KenTrade personal page - To The Moon

KenTrade

KenTrade

No personal profile

32Follow

1Followers

0Topic

0Badge

2021-03-31

Hi

Coursera: The Education Disruptor Goes Public

2021-03-30

Wow

Coursera: The Education Disruptor Goes Public

2021-03-17

Wow

Larry McDonald Warns "The Big [Market] Quake Is Coming"

2021-03-30

Wow

Analysts get bullish on Facebook and Twitter, but trader warns of one headwind coming to a ‘boiling point’

2021-03-20

Wow

Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next

2021-03-17

Amazing

Larry McDonald Warns "The Big [Market] Quake Is Coming"

2021-03-17

Wow

Alibaba stocks advanced more than 2%

2021-04-08

Wow

US STOCKS-S&P closes slightly higher after Fed minutes feed stable rate view

2021-04-07

Wow

Sorry, the original content has been removed

2021-03-17

Amazing

Larry McDonald Warns "The Big [Market] Quake Is Coming"

2023-06-29

Great ariticle, would you like to share it?

@OptionsDelta:Option moves suggest China stocks will rebound

2023-06-29

Great ariticle, would you like to share it?

@NAI500:After the Downgrade and Sold by Institutions, Tesla’s Next Buy Point at $$207.79

2023-06-29

Great ariticle, would you like to share it?

@HueFin News: Who's Behind The Plan To Crash Nvidia Stock? NVDA Stock Analysis

2021-07-01

Good I think

2021-07-01

$Vanguard S&P 500 ETF(VOO)$goood

2021-06-29

Great ariticle, would you like to share it?

Growth stock comeback fuels Cathie Wood's ARK funds

2021-06-29

Great ariticle, would you like to share it?

Sorry, the original content has been removed

2021-06-29

Great ariticle, would you like to share it?

Sorry, the original content has been removed

2021-06-29

Great ariticle, would you like to share it?

Sorry, the original content has been removed

2021-06-29

Great ariticle, would you like to share it?

Sorry, the original content has been removed

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":3574593903578826,"uuid":"3574593903578826","gmtCreate":1611500873637,"gmtModify":1615947957299,"name":"KenTrade","pinyin":"kentrade","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":1,"headSize":32,"tweetSize":26,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-2","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Senior Tiger","description":"Join the tiger community for 1000 days","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.10.23","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"44212b71d0be4ec88898348dbe882e03-1","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Boss Tiger","description":"The transaction amount of the securities account reaches $100,000","bigImgUrl":"https://static.tigerbbs.com/c8dfc27c1ee0e25db1c93e9d0b641101","smallImgUrl":"https://static.tigerbbs.com/f43908c142f8a33c78f5bdf0e2897488","grayImgUrl":"https://static.tigerbbs.com/82165ff19cb8a786e8919f92acee5213","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.08.05","exceedPercentage":"60.81%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"972123088c9646f7b6091ae0662215be-2","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Master Trader","description":"Total number of securities or futures transactions reached 100","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.04.06","exceedPercentage":"80.27%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":4,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"hot","tweets":[{"id":192610680148112,"gmtCreate":1688053621990,"gmtModify":1688053625191,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/192610680148112","repostId":"192255195578464","repostType":1,"repost":{"id":192255195578464,"gmtCreate":1687966937843,"gmtModify":1687966962494,"author":{"id":"4102740637684170","authorId":"4102740637684170","authorIdStr":"4102740637684170","name":"OptionsDelta","avatar":"https://static.tigerbbs.com/b5ab2017d32f95a165639de659b21cd1","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4102740637684170"},"themes":[],"title":"Option moves suggest China stocks will rebound","htmlText":"As the tide turns, it is the turn of emerging markets to rebound, and the dollar is expected to start turning around.Emerging Markets is literally Emerging Markets <a href=\"https://ttm.financial/S/EEM\">$iShares MSCI Emerging Markets ETF(EEM)$</a> . The etf's holdings include listed companies in emerging markets such as China, India, South Korea and Brazil. From an investment point of view, the stock is a little awkward, because usually these countries do not move in the same direction. There are also more segmented ETFs on the market, so the investor wouldn't think to trade them in the first place.But options trading on this etf is very active, and I don't know what the institutions are thinking, but someone bought the super long call straddle yesterday:buy","listText":"As the tide turns, it is the turn of emerging markets to rebound, and the dollar is expected to start turning around.Emerging Markets is literally Emerging Markets <a href=\"https://ttm.financial/S/EEM\">$iShares MSCI Emerging Markets ETF(EEM)$</a> . The etf's holdings include listed companies in emerging markets such as China, India, South Korea and Brazil. From an investment point of view, the stock is a little awkward, because usually these countries do not move in the same direction. There are also more segmented ETFs on the market, so the investor wouldn't think to trade them in the first place.But options trading on this etf is very active, and I don't know what the institutions are thinking, but someone bought the super long call straddle yesterday:buy","text":"As the tide turns, it is the turn of emerging markets to rebound, and the dollar is expected to start turning around.Emerging Markets is literally Emerging Markets $iShares MSCI Emerging Markets ETF(EEM)$ . The etf's holdings include listed companies in emerging markets such as China, India, South Korea and Brazil. From an investment point of view, the stock is a little awkward, because usually these countries do not move in the same direction. There are also more segmented ETFs on the market, so the investor wouldn't think to trade them in the first place.But options trading on this etf is very active, and I don't know what the institutions are thinking, but someone bought the super long call straddle yesterday:buy","images":[{"img":"https://static.tigerbbs.com/f54d3d8de8f7e98cfa3229a1651cb58a","width":"1047","height":"972"},{"img":"https://static.tigerbbs.com/f0232453464b301bbdfd818ae3434dc9","width":"1170","height":"1961"},{"img":"https://static.tigerbbs.com/9fe79ac686ab040a1fd1ab3402949079","width":"945","height":"505"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/192255195578464","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":5,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":66,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192610008588536,"gmtCreate":1688053612500,"gmtModify":1688053615448,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/192610008588536","repostId":"192230386954336","repostType":1,"repost":{"id":192230386954336,"gmtCreate":1687960881050,"gmtModify":1687960892748,"author":{"id":"4144906086863692","authorId":"4144906086863692","authorIdStr":"4144906086863692","name":"NAI500","avatar":"https://community-static.tradeup.com/news/01a5cfb1c65c21d31f28a3934107c034","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4144906086863692"},"themes":[],"title":"After the Downgrade and Sold by Institutions, Tesla’s Next Buy Point at $$207.79","htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a> shares were downgraded again by Goldman Sachs on Sunday after being downgraded three times last week. Meanwhile, Wood's Ark Investment Management continued to sell <a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a> shares on Friday.1.Tesla be downgraded to neutralGoldman Sachs analyst Mark Delaney downgraded Tesla stock to \"neutral\" from a previous \"buy\" rating on Sunday. Elsewhere, Delaney raised his price target on the stock to $248 from $185, about 3% below <a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a> 's closing price on Friday.“We believe the stock’s current share price better reflects our long-term bullish view on the company’s growth potential and competitive position,” Delaney said.The an","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a> shares were downgraded again by Goldman Sachs on Sunday after being downgraded three times last week. Meanwhile, Wood's Ark Investment Management continued to sell <a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a> shares on Friday.1.Tesla be downgraded to neutralGoldman Sachs analyst Mark Delaney downgraded Tesla stock to \"neutral\" from a previous \"buy\" rating on Sunday. Elsewhere, Delaney raised his price target on the stock to $248 from $185, about 3% below <a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a> 's closing price on Friday.“We believe the stock’s current share price better reflects our long-term bullish view on the company’s growth potential and competitive position,” Delaney said.The an","text":"$Tesla Motors(TSLA)$ shares were downgraded again by Goldman Sachs on Sunday after being downgraded three times last week. Meanwhile, Wood's Ark Investment Management continued to sell $Tesla Motors(TSLA)$ shares on Friday.1.Tesla be downgraded to neutralGoldman Sachs analyst Mark Delaney downgraded Tesla stock to \"neutral\" from a previous \"buy\" rating on Sunday. Elsewhere, Delaney raised his price target on the stock to $248 from $185, about 3% below $Tesla Motors(TSLA)$ 's closing price on Friday.“We believe the stock’s current share price better reflects our long-term bullish view on the company’s growth potential and competitive position,” Delaney said.The an","images":[{"img":"https://community-static.tradeup.com/news/587c5660f3fe33cc5e9bc0b67ca1ea5d","width":"560","height":"240"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/192230386954336","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":144,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192610599317664,"gmtCreate":1688053602492,"gmtModify":1688053605732,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/192610599317664","repostId":"767387354972336","repostType":1,"repost":{"id":767387354972336,"gmtCreate":1687879001452,"gmtModify":1687882658439,"author":{"id":"10000000000010714","authorId":"10000000000010714","authorIdStr":"10000000000010714","name":"HueFin News","avatar":"https://community-static.tradeup.com/news/525ab01de57ae269d24770433c37e0ed","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"10000000000010714"},"themes":[],"htmlText":"\n \n \n  Who's Behind The Plan To Crash Nvidia Stock? NVDA Stock Analysis\n \n","listText":"Who's Behind The Plan To Crash Nvidia Stock? NVDA Stock Analysis","text":"Who's Behind The Plan To Crash Nvidia Stock? NVDA Stock Analysis","images":[],"top":1,"highlighted":2,"essential":2,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/767387354972336","isVote":1,"tweetType":2,"object":{"id":"83ebf664391e4271b8b747cb2a76f7c6","tweetId":"767387354972336","title":"Who&#39;s Behind The Plan To Crash Nvidia Stock? NVDA Stock Analysis","videoUrl":"http://v.tigerbbs.com/16878789967848d6d0864a2f13c31fa3e60c6321f7f6d.mp4","poster":"https://static.tigerbbs.com/88fcfab2dc0167450dfcbb8aeb32fdf1","shareLink":"http://v.tigerbbs.com/16878789967848d6d0864a2f13c31fa3e60c6321f7f6d.mp4"},"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":236,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158397262,"gmtCreate":1625128057156,"gmtModify":1703736687248,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Good I think","listText":"Good I think","text":"Good I think","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/158397262","isVote":1,"tweetType":1,"viewCount":203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158394154,"gmtCreate":1625128004078,"gmtModify":1703736685447,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/VOO\">$Vanguard S&amp;P 500 ETF(VOO)$</a>goood","listText":"<a href=\"https://laohu8.com/S/VOO\">$Vanguard S&amp;P 500 ETF(VOO)$</a>goood","text":"$Vanguard S&P 500 ETF(VOO)$goood","images":[{"img":"https://static.tigerbbs.com/5898cd99b57ef1eb2381ec8f16e5828c","width":"1242","height":"1767"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/158394154","isVote":1,"tweetType":1,"viewCount":285,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":159113875,"gmtCreate":1624947428097,"gmtModify":1703848612341,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159113875","repostId":"2147591848","repostType":4,"isVote":1,"tweetType":1,"viewCount":261,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159113342,"gmtCreate":1624947414586,"gmtModify":1703848610406,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159113342","repostId":"2147859286","repostType":4,"repost":{"id":"2147859286","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":1624945591,"share":"https://ttm.financial/m/news/2147859286?lang=&edition=fundamental","pubTime":"2021-06-29 13:46","market":"us","language":"en","title":"Google restores services after multiple users face outage","url":"https://stock-news.laohu8.com/highlight/detail?id=2147859286","media":"Reuters","summary":"June 28 (Reuters) - Multiple users complained about an outage affecting Alphabet Inc's search engine","content":"<p>June 28 (Reuters) - Multiple users complained about an outage affecting Alphabet Inc's search engine Google as well as its streaming and email services late Monday before services were restored, according to outage monitoring website Downdetector.</p>\n<p>Platforms including Google, YouTube, and Gmail were down, with users citing issues with login and accessing the website in parts of North America, according to Downdetector.</p>\n<p>More than a thousand users were having difficulties with the search engine at <a href=\"https://laohu8.com/S/AONE\">one</a> point, the outage monitoring website showed, and users were also facing issues with YouTube TV and Google Drive.</p>\n<p>Reports of Google outage on Downdetector have dropped significantly to single digits early Tuesday.</p>\n<p>The issue affecting the platforms was not immediately clear.</p>\n<p>Google did not immediately respond to a Reuters' request for comment after business hours.</p>\n<p>Downdetector tracks outages by collating status reports from a series of sources, including user-submitted errors on its platform.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Google restores services after multiple users face outage</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\">\nGoogle restores services after multiple users face outage\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\">2021-06-29 13:46</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>June 28 (Reuters) - Multiple users complained about an outage affecting Alphabet Inc's search engine Google as well as its streaming and email services late Monday before services were restored, according to outage monitoring website Downdetector.</p>\n<p>Platforms including Google, YouTube, and Gmail were down, with users citing issues with login and accessing the website in parts of North America, according to Downdetector.</p>\n<p>More than a thousand users were having difficulties with the search engine at <a href=\"https://laohu8.com/S/AONE\">one</a> point, the outage monitoring website showed, and users were also facing issues with YouTube TV and Google Drive.</p>\n<p>Reports of Google outage on Downdetector have dropped significantly to single digits early Tuesday.</p>\n<p>The issue affecting the platforms was not immediately clear.</p>\n<p>Google did not immediately respond to a Reuters' request for comment after business hours.</p>\n<p>Downdetector tracks outages by collating status reports from a series of sources, including user-submitted errors on its platform.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOGL":"谷歌A","03086":"华夏纳指","GOOG":"谷歌","QNETCN":"纳斯达克中美互联网老虎指数","09086":"华夏纳指-U"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2147859286","content_text":"June 28 (Reuters) - Multiple users complained about an outage affecting Alphabet Inc's search engine Google as well as its streaming and email services late Monday before services were restored, according to outage monitoring website Downdetector.\nPlatforms including Google, YouTube, and Gmail were down, with users citing issues with login and accessing the website in parts of North America, according to Downdetector.\nMore than a thousand users were having difficulties with the search engine at one point, the outage monitoring website showed, and users were also facing issues with YouTube TV and Google Drive.\nReports of Google outage on Downdetector have dropped significantly to single digits early Tuesday.\nThe issue affecting the platforms was not immediately clear.\nGoogle did not immediately respond to a Reuters' request for comment after business hours.\nDowndetector tracks outages by collating status reports from a series of sources, including user-submitted errors on its platform.","news_type":1},"isVote":1,"tweetType":1,"viewCount":189,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159119747,"gmtCreate":1624947403489,"gmtModify":1703848610082,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159119747","repostId":"2147859425","repostType":4,"repost":{"id":"2147859425","pubTimestamp":1624945920,"share":"https://ttm.financial/m/news/2147859425?lang=&edition=fundamental","pubTime":"2021-06-29 13:52","market":"hk","language":"en","title":"Developer China Evergrande says debt level down to 570 billion yuan","url":"https://stock-news.laohu8.com/highlight/detail?id=2147859425","media":"StreetInsider","summary":"HONG KONG (Reuters) - China Evergrande Group said on Tuesday its interest-bearing indebtedness has d","content":"<p>HONG KONG (Reuters) - China Evergrande Group said on Tuesday its interest-bearing indebtedness has dropped to around 570 billion yuan ($88.23 billion), from 716.5 billion yuan at the end of 2020.</p>\n<p>The company had said early this month the debt level would drop below 600 billion yuan by the end of June, achieving <a href=\"https://laohu8.com/S/AONE\">one</a> of the three debt ratio caps set by regulators and coming close to its year-end target of 560 billion yuan.</p>\n<p>China's most indebted property developer vowed last year to cut its debt by 150 billion yuan annually for three years, targetting to achieve all three caps by end of 2022.</p>\n<p>Evergrande has been scrambling for cash as Beijing tackles what it considers excessive borrowing in the real estate development sector with planned new debt-ratio caps dubbed the \"three red lines\".</p>\n<p>Last week, Evergrande said it had arranged its own funds of $1.75 billion to repay its $1.5 billion offshore bonds due on Monday, as well as to pay interest on all other dollar bonds.</p>\n<p>Investors became increasingly worried about the developer's financing capability when it confirmed earlier this month some of its project companies' commercial paper had not been repaid on time, but it was arranging payments.</p>\n<p>In a filing published on Tuesday, supplier Skshu Paint Co said client Evergrande had not repaid 49 million yuan of commercial bill that matured in the first quarter on time as of May 31, as \"individual major property developers faced liquidity difficulties\".</p>\n<p>Responding to Reuters about the late payment, Evergrande said all the related commercial bills to Skshu Paint have now been fully repaid.</p>","source":"highlight_streetinsider","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>Developer China Evergrande says debt level down to 570 billion yuan</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\">\nDeveloper China Evergrande says debt level down to 570 billion yuan\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-29 13:52 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/dr/news.php?id=18616047><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>HONG KONG (Reuters) - China Evergrande Group said on Tuesday its interest-bearing indebtedness has dropped to around 570 billion yuan ($88.23 billion), from 716.5 billion yuan at the end of 2020.\nThe ...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=18616047\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"03333":"中国恒大"},"source_url":"https://www.streetinsider.com/dr/news.php?id=18616047","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2147859425","content_text":"HONG KONG (Reuters) - China Evergrande Group said on Tuesday its interest-bearing indebtedness has dropped to around 570 billion yuan ($88.23 billion), from 716.5 billion yuan at the end of 2020.\nThe company had said early this month the debt level would drop below 600 billion yuan by the end of June, achieving one of the three debt ratio caps set by regulators and coming close to its year-end target of 560 billion yuan.\nChina's most indebted property developer vowed last year to cut its debt by 150 billion yuan annually for three years, targetting to achieve all three caps by end of 2022.\nEvergrande has been scrambling for cash as Beijing tackles what it considers excessive borrowing in the real estate development sector with planned new debt-ratio caps dubbed the \"three red lines\".\nLast week, Evergrande said it had arranged its own funds of $1.75 billion to repay its $1.5 billion offshore bonds due on Monday, as well as to pay interest on all other dollar bonds.\nInvestors became increasingly worried about the developer's financing capability when it confirmed earlier this month some of its project companies' commercial paper had not been repaid on time, but it was arranging payments.\nIn a filing published on Tuesday, supplier Skshu Paint Co said client Evergrande had not repaid 49 million yuan of commercial bill that matured in the first quarter on time as of May 31, as \"individual major property developers faced liquidity difficulties\".\nResponding to Reuters about the late payment, Evergrande said all the related commercial bills to Skshu Paint have now been fully repaid.","news_type":1},"isVote":1,"tweetType":1,"viewCount":232,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159119470,"gmtCreate":1624947393690,"gmtModify":1703848610244,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159119470","repostId":"2147859758","repostType":4,"repost":{"id":"2147859758","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":1624946364,"share":"https://ttm.financial/m/news/2147859758?lang=&edition=fundamental","pubTime":"2021-06-29 13:59","market":"us","language":"en","title":"J&J scraps India COVID-19 vaccine trial, aims to accelerate availability - ET","url":"https://stock-news.laohu8.com/highlight/detail?id=2147859758","media":"Reuters","summary":"BENGALURU, June 29 (Reuters) - Johnson & Johnson will not be undertaking local trials for its single","content":"<p>BENGALURU, June 29 (Reuters) - Johnson &amp; Johnson will not be undertaking local trials for its single-shot COVID-19 vaccine in India and is looking at ways to accelerate its availability in the country, the Economic Times reported on Tuesday, citing a company spokesperson.</p>\n<p>J&amp;J said in April it was in talks with India's government to begin a bridging clinical study of its Janssen COVID-19 vaccine candidate in the country.</p>\n<p>In late May, India said it would scrap local trials altogether for \"well-established\" vaccines manufactured in other countries.</p>\n<p>The U.S.-based drugmaker is exploring how to accelerate the availability of its vaccine in India, the Economic Times report said. ()</p>\n<p>Over 41 million COVID-19 vaccine doses were administered across India last week, with pandemic-induced restrictions being eased further.</p>\n<p>Experts have said widespread vaccination remains <a href=\"https://laohu8.com/S/AONE\">one</a> of the best tools to avoid the kind of devastation India saw during its second wave of the pandemic.</p>\n<p>J&amp;J did not immediately respond to a Reuters request for comment.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>J&J scraps India COVID-19 vaccine trial, aims to accelerate availability - ET</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\">\nJ&J scraps India COVID-19 vaccine trial, aims to accelerate availability - ET\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\">2021-06-29 13:59</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>BENGALURU, June 29 (Reuters) - Johnson &amp; Johnson will not be undertaking local trials for its single-shot COVID-19 vaccine in India and is looking at ways to accelerate its availability in the country, the Economic Times reported on Tuesday, citing a company spokesperson.</p>\n<p>J&amp;J said in April it was in talks with India's government to begin a bridging clinical study of its Janssen COVID-19 vaccine candidate in the country.</p>\n<p>In late May, India said it would scrap local trials altogether for \"well-established\" vaccines manufactured in other countries.</p>\n<p>The U.S.-based drugmaker is exploring how to accelerate the availability of its vaccine in India, the Economic Times report said. ()</p>\n<p>Over 41 million COVID-19 vaccine doses were administered across India last week, with pandemic-induced restrictions being eased further.</p>\n<p>Experts have said widespread vaccination remains <a href=\"https://laohu8.com/S/AONE\">one</a> of the best tools to avoid the kind of devastation India saw during its second wave of the pandemic.</p>\n<p>J&amp;J did not immediately respond to a Reuters request for comment.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JNJ":"强生"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2147859758","content_text":"BENGALURU, June 29 (Reuters) - Johnson & Johnson will not be undertaking local trials for its single-shot COVID-19 vaccine in India and is looking at ways to accelerate its availability in the country, the Economic Times reported on Tuesday, citing a company spokesperson.\nJ&J said in April it was in talks with India's government to begin a bridging clinical study of its Janssen COVID-19 vaccine candidate in the country.\nIn late May, India said it would scrap local trials altogether for \"well-established\" vaccines manufactured in other countries.\nThe U.S.-based drugmaker is exploring how to accelerate the availability of its vaccine in India, the Economic Times report said. ()\nOver 41 million COVID-19 vaccine doses were administered across India last week, with pandemic-induced restrictions being eased further.\nExperts have said widespread vaccination remains one of the best tools to avoid the kind of devastation India saw during its second wave of the pandemic.\nJ&J did not immediately respond to a Reuters request for comment.","news_type":1},"isVote":1,"tweetType":1,"viewCount":124,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159119826,"gmtCreate":1624947382165,"gmtModify":1703848609435,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159119826","repostId":"1159327817","repostType":4,"repost":{"id":"1159327817","pubTimestamp":1624947169,"share":"https://ttm.financial/m/news/1159327817?lang=&edition=fundamental","pubTime":"2021-06-29 14:12","market":"hk","language":"en","title":"Chinese tech IPOs fuel Hong Kong stock exchange’s best first half ever","url":"https://stock-news.laohu8.com/highlight/detail?id=1159327817","media":"Fortune","summary":"The initial public offerings of mainland Chinese technology firms propelled Hong Kong Exchanges and Clearing  to its strongest-ever first half in terms of IPO proceeds, according tonew data from KPMG.The blockbuster listings of five Chinese tech companies contributed two-thirds of the Hong Kong stock exchange’s IPO proceeds of $26 billion, a record high for the first six months of 2021 that represents a 54% increase from the same period last year.TikTok rival Kuaishou Technology, a short-video p","content":"<p>The initial public offerings of mainland Chinese technology firms propelled Hong Kong Exchanges and Clearing (HKEX) to its strongest-ever first half in terms of IPO proceeds, according tonew data from KPMG.</p>\n<p>The blockbuster listings of five Chinese tech companies contributed two-thirds of the Hong Kong stock exchange’s IPO proceeds of $26 billion, a record high for the first six months of 2021 that represents a 54% increase from the same period last year.</p>\n<p>TikTok rival Kuaishou Technology, a short-video platform, amassed $6.2 billion in its public debut on the HKEX in February. It was the world’s top-earning IPO in the first six months of 2021.</p>\n<p>JD Logistics, the technology-driven delivery arm of e-commerce empireJD.com, raised $3.6 billion in its May debut.</p>\n<p>Three secondary listings by Chinese firms also brought in large sums. In March, search engine giant Baidu netted $3.1 billion, while video platform Bilibili raised $3 billion that same month. Shanghai-based Trip.com, a travel booking platform, received $1.3 billion from investors in April.</p>\n<p>Four of the five firms made the list of top 10 IPOs worldwide in terms of funds raised for the first half of 2021.</p>\n<p><img src=\"https://static.tigerbbs.com/2450e9000b6cc09a084ce1ea12996dbf\" tg-width=\"705\" tg-height=\"632\" referrerpolicy=\"no-referrer\"></p>\n<p>The outsize presence of technology firms on the Hong Kong bourse is not surprising, as markets pivot to “new economy” firms—namely, innovative, tech-first companies, says Louis Lau, partner in the capital markets advisory group atKPMGChina.</p>\n<p>The trend in “homecoming listings”—or U.S.-listed Chinese companies that choose the HKEX for a secondary listing—that began in 2018 has also continued this year. The Hong Kong bourse is a natural choice for such listings, given domestic investors’ familiarity with Chinese companies’ brands and businesses, analysts say. Secondary listings in Hong Kong serve as a sort of backup option for U.S.-listed firms that are at risk of being booted from American exchanges should they violate U.S. audit review rules.</p>\n<p>Fourteen Chinese companies have opted for a secondary listing in Hong Kong since 2018. Baidu, Bilibili, Trip, and online car portal Autohome staged homecoming listings in the first six months of 2021 andraised a combined$8.1 billion—approximately 31% of the city’s IPO proceeds.</p>\n<p>“The ‘homecoming’ of U.S.-listed Chinese companies continues to lift the city’s capital markets…and [are] the hot trend of the Hong Kong IPO market. We expect this trend to continue,” says Lau.</p>\n<p>For the first half of this year, the HKEX ranked third worldwide in terms of funds raised, behind theNasdaqand New York Stock Exchange (NYSE), which raked in $46.4 billion and $28.3 billion, respectively. Funds raised in the global IPO market soared to $210 billion in the first six months of 2021, an increase of 66% compared with the same period last year.</p>\n<p><img src=\"https://static.tigerbbs.com/029bb7383e64abec244db35d4ac948ac\" tg-width=\"704\" tg-height=\"612\" referrerpolicy=\"no-referrer\"></p>\n<p>HKEX in May announced it will raise its profit requirements by 60% for listing applicants starting in January 2022. It’s the first increase in almost 30 years for the bourse, which made the change to “enhance market quality and investor protection,”HKEX said in a statement.</p>\n<p>Even with the higher profit threshold, the Hong Kong exchange will remain competitive, Lau says. The recent announcement may lead to a rush of IPO applications in the second half of this year, since the change takes effect in January. “However, the Hong Kong IPO market will not be significantly impacted in terms of funds raised,” he adds.</p>","source":"lsy1612507957220","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>Chinese tech IPOs fuel Hong Kong stock exchange’s best first half ever</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\">\nChinese tech IPOs fuel Hong Kong stock exchange’s best first half ever\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-29 14:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/chinese-tech-ipos-fuel-hong-101236086.html><strong>Fortune</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The initial public offerings of mainland Chinese technology firms propelled Hong Kong Exchanges and Clearing (HKEX) to its strongest-ever first half in terms of IPO proceeds, according tonew data from...</p>\n\n<a href=\"https://finance.yahoo.com/news/chinese-tech-ipos-fuel-hong-101236086.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"01024":"快手-W","02618":"京东物流"},"source_url":"https://finance.yahoo.com/news/chinese-tech-ipos-fuel-hong-101236086.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159327817","content_text":"The initial public offerings of mainland Chinese technology firms propelled Hong Kong Exchanges and Clearing (HKEX) to its strongest-ever first half in terms of IPO proceeds, according tonew data from KPMG.\nThe blockbuster listings of five Chinese tech companies contributed two-thirds of the Hong Kong stock exchange’s IPO proceeds of $26 billion, a record high for the first six months of 2021 that represents a 54% increase from the same period last year.\nTikTok rival Kuaishou Technology, a short-video platform, amassed $6.2 billion in its public debut on the HKEX in February. It was the world’s top-earning IPO in the first six months of 2021.\nJD Logistics, the technology-driven delivery arm of e-commerce empireJD.com, raised $3.6 billion in its May debut.\nThree secondary listings by Chinese firms also brought in large sums. In March, search engine giant Baidu netted $3.1 billion, while video platform Bilibili raised $3 billion that same month. Shanghai-based Trip.com, a travel booking platform, received $1.3 billion from investors in April.\nFour of the five firms made the list of top 10 IPOs worldwide in terms of funds raised for the first half of 2021.\n\nThe outsize presence of technology firms on the Hong Kong bourse is not surprising, as markets pivot to “new economy” firms—namely, innovative, tech-first companies, says Louis Lau, partner in the capital markets advisory group atKPMGChina.\nThe trend in “homecoming listings”—or U.S.-listed Chinese companies that choose the HKEX for a secondary listing—that began in 2018 has also continued this year. The Hong Kong bourse is a natural choice for such listings, given domestic investors’ familiarity with Chinese companies’ brands and businesses, analysts say. Secondary listings in Hong Kong serve as a sort of backup option for U.S.-listed firms that are at risk of being booted from American exchanges should they violate U.S. audit review rules.\nFourteen Chinese companies have opted for a secondary listing in Hong Kong since 2018. Baidu, Bilibili, Trip, and online car portal Autohome staged homecoming listings in the first six months of 2021 andraised a combined$8.1 billion—approximately 31% of the city’s IPO proceeds.\n“The ‘homecoming’ of U.S.-listed Chinese companies continues to lift the city’s capital markets…and [are] the hot trend of the Hong Kong IPO market. We expect this trend to continue,” says Lau.\nFor the first half of this year, the HKEX ranked third worldwide in terms of funds raised, behind theNasdaqand New York Stock Exchange (NYSE), which raked in $46.4 billion and $28.3 billion, respectively. Funds raised in the global IPO market soared to $210 billion in the first six months of 2021, an increase of 66% compared with the same period last year.\n\nHKEX in May announced it will raise its profit requirements by 60% for listing applicants starting in January 2022. It’s the first increase in almost 30 years for the bourse, which made the change to “enhance market quality and investor protection,”HKEX said in a statement.\nEven with the higher profit threshold, the Hong Kong exchange will remain competitive, Lau says. The recent announcement may lead to a rush of IPO applications in the second half of this year, since the change takes effect in January. “However, the Hong Kong IPO market will not be significantly impacted in terms of funds raised,” he adds.","news_type":1},"isVote":1,"tweetType":1,"viewCount":229,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":348399684,"gmtCreate":1617886687048,"gmtModify":1704704367696,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/348399684","repostId":"2125726223","repostType":4,"isVote":1,"tweetType":1,"viewCount":161,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":348390428,"gmtCreate":1617886580764,"gmtModify":1704704366377,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Wow so good","listText":"Wow so good","text":"Wow so good","images":[{"img":"https://static.tigerbbs.com/7050b7d7dd35244adebf7892a2a3cc86","width":"1125","height":"3212"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/348390428","isVote":1,"tweetType":1,"viewCount":46,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":341621010,"gmtCreate":1617809481830,"gmtModify":1704703495659,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/341621010","repostId":"1187774907","repostType":4,"repost":{"id":"1187774907","pubTimestamp":1617809381,"share":"https://ttm.financial/m/news/1187774907?lang=&edition=fundamental","pubTime":"2021-04-07 23:29","market":"us","language":"en","title":"CVC Offers About $21 Billion in Toshiba Buyout Bid","url":"https://stock-news.laohu8.com/highlight/detail?id=1187774907","media":"Bloomberg","summary":"(Bloomberg) -- CVC Capital Partners has offered about 5,000 yen per share to buy out Toshiba Corp., ","content":"<p>(Bloomberg) -- CVC Capital Partners has offered about 5,000 yen per share to buy out Toshiba Corp., according to an executive at the Japanese conglomerate.</p>\n<p>Toshiba’s board plans to form a special committee to consider the proposal, said the executive, who asked not to be identified discussing confidential information. A bid at that level would value Toshiba at about 2.28 trillion yen ($20.7 billion), according to data compiled by Bloomberg.</p>\n<p>An offer of 5,000 yen would represent a 31% premium to Toshiba’s closing price on Tuesday, before news of the bid emerged. CVC’s proposal doesn’t currently include any other funds, the executive said.</p>\n<p>Toshiba hasn’t yet discussed CVC’s offer with Effissimo Capital Management, the Singapore-based fund that ranks as its biggest shareholder, the executive said.</p>\n<p>The Japanese company confirmed earlier Wednesday that it had received a preliminary offer from CVC, without revealing the level of the bid. Toshiba said it will carefully assess the proposal and make further disclosures when necessary. The company’s shares surged 18%, the daily limit, in Tokyo on the news.</p>\n<p>CVC’s offer, which sets the stage for potentially the largest private equity-led acquisition in years, comes as Toshiba faces scrutiny from activists following a series of scandals, including a record fine for faulty accounting, billions of dollars in writedowns and a bungled foray into U.S. nuclear power. The company brought in Chief Executive Officer Nobuaki Kurumatani -- a former senior CVC executive -- to repair investor confidence. The Japanese conglomerate today remains a major player in defense and energy at home and owns a major slice of Kioxia Holdings Corp., which is said to be focused on pursuing an initial public offering as soon as this summer.</p>\n<p>“The shareholders may be receptive given that the deal appears to offer a premium,” said Naoki Fujiwara, chief fund manager at Shinkin Asset Management Co. But “the government will also need to give its approval because of Toshiba’s involvement in defense. There are still a lot of questions around whether this kind of deal is achievable at all.”</p>\n<p>Toshiba’s involvement in a number of sensitive industries may complicate government approval for a sale to a foreign entity. A takeover faces government scrutiny due to its deep involvement in decommissioning the wrecked Fukushima Dai-Ichi nuclear power plant, a process that will take decades. The company developed a system to purify tainted radioactive water seeping into the facility, and is working with the utility to devise a plan to search for and remove melted fuel debris at the bottom of the reactors.</p>\n<p>Regulators aside, Kurumatani -- the first outsider to lead Toshiba in more than 50 years -- may also have to grapple with unhappy shareholders. Last month, investors passed a resolution put forward by Singapore-based Effissimo Capital Management, Toshiba’s largest shareholder, calling for an investigation into the fairness of voting at the 2020 annual shareholders’ meeting.</p>\n<p>A Toshiba deal would be the second initiated in Japan this year by CVC, which is buying Shiseido Co.’s personal care unit in a $1.5 billion deal. The buyout firm, which tends to focus on smaller-sized deals than the one it’s said to be contemplating for Toshiba, was said to have completed a 21.3 billion-euro ($24 billion) fundraising for its eighth flagship fund last year.</p>\n<p>Private equity firms have announced $15.1 billion of deals targeting Japanese firms over the past 12 months, according to data compiled by Bloomberg.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>CVC Offers About $21 Billion in Toshiba Buyout Bid</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\">\nCVC Offers About $21 Billion in Toshiba Buyout Bid\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-07 23:29 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/cvc-offers-21-billion-toshiba-151850931.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- CVC Capital Partners has offered about 5,000 yen per share to buy out Toshiba Corp., according to an executive at the Japanese conglomerate.\nToshiba’s board plans to form a special ...</p>\n\n<a href=\"https://finance.yahoo.com/news/cvc-offers-21-billion-toshiba-151850931.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TOSYY":"东芝"},"source_url":"https://finance.yahoo.com/news/cvc-offers-21-billion-toshiba-151850931.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187774907","content_text":"(Bloomberg) -- CVC Capital Partners has offered about 5,000 yen per share to buy out Toshiba Corp., according to an executive at the Japanese conglomerate.\nToshiba’s board plans to form a special committee to consider the proposal, said the executive, who asked not to be identified discussing confidential information. A bid at that level would value Toshiba at about 2.28 trillion yen ($20.7 billion), according to data compiled by Bloomberg.\nAn offer of 5,000 yen would represent a 31% premium to Toshiba’s closing price on Tuesday, before news of the bid emerged. CVC’s proposal doesn’t currently include any other funds, the executive said.\nToshiba hasn’t yet discussed CVC’s offer with Effissimo Capital Management, the Singapore-based fund that ranks as its biggest shareholder, the executive said.\nThe Japanese company confirmed earlier Wednesday that it had received a preliminary offer from CVC, without revealing the level of the bid. Toshiba said it will carefully assess the proposal and make further disclosures when necessary. The company’s shares surged 18%, the daily limit, in Tokyo on the news.\nCVC’s offer, which sets the stage for potentially the largest private equity-led acquisition in years, comes as Toshiba faces scrutiny from activists following a series of scandals, including a record fine for faulty accounting, billions of dollars in writedowns and a bungled foray into U.S. nuclear power. The company brought in Chief Executive Officer Nobuaki Kurumatani -- a former senior CVC executive -- to repair investor confidence. The Japanese conglomerate today remains a major player in defense and energy at home and owns a major slice of Kioxia Holdings Corp., which is said to be focused on pursuing an initial public offering as soon as this summer.\n“The shareholders may be receptive given that the deal appears to offer a premium,” said Naoki Fujiwara, chief fund manager at Shinkin Asset Management Co. But “the government will also need to give its approval because of Toshiba’s involvement in defense. There are still a lot of questions around whether this kind of deal is achievable at all.”\nToshiba’s involvement in a number of sensitive industries may complicate government approval for a sale to a foreign entity. A takeover faces government scrutiny due to its deep involvement in decommissioning the wrecked Fukushima Dai-Ichi nuclear power plant, a process that will take decades. The company developed a system to purify tainted radioactive water seeping into the facility, and is working with the utility to devise a plan to search for and remove melted fuel debris at the bottom of the reactors.\nRegulators aside, Kurumatani -- the first outsider to lead Toshiba in more than 50 years -- may also have to grapple with unhappy shareholders. Last month, investors passed a resolution put forward by Singapore-based Effissimo Capital Management, Toshiba’s largest shareholder, calling for an investigation into the fairness of voting at the 2020 annual shareholders’ meeting.\nA Toshiba deal would be the second initiated in Japan this year by CVC, which is buying Shiseido Co.’s personal care unit in a $1.5 billion deal. The buyout firm, which tends to focus on smaller-sized deals than the one it’s said to be contemplating for Toshiba, was said to have completed a 21.3 billion-euro ($24 billion) fundraising for its eighth flagship fund last year.\nPrivate equity firms have announced $15.1 billion of deals targeting Japanese firms over the past 12 months, according to data compiled by Bloomberg.","news_type":1},"isVote":1,"tweetType":1,"viewCount":143,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":341623745,"gmtCreate":1617809466887,"gmtModify":1704703494531,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Ivivivuvuvu","listText":"Ivivivuvuvu","text":"Ivivivuvuvu","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/341623745","isVote":1,"tweetType":1,"viewCount":99,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354607171,"gmtCreate":1617163890193,"gmtModify":1704696654952,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Good buy","listText":"Good buy","text":"Good buy","images":[{"img":"https://static.tigerbbs.com/117865fbff417693401373e43b163ee6","width":"1125","height":"3293"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/354607171","isVote":1,"tweetType":1,"viewCount":129,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":354604127,"gmtCreate":1617163798269,"gmtModify":1704696653980,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/354604127","repostId":"1163996400","repostType":4,"repost":{"id":"1163996400","pubTimestamp":1617094880,"share":"https://ttm.financial/m/news/1163996400?lang=&edition=fundamental","pubTime":"2021-03-30 17:01","market":"us","language":"en","title":"Coursera: The Education Disruptor Goes Public","url":"https://stock-news.laohu8.com/highlight/detail?id=1163996400","media":"seekingalpha","summary":"SummaryThe company is growing rapidly as a result of secular trends as well as the Covid-19 pandemic","content":"<p><b>Summary</b></p><ul><li>The company is growing rapidly as a result of secular trends as well as the Covid-19 pandemic.</li><li>It is operating in a huge addressable market that is likely to grow for the foreseeable future.</li><li>Coursera enjoys many competitive advantages, among them a large, existing user base, price-to-cost advantages, and the ability to personalize content as a result of its trove of data.</li><li>Given its scale, and competitive advantages, the company should win an outsized share of its market opportunity.</li><li>However, because the company has not turned a profit, there is a chance that its stock may be too volatile in the near term. Buying when the company turns a profit is the safer bet.</li></ul><p>Coursera (COURS), the online learning platform founded in 2012 by former Stanford University computer science professors Daphne Koller and Andrew Ng, filed itsIPO prospectuswith the Securities and Exchange Commission (SEC). The Mountain View, California-based company offers individuals access to over 4,000 Massive Open Online Courses (MOOCs) from 200 educational institutions and corporations. The company also offers over two dozen degree programs at prices lower than what a learner would pay at a traditional, in-person institution. As the company grows its offering, it will be able to compete head-to-head with other “online program management” (OPM) providers, such as 2U(NASDAQ:TWOU), which is already publicly traded, and Noodle Partners.</p><p>Ng’sshareholder letter in the S-1articulated clearly just what the company is about:</p><blockquote>“We believe that education is the source of human progress. In today’s economy in which the skills needed to succeed are rapidly evolving, education is becoming more important than ever. As automation and digital disruption are poised to replace unprecedented numbers of jobs worldwide, giving workers the opportunity to upskill and reskill will be crucial to raising global living standards and increasing social equity. Online education will play a critical role, enabling anyone, anywhere, to gain the valuable skills they need to earn a living in an increasingly digital economy.”</blockquote><p>The filing lists Morgan Stanley, Goldman Sachs and Citigroup as underwriters. The number of shares and the price range of the proposed offering are yet to be determined.According to PitchBook data, Coursera’s most recent valuation in the private markets was $2.5 billion. To date, the company has raised $464 million in venture capital, most recently,$130 million in a Series F roundlast July. Coursera’s biggest institutional shareholders are New Enterprise Associates (18.3% of company stock), G Squared (15.9%) and Kleiner Perkins (9.2%).</p><p><b>Operating Results</b></p><p>The company earned $293 million in revenues for the fiscal year ended December 31, 2020, up 59% from 2019. Net losses widened by about $20 million year-on-year, reaching $66.8 million in 2020. Revenues shot up as a result of the Covid-19 pandemic’s effect on traditional education. In tandem with rising demand, operating costs associated with the company’s services rose, largely driven by the freemium content and marketing expenses. Coursera added over 12,000 new degree learners across the two years ended December 31, 2020 at an average acquisition cost of just below $2,000. The number of registered users rose by 65% year-on-year in 2020. Coursera’s accumulated deficit since its founding stood at $343.6 million as of December 31, 2020. The company does not expect to turn a profit in the foreseeable future.</p><p>The company’sCoursera for Campus,launched in late 2019to enable colleges to offer its library of MOOCs to their students, has been a key driver of recent revenue growth. At the start of the pandemic, Coursera made the program free to tertiary institutions until Sept. 30, 2020. Over 4,000 tertiary institutions from across the world signed up for the program, which, according to the company’s S-1 filing, makes it, “one of our fastest growing offerings”. As of December 31, 2020, over 130 tertiary institutions were paying for it.</p><p>At this point, it is hard to predict what the end of the pandemic would have on the company’s operating results.</p><p><b>The Strategy and Market Opportunity</b></p><p>Coursera is one of the most disruptive firms in the world. It has a flywheel approach to value creation, with significant price-to-cost advantages versus its competition. The company reported that about half of its new degree students in 2020 had been previously registered with Coursera and that its average student acquisition cost was less than $2,000. Its average student acquisition cost is lower than the industry standard. The edu-tech platform is able to efficiently acquire learners at scale because of the huge number of free, high-quality courses that it offers in partnership with top educational institutions and corporations; its ability to personalize content based on its wealth of data; the strength of word-of-mouth promotion by learners; the profitability of its affiliate paid marketing channel.</p><p>The platform offers a number of education tracks, for example:</p><ul><li>Specializations: A learner can pay between $39 and $99 a month for job-specific content across over 500 categories.</li><li>MasterTrack Certificates: For a quarter to a year, a learner can earn a certificate issued by a university-issued certificate. Prices range from $2,000 to $6,000.</li><li>Bachelor’s or Master’s Degrees: Fees range from $9,000 to $45,000.</li><li>Coursera for Enterprise: Through this platform, businesses, educational institutions and governments can deploy content to their learners.</li></ul><p>In response to the Covid-19 pandemic, Coursera partnered with over 330 government agencies across 30 U.S. states and cities and 70 countries as part of itsCoursera Workforce Recovery Initiative, which gave governments the chance to offer unemployed workers free access to thousands of business, data science, and technology courses from companies such as Amazon(NASDAQ:AMZN)and Google(NASDAQ:GOOG)(NASDAQ:GOOGL).</p><p>The company has 77 million registered learners, as well as over 2,000 businesses (including 25% of Fortune 500 companies) and 100 government agencies who paid for its enterprise offerings. The majority of its revenue (51%) was earned outside of the United States. Converting only a fraction of its 77 million registered users into paid users would change the economics of customer acquisition. The company’s present scale is a huge competitive advantage in the market.</p><p>A learner’s curriculum is designed to be “stackable”, which is to say that a learner can go through a domain in an incremental fashion. The company is able to leverage the huge volume of data it has accumulated from its over 220 million enrollments to personalize content. So, for example, Coursera’s Skills Graphs can suggest paths for job skills.</p><p>Coursera uses technology to drive down distribution costs, make content more affordable, extend access to less economically-endowed regions, help learners keep abreast of emerging skills, and grow its market opportunity. The Covid-19 pandemic has only accelerated secular trends towards the use of technology in education.</p><p>The size of the addressable market is massive and it’s easy to see why.An August 2020 study by the United Nationsdemonstrates the degree of disruption brought on by the Covid-19 pandemic: of the 1.6 billion students in 190 countries covered in the report, or 94% of the world’s students, were prevented from going to school because of Covid-19 pandemic related school closures.</p><p>In 2017, the World Bank indicated thatof the 200 million college students in the world, many do not have job-specific skills.</p><p>The Covid-19 pandemic and prior secular trends suggest that the future of education is in blended classrooms, job-specific education and continuous, lifelong education. Online learning platforms like Coursera will be the primary means through which educational content is delivered.</p><p>Globally, spending on higher education in 2019 was $2.2 trillion,according to HolonIQ. Spending on online degrees was $36 billion and is predicted to reach $74 billion by 2025.</p><p>With a huge, existing learner base; a strong brand; and the significant advantages detailed above, Coursera is likely to grab a significant amount of the market’s growth. Of thescenarios for the future of education, it seems that Coursera will continue to grow.</p><p><b>Conclusion</b></p><p>Coursera seems poised to meet the challenges of a changing education landscape. With its vast, existing user base, its flywheel model, its competitive advantages, and its existence in a huge and growing addressable market, the company is likely to do very well. The company’s value proposition is compelling. However, long run success does not equate to a good investment in the short run. An unprofitable company like Coursera is likely to be very volatile on the markets until it reaches profitability. It is better to wait for Coursera to turn a profit before investing in the company.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coursera: The Education Disruptor Goes Public</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\">\nCoursera: The Education Disruptor Goes Public\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-30 17:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4413745-coursera-education-disruptor-goes-public><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryThe company is growing rapidly as a result of secular trends as well as the Covid-19 pandemic.It is operating in a huge addressable market that is likely to grow for the foreseeable future....</p>\n\n<a href=\"https://seekingalpha.com/article/4413745-coursera-education-disruptor-goes-public\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7cedd6cbf23bbe97eaec389fb0773ed6","relate_stocks":{"COUR":"Coursera, Inc."},"source_url":"https://seekingalpha.com/article/4413745-coursera-education-disruptor-goes-public","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1163996400","content_text":"SummaryThe company is growing rapidly as a result of secular trends as well as the Covid-19 pandemic.It is operating in a huge addressable market that is likely to grow for the foreseeable future.Coursera enjoys many competitive advantages, among them a large, existing user base, price-to-cost advantages, and the ability to personalize content as a result of its trove of data.Given its scale, and competitive advantages, the company should win an outsized share of its market opportunity.However, because the company has not turned a profit, there is a chance that its stock may be too volatile in the near term. Buying when the company turns a profit is the safer bet.Coursera (COURS), the online learning platform founded in 2012 by former Stanford University computer science professors Daphne Koller and Andrew Ng, filed itsIPO prospectuswith the Securities and Exchange Commission (SEC). The Mountain View, California-based company offers individuals access to over 4,000 Massive Open Online Courses (MOOCs) from 200 educational institutions and corporations. The company also offers over two dozen degree programs at prices lower than what a learner would pay at a traditional, in-person institution. As the company grows its offering, it will be able to compete head-to-head with other “online program management” (OPM) providers, such as 2U(NASDAQ:TWOU), which is already publicly traded, and Noodle Partners.Ng’sshareholder letter in the S-1articulated clearly just what the company is about:“We believe that education is the source of human progress. In today’s economy in which the skills needed to succeed are rapidly evolving, education is becoming more important than ever. As automation and digital disruption are poised to replace unprecedented numbers of jobs worldwide, giving workers the opportunity to upskill and reskill will be crucial to raising global living standards and increasing social equity. Online education will play a critical role, enabling anyone, anywhere, to gain the valuable skills they need to earn a living in an increasingly digital economy.”The filing lists Morgan Stanley, Goldman Sachs and Citigroup as underwriters. The number of shares and the price range of the proposed offering are yet to be determined.According to PitchBook data, Coursera’s most recent valuation in the private markets was $2.5 billion. To date, the company has raised $464 million in venture capital, most recently,$130 million in a Series F roundlast July. Coursera’s biggest institutional shareholders are New Enterprise Associates (18.3% of company stock), G Squared (15.9%) and Kleiner Perkins (9.2%).Operating ResultsThe company earned $293 million in revenues for the fiscal year ended December 31, 2020, up 59% from 2019. Net losses widened by about $20 million year-on-year, reaching $66.8 million in 2020. Revenues shot up as a result of the Covid-19 pandemic’s effect on traditional education. In tandem with rising demand, operating costs associated with the company’s services rose, largely driven by the freemium content and marketing expenses. Coursera added over 12,000 new degree learners across the two years ended December 31, 2020 at an average acquisition cost of just below $2,000. The number of registered users rose by 65% year-on-year in 2020. Coursera’s accumulated deficit since its founding stood at $343.6 million as of December 31, 2020. The company does not expect to turn a profit in the foreseeable future.The company’sCoursera for Campus,launched in late 2019to enable colleges to offer its library of MOOCs to their students, has been a key driver of recent revenue growth. At the start of the pandemic, Coursera made the program free to tertiary institutions until Sept. 30, 2020. Over 4,000 tertiary institutions from across the world signed up for the program, which, according to the company’s S-1 filing, makes it, “one of our fastest growing offerings”. As of December 31, 2020, over 130 tertiary institutions were paying for it.At this point, it is hard to predict what the end of the pandemic would have on the company’s operating results.The Strategy and Market OpportunityCoursera is one of the most disruptive firms in the world. It has a flywheel approach to value creation, with significant price-to-cost advantages versus its competition. The company reported that about half of its new degree students in 2020 had been previously registered with Coursera and that its average student acquisition cost was less than $2,000. Its average student acquisition cost is lower than the industry standard. The edu-tech platform is able to efficiently acquire learners at scale because of the huge number of free, high-quality courses that it offers in partnership with top educational institutions and corporations; its ability to personalize content based on its wealth of data; the strength of word-of-mouth promotion by learners; the profitability of its affiliate paid marketing channel.The platform offers a number of education tracks, for example:Specializations: A learner can pay between $39 and $99 a month for job-specific content across over 500 categories.MasterTrack Certificates: For a quarter to a year, a learner can earn a certificate issued by a university-issued certificate. Prices range from $2,000 to $6,000.Bachelor’s or Master’s Degrees: Fees range from $9,000 to $45,000.Coursera for Enterprise: Through this platform, businesses, educational institutions and governments can deploy content to their learners.In response to the Covid-19 pandemic, Coursera partnered with over 330 government agencies across 30 U.S. states and cities and 70 countries as part of itsCoursera Workforce Recovery Initiative, which gave governments the chance to offer unemployed workers free access to thousands of business, data science, and technology courses from companies such as Amazon(NASDAQ:AMZN)and Google(NASDAQ:GOOG)(NASDAQ:GOOGL).The company has 77 million registered learners, as well as over 2,000 businesses (including 25% of Fortune 500 companies) and 100 government agencies who paid for its enterprise offerings. The majority of its revenue (51%) was earned outside of the United States. Converting only a fraction of its 77 million registered users into paid users would change the economics of customer acquisition. The company’s present scale is a huge competitive advantage in the market.A learner’s curriculum is designed to be “stackable”, which is to say that a learner can go through a domain in an incremental fashion. The company is able to leverage the huge volume of data it has accumulated from its over 220 million enrollments to personalize content. So, for example, Coursera’s Skills Graphs can suggest paths for job skills.Coursera uses technology to drive down distribution costs, make content more affordable, extend access to less economically-endowed regions, help learners keep abreast of emerging skills, and grow its market opportunity. The Covid-19 pandemic has only accelerated secular trends towards the use of technology in education.The size of the addressable market is massive and it’s easy to see why.An August 2020 study by the United Nationsdemonstrates the degree of disruption brought on by the Covid-19 pandemic: of the 1.6 billion students in 190 countries covered in the report, or 94% of the world’s students, were prevented from going to school because of Covid-19 pandemic related school closures.In 2017, the World Bank indicated thatof the 200 million college students in the world, many do not have job-specific skills.The Covid-19 pandemic and prior secular trends suggest that the future of education is in blended classrooms, job-specific education and continuous, lifelong education. Online learning platforms like Coursera will be the primary means through which educational content is delivered.Globally, spending on higher education in 2019 was $2.2 trillion,according to HolonIQ. Spending on online degrees was $36 billion and is predicted to reach $74 billion by 2025.With a huge, existing learner base; a strong brand; and the significant advantages detailed above, Coursera is likely to grab a significant amount of the market’s growth. Of thescenarios for the future of education, it seems that Coursera will continue to grow.ConclusionCoursera seems poised to meet the challenges of a changing education landscape. With its vast, existing user base, its flywheel model, its competitive advantages, and its existence in a huge and growing addressable market, the company is likely to do very well. The company’s value proposition is compelling. However, long run success does not equate to a good investment in the short run. An unprofitable company like Coursera is likely to be very volatile on the markets until it reaches profitability. It is better to wait for Coursera to turn a profit before investing in the company.","news_type":1},"isVote":1,"tweetType":1,"viewCount":156,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354604920,"gmtCreate":1617163772360,"gmtModify":1704696653331,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Wow wow","listText":"Wow wow","text":"Wow wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/354604920","isVote":1,"tweetType":1,"viewCount":216,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354917737,"gmtCreate":1617118332829,"gmtModify":1704696152034,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/354917737","repostId":"1189684251","repostType":4,"repost":{"id":"1189684251","pubTimestamp":1617117951,"share":"https://ttm.financial/m/news/1189684251?lang=&edition=fundamental","pubTime":"2021-03-30 23:25","market":"us","language":"en","title":"Analysts get bullish on Facebook and Twitter, but trader warns of one headwind coming to a ‘boiling point’","url":"https://stock-news.laohu8.com/highlight/detail?id=1189684251","media":"cnbc","summary":"Social stocks are in the spotlight.\nDeutsche Bank boosted itsFacebookprice target to a Street high o","content":"<div>\n<p>Social stocks are in the spotlight.\nDeutsche Bank boosted itsFacebookprice target to a Street high on Monday, highlighting tail winds in the advertising space, while Truist analysts upgradedTwitterto ...</p>\n\n<a href=\"https://www.cnbc.com/2021/03/30/facebook-twitter-stock-trader-warns-congress-at-a-boiling-point.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>Analysts get bullish on Facebook and Twitter, but trader warns of one headwind coming to a ‘boiling point’</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\">\nAnalysts get bullish on Facebook and Twitter, but trader warns of one headwind coming to a ‘boiling point’\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-30 23:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/03/30/facebook-twitter-stock-trader-warns-congress-at-a-boiling-point.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Social stocks are in the spotlight.\nDeutsche Bank boosted itsFacebookprice target to a Street high on Monday, highlighting tail winds in the advertising space, while Truist analysts upgradedTwitterto ...</p>\n\n<a href=\"https://www.cnbc.com/2021/03/30/facebook-twitter-stock-trader-warns-congress-at-a-boiling-point.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e5a3b7b2bdd3ab9f803f408004776e72","relate_stocks":{"TWTR":"Twitter"},"source_url":"https://www.cnbc.com/2021/03/30/facebook-twitter-stock-trader-warns-congress-at-a-boiling-point.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1189684251","content_text":"Social stocks are in the spotlight.\nDeutsche Bank boosted itsFacebookprice target to a Street high on Monday, highlighting tail winds in the advertising space, while Truist analysts upgradedTwitterto a buy on what they view as the \"most exciting product roadmap\" they've seen from the company.\nBut, the regulatory overhang persists. The CEOs of Facebook, Google and Twittertestified in front of Congress last week at a hearing on misinformation. Platforms have been criticized for not holding themselves' accountable for their content, especially false information, and for whether they either suppress or promote different voices.\nGina Sanchez, CEO of Chantico Global and chief market strategist at Lido Advisors, said Capitol Hill's next move should be a very real concern for investors in these stocks.\n\"The question really comes around how Congress decides to act on this question of Section 230 of the Communications Decency Act and that can potentially change the business model,\" Sanchez told CNBC's \"Trading Nation\" on Monday.\nWhile issues of regulation for big tech companies has been present for many years, Sanchez said it has emerged as more of an immediate threat for social stocks.\n\"Congress today is probably even more invigorated because both sides of the aisle have something to be angry about. … You have both conservatives and liberals who both feel that they've been in some ways harmed by the actions of the company. That's just not a good outlook, and I think that this is coming to a boiling point, probably in the next year or two,\" said Sanchez.\nAri Wald, head of technical analysis at Oppenheimer, is more constructive on the stocks.\n\"We do see opportunity and I think in general the industry, because it has been so soft in recent months, it's made it attractive versus the rest of the market that's really run up a bit. I think there is some rotation potential here,\" Wald said during the same segment.\nFacebook, for example, looks to have potential for some upside. The stock is the second-best performer among the FAANG stocks so far this year behindAlphabet– its 6% gain is better than the declines forAmazon,AppleandNetflix.\n“It more or less has been range-bound over the last six months and it’s created a symmetrical triangle pattern,” said Wald. “The stock is now breaking through this consolidation pattern to the upside. Here are the levels to know – there’s support at $270, that’s the prior breakout point. As long as that holds, we see upside to $310. That would be the height of the prior range measured from the breakout point.”\nFacebook traded at $290 on Tuesday.","news_type":1},"isVote":1,"tweetType":1,"viewCount":47,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354917137,"gmtCreate":1617118308029,"gmtModify":1704696155778,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/354917137","repostId":"1163996400","repostType":4,"repost":{"id":"1163996400","pubTimestamp":1617094880,"share":"https://ttm.financial/m/news/1163996400?lang=&edition=fundamental","pubTime":"2021-03-30 17:01","market":"us","language":"en","title":"Coursera: The Education Disruptor Goes Public","url":"https://stock-news.laohu8.com/highlight/detail?id=1163996400","media":"seekingalpha","summary":"SummaryThe company is growing rapidly as a result of secular trends as well as the Covid-19 pandemic","content":"<p><b>Summary</b></p><ul><li>The company is growing rapidly as a result of secular trends as well as the Covid-19 pandemic.</li><li>It is operating in a huge addressable market that is likely to grow for the foreseeable future.</li><li>Coursera enjoys many competitive advantages, among them a large, existing user base, price-to-cost advantages, and the ability to personalize content as a result of its trove of data.</li><li>Given its scale, and competitive advantages, the company should win an outsized share of its market opportunity.</li><li>However, because the company has not turned a profit, there is a chance that its stock may be too volatile in the near term. Buying when the company turns a profit is the safer bet.</li></ul><p>Coursera (COURS), the online learning platform founded in 2012 by former Stanford University computer science professors Daphne Koller and Andrew Ng, filed itsIPO prospectuswith the Securities and Exchange Commission (SEC). The Mountain View, California-based company offers individuals access to over 4,000 Massive Open Online Courses (MOOCs) from 200 educational institutions and corporations. The company also offers over two dozen degree programs at prices lower than what a learner would pay at a traditional, in-person institution. As the company grows its offering, it will be able to compete head-to-head with other “online program management” (OPM) providers, such as 2U(NASDAQ:TWOU), which is already publicly traded, and Noodle Partners.</p><p>Ng’sshareholder letter in the S-1articulated clearly just what the company is about:</p><blockquote>“We believe that education is the source of human progress. In today’s economy in which the skills needed to succeed are rapidly evolving, education is becoming more important than ever. As automation and digital disruption are poised to replace unprecedented numbers of jobs worldwide, giving workers the opportunity to upskill and reskill will be crucial to raising global living standards and increasing social equity. Online education will play a critical role, enabling anyone, anywhere, to gain the valuable skills they need to earn a living in an increasingly digital economy.”</blockquote><p>The filing lists Morgan Stanley, Goldman Sachs and Citigroup as underwriters. The number of shares and the price range of the proposed offering are yet to be determined.According to PitchBook data, Coursera’s most recent valuation in the private markets was $2.5 billion. To date, the company has raised $464 million in venture capital, most recently,$130 million in a Series F roundlast July. Coursera’s biggest institutional shareholders are New Enterprise Associates (18.3% of company stock), G Squared (15.9%) and Kleiner Perkins (9.2%).</p><p><b>Operating Results</b></p><p>The company earned $293 million in revenues for the fiscal year ended December 31, 2020, up 59% from 2019. Net losses widened by about $20 million year-on-year, reaching $66.8 million in 2020. Revenues shot up as a result of the Covid-19 pandemic’s effect on traditional education. In tandem with rising demand, operating costs associated with the company’s services rose, largely driven by the freemium content and marketing expenses. Coursera added over 12,000 new degree learners across the two years ended December 31, 2020 at an average acquisition cost of just below $2,000. The number of registered users rose by 65% year-on-year in 2020. Coursera’s accumulated deficit since its founding stood at $343.6 million as of December 31, 2020. The company does not expect to turn a profit in the foreseeable future.</p><p>The company’sCoursera for Campus,launched in late 2019to enable colleges to offer its library of MOOCs to their students, has been a key driver of recent revenue growth. At the start of the pandemic, Coursera made the program free to tertiary institutions until Sept. 30, 2020. Over 4,000 tertiary institutions from across the world signed up for the program, which, according to the company’s S-1 filing, makes it, “one of our fastest growing offerings”. As of December 31, 2020, over 130 tertiary institutions were paying for it.</p><p>At this point, it is hard to predict what the end of the pandemic would have on the company’s operating results.</p><p><b>The Strategy and Market Opportunity</b></p><p>Coursera is one of the most disruptive firms in the world. It has a flywheel approach to value creation, with significant price-to-cost advantages versus its competition. The company reported that about half of its new degree students in 2020 had been previously registered with Coursera and that its average student acquisition cost was less than $2,000. Its average student acquisition cost is lower than the industry standard. The edu-tech platform is able to efficiently acquire learners at scale because of the huge number of free, high-quality courses that it offers in partnership with top educational institutions and corporations; its ability to personalize content based on its wealth of data; the strength of word-of-mouth promotion by learners; the profitability of its affiliate paid marketing channel.</p><p>The platform offers a number of education tracks, for example:</p><ul><li>Specializations: A learner can pay between $39 and $99 a month for job-specific content across over 500 categories.</li><li>MasterTrack Certificates: For a quarter to a year, a learner can earn a certificate issued by a university-issued certificate. Prices range from $2,000 to $6,000.</li><li>Bachelor’s or Master’s Degrees: Fees range from $9,000 to $45,000.</li><li>Coursera for Enterprise: Through this platform, businesses, educational institutions and governments can deploy content to their learners.</li></ul><p>In response to the Covid-19 pandemic, Coursera partnered with over 330 government agencies across 30 U.S. states and cities and 70 countries as part of itsCoursera Workforce Recovery Initiative, which gave governments the chance to offer unemployed workers free access to thousands of business, data science, and technology courses from companies such as Amazon(NASDAQ:AMZN)and Google(NASDAQ:GOOG)(NASDAQ:GOOGL).</p><p>The company has 77 million registered learners, as well as over 2,000 businesses (including 25% of Fortune 500 companies) and 100 government agencies who paid for its enterprise offerings. The majority of its revenue (51%) was earned outside of the United States. Converting only a fraction of its 77 million registered users into paid users would change the economics of customer acquisition. The company’s present scale is a huge competitive advantage in the market.</p><p>A learner’s curriculum is designed to be “stackable”, which is to say that a learner can go through a domain in an incremental fashion. The company is able to leverage the huge volume of data it has accumulated from its over 220 million enrollments to personalize content. So, for example, Coursera’s Skills Graphs can suggest paths for job skills.</p><p>Coursera uses technology to drive down distribution costs, make content more affordable, extend access to less economically-endowed regions, help learners keep abreast of emerging skills, and grow its market opportunity. The Covid-19 pandemic has only accelerated secular trends towards the use of technology in education.</p><p>The size of the addressable market is massive and it’s easy to see why.An August 2020 study by the United Nationsdemonstrates the degree of disruption brought on by the Covid-19 pandemic: of the 1.6 billion students in 190 countries covered in the report, or 94% of the world’s students, were prevented from going to school because of Covid-19 pandemic related school closures.</p><p>In 2017, the World Bank indicated thatof the 200 million college students in the world, many do not have job-specific skills.</p><p>The Covid-19 pandemic and prior secular trends suggest that the future of education is in blended classrooms, job-specific education and continuous, lifelong education. Online learning platforms like Coursera will be the primary means through which educational content is delivered.</p><p>Globally, spending on higher education in 2019 was $2.2 trillion,according to HolonIQ. Spending on online degrees was $36 billion and is predicted to reach $74 billion by 2025.</p><p>With a huge, existing learner base; a strong brand; and the significant advantages detailed above, Coursera is likely to grab a significant amount of the market’s growth. Of thescenarios for the future of education, it seems that Coursera will continue to grow.</p><p><b>Conclusion</b></p><p>Coursera seems poised to meet the challenges of a changing education landscape. With its vast, existing user base, its flywheel model, its competitive advantages, and its existence in a huge and growing addressable market, the company is likely to do very well. The company’s value proposition is compelling. However, long run success does not equate to a good investment in the short run. An unprofitable company like Coursera is likely to be very volatile on the markets until it reaches profitability. It is better to wait for Coursera to turn a profit before investing in the company.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coursera: The Education Disruptor Goes Public</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\">\nCoursera: The Education Disruptor Goes Public\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-30 17:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4413745-coursera-education-disruptor-goes-public><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryThe company is growing rapidly as a result of secular trends as well as the Covid-19 pandemic.It is operating in a huge addressable market that is likely to grow for the foreseeable future....</p>\n\n<a href=\"https://seekingalpha.com/article/4413745-coursera-education-disruptor-goes-public\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7cedd6cbf23bbe97eaec389fb0773ed6","relate_stocks":{"COUR":"Coursera, Inc."},"source_url":"https://seekingalpha.com/article/4413745-coursera-education-disruptor-goes-public","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1163996400","content_text":"SummaryThe company is growing rapidly as a result of secular trends as well as the Covid-19 pandemic.It is operating in a huge addressable market that is likely to grow for the foreseeable future.Coursera enjoys many competitive advantages, among them a large, existing user base, price-to-cost advantages, and the ability to personalize content as a result of its trove of data.Given its scale, and competitive advantages, the company should win an outsized share of its market opportunity.However, because the company has not turned a profit, there is a chance that its stock may be too volatile in the near term. Buying when the company turns a profit is the safer bet.Coursera (COURS), the online learning platform founded in 2012 by former Stanford University computer science professors Daphne Koller and Andrew Ng, filed itsIPO prospectuswith the Securities and Exchange Commission (SEC). The Mountain View, California-based company offers individuals access to over 4,000 Massive Open Online Courses (MOOCs) from 200 educational institutions and corporations. The company also offers over two dozen degree programs at prices lower than what a learner would pay at a traditional, in-person institution. As the company grows its offering, it will be able to compete head-to-head with other “online program management” (OPM) providers, such as 2U(NASDAQ:TWOU), which is already publicly traded, and Noodle Partners.Ng’sshareholder letter in the S-1articulated clearly just what the company is about:“We believe that education is the source of human progress. In today’s economy in which the skills needed to succeed are rapidly evolving, education is becoming more important than ever. As automation and digital disruption are poised to replace unprecedented numbers of jobs worldwide, giving workers the opportunity to upskill and reskill will be crucial to raising global living standards and increasing social equity. Online education will play a critical role, enabling anyone, anywhere, to gain the valuable skills they need to earn a living in an increasingly digital economy.”The filing lists Morgan Stanley, Goldman Sachs and Citigroup as underwriters. The number of shares and the price range of the proposed offering are yet to be determined.According to PitchBook data, Coursera’s most recent valuation in the private markets was $2.5 billion. To date, the company has raised $464 million in venture capital, most recently,$130 million in a Series F roundlast July. Coursera’s biggest institutional shareholders are New Enterprise Associates (18.3% of company stock), G Squared (15.9%) and Kleiner Perkins (9.2%).Operating ResultsThe company earned $293 million in revenues for the fiscal year ended December 31, 2020, up 59% from 2019. Net losses widened by about $20 million year-on-year, reaching $66.8 million in 2020. Revenues shot up as a result of the Covid-19 pandemic’s effect on traditional education. In tandem with rising demand, operating costs associated with the company’s services rose, largely driven by the freemium content and marketing expenses. Coursera added over 12,000 new degree learners across the two years ended December 31, 2020 at an average acquisition cost of just below $2,000. The number of registered users rose by 65% year-on-year in 2020. Coursera’s accumulated deficit since its founding stood at $343.6 million as of December 31, 2020. The company does not expect to turn a profit in the foreseeable future.The company’sCoursera for Campus,launched in late 2019to enable colleges to offer its library of MOOCs to their students, has been a key driver of recent revenue growth. At the start of the pandemic, Coursera made the program free to tertiary institutions until Sept. 30, 2020. Over 4,000 tertiary institutions from across the world signed up for the program, which, according to the company’s S-1 filing, makes it, “one of our fastest growing offerings”. As of December 31, 2020, over 130 tertiary institutions were paying for it.At this point, it is hard to predict what the end of the pandemic would have on the company’s operating results.The Strategy and Market OpportunityCoursera is one of the most disruptive firms in the world. It has a flywheel approach to value creation, with significant price-to-cost advantages versus its competition. The company reported that about half of its new degree students in 2020 had been previously registered with Coursera and that its average student acquisition cost was less than $2,000. Its average student acquisition cost is lower than the industry standard. The edu-tech platform is able to efficiently acquire learners at scale because of the huge number of free, high-quality courses that it offers in partnership with top educational institutions and corporations; its ability to personalize content based on its wealth of data; the strength of word-of-mouth promotion by learners; the profitability of its affiliate paid marketing channel.The platform offers a number of education tracks, for example:Specializations: A learner can pay between $39 and $99 a month for job-specific content across over 500 categories.MasterTrack Certificates: For a quarter to a year, a learner can earn a certificate issued by a university-issued certificate. Prices range from $2,000 to $6,000.Bachelor’s or Master’s Degrees: Fees range from $9,000 to $45,000.Coursera for Enterprise: Through this platform, businesses, educational institutions and governments can deploy content to their learners.In response to the Covid-19 pandemic, Coursera partnered with over 330 government agencies across 30 U.S. states and cities and 70 countries as part of itsCoursera Workforce Recovery Initiative, which gave governments the chance to offer unemployed workers free access to thousands of business, data science, and technology courses from companies such as Amazon(NASDAQ:AMZN)and Google(NASDAQ:GOOG)(NASDAQ:GOOGL).The company has 77 million registered learners, as well as over 2,000 businesses (including 25% of Fortune 500 companies) and 100 government agencies who paid for its enterprise offerings. The majority of its revenue (51%) was earned outside of the United States. Converting only a fraction of its 77 million registered users into paid users would change the economics of customer acquisition. The company’s present scale is a huge competitive advantage in the market.A learner’s curriculum is designed to be “stackable”, which is to say that a learner can go through a domain in an incremental fashion. The company is able to leverage the huge volume of data it has accumulated from its over 220 million enrollments to personalize content. So, for example, Coursera’s Skills Graphs can suggest paths for job skills.Coursera uses technology to drive down distribution costs, make content more affordable, extend access to less economically-endowed regions, help learners keep abreast of emerging skills, and grow its market opportunity. The Covid-19 pandemic has only accelerated secular trends towards the use of technology in education.The size of the addressable market is massive and it’s easy to see why.An August 2020 study by the United Nationsdemonstrates the degree of disruption brought on by the Covid-19 pandemic: of the 1.6 billion students in 190 countries covered in the report, or 94% of the world’s students, were prevented from going to school because of Covid-19 pandemic related school closures.In 2017, the World Bank indicated thatof the 200 million college students in the world, many do not have job-specific skills.The Covid-19 pandemic and prior secular trends suggest that the future of education is in blended classrooms, job-specific education and continuous, lifelong education. Online learning platforms like Coursera will be the primary means through which educational content is delivered.Globally, spending on higher education in 2019 was $2.2 trillion,according to HolonIQ. Spending on online degrees was $36 billion and is predicted to reach $74 billion by 2025.With a huge, existing learner base; a strong brand; and the significant advantages detailed above, Coursera is likely to grab a significant amount of the market’s growth. Of thescenarios for the future of education, it seems that Coursera will continue to grow.ConclusionCoursera seems poised to meet the challenges of a changing education landscape. With its vast, existing user base, its flywheel model, its competitive advantages, and its existence in a huge and growing addressable market, the company is likely to do very well. The company’s value proposition is compelling. However, long run success does not equate to a good investment in the short run. An unprofitable company like Coursera is likely to be very volatile on the markets until it reaches profitability. It is better to wait for Coursera to turn a profit before investing in the company.","news_type":1},"isVote":1,"tweetType":1,"viewCount":75,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":351589914,"gmtCreate":1616603087738,"gmtModify":1704796384192,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Hi all","listText":"Hi all","text":"Hi all","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/351589914","isVote":1,"tweetType":1,"viewCount":84,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":354604127,"gmtCreate":1617163798269,"gmtModify":1704696653980,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/354604127","repostId":"1163996400","repostType":4,"repost":{"id":"1163996400","pubTimestamp":1617094880,"share":"https://ttm.financial/m/news/1163996400?lang=&edition=fundamental","pubTime":"2021-03-30 17:01","market":"us","language":"en","title":"Coursera: The Education Disruptor Goes Public","url":"https://stock-news.laohu8.com/highlight/detail?id=1163996400","media":"seekingalpha","summary":"SummaryThe company is growing rapidly as a result of secular trends as well as the Covid-19 pandemic","content":"<p><b>Summary</b></p><ul><li>The company is growing rapidly as a result of secular trends as well as the Covid-19 pandemic.</li><li>It is operating in a huge addressable market that is likely to grow for the foreseeable future.</li><li>Coursera enjoys many competitive advantages, among them a large, existing user base, price-to-cost advantages, and the ability to personalize content as a result of its trove of data.</li><li>Given its scale, and competitive advantages, the company should win an outsized share of its market opportunity.</li><li>However, because the company has not turned a profit, there is a chance that its stock may be too volatile in the near term. Buying when the company turns a profit is the safer bet.</li></ul><p>Coursera (COURS), the online learning platform founded in 2012 by former Stanford University computer science professors Daphne Koller and Andrew Ng, filed itsIPO prospectuswith the Securities and Exchange Commission (SEC). The Mountain View, California-based company offers individuals access to over 4,000 Massive Open Online Courses (MOOCs) from 200 educational institutions and corporations. The company also offers over two dozen degree programs at prices lower than what a learner would pay at a traditional, in-person institution. As the company grows its offering, it will be able to compete head-to-head with other “online program management” (OPM) providers, such as 2U(NASDAQ:TWOU), which is already publicly traded, and Noodle Partners.</p><p>Ng’sshareholder letter in the S-1articulated clearly just what the company is about:</p><blockquote>“We believe that education is the source of human progress. In today’s economy in which the skills needed to succeed are rapidly evolving, education is becoming more important than ever. As automation and digital disruption are poised to replace unprecedented numbers of jobs worldwide, giving workers the opportunity to upskill and reskill will be crucial to raising global living standards and increasing social equity. Online education will play a critical role, enabling anyone, anywhere, to gain the valuable skills they need to earn a living in an increasingly digital economy.”</blockquote><p>The filing lists Morgan Stanley, Goldman Sachs and Citigroup as underwriters. The number of shares and the price range of the proposed offering are yet to be determined.According to PitchBook data, Coursera’s most recent valuation in the private markets was $2.5 billion. To date, the company has raised $464 million in venture capital, most recently,$130 million in a Series F roundlast July. Coursera’s biggest institutional shareholders are New Enterprise Associates (18.3% of company stock), G Squared (15.9%) and Kleiner Perkins (9.2%).</p><p><b>Operating Results</b></p><p>The company earned $293 million in revenues for the fiscal year ended December 31, 2020, up 59% from 2019. Net losses widened by about $20 million year-on-year, reaching $66.8 million in 2020. Revenues shot up as a result of the Covid-19 pandemic’s effect on traditional education. In tandem with rising demand, operating costs associated with the company’s services rose, largely driven by the freemium content and marketing expenses. Coursera added over 12,000 new degree learners across the two years ended December 31, 2020 at an average acquisition cost of just below $2,000. The number of registered users rose by 65% year-on-year in 2020. Coursera’s accumulated deficit since its founding stood at $343.6 million as of December 31, 2020. The company does not expect to turn a profit in the foreseeable future.</p><p>The company’sCoursera for Campus,launched in late 2019to enable colleges to offer its library of MOOCs to their students, has been a key driver of recent revenue growth. At the start of the pandemic, Coursera made the program free to tertiary institutions until Sept. 30, 2020. Over 4,000 tertiary institutions from across the world signed up for the program, which, according to the company’s S-1 filing, makes it, “one of our fastest growing offerings”. As of December 31, 2020, over 130 tertiary institutions were paying for it.</p><p>At this point, it is hard to predict what the end of the pandemic would have on the company’s operating results.</p><p><b>The Strategy and Market Opportunity</b></p><p>Coursera is one of the most disruptive firms in the world. It has a flywheel approach to value creation, with significant price-to-cost advantages versus its competition. The company reported that about half of its new degree students in 2020 had been previously registered with Coursera and that its average student acquisition cost was less than $2,000. Its average student acquisition cost is lower than the industry standard. The edu-tech platform is able to efficiently acquire learners at scale because of the huge number of free, high-quality courses that it offers in partnership with top educational institutions and corporations; its ability to personalize content based on its wealth of data; the strength of word-of-mouth promotion by learners; the profitability of its affiliate paid marketing channel.</p><p>The platform offers a number of education tracks, for example:</p><ul><li>Specializations: A learner can pay between $39 and $99 a month for job-specific content across over 500 categories.</li><li>MasterTrack Certificates: For a quarter to a year, a learner can earn a certificate issued by a university-issued certificate. Prices range from $2,000 to $6,000.</li><li>Bachelor’s or Master’s Degrees: Fees range from $9,000 to $45,000.</li><li>Coursera for Enterprise: Through this platform, businesses, educational institutions and governments can deploy content to their learners.</li></ul><p>In response to the Covid-19 pandemic, Coursera partnered with over 330 government agencies across 30 U.S. states and cities and 70 countries as part of itsCoursera Workforce Recovery Initiative, which gave governments the chance to offer unemployed workers free access to thousands of business, data science, and technology courses from companies such as Amazon(NASDAQ:AMZN)and Google(NASDAQ:GOOG)(NASDAQ:GOOGL).</p><p>The company has 77 million registered learners, as well as over 2,000 businesses (including 25% of Fortune 500 companies) and 100 government agencies who paid for its enterprise offerings. The majority of its revenue (51%) was earned outside of the United States. Converting only a fraction of its 77 million registered users into paid users would change the economics of customer acquisition. The company’s present scale is a huge competitive advantage in the market.</p><p>A learner’s curriculum is designed to be “stackable”, which is to say that a learner can go through a domain in an incremental fashion. The company is able to leverage the huge volume of data it has accumulated from its over 220 million enrollments to personalize content. So, for example, Coursera’s Skills Graphs can suggest paths for job skills.</p><p>Coursera uses technology to drive down distribution costs, make content more affordable, extend access to less economically-endowed regions, help learners keep abreast of emerging skills, and grow its market opportunity. The Covid-19 pandemic has only accelerated secular trends towards the use of technology in education.</p><p>The size of the addressable market is massive and it’s easy to see why.An August 2020 study by the United Nationsdemonstrates the degree of disruption brought on by the Covid-19 pandemic: of the 1.6 billion students in 190 countries covered in the report, or 94% of the world’s students, were prevented from going to school because of Covid-19 pandemic related school closures.</p><p>In 2017, the World Bank indicated thatof the 200 million college students in the world, many do not have job-specific skills.</p><p>The Covid-19 pandemic and prior secular trends suggest that the future of education is in blended classrooms, job-specific education and continuous, lifelong education. Online learning platforms like Coursera will be the primary means through which educational content is delivered.</p><p>Globally, spending on higher education in 2019 was $2.2 trillion,according to HolonIQ. Spending on online degrees was $36 billion and is predicted to reach $74 billion by 2025.</p><p>With a huge, existing learner base; a strong brand; and the significant advantages detailed above, Coursera is likely to grab a significant amount of the market’s growth. Of thescenarios for the future of education, it seems that Coursera will continue to grow.</p><p><b>Conclusion</b></p><p>Coursera seems poised to meet the challenges of a changing education landscape. With its vast, existing user base, its flywheel model, its competitive advantages, and its existence in a huge and growing addressable market, the company is likely to do very well. The company’s value proposition is compelling. However, long run success does not equate to a good investment in the short run. An unprofitable company like Coursera is likely to be very volatile on the markets until it reaches profitability. It is better to wait for Coursera to turn a profit before investing in the company.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coursera: The Education Disruptor Goes Public</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\">\nCoursera: The Education Disruptor Goes Public\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-30 17:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4413745-coursera-education-disruptor-goes-public><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryThe company is growing rapidly as a result of secular trends as well as the Covid-19 pandemic.It is operating in a huge addressable market that is likely to grow for the foreseeable future....</p>\n\n<a href=\"https://seekingalpha.com/article/4413745-coursera-education-disruptor-goes-public\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7cedd6cbf23bbe97eaec389fb0773ed6","relate_stocks":{"COUR":"Coursera, Inc."},"source_url":"https://seekingalpha.com/article/4413745-coursera-education-disruptor-goes-public","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1163996400","content_text":"SummaryThe company is growing rapidly as a result of secular trends as well as the Covid-19 pandemic.It is operating in a huge addressable market that is likely to grow for the foreseeable future.Coursera enjoys many competitive advantages, among them a large, existing user base, price-to-cost advantages, and the ability to personalize content as a result of its trove of data.Given its scale, and competitive advantages, the company should win an outsized share of its market opportunity.However, because the company has not turned a profit, there is a chance that its stock may be too volatile in the near term. Buying when the company turns a profit is the safer bet.Coursera (COURS), the online learning platform founded in 2012 by former Stanford University computer science professors Daphne Koller and Andrew Ng, filed itsIPO prospectuswith the Securities and Exchange Commission (SEC). The Mountain View, California-based company offers individuals access to over 4,000 Massive Open Online Courses (MOOCs) from 200 educational institutions and corporations. The company also offers over two dozen degree programs at prices lower than what a learner would pay at a traditional, in-person institution. As the company grows its offering, it will be able to compete head-to-head with other “online program management” (OPM) providers, such as 2U(NASDAQ:TWOU), which is already publicly traded, and Noodle Partners.Ng’sshareholder letter in the S-1articulated clearly just what the company is about:“We believe that education is the source of human progress. In today’s economy in which the skills needed to succeed are rapidly evolving, education is becoming more important than ever. As automation and digital disruption are poised to replace unprecedented numbers of jobs worldwide, giving workers the opportunity to upskill and reskill will be crucial to raising global living standards and increasing social equity. Online education will play a critical role, enabling anyone, anywhere, to gain the valuable skills they need to earn a living in an increasingly digital economy.”The filing lists Morgan Stanley, Goldman Sachs and Citigroup as underwriters. The number of shares and the price range of the proposed offering are yet to be determined.According to PitchBook data, Coursera’s most recent valuation in the private markets was $2.5 billion. To date, the company has raised $464 million in venture capital, most recently,$130 million in a Series F roundlast July. Coursera’s biggest institutional shareholders are New Enterprise Associates (18.3% of company stock), G Squared (15.9%) and Kleiner Perkins (9.2%).Operating ResultsThe company earned $293 million in revenues for the fiscal year ended December 31, 2020, up 59% from 2019. Net losses widened by about $20 million year-on-year, reaching $66.8 million in 2020. Revenues shot up as a result of the Covid-19 pandemic’s effect on traditional education. In tandem with rising demand, operating costs associated with the company’s services rose, largely driven by the freemium content and marketing expenses. Coursera added over 12,000 new degree learners across the two years ended December 31, 2020 at an average acquisition cost of just below $2,000. The number of registered users rose by 65% year-on-year in 2020. Coursera’s accumulated deficit since its founding stood at $343.6 million as of December 31, 2020. The company does not expect to turn a profit in the foreseeable future.The company’sCoursera for Campus,launched in late 2019to enable colleges to offer its library of MOOCs to their students, has been a key driver of recent revenue growth. At the start of the pandemic, Coursera made the program free to tertiary institutions until Sept. 30, 2020. Over 4,000 tertiary institutions from across the world signed up for the program, which, according to the company’s S-1 filing, makes it, “one of our fastest growing offerings”. As of December 31, 2020, over 130 tertiary institutions were paying for it.At this point, it is hard to predict what the end of the pandemic would have on the company’s operating results.The Strategy and Market OpportunityCoursera is one of the most disruptive firms in the world. It has a flywheel approach to value creation, with significant price-to-cost advantages versus its competition. The company reported that about half of its new degree students in 2020 had been previously registered with Coursera and that its average student acquisition cost was less than $2,000. Its average student acquisition cost is lower than the industry standard. The edu-tech platform is able to efficiently acquire learners at scale because of the huge number of free, high-quality courses that it offers in partnership with top educational institutions and corporations; its ability to personalize content based on its wealth of data; the strength of word-of-mouth promotion by learners; the profitability of its affiliate paid marketing channel.The platform offers a number of education tracks, for example:Specializations: A learner can pay between $39 and $99 a month for job-specific content across over 500 categories.MasterTrack Certificates: For a quarter to a year, a learner can earn a certificate issued by a university-issued certificate. Prices range from $2,000 to $6,000.Bachelor’s or Master’s Degrees: Fees range from $9,000 to $45,000.Coursera for Enterprise: Through this platform, businesses, educational institutions and governments can deploy content to their learners.In response to the Covid-19 pandemic, Coursera partnered with over 330 government agencies across 30 U.S. states and cities and 70 countries as part of itsCoursera Workforce Recovery Initiative, which gave governments the chance to offer unemployed workers free access to thousands of business, data science, and technology courses from companies such as Amazon(NASDAQ:AMZN)and Google(NASDAQ:GOOG)(NASDAQ:GOOGL).The company has 77 million registered learners, as well as over 2,000 businesses (including 25% of Fortune 500 companies) and 100 government agencies who paid for its enterprise offerings. The majority of its revenue (51%) was earned outside of the United States. Converting only a fraction of its 77 million registered users into paid users would change the economics of customer acquisition. The company’s present scale is a huge competitive advantage in the market.A learner’s curriculum is designed to be “stackable”, which is to say that a learner can go through a domain in an incremental fashion. The company is able to leverage the huge volume of data it has accumulated from its over 220 million enrollments to personalize content. So, for example, Coursera’s Skills Graphs can suggest paths for job skills.Coursera uses technology to drive down distribution costs, make content more affordable, extend access to less economically-endowed regions, help learners keep abreast of emerging skills, and grow its market opportunity. The Covid-19 pandemic has only accelerated secular trends towards the use of technology in education.The size of the addressable market is massive and it’s easy to see why.An August 2020 study by the United Nationsdemonstrates the degree of disruption brought on by the Covid-19 pandemic: of the 1.6 billion students in 190 countries covered in the report, or 94% of the world’s students, were prevented from going to school because of Covid-19 pandemic related school closures.In 2017, the World Bank indicated thatof the 200 million college students in the world, many do not have job-specific skills.The Covid-19 pandemic and prior secular trends suggest that the future of education is in blended classrooms, job-specific education and continuous, lifelong education. Online learning platforms like Coursera will be the primary means through which educational content is delivered.Globally, spending on higher education in 2019 was $2.2 trillion,according to HolonIQ. Spending on online degrees was $36 billion and is predicted to reach $74 billion by 2025.With a huge, existing learner base; a strong brand; and the significant advantages detailed above, Coursera is likely to grab a significant amount of the market’s growth. Of thescenarios for the future of education, it seems that Coursera will continue to grow.ConclusionCoursera seems poised to meet the challenges of a changing education landscape. With its vast, existing user base, its flywheel model, its competitive advantages, and its existence in a huge and growing addressable market, the company is likely to do very well. The company’s value proposition is compelling. However, long run success does not equate to a good investment in the short run. An unprofitable company like Coursera is likely to be very volatile on the markets until it reaches profitability. It is better to wait for Coursera to turn a profit before investing in the company.","news_type":1},"isVote":1,"tweetType":1,"viewCount":156,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354917137,"gmtCreate":1617118308029,"gmtModify":1704696155778,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/354917137","repostId":"1163996400","repostType":4,"repost":{"id":"1163996400","pubTimestamp":1617094880,"share":"https://ttm.financial/m/news/1163996400?lang=&edition=fundamental","pubTime":"2021-03-30 17:01","market":"us","language":"en","title":"Coursera: The Education Disruptor Goes Public","url":"https://stock-news.laohu8.com/highlight/detail?id=1163996400","media":"seekingalpha","summary":"SummaryThe company is growing rapidly as a result of secular trends as well as the Covid-19 pandemic","content":"<p><b>Summary</b></p><ul><li>The company is growing rapidly as a result of secular trends as well as the Covid-19 pandemic.</li><li>It is operating in a huge addressable market that is likely to grow for the foreseeable future.</li><li>Coursera enjoys many competitive advantages, among them a large, existing user base, price-to-cost advantages, and the ability to personalize content as a result of its trove of data.</li><li>Given its scale, and competitive advantages, the company should win an outsized share of its market opportunity.</li><li>However, because the company has not turned a profit, there is a chance that its stock may be too volatile in the near term. Buying when the company turns a profit is the safer bet.</li></ul><p>Coursera (COURS), the online learning platform founded in 2012 by former Stanford University computer science professors Daphne Koller and Andrew Ng, filed itsIPO prospectuswith the Securities and Exchange Commission (SEC). The Mountain View, California-based company offers individuals access to over 4,000 Massive Open Online Courses (MOOCs) from 200 educational institutions and corporations. The company also offers over two dozen degree programs at prices lower than what a learner would pay at a traditional, in-person institution. As the company grows its offering, it will be able to compete head-to-head with other “online program management” (OPM) providers, such as 2U(NASDAQ:TWOU), which is already publicly traded, and Noodle Partners.</p><p>Ng’sshareholder letter in the S-1articulated clearly just what the company is about:</p><blockquote>“We believe that education is the source of human progress. In today’s economy in which the skills needed to succeed are rapidly evolving, education is becoming more important than ever. As automation and digital disruption are poised to replace unprecedented numbers of jobs worldwide, giving workers the opportunity to upskill and reskill will be crucial to raising global living standards and increasing social equity. Online education will play a critical role, enabling anyone, anywhere, to gain the valuable skills they need to earn a living in an increasingly digital economy.”</blockquote><p>The filing lists Morgan Stanley, Goldman Sachs and Citigroup as underwriters. The number of shares and the price range of the proposed offering are yet to be determined.According to PitchBook data, Coursera’s most recent valuation in the private markets was $2.5 billion. To date, the company has raised $464 million in venture capital, most recently,$130 million in a Series F roundlast July. Coursera’s biggest institutional shareholders are New Enterprise Associates (18.3% of company stock), G Squared (15.9%) and Kleiner Perkins (9.2%).</p><p><b>Operating Results</b></p><p>The company earned $293 million in revenues for the fiscal year ended December 31, 2020, up 59% from 2019. Net losses widened by about $20 million year-on-year, reaching $66.8 million in 2020. Revenues shot up as a result of the Covid-19 pandemic’s effect on traditional education. In tandem with rising demand, operating costs associated with the company’s services rose, largely driven by the freemium content and marketing expenses. Coursera added over 12,000 new degree learners across the two years ended December 31, 2020 at an average acquisition cost of just below $2,000. The number of registered users rose by 65% year-on-year in 2020. Coursera’s accumulated deficit since its founding stood at $343.6 million as of December 31, 2020. The company does not expect to turn a profit in the foreseeable future.</p><p>The company’sCoursera for Campus,launched in late 2019to enable colleges to offer its library of MOOCs to their students, has been a key driver of recent revenue growth. At the start of the pandemic, Coursera made the program free to tertiary institutions until Sept. 30, 2020. Over 4,000 tertiary institutions from across the world signed up for the program, which, according to the company’s S-1 filing, makes it, “one of our fastest growing offerings”. As of December 31, 2020, over 130 tertiary institutions were paying for it.</p><p>At this point, it is hard to predict what the end of the pandemic would have on the company’s operating results.</p><p><b>The Strategy and Market Opportunity</b></p><p>Coursera is one of the most disruptive firms in the world. It has a flywheel approach to value creation, with significant price-to-cost advantages versus its competition. The company reported that about half of its new degree students in 2020 had been previously registered with Coursera and that its average student acquisition cost was less than $2,000. Its average student acquisition cost is lower than the industry standard. The edu-tech platform is able to efficiently acquire learners at scale because of the huge number of free, high-quality courses that it offers in partnership with top educational institutions and corporations; its ability to personalize content based on its wealth of data; the strength of word-of-mouth promotion by learners; the profitability of its affiliate paid marketing channel.</p><p>The platform offers a number of education tracks, for example:</p><ul><li>Specializations: A learner can pay between $39 and $99 a month for job-specific content across over 500 categories.</li><li>MasterTrack Certificates: For a quarter to a year, a learner can earn a certificate issued by a university-issued certificate. Prices range from $2,000 to $6,000.</li><li>Bachelor’s or Master’s Degrees: Fees range from $9,000 to $45,000.</li><li>Coursera for Enterprise: Through this platform, businesses, educational institutions and governments can deploy content to their learners.</li></ul><p>In response to the Covid-19 pandemic, Coursera partnered with over 330 government agencies across 30 U.S. states and cities and 70 countries as part of itsCoursera Workforce Recovery Initiative, which gave governments the chance to offer unemployed workers free access to thousands of business, data science, and technology courses from companies such as Amazon(NASDAQ:AMZN)and Google(NASDAQ:GOOG)(NASDAQ:GOOGL).</p><p>The company has 77 million registered learners, as well as over 2,000 businesses (including 25% of Fortune 500 companies) and 100 government agencies who paid for its enterprise offerings. The majority of its revenue (51%) was earned outside of the United States. Converting only a fraction of its 77 million registered users into paid users would change the economics of customer acquisition. The company’s present scale is a huge competitive advantage in the market.</p><p>A learner’s curriculum is designed to be “stackable”, which is to say that a learner can go through a domain in an incremental fashion. The company is able to leverage the huge volume of data it has accumulated from its over 220 million enrollments to personalize content. So, for example, Coursera’s Skills Graphs can suggest paths for job skills.</p><p>Coursera uses technology to drive down distribution costs, make content more affordable, extend access to less economically-endowed regions, help learners keep abreast of emerging skills, and grow its market opportunity. The Covid-19 pandemic has only accelerated secular trends towards the use of technology in education.</p><p>The size of the addressable market is massive and it’s easy to see why.An August 2020 study by the United Nationsdemonstrates the degree of disruption brought on by the Covid-19 pandemic: of the 1.6 billion students in 190 countries covered in the report, or 94% of the world’s students, were prevented from going to school because of Covid-19 pandemic related school closures.</p><p>In 2017, the World Bank indicated thatof the 200 million college students in the world, many do not have job-specific skills.</p><p>The Covid-19 pandemic and prior secular trends suggest that the future of education is in blended classrooms, job-specific education and continuous, lifelong education. Online learning platforms like Coursera will be the primary means through which educational content is delivered.</p><p>Globally, spending on higher education in 2019 was $2.2 trillion,according to HolonIQ. Spending on online degrees was $36 billion and is predicted to reach $74 billion by 2025.</p><p>With a huge, existing learner base; a strong brand; and the significant advantages detailed above, Coursera is likely to grab a significant amount of the market’s growth. Of thescenarios for the future of education, it seems that Coursera will continue to grow.</p><p><b>Conclusion</b></p><p>Coursera seems poised to meet the challenges of a changing education landscape. With its vast, existing user base, its flywheel model, its competitive advantages, and its existence in a huge and growing addressable market, the company is likely to do very well. The company’s value proposition is compelling. However, long run success does not equate to a good investment in the short run. An unprofitable company like Coursera is likely to be very volatile on the markets until it reaches profitability. It is better to wait for Coursera to turn a profit before investing in the company.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coursera: The Education Disruptor Goes Public</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\">\nCoursera: The Education Disruptor Goes Public\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-30 17:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4413745-coursera-education-disruptor-goes-public><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryThe company is growing rapidly as a result of secular trends as well as the Covid-19 pandemic.It is operating in a huge addressable market that is likely to grow for the foreseeable future....</p>\n\n<a href=\"https://seekingalpha.com/article/4413745-coursera-education-disruptor-goes-public\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7cedd6cbf23bbe97eaec389fb0773ed6","relate_stocks":{"COUR":"Coursera, Inc."},"source_url":"https://seekingalpha.com/article/4413745-coursera-education-disruptor-goes-public","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1163996400","content_text":"SummaryThe company is growing rapidly as a result of secular trends as well as the Covid-19 pandemic.It is operating in a huge addressable market that is likely to grow for the foreseeable future.Coursera enjoys many competitive advantages, among them a large, existing user base, price-to-cost advantages, and the ability to personalize content as a result of its trove of data.Given its scale, and competitive advantages, the company should win an outsized share of its market opportunity.However, because the company has not turned a profit, there is a chance that its stock may be too volatile in the near term. Buying when the company turns a profit is the safer bet.Coursera (COURS), the online learning platform founded in 2012 by former Stanford University computer science professors Daphne Koller and Andrew Ng, filed itsIPO prospectuswith the Securities and Exchange Commission (SEC). The Mountain View, California-based company offers individuals access to over 4,000 Massive Open Online Courses (MOOCs) from 200 educational institutions and corporations. The company also offers over two dozen degree programs at prices lower than what a learner would pay at a traditional, in-person institution. As the company grows its offering, it will be able to compete head-to-head with other “online program management” (OPM) providers, such as 2U(NASDAQ:TWOU), which is already publicly traded, and Noodle Partners.Ng’sshareholder letter in the S-1articulated clearly just what the company is about:“We believe that education is the source of human progress. In today’s economy in which the skills needed to succeed are rapidly evolving, education is becoming more important than ever. As automation and digital disruption are poised to replace unprecedented numbers of jobs worldwide, giving workers the opportunity to upskill and reskill will be crucial to raising global living standards and increasing social equity. Online education will play a critical role, enabling anyone, anywhere, to gain the valuable skills they need to earn a living in an increasingly digital economy.”The filing lists Morgan Stanley, Goldman Sachs and Citigroup as underwriters. The number of shares and the price range of the proposed offering are yet to be determined.According to PitchBook data, Coursera’s most recent valuation in the private markets was $2.5 billion. To date, the company has raised $464 million in venture capital, most recently,$130 million in a Series F roundlast July. Coursera’s biggest institutional shareholders are New Enterprise Associates (18.3% of company stock), G Squared (15.9%) and Kleiner Perkins (9.2%).Operating ResultsThe company earned $293 million in revenues for the fiscal year ended December 31, 2020, up 59% from 2019. Net losses widened by about $20 million year-on-year, reaching $66.8 million in 2020. Revenues shot up as a result of the Covid-19 pandemic’s effect on traditional education. In tandem with rising demand, operating costs associated with the company’s services rose, largely driven by the freemium content and marketing expenses. Coursera added over 12,000 new degree learners across the two years ended December 31, 2020 at an average acquisition cost of just below $2,000. The number of registered users rose by 65% year-on-year in 2020. Coursera’s accumulated deficit since its founding stood at $343.6 million as of December 31, 2020. The company does not expect to turn a profit in the foreseeable future.The company’sCoursera for Campus,launched in late 2019to enable colleges to offer its library of MOOCs to their students, has been a key driver of recent revenue growth. At the start of the pandemic, Coursera made the program free to tertiary institutions until Sept. 30, 2020. Over 4,000 tertiary institutions from across the world signed up for the program, which, according to the company’s S-1 filing, makes it, “one of our fastest growing offerings”. As of December 31, 2020, over 130 tertiary institutions were paying for it.At this point, it is hard to predict what the end of the pandemic would have on the company’s operating results.The Strategy and Market OpportunityCoursera is one of the most disruptive firms in the world. It has a flywheel approach to value creation, with significant price-to-cost advantages versus its competition. The company reported that about half of its new degree students in 2020 had been previously registered with Coursera and that its average student acquisition cost was less than $2,000. Its average student acquisition cost is lower than the industry standard. The edu-tech platform is able to efficiently acquire learners at scale because of the huge number of free, high-quality courses that it offers in partnership with top educational institutions and corporations; its ability to personalize content based on its wealth of data; the strength of word-of-mouth promotion by learners; the profitability of its affiliate paid marketing channel.The platform offers a number of education tracks, for example:Specializations: A learner can pay between $39 and $99 a month for job-specific content across over 500 categories.MasterTrack Certificates: For a quarter to a year, a learner can earn a certificate issued by a university-issued certificate. Prices range from $2,000 to $6,000.Bachelor’s or Master’s Degrees: Fees range from $9,000 to $45,000.Coursera for Enterprise: Through this platform, businesses, educational institutions and governments can deploy content to their learners.In response to the Covid-19 pandemic, Coursera partnered with over 330 government agencies across 30 U.S. states and cities and 70 countries as part of itsCoursera Workforce Recovery Initiative, which gave governments the chance to offer unemployed workers free access to thousands of business, data science, and technology courses from companies such as Amazon(NASDAQ:AMZN)and Google(NASDAQ:GOOG)(NASDAQ:GOOGL).The company has 77 million registered learners, as well as over 2,000 businesses (including 25% of Fortune 500 companies) and 100 government agencies who paid for its enterprise offerings. The majority of its revenue (51%) was earned outside of the United States. Converting only a fraction of its 77 million registered users into paid users would change the economics of customer acquisition. The company’s present scale is a huge competitive advantage in the market.A learner’s curriculum is designed to be “stackable”, which is to say that a learner can go through a domain in an incremental fashion. The company is able to leverage the huge volume of data it has accumulated from its over 220 million enrollments to personalize content. So, for example, Coursera’s Skills Graphs can suggest paths for job skills.Coursera uses technology to drive down distribution costs, make content more affordable, extend access to less economically-endowed regions, help learners keep abreast of emerging skills, and grow its market opportunity. The Covid-19 pandemic has only accelerated secular trends towards the use of technology in education.The size of the addressable market is massive and it’s easy to see why.An August 2020 study by the United Nationsdemonstrates the degree of disruption brought on by the Covid-19 pandemic: of the 1.6 billion students in 190 countries covered in the report, or 94% of the world’s students, were prevented from going to school because of Covid-19 pandemic related school closures.In 2017, the World Bank indicated thatof the 200 million college students in the world, many do not have job-specific skills.The Covid-19 pandemic and prior secular trends suggest that the future of education is in blended classrooms, job-specific education and continuous, lifelong education. Online learning platforms like Coursera will be the primary means through which educational content is delivered.Globally, spending on higher education in 2019 was $2.2 trillion,according to HolonIQ. Spending on online degrees was $36 billion and is predicted to reach $74 billion by 2025.With a huge, existing learner base; a strong brand; and the significant advantages detailed above, Coursera is likely to grab a significant amount of the market’s growth. Of thescenarios for the future of education, it seems that Coursera will continue to grow.ConclusionCoursera seems poised to meet the challenges of a changing education landscape. With its vast, existing user base, its flywheel model, its competitive advantages, and its existence in a huge and growing addressable market, the company is likely to do very well. The company’s value proposition is compelling. However, long run success does not equate to a good investment in the short run. An unprofitable company like Coursera is likely to be very volatile on the markets until it reaches profitability. It is better to wait for Coursera to turn a profit before investing in the company.","news_type":1},"isVote":1,"tweetType":1,"viewCount":75,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325431199,"gmtCreate":1615910944511,"gmtModify":1704788437288,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/325431199","repostId":"1121564086","repostType":4,"repost":{"id":"1121564086","pubTimestamp":1615899026,"share":"https://ttm.financial/m/news/1121564086?lang=&edition=fundamental","pubTime":"2021-03-16 20:50","market":"us","language":"en","title":"Larry McDonald Warns \"The Big [Market] Quake Is Coming\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1121564086","media":"zerohedge","summary":"The mood is testy. Yields on Treasuries are rising, the dollar is trending stronger, and major tech ","content":"<p>The mood is testy. Yields on Treasuries are rising, the dollar is trending stronger, and major tech stocks are under pressure. Accordingly, tensions are high when the Federal Reserve decides on the future course of its monetary policy this Wednesday.</p>\n<p><i><b>«The Fed has its back against the wall,»</b></i>says Larry McDonald during a conversation via Zoom. The internationally renowned macro strategist and former senior trader at Lehman Brothers warns that the Federal Reserve has little time to mitigate the explosive situation in the bond and currency markets. Otherwise, he says, the global economy is at risk of another crisis.</p>\n<p>Since last spring, the founder of the independent investment advisor&nbsp;The Bear Traps Report&nbsp;has been&nbsp;recommending investments&nbsp;in the commodity sector, where he believes a new super cycle has begun. He&nbsp;reiterated his recommendation&nbsp;during his last conversation with The Market in late 2020. Today, his call for a big reflation trade has become the consensus on Wall Street.</p>\n<p>In this new interview with The Market/NZZ, which has been edited and condensed for clarity, Larry McDonald tells why he expects the Federal Reserve to resort to yield curve control fairly soon and what that will mean for gold and silver. He also explains why the rotation into commodities and value stocks is only just beginning and where he currently sees the best opportunities for investments.</p>\n<p><b>After the turmoil of the past few weeks, all eyes are on the Federal Reserve. What can investors expect from Wednesday's Fed meeting?</b></p>\n<blockquote>\n <b>We’re at a point where the market is moving way ahead of the Federal Reserve.</b>The Fed is on «outcome-based guidance», but the beast, that serpent in the market, wants more than that. Basically, the market is saying: «The US economy is going to grow 6 or 7% this year, and that will force you to taper in Q3 or Q4.» As investors are pricing in a tapering of the Fed’s asset purchases, financial conditions are tightening; especially in emerging markets, where spreads on credit default swaps are rising. So far, financial conditions are nowhere near extremely dangerous levels. But the problem is everybody thinks we’re in a similar situation as back in 2018.\n</blockquote>\n<p><b>What do you mean by that?</b></p>\n<blockquote>\n Once again, the Fed is playing «Tough Guy»: The market demands a policy pivot, but the Fed is trying to hold on to its path, essentially signaling to investors: «No way, relax». We had a similar set-up in 2013, 2016 and 2018. These were the three most significant monetary policy shifts where market pressures broke the Fed's desired policy path.\n <b>The problem is that back then the Fed had far more rope to play Tough Guy since the economy was stronger. In 2018 for instance</b>, the US economy was creating hundreds of thousands of jobs a month. In contrast, today’s employment-to-population ratio is 3.5 percentage points below January 2020 levels. This means 13 million Americans are outside the labor force. To get back to pre-pandemic levels, the economy has to create more than 540,000 jobs a month for two years.\n</blockquote>\n<p><b>So what does this mean for this week's Fed meeting?</b></p>\n<blockquote>\n <b>The Fed is planet earth’s central bank. Every time they tried to play Tough Guy, they’ve blown up the global economy.</b>This time, the Fed's Tough Guy window is much smaller. In 2018 or 2013 that window was nine to ten months. Now, it’s like two months because the economy is so weak. If they let financial conditions tighten further, they risk a major default cycle.\n <b>The negative multiplier effect of a stronger dollar is much higher to the world economy than the Fed anticipates</b>. They can't afford to let the dollar rip higher, because there is so much dollar denominated debt in the world, so much trade tied to the Greenback. If they blow that up, it will just blow back to the US and force the Fed into a policy shift anyway. It’s like with an oil change at the car repair shop: You can pay now or you can pay later. That’s why the Fed has to pay now.\n</blockquote>\n<p><b>Why?</b></p>\n<blockquote>\n <b>The Fed’s back is against the wall, all points to proactive action on March 17.</b>They must suppress taper fears and cut these risks off, or else they blow up the global economy for the 4th time since 2013. We’re hearing that they’re already getting incoming calls from emerging market central banks right now. If Fed Chairman Jay Powell plays Tough Guy by staying with the current path, without offering further assurances of deeper, more sustainable accommodation, the beast inside the market will keep pushing him until he breaks. We will see a repeat of Q4 2018 and Q1 2019, where the Fed was forced into an utterly embarrassing pivot. One of those is enough for Powell’s legacy, he doesn’t want two.\n</blockquote>\n<p><b>What kind of measures can be expected?</b></p>\n<blockquote>\n <b>Eventually, we will get the taper, but the overwhelming point is other weapons have to come first.</b>A Federal Reserve offering insufficient accommodation places markets in the crosshairs of a risk-off event. The first thing they will try to do is give some hard data points. For example, the US economy has to create 10 million jobs for the Fed to do anything on the balance sheet. Another way they can get out is calendar guidance, but that’s a more sophisticated weaponry. Bottom line, they should just say: «From now until the end of the year QE will continue at $120 billion a month, and we want PCE-inflation to get to between 2 and 2.5% and stay there for 24 months.» With that in place,\n <b>all they have to do is open the door two or three inches for yield curve control, and they can contain the dollar.</b>\n</blockquote>\n<p><b>The last time the Federal Reserve used yield curve control was during the time of World War II. Why would it resort to such a radical measure?</b></p>\n<blockquote>\n <b>Here’s the dirty little secret: Too many Treasury bonds are for sale.</b>There aren’t enough buyers, and that will force the Fed to step in. More than $3.6 trillion of US government paper was issued in 2020 versus $2.9 trillion in the prior year. With the new $1.9 trillion fiscal package coming from Washington, issuance in 2021 is slated to rise to $4 trillion. That’s a lot more than the Fed’s Treasury purchases through QE, so the spread between QE and debt issuance gets much wider. Washington is doing so much fiscal stimulus, I’m confident that this is going to force the Fed into yield curve control by September. If that’s the case, it will pressure the dollar lower and put commodities, value stocks, global cyclicals, materials and emerging markets into rotation overdrive.\n</blockquote>\n<p><b>How come?</b></p>\n<blockquote>\n <b>Yield curve control deployment is the tactical nuclear weaponry.</b>If the Fed throws out yield curve control just as a threat, it will suppress Treasury rates and real yields will go much more negative. Over the last couple of months, the issuance has overpowered inflation expectations. Think of it as a car race: Treasury issuances were driving up yields faster than inflation expectations rose. But if the Fed starts to acknowledge that they are going to bring out new weapons like calendar guidance and yield curve control, then they’re suppressing nominal yields. So if inflation expectations continue to rise, then real yields go big negative – and that’s when gold and silver will take off. I think silver can double from here until early next year. Gold could be up 50%.\n</blockquote>\n<p><b>How can investors best position themselves in this environment?</b></p>\n<blockquote>\n In terms of emerging markets, we’re\n <b>long Chile and Brazil.</b>In Asia, South Korea looks attractive. We also like the KWEB ETF which consists of the big Chinese tech stocks. In the commodity space, we have a position in the XME ETF which owns mainly\n <b>copper and steel names.</b>One of the best companies we own is Teck Resources. This stock is almost like a commodity mutual fund, because the company has exposure to copper, nickel and even energy. Another favorite is Mosaic because in a commodity cycle where you have weather problems around the world,\n <b>agricultural plays are a good bet.</b>\n</blockquote>\n<p><b>What about precious metals?</b></p>\n<blockquote>\n <b>When it comes to precious metals, we love silver miners</b>like Hecla Mining. When the Fed eases its policy, the silver miners will outperform the underlying metal, and they will outperform gold because there is more leverage there.\n</blockquote>\n<p><b>The gold price is down more than 15% since its all-time high in August. What’s the problem?</b></p>\n<blockquote>\n <b>Everyone thinks it’s 2013, so taper fears are sky high for gold. But the Fed cannot repeat its mistakes.</b>They must cap yields if they want to preserve the global economic recovery. Thus, the convexity with gold is very attractive. Every leg lower in real yields will act like a slingshot higher for gold. That’s why we love Newmont. The stock trades at 6x EBITDA with a 4% dividend yield which gives you some downside protection. And remember: The 2011-2016 commodity bust has made the balance sheet of these high quality gold mining companies a lot stronger.\n</blockquote>\n<p><b>President Joe Biden has just signed off on a $1.9 trillion economic program. What are the chances of a second stimulus bill, aimed at infrastructure?</b></p>\n<blockquote>\n It’s important to note that\n <b>a second fiscal deal for 2021 is not a slam dunk.</b>To pass the present $1.9 trillion stimulus bill, the Democrats used reconciliation. It’s a very special trick in US politics, because with reconciliation you don’t need 60 votes to pass a bill in the Senate. All you need is 50 votes. Yet, reconciliation has to be tied to a budget year. This means the next time the Democrats can use it is probably in the fourth quarter, late November or December, and tie it to the following year's budget. So the only way to do an infrastructure bill in the next six months is with a traditional piece of legislation.\n</blockquote>\n<p><b>Is that even possible, given how wide the rift between Republicans and Democrats has opened in recent years?</b></p>\n<blockquote>\n For that you need essentially ten Republicans. Right now, the centrists on the Hill, people like Mitt Romney on the Republican side or Joe Manchin on the Democrat side, are the most powerful people in Washington. They want to do an infrastructure program, but they want to finance it with tax revenue. They don’t believe in things like Modern Monetary Theory where the Fed is financing the deficit.\n <b>So you are going to need a tax hike. And in this regard, we’re hearing they could go after some type of flat tax on the FAANGs, the big technology companies.</b>\n</blockquote>\n<p><b>What does this mean for Apple, Google, Facebook and other tech heavyweights?</b></p>\n<blockquote>\n Keep in mind, we’re in a populist revolution:\n <b>The risk of inequality leading to social unrest is high, and that puts pressure on politicians to pass bills to tax the rich.</b>But a wealth tax is extremely complicated, it would take years. The simplest way to do something in terms of taxes is to tax larger companies. In the eighties, the top 100 companies in the US maintained about 45 to 50% of total profits. Today, the largest 20 companies command about 85 to 90%. In addition to that, close to 40% of the S&amp;P 500’s market cap is related to tech. So tech is the low hanging fruit for the populists in Congress to go after.\n</blockquote>\n<p><b>One more reason why tech stocks remain under pressure?</b></p>\n<blockquote>\n We run a bunch of models. For example, we look at Berkshire Hathaway’s share price versus the Nasdaq 100 or the Dow Jones Industrial versus the Nasdaq. March 8th was the second time in 2021 that the Nasdaq closed down 2% with the Dow closing higher.\n <b>We haven’t seen this type of data since the dotcom crash. It’s a very rare event which historically coincides with a longer-term rotation out of technology stocks. That’s a very encouraging signal for value stocks.</b>In this regard, we like the EWU ETF. It’s a wonderful basket of stocks because it’s full of financials and world class names like BP, Rio Tinto or Glencore. Officially, it’s called the United Kingdom ETF, but it’s more like a global value ETF.\n</blockquote>\n<p><b>Does this mean that the rotation towards cyclical stocks has only just begun?</b></p>\n<blockquote>\n <b>Many investors around the world are long a portfolio of stocks that was designed for the deflationary environment of the previous decade.</b>The decade ahead of us - with all what’s ahead in terms of fiscal and monetary stimulus, populism, regulation and taxes - will push investors toward more globally value related stocks. That’s where the best returns are going to be.\n</blockquote>\n<p><b>So the previously successful «buy the dip» strategy of simply buying more tech stocks after every decline no longer works?</b></p>\n<blockquote>\n <b>The potency of dip-buying is in decay mode.</b>Global value is really starting to kick tech in the teeth, and when that happens, it wakes up what's called «real money». Keep in mind: There is fast money, mostly hedge funds which are nimble and make quick moves. In contrast, real money moves slowly. Those types of investors don’t make asset allocation decisions quickly. They base their decisions on committees and all kinds of meetings. As a result, tectonic plates are shifting beneath our feet. We’ve seen tremors after tremors where value is starting to crush growth, and now the earthquake is coming. At Bear Traps, we have a Bloomberg chat with 650 institutional investors, and I can tell just by these conversations, that the real money is starting to move.\n <b>And when the real money moves, that’s when the big quake happens.</b>\n</blockquote>\n<p><b>What kind of dislocations will this cause?</b></p>\n<blockquote>\n <b>Tech will probably be down 30 to 40% sometime between now and the end of October.</b>Today, the market cap of the Nasdaq 100 is close to $12 trillion, but most large-cap tech stocks are unchanged since July last year, while commodity and value-related equities are up 20 to 50%. In the US, if you talk to a hundred high-net-worth families, every one of those families owns Apple, Google, Facebook and Amazon. But look what’s happening: Amazon’s stock is flat since the 4th of July 2020. That's $1.5 trillion of dead money. Last Friday, Amazon failed at the 200-day moving average again.\n <b>This is like Mike Tyson getting defeated by Buster Douglas, one of the greatest upsets in sports history. This psychology is moving through the market, pushing the capital migration process into value and commodity plays.</b>\n</blockquote>\n<p><b>However, investments in commodities are mostly not compliant with the trend towards ESG standards; especially when it comes to CO2 emissions.</b></p>\n<blockquote>\n <b>The best ESG trade on the board is nuclear power. The largest uranium company in the US is Cameco with a $7 market cap.</b>Think about that relative to Elon Musk’s net worth! I support the Green New Deal, but this needs time, because solar and wind are still too far away to produce the amount of energy needed around the world, especially in India and China. The only way to meet that demand is through nuclear power. Uranium is coming out of a ten-year bear market, and it’s going into a massive new bull market. All the contracts between power plants and uranium producers are going to be adjusted. That’s why we like the URA ETF which owns companies like Cameco. I see some of these companies as six baggers: 500% upside potential and 30 to 40% downside risk, because uranium is still a risky commodity.\n</blockquote>\n<p><b>In our&nbsp;last conversation, you recommended investments in the energy sector. Since then, names such as Chevron, Royal Dutch Shell or Exxon Mobil have advanced 25 to 60%. What do you advise investors to do now?</b></p>\n<blockquote>\n <b>For now, we’ve cut our energy book:</b>We’ve sold half of our shares in Chevron, and we’ve sold two thirds of our positions in Exxon Mobil and in the XLE ETF. What happens when you get into the fourth, fifth and sixth innings of a commodity cycle, tertiary sectors like metallurgical coal become more attractive. Sure, met coal, also known as coking coal, is not ESG friendly, but there is no way around it for steel production and hence the construction of skyscrapers, bridges and things like that. So coming into this infrastructure boom all around the world, coal has plenty of upside. That’s why we own names like Arch Resources and Peabody Energy. They’re low-leveraged, and really cheap, once again, on a risk/reward basis.\n</blockquote>\n<p><b>What are the biggest dangers to watch out for in the coming weeks and months?</b></p>\n<blockquote>\n <b>One spot to watch are all these forbearance deals in commercial real estate.</b>When we come out of Covid and the vaccines and the stimulus money are juicing through the economy, the market will be forcing the release of the forbearance on a lot of these loans. So if people don’t come back fast enough to the cities, these commercial real estate loans are going to get reset. This would mean some big defaults, and the banks own a lot of these loans. Also, a lot of leveraged loans are really rich. And then, there is potentially a fiscal cliff:\n <b>The sustainability of the $1.9 trillion stimulus package isn’t that great because a lot of it is just transfer payments replacing lost income for people staying at home. That’s why the US needs a second stimulus bill. If we don’t get a second bill, we are going to have a problem in about a year from now.</b>\n</blockquote>","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>Larry McDonald Warns \"The Big [Market] Quake Is Coming\"</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\">\nLarry McDonald Warns \"The Big [Market] Quake Is Coming\"\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-16 20:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/larry-mcdonald-warns-big-market-quake-coming><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The mood is testy. Yields on Treasuries are rising, the dollar is trending stronger, and major tech stocks are under pressure. Accordingly, tensions are high when the Federal Reserve decides on the ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/larry-mcdonald-warns-big-market-quake-coming\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/larry-mcdonald-warns-big-market-quake-coming","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121564086","content_text":"The mood is testy. Yields on Treasuries are rising, the dollar is trending stronger, and major tech stocks are under pressure. Accordingly, tensions are high when the Federal Reserve decides on the future course of its monetary policy this Wednesday.\n«The Fed has its back against the wall,»says Larry McDonald during a conversation via Zoom. The internationally renowned macro strategist and former senior trader at Lehman Brothers warns that the Federal Reserve has little time to mitigate the explosive situation in the bond and currency markets. Otherwise, he says, the global economy is at risk of another crisis.\nSince last spring, the founder of the independent investment advisor The Bear Traps Report has been recommending investments in the commodity sector, where he believes a new super cycle has begun. He reiterated his recommendation during his last conversation with The Market in late 2020. Today, his call for a big reflation trade has become the consensus on Wall Street.\nIn this new interview with The Market/NZZ, which has been edited and condensed for clarity, Larry McDonald tells why he expects the Federal Reserve to resort to yield curve control fairly soon and what that will mean for gold and silver. He also explains why the rotation into commodities and value stocks is only just beginning and where he currently sees the best opportunities for investments.\nAfter the turmoil of the past few weeks, all eyes are on the Federal Reserve. What can investors expect from Wednesday's Fed meeting?\n\nWe’re at a point where the market is moving way ahead of the Federal Reserve.The Fed is on «outcome-based guidance», but the beast, that serpent in the market, wants more than that. Basically, the market is saying: «The US economy is going to grow 6 or 7% this year, and that will force you to taper in Q3 or Q4.» As investors are pricing in a tapering of the Fed’s asset purchases, financial conditions are tightening; especially in emerging markets, where spreads on credit default swaps are rising. So far, financial conditions are nowhere near extremely dangerous levels. But the problem is everybody thinks we’re in a similar situation as back in 2018.\n\nWhat do you mean by that?\n\n Once again, the Fed is playing «Tough Guy»: The market demands a policy pivot, but the Fed is trying to hold on to its path, essentially signaling to investors: «No way, relax». We had a similar set-up in 2013, 2016 and 2018. These were the three most significant monetary policy shifts where market pressures broke the Fed's desired policy path.\n The problem is that back then the Fed had far more rope to play Tough Guy since the economy was stronger. In 2018 for instance, the US economy was creating hundreds of thousands of jobs a month. In contrast, today’s employment-to-population ratio is 3.5 percentage points below January 2020 levels. This means 13 million Americans are outside the labor force. To get back to pre-pandemic levels, the economy has to create more than 540,000 jobs a month for two years.\n\nSo what does this mean for this week's Fed meeting?\n\nThe Fed is planet earth’s central bank. Every time they tried to play Tough Guy, they’ve blown up the global economy.This time, the Fed's Tough Guy window is much smaller. In 2018 or 2013 that window was nine to ten months. Now, it’s like two months because the economy is so weak. If they let financial conditions tighten further, they risk a major default cycle.\n The negative multiplier effect of a stronger dollar is much higher to the world economy than the Fed anticipates. They can't afford to let the dollar rip higher, because there is so much dollar denominated debt in the world, so much trade tied to the Greenback. If they blow that up, it will just blow back to the US and force the Fed into a policy shift anyway. It’s like with an oil change at the car repair shop: You can pay now or you can pay later. That’s why the Fed has to pay now.\n\nWhy?\n\nThe Fed’s back is against the wall, all points to proactive action on March 17.They must suppress taper fears and cut these risks off, or else they blow up the global economy for the 4th time since 2013. We’re hearing that they’re already getting incoming calls from emerging market central banks right now. If Fed Chairman Jay Powell plays Tough Guy by staying with the current path, without offering further assurances of deeper, more sustainable accommodation, the beast inside the market will keep pushing him until he breaks. We will see a repeat of Q4 2018 and Q1 2019, where the Fed was forced into an utterly embarrassing pivot. One of those is enough for Powell’s legacy, he doesn’t want two.\n\nWhat kind of measures can be expected?\n\nEventually, we will get the taper, but the overwhelming point is other weapons have to come first.A Federal Reserve offering insufficient accommodation places markets in the crosshairs of a risk-off event. The first thing they will try to do is give some hard data points. For example, the US economy has to create 10 million jobs for the Fed to do anything on the balance sheet. Another way they can get out is calendar guidance, but that’s a more sophisticated weaponry. Bottom line, they should just say: «From now until the end of the year QE will continue at $120 billion a month, and we want PCE-inflation to get to between 2 and 2.5% and stay there for 24 months.» With that in place,\n all they have to do is open the door two or three inches for yield curve control, and they can contain the dollar.\n\nThe last time the Federal Reserve used yield curve control was during the time of World War II. Why would it resort to such a radical measure?\n\nHere’s the dirty little secret: Too many Treasury bonds are for sale.There aren’t enough buyers, and that will force the Fed to step in. More than $3.6 trillion of US government paper was issued in 2020 versus $2.9 trillion in the prior year. With the new $1.9 trillion fiscal package coming from Washington, issuance in 2021 is slated to rise to $4 trillion. That’s a lot more than the Fed’s Treasury purchases through QE, so the spread between QE and debt issuance gets much wider. Washington is doing so much fiscal stimulus, I’m confident that this is going to force the Fed into yield curve control by September. If that’s the case, it will pressure the dollar lower and put commodities, value stocks, global cyclicals, materials and emerging markets into rotation overdrive.\n\nHow come?\n\nYield curve control deployment is the tactical nuclear weaponry.If the Fed throws out yield curve control just as a threat, it will suppress Treasury rates and real yields will go much more negative. Over the last couple of months, the issuance has overpowered inflation expectations. Think of it as a car race: Treasury issuances were driving up yields faster than inflation expectations rose. But if the Fed starts to acknowledge that they are going to bring out new weapons like calendar guidance and yield curve control, then they’re suppressing nominal yields. So if inflation expectations continue to rise, then real yields go big negative – and that’s when gold and silver will take off. I think silver can double from here until early next year. Gold could be up 50%.\n\nHow can investors best position themselves in this environment?\n\n In terms of emerging markets, we’re\n long Chile and Brazil.In Asia, South Korea looks attractive. We also like the KWEB ETF which consists of the big Chinese tech stocks. In the commodity space, we have a position in the XME ETF which owns mainly\n copper and steel names.One of the best companies we own is Teck Resources. This stock is almost like a commodity mutual fund, because the company has exposure to copper, nickel and even energy. Another favorite is Mosaic because in a commodity cycle where you have weather problems around the world,\n agricultural plays are a good bet.\n\nWhat about precious metals?\n\nWhen it comes to precious metals, we love silver minerslike Hecla Mining. When the Fed eases its policy, the silver miners will outperform the underlying metal, and they will outperform gold because there is more leverage there.\n\nThe gold price is down more than 15% since its all-time high in August. What’s the problem?\n\nEveryone thinks it’s 2013, so taper fears are sky high for gold. But the Fed cannot repeat its mistakes.They must cap yields if they want to preserve the global economic recovery. Thus, the convexity with gold is very attractive. Every leg lower in real yields will act like a slingshot higher for gold. That’s why we love Newmont. The stock trades at 6x EBITDA with a 4% dividend yield which gives you some downside protection. And remember: The 2011-2016 commodity bust has made the balance sheet of these high quality gold mining companies a lot stronger.\n\nPresident Joe Biden has just signed off on a $1.9 trillion economic program. What are the chances of a second stimulus bill, aimed at infrastructure?\n\n It’s important to note that\n a second fiscal deal for 2021 is not a slam dunk.To pass the present $1.9 trillion stimulus bill, the Democrats used reconciliation. It’s a very special trick in US politics, because with reconciliation you don’t need 60 votes to pass a bill in the Senate. All you need is 50 votes. Yet, reconciliation has to be tied to a budget year. This means the next time the Democrats can use it is probably in the fourth quarter, late November or December, and tie it to the following year's budget. So the only way to do an infrastructure bill in the next six months is with a traditional piece of legislation.\n\nIs that even possible, given how wide the rift between Republicans and Democrats has opened in recent years?\n\n For that you need essentially ten Republicans. Right now, the centrists on the Hill, people like Mitt Romney on the Republican side or Joe Manchin on the Democrat side, are the most powerful people in Washington. They want to do an infrastructure program, but they want to finance it with tax revenue. They don’t believe in things like Modern Monetary Theory where the Fed is financing the deficit.\n So you are going to need a tax hike. And in this regard, we’re hearing they could go after some type of flat tax on the FAANGs, the big technology companies.\n\nWhat does this mean for Apple, Google, Facebook and other tech heavyweights?\n\n Keep in mind, we’re in a populist revolution:\n The risk of inequality leading to social unrest is high, and that puts pressure on politicians to pass bills to tax the rich.But a wealth tax is extremely complicated, it would take years. The simplest way to do something in terms of taxes is to tax larger companies. In the eighties, the top 100 companies in the US maintained about 45 to 50% of total profits. Today, the largest 20 companies command about 85 to 90%. In addition to that, close to 40% of the S&P 500’s market cap is related to tech. So tech is the low hanging fruit for the populists in Congress to go after.\n\nOne more reason why tech stocks remain under pressure?\n\n We run a bunch of models. For example, we look at Berkshire Hathaway’s share price versus the Nasdaq 100 or the Dow Jones Industrial versus the Nasdaq. March 8th was the second time in 2021 that the Nasdaq closed down 2% with the Dow closing higher.\n We haven’t seen this type of data since the dotcom crash. It’s a very rare event which historically coincides with a longer-term rotation out of technology stocks. That’s a very encouraging signal for value stocks.In this regard, we like the EWU ETF. It’s a wonderful basket of stocks because it’s full of financials and world class names like BP, Rio Tinto or Glencore. Officially, it’s called the United Kingdom ETF, but it’s more like a global value ETF.\n\nDoes this mean that the rotation towards cyclical stocks has only just begun?\n\nMany investors around the world are long a portfolio of stocks that was designed for the deflationary environment of the previous decade.The decade ahead of us - with all what’s ahead in terms of fiscal and monetary stimulus, populism, regulation and taxes - will push investors toward more globally value related stocks. That’s where the best returns are going to be.\n\nSo the previously successful «buy the dip» strategy of simply buying more tech stocks after every decline no longer works?\n\nThe potency of dip-buying is in decay mode.Global value is really starting to kick tech in the teeth, and when that happens, it wakes up what's called «real money». Keep in mind: There is fast money, mostly hedge funds which are nimble and make quick moves. In contrast, real money moves slowly. Those types of investors don’t make asset allocation decisions quickly. They base their decisions on committees and all kinds of meetings. As a result, tectonic plates are shifting beneath our feet. We’ve seen tremors after tremors where value is starting to crush growth, and now the earthquake is coming. At Bear Traps, we have a Bloomberg chat with 650 institutional investors, and I can tell just by these conversations, that the real money is starting to move.\n And when the real money moves, that’s when the big quake happens.\n\nWhat kind of dislocations will this cause?\n\nTech will probably be down 30 to 40% sometime between now and the end of October.Today, the market cap of the Nasdaq 100 is close to $12 trillion, but most large-cap tech stocks are unchanged since July last year, while commodity and value-related equities are up 20 to 50%. In the US, if you talk to a hundred high-net-worth families, every one of those families owns Apple, Google, Facebook and Amazon. But look what’s happening: Amazon’s stock is flat since the 4th of July 2020. That's $1.5 trillion of dead money. Last Friday, Amazon failed at the 200-day moving average again.\n This is like Mike Tyson getting defeated by Buster Douglas, one of the greatest upsets in sports history. This psychology is moving through the market, pushing the capital migration process into value and commodity plays.\n\nHowever, investments in commodities are mostly not compliant with the trend towards ESG standards; especially when it comes to CO2 emissions.\n\nThe best ESG trade on the board is nuclear power. The largest uranium company in the US is Cameco with a $7 market cap.Think about that relative to Elon Musk’s net worth! I support the Green New Deal, but this needs time, because solar and wind are still too far away to produce the amount of energy needed around the world, especially in India and China. The only way to meet that demand is through nuclear power. Uranium is coming out of a ten-year bear market, and it’s going into a massive new bull market. All the contracts between power plants and uranium producers are going to be adjusted. That’s why we like the URA ETF which owns companies like Cameco. I see some of these companies as six baggers: 500% upside potential and 30 to 40% downside risk, because uranium is still a risky commodity.\n\nIn our last conversation, you recommended investments in the energy sector. Since then, names such as Chevron, Royal Dutch Shell or Exxon Mobil have advanced 25 to 60%. What do you advise investors to do now?\n\nFor now, we’ve cut our energy book:We’ve sold half of our shares in Chevron, and we’ve sold two thirds of our positions in Exxon Mobil and in the XLE ETF. What happens when you get into the fourth, fifth and sixth innings of a commodity cycle, tertiary sectors like metallurgical coal become more attractive. Sure, met coal, also known as coking coal, is not ESG friendly, but there is no way around it for steel production and hence the construction of skyscrapers, bridges and things like that. So coming into this infrastructure boom all around the world, coal has plenty of upside. That’s why we own names like Arch Resources and Peabody Energy. They’re low-leveraged, and really cheap, once again, on a risk/reward basis.\n\nWhat are the biggest dangers to watch out for in the coming weeks and months?\n\nOne spot to watch are all these forbearance deals in commercial real estate.When we come out of Covid and the vaccines and the stimulus money are juicing through the economy, the market will be forcing the release of the forbearance on a lot of these loans. So if people don’t come back fast enough to the cities, these commercial real estate loans are going to get reset. This would mean some big defaults, and the banks own a lot of these loans. Also, a lot of leveraged loans are really rich. And then, there is potentially a fiscal cliff:\n The sustainability of the $1.9 trillion stimulus package isn’t that great because a lot of it is just transfer payments replacing lost income for people staying at home. That’s why the US needs a second stimulus bill. If we don’t get a second bill, we are going to have a problem in about a year from now.","news_type":1},"isVote":1,"tweetType":1,"viewCount":5,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354917737,"gmtCreate":1617118332829,"gmtModify":1704696152034,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/354917737","repostId":"1189684251","repostType":4,"repost":{"id":"1189684251","pubTimestamp":1617117951,"share":"https://ttm.financial/m/news/1189684251?lang=&edition=fundamental","pubTime":"2021-03-30 23:25","market":"us","language":"en","title":"Analysts get bullish on Facebook and Twitter, but trader warns of one headwind coming to a ‘boiling point’","url":"https://stock-news.laohu8.com/highlight/detail?id=1189684251","media":"cnbc","summary":"Social stocks are in the spotlight.\nDeutsche Bank boosted itsFacebookprice target to a Street high o","content":"<div>\n<p>Social stocks are in the spotlight.\nDeutsche Bank boosted itsFacebookprice target to a Street high on Monday, highlighting tail winds in the advertising space, while Truist analysts upgradedTwitterto ...</p>\n\n<a href=\"https://www.cnbc.com/2021/03/30/facebook-twitter-stock-trader-warns-congress-at-a-boiling-point.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>Analysts get bullish on Facebook and Twitter, but trader warns of one headwind coming to a ‘boiling point’</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\">\nAnalysts get bullish on Facebook and Twitter, but trader warns of one headwind coming to a ‘boiling point’\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-30 23:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/03/30/facebook-twitter-stock-trader-warns-congress-at-a-boiling-point.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Social stocks are in the spotlight.\nDeutsche Bank boosted itsFacebookprice target to a Street high on Monday, highlighting tail winds in the advertising space, while Truist analysts upgradedTwitterto ...</p>\n\n<a href=\"https://www.cnbc.com/2021/03/30/facebook-twitter-stock-trader-warns-congress-at-a-boiling-point.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e5a3b7b2bdd3ab9f803f408004776e72","relate_stocks":{"TWTR":"Twitter"},"source_url":"https://www.cnbc.com/2021/03/30/facebook-twitter-stock-trader-warns-congress-at-a-boiling-point.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1189684251","content_text":"Social stocks are in the spotlight.\nDeutsche Bank boosted itsFacebookprice target to a Street high on Monday, highlighting tail winds in the advertising space, while Truist analysts upgradedTwitterto a buy on what they view as the \"most exciting product roadmap\" they've seen from the company.\nBut, the regulatory overhang persists. The CEOs of Facebook, Google and Twittertestified in front of Congress last week at a hearing on misinformation. Platforms have been criticized for not holding themselves' accountable for their content, especially false information, and for whether they either suppress or promote different voices.\nGina Sanchez, CEO of Chantico Global and chief market strategist at Lido Advisors, said Capitol Hill's next move should be a very real concern for investors in these stocks.\n\"The question really comes around how Congress decides to act on this question of Section 230 of the Communications Decency Act and that can potentially change the business model,\" Sanchez told CNBC's \"Trading Nation\" on Monday.\nWhile issues of regulation for big tech companies has been present for many years, Sanchez said it has emerged as more of an immediate threat for social stocks.\n\"Congress today is probably even more invigorated because both sides of the aisle have something to be angry about. … You have both conservatives and liberals who both feel that they've been in some ways harmed by the actions of the company. That's just not a good outlook, and I think that this is coming to a boiling point, probably in the next year or two,\" said Sanchez.\nAri Wald, head of technical analysis at Oppenheimer, is more constructive on the stocks.\n\"We do see opportunity and I think in general the industry, because it has been so soft in recent months, it's made it attractive versus the rest of the market that's really run up a bit. I think there is some rotation potential here,\" Wald said during the same segment.\nFacebook, for example, looks to have potential for some upside. The stock is the second-best performer among the FAANG stocks so far this year behindAlphabet– its 6% gain is better than the declines forAmazon,AppleandNetflix.\n“It more or less has been range-bound over the last six months and it’s created a symmetrical triangle pattern,” said Wald. “The stock is now breaking through this consolidation pattern to the upside. Here are the levels to know – there’s support at $270, that’s the prior breakout point. As long as that holds, we see upside to $310. That would be the height of the prior range measured from the breakout point.”\nFacebook traded at $290 on Tuesday.","news_type":1},"isVote":1,"tweetType":1,"viewCount":47,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350805124,"gmtCreate":1616171685368,"gmtModify":1704791914731,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/350805124","repostId":"1199154789","repostType":4,"repost":{"id":"1199154789","pubTimestamp":1616164372,"share":"https://ttm.financial/m/news/1199154789?lang=&edition=fundamental","pubTime":"2021-03-19 22:32","market":"us","language":"en","title":"Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next","url":"https://stock-news.laohu8.com/highlight/detail?id=1199154789","media":"zerohedge","summary":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio  exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on ","content":"<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><blockquote>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.</blockquote><p><img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><blockquote>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.</blockquote><p>The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><blockquote>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b></blockquote><p><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><b>So what happens next?</b></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><blockquote>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b></blockquote><p>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><blockquote><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b></blockquote><p>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><blockquote>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...</blockquote><p>While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p>* *&nbsp; *</p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFed Disappoints Market, Lets SLR Relief Expire: What Happens Next\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-19 22:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199154789","content_text":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –suggests that the Fed is “foaming the runway” for the end of SLR exemption.\"Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...Bond yields spiked...... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")....... slumped.In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).So what happens next?Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market:The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:3. Relief ends March 31, banks fully raise capital Impact on BanksRatesFront-End Rates 4. Relief ends March 31, banks raise capital & de-lever Impact on BanksRatesFront-End RatesGoing back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,and these flows will swell further money funds’ inflows coming from TGA drawdowns.\"More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.* *  *Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" asthe SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing.“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.","news_type":1},"isVote":1,"tweetType":1,"viewCount":67,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325439212,"gmtCreate":1615910843436,"gmtModify":1704788434208,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Amazing","listText":"Amazing","text":"Amazing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/325439212","repostId":"1121564086","repostType":4,"repost":{"id":"1121564086","pubTimestamp":1615899026,"share":"https://ttm.financial/m/news/1121564086?lang=&edition=fundamental","pubTime":"2021-03-16 20:50","market":"us","language":"en","title":"Larry McDonald Warns \"The Big [Market] Quake Is Coming\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1121564086","media":"zerohedge","summary":"The mood is testy. Yields on Treasuries are rising, the dollar is trending stronger, and major tech ","content":"<p>The mood is testy. Yields on Treasuries are rising, the dollar is trending stronger, and major tech stocks are under pressure. Accordingly, tensions are high when the Federal Reserve decides on the future course of its monetary policy this Wednesday.</p>\n<p><i><b>«The Fed has its back against the wall,»</b></i>says Larry McDonald during a conversation via Zoom. The internationally renowned macro strategist and former senior trader at Lehman Brothers warns that the Federal Reserve has little time to mitigate the explosive situation in the bond and currency markets. Otherwise, he says, the global economy is at risk of another crisis.</p>\n<p>Since last spring, the founder of the independent investment advisor&nbsp;The Bear Traps Report&nbsp;has been&nbsp;recommending investments&nbsp;in the commodity sector, where he believes a new super cycle has begun. He&nbsp;reiterated his recommendation&nbsp;during his last conversation with The Market in late 2020. Today, his call for a big reflation trade has become the consensus on Wall Street.</p>\n<p>In this new interview with The Market/NZZ, which has been edited and condensed for clarity, Larry McDonald tells why he expects the Federal Reserve to resort to yield curve control fairly soon and what that will mean for gold and silver. He also explains why the rotation into commodities and value stocks is only just beginning and where he currently sees the best opportunities for investments.</p>\n<p><b>After the turmoil of the past few weeks, all eyes are on the Federal Reserve. What can investors expect from Wednesday's Fed meeting?</b></p>\n<blockquote>\n <b>We’re at a point where the market is moving way ahead of the Federal Reserve.</b>The Fed is on «outcome-based guidance», but the beast, that serpent in the market, wants more than that. Basically, the market is saying: «The US economy is going to grow 6 or 7% this year, and that will force you to taper in Q3 or Q4.» As investors are pricing in a tapering of the Fed’s asset purchases, financial conditions are tightening; especially in emerging markets, where spreads on credit default swaps are rising. So far, financial conditions are nowhere near extremely dangerous levels. But the problem is everybody thinks we’re in a similar situation as back in 2018.\n</blockquote>\n<p><b>What do you mean by that?</b></p>\n<blockquote>\n Once again, the Fed is playing «Tough Guy»: The market demands a policy pivot, but the Fed is trying to hold on to its path, essentially signaling to investors: «No way, relax». We had a similar set-up in 2013, 2016 and 2018. These were the three most significant monetary policy shifts where market pressures broke the Fed's desired policy path.\n <b>The problem is that back then the Fed had far more rope to play Tough Guy since the economy was stronger. In 2018 for instance</b>, the US economy was creating hundreds of thousands of jobs a month. In contrast, today’s employment-to-population ratio is 3.5 percentage points below January 2020 levels. This means 13 million Americans are outside the labor force. To get back to pre-pandemic levels, the economy has to create more than 540,000 jobs a month for two years.\n</blockquote>\n<p><b>So what does this mean for this week's Fed meeting?</b></p>\n<blockquote>\n <b>The Fed is planet earth’s central bank. Every time they tried to play Tough Guy, they’ve blown up the global economy.</b>This time, the Fed's Tough Guy window is much smaller. In 2018 or 2013 that window was nine to ten months. Now, it’s like two months because the economy is so weak. If they let financial conditions tighten further, they risk a major default cycle.\n <b>The negative multiplier effect of a stronger dollar is much higher to the world economy than the Fed anticipates</b>. They can't afford to let the dollar rip higher, because there is so much dollar denominated debt in the world, so much trade tied to the Greenback. If they blow that up, it will just blow back to the US and force the Fed into a policy shift anyway. It’s like with an oil change at the car repair shop: You can pay now or you can pay later. That’s why the Fed has to pay now.\n</blockquote>\n<p><b>Why?</b></p>\n<blockquote>\n <b>The Fed’s back is against the wall, all points to proactive action on March 17.</b>They must suppress taper fears and cut these risks off, or else they blow up the global economy for the 4th time since 2013. We’re hearing that they’re already getting incoming calls from emerging market central banks right now. If Fed Chairman Jay Powell plays Tough Guy by staying with the current path, without offering further assurances of deeper, more sustainable accommodation, the beast inside the market will keep pushing him until he breaks. We will see a repeat of Q4 2018 and Q1 2019, where the Fed was forced into an utterly embarrassing pivot. One of those is enough for Powell’s legacy, he doesn’t want two.\n</blockquote>\n<p><b>What kind of measures can be expected?</b></p>\n<blockquote>\n <b>Eventually, we will get the taper, but the overwhelming point is other weapons have to come first.</b>A Federal Reserve offering insufficient accommodation places markets in the crosshairs of a risk-off event. The first thing they will try to do is give some hard data points. For example, the US economy has to create 10 million jobs for the Fed to do anything on the balance sheet. Another way they can get out is calendar guidance, but that’s a more sophisticated weaponry. Bottom line, they should just say: «From now until the end of the year QE will continue at $120 billion a month, and we want PCE-inflation to get to between 2 and 2.5% and stay there for 24 months.» With that in place,\n <b>all they have to do is open the door two or three inches for yield curve control, and they can contain the dollar.</b>\n</blockquote>\n<p><b>The last time the Federal Reserve used yield curve control was during the time of World War II. Why would it resort to such a radical measure?</b></p>\n<blockquote>\n <b>Here’s the dirty little secret: Too many Treasury bonds are for sale.</b>There aren’t enough buyers, and that will force the Fed to step in. More than $3.6 trillion of US government paper was issued in 2020 versus $2.9 trillion in the prior year. With the new $1.9 trillion fiscal package coming from Washington, issuance in 2021 is slated to rise to $4 trillion. That’s a lot more than the Fed’s Treasury purchases through QE, so the spread between QE and debt issuance gets much wider. Washington is doing so much fiscal stimulus, I’m confident that this is going to force the Fed into yield curve control by September. If that’s the case, it will pressure the dollar lower and put commodities, value stocks, global cyclicals, materials and emerging markets into rotation overdrive.\n</blockquote>\n<p><b>How come?</b></p>\n<blockquote>\n <b>Yield curve control deployment is the tactical nuclear weaponry.</b>If the Fed throws out yield curve control just as a threat, it will suppress Treasury rates and real yields will go much more negative. Over the last couple of months, the issuance has overpowered inflation expectations. Think of it as a car race: Treasury issuances were driving up yields faster than inflation expectations rose. But if the Fed starts to acknowledge that they are going to bring out new weapons like calendar guidance and yield curve control, then they’re suppressing nominal yields. So if inflation expectations continue to rise, then real yields go big negative – and that’s when gold and silver will take off. I think silver can double from here until early next year. Gold could be up 50%.\n</blockquote>\n<p><b>How can investors best position themselves in this environment?</b></p>\n<blockquote>\n In terms of emerging markets, we’re\n <b>long Chile and Brazil.</b>In Asia, South Korea looks attractive. We also like the KWEB ETF which consists of the big Chinese tech stocks. In the commodity space, we have a position in the XME ETF which owns mainly\n <b>copper and steel names.</b>One of the best companies we own is Teck Resources. This stock is almost like a commodity mutual fund, because the company has exposure to copper, nickel and even energy. Another favorite is Mosaic because in a commodity cycle where you have weather problems around the world,\n <b>agricultural plays are a good bet.</b>\n</blockquote>\n<p><b>What about precious metals?</b></p>\n<blockquote>\n <b>When it comes to precious metals, we love silver miners</b>like Hecla Mining. When the Fed eases its policy, the silver miners will outperform the underlying metal, and they will outperform gold because there is more leverage there.\n</blockquote>\n<p><b>The gold price is down more than 15% since its all-time high in August. What’s the problem?</b></p>\n<blockquote>\n <b>Everyone thinks it’s 2013, so taper fears are sky high for gold. But the Fed cannot repeat its mistakes.</b>They must cap yields if they want to preserve the global economic recovery. Thus, the convexity with gold is very attractive. Every leg lower in real yields will act like a slingshot higher for gold. That’s why we love Newmont. The stock trades at 6x EBITDA with a 4% dividend yield which gives you some downside protection. And remember: The 2011-2016 commodity bust has made the balance sheet of these high quality gold mining companies a lot stronger.\n</blockquote>\n<p><b>President Joe Biden has just signed off on a $1.9 trillion economic program. What are the chances of a second stimulus bill, aimed at infrastructure?</b></p>\n<blockquote>\n It’s important to note that\n <b>a second fiscal deal for 2021 is not a slam dunk.</b>To pass the present $1.9 trillion stimulus bill, the Democrats used reconciliation. It’s a very special trick in US politics, because with reconciliation you don’t need 60 votes to pass a bill in the Senate. All you need is 50 votes. Yet, reconciliation has to be tied to a budget year. This means the next time the Democrats can use it is probably in the fourth quarter, late November or December, and tie it to the following year's budget. So the only way to do an infrastructure bill in the next six months is with a traditional piece of legislation.\n</blockquote>\n<p><b>Is that even possible, given how wide the rift between Republicans and Democrats has opened in recent years?</b></p>\n<blockquote>\n For that you need essentially ten Republicans. Right now, the centrists on the Hill, people like Mitt Romney on the Republican side or Joe Manchin on the Democrat side, are the most powerful people in Washington. They want to do an infrastructure program, but they want to finance it with tax revenue. They don’t believe in things like Modern Monetary Theory where the Fed is financing the deficit.\n <b>So you are going to need a tax hike. And in this regard, we’re hearing they could go after some type of flat tax on the FAANGs, the big technology companies.</b>\n</blockquote>\n<p><b>What does this mean for Apple, Google, Facebook and other tech heavyweights?</b></p>\n<blockquote>\n Keep in mind, we’re in a populist revolution:\n <b>The risk of inequality leading to social unrest is high, and that puts pressure on politicians to pass bills to tax the rich.</b>But a wealth tax is extremely complicated, it would take years. The simplest way to do something in terms of taxes is to tax larger companies. In the eighties, the top 100 companies in the US maintained about 45 to 50% of total profits. Today, the largest 20 companies command about 85 to 90%. In addition to that, close to 40% of the S&amp;P 500’s market cap is related to tech. So tech is the low hanging fruit for the populists in Congress to go after.\n</blockquote>\n<p><b>One more reason why tech stocks remain under pressure?</b></p>\n<blockquote>\n We run a bunch of models. For example, we look at Berkshire Hathaway’s share price versus the Nasdaq 100 or the Dow Jones Industrial versus the Nasdaq. March 8th was the second time in 2021 that the Nasdaq closed down 2% with the Dow closing higher.\n <b>We haven’t seen this type of data since the dotcom crash. It’s a very rare event which historically coincides with a longer-term rotation out of technology stocks. That’s a very encouraging signal for value stocks.</b>In this regard, we like the EWU ETF. It’s a wonderful basket of stocks because it’s full of financials and world class names like BP, Rio Tinto or Glencore. Officially, it’s called the United Kingdom ETF, but it’s more like a global value ETF.\n</blockquote>\n<p><b>Does this mean that the rotation towards cyclical stocks has only just begun?</b></p>\n<blockquote>\n <b>Many investors around the world are long a portfolio of stocks that was designed for the deflationary environment of the previous decade.</b>The decade ahead of us - with all what’s ahead in terms of fiscal and monetary stimulus, populism, regulation and taxes - will push investors toward more globally value related stocks. That’s where the best returns are going to be.\n</blockquote>\n<p><b>So the previously successful «buy the dip» strategy of simply buying more tech stocks after every decline no longer works?</b></p>\n<blockquote>\n <b>The potency of dip-buying is in decay mode.</b>Global value is really starting to kick tech in the teeth, and when that happens, it wakes up what's called «real money». Keep in mind: There is fast money, mostly hedge funds which are nimble and make quick moves. In contrast, real money moves slowly. Those types of investors don’t make asset allocation decisions quickly. They base their decisions on committees and all kinds of meetings. As a result, tectonic plates are shifting beneath our feet. We’ve seen tremors after tremors where value is starting to crush growth, and now the earthquake is coming. At Bear Traps, we have a Bloomberg chat with 650 institutional investors, and I can tell just by these conversations, that the real money is starting to move.\n <b>And when the real money moves, that’s when the big quake happens.</b>\n</blockquote>\n<p><b>What kind of dislocations will this cause?</b></p>\n<blockquote>\n <b>Tech will probably be down 30 to 40% sometime between now and the end of October.</b>Today, the market cap of the Nasdaq 100 is close to $12 trillion, but most large-cap tech stocks are unchanged since July last year, while commodity and value-related equities are up 20 to 50%. In the US, if you talk to a hundred high-net-worth families, every one of those families owns Apple, Google, Facebook and Amazon. But look what’s happening: Amazon’s stock is flat since the 4th of July 2020. That's $1.5 trillion of dead money. Last Friday, Amazon failed at the 200-day moving average again.\n <b>This is like Mike Tyson getting defeated by Buster Douglas, one of the greatest upsets in sports history. This psychology is moving through the market, pushing the capital migration process into value and commodity plays.</b>\n</blockquote>\n<p><b>However, investments in commodities are mostly not compliant with the trend towards ESG standards; especially when it comes to CO2 emissions.</b></p>\n<blockquote>\n <b>The best ESG trade on the board is nuclear power. The largest uranium company in the US is Cameco with a $7 market cap.</b>Think about that relative to Elon Musk’s net worth! I support the Green New Deal, but this needs time, because solar and wind are still too far away to produce the amount of energy needed around the world, especially in India and China. The only way to meet that demand is through nuclear power. Uranium is coming out of a ten-year bear market, and it’s going into a massive new bull market. All the contracts between power plants and uranium producers are going to be adjusted. That’s why we like the URA ETF which owns companies like Cameco. I see some of these companies as six baggers: 500% upside potential and 30 to 40% downside risk, because uranium is still a risky commodity.\n</blockquote>\n<p><b>In our&nbsp;last conversation, you recommended investments in the energy sector. Since then, names such as Chevron, Royal Dutch Shell or Exxon Mobil have advanced 25 to 60%. What do you advise investors to do now?</b></p>\n<blockquote>\n <b>For now, we’ve cut our energy book:</b>We’ve sold half of our shares in Chevron, and we’ve sold two thirds of our positions in Exxon Mobil and in the XLE ETF. What happens when you get into the fourth, fifth and sixth innings of a commodity cycle, tertiary sectors like metallurgical coal become more attractive. Sure, met coal, also known as coking coal, is not ESG friendly, but there is no way around it for steel production and hence the construction of skyscrapers, bridges and things like that. So coming into this infrastructure boom all around the world, coal has plenty of upside. That’s why we own names like Arch Resources and Peabody Energy. They’re low-leveraged, and really cheap, once again, on a risk/reward basis.\n</blockquote>\n<p><b>What are the biggest dangers to watch out for in the coming weeks and months?</b></p>\n<blockquote>\n <b>One spot to watch are all these forbearance deals in commercial real estate.</b>When we come out of Covid and the vaccines and the stimulus money are juicing through the economy, the market will be forcing the release of the forbearance on a lot of these loans. So if people don’t come back fast enough to the cities, these commercial real estate loans are going to get reset. This would mean some big defaults, and the banks own a lot of these loans. Also, a lot of leveraged loans are really rich. And then, there is potentially a fiscal cliff:\n <b>The sustainability of the $1.9 trillion stimulus package isn’t that great because a lot of it is just transfer payments replacing lost income for people staying at home. That’s why the US needs a second stimulus bill. If we don’t get a second bill, we are going to have a problem in about a year from now.</b>\n</blockquote>","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>Larry McDonald Warns \"The Big [Market] Quake Is Coming\"</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\">\nLarry McDonald Warns \"The Big [Market] Quake Is Coming\"\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-16 20:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/larry-mcdonald-warns-big-market-quake-coming><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The mood is testy. Yields on Treasuries are rising, the dollar is trending stronger, and major tech stocks are under pressure. Accordingly, tensions are high when the Federal Reserve decides on the ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/larry-mcdonald-warns-big-market-quake-coming\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/larry-mcdonald-warns-big-market-quake-coming","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121564086","content_text":"The mood is testy. Yields on Treasuries are rising, the dollar is trending stronger, and major tech stocks are under pressure. Accordingly, tensions are high when the Federal Reserve decides on the future course of its monetary policy this Wednesday.\n«The Fed has its back against the wall,»says Larry McDonald during a conversation via Zoom. The internationally renowned macro strategist and former senior trader at Lehman Brothers warns that the Federal Reserve has little time to mitigate the explosive situation in the bond and currency markets. Otherwise, he says, the global economy is at risk of another crisis.\nSince last spring, the founder of the independent investment advisor The Bear Traps Report has been recommending investments in the commodity sector, where he believes a new super cycle has begun. He reiterated his recommendation during his last conversation with The Market in late 2020. Today, his call for a big reflation trade has become the consensus on Wall Street.\nIn this new interview with The Market/NZZ, which has been edited and condensed for clarity, Larry McDonald tells why he expects the Federal Reserve to resort to yield curve control fairly soon and what that will mean for gold and silver. He also explains why the rotation into commodities and value stocks is only just beginning and where he currently sees the best opportunities for investments.\nAfter the turmoil of the past few weeks, all eyes are on the Federal Reserve. What can investors expect from Wednesday's Fed meeting?\n\nWe’re at a point where the market is moving way ahead of the Federal Reserve.The Fed is on «outcome-based guidance», but the beast, that serpent in the market, wants more than that. Basically, the market is saying: «The US economy is going to grow 6 or 7% this year, and that will force you to taper in Q3 or Q4.» As investors are pricing in a tapering of the Fed’s asset purchases, financial conditions are tightening; especially in emerging markets, where spreads on credit default swaps are rising. So far, financial conditions are nowhere near extremely dangerous levels. But the problem is everybody thinks we’re in a similar situation as back in 2018.\n\nWhat do you mean by that?\n\n Once again, the Fed is playing «Tough Guy»: The market demands a policy pivot, but the Fed is trying to hold on to its path, essentially signaling to investors: «No way, relax». We had a similar set-up in 2013, 2016 and 2018. These were the three most significant monetary policy shifts where market pressures broke the Fed's desired policy path.\n The problem is that back then the Fed had far more rope to play Tough Guy since the economy was stronger. In 2018 for instance, the US economy was creating hundreds of thousands of jobs a month. In contrast, today’s employment-to-population ratio is 3.5 percentage points below January 2020 levels. This means 13 million Americans are outside the labor force. To get back to pre-pandemic levels, the economy has to create more than 540,000 jobs a month for two years.\n\nSo what does this mean for this week's Fed meeting?\n\nThe Fed is planet earth’s central bank. Every time they tried to play Tough Guy, they’ve blown up the global economy.This time, the Fed's Tough Guy window is much smaller. In 2018 or 2013 that window was nine to ten months. Now, it’s like two months because the economy is so weak. If they let financial conditions tighten further, they risk a major default cycle.\n The negative multiplier effect of a stronger dollar is much higher to the world economy than the Fed anticipates. They can't afford to let the dollar rip higher, because there is so much dollar denominated debt in the world, so much trade tied to the Greenback. If they blow that up, it will just blow back to the US and force the Fed into a policy shift anyway. It’s like with an oil change at the car repair shop: You can pay now or you can pay later. That’s why the Fed has to pay now.\n\nWhy?\n\nThe Fed’s back is against the wall, all points to proactive action on March 17.They must suppress taper fears and cut these risks off, or else they blow up the global economy for the 4th time since 2013. We’re hearing that they’re already getting incoming calls from emerging market central banks right now. If Fed Chairman Jay Powell plays Tough Guy by staying with the current path, without offering further assurances of deeper, more sustainable accommodation, the beast inside the market will keep pushing him until he breaks. We will see a repeat of Q4 2018 and Q1 2019, where the Fed was forced into an utterly embarrassing pivot. One of those is enough for Powell’s legacy, he doesn’t want two.\n\nWhat kind of measures can be expected?\n\nEventually, we will get the taper, but the overwhelming point is other weapons have to come first.A Federal Reserve offering insufficient accommodation places markets in the crosshairs of a risk-off event. The first thing they will try to do is give some hard data points. For example, the US economy has to create 10 million jobs for the Fed to do anything on the balance sheet. Another way they can get out is calendar guidance, but that’s a more sophisticated weaponry. Bottom line, they should just say: «From now until the end of the year QE will continue at $120 billion a month, and we want PCE-inflation to get to between 2 and 2.5% and stay there for 24 months.» With that in place,\n all they have to do is open the door two or three inches for yield curve control, and they can contain the dollar.\n\nThe last time the Federal Reserve used yield curve control was during the time of World War II. Why would it resort to such a radical measure?\n\nHere’s the dirty little secret: Too many Treasury bonds are for sale.There aren’t enough buyers, and that will force the Fed to step in. More than $3.6 trillion of US government paper was issued in 2020 versus $2.9 trillion in the prior year. With the new $1.9 trillion fiscal package coming from Washington, issuance in 2021 is slated to rise to $4 trillion. That’s a lot more than the Fed’s Treasury purchases through QE, so the spread between QE and debt issuance gets much wider. Washington is doing so much fiscal stimulus, I’m confident that this is going to force the Fed into yield curve control by September. If that’s the case, it will pressure the dollar lower and put commodities, value stocks, global cyclicals, materials and emerging markets into rotation overdrive.\n\nHow come?\n\nYield curve control deployment is the tactical nuclear weaponry.If the Fed throws out yield curve control just as a threat, it will suppress Treasury rates and real yields will go much more negative. Over the last couple of months, the issuance has overpowered inflation expectations. Think of it as a car race: Treasury issuances were driving up yields faster than inflation expectations rose. But if the Fed starts to acknowledge that they are going to bring out new weapons like calendar guidance and yield curve control, then they’re suppressing nominal yields. So if inflation expectations continue to rise, then real yields go big negative – and that’s when gold and silver will take off. I think silver can double from here until early next year. Gold could be up 50%.\n\nHow can investors best position themselves in this environment?\n\n In terms of emerging markets, we’re\n long Chile and Brazil.In Asia, South Korea looks attractive. We also like the KWEB ETF which consists of the big Chinese tech stocks. In the commodity space, we have a position in the XME ETF which owns mainly\n copper and steel names.One of the best companies we own is Teck Resources. This stock is almost like a commodity mutual fund, because the company has exposure to copper, nickel and even energy. Another favorite is Mosaic because in a commodity cycle where you have weather problems around the world,\n agricultural plays are a good bet.\n\nWhat about precious metals?\n\nWhen it comes to precious metals, we love silver minerslike Hecla Mining. When the Fed eases its policy, the silver miners will outperform the underlying metal, and they will outperform gold because there is more leverage there.\n\nThe gold price is down more than 15% since its all-time high in August. What’s the problem?\n\nEveryone thinks it’s 2013, so taper fears are sky high for gold. But the Fed cannot repeat its mistakes.They must cap yields if they want to preserve the global economic recovery. Thus, the convexity with gold is very attractive. Every leg lower in real yields will act like a slingshot higher for gold. That’s why we love Newmont. The stock trades at 6x EBITDA with a 4% dividend yield which gives you some downside protection. And remember: The 2011-2016 commodity bust has made the balance sheet of these high quality gold mining companies a lot stronger.\n\nPresident Joe Biden has just signed off on a $1.9 trillion economic program. What are the chances of a second stimulus bill, aimed at infrastructure?\n\n It’s important to note that\n a second fiscal deal for 2021 is not a slam dunk.To pass the present $1.9 trillion stimulus bill, the Democrats used reconciliation. It’s a very special trick in US politics, because with reconciliation you don’t need 60 votes to pass a bill in the Senate. All you need is 50 votes. Yet, reconciliation has to be tied to a budget year. This means the next time the Democrats can use it is probably in the fourth quarter, late November or December, and tie it to the following year's budget. So the only way to do an infrastructure bill in the next six months is with a traditional piece of legislation.\n\nIs that even possible, given how wide the rift between Republicans and Democrats has opened in recent years?\n\n For that you need essentially ten Republicans. Right now, the centrists on the Hill, people like Mitt Romney on the Republican side or Joe Manchin on the Democrat side, are the most powerful people in Washington. They want to do an infrastructure program, but they want to finance it with tax revenue. They don’t believe in things like Modern Monetary Theory where the Fed is financing the deficit.\n So you are going to need a tax hike. And in this regard, we’re hearing they could go after some type of flat tax on the FAANGs, the big technology companies.\n\nWhat does this mean for Apple, Google, Facebook and other tech heavyweights?\n\n Keep in mind, we’re in a populist revolution:\n The risk of inequality leading to social unrest is high, and that puts pressure on politicians to pass bills to tax the rich.But a wealth tax is extremely complicated, it would take years. The simplest way to do something in terms of taxes is to tax larger companies. In the eighties, the top 100 companies in the US maintained about 45 to 50% of total profits. Today, the largest 20 companies command about 85 to 90%. In addition to that, close to 40% of the S&P 500’s market cap is related to tech. So tech is the low hanging fruit for the populists in Congress to go after.\n\nOne more reason why tech stocks remain under pressure?\n\n We run a bunch of models. For example, we look at Berkshire Hathaway’s share price versus the Nasdaq 100 or the Dow Jones Industrial versus the Nasdaq. March 8th was the second time in 2021 that the Nasdaq closed down 2% with the Dow closing higher.\n We haven’t seen this type of data since the dotcom crash. It’s a very rare event which historically coincides with a longer-term rotation out of technology stocks. That’s a very encouraging signal for value stocks.In this regard, we like the EWU ETF. It’s a wonderful basket of stocks because it’s full of financials and world class names like BP, Rio Tinto or Glencore. Officially, it’s called the United Kingdom ETF, but it’s more like a global value ETF.\n\nDoes this mean that the rotation towards cyclical stocks has only just begun?\n\nMany investors around the world are long a portfolio of stocks that was designed for the deflationary environment of the previous decade.The decade ahead of us - with all what’s ahead in terms of fiscal and monetary stimulus, populism, regulation and taxes - will push investors toward more globally value related stocks. That’s where the best returns are going to be.\n\nSo the previously successful «buy the dip» strategy of simply buying more tech stocks after every decline no longer works?\n\nThe potency of dip-buying is in decay mode.Global value is really starting to kick tech in the teeth, and when that happens, it wakes up what's called «real money». Keep in mind: There is fast money, mostly hedge funds which are nimble and make quick moves. In contrast, real money moves slowly. Those types of investors don’t make asset allocation decisions quickly. They base their decisions on committees and all kinds of meetings. As a result, tectonic plates are shifting beneath our feet. We’ve seen tremors after tremors where value is starting to crush growth, and now the earthquake is coming. At Bear Traps, we have a Bloomberg chat with 650 institutional investors, and I can tell just by these conversations, that the real money is starting to move.\n And when the real money moves, that’s when the big quake happens.\n\nWhat kind of dislocations will this cause?\n\nTech will probably be down 30 to 40% sometime between now and the end of October.Today, the market cap of the Nasdaq 100 is close to $12 trillion, but most large-cap tech stocks are unchanged since July last year, while commodity and value-related equities are up 20 to 50%. In the US, if you talk to a hundred high-net-worth families, every one of those families owns Apple, Google, Facebook and Amazon. But look what’s happening: Amazon’s stock is flat since the 4th of July 2020. That's $1.5 trillion of dead money. Last Friday, Amazon failed at the 200-day moving average again.\n This is like Mike Tyson getting defeated by Buster Douglas, one of the greatest upsets in sports history. This psychology is moving through the market, pushing the capital migration process into value and commodity plays.\n\nHowever, investments in commodities are mostly not compliant with the trend towards ESG standards; especially when it comes to CO2 emissions.\n\nThe best ESG trade on the board is nuclear power. The largest uranium company in the US is Cameco with a $7 market cap.Think about that relative to Elon Musk’s net worth! I support the Green New Deal, but this needs time, because solar and wind are still too far away to produce the amount of energy needed around the world, especially in India and China. The only way to meet that demand is through nuclear power. Uranium is coming out of a ten-year bear market, and it’s going into a massive new bull market. All the contracts between power plants and uranium producers are going to be adjusted. That’s why we like the URA ETF which owns companies like Cameco. I see some of these companies as six baggers: 500% upside potential and 30 to 40% downside risk, because uranium is still a risky commodity.\n\nIn our last conversation, you recommended investments in the energy sector. Since then, names such as Chevron, Royal Dutch Shell or Exxon Mobil have advanced 25 to 60%. What do you advise investors to do now?\n\nFor now, we’ve cut our energy book:We’ve sold half of our shares in Chevron, and we’ve sold two thirds of our positions in Exxon Mobil and in the XLE ETF. What happens when you get into the fourth, fifth and sixth innings of a commodity cycle, tertiary sectors like metallurgical coal become more attractive. Sure, met coal, also known as coking coal, is not ESG friendly, but there is no way around it for steel production and hence the construction of skyscrapers, bridges and things like that. So coming into this infrastructure boom all around the world, coal has plenty of upside. That’s why we own names like Arch Resources and Peabody Energy. They’re low-leveraged, and really cheap, once again, on a risk/reward basis.\n\nWhat are the biggest dangers to watch out for in the coming weeks and months?\n\nOne spot to watch are all these forbearance deals in commercial real estate.When we come out of Covid and the vaccines and the stimulus money are juicing through the economy, the market will be forcing the release of the forbearance on a lot of these loans. So if people don’t come back fast enough to the cities, these commercial real estate loans are going to get reset. This would mean some big defaults, and the banks own a lot of these loans. Also, a lot of leveraged loans are really rich. And then, there is potentially a fiscal cliff:\n The sustainability of the $1.9 trillion stimulus package isn’t that great because a lot of it is just transfer payments replacing lost income for people staying at home. That’s why the US needs a second stimulus bill. If we don’t get a second bill, we are going to have a problem in about a year from now.","news_type":1},"isVote":1,"tweetType":1,"viewCount":36,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324206950,"gmtCreate":1615992424970,"gmtModify":1704789494620,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324206950","repostId":"1167332168","repostType":4,"repost":{"id":"1167332168","pubTimestamp":1615992072,"share":"https://ttm.financial/m/news/1167332168?lang=&edition=fundamental","pubTime":"2021-03-17 22:41","market":"us","language":"en","title":"Alibaba stocks advanced  more than 2%","url":"https://stock-news.laohu8.com/highlight/detail?id=1167332168","media":"seekingalpha","summary":"Alibaba plans to set up a version of its TaobaoDeals app that can operate on rival $Tencent$ 's WeChat socialnetwork in a concession to Chinese regulators cracking down on tech company overreach.Tencent will have to approve of the app before it appears on WeChat, which has more than one billion users and already offers online payment and ride-sharing services.Alibaba and Tencent are both in the crosshairs of Chinese regulators due to the former's ties to Jack Ma and his Ant Group fintech and the","content":"<p>(March 17)&nbsp;<a href=\"https://laohu8.com/S/BABA\">Alibaba</a> stocks advanced&nbsp;&nbsp;more&nbsp;than&nbsp;2%.</p><p><img src=\"https://static.tigerbbs.com/8ee99cf497f367f259eb1a8a4cc10198\" tg-width=\"685\" tg-height=\"496\" referrerpolicy=\"no-referrer\"></p><p>Alibaba&nbsp;plans to set up a version of its TaobaoDeals app that can operate on rival <a href=\"https://laohu8.com/S/00700\">Tencent</a> 's WeChat socialnetwork in a concession to Chinese regulators cracking down on tech company overreach.</p><p><i>Bloomberg</i>sourcessay Alibaba has already started to invite some merchants to participate in the lite bargain app, which will also allow Alibaba merchants to accept WeChat Pay for the first time.</p><p>Tencent will have to approve of the app before it appears on WeChat, which has more than one billion users and already offers online payment and ride-sharing services.</p><p>Alibaba and Tencent are both in the crosshairs of Chinese regulators due to the former's ties to Jack Ma and his Ant Group fintech and the latter's participation in the payments industry.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Alibaba stocks advanced  more than 2%</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\">\nAlibaba stocks advanced  more than 2%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-17 22:41 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3673581-alibaba-stock-on-watch-as-company-eyes-tencent-related-antitrust-concession><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(March 17) Alibaba stocks advanced  more than 2%.Alibaba plans to set up a version of its TaobaoDeals app that can operate on rival Tencent 's WeChat socialnetwork in a concession to Chinese ...</p>\n\n<a href=\"https://seekingalpha.com/news/3673581-alibaba-stock-on-watch-as-company-eyes-tencent-related-antitrust-concession\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴","09988":"阿里巴巴-W"},"source_url":"https://seekingalpha.com/news/3673581-alibaba-stock-on-watch-as-company-eyes-tencent-related-antitrust-concession","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1167332168","content_text":"(March 17) Alibaba stocks advanced  more than 2%.Alibaba plans to set up a version of its TaobaoDeals app that can operate on rival Tencent 's WeChat socialnetwork in a concession to Chinese regulators cracking down on tech company overreach.Bloombergsourcessay Alibaba has already started to invite some merchants to participate in the lite bargain app, which will also allow Alibaba merchants to accept WeChat Pay for the first time.Tencent will have to approve of the app before it appears on WeChat, which has more than one billion users and already offers online payment and ride-sharing services.Alibaba and Tencent are both in the crosshairs of Chinese regulators due to the former's ties to Jack Ma and his Ant Group fintech and the latter's participation in the payments industry.","news_type":1},"isVote":1,"tweetType":1,"viewCount":47,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":348399684,"gmtCreate":1617886687048,"gmtModify":1704704367696,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/348399684","repostId":"2125726223","repostType":4,"repost":{"id":"2125726223","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":1617826841,"share":"https://ttm.financial/m/news/2125726223?lang=&edition=fundamental","pubTime":"2021-04-08 04:20","market":"us","language":"en","title":"US STOCKS-S&P closes slightly higher after Fed minutes feed stable rate view","url":"https://stock-news.laohu8.com/highlight/detail?id=2125726223","media":"Reuters","summary":"Prison operator GEO tumbles on dividend suspension\"Some time\" before substantial progress seen on go","content":"<ul><li>Prison operator GEO tumbles on dividend suspension</li><li>\"Some time\" before substantial progress seen on goals - Fed</li><li>Growth stocks outperform value</li><li>Dow up 0.05%, S&amp;P 500 up 0.15%, Nasdaq down 0.07%</li></ul><p>NEW YORK, April 7 (Reuters) - Major averages hovered near unchanged on Wednesday, with the S&amp;P 500 closing up slightly after the Federal Reserve released minutes from its most recent meeting that reinforced the U.S. central bank's position to remain patient before raising rates.</p><p>The major indexes held near unchanged for most of the day but the S&amp;P 500 briefly climbed to a session high after the minutes, in which Fed officials said it would likely take \"some time\" for substantial further progress on goals of maximum employment and stable prices.</p><p>The gains were minor and short-lived. Many market participants question whether the Fed will hold off so long on a rate hike.</p><p>\"We thought we were going to get something new from the minutes of the Fed meeting, we were oddly mistaken on that <a href=\"https://laohu8.com/S/AONE\">one</a>,\" said Art Hogan, chief market strategist at National Securities in New York.</p><p>\"The Fed has been more transparent all of this year about where they stand and they really are not budging from that stance.\"</p><p>The yield on the benchmark 10-year U.S. Treasury note</p><p>moved higher late in the session, yet remained below a 14-month high of 1.776% hit on March 30. The recent pullback in yields has helped growth names and lifted technology</p><p>and communication services    stocks as the best performing sectors on the day.</p><p>The Dow Jones Industrial Average    rose 16.02 points, or 0.05%, to 33,446.26, the S&amp;P 500    gained 6.01 points, or 0.15%, to 4,079.95 and the Nasdaq Composite    dropped 9.54 points, or 0.07%, to 13,688.84.</p><p>Value stocks, which include economically sensitive sectors such as materials    and industrials   , maintain a strong lead this year over their growth counterparts, dominantly tech-related firms.</p><p>However, a resurgence in demand for tech stocks in recent sessions amid renewed restrictions in Canada and parts of Europe has raised questions over the longevity of the value trade.</p><p>Growth stocks, up 0.28%, outperformed value shares, which were down 0.16% during the session.</p><p>The upcoming earnings season and progress in a multitrillion-dollar infrastructure proposal could decide Wall Street's path forward.</p><p>Analysts have raised expectations for first-quarter S&amp;P 500 earnings increase to 24.2%, according to Refinitiv IBES data as of April 1, versus 21% forecast on Feb. 5.</p><p>But the sharp run up in earnings expectations could leave the market primed for disappointment.</p><p>JPMorgan Chase &amp; Co  Chief Executive Officer Jamie Dimon said the United States could be in store for an economic boom through 2023 if more adults get vaccinated and federal spending continues.</p><p>Prison operator GEO Group    fell 20.38% after suspending quarterly dividend payments.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.38-to-1 ratio; on Nasdaq, a 2.22-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 32 new 52-week highs and no new lows; the Nasdaq Composite recorded 63 new highs and 34 new lows.</p><p>Volume on U.S. exchanges was 9.41 billion shares, the third straight session marking the lowest daily volume of the year, compared with the 12.16 billion average for the full session over the last 20 trading days.</p><p>(Reporting by Chuck Mikolajczak; Editing by David Gregorio)</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US STOCKS-S&P closes slightly higher after Fed minutes feed stable rate view</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\">\nUS STOCKS-S&P closes slightly higher after Fed minutes feed stable rate view\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\">2021-04-08 04:20</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<ul><li>Prison operator GEO tumbles on dividend suspension</li><li>\"Some time\" before substantial progress seen on goals - Fed</li><li>Growth stocks outperform value</li><li>Dow up 0.05%, S&amp;P 500 up 0.15%, Nasdaq down 0.07%</li></ul><p>NEW YORK, April 7 (Reuters) - Major averages hovered near unchanged on Wednesday, with the S&amp;P 500 closing up slightly after the Federal Reserve released minutes from its most recent meeting that reinforced the U.S. central bank's position to remain patient before raising rates.</p><p>The major indexes held near unchanged for most of the day but the S&amp;P 500 briefly climbed to a session high after the minutes, in which Fed officials said it would likely take \"some time\" for substantial further progress on goals of maximum employment and stable prices.</p><p>The gains were minor and short-lived. Many market participants question whether the Fed will hold off so long on a rate hike.</p><p>\"We thought we were going to get something new from the minutes of the Fed meeting, we were oddly mistaken on that <a href=\"https://laohu8.com/S/AONE\">one</a>,\" said Art Hogan, chief market strategist at National Securities in New York.</p><p>\"The Fed has been more transparent all of this year about where they stand and they really are not budging from that stance.\"</p><p>The yield on the benchmark 10-year U.S. Treasury note</p><p>moved higher late in the session, yet remained below a 14-month high of 1.776% hit on March 30. The recent pullback in yields has helped growth names and lifted technology</p><p>and communication services    stocks as the best performing sectors on the day.</p><p>The Dow Jones Industrial Average    rose 16.02 points, or 0.05%, to 33,446.26, the S&amp;P 500    gained 6.01 points, or 0.15%, to 4,079.95 and the Nasdaq Composite    dropped 9.54 points, or 0.07%, to 13,688.84.</p><p>Value stocks, which include economically sensitive sectors such as materials    and industrials   , maintain a strong lead this year over their growth counterparts, dominantly tech-related firms.</p><p>However, a resurgence in demand for tech stocks in recent sessions amid renewed restrictions in Canada and parts of Europe has raised questions over the longevity of the value trade.</p><p>Growth stocks, up 0.28%, outperformed value shares, which were down 0.16% during the session.</p><p>The upcoming earnings season and progress in a multitrillion-dollar infrastructure proposal could decide Wall Street's path forward.</p><p>Analysts have raised expectations for first-quarter S&amp;P 500 earnings increase to 24.2%, according to Refinitiv IBES data as of April 1, versus 21% forecast on Feb. 5.</p><p>But the sharp run up in earnings expectations could leave the market primed for disappointment.</p><p>JPMorgan Chase &amp; Co  Chief Executive Officer Jamie Dimon said the United States could be in store for an economic boom through 2023 if more adults get vaccinated and federal spending continues.</p><p>Prison operator GEO Group    fell 20.38% after suspending quarterly dividend payments.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.38-to-1 ratio; on Nasdaq, a 2.22-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 32 new 52-week highs and no new lows; the Nasdaq Composite recorded 63 new highs and 34 new lows.</p><p>Volume on U.S. exchanges was 9.41 billion shares, the third straight session marking the lowest daily volume of the year, compared with the 12.16 billion average for the full session over the last 20 trading days.</p><p>(Reporting by Chuck Mikolajczak; Editing by David Gregorio)</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","TQQQ":"纳指三倍做多ETF","UPRO":"三倍做多标普500ETF","GEO":"GEO惩教集团",".DJI":"道琼斯","DOG":"道指反向ETF","SQQQ":"纳指三倍做空ETF","PSQ":"纳指反向ETF",".IXIC":"NASDAQ Composite","OEX":"标普100",".SPX":"S&P 500 Index","SPXU":"三倍做空标普500ETF","IVV":"标普500指数ETF","QID":"纳指两倍做空ETF","WIW":"Western Asset/Claymore Inf-Lkd O","DJX":"1/100道琼斯","DXD":"道指两倍做空ETF","SDOW":"道指三倍做空ETF-ProShares","QLD":"纳指两倍做多ETF","JPM":"摩根大通","SDS":"两倍做空标普500ETF","SSO":"两倍做多标普500ETF","UDOW":"道指三倍做多ETF-ProShares","DDM":"道指两倍做多ETF","SH":"标普500反向ETF","QQQ":"纳指100ETF","OEF":"标普100指数ETF-iShares","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2125726223","content_text":"Prison operator GEO tumbles on dividend suspension\"Some time\" before substantial progress seen on goals - FedGrowth stocks outperform valueDow up 0.05%, S&P 500 up 0.15%, Nasdaq down 0.07%NEW YORK, April 7 (Reuters) - Major averages hovered near unchanged on Wednesday, with the S&P 500 closing up slightly after the Federal Reserve released minutes from its most recent meeting that reinforced the U.S. central bank's position to remain patient before raising rates.The major indexes held near unchanged for most of the day but the S&P 500 briefly climbed to a session high after the minutes, in which Fed officials said it would likely take \"some time\" for substantial further progress on goals of maximum employment and stable prices.The gains were minor and short-lived. Many market participants question whether the Fed will hold off so long on a rate hike.\"We thought we were going to get something new from the minutes of the Fed meeting, we were oddly mistaken on that one,\" said Art Hogan, chief market strategist at National Securities in New York.\"The Fed has been more transparent all of this year about where they stand and they really are not budging from that stance.\"The yield on the benchmark 10-year U.S. Treasury notemoved higher late in the session, yet remained below a 14-month high of 1.776% hit on March 30. The recent pullback in yields has helped growth names and lifted technologyand communication services    stocks as the best performing sectors on the day.The Dow Jones Industrial Average    rose 16.02 points, or 0.05%, to 33,446.26, the S&P 500    gained 6.01 points, or 0.15%, to 4,079.95 and the Nasdaq Composite    dropped 9.54 points, or 0.07%, to 13,688.84.Value stocks, which include economically sensitive sectors such as materials    and industrials   , maintain a strong lead this year over their growth counterparts, dominantly tech-related firms.However, a resurgence in demand for tech stocks in recent sessions amid renewed restrictions in Canada and parts of Europe has raised questions over the longevity of the value trade.Growth stocks, up 0.28%, outperformed value shares, which were down 0.16% during the session.The upcoming earnings season and progress in a multitrillion-dollar infrastructure proposal could decide Wall Street's path forward.Analysts have raised expectations for first-quarter S&P 500 earnings increase to 24.2%, according to Refinitiv IBES data as of April 1, versus 21% forecast on Feb. 5.But the sharp run up in earnings expectations could leave the market primed for disappointment.JPMorgan Chase & Co  Chief Executive Officer Jamie Dimon said the United States could be in store for an economic boom through 2023 if more adults get vaccinated and federal spending continues.Prison operator GEO Group    fell 20.38% after suspending quarterly dividend payments.Declining issues outnumbered advancing ones on the NYSE by a 1.38-to-1 ratio; on Nasdaq, a 2.22-to-1 ratio favored decliners.The S&P 500 posted 32 new 52-week highs and no new lows; the Nasdaq Composite recorded 63 new highs and 34 new lows.Volume on U.S. exchanges was 9.41 billion shares, the third straight session marking the lowest daily volume of the year, compared with the 12.16 billion average for the full session over the last 20 trading days.(Reporting by Chuck Mikolajczak; Editing by David Gregorio)","news_type":1},"isVote":1,"tweetType":1,"viewCount":161,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":341621010,"gmtCreate":1617809481830,"gmtModify":1704703495659,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/341621010","repostId":"1187774907","repostType":4,"isVote":1,"tweetType":1,"viewCount":143,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325430799,"gmtCreate":1615910793611,"gmtModify":1704788433395,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Amazing","listText":"Amazing","text":"Amazing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/325430799","repostId":"1121564086","repostType":4,"repost":{"id":"1121564086","pubTimestamp":1615899026,"share":"https://ttm.financial/m/news/1121564086?lang=&edition=fundamental","pubTime":"2021-03-16 20:50","market":"us","language":"en","title":"Larry McDonald Warns \"The Big [Market] Quake Is Coming\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1121564086","media":"zerohedge","summary":"The mood is testy. Yields on Treasuries are rising, the dollar is trending stronger, and major tech ","content":"<p>The mood is testy. Yields on Treasuries are rising, the dollar is trending stronger, and major tech stocks are under pressure. Accordingly, tensions are high when the Federal Reserve decides on the future course of its monetary policy this Wednesday.</p>\n<p><i><b>«The Fed has its back against the wall,»</b></i>says Larry McDonald during a conversation via Zoom. The internationally renowned macro strategist and former senior trader at Lehman Brothers warns that the Federal Reserve has little time to mitigate the explosive situation in the bond and currency markets. Otherwise, he says, the global economy is at risk of another crisis.</p>\n<p>Since last spring, the founder of the independent investment advisor&nbsp;The Bear Traps Report&nbsp;has been&nbsp;recommending investments&nbsp;in the commodity sector, where he believes a new super cycle has begun. He&nbsp;reiterated his recommendation&nbsp;during his last conversation with The Market in late 2020. Today, his call for a big reflation trade has become the consensus on Wall Street.</p>\n<p>In this new interview with The Market/NZZ, which has been edited and condensed for clarity, Larry McDonald tells why he expects the Federal Reserve to resort to yield curve control fairly soon and what that will mean for gold and silver. He also explains why the rotation into commodities and value stocks is only just beginning and where he currently sees the best opportunities for investments.</p>\n<p><b>After the turmoil of the past few weeks, all eyes are on the Federal Reserve. What can investors expect from Wednesday's Fed meeting?</b></p>\n<blockquote>\n <b>We’re at a point where the market is moving way ahead of the Federal Reserve.</b>The Fed is on «outcome-based guidance», but the beast, that serpent in the market, wants more than that. Basically, the market is saying: «The US economy is going to grow 6 or 7% this year, and that will force you to taper in Q3 or Q4.» As investors are pricing in a tapering of the Fed’s asset purchases, financial conditions are tightening; especially in emerging markets, where spreads on credit default swaps are rising. So far, financial conditions are nowhere near extremely dangerous levels. But the problem is everybody thinks we’re in a similar situation as back in 2018.\n</blockquote>\n<p><b>What do you mean by that?</b></p>\n<blockquote>\n Once again, the Fed is playing «Tough Guy»: The market demands a policy pivot, but the Fed is trying to hold on to its path, essentially signaling to investors: «No way, relax». We had a similar set-up in 2013, 2016 and 2018. These were the three most significant monetary policy shifts where market pressures broke the Fed's desired policy path.\n <b>The problem is that back then the Fed had far more rope to play Tough Guy since the economy was stronger. In 2018 for instance</b>, the US economy was creating hundreds of thousands of jobs a month. In contrast, today’s employment-to-population ratio is 3.5 percentage points below January 2020 levels. This means 13 million Americans are outside the labor force. To get back to pre-pandemic levels, the economy has to create more than 540,000 jobs a month for two years.\n</blockquote>\n<p><b>So what does this mean for this week's Fed meeting?</b></p>\n<blockquote>\n <b>The Fed is planet earth’s central bank. Every time they tried to play Tough Guy, they’ve blown up the global economy.</b>This time, the Fed's Tough Guy window is much smaller. In 2018 or 2013 that window was nine to ten months. Now, it’s like two months because the economy is so weak. If they let financial conditions tighten further, they risk a major default cycle.\n <b>The negative multiplier effect of a stronger dollar is much higher to the world economy than the Fed anticipates</b>. They can't afford to let the dollar rip higher, because there is so much dollar denominated debt in the world, so much trade tied to the Greenback. If they blow that up, it will just blow back to the US and force the Fed into a policy shift anyway. It’s like with an oil change at the car repair shop: You can pay now or you can pay later. That’s why the Fed has to pay now.\n</blockquote>\n<p><b>Why?</b></p>\n<blockquote>\n <b>The Fed’s back is against the wall, all points to proactive action on March 17.</b>They must suppress taper fears and cut these risks off, or else they blow up the global economy for the 4th time since 2013. We’re hearing that they’re already getting incoming calls from emerging market central banks right now. If Fed Chairman Jay Powell plays Tough Guy by staying with the current path, without offering further assurances of deeper, more sustainable accommodation, the beast inside the market will keep pushing him until he breaks. We will see a repeat of Q4 2018 and Q1 2019, where the Fed was forced into an utterly embarrassing pivot. One of those is enough for Powell’s legacy, he doesn’t want two.\n</blockquote>\n<p><b>What kind of measures can be expected?</b></p>\n<blockquote>\n <b>Eventually, we will get the taper, but the overwhelming point is other weapons have to come first.</b>A Federal Reserve offering insufficient accommodation places markets in the crosshairs of a risk-off event. The first thing they will try to do is give some hard data points. For example, the US economy has to create 10 million jobs for the Fed to do anything on the balance sheet. Another way they can get out is calendar guidance, but that’s a more sophisticated weaponry. Bottom line, they should just say: «From now until the end of the year QE will continue at $120 billion a month, and we want PCE-inflation to get to between 2 and 2.5% and stay there for 24 months.» With that in place,\n <b>all they have to do is open the door two or three inches for yield curve control, and they can contain the dollar.</b>\n</blockquote>\n<p><b>The last time the Federal Reserve used yield curve control was during the time of World War II. Why would it resort to such a radical measure?</b></p>\n<blockquote>\n <b>Here’s the dirty little secret: Too many Treasury bonds are for sale.</b>There aren’t enough buyers, and that will force the Fed to step in. More than $3.6 trillion of US government paper was issued in 2020 versus $2.9 trillion in the prior year. With the new $1.9 trillion fiscal package coming from Washington, issuance in 2021 is slated to rise to $4 trillion. That’s a lot more than the Fed’s Treasury purchases through QE, so the spread between QE and debt issuance gets much wider. Washington is doing so much fiscal stimulus, I’m confident that this is going to force the Fed into yield curve control by September. If that’s the case, it will pressure the dollar lower and put commodities, value stocks, global cyclicals, materials and emerging markets into rotation overdrive.\n</blockquote>\n<p><b>How come?</b></p>\n<blockquote>\n <b>Yield curve control deployment is the tactical nuclear weaponry.</b>If the Fed throws out yield curve control just as a threat, it will suppress Treasury rates and real yields will go much more negative. Over the last couple of months, the issuance has overpowered inflation expectations. Think of it as a car race: Treasury issuances were driving up yields faster than inflation expectations rose. But if the Fed starts to acknowledge that they are going to bring out new weapons like calendar guidance and yield curve control, then they’re suppressing nominal yields. So if inflation expectations continue to rise, then real yields go big negative – and that’s when gold and silver will take off. I think silver can double from here until early next year. Gold could be up 50%.\n</blockquote>\n<p><b>How can investors best position themselves in this environment?</b></p>\n<blockquote>\n In terms of emerging markets, we’re\n <b>long Chile and Brazil.</b>In Asia, South Korea looks attractive. We also like the KWEB ETF which consists of the big Chinese tech stocks. In the commodity space, we have a position in the XME ETF which owns mainly\n <b>copper and steel names.</b>One of the best companies we own is Teck Resources. This stock is almost like a commodity mutual fund, because the company has exposure to copper, nickel and even energy. Another favorite is Mosaic because in a commodity cycle where you have weather problems around the world,\n <b>agricultural plays are a good bet.</b>\n</blockquote>\n<p><b>What about precious metals?</b></p>\n<blockquote>\n <b>When it comes to precious metals, we love silver miners</b>like Hecla Mining. When the Fed eases its policy, the silver miners will outperform the underlying metal, and they will outperform gold because there is more leverage there.\n</blockquote>\n<p><b>The gold price is down more than 15% since its all-time high in August. What’s the problem?</b></p>\n<blockquote>\n <b>Everyone thinks it’s 2013, so taper fears are sky high for gold. But the Fed cannot repeat its mistakes.</b>They must cap yields if they want to preserve the global economic recovery. Thus, the convexity with gold is very attractive. Every leg lower in real yields will act like a slingshot higher for gold. That’s why we love Newmont. The stock trades at 6x EBITDA with a 4% dividend yield which gives you some downside protection. And remember: The 2011-2016 commodity bust has made the balance sheet of these high quality gold mining companies a lot stronger.\n</blockquote>\n<p><b>President Joe Biden has just signed off on a $1.9 trillion economic program. What are the chances of a second stimulus bill, aimed at infrastructure?</b></p>\n<blockquote>\n It’s important to note that\n <b>a second fiscal deal for 2021 is not a slam dunk.</b>To pass the present $1.9 trillion stimulus bill, the Democrats used reconciliation. It’s a very special trick in US politics, because with reconciliation you don’t need 60 votes to pass a bill in the Senate. All you need is 50 votes. Yet, reconciliation has to be tied to a budget year. This means the next time the Democrats can use it is probably in the fourth quarter, late November or December, and tie it to the following year's budget. So the only way to do an infrastructure bill in the next six months is with a traditional piece of legislation.\n</blockquote>\n<p><b>Is that even possible, given how wide the rift between Republicans and Democrats has opened in recent years?</b></p>\n<blockquote>\n For that you need essentially ten Republicans. Right now, the centrists on the Hill, people like Mitt Romney on the Republican side or Joe Manchin on the Democrat side, are the most powerful people in Washington. They want to do an infrastructure program, but they want to finance it with tax revenue. They don’t believe in things like Modern Monetary Theory where the Fed is financing the deficit.\n <b>So you are going to need a tax hike. And in this regard, we’re hearing they could go after some type of flat tax on the FAANGs, the big technology companies.</b>\n</blockquote>\n<p><b>What does this mean for Apple, Google, Facebook and other tech heavyweights?</b></p>\n<blockquote>\n Keep in mind, we’re in a populist revolution:\n <b>The risk of inequality leading to social unrest is high, and that puts pressure on politicians to pass bills to tax the rich.</b>But a wealth tax is extremely complicated, it would take years. The simplest way to do something in terms of taxes is to tax larger companies. In the eighties, the top 100 companies in the US maintained about 45 to 50% of total profits. Today, the largest 20 companies command about 85 to 90%. In addition to that, close to 40% of the S&amp;P 500’s market cap is related to tech. So tech is the low hanging fruit for the populists in Congress to go after.\n</blockquote>\n<p><b>One more reason why tech stocks remain under pressure?</b></p>\n<blockquote>\n We run a bunch of models. For example, we look at Berkshire Hathaway’s share price versus the Nasdaq 100 or the Dow Jones Industrial versus the Nasdaq. March 8th was the second time in 2021 that the Nasdaq closed down 2% with the Dow closing higher.\n <b>We haven’t seen this type of data since the dotcom crash. It’s a very rare event which historically coincides with a longer-term rotation out of technology stocks. That’s a very encouraging signal for value stocks.</b>In this regard, we like the EWU ETF. It’s a wonderful basket of stocks because it’s full of financials and world class names like BP, Rio Tinto or Glencore. Officially, it’s called the United Kingdom ETF, but it’s more like a global value ETF.\n</blockquote>\n<p><b>Does this mean that the rotation towards cyclical stocks has only just begun?</b></p>\n<blockquote>\n <b>Many investors around the world are long a portfolio of stocks that was designed for the deflationary environment of the previous decade.</b>The decade ahead of us - with all what’s ahead in terms of fiscal and monetary stimulus, populism, regulation and taxes - will push investors toward more globally value related stocks. That’s where the best returns are going to be.\n</blockquote>\n<p><b>So the previously successful «buy the dip» strategy of simply buying more tech stocks after every decline no longer works?</b></p>\n<blockquote>\n <b>The potency of dip-buying is in decay mode.</b>Global value is really starting to kick tech in the teeth, and when that happens, it wakes up what's called «real money». Keep in mind: There is fast money, mostly hedge funds which are nimble and make quick moves. In contrast, real money moves slowly. Those types of investors don’t make asset allocation decisions quickly. They base their decisions on committees and all kinds of meetings. As a result, tectonic plates are shifting beneath our feet. We’ve seen tremors after tremors where value is starting to crush growth, and now the earthquake is coming. At Bear Traps, we have a Bloomberg chat with 650 institutional investors, and I can tell just by these conversations, that the real money is starting to move.\n <b>And when the real money moves, that’s when the big quake happens.</b>\n</blockquote>\n<p><b>What kind of dislocations will this cause?</b></p>\n<blockquote>\n <b>Tech will probably be down 30 to 40% sometime between now and the end of October.</b>Today, the market cap of the Nasdaq 100 is close to $12 trillion, but most large-cap tech stocks are unchanged since July last year, while commodity and value-related equities are up 20 to 50%. In the US, if you talk to a hundred high-net-worth families, every one of those families owns Apple, Google, Facebook and Amazon. But look what’s happening: Amazon’s stock is flat since the 4th of July 2020. That's $1.5 trillion of dead money. Last Friday, Amazon failed at the 200-day moving average again.\n <b>This is like Mike Tyson getting defeated by Buster Douglas, one of the greatest upsets in sports history. This psychology is moving through the market, pushing the capital migration process into value and commodity plays.</b>\n</blockquote>\n<p><b>However, investments in commodities are mostly not compliant with the trend towards ESG standards; especially when it comes to CO2 emissions.</b></p>\n<blockquote>\n <b>The best ESG trade on the board is nuclear power. The largest uranium company in the US is Cameco with a $7 market cap.</b>Think about that relative to Elon Musk’s net worth! I support the Green New Deal, but this needs time, because solar and wind are still too far away to produce the amount of energy needed around the world, especially in India and China. The only way to meet that demand is through nuclear power. Uranium is coming out of a ten-year bear market, and it’s going into a massive new bull market. All the contracts between power plants and uranium producers are going to be adjusted. That’s why we like the URA ETF which owns companies like Cameco. I see some of these companies as six baggers: 500% upside potential and 30 to 40% downside risk, because uranium is still a risky commodity.\n</blockquote>\n<p><b>In our&nbsp;last conversation, you recommended investments in the energy sector. Since then, names such as Chevron, Royal Dutch Shell or Exxon Mobil have advanced 25 to 60%. What do you advise investors to do now?</b></p>\n<blockquote>\n <b>For now, we’ve cut our energy book:</b>We’ve sold half of our shares in Chevron, and we’ve sold two thirds of our positions in Exxon Mobil and in the XLE ETF. What happens when you get into the fourth, fifth and sixth innings of a commodity cycle, tertiary sectors like metallurgical coal become more attractive. Sure, met coal, also known as coking coal, is not ESG friendly, but there is no way around it for steel production and hence the construction of skyscrapers, bridges and things like that. So coming into this infrastructure boom all around the world, coal has plenty of upside. That’s why we own names like Arch Resources and Peabody Energy. They’re low-leveraged, and really cheap, once again, on a risk/reward basis.\n</blockquote>\n<p><b>What are the biggest dangers to watch out for in the coming weeks and months?</b></p>\n<blockquote>\n <b>One spot to watch are all these forbearance deals in commercial real estate.</b>When we come out of Covid and the vaccines and the stimulus money are juicing through the economy, the market will be forcing the release of the forbearance on a lot of these loans. So if people don’t come back fast enough to the cities, these commercial real estate loans are going to get reset. This would mean some big defaults, and the banks own a lot of these loans. Also, a lot of leveraged loans are really rich. And then, there is potentially a fiscal cliff:\n <b>The sustainability of the $1.9 trillion stimulus package isn’t that great because a lot of it is just transfer payments replacing lost income for people staying at home. That’s why the US needs a second stimulus bill. If we don’t get a second bill, we are going to have a problem in about a year from now.</b>\n</blockquote>","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>Larry McDonald Warns \"The Big [Market] Quake Is Coming\"</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\">\nLarry McDonald Warns \"The Big [Market] Quake Is Coming\"\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-16 20:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/larry-mcdonald-warns-big-market-quake-coming><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The mood is testy. Yields on Treasuries are rising, the dollar is trending stronger, and major tech stocks are under pressure. Accordingly, tensions are high when the Federal Reserve decides on the ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/larry-mcdonald-warns-big-market-quake-coming\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/larry-mcdonald-warns-big-market-quake-coming","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121564086","content_text":"The mood is testy. Yields on Treasuries are rising, the dollar is trending stronger, and major tech stocks are under pressure. Accordingly, tensions are high when the Federal Reserve decides on the future course of its monetary policy this Wednesday.\n«The Fed has its back against the wall,»says Larry McDonald during a conversation via Zoom. The internationally renowned macro strategist and former senior trader at Lehman Brothers warns that the Federal Reserve has little time to mitigate the explosive situation in the bond and currency markets. Otherwise, he says, the global economy is at risk of another crisis.\nSince last spring, the founder of the independent investment advisor The Bear Traps Report has been recommending investments in the commodity sector, where he believes a new super cycle has begun. He reiterated his recommendation during his last conversation with The Market in late 2020. Today, his call for a big reflation trade has become the consensus on Wall Street.\nIn this new interview with The Market/NZZ, which has been edited and condensed for clarity, Larry McDonald tells why he expects the Federal Reserve to resort to yield curve control fairly soon and what that will mean for gold and silver. He also explains why the rotation into commodities and value stocks is only just beginning and where he currently sees the best opportunities for investments.\nAfter the turmoil of the past few weeks, all eyes are on the Federal Reserve. What can investors expect from Wednesday's Fed meeting?\n\nWe’re at a point where the market is moving way ahead of the Federal Reserve.The Fed is on «outcome-based guidance», but the beast, that serpent in the market, wants more than that. Basically, the market is saying: «The US economy is going to grow 6 or 7% this year, and that will force you to taper in Q3 or Q4.» As investors are pricing in a tapering of the Fed’s asset purchases, financial conditions are tightening; especially in emerging markets, where spreads on credit default swaps are rising. So far, financial conditions are nowhere near extremely dangerous levels. But the problem is everybody thinks we’re in a similar situation as back in 2018.\n\nWhat do you mean by that?\n\n Once again, the Fed is playing «Tough Guy»: The market demands a policy pivot, but the Fed is trying to hold on to its path, essentially signaling to investors: «No way, relax». We had a similar set-up in 2013, 2016 and 2018. These were the three most significant monetary policy shifts where market pressures broke the Fed's desired policy path.\n The problem is that back then the Fed had far more rope to play Tough Guy since the economy was stronger. In 2018 for instance, the US economy was creating hundreds of thousands of jobs a month. In contrast, today’s employment-to-population ratio is 3.5 percentage points below January 2020 levels. This means 13 million Americans are outside the labor force. To get back to pre-pandemic levels, the economy has to create more than 540,000 jobs a month for two years.\n\nSo what does this mean for this week's Fed meeting?\n\nThe Fed is planet earth’s central bank. Every time they tried to play Tough Guy, they’ve blown up the global economy.This time, the Fed's Tough Guy window is much smaller. In 2018 or 2013 that window was nine to ten months. Now, it’s like two months because the economy is so weak. If they let financial conditions tighten further, they risk a major default cycle.\n The negative multiplier effect of a stronger dollar is much higher to the world economy than the Fed anticipates. They can't afford to let the dollar rip higher, because there is so much dollar denominated debt in the world, so much trade tied to the Greenback. If they blow that up, it will just blow back to the US and force the Fed into a policy shift anyway. It’s like with an oil change at the car repair shop: You can pay now or you can pay later. That’s why the Fed has to pay now.\n\nWhy?\n\nThe Fed’s back is against the wall, all points to proactive action on March 17.They must suppress taper fears and cut these risks off, or else they blow up the global economy for the 4th time since 2013. We’re hearing that they’re already getting incoming calls from emerging market central banks right now. If Fed Chairman Jay Powell plays Tough Guy by staying with the current path, without offering further assurances of deeper, more sustainable accommodation, the beast inside the market will keep pushing him until he breaks. We will see a repeat of Q4 2018 and Q1 2019, where the Fed was forced into an utterly embarrassing pivot. One of those is enough for Powell’s legacy, he doesn’t want two.\n\nWhat kind of measures can be expected?\n\nEventually, we will get the taper, but the overwhelming point is other weapons have to come first.A Federal Reserve offering insufficient accommodation places markets in the crosshairs of a risk-off event. The first thing they will try to do is give some hard data points. For example, the US economy has to create 10 million jobs for the Fed to do anything on the balance sheet. Another way they can get out is calendar guidance, but that’s a more sophisticated weaponry. Bottom line, they should just say: «From now until the end of the year QE will continue at $120 billion a month, and we want PCE-inflation to get to between 2 and 2.5% and stay there for 24 months.» With that in place,\n all they have to do is open the door two or three inches for yield curve control, and they can contain the dollar.\n\nThe last time the Federal Reserve used yield curve control was during the time of World War II. Why would it resort to such a radical measure?\n\nHere’s the dirty little secret: Too many Treasury bonds are for sale.There aren’t enough buyers, and that will force the Fed to step in. More than $3.6 trillion of US government paper was issued in 2020 versus $2.9 trillion in the prior year. With the new $1.9 trillion fiscal package coming from Washington, issuance in 2021 is slated to rise to $4 trillion. That’s a lot more than the Fed’s Treasury purchases through QE, so the spread between QE and debt issuance gets much wider. Washington is doing so much fiscal stimulus, I’m confident that this is going to force the Fed into yield curve control by September. If that’s the case, it will pressure the dollar lower and put commodities, value stocks, global cyclicals, materials and emerging markets into rotation overdrive.\n\nHow come?\n\nYield curve control deployment is the tactical nuclear weaponry.If the Fed throws out yield curve control just as a threat, it will suppress Treasury rates and real yields will go much more negative. Over the last couple of months, the issuance has overpowered inflation expectations. Think of it as a car race: Treasury issuances were driving up yields faster than inflation expectations rose. But if the Fed starts to acknowledge that they are going to bring out new weapons like calendar guidance and yield curve control, then they’re suppressing nominal yields. So if inflation expectations continue to rise, then real yields go big negative – and that’s when gold and silver will take off. I think silver can double from here until early next year. Gold could be up 50%.\n\nHow can investors best position themselves in this environment?\n\n In terms of emerging markets, we’re\n long Chile and Brazil.In Asia, South Korea looks attractive. We also like the KWEB ETF which consists of the big Chinese tech stocks. In the commodity space, we have a position in the XME ETF which owns mainly\n copper and steel names.One of the best companies we own is Teck Resources. This stock is almost like a commodity mutual fund, because the company has exposure to copper, nickel and even energy. Another favorite is Mosaic because in a commodity cycle where you have weather problems around the world,\n agricultural plays are a good bet.\n\nWhat about precious metals?\n\nWhen it comes to precious metals, we love silver minerslike Hecla Mining. When the Fed eases its policy, the silver miners will outperform the underlying metal, and they will outperform gold because there is more leverage there.\n\nThe gold price is down more than 15% since its all-time high in August. What’s the problem?\n\nEveryone thinks it’s 2013, so taper fears are sky high for gold. But the Fed cannot repeat its mistakes.They must cap yields if they want to preserve the global economic recovery. Thus, the convexity with gold is very attractive. Every leg lower in real yields will act like a slingshot higher for gold. That’s why we love Newmont. The stock trades at 6x EBITDA with a 4% dividend yield which gives you some downside protection. And remember: The 2011-2016 commodity bust has made the balance sheet of these high quality gold mining companies a lot stronger.\n\nPresident Joe Biden has just signed off on a $1.9 trillion economic program. What are the chances of a second stimulus bill, aimed at infrastructure?\n\n It’s important to note that\n a second fiscal deal for 2021 is not a slam dunk.To pass the present $1.9 trillion stimulus bill, the Democrats used reconciliation. It’s a very special trick in US politics, because with reconciliation you don’t need 60 votes to pass a bill in the Senate. All you need is 50 votes. Yet, reconciliation has to be tied to a budget year. This means the next time the Democrats can use it is probably in the fourth quarter, late November or December, and tie it to the following year's budget. So the only way to do an infrastructure bill in the next six months is with a traditional piece of legislation.\n\nIs that even possible, given how wide the rift between Republicans and Democrats has opened in recent years?\n\n For that you need essentially ten Republicans. Right now, the centrists on the Hill, people like Mitt Romney on the Republican side or Joe Manchin on the Democrat side, are the most powerful people in Washington. They want to do an infrastructure program, but they want to finance it with tax revenue. They don’t believe in things like Modern Monetary Theory where the Fed is financing the deficit.\n So you are going to need a tax hike. And in this regard, we’re hearing they could go after some type of flat tax on the FAANGs, the big technology companies.\n\nWhat does this mean for Apple, Google, Facebook and other tech heavyweights?\n\n Keep in mind, we’re in a populist revolution:\n The risk of inequality leading to social unrest is high, and that puts pressure on politicians to pass bills to tax the rich.But a wealth tax is extremely complicated, it would take years. The simplest way to do something in terms of taxes is to tax larger companies. In the eighties, the top 100 companies in the US maintained about 45 to 50% of total profits. Today, the largest 20 companies command about 85 to 90%. In addition to that, close to 40% of the S&P 500’s market cap is related to tech. So tech is the low hanging fruit for the populists in Congress to go after.\n\nOne more reason why tech stocks remain under pressure?\n\n We run a bunch of models. For example, we look at Berkshire Hathaway’s share price versus the Nasdaq 100 or the Dow Jones Industrial versus the Nasdaq. March 8th was the second time in 2021 that the Nasdaq closed down 2% with the Dow closing higher.\n We haven’t seen this type of data since the dotcom crash. It’s a very rare event which historically coincides with a longer-term rotation out of technology stocks. That’s a very encouraging signal for value stocks.In this regard, we like the EWU ETF. It’s a wonderful basket of stocks because it’s full of financials and world class names like BP, Rio Tinto or Glencore. Officially, it’s called the United Kingdom ETF, but it’s more like a global value ETF.\n\nDoes this mean that the rotation towards cyclical stocks has only just begun?\n\nMany investors around the world are long a portfolio of stocks that was designed for the deflationary environment of the previous decade.The decade ahead of us - with all what’s ahead in terms of fiscal and monetary stimulus, populism, regulation and taxes - will push investors toward more globally value related stocks. That’s where the best returns are going to be.\n\nSo the previously successful «buy the dip» strategy of simply buying more tech stocks after every decline no longer works?\n\nThe potency of dip-buying is in decay mode.Global value is really starting to kick tech in the teeth, and when that happens, it wakes up what's called «real money». Keep in mind: There is fast money, mostly hedge funds which are nimble and make quick moves. In contrast, real money moves slowly. Those types of investors don’t make asset allocation decisions quickly. They base their decisions on committees and all kinds of meetings. As a result, tectonic plates are shifting beneath our feet. We’ve seen tremors after tremors where value is starting to crush growth, and now the earthquake is coming. At Bear Traps, we have a Bloomberg chat with 650 institutional investors, and I can tell just by these conversations, that the real money is starting to move.\n And when the real money moves, that’s when the big quake happens.\n\nWhat kind of dislocations will this cause?\n\nTech will probably be down 30 to 40% sometime between now and the end of October.Today, the market cap of the Nasdaq 100 is close to $12 trillion, but most large-cap tech stocks are unchanged since July last year, while commodity and value-related equities are up 20 to 50%. In the US, if you talk to a hundred high-net-worth families, every one of those families owns Apple, Google, Facebook and Amazon. But look what’s happening: Amazon’s stock is flat since the 4th of July 2020. That's $1.5 trillion of dead money. Last Friday, Amazon failed at the 200-day moving average again.\n This is like Mike Tyson getting defeated by Buster Douglas, one of the greatest upsets in sports history. This psychology is moving through the market, pushing the capital migration process into value and commodity plays.\n\nHowever, investments in commodities are mostly not compliant with the trend towards ESG standards; especially when it comes to CO2 emissions.\n\nThe best ESG trade on the board is nuclear power. The largest uranium company in the US is Cameco with a $7 market cap.Think about that relative to Elon Musk’s net worth! I support the Green New Deal, but this needs time, because solar and wind are still too far away to produce the amount of energy needed around the world, especially in India and China. The only way to meet that demand is through nuclear power. Uranium is coming out of a ten-year bear market, and it’s going into a massive new bull market. All the contracts between power plants and uranium producers are going to be adjusted. That’s why we like the URA ETF which owns companies like Cameco. I see some of these companies as six baggers: 500% upside potential and 30 to 40% downside risk, because uranium is still a risky commodity.\n\nIn our last conversation, you recommended investments in the energy sector. Since then, names such as Chevron, Royal Dutch Shell or Exxon Mobil have advanced 25 to 60%. What do you advise investors to do now?\n\nFor now, we’ve cut our energy book:We’ve sold half of our shares in Chevron, and we’ve sold two thirds of our positions in Exxon Mobil and in the XLE ETF. What happens when you get into the fourth, fifth and sixth innings of a commodity cycle, tertiary sectors like metallurgical coal become more attractive. Sure, met coal, also known as coking coal, is not ESG friendly, but there is no way around it for steel production and hence the construction of skyscrapers, bridges and things like that. So coming into this infrastructure boom all around the world, coal has plenty of upside. That’s why we own names like Arch Resources and Peabody Energy. They’re low-leveraged, and really cheap, once again, on a risk/reward basis.\n\nWhat are the biggest dangers to watch out for in the coming weeks and months?\n\nOne spot to watch are all these forbearance deals in commercial real estate.When we come out of Covid and the vaccines and the stimulus money are juicing through the economy, the market will be forcing the release of the forbearance on a lot of these loans. So if people don’t come back fast enough to the cities, these commercial real estate loans are going to get reset. This would mean some big defaults, and the banks own a lot of these loans. Also, a lot of leveraged loans are really rich. And then, there is potentially a fiscal cliff:\n The sustainability of the $1.9 trillion stimulus package isn’t that great because a lot of it is just transfer payments replacing lost income for people staying at home. That’s why the US needs a second stimulus bill. If we don’t get a second bill, we are going to have a problem in about a year from now.","news_type":1},"isVote":1,"tweetType":1,"viewCount":24,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192610680148112,"gmtCreate":1688053621990,"gmtModify":1688053625191,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/192610680148112","repostId":"192255195578464","repostType":1,"repost":{"id":192255195578464,"gmtCreate":1687966937843,"gmtModify":1687966962494,"author":{"id":"4102740637684170","authorId":"4102740637684170","authorIdStr":"4102740637684170","name":"OptionsDelta","avatar":"https://static.tigerbbs.com/b5ab2017d32f95a165639de659b21cd1","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4102740637684170"},"themes":[],"title":"Option moves suggest China stocks will rebound","htmlText":"As the tide turns, it is the turn of emerging markets to rebound, and the dollar is expected to start turning around.Emerging Markets is literally Emerging Markets <a href=\"https://ttm.financial/S/EEM\">$iShares MSCI Emerging Markets ETF(EEM)$</a> . The etf's holdings include listed companies in emerging markets such as China, India, South Korea and Brazil. From an investment point of view, the stock is a little awkward, because usually these countries do not move in the same direction. There are also more segmented ETFs on the market, so the investor wouldn't think to trade them in the first place.But options trading on this etf is very active, and I don't know what the institutions are thinking, but someone bought the super long call straddle yesterday:buy","listText":"As the tide turns, it is the turn of emerging markets to rebound, and the dollar is expected to start turning around.Emerging Markets is literally Emerging Markets <a href=\"https://ttm.financial/S/EEM\">$iShares MSCI Emerging Markets ETF(EEM)$</a> . The etf's holdings include listed companies in emerging markets such as China, India, South Korea and Brazil. From an investment point of view, the stock is a little awkward, because usually these countries do not move in the same direction. There are also more segmented ETFs on the market, so the investor wouldn't think to trade them in the first place.But options trading on this etf is very active, and I don't know what the institutions are thinking, but someone bought the super long call straddle yesterday:buy","text":"As the tide turns, it is the turn of emerging markets to rebound, and the dollar is expected to start turning around.Emerging Markets is literally Emerging Markets $iShares MSCI Emerging Markets ETF(EEM)$ . The etf's holdings include listed companies in emerging markets such as China, India, South Korea and Brazil. From an investment point of view, the stock is a little awkward, because usually these countries do not move in the same direction. There are also more segmented ETFs on the market, so the investor wouldn't think to trade them in the first place.But options trading on this etf is very active, and I don't know what the institutions are thinking, but someone bought the super long call straddle yesterday:buy","images":[{"img":"https://static.tigerbbs.com/f54d3d8de8f7e98cfa3229a1651cb58a","width":"1047","height":"972"},{"img":"https://static.tigerbbs.com/f0232453464b301bbdfd818ae3434dc9","width":"1170","height":"1961"},{"img":"https://static.tigerbbs.com/9fe79ac686ab040a1fd1ab3402949079","width":"945","height":"505"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/192255195578464","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":5,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":66,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192610008588536,"gmtCreate":1688053612500,"gmtModify":1688053615448,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/192610008588536","repostId":"192230386954336","repostType":1,"repost":{"id":192230386954336,"gmtCreate":1687960881050,"gmtModify":1687960892748,"author":{"id":"4144906086863692","authorId":"4144906086863692","authorIdStr":"4144906086863692","name":"NAI500","avatar":"https://community-static.tradeup.com/news/01a5cfb1c65c21d31f28a3934107c034","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4144906086863692"},"themes":[],"title":"After the Downgrade and Sold by Institutions, Tesla’s Next Buy Point at $$207.79","htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a> shares were downgraded again by Goldman Sachs on Sunday after being downgraded three times last week. Meanwhile, Wood's Ark Investment Management continued to sell <a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a> shares on Friday.1.Tesla be downgraded to neutralGoldman Sachs analyst Mark Delaney downgraded Tesla stock to \"neutral\" from a previous \"buy\" rating on Sunday. Elsewhere, Delaney raised his price target on the stock to $248 from $185, about 3% below <a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a> 's closing price on Friday.“We believe the stock’s current share price better reflects our long-term bullish view on the company’s growth potential and competitive position,” Delaney said.The an","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a> shares were downgraded again by Goldman Sachs on Sunday after being downgraded three times last week. Meanwhile, Wood's Ark Investment Management continued to sell <a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a> shares on Friday.1.Tesla be downgraded to neutralGoldman Sachs analyst Mark Delaney downgraded Tesla stock to \"neutral\" from a previous \"buy\" rating on Sunday. Elsewhere, Delaney raised his price target on the stock to $248 from $185, about 3% below <a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a> 's closing price on Friday.“We believe the stock’s current share price better reflects our long-term bullish view on the company’s growth potential and competitive position,” Delaney said.The an","text":"$Tesla Motors(TSLA)$ shares were downgraded again by Goldman Sachs on Sunday after being downgraded three times last week. Meanwhile, Wood's Ark Investment Management continued to sell $Tesla Motors(TSLA)$ shares on Friday.1.Tesla be downgraded to neutralGoldman Sachs analyst Mark Delaney downgraded Tesla stock to \"neutral\" from a previous \"buy\" rating on Sunday. Elsewhere, Delaney raised his price target on the stock to $248 from $185, about 3% below $Tesla Motors(TSLA)$ 's closing price on Friday.“We believe the stock’s current share price better reflects our long-term bullish view on the company’s growth potential and competitive position,” Delaney said.The an","images":[{"img":"https://community-static.tradeup.com/news/587c5660f3fe33cc5e9bc0b67ca1ea5d","width":"560","height":"240"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/192230386954336","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":144,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192610599317664,"gmtCreate":1688053602492,"gmtModify":1688053605732,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/192610599317664","repostId":"767387354972336","repostType":1,"repost":{"id":767387354972336,"gmtCreate":1687879001452,"gmtModify":1687882658439,"author":{"id":"10000000000010714","authorId":"10000000000010714","authorIdStr":"10000000000010714","name":"HueFin News","avatar":"https://community-static.tradeup.com/news/525ab01de57ae269d24770433c37e0ed","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"10000000000010714"},"themes":[],"htmlText":"\n \n \n  Who's Behind The Plan To Crash Nvidia Stock? NVDA Stock Analysis\n \n","listText":"Who's Behind The Plan To Crash Nvidia Stock? NVDA Stock Analysis","text":"Who's Behind The Plan To Crash Nvidia Stock? NVDA Stock Analysis","images":[],"top":1,"highlighted":2,"essential":2,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/767387354972336","isVote":1,"tweetType":2,"object":{"id":"83ebf664391e4271b8b747cb2a76f7c6","tweetId":"767387354972336","title":"Who&#39;s Behind The Plan To Crash Nvidia Stock? NVDA Stock Analysis","videoUrl":"http://v.tigerbbs.com/16878789967848d6d0864a2f13c31fa3e60c6321f7f6d.mp4","poster":"https://static.tigerbbs.com/88fcfab2dc0167450dfcbb8aeb32fdf1","shareLink":"http://v.tigerbbs.com/16878789967848d6d0864a2f13c31fa3e60c6321f7f6d.mp4"},"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":236,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158397262,"gmtCreate":1625128057156,"gmtModify":1703736687248,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Good I think","listText":"Good I think","text":"Good I think","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/158397262","isVote":1,"tweetType":1,"viewCount":203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158394154,"gmtCreate":1625128004078,"gmtModify":1703736685447,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/VOO\">$Vanguard S&amp;P 500 ETF(VOO)$</a>goood","listText":"<a href=\"https://laohu8.com/S/VOO\">$Vanguard S&amp;P 500 ETF(VOO)$</a>goood","text":"$Vanguard S&P 500 ETF(VOO)$goood","images":[{"img":"https://static.tigerbbs.com/5898cd99b57ef1eb2381ec8f16e5828c","width":"1242","height":"1767"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/158394154","isVote":1,"tweetType":1,"viewCount":285,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":159113875,"gmtCreate":1624947428097,"gmtModify":1703848612341,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159113875","repostId":"2147591848","repostType":4,"repost":{"id":"2147591848","pubTimestamp":1624944840,"share":"https://ttm.financial/m/news/2147591848?lang=&edition=fundamental","pubTime":"2021-06-29 13:34","market":"us","language":"en","title":"Growth stock comeback fuels Cathie Wood's ARK funds","url":"https://stock-news.laohu8.com/highlight/detail?id=2147591848","media":"StreetInsider","summary":"NEW YORK (Reuters) - A more than 10% surge in growth stocks since the start of the quarter is fuelin","content":"<p>NEW YORK (Reuters) - A more than 10% surge in growth stocks since the start of the quarter is fueling a comeback in star stock picker Cathie Wood's ARK funds, which posted some of the worst declines among all U.S. equity funds over the first three months of the year.</p>\n<p>The ARK Innovation fund, which is managed by firm founder Wood, gained 3.5% on Monday and is now up 4.3% for the year to date, highlighting a nearly 31% comeback since hitting its May 13 low. Prior to its recent rally, the fund had been down by as much as 9% for the year.</p>\n<p>Driving the gains are declining fears of runaway inflation and the failure of U.S. bond yields to follow through on their dramatic first-quarter rally, accelerating a rotation back in to the sort of hyper-growth stocks that helped Wood post the best returns of all actively managed mutual fund managers in 2020 tracked by <a href=\"https://laohu8.com/S/MORN\">Morningstar</a>.</p>\n<p>Monday's move was also helped by breakthroughs in gene editing announced on Saturday which boosted the shares of several biotech companies Wood's firm holds in several of its funds, including its flagship Ark Innovation fund.</p>\n<p>\"<a href=\"https://laohu8.com/S/ISBC\">Investors</a> have been rewarded for staying loyal to ARK and their long-term growth strategies as fears of rising interest rates were diminished,\" said Todd Rosenbluth, director of mutual fund research at CFRA. \"ARKK has significantly outperformed the broader market in the past month and is now in the black after being down double digits.\"</p>\n<p>Among Wood's holdings are <a href=\"https://laohu8.com/S/REGN\">Regeneron Pharmaceuticals</a> Inc, which is up 22.1% since its March low, and <a href=\"https://laohu8.com/S/NTLA\">Intellia Therapeutics Inc</a>, which rallied more than 50% on Monday after posting positive interim data over the weekend from its ongoing early-stage trial for its genome editing candidate, NTLA-2001.</p>\n<p>Overall, the Russell 1000 Growth index is up 11.4% since the start of the quarter, nearly triple the 4.6% gain in the Russell 1000 Value index over the same time. Those gains have come as the price of lumber and other commodities has fallen from multi-year peaks, helping ease investor concerns over spiking inflation.</p>\n<p>The Federal Reserve took many investors by surprise with a more hawkish turn at its most recent policy meeting, sending the yield of the benchmark 10-year Treasury below 1.5% on expectations that the central bank would be less tolerant of rising inflation. That has helped bolster tech and growth stocks, as rising yields threaten to erode the value of their longer-term cash flows.</p>\n<p>Despite ARK's recent gains, the performance of its flagship fund remains in the bottom 100th percentile among U.S. mid-cap growth funds, according to Morningstar data.</p>\n<p>Whether the fund continues its recent hot streak will largely depend on the direction of the 10-year Treasury yield, said Jim Paulsen, chief investment strategist at the Leuthold Group.</p>\n<p>\"There's a high correlation between the 10-year and whether it's growth or value overall,\" as lower yields eat in to the profits of cyclical stocks such as financials, he said. While growth stocks are outperforming now, Paulsen remains skeptical the rally will continue.</p>\n<p>\"Growth is going to be really strong in the economy this year and next and I don't think we have seen the last of the inflation scare,\" he said.</p>","source":"highlight_streetinsider","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>Growth stock comeback fuels Cathie Wood's ARK funds</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\">\nGrowth stock comeback fuels Cathie Wood's ARK funds\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-29 13:34 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/dr/news.php?id=18616026><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - A more than 10% surge in growth stocks since the start of the quarter is fueling a comeback in star stock picker Cathie Wood's ARK funds, which posted some of the worst declines ...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=18616026\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MORN":"晨星信息","REGN":"再生元制药公司","ARKK":"ARK Innovation ETF"},"source_url":"https://www.streetinsider.com/dr/news.php?id=18616026","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2147591848","content_text":"NEW YORK (Reuters) - A more than 10% surge in growth stocks since the start of the quarter is fueling a comeback in star stock picker Cathie Wood's ARK funds, which posted some of the worst declines among all U.S. equity funds over the first three months of the year.\nThe ARK Innovation fund, which is managed by firm founder Wood, gained 3.5% on Monday and is now up 4.3% for the year to date, highlighting a nearly 31% comeback since hitting its May 13 low. Prior to its recent rally, the fund had been down by as much as 9% for the year.\nDriving the gains are declining fears of runaway inflation and the failure of U.S. bond yields to follow through on their dramatic first-quarter rally, accelerating a rotation back in to the sort of hyper-growth stocks that helped Wood post the best returns of all actively managed mutual fund managers in 2020 tracked by Morningstar.\nMonday's move was also helped by breakthroughs in gene editing announced on Saturday which boosted the shares of several biotech companies Wood's firm holds in several of its funds, including its flagship Ark Innovation fund.\n\"Investors have been rewarded for staying loyal to ARK and their long-term growth strategies as fears of rising interest rates were diminished,\" said Todd Rosenbluth, director of mutual fund research at CFRA. \"ARKK has significantly outperformed the broader market in the past month and is now in the black after being down double digits.\"\nAmong Wood's holdings are Regeneron Pharmaceuticals Inc, which is up 22.1% since its March low, and Intellia Therapeutics Inc, which rallied more than 50% on Monday after posting positive interim data over the weekend from its ongoing early-stage trial for its genome editing candidate, NTLA-2001.\nOverall, the Russell 1000 Growth index is up 11.4% since the start of the quarter, nearly triple the 4.6% gain in the Russell 1000 Value index over the same time. Those gains have come as the price of lumber and other commodities has fallen from multi-year peaks, helping ease investor concerns over spiking inflation.\nThe Federal Reserve took many investors by surprise with a more hawkish turn at its most recent policy meeting, sending the yield of the benchmark 10-year Treasury below 1.5% on expectations that the central bank would be less tolerant of rising inflation. That has helped bolster tech and growth stocks, as rising yields threaten to erode the value of their longer-term cash flows.\nDespite ARK's recent gains, the performance of its flagship fund remains in the bottom 100th percentile among U.S. mid-cap growth funds, according to Morningstar data.\nWhether the fund continues its recent hot streak will largely depend on the direction of the 10-year Treasury yield, said Jim Paulsen, chief investment strategist at the Leuthold Group.\n\"There's a high correlation between the 10-year and whether it's growth or value overall,\" as lower yields eat in to the profits of cyclical stocks such as financials, he said. While growth stocks are outperforming now, Paulsen remains skeptical the rally will continue.\n\"Growth is going to be really strong in the economy this year and next and I don't think we have seen the last of the inflation scare,\" he said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":261,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159113342,"gmtCreate":1624947414586,"gmtModify":1703848610406,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159113342","repostId":"2147859286","repostType":4,"isVote":1,"tweetType":1,"viewCount":189,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159119747,"gmtCreate":1624947403489,"gmtModify":1703848610082,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159119747","repostId":"2147859425","repostType":4,"isVote":1,"tweetType":1,"viewCount":232,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159119470,"gmtCreate":1624947393690,"gmtModify":1703848610244,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159119470","repostId":"2147859758","repostType":4,"isVote":1,"tweetType":1,"viewCount":124,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159119826,"gmtCreate":1624947382165,"gmtModify":1703848609435,"author":{"id":"3574593903578826","authorId":"3574593903578826","authorIdStr":"3574593903578826","name":"KenTrade","avatar":"https://static.tigerbbs.com/0ee98c7023a55aba74ab4e84bd96824a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574593903578826"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159119826","repostId":"1159327817","repostType":4,"isVote":1,"tweetType":1,"viewCount":229,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}