said it is reviewing its data protection pract","content":"<html><body><p>SHANGHAI, Feb 13 (Reuters) - U.S. audio app Clubhouse said it is reviewing its data protection practices, after a report by the Stanford Internet Observatory said it contained security flaws that left users' data vulnerable to access by the Chinese government. </p><p>   The app said in a response to the study, published by the research group at Stanford University, that while it had opted not to make the app available in China, some people had found a workaround to download the app which meant the conversations they were a part of could be transmitted via Chinese servers.</p><p>   \"With the help of researchers at the Stanford Internet Observatory, we have identified a few areas where we can further strengthen our data protection,\" the company said in a statement published </p><p>by the research group on Friday. </p><p>   \"Over the next 72 hours, we are rolling out changes to add additional encryption and blocks to prevent Clubhouse clients from ever transmitting pings to Chinese servers. We also plan to engage an external data security firm to review and validate these changes.\" </p><p>   Clubhouse did not immediately respond to a request from Reuters for further comment on Saturday.</p><p>   Launched in early 2020, the app saw global user numbers soar earlier this month after Tesla    CEO Elon Musk and Robinhood CEO Vlad Tenev held a surprise discussion on the platform.</p><p>   Masses of new users joined from mainland China, taking part in discussions on topics that included sensitive issues such as Xinjiang detention camps and Hong Kong's National Security Law. But their access to the app was blocked last week, triggering frustration and fears of government surveillance.  </p><p>   The Stanford Internet Observatory said that it had confirmed that Chinese tech firm Agora Inc    supplied back-end infrastructure to Clubhouse, and that Agora would likely have access to users' raw audio, potentially providing access to the Chinese government. </p><p>   It also said it observed room metadata relayed to servers it believed were hosted in China and audio to servers managed by Chinese entities. It added, however, that it believed the Chinese government would not be able to access the data if the audio was stored in the United States.</p><p>   Agora did not immediately respond to a Reuters request for comment while the Cyberspace Administration of China, which regulates the country's internet, did not respond to calls for comment made during China's Lunar New Year holiday. </p><p>   \"SIO chose to disclose these security issues because they are both relatively easy to uncover and because they pose immediate security risks to Clubhouse's millions of users, particularly those in China,\" the report said. </p><p>   Data analytics firm Sensor <a href=\"https://laohu8.com/S/TWR.AU\">Tower</a> said the app, which is only available on Apple's iPhone, had about 3.6 million users worldwide as of Feb.2, with 1.1 million registered in the prior six days.  </p><p> (Reporting by Brenda Goh Editing by Clelia Oziel)</p><p>((brenda.goh@thomsonreuters.com; +86 (0) 21 2083 0088; Reuters Messaging: brenda.goh.thomsonreuters.com@reuters.net))</p></body></html>","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>Clubhouse says reviewing data protection practices after report points to flaws</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; 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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\">\nClubhouse says reviewing data protection practices after report points to flaws\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-02-13 18:47</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>SHANGHAI, Feb 13 (Reuters) - U.S. audio app Clubhouse said it is reviewing its data protection practices, after a report by the Stanford Internet Observatory said it contained security flaws that left users' data vulnerable to access by the Chinese government. </p><p>   The app said in a response to the study, published by the research group at Stanford University, that while it had opted not to make the app available in China, some people had found a workaround to download the app which meant the conversations they were a part of could be transmitted via Chinese servers.</p><p>   \"With the help of researchers at the Stanford Internet Observatory, we have identified a few areas where we can further strengthen our data protection,\" the company said in a statement published </p><p>by the research group on Friday. </p><p>   \"Over the next 72 hours, we are rolling out changes to add additional encryption and blocks to prevent Clubhouse clients from ever transmitting pings to Chinese servers. We also plan to engage an external data security firm to review and validate these changes.\" </p><p>   Clubhouse did not immediately respond to a request from Reuters for further comment on Saturday.</p><p>   Launched in early 2020, the app saw global user numbers soar earlier this month after Tesla    CEO Elon Musk and Robinhood CEO Vlad Tenev held a surprise discussion on the platform.</p><p>   Masses of new users joined from mainland China, taking part in discussions on topics that included sensitive issues such as Xinjiang detention camps and Hong Kong's National Security Law. But their access to the app was blocked last week, triggering frustration and fears of government surveillance.  </p><p>   The Stanford Internet Observatory said that it had confirmed that Chinese tech firm Agora Inc    supplied back-end infrastructure to Clubhouse, and that Agora would likely have access to users' raw audio, potentially providing access to the Chinese government. </p><p>   It also said it observed room metadata relayed to servers it believed were hosted in China and audio to servers managed by Chinese entities. It added, however, that it believed the Chinese government would not be able to access the data if the audio was stored in the United States.</p><p>   Agora did not immediately respond to a Reuters request for comment while the Cyberspace Administration of China, which regulates the country's internet, did not respond to calls for comment made during China's Lunar New Year holiday. </p><p>   \"SIO chose to disclose these security issues because they are both relatively easy to uncover and because they pose immediate security risks to Clubhouse's millions of users, particularly those in China,\" the report said. </p><p>   Data analytics firm Sensor <a href=\"https://laohu8.com/S/TWR.AU\">Tower</a> said the app, which is only available on Apple's iPhone, had about 3.6 million users worldwide as of Feb.2, with 1.1 million registered in the prior six days.  </p><p> (Reporting by Brenda Goh Editing by Clelia Oziel)</p><p>((brenda.goh@thomsonreuters.com; +86 (0) 21 2083 0088; Reuters Messaging: brenda.goh.thomsonreuters.com@reuters.net))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"API":"声网","TSLA":"特斯拉"},"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2111417072","content_text":"SHANGHAI, Feb 13 (Reuters) - U.S. audio app Clubhouse said it is reviewing its data protection practices, after a report by the Stanford Internet Observatory said it contained security flaws that left users' data vulnerable to access by the Chinese government.    The app said in a response to the study, published by the research group at Stanford University, that while it had opted not to make the app available in China, some people had found a workaround to download the app which meant the conversations they were a part of could be transmitted via Chinese servers.   \"With the help of researchers at the Stanford Internet Observatory, we have identified a few areas where we can further strengthen our data protection,\" the company said in a statement published by the research group on Friday.    \"Over the next 72 hours, we are rolling out changes to add additional encryption and blocks to prevent Clubhouse clients from ever transmitting pings to Chinese servers. We also plan to engage an external data security firm to review and validate these changes.\"    Clubhouse did not immediately respond to a request from Reuters for further comment on Saturday.   Launched in early 2020, the app saw global user numbers soar earlier this month after Tesla    CEO Elon Musk and Robinhood CEO Vlad Tenev held a surprise discussion on the platform.   Masses of new users joined from mainland China, taking part in discussions on topics that included sensitive issues such as Xinjiang detention camps and Hong Kong's National Security Law. But their access to the app was blocked last week, triggering frustration and fears of government surveillance.     The Stanford Internet Observatory said that it had confirmed that Chinese tech firm Agora Inc    supplied back-end infrastructure to Clubhouse, and that Agora would likely have access to users' raw audio, potentially providing access to the Chinese government.    It also said it observed room metadata relayed to servers it believed were hosted in China and audio to servers managed by Chinese entities. It added, however, that it believed the Chinese government would not be able to access the data if the audio was stored in the United States.   Agora did not immediately respond to a Reuters request for comment while the Cyberspace Administration of China, which regulates the country's internet, did not respond to calls for comment made during China's Lunar New Year holiday.    \"SIO chose to disclose these security issues because they are both relatively easy to uncover and because they pose immediate security risks to Clubhouse's millions of users, particularly those in China,\" the report said.    Data analytics firm Sensor Tower said the app, which is only available on Apple's iPhone, had about 3.6 million users worldwide as of Feb.2, with 1.1 million registered in the prior six days.   (Reporting by Brenda Goh Editing by Clelia Oziel)((brenda.goh@thomsonreuters.com; +86 (0) 21 2083 0088; Reuters Messaging: brenda.goh.thomsonreuters.com@reuters.net))","news_type":1},"isVote":1,"tweetType":1,"viewCount":146,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381040909,"gmtCreate":1612916605901,"gmtModify":1704875944737,"author":{"id":"3574522643398993","authorId":"3574522643398993","name":"MichaelScott","avatar":"https://static.tigerbbs.com/5ecc22ac51092ae4378d9011bba47652","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574522643398993","authorIdStr":"3574522643398993"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/381040909","repostId":"1176373590","repostType":4,"isVote":1,"tweetType":1,"viewCount":204,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381040024,"gmtCreate":1612916595168,"gmtModify":1704875944414,"author":{"id":"3574522643398993","authorId":"3574522643398993","name":"MichaelScott","avatar":"https://static.tigerbbs.com/5ecc22ac51092ae4378d9011bba47652","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574522643398993","authorIdStr":"3574522643398993"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/381040024","repostId":"1114166601","repostType":4,"repost":{"id":"1114166601","pubTimestamp":1612866163,"share":"https://ttm.financial/m/news/1114166601?lang=&edition=fundamental","pubTime":"2021-02-09 18:22","market":"us","language":"en","title":"The 30-Year Treasury Hit 2%. When Will Yields Start Hurting the Stock Market?","url":"https://stock-news.laohu8.com/highlight/detail?id=1114166601","media":"Barrons","summary":"After a long grind higher in long-term Treasury yields, the 30-year climbed above 2% for the first t","content":"<p>After a long grind higher in long-term Treasury yields, the 30-year climbed above 2% for the first time since Covid-19 hit. That has investors asking when the broader trend of rising bond yields will hurt the stock market.</p><p>The central concern is that&nbsp;once Treasury yields climb high enough&nbsp;investors will want to buy safe bonds instead of stocks or high-yield debt. But it isn’t clear when that will occur, and the 30-year bond carries&nbsp;extra risk of losses as yields keep rising. When it comes to the 10-year note, a more popular benchmark<b>,</b>Wall Street consensus is hard to find:&nbsp;Strategists’ forecasts say 10-year Treasury yields may need to rise only to 1.75%, or as high as 5%, to make them more attractive than those riskier alternatives.</p><p>Yields on long-term Treasuries have been rising steadily since late August, and more quickly since Nov. 9, whenPfizerand BioNTech announced an effective Covid-19 vaccine. The 30-year yield was hovering near 2% Monday after breaching that level in morning trading—up from 1.6% before the vaccine. The benchmark 10-year yield has climbed as well, rising to 1.2% Monday from 0.8% before the vaccine.</p><p>Long-term yields had retreated from their morning highs by Monday afternoon amid concerns about Covid-19 vaccine distribution and the pace of global economic reopening, with the 10-year yield off one basis points (hundredth of a percentage point) and the 30-year yield down three basis points.</p><p>But the expectation remains for yields to keep climbing over coming weeks and months. And a key question is how high yields need to be to dent stock-market returns. Several Wall Street strategists have tackled that puzzle in recent notes.</p><p>Almost 70% of S&amp;P 500 companies pay a higher yield than the 10-year note, wrote a team led by equity strategist Savita Subramanianin a recent note. That proportion would fall to 40% if companies keep their payouts at current levels and the Treasury yield rises to 1.75% by the end of this year, they found.</p><p>That could start undermining the attractiveness of stocks as an income play; today the overall dividend yield on the S&amp;P 500 is 1.5%, higher than the 10-year Treasury payout. That has helped offset concerns about valuations that are higher than historical averages.</p><p>Yet the picture looks far better for stocks from a total-return perspective. The implied long-term return of the S&amp;P 500 is around 3%, the bank’s equity strategists wrote.</p><p>Wall Street strategists don’t expect the 10-year note to be able to challenge that return soon. In a January outlook piece,Bank of America’sinterest-rate strategists predicted that 3% will be the benchmark yield’s peak during this expansion, implying yields won’t reach those levels until the Fed starts raising interest rates. And according to some of the bank’s valuation models, all else equal, stocks will look cheap compared to Treasuries until yields rise to 5%.</p><p>More important, a 3% return from the S&amp;P 500 will still outpace akey market gauge of inflation expectations over the next decade. That indicator, called the break-even inflation rate, has been driven higher by improving growth expectations as the U.S. recovers from the Covid-19 crisis. On Monday it hit 2.2%, the highest level since 2014.</p><p>The 10-year Treasury yield, in contrast, remains below market inflation forecasts over that period, and is expected to stay that way through the end of this year at least. Even higher inflation-adjusted yields may not hurt stocks, wrote Credit Suisse strategist Jonathan Golub in a Feb. 8 note, as the boost stocks get from stronger economic growth should outweigh the bond market’s relative improvement in yield.</p><p>In another positive for stocks, rising yields aren’t negatively affecting large-cap U.S. companies’ balance sheets. The effective yield on the ICE BofA Corporate Index, a gauge of current borrowing costs for high-rated companies, remains at just 1.9% for a maturity of nearly 12 years. And last year’s record-setting flood of fixed-rate borrowing means that companies won’t need to refinance their debt for years.</p><p>There is one way that rising rates are negatively affecting at least some stocks:&nbsp; Investors are less willing to wait for profit growth,Goldman Sachsstrategists wrote in a Feb. 7 note. Stocks that are sensitive to economic growth and “value” stocks that underperformed during the pandemic have outperformed since the 10-year yield climbed above 1%, they found, because investors are discounting future cash flows at a higher rate. The Russell 2000 Value ETF (IWN) has climbed 14% so far this year.</p><p>Goldman strategists wrote that a quick jump in Treasury yields would be dangerous for the stock market as a whole. But the bank estimated that real damage would require yields to rise 36 basis points in the span of a month. That looks unlikely, considering the fact that it took yields about three months to climb that far during the latest attention-grabbing move higher.</p><p>Of course, the rise in yields will likely require some changes in the way that money managers who allocate cash across different markets make their decisions, strategists and investors say. Hedge fund D.E. Shaw recently found that long-term bonds should serve as a betterhedge against declines in the stock marketas yields rise.</p><p>So bonds will likely become marginally more attractive in coming months. But it isn’t clear that such a shift will be enough to undermine stocks, especially as long-term bond returns are most at risk from rising yields. So while Treasuries could provide a better alternative to stocks some day, that process could take longer than investors might think.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The 30-Year Treasury Hit 2%. When Will Yields Start Hurting the Stock Market?</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\">\nThe 30-Year Treasury Hit 2%. When Will Yields Start Hurting the Stock Market?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-09 18:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/the-30-year-treasury-just-hit-2-when-will-they-start-hurting-the-stock-market-51612804834?mod=hp_LEAD_1_B_3><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>After a long grind higher in long-term Treasury yields, the 30-year climbed above 2% for the first time since Covid-19 hit. That has investors asking when the broader trend of rising bond yields will ...</p>\n\n<a href=\"https://www.barrons.com/articles/the-30-year-treasury-just-hit-2-when-will-they-start-hurting-the-stock-market-51612804834?mod=hp_LEAD_1_B_3\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/the-30-year-treasury-just-hit-2-when-will-they-start-hurting-the-stock-market-51612804834?mod=hp_LEAD_1_B_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114166601","content_text":"After a long grind higher in long-term Treasury yields, the 30-year climbed above 2% for the first time since Covid-19 hit. That has investors asking when the broader trend of rising bond yields will hurt the stock market.The central concern is that once Treasury yields climb high enough investors will want to buy safe bonds instead of stocks or high-yield debt. But it isn’t clear when that will occur, and the 30-year bond carries extra risk of losses as yields keep rising. When it comes to the 10-year note, a more popular benchmark,Wall Street consensus is hard to find: Strategists’ forecasts say 10-year Treasury yields may need to rise only to 1.75%, or as high as 5%, to make them more attractive than those riskier alternatives.Yields on long-term Treasuries have been rising steadily since late August, and more quickly since Nov. 9, whenPfizerand BioNTech announced an effective Covid-19 vaccine. The 30-year yield was hovering near 2% Monday after breaching that level in morning trading—up from 1.6% before the vaccine. The benchmark 10-year yield has climbed as well, rising to 1.2% Monday from 0.8% before the vaccine.Long-term yields had retreated from their morning highs by Monday afternoon amid concerns about Covid-19 vaccine distribution and the pace of global economic reopening, with the 10-year yield off one basis points (hundredth of a percentage point) and the 30-year yield down three basis points.But the expectation remains for yields to keep climbing over coming weeks and months. And a key question is how high yields need to be to dent stock-market returns. Several Wall Street strategists have tackled that puzzle in recent notes.Almost 70% of S&P 500 companies pay a higher yield than the 10-year note, wrote a team led by equity strategist Savita Subramanianin a recent note. That proportion would fall to 40% if companies keep their payouts at current levels and the Treasury yield rises to 1.75% by the end of this year, they found.That could start undermining the attractiveness of stocks as an income play; today the overall dividend yield on the S&P 500 is 1.5%, higher than the 10-year Treasury payout. That has helped offset concerns about valuations that are higher than historical averages.Yet the picture looks far better for stocks from a total-return perspective. The implied long-term return of the S&P 500 is around 3%, the bank’s equity strategists wrote.Wall Street strategists don’t expect the 10-year note to be able to challenge that return soon. In a January outlook piece,Bank of America’sinterest-rate strategists predicted that 3% will be the benchmark yield’s peak during this expansion, implying yields won’t reach those levels until the Fed starts raising interest rates. And according to some of the bank’s valuation models, all else equal, stocks will look cheap compared to Treasuries until yields rise to 5%.More important, a 3% return from the S&P 500 will still outpace akey market gauge of inflation expectations over the next decade. That indicator, called the break-even inflation rate, has been driven higher by improving growth expectations as the U.S. recovers from the Covid-19 crisis. On Monday it hit 2.2%, the highest level since 2014.The 10-year Treasury yield, in contrast, remains below market inflation forecasts over that period, and is expected to stay that way through the end of this year at least. Even higher inflation-adjusted yields may not hurt stocks, wrote Credit Suisse strategist Jonathan Golub in a Feb. 8 note, as the boost stocks get from stronger economic growth should outweigh the bond market’s relative improvement in yield.In another positive for stocks, rising yields aren’t negatively affecting large-cap U.S. companies’ balance sheets. The effective yield on the ICE BofA Corporate Index, a gauge of current borrowing costs for high-rated companies, remains at just 1.9% for a maturity of nearly 12 years. And last year’s record-setting flood of fixed-rate borrowing means that companies won’t need to refinance their debt for years.There is one way that rising rates are negatively affecting at least some stocks:  Investors are less willing to wait for profit growth,Goldman Sachsstrategists wrote in a Feb. 7 note. Stocks that are sensitive to economic growth and “value” stocks that underperformed during the pandemic have outperformed since the 10-year yield climbed above 1%, they found, because investors are discounting future cash flows at a higher rate. The Russell 2000 Value ETF (IWN) has climbed 14% so far this year.Goldman strategists wrote that a quick jump in Treasury yields would be dangerous for the stock market as a whole. But the bank estimated that real damage would require yields to rise 36 basis points in the span of a month. That looks unlikely, considering the fact that it took yields about three months to climb that far during the latest attention-grabbing move higher.Of course, the rise in yields will likely require some changes in the way that money managers who allocate cash across different markets make their decisions, strategists and investors say. Hedge fund D.E. Shaw recently found that long-term bonds should serve as a betterhedge against declines in the stock marketas yields rise.So bonds will likely become marginally more attractive in coming months. But it isn’t clear that such a shift will be enough to undermine stocks, especially as long-term bond returns are most at risk from rising yields. So while Treasuries could provide a better alternative to stocks some day, that process could take longer than investors might think.","news_type":1},"isVote":1,"tweetType":1,"viewCount":261,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381057863,"gmtCreate":1612916532052,"gmtModify":1704875943931,"author":{"id":"3574522643398993","authorId":"3574522643398993","name":"MichaelScott","avatar":"https://static.tigerbbs.com/5ecc22ac51092ae4378d9011bba47652","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574522643398993","authorIdStr":"3574522643398993"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/381057863","repostId":"1143370300","repostType":4,"repost":{"id":"1143370300","pubTimestamp":1612839933,"share":"https://ttm.financial/m/news/1143370300?lang=&edition=fundamental","pubTime":"2021-02-09 11:05","market":"us","language":"en","title":"Is Tesla’s $1.5 billion bitcoin buy smart corporate finance? Experts weigh in","url":"https://stock-news.laohu8.com/highlight/detail?id=1143370300","media":"MarketWatch","summary":"Tesla Inc. on Monday said that it bought $1.5 billion in bitcoin, a purchase that comes after CEO Elon Musk has promoted the world’s No. 1 digital asset,along with other cryptos, in recent weeks.Bitcoin’s price already on a stratospheric rise, garnered an additional fillip from the announcement, with a single bitcoin changing hands on Monday at $42,709, up over 9%. Prices touched a record peak near $45,000.But one of the key questions swirling around the decision by the manufacturer of electric ","content":"<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4d612c15beca2f2d4d56a304cff74080\" tg-width=\"1260\" tg-height=\"876\"><span>MARKETWATCH PHOTO ILLUSTRATION/GETTY IMAGES|, ISTOCKPHOTO</span></p>\n<p>Tesla Inc. on Monday said that it bought $1.5 billion in bitcoin, a purchase that comes after CEO&nbsp;Elon Musk&nbsp;has promoted the world’s No. 1 digital asset,along with other cryptos, in recent weeks.</p>\n<p>Bitcoin’s price&nbsp;already on a stratospheric rise, garnered an additional fillip from the announcement, with a single bitcoin changing hands on Monday at $42,709, up over 9%. Prices touched a record peak near $45,000.</p>\n<p>But one of the key questions swirling around the decision by the manufacturer of electric vehicles is whether the move, including the decision to eventually allow for the sale of its products to take place in bitcoins, is a prudent use of capital. It’s a question that’s particularly important given the wild swings that both shares of Tesla&nbsp;and bitcoin are prone to, even if those assets have both been on a nearly uninterrupted ride higher.</p>\n<p>“I think this is awful strategy on many, many levels,” Christopher Schwarz, associate professor of finance and faculty director of the Center for Investment and Wealth Management at the University of California at Irvine in emailed comments.</p>\n<p>“In essence, this is like creating [currency] risk since none of Tesla’s suppliers are paid in bitcoin,” Schwarz told MarketWatch.</p>\n<p>An email to the company for comment wasn’t immediately returned.</p>\n<p>Musk’s moves come as Tesla focuses on ramping up its production of electric vehicles, with its share price soaring but the auto maker still a relatively niche player despite its market value of over $800 billion.</p>\n<p>Shares of Tesla are up an eye-popping 472% over the past 12 months, making it one of the few traditional stocks that have outperformed bitcoin’s gain of 337% over the same stretch,</p>\n<p>The&nbsp;Wall Street Journal notedthat Tesla has taken advantage of its rabid investor base and its share price rally to bolster its cash position, bringing its cash holdings to around $19.4 billion at the end of last year, up from around $6.3 billion at the end of 2019.</p>\n<p>That means that its current bitcoin allocation represents about 8% of its cash holdings.</p>\n<p>“Tesla’s purchase of bitcoin is an unusual use of corporate cash, which is typically held in safer and less volatile assets, such as short-term fixed income securities to ensure liquidity and limit volatility,” Jerry Klein, managing&nbsp;director and partner at Treasury Partners,&nbsp;based in New York, told MarketWatch via email.</p>\n<p>“While Tesla shareholders are reacting positively to the news, it remains to be seen how shareholders would react if a decline in bitcoin’s price negatively affects Tesla’s future earnings,” Klein said. “CFOs are willing to accept risk in their overall business, but not with the cash on their balance sheet. While bitcoin has been surging in recent months, it’s been very volatile over the past few years,” he said.</p>\n<p>To be sure, Tesla isn’t the first company, and isn’t likely to be the last, to apportion some share of holdings to bitcoin. Software company&nbsp;MicroStrategy Inc.&nbsp;last year&nbsp;acquired somce bitcoin and has been a champion of other corporations do so.</p>\n<p>MicroStrategy, which recently hosted a virtual conference on the utility of bitcoin for corporations, estimates that roughly $50 billion worth of bitcoin is owned by private and publicly traded companies, citing data from&nbsp;BitcoinTreasuries.org.</p>\n<p>MicroStrategy reported&nbsp;that about 8,200 people attended its weekend conference from nearly 7,000 companies.</p>\n<p>Back to Tesla, Joe Osha, a Tesla analyst at JMP Securities told MarketWatch in a Monday afternoon phone interview that the electric-vehicle maker is often framed as having cash management troubles but believes that that is a bogus assesment.</p>\n<p>“I think that there’s this very stale narrative around Tesla’s liquidity that is no longer consistent around its balance sheet or its cash flow generation,” Osha said.</p>\n<p>He makes the case that the companies investment in bitcoin is trivial against the scale of its ability to generate cash, and aligns with the company’s strategy of being a disrupter.</p>\n<p>“I see it as another step in Tesla’s effort to reinvent how cars are sold and delivered to people,” said Osha, who is referring to Tesla’s direct-to-customer sales model. Osha estimates that Tesla generated about $1.868 billion in free cash flow in the December quarter.</p>\n<p>Chester&nbsp;Spatt, professor at Carnegie Mellon University’s Tepper School of Business, told MarketWatch that bitcoin’s volatility makes it a tough asset to serve as a reserve asset for corporations or a medium of exchange.</p>\n<p>“You have volatility here that’s about 10 times that of the euro ,” the professor, who served as economist and director of the Securities and Exchange Commission’s Office of Economic Analysis from 2004-07 , said.</p>\n<p>“That movement poses a lot of challenges for a corporation to hold [bitcoin] on their balance sheet but it also poses challenges from the point of the consumer,” he said.</p>\n<p>Shares of Tesla closed up 1.3% on Monday.</p>\n<p>Antoni Trenchev, co-founder and managing partner of&nbsp;Nexo, a crypto lender, said that it may make some sense for corporations to put some of their “dry powder” in bitcoin, especially with interest rates near 0% and the U.S. dollar under pressure, as measured by the ICE U.S. Dollar Index,which is down nearly 8% over the past year, FactSet data show.</p>\n<p>“Corporations with ever increasing dry powder have a most obvious cash management option: partial BTC allocation,” Trenchev told MarketWatch.</p>\n<p>“Sitting on piles of cash offers little to no return and gets constantly devalued by central banks’ excessive QE measures. Having a treasury policy that diversifies risk and return, as well as looking into ‘the fastest horse’, is not only a sound policy, but is also the one that most adheres to the key principle of maximizing shareholder value,” he said.</p>","source":"market_watch","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>Is Tesla’s $1.5 billion bitcoin buy smart corporate finance? Experts weigh in</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\">\nIs Tesla’s $1.5 billion bitcoin buy smart corporate finance? Experts weigh in\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-09 11:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/is-teslas-1-5-billion-bitcoin-buy-smart-corporate-finance-experts-weigh-in-11612817269?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>MARKETWATCH PHOTO ILLUSTRATION/GETTY IMAGES|, ISTOCKPHOTO\nTesla Inc. on Monday said that it bought $1.5 billion in bitcoin, a purchase that comes after CEO Elon Musk has promoted the world’s No. 1 ...</p>\n\n<a href=\"https://www.marketwatch.com/story/is-teslas-1-5-billion-bitcoin-buy-smart-corporate-finance-experts-weigh-in-11612817269?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":{"GBTC":"Grayscale Bitcoin Trust","TSLA":"特斯拉"},"source_url":"https://www.marketwatch.com/story/is-teslas-1-5-billion-bitcoin-buy-smart-corporate-finance-experts-weigh-in-11612817269?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1143370300","content_text":"MARKETWATCH PHOTO ILLUSTRATION/GETTY IMAGES|, ISTOCKPHOTO\nTesla Inc. on Monday said that it bought $1.5 billion in bitcoin, a purchase that comes after CEO Elon Musk has promoted the world’s No. 1 digital asset,along with other cryptos, in recent weeks.\nBitcoin’s price already on a stratospheric rise, garnered an additional fillip from the announcement, with a single bitcoin changing hands on Monday at $42,709, up over 9%. Prices touched a record peak near $45,000.\nBut one of the key questions swirling around the decision by the manufacturer of electric vehicles is whether the move, including the decision to eventually allow for the sale of its products to take place in bitcoins, is a prudent use of capital. It’s a question that’s particularly important given the wild swings that both shares of Tesla and bitcoin are prone to, even if those assets have both been on a nearly uninterrupted ride higher.\n“I think this is awful strategy on many, many levels,” Christopher Schwarz, associate professor of finance and faculty director of the Center for Investment and Wealth Management at the University of California at Irvine in emailed comments.\n“In essence, this is like creating [currency] risk since none of Tesla’s suppliers are paid in bitcoin,” Schwarz told MarketWatch.\nAn email to the company for comment wasn’t immediately returned.\nMusk’s moves come as Tesla focuses on ramping up its production of electric vehicles, with its share price soaring but the auto maker still a relatively niche player despite its market value of over $800 billion.\nShares of Tesla are up an eye-popping 472% over the past 12 months, making it one of the few traditional stocks that have outperformed bitcoin’s gain of 337% over the same stretch,\nThe Wall Street Journal notedthat Tesla has taken advantage of its rabid investor base and its share price rally to bolster its cash position, bringing its cash holdings to around $19.4 billion at the end of last year, up from around $6.3 billion at the end of 2019.\nThat means that its current bitcoin allocation represents about 8% of its cash holdings.\n“Tesla’s purchase of bitcoin is an unusual use of corporate cash, which is typically held in safer and less volatile assets, such as short-term fixed income securities to ensure liquidity and limit volatility,” Jerry Klein, managing director and partner at Treasury Partners, based in New York, told MarketWatch via email.\n“While Tesla shareholders are reacting positively to the news, it remains to be seen how shareholders would react if a decline in bitcoin’s price negatively affects Tesla’s future earnings,” Klein said. “CFOs are willing to accept risk in their overall business, but not with the cash on their balance sheet. While bitcoin has been surging in recent months, it’s been very volatile over the past few years,” he said.\nTo be sure, Tesla isn’t the first company, and isn’t likely to be the last, to apportion some share of holdings to bitcoin. Software company MicroStrategy Inc. last year acquired somce bitcoin and has been a champion of other corporations do so.\nMicroStrategy, which recently hosted a virtual conference on the utility of bitcoin for corporations, estimates that roughly $50 billion worth of bitcoin is owned by private and publicly traded companies, citing data from BitcoinTreasuries.org.\nMicroStrategy reported that about 8,200 people attended its weekend conference from nearly 7,000 companies.\nBack to Tesla, Joe Osha, a Tesla analyst at JMP Securities told MarketWatch in a Monday afternoon phone interview that the electric-vehicle maker is often framed as having cash management troubles but believes that that is a bogus assesment.\n“I think that there’s this very stale narrative around Tesla’s liquidity that is no longer consistent around its balance sheet or its cash flow generation,” Osha said.\nHe makes the case that the companies investment in bitcoin is trivial against the scale of its ability to generate cash, and aligns with the company’s strategy of being a disrupter.\n“I see it as another step in Tesla’s effort to reinvent how cars are sold and delivered to people,” said Osha, who is referring to Tesla’s direct-to-customer sales model. Osha estimates that Tesla generated about $1.868 billion in free cash flow in the December quarter.\nChester Spatt, professor at Carnegie Mellon University’s Tepper School of Business, told MarketWatch that bitcoin’s volatility makes it a tough asset to serve as a reserve asset for corporations or a medium of exchange.\n“You have volatility here that’s about 10 times that of the euro ,” the professor, who served as economist and director of the Securities and Exchange Commission’s Office of Economic Analysis from 2004-07 , said.\n“That movement poses a lot of challenges for a corporation to hold [bitcoin] on their balance sheet but it also poses challenges from the point of the consumer,” he said.\nShares of Tesla closed up 1.3% on Monday.\nAntoni Trenchev, co-founder and managing partner of Nexo, a crypto lender, said that it may make some sense for corporations to put some of their “dry powder” in bitcoin, especially with interest rates near 0% and the U.S. dollar under pressure, as measured by the ICE U.S. Dollar Index,which is down nearly 8% over the past year, FactSet data show.\n“Corporations with ever increasing dry powder have a most obvious cash management option: partial BTC allocation,” Trenchev told MarketWatch.\n“Sitting on piles of cash offers little to no return and gets constantly devalued by central banks’ excessive QE measures. Having a treasury policy that diversifies risk and return, as well as looking into ‘the fastest horse’, is not only a sound policy, but is also the one that most adheres to the key principle of maximizing shareholder value,” he said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381057926,"gmtCreate":1612916519465,"gmtModify":1704875943768,"author":{"id":"3574522643398993","authorId":"3574522643398993","name":"MichaelScott","avatar":"https://static.tigerbbs.com/5ecc22ac51092ae4378d9011bba47652","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574522643398993","authorIdStr":"3574522643398993"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/381057926","repostId":"1133877733","repostType":4,"repost":{"id":"1133877733","pubTimestamp":1612755935,"share":"https://ttm.financial/m/news/1133877733?lang=&edition=fundamental","pubTime":"2021-02-08 11:45","market":"us","language":"en","title":"What the GameStop craziness could mean for the future of investing","url":"https://stock-news.laohu8.com/highlight/detail?id=1133877733","media":"cnbc","summary":"KEY POINTSThe GameStop rally may be petering out.However, the event tells us something about how inv","content":"<div>\n<p>KEY POINTSThe GameStop rally may be petering out.However, the event tells us something about how investing could change, experts say.They predict more bubbles and less shorting of stocks.The stock ...</p>\n\n<a href=\"https://www.cnbc.com/2021/02/06/what-the-gamestop-craziness-could-mean-for-the-stock-markets-future.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>What the GameStop craziness could mean for the future of investing</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; 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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\">\nWhat the GameStop craziness could mean for the future of investing\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-08 11:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/02/06/what-the-gamestop-craziness-could-mean-for-the-stock-markets-future.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTSThe GameStop rally may be petering out.However, the event tells us something about how investing could change, experts say.They predict more bubbles and less shorting of stocks.The stock ...</p>\n\n<a href=\"https://www.cnbc.com/2021/02/06/what-the-gamestop-craziness-could-mean-for-the-stock-markets-future.html\">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",".DJI":"道琼斯",".SPX":"S&P 500 Index","GME":"游戏驿站"},"source_url":"https://www.cnbc.com/2021/02/06/what-the-gamestop-craziness-could-mean-for-the-stock-markets-future.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1133877733","content_text":"KEY POINTSThe GameStop rally may be petering out.However, the event tells us something about how investing could change, experts say.They predict more bubbles and less shorting of stocks.The stock market is known for being unpredictable and volatile, and any sense of normalcy was blown up during the recent GameStop rally.Most of us know the story by now: After discovering that several hedge funds had bet on the video game retailer losing value, people banded together on the Reddit forum WallStreetBetsto drive up its share price by 1,500%. Over the course of January, GameStop’s stock price ballooned to a high of $483 from a low of $17.The bubble already appears to be popping, with GameStop shares down to around $55 as of Friday.Still, the event is unlikely to be soon forgotten, experts say.The Reddit forum of retail investors vowing to take on Wall Street still has more than 8.5 million subscribers(or as they call themselves, “degenerates”). And Netflix is already in talks to make a film dramatizing the battle royale between giant hedge funds and a pack of individual day traders.What’s more, experts say the event tells us about what’s bringing people into the market these days — and what that could mean for investing in the future.More bubblesIn many ways, the GameStop rally resembles bubbles of the past, but it has some unique characteristics, too, experts say.“What is new is the scale and speed of the event,” said Veljko Fotak, associate professor of finance at the University at Buffalo.The ubiquity of smartphones on which people can download investing apps, the availability of cheap or free trading and “a pandemic with a lot of restless energy,” are all factors that contributed to the video game retailer’s rally, said Dan Egan, vice president of finance and investing at Betterment.Populism spreading across the globe is yet another factor that fueled the bubble, Fotak said. “Some investors were motivated not just by pure greed, but also by a desire to ‘stick it to the man,’” he said.Many people are also brought into the market these days when they see friends or people they follow on social media touting certain stocks, said David Sekera, chief U.S. market strategist at Morningstar. Some of these posts are very convincing: Users on Reddit, for example, were exchanging high-level analysis on GameStop’s finances.“The days that equity research was limited to the large, bulge bracket Wall Street firms is long past,” Sekera said.All of these events that propelled the GameStop bubble could spur many more.“I do think that, to some degree, this herd Reddit movement is going to continue,” said Jason Reed, a finance professor at the University of Notre Dame. “We’ve already begun to see the movement into other equities and assets, like AMC, Blackberry and silver gaining considerable momentum.”As shares of GameStop tumbled on Feb. 2, many Reddit users claimed to be holding onto their stock or even buying more, writing that it wasn’t a loss until they sold out.More people investing is positive, but only if they’re doing so wisely, experts say.Those who buy stocks based off posts on social media, for example, are often taking risks with money they can’t afford to lose, Egan said.“One of the biggest concerns is newer investors seeing a ‘hot’ stock, but not fully understanding the ramifications of investing in it,” he said. “A lot of retail investors could lose their shirt.”Fotak said he read of one recent law school graduate who said he was elated by his wins on GameStop.“He could now afford to pay off his student loans,” Fotak said. “Yes, there is a lot of greed at play here.“But there is also a lot of desperation,” he added. “I really, truly, hope he sold right away.”Less shorting?Hedge funds that had shorted GameStop suffered huge losses as the pack of day traders on Reddit bought the stock en masse, shooting up its price. Melvin Capital, for example, lost more than 50% in January.Those setbacks could make other investors more skittish about shorting, or betting against stocks, experts say.“After seeing several other funds get carried off the field on stretchers from these short positions, hedge fund managers will be much more cautious as to which stocks they will be willing to short,” Sekera said.Less shorting means a less healthy market, Fotak said.Bubbles tend to be less common in countries where short sellers are less restricted, he said. That’s because short sellers’ pessimism can balance out some of the optimism about a certain sector or stock.“And in this climate, with market valuations at record levels, we need the contrarian views of short sellers more than ever,” Fotak added.Another advantage of short sellers is that they often expose serious problems at companies that other investors and regulators have missed, Fotak said.“Since they are looking for firms that are overvalued, they are always on the lookout for fraud,” he said, adding they often publish research on companies’ bad practices.And so it’s unfortunate that the GameStop debacle may curb shorting, Fotak said.“To the extent that delays the release of negative information, we all suffer from a less efficient market,” he said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":350,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":389237446,"gmtCreate":1612776784385,"gmtModify":1704874031932,"author":{"id":"3574522643398993","authorId":"3574522643398993","name":"MichaelScott","avatar":"https://static.tigerbbs.com/5ecc22ac51092ae4378d9011bba47652","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574522643398993","authorIdStr":"3574522643398993"},"themes":[],"htmlText":"Coin reward ~~","listText":"Coin reward ~~","text":"Coin reward ~~","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/389237446","isVote":1,"tweetType":1,"viewCount":148,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":317368811,"gmtCreate":1612418864333,"gmtModify":1704870890867,"author":{"id":"3574522643398993","authorId":"3574522643398993","name":"MichaelScott","avatar":"https://static.tigerbbs.com/5ecc22ac51092ae4378d9011bba47652","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574522643398993","authorIdStr":"3574522643398993"},"themes":[],"htmlText":"Posting for coin reward","listText":"Posting for coin reward","text":"Posting for coin reward","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/317368811","isVote":1,"tweetType":1,"viewCount":343,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":314193701,"gmtCreate":1612316607103,"gmtModify":1704869639672,"author":{"id":"3574522643398993","authorId":"3574522643398993","name":"MichaelScott","avatar":"https://static.tigerbbs.com/5ecc22ac51092ae4378d9011bba47652","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574522643398993","authorIdStr":"3574522643398993"},"themes":[],"htmlText":"Testing testing","listText":"Testing testing","text":"Testing testing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/314193701","isVote":1,"tweetType":1,"viewCount":253,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3527667803686145","authorId":"3527667803686145","name":"社区成长助手","avatar":"https://static.tigerbbs.com/2b7c7106b5c0c8b0037faa67439d898f","crmLevel":1,"crmLevelSwitch":0,"idStr":"3527667803686145","authorIdStr":"3527667803686145"},"content":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","text":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","html":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation"}],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":317368811,"gmtCreate":1612418864333,"gmtModify":1704870890867,"author":{"id":"3574522643398993","authorId":"3574522643398993","name":"MichaelScott","avatar":"https://static.tigerbbs.com/5ecc22ac51092ae4378d9011bba47652","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574522643398993","authorIdStr":"3574522643398993"},"themes":[],"htmlText":"Posting for coin reward","listText":"Posting for coin reward","text":"Posting for coin reward","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/317368811","isVote":1,"tweetType":1,"viewCount":343,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":314193701,"gmtCreate":1612316607103,"gmtModify":1704869639672,"author":{"id":"3574522643398993","authorId":"3574522643398993","name":"MichaelScott","avatar":"https://static.tigerbbs.com/5ecc22ac51092ae4378d9011bba47652","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574522643398993","authorIdStr":"3574522643398993"},"themes":[],"htmlText":"Testing testing","listText":"Testing testing","text":"Testing testing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/314193701","isVote":1,"tweetType":1,"viewCount":253,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3527667803686145","authorId":"3527667803686145","name":"社区成长助手","avatar":"https://static.tigerbbs.com/2b7c7106b5c0c8b0037faa67439d898f","crmLevel":1,"crmLevelSwitch":0,"idStr":"3527667803686145","authorIdStr":"3527667803686145"},"content":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","text":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","html":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386757463,"gmtCreate":1613282519952,"gmtModify":1704879742293,"author":{"id":"3574522643398993","authorId":"3574522643398993","name":"MichaelScott","avatar":"https://static.tigerbbs.com/5ecc22ac51092ae4378d9011bba47652","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574522643398993","authorIdStr":"3574522643398993"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/386757463","repostId":"2111007109","repostType":2,"isVote":1,"tweetType":1,"viewCount":236,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381040909,"gmtCreate":1612916605901,"gmtModify":1704875944737,"author":{"id":"3574522643398993","authorId":"3574522643398993","name":"MichaelScott","avatar":"https://static.tigerbbs.com/5ecc22ac51092ae4378d9011bba47652","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574522643398993","authorIdStr":"3574522643398993"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/381040909","repostId":"1176373590","repostType":4,"repost":{"id":"1176373590","pubTimestamp":1612868893,"share":"https://ttm.financial/m/news/1176373590?lang=&edition=fundamental","pubTime":"2021-02-09 19:08","market":"us","language":"en","title":"What new Amazon CEO Andy Jassy needs to do to become a leader in sustainability like Apple","url":"https://stock-news.laohu8.com/highlight/detail?id=1176373590","media":"MarketWatch","summary":"Andy Jassy, the incoming Amazon CEO, needs to improve labor relations, reduce packaging waste and fu","content":"<p>Andy Jassy, the incoming Amazon CEO, needs to improve labor relations, reduce packaging waste and further its climate goals if it wants to be a world-leading company from an environmental, social and governance perspective.</p>\n<p>Indeed, Amazon’s&nbsp;role model could be Apple,which advocates say has become a sustainability leader among megacap stocks.</p>\n<p>Amazon is starting to make strong operational strides such as investing in electric vehicles for its fleet and running data centers on renewable energy, but remains a laggard in other key ESG pillars such as workplace issues, racial and diversity inclusion and has more work to do on carbon reduction, say ESG advocates. Because of that, only a handle of ESG exchange-traded funds and mutual funds own the company.</p>\n<p>Outgoing CEO Jeff Bezos, the founder of the e-commerce giant, has “actually done the hard stuff, the hardest stuff being operations,” says Andrew Behar, CEO of As You Sow, a nonprofit shareholder advocacy group. “On other issues, though, he’s completely not even thinking about them.”</p>\n<p>Bezos will retain an influential position in the company as executive chairman and one of its largest shareholders. Jassy, the new CEO, is now the head of Amazon Web Services, the company’s cloud-computing business.</p>\n<p>Inhis letter to Amazon’s workforce, Bezos tried to burnish his ESG credentials:</p>\n<p>“As Amazon became large, we decided to use our scale and scope to lead on important social issues. Two high-impact examples: our $15 minimum wage and theClimate Pledge. In both cases, we staked out leadership positions and then asked others to come along with us. In both cases, it’s working. Other large companies are coming our way. I hope you’re proud of that as well.”</p>\n<p>Natasha Lamb, managing partner at Arjuna Capital, a sustainable and impact investment firm focusing on workplace issues for women and people of color, disputes Bezos’ claim of being a leader in these two areas, saying that there was great pressure on the company to increase worker pay and to sign the climate pledge.</p>\n<p>“He is not the poster child of the American dream, but of what is eating America alive, which is growing inequality,” she says.</p>\n<p>Amazonincreasedthe minimum wage to $15 in 2018 after years of criticism that it mistreated and underpaid workers, and the company caughtflakfor what workers said were poor health conditions in the pandemic. It is also fightinga unionization attempt at a warehouse in Alabama.</p>\n<p>Emanuele Colonnelli, an assistant professor of finance at the University of Chicago’s Booth School of Business who has done ESG research, agrees with Lamb. “A lot of the most promising steps toward ESG seem reactionary, as they have been taken only recently, at a moment in which regulatory and public pressure reached sky-high levels that became impossible to ignore,” he says.</p>\n<p>Although Amazon installed a higher minimum wage,MSCI&nbsp;considers the company a laggard when it comes to corporate behavior and labor management. Overall, MSCI gives Amazon a BBB rating, saying it is average for companies in the retail-consumer discretionary space.</p>\n<p>Lamb says Amazon has become what Walmartwas in the 1990s, criticized for shuttering small businesses. During the coronavirus, “everybody has become so reliant on Amazon, and those patterns are sticky. It has grave implications for small business.”</p>\n<p>Colonnelli says Amazon’s monopoly power can’t be denied and should be at the core of its ESG considerations. “It will be up to Jassy – and Bezos of course- to decide whether they want to be driving the change toward a business model that is less prone to anti-competitive practices, and therefore lead to a more equitable allocation of rents,” he says.</p>\n<p><b>A ‘real opportunity’ to be a leader</b></p>\n<p>Behar says As You Sow has interviewed Amazon employees and says the company has a “real opportunity” to be a leader on human capital management, such as increasing hourly employee wages, improving health care benefits, especially during the pandemic, and paid leave, as well as improving efforts around diversity equity inclusion.</p>\n<p>Lamb says with a new CEO coming on board, she wants greater clarity about defining gender and racial pay equity and to address diversity as a whole, noting that there are very few women and people of color in the company’s upper ranks. She says other shareholders are asking for a racial equity audit and for a worker representative on the board of directors, “which I think would be helpful.”</p>\n<p><b>Climate inroads</b></p>\n<p>When it comes to its climate pledge, Amazon is making some inroads. BloombergNEF said Amazon was the leading corporate buyer of clean energy in 2020, signing 35 separate clean energy power-purchasing agreements, totaling 5.1 gigawatts of power. BNEF says Amazon has now purchased over 7.5GW of clean energy to date, pushing it ahead of Alphabet GOOGL at 6.6GW and Facebook FB at 5.9GW as the world’s largest clean-energy buyer.</p>\n<p><img src=\"https://static.tigerbbs.com/f08942b5eaf8d39eb7fe60ce0ba75c91\" tg-width=\"620\" tg-height=\"432\" referrerpolicy=\"no-referrer\"></p>\n<p>Garvin Jabush, chief investment officer at Green Alpha Advisors, says Amazon’s investments in renewable energy and its $440 million&nbsp;investment&nbsp;in electric-truck start up Rivian are all impressive starts, but the company has a long way to go.</p>\n<p>Green Alpha Advisors doesn’t own Amazon because Jabush says it is still a large contributor to climate risk; he noted the company saw a 15% increase in carbon dioxide&nbsp;emissions&nbsp;in 2019. It also supplies advanced computing data to the oil and gas industry to help fossil-fuel companies locate new deposits.</p>\n<p>Both Jabush and Behar says Amazon faces material risk as it deals with electronic waste and plastic waste. Behar says it is trying to work with the e-commerce giant to reduce waste, noting the company could emulate Best Buy’s&nbsp;take-back program to recycle electronic waste. This could become a sustainable money maker by recouping the copper, gold and silver in used electronic parts, he says.</p>\n<p>Reducing plastic waste is also critical since Amazon is a big user of packaging. Amazon has reduced Styrofoam usage, but “they could commit to zero plastic in two to three years from now and it would make a big difference,” he says.</p>\n<p>Jabush says it’s always a debate at his firm each year about whether to buy Amazon because it is “a phenomenal business,” but he says until it reduces its climate impact, he won’t buy it. But with a new CEO, there’s an opportunity for change, Jabush says, pointing to how Tim Cook changed Apple after taking over from Steve Jobs.</p>\n<p>“Sustainability was low on their priority list, and Tim Cook has made Apple into by far the most sustainable megacap in the world right now,” he says.</p>","source":"market_watch","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>What new Amazon CEO Andy Jassy needs to do to become a leader in sustainability like Apple</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat new Amazon CEO Andy Jassy needs to do to become a leader in sustainability like Apple\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-09 19:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/what-new-amazon-ceo-andy-jassy-needs-to-do-to-become-a-leader-in-sustainability-like-apple-11612444339?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Andy Jassy, the incoming Amazon CEO, needs to improve labor relations, reduce packaging waste and further its climate goals if it wants to be a world-leading company from an environmental, social and ...</p>\n\n<a href=\"https://www.marketwatch.com/story/what-new-amazon-ceo-andy-jassy-needs-to-do-to-become-a-leader-in-sustainability-like-apple-11612444339?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":{"AMZN":"亚马逊","AAPL":"苹果"},"source_url":"https://www.marketwatch.com/story/what-new-amazon-ceo-andy-jassy-needs-to-do-to-become-a-leader-in-sustainability-like-apple-11612444339?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1176373590","content_text":"Andy Jassy, the incoming Amazon CEO, needs to improve labor relations, reduce packaging waste and further its climate goals if it wants to be a world-leading company from an environmental, social and governance perspective.\nIndeed, Amazon’s role model could be Apple,which advocates say has become a sustainability leader among megacap stocks.\nAmazon is starting to make strong operational strides such as investing in electric vehicles for its fleet and running data centers on renewable energy, but remains a laggard in other key ESG pillars such as workplace issues, racial and diversity inclusion and has more work to do on carbon reduction, say ESG advocates. Because of that, only a handle of ESG exchange-traded funds and mutual funds own the company.\nOutgoing CEO Jeff Bezos, the founder of the e-commerce giant, has “actually done the hard stuff, the hardest stuff being operations,” says Andrew Behar, CEO of As You Sow, a nonprofit shareholder advocacy group. “On other issues, though, he’s completely not even thinking about them.”\nBezos will retain an influential position in the company as executive chairman and one of its largest shareholders. Jassy, the new CEO, is now the head of Amazon Web Services, the company’s cloud-computing business.\nInhis letter to Amazon’s workforce, Bezos tried to burnish his ESG credentials:\n“As Amazon became large, we decided to use our scale and scope to lead on important social issues. Two high-impact examples: our $15 minimum wage and theClimate Pledge. In both cases, we staked out leadership positions and then asked others to come along with us. In both cases, it’s working. Other large companies are coming our way. I hope you’re proud of that as well.”\nNatasha Lamb, managing partner at Arjuna Capital, a sustainable and impact investment firm focusing on workplace issues for women and people of color, disputes Bezos’ claim of being a leader in these two areas, saying that there was great pressure on the company to increase worker pay and to sign the climate pledge.\n“He is not the poster child of the American dream, but of what is eating America alive, which is growing inequality,” she says.\nAmazonincreasedthe minimum wage to $15 in 2018 after years of criticism that it mistreated and underpaid workers, and the company caughtflakfor what workers said were poor health conditions in the pandemic. It is also fightinga unionization attempt at a warehouse in Alabama.\nEmanuele Colonnelli, an assistant professor of finance at the University of Chicago’s Booth School of Business who has done ESG research, agrees with Lamb. “A lot of the most promising steps toward ESG seem reactionary, as they have been taken only recently, at a moment in which regulatory and public pressure reached sky-high levels that became impossible to ignore,” he says.\nAlthough Amazon installed a higher minimum wage,MSCI considers the company a laggard when it comes to corporate behavior and labor management. Overall, MSCI gives Amazon a BBB rating, saying it is average for companies in the retail-consumer discretionary space.\nLamb says Amazon has become what Walmartwas in the 1990s, criticized for shuttering small businesses. During the coronavirus, “everybody has become so reliant on Amazon, and those patterns are sticky. It has grave implications for small business.”\nColonnelli says Amazon’s monopoly power can’t be denied and should be at the core of its ESG considerations. “It will be up to Jassy – and Bezos of course- to decide whether they want to be driving the change toward a business model that is less prone to anti-competitive practices, and therefore lead to a more equitable allocation of rents,” he says.\nA ‘real opportunity’ to be a leader\nBehar says As You Sow has interviewed Amazon employees and says the company has a “real opportunity” to be a leader on human capital management, such as increasing hourly employee wages, improving health care benefits, especially during the pandemic, and paid leave, as well as improving efforts around diversity equity inclusion.\nLamb says with a new CEO coming on board, she wants greater clarity about defining gender and racial pay equity and to address diversity as a whole, noting that there are very few women and people of color in the company’s upper ranks. She says other shareholders are asking for a racial equity audit and for a worker representative on the board of directors, “which I think would be helpful.”\nClimate inroads\nWhen it comes to its climate pledge, Amazon is making some inroads. BloombergNEF said Amazon was the leading corporate buyer of clean energy in 2020, signing 35 separate clean energy power-purchasing agreements, totaling 5.1 gigawatts of power. BNEF says Amazon has now purchased over 7.5GW of clean energy to date, pushing it ahead of Alphabet GOOGL at 6.6GW and Facebook FB at 5.9GW as the world’s largest clean-energy buyer.\n\nGarvin Jabush, chief investment officer at Green Alpha Advisors, says Amazon’s investments in renewable energy and its $440 million investment in electric-truck start up Rivian are all impressive starts, but the company has a long way to go.\nGreen Alpha Advisors doesn’t own Amazon because Jabush says it is still a large contributor to climate risk; he noted the company saw a 15% increase in carbon dioxide emissions in 2019. It also supplies advanced computing data to the oil and gas industry to help fossil-fuel companies locate new deposits.\nBoth Jabush and Behar says Amazon faces material risk as it deals with electronic waste and plastic waste. Behar says it is trying to work with the e-commerce giant to reduce waste, noting the company could emulate Best Buy’s take-back program to recycle electronic waste. This could become a sustainable money maker by recouping the copper, gold and silver in used electronic parts, he says.\nReducing plastic waste is also critical since Amazon is a big user of packaging. Amazon has reduced Styrofoam usage, but “they could commit to zero plastic in two to three years from now and it would make a big difference,” he says.\nJabush says it’s always a debate at his firm each year about whether to buy Amazon because it is “a phenomenal business,” but he says until it reduces its climate impact, he won’t buy it. But with a new CEO, there’s an opportunity for change, Jabush says, pointing to how Tim Cook changed Apple after taking over from Steve Jobs.\n“Sustainability was low on their priority list, and Tim Cook has made Apple into by far the most sustainable megacap in the world right now,” he says.","news_type":1},"isVote":1,"tweetType":1,"viewCount":204,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381040024,"gmtCreate":1612916595168,"gmtModify":1704875944414,"author":{"id":"3574522643398993","authorId":"3574522643398993","name":"MichaelScott","avatar":"https://static.tigerbbs.com/5ecc22ac51092ae4378d9011bba47652","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574522643398993","authorIdStr":"3574522643398993"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/381040024","repostId":"1114166601","repostType":4,"repost":{"id":"1114166601","pubTimestamp":1612866163,"share":"https://ttm.financial/m/news/1114166601?lang=&edition=fundamental","pubTime":"2021-02-09 18:22","market":"us","language":"en","title":"The 30-Year Treasury Hit 2%. When Will Yields Start Hurting the Stock Market?","url":"https://stock-news.laohu8.com/highlight/detail?id=1114166601","media":"Barrons","summary":"After a long grind higher in long-term Treasury yields, the 30-year climbed above 2% for the first t","content":"<p>After a long grind higher in long-term Treasury yields, the 30-year climbed above 2% for the first time since Covid-19 hit. That has investors asking when the broader trend of rising bond yields will hurt the stock market.</p><p>The central concern is that&nbsp;once Treasury yields climb high enough&nbsp;investors will want to buy safe bonds instead of stocks or high-yield debt. But it isn’t clear when that will occur, and the 30-year bond carries&nbsp;extra risk of losses as yields keep rising. When it comes to the 10-year note, a more popular benchmark<b>,</b>Wall Street consensus is hard to find:&nbsp;Strategists’ forecasts say 10-year Treasury yields may need to rise only to 1.75%, or as high as 5%, to make them more attractive than those riskier alternatives.</p><p>Yields on long-term Treasuries have been rising steadily since late August, and more quickly since Nov. 9, whenPfizerand BioNTech announced an effective Covid-19 vaccine. The 30-year yield was hovering near 2% Monday after breaching that level in morning trading—up from 1.6% before the vaccine. The benchmark 10-year yield has climbed as well, rising to 1.2% Monday from 0.8% before the vaccine.</p><p>Long-term yields had retreated from their morning highs by Monday afternoon amid concerns about Covid-19 vaccine distribution and the pace of global economic reopening, with the 10-year yield off one basis points (hundredth of a percentage point) and the 30-year yield down three basis points.</p><p>But the expectation remains for yields to keep climbing over coming weeks and months. And a key question is how high yields need to be to dent stock-market returns. Several Wall Street strategists have tackled that puzzle in recent notes.</p><p>Almost 70% of S&amp;P 500 companies pay a higher yield than the 10-year note, wrote a team led by equity strategist Savita Subramanianin a recent note. That proportion would fall to 40% if companies keep their payouts at current levels and the Treasury yield rises to 1.75% by the end of this year, they found.</p><p>That could start undermining the attractiveness of stocks as an income play; today the overall dividend yield on the S&amp;P 500 is 1.5%, higher than the 10-year Treasury payout. That has helped offset concerns about valuations that are higher than historical averages.</p><p>Yet the picture looks far better for stocks from a total-return perspective. The implied long-term return of the S&amp;P 500 is around 3%, the bank’s equity strategists wrote.</p><p>Wall Street strategists don’t expect the 10-year note to be able to challenge that return soon. In a January outlook piece,Bank of America’sinterest-rate strategists predicted that 3% will be the benchmark yield’s peak during this expansion, implying yields won’t reach those levels until the Fed starts raising interest rates. And according to some of the bank’s valuation models, all else equal, stocks will look cheap compared to Treasuries until yields rise to 5%.</p><p>More important, a 3% return from the S&amp;P 500 will still outpace akey market gauge of inflation expectations over the next decade. That indicator, called the break-even inflation rate, has been driven higher by improving growth expectations as the U.S. recovers from the Covid-19 crisis. On Monday it hit 2.2%, the highest level since 2014.</p><p>The 10-year Treasury yield, in contrast, remains below market inflation forecasts over that period, and is expected to stay that way through the end of this year at least. Even higher inflation-adjusted yields may not hurt stocks, wrote Credit Suisse strategist Jonathan Golub in a Feb. 8 note, as the boost stocks get from stronger economic growth should outweigh the bond market’s relative improvement in yield.</p><p>In another positive for stocks, rising yields aren’t negatively affecting large-cap U.S. companies’ balance sheets. The effective yield on the ICE BofA Corporate Index, a gauge of current borrowing costs for high-rated companies, remains at just 1.9% for a maturity of nearly 12 years. And last year’s record-setting flood of fixed-rate borrowing means that companies won’t need to refinance their debt for years.</p><p>There is one way that rising rates are negatively affecting at least some stocks:&nbsp; Investors are less willing to wait for profit growth,Goldman Sachsstrategists wrote in a Feb. 7 note. Stocks that are sensitive to economic growth and “value” stocks that underperformed during the pandemic have outperformed since the 10-year yield climbed above 1%, they found, because investors are discounting future cash flows at a higher rate. The Russell 2000 Value ETF (IWN) has climbed 14% so far this year.</p><p>Goldman strategists wrote that a quick jump in Treasury yields would be dangerous for the stock market as a whole. But the bank estimated that real damage would require yields to rise 36 basis points in the span of a month. That looks unlikely, considering the fact that it took yields about three months to climb that far during the latest attention-grabbing move higher.</p><p>Of course, the rise in yields will likely require some changes in the way that money managers who allocate cash across different markets make their decisions, strategists and investors say. Hedge fund D.E. Shaw recently found that long-term bonds should serve as a betterhedge against declines in the stock marketas yields rise.</p><p>So bonds will likely become marginally more attractive in coming months. But it isn’t clear that such a shift will be enough to undermine stocks, especially as long-term bond returns are most at risk from rising yields. So while Treasuries could provide a better alternative to stocks some day, that process could take longer than investors might think.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The 30-Year Treasury Hit 2%. When Will Yields Start Hurting the Stock Market?</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\">\nThe 30-Year Treasury Hit 2%. When Will Yields Start Hurting the Stock Market?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-09 18:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/the-30-year-treasury-just-hit-2-when-will-they-start-hurting-the-stock-market-51612804834?mod=hp_LEAD_1_B_3><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>After a long grind higher in long-term Treasury yields, the 30-year climbed above 2% for the first time since Covid-19 hit. That has investors asking when the broader trend of rising bond yields will ...</p>\n\n<a href=\"https://www.barrons.com/articles/the-30-year-treasury-just-hit-2-when-will-they-start-hurting-the-stock-market-51612804834?mod=hp_LEAD_1_B_3\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/the-30-year-treasury-just-hit-2-when-will-they-start-hurting-the-stock-market-51612804834?mod=hp_LEAD_1_B_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114166601","content_text":"After a long grind higher in long-term Treasury yields, the 30-year climbed above 2% for the first time since Covid-19 hit. That has investors asking when the broader trend of rising bond yields will hurt the stock market.The central concern is that once Treasury yields climb high enough investors will want to buy safe bonds instead of stocks or high-yield debt. But it isn’t clear when that will occur, and the 30-year bond carries extra risk of losses as yields keep rising. When it comes to the 10-year note, a more popular benchmark,Wall Street consensus is hard to find: Strategists’ forecasts say 10-year Treasury yields may need to rise only to 1.75%, or as high as 5%, to make them more attractive than those riskier alternatives.Yields on long-term Treasuries have been rising steadily since late August, and more quickly since Nov. 9, whenPfizerand BioNTech announced an effective Covid-19 vaccine. The 30-year yield was hovering near 2% Monday after breaching that level in morning trading—up from 1.6% before the vaccine. The benchmark 10-year yield has climbed as well, rising to 1.2% Monday from 0.8% before the vaccine.Long-term yields had retreated from their morning highs by Monday afternoon amid concerns about Covid-19 vaccine distribution and the pace of global economic reopening, with the 10-year yield off one basis points (hundredth of a percentage point) and the 30-year yield down three basis points.But the expectation remains for yields to keep climbing over coming weeks and months. And a key question is how high yields need to be to dent stock-market returns. Several Wall Street strategists have tackled that puzzle in recent notes.Almost 70% of S&P 500 companies pay a higher yield than the 10-year note, wrote a team led by equity strategist Savita Subramanianin a recent note. That proportion would fall to 40% if companies keep their payouts at current levels and the Treasury yield rises to 1.75% by the end of this year, they found.That could start undermining the attractiveness of stocks as an income play; today the overall dividend yield on the S&P 500 is 1.5%, higher than the 10-year Treasury payout. That has helped offset concerns about valuations that are higher than historical averages.Yet the picture looks far better for stocks from a total-return perspective. The implied long-term return of the S&P 500 is around 3%, the bank’s equity strategists wrote.Wall Street strategists don’t expect the 10-year note to be able to challenge that return soon. In a January outlook piece,Bank of America’sinterest-rate strategists predicted that 3% will be the benchmark yield’s peak during this expansion, implying yields won’t reach those levels until the Fed starts raising interest rates. And according to some of the bank’s valuation models, all else equal, stocks will look cheap compared to Treasuries until yields rise to 5%.More important, a 3% return from the S&P 500 will still outpace akey market gauge of inflation expectations over the next decade. That indicator, called the break-even inflation rate, has been driven higher by improving growth expectations as the U.S. recovers from the Covid-19 crisis. On Monday it hit 2.2%, the highest level since 2014.The 10-year Treasury yield, in contrast, remains below market inflation forecasts over that period, and is expected to stay that way through the end of this year at least. Even higher inflation-adjusted yields may not hurt stocks, wrote Credit Suisse strategist Jonathan Golub in a Feb. 8 note, as the boost stocks get from stronger economic growth should outweigh the bond market’s relative improvement in yield.In another positive for stocks, rising yields aren’t negatively affecting large-cap U.S. companies’ balance sheets. The effective yield on the ICE BofA Corporate Index, a gauge of current borrowing costs for high-rated companies, remains at just 1.9% for a maturity of nearly 12 years. And last year’s record-setting flood of fixed-rate borrowing means that companies won’t need to refinance their debt for years.There is one way that rising rates are negatively affecting at least some stocks:  Investors are less willing to wait for profit growth,Goldman Sachsstrategists wrote in a Feb. 7 note. Stocks that are sensitive to economic growth and “value” stocks that underperformed during the pandemic have outperformed since the 10-year yield climbed above 1%, they found, because investors are discounting future cash flows at a higher rate. The Russell 2000 Value ETF (IWN) has climbed 14% so far this year.Goldman strategists wrote that a quick jump in Treasury yields would be dangerous for the stock market as a whole. But the bank estimated that real damage would require yields to rise 36 basis points in the span of a month. That looks unlikely, considering the fact that it took yields about three months to climb that far during the latest attention-grabbing move higher.Of course, the rise in yields will likely require some changes in the way that money managers who allocate cash across different markets make their decisions, strategists and investors say. Hedge fund D.E. Shaw recently found that long-term bonds should serve as a betterhedge against declines in the stock marketas yields rise.So bonds will likely become marginally more attractive in coming months. But it isn’t clear that such a shift will be enough to undermine stocks, especially as long-term bond returns are most at risk from rising yields. So while Treasuries could provide a better alternative to stocks some day, that process could take longer than investors might think.","news_type":1},"isVote":1,"tweetType":1,"viewCount":261,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":389237446,"gmtCreate":1612776784385,"gmtModify":1704874031932,"author":{"id":"3574522643398993","authorId":"3574522643398993","name":"MichaelScott","avatar":"https://static.tigerbbs.com/5ecc22ac51092ae4378d9011bba47652","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574522643398993","authorIdStr":"3574522643398993"},"themes":[],"htmlText":"Coin reward ~~","listText":"Coin reward ~~","text":"Coin reward ~~","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/389237446","isVote":1,"tweetType":1,"viewCount":148,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381057863,"gmtCreate":1612916532052,"gmtModify":1704875943931,"author":{"id":"3574522643398993","authorId":"3574522643398993","name":"MichaelScott","avatar":"https://static.tigerbbs.com/5ecc22ac51092ae4378d9011bba47652","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574522643398993","authorIdStr":"3574522643398993"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/381057863","repostId":"1143370300","repostType":4,"isVote":1,"tweetType":1,"viewCount":100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381057926,"gmtCreate":1612916519465,"gmtModify":1704875943768,"author":{"id":"3574522643398993","authorId":"3574522643398993","name":"MichaelScott","avatar":"https://static.tigerbbs.com/5ecc22ac51092ae4378d9011bba47652","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574522643398993","authorIdStr":"3574522643398993"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/381057926","repostId":"1133877733","repostType":4,"isVote":1,"tweetType":1,"viewCount":350,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386757277,"gmtCreate":1613282499199,"gmtModify":1704879741964,"author":{"id":"3574522643398993","authorId":"3574522643398993","name":"MichaelScott","avatar":"https://static.tigerbbs.com/5ecc22ac51092ae4378d9011bba47652","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574522643398993","authorIdStr":"3574522643398993"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/386757277","repostId":"2111417072","repostType":2,"isVote":1,"tweetType":1,"viewCount":146,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}