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2021-06-02

Cool

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2021-05-31

Like 4 coins please

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2021-06-01

Like please

An Unreliable Ratio Points to Trouble for Stocks

2021-05-26

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‘Not a chance’ Tesla will dominate car industry in 20 years: legendary investor Bruce Greenwald

2021-06-01

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2021-05-28

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2021-05-27

Like n comment :)

General Motors shares rose more than 3%

2021-05-27

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Here's why hedge fund manager Dan Niles likes Facebook as a reopening play

2021-05-27

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEtsy to buy Gen-Z focused fashion marketplace Depop for $1.63 billion\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\">2021-06-02 18:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>June 2 (Reuters) - Etsy Inc said on Wednesday it would acquire Depop, a privately-held fashion marketplace, for $1.63 billion, as the online seller looks to attract Gen-Z consumers.</p>\n<p>The deal is expected to close during the third quarter of 2021.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ETSY":"Etsy, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2140541655","content_text":"June 2 (Reuters) - Etsy Inc said on Wednesday it would acquire Depop, a privately-held fashion marketplace, for $1.63 billion, as the online seller looks to attract Gen-Z consumers.\nThe deal is expected to close during the third quarter of 2021.","news_type":1},"isVote":1,"tweetType":1,"viewCount":201,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":119880449,"gmtCreate":1622535577581,"gmtModify":1704185802071,"author":{"id":"3576361131828558","authorId":"3576361131828558","authorIdStr":"3576361131828558","name":"Oskarkami","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576361131828558"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/119880449","repostId":"1183596556","repostType":4,"repost":{"id":"1183596556","pubTimestamp":1622534474,"share":"https://ttm.financial/m/news/1183596556?lang=&edition=fundamental","pubTime":"2021-06-01 16:01","market":"us","language":"en","title":"An Unreliable Ratio Points to Trouble for Stocks","url":"https://stock-news.laohu8.com/highlight/detail?id=1183596556","media":"Bloomberg","summary":"The correlation between equities and bond yields is again strongly positive, suggesting real concern","content":"<p>The correlation between equities and bond yields is again strongly positive, suggesting real concern about inflation.</p><p><b>Stocks vs Bonds: The Rematch</b></p><p>This is going to be a piece about the relationship between share prices and bond yields, so I had better&nbsp;start with a public health warning. A lot of nonsense has over history been spouted about this link, and it was brilliantly denounced in&nbsp;this article&nbsp;by veteran British economist and fund manager Andrew Smithers&nbsp;in 2006:</p><blockquote><i>The greatest single triumph yet achieved by data mining is the invention of the bond yield ratio. This claims that equities can be valued by comparing bond yields and earnings yields. These ratios showed a strong correlation in the US from 1977 to 1997. But the exact opposite relationship ruled from 1948 to 1968. It is, of course, possible to use all the available data, thereby flattering the prejudices of economists but offending the key principle of data mining. If this is done, it shows that there is no relationship at all between bond yields and earnings yields.</i></blockquote><blockquote><i>Readers can, nonetheless, be confident that the use of the bond yield ratio will not disappear simply because it cannot be supported by either theory or experience. Claims based on data mining are not discarded simply because they do not work. They are put into the pending tray with the standard excuse that “the relationship has broken down”. While this cannot be logically distinguished from “there never was a relationship”, it has two great advantages. First, it sounds a great deal better and, second, it demands less effort to reuse old nonsense than to invent new follies.</i></blockquote><p>So, there is no permanently stable connection between the yields on stocks and bonds, and we have to be careful about any definitions. This should be a reminder for caution about claims that U.S. equities aren’t expensive at present, when ultra-low bond yields are taken into account.</p><p>All of this said, something interesting has happened to the relationship in the last few months. While this isn’t&nbsp;because of some iron-clad affinity between stocks and bonds, it does&nbsp;tell us something about a factor that affects both: inflation.&nbsp;For the last three months, there has been the strongest positive correlation between bonds and stocks (meaning that their prices move in the same direction, and bond yields move in the opposite direction to share prices) in this century. This is from London’s Absolute Strategy Research Ltd.:</p><p><img src=\"https://static.tigerbbs.com/da9ff75005e1828913f0286e0c37b938\" tg-width=\"1206\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p>For most of the time since the internet bubble burst, there has been a negative correlation; bond yields have tended to move in the same direction as share prices. Why might this tell us something about inflation? Scanning the charts over the long term, we see that the correlation was positive from the late 1960s through until the late 1990s, before falling sharply after the bubble burst. After that, the correlation was consistently negative, until now.</p><p>The period during which the correlation was positive stretches from the era when the Bretton Woods partial tie of currencies to the dollar and to gold was coming apart, through to the round of financial crises in the late 1990s which reached their most frightening moment when the Federal Reserve under Alan Greenspan cut rates in the wake of the Long-Term Capital Management meltdown. During this period, inflation seemed a significant concern. Before, the tie to gold tended to keep inflation concerns under control. After LTCM, and&nbsp;the melt-up and asset price collapse that followed, fear of inflation went off the agenda almost completely. The Fed was acting to avert deflation, which Japan had shown could be a real possibility. Inflation was a consummation devoutly to be wished. So, stocks and bonds were positively correlated during the era when inflation was a real concern, but negatively correlated in the periods before and after:</p><p><img src=\"https://static.tigerbbs.com/361da76a52e87cdf5cd8abe10aeeb9e9\" tg-width=\"1222\" tg-height=\"814\" referrerpolicy=\"no-referrer\"></p><p>Over the past 20 years, this has made asset allocation relatively easy. If stocks don’t go up, the chances are that bonds will. That means, as Absolute Strategy points out, that many risk officers have come to rely on bonds when equities sell off. They have been a great diversifier. Meanwhile, the environment of the last decade has been dreadful for&nbsp;esoteric absolute return hedge funds that aim to offer diversification for stocks. There hasn’t seemed to be much point in their services when bonds work just fine. That might now change:</p><p><img src=\"https://static.tigerbbs.com/2079ae493d451487bccbe42f8c7ac389\" tg-width=\"1208\" tg-height=\"817\" referrerpolicy=\"no-referrer\"></p><p>So this could be a problem for a lot of people. But the deeper issue is that the raised correlation of recent weeks shows concern about inflation. Ever since the dot-com bubble, higher bond yields (and lower bond prices) have generally been seen as good news for stocks, because they show that there is a chance for growth. The two big equity crashes of the last two decades both came against a backdrop of sharply falling yields; in both the global financial crisis and the Covid-19 scare, the great concern was a lack of growth and inflation. Rightly or wrongly, investors are now beginning to think that inflation might actually happen, and to dislike the prospect. That means bonds and stocks are correlated for a while.</p><p><b>The Fed Model</b></p><p>The most celebrated attempt to link stocks and bonds was the Fed model, which became famous in the late 1990s because Alan Greenspan himself appeared to be using it in some of his congressional testimonies. The Fed model compared the earnings yield on stocks (the inverse of the price-earnings multiple), with Treasury bond yields. When equity yields were higher, they suggested stocks were undervalued, and when lower that stocks were overvalued. In neutral, bond and equity yields would be equal. It never worked perfectly, but for a while in the 1960s and 1970s it did look as the relationship would revert to a mean where they were roughly equal (at least if you squinted, and crossed your fingers). Applying the Fed model would have given you a strong and correct signal to get out of the market ahead of the Black Monday crash in 1987, so that’s something.</p><p>Greenspan’s post-LTCM monetary policy utterly destroyed his model. Bonds briefly yielded almost double equities at the top of the insanity in 2000, then the gap disappeared. These days, bonds seldom yield even half as much as equities:</p><p><img src=\"https://static.tigerbbs.com/2f5b59c100885fb2d90f3c7a16b8daa3\" tg-width=\"594\" tg-height=\"449\" referrerpolicy=\"no-referrer\"></p><p>Either the stock market has been hugely undervalued for 20 years, and remains hugely undervalued now, or the Fed model is wrong. I’m inclined to go with the latter.&nbsp;Absolute Strategy’s Ian Harnett also offers this chart which includes all the equity corrections, and shows that, with the partial exception of 1987,&nbsp;the Fed model was of no use whatever in spotting a fall coming:</p><p><img src=\"https://static.tigerbbs.com/329807d792c8556da1336c853248c905\" tg-width=\"689\" tg-height=\"508\" referrerpolicy=\"no-referrer\"></p><p>Another version of the same idea is to compare the dividend yield on stocks with bond yields. Decades went by without anybody thinking these should be roughly equivalent. It was taken as read that equities’ chance of higher returns meant that bonds must inevitably offer a higher cash yield. The moment at the end of 2008 when dividend yields rose above bond yields was a shuddering blow, and led to predictions (reasonable given the history of the previous half century) that stocks were poised for massive outperformance of bonds. As we now know, bonds did very well themselves over the last few years. If someone had posited some kind of new Fed model that dividend and bond yields should be equal, the last 10 years might have made that position look sensible. (And before you write in, no I’m not seriously suggesting this, I’m making&nbsp;a point about data mining, and also trying&nbsp;to show that the relationship between stock and bond yields isn’t remotely stable over time). This chart was also produced for me by Harnett:</p><p><img src=\"https://static.tigerbbs.com/57f6c728d1f907a68b27191f245bd522\" tg-width=\"628\" tg-height=\"442\" referrerpolicy=\"no-referrer\"></p><p><b>The Rule of 20</b></p><p>Before the Fed model, there was also the Rule of 20. This held that inflation was the driving force of equity valuations, and cut out bond yields. The idea was that you could subtract the rate of inflation from 20 to get the ideal price-earnings ratio. The higher inflation is, the lower the multiple of future earnings you will be prepared to pay. That in principle makes some sense. And for the three decades from 1960 to 1990, the sum of the S&amp;P 500’s P/E ratio and the inflation rate scarcely ever varied from 20 by more than five in either direction.</p><p>Unfortunately for the rule of 20, investors briefly decided they didn’t have to worry about inflation at all at the end of the 1990s —&nbsp;but the rule again hasn’t performed that badly in the two decades that followed, even though nobody at all was using it. Covid, however, seems to have laid waste to it. By my brutally simple calculations, the current sum of the P/E and the inflation rate is the highest on record. This implies that if inflation is on its way back and investors are beginning to take it seriously, equity multiples have a long way to fall:</p><p><img src=\"https://static.tigerbbs.com/41bdad483ac982ae796ac497a26eb8ae\" tg-width=\"1200\" tg-height=\"675\" referrerpolicy=\"no-referrer\"></p><p>When I tried running the same calculation using the Shiller cyclically-adjusted price-earnings, or CAPE,&nbsp;multiple, looking at average earnings for the previous decade rather than one year, the rule of 20 did&nbsp;work surprisingly well for a long time. Calculated this way, the bubble of 2000 looks even more of an outlier. And the sum of inflation and the CAPE has just topped 40 for the first time since then, so we should be concerned. (My apologies for the trend line in the following graphic; I have no idea why the graphics software insisted on drawing it for me).</p><p><img src=\"https://static.tigerbbs.com/cd7bed84c2d1838ae05f0eb3fb63b2cd\" tg-width=\"951\" tg-height=\"552\" referrerpolicy=\"no-referrer\"></p><p>Is there a better, modernized version of the rule of 20 out there? The long weekend allowed Harnett to produce this, the “Inflation Dart” (although to me, thanks to a boyhood fascination with aircraft, it looks more of an “Inflation Concorde” or “Inflation Vulcan Bomber”):</p><p><img src=\"https://static.tigerbbs.com/0656b11623b22d9ad3cef9df7e8e4afd\" tg-width=\"726\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p>Before you dismiss this as ridiculous sophistry, it does contain a lot of intuitive common sense. While inflation remains broadly under control, the Shiller P/E&nbsp;can be more or less anything. Once inflation gets into the high single digits or beyond, or once it lapses&nbsp;into outright deflation, however, equity multiples suffer. Under inflation, the value of earnings streams will be eroded, and under deflation the earnings themselves will be eroded, so this makes sense. What this tells us is what most of us could have guessed. If inflation really does pick up from here and gets to the historically unremarkable but these days almost unimaginable level of 5%, history tells us it’s a racing certainty that equity valuations will come down a lot.</p><p>Inflation needs to rise first before that happens. And higher inflation isn’t a given. There are plenty of reasons to believe that it is transitory, and we will need many more months of data to tell whether we really are entering a higher inflation regime. But the Inflation Dart does say very clearly that this would be bad news. And that helps explain why bonds and stocks are suddenly more correlated than they’ve been in decades. Expect that to continue unless and until the inflation fears are decisively put to bed.</p><p><b>Survival Tips</b></p><p>Over the long weekend, I read&nbsp;<i>The Premonition: A Pandemic Story</i>, a brilliant telling of how a group of disparate doctors and scientists initially pulled together by the George W. Bush administration spotted the pandemic coming, but were thwarted from taking the actions that might have dealt with it. Far subtler than many treatments of Covid-19, it taught me a lot, and was also a page-turner. It was written by the highly successful author, and these days my Bloomberg Opinion colleague, Michael Lewis, who has a happy knack for condensing complicated concepts into straightforward tales about sympathetic characters. I am sure there will be claims that Lewis over-simplified, but I recommend reading it.</p><p>Then I heard the news that&nbsp;Dixie Lewis, his daughter, had been killed in a car crash last week. She was 19. “We loved her so much and are in a kind of pain none of us has experienced,” he said. “She loved to live and our hearts are so broken they can’t find the words to describe the feeling.”</p><p>Nobody should ever have to bury their child, and there are indeed no words to describe such loss and such pain, or to provide any meaningful comfort. The work of art that comes closest to capturing the pain of bereavement that I know of is&nbsp;<i>Cantus In Memoriam of Benjamin Britten</i>&nbsp;by Arvo Part. I’ve mentioned it in this slot before, but I cannot get beyond it. I commend it. And I continue to think it would be a great idea to read The Premonition. My sympathies to all who knew and loved Dixie Lewis.</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>An Unreliable Ratio Points to Trouble for Stocks</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\">\nAn Unreliable Ratio Points to Trouble for Stocks\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-01 16:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/opinion/articles/2021-06-01/stock-bond-yield-correlation-suggests-inflation-is-a-real-concern?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The correlation between equities and bond yields is again strongly positive, suggesting real concern about inflation.Stocks vs Bonds: The RematchThis is going to be a piece about the relationship ...</p>\n\n<a href=\"https://www.bloomberg.com/opinion/articles/2021-06-01/stock-bond-yield-correlation-suggests-inflation-is-a-real-concern?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.bloomberg.com/opinion/articles/2021-06-01/stock-bond-yield-correlation-suggests-inflation-is-a-real-concern?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183596556","content_text":"The correlation between equities and bond yields is again strongly positive, suggesting real concern about inflation.Stocks vs Bonds: The RematchThis is going to be a piece about the relationship between share prices and bond yields, so I had better start with a public health warning. A lot of nonsense has over history been spouted about this link, and it was brilliantly denounced in this article by veteran British economist and fund manager Andrew Smithers in 2006:The greatest single triumph yet achieved by data mining is the invention of the bond yield ratio. This claims that equities can be valued by comparing bond yields and earnings yields. These ratios showed a strong correlation in the US from 1977 to 1997. But the exact opposite relationship ruled from 1948 to 1968. It is, of course, possible to use all the available data, thereby flattering the prejudices of economists but offending the key principle of data mining. If this is done, it shows that there is no relationship at all between bond yields and earnings yields.Readers can, nonetheless, be confident that the use of the bond yield ratio will not disappear simply because it cannot be supported by either theory or experience. Claims based on data mining are not discarded simply because they do not work. They are put into the pending tray with the standard excuse that “the relationship has broken down”. While this cannot be logically distinguished from “there never was a relationship”, it has two great advantages. First, it sounds a great deal better and, second, it demands less effort to reuse old nonsense than to invent new follies.So, there is no permanently stable connection between the yields on stocks and bonds, and we have to be careful about any definitions. This should be a reminder for caution about claims that U.S. equities aren’t expensive at present, when ultra-low bond yields are taken into account.All of this said, something interesting has happened to the relationship in the last few months. While this isn’t because of some iron-clad affinity between stocks and bonds, it does tell us something about a factor that affects both: inflation. For the last three months, there has been the strongest positive correlation between bonds and stocks (meaning that their prices move in the same direction, and bond yields move in the opposite direction to share prices) in this century. This is from London’s Absolute Strategy Research Ltd.:For most of the time since the internet bubble burst, there has been a negative correlation; bond yields have tended to move in the same direction as share prices. Why might this tell us something about inflation? Scanning the charts over the long term, we see that the correlation was positive from the late 1960s through until the late 1990s, before falling sharply after the bubble burst. After that, the correlation was consistently negative, until now.The period during which the correlation was positive stretches from the era when the Bretton Woods partial tie of currencies to the dollar and to gold was coming apart, through to the round of financial crises in the late 1990s which reached their most frightening moment when the Federal Reserve under Alan Greenspan cut rates in the wake of the Long-Term Capital Management meltdown. During this period, inflation seemed a significant concern. Before, the tie to gold tended to keep inflation concerns under control. After LTCM, and the melt-up and asset price collapse that followed, fear of inflation went off the agenda almost completely. The Fed was acting to avert deflation, which Japan had shown could be a real possibility. Inflation was a consummation devoutly to be wished. So, stocks and bonds were positively correlated during the era when inflation was a real concern, but negatively correlated in the periods before and after:Over the past 20 years, this has made asset allocation relatively easy. If stocks don’t go up, the chances are that bonds will. That means, as Absolute Strategy points out, that many risk officers have come to rely on bonds when equities sell off. They have been a great diversifier. Meanwhile, the environment of the last decade has been dreadful for esoteric absolute return hedge funds that aim to offer diversification for stocks. There hasn’t seemed to be much point in their services when bonds work just fine. That might now change:So this could be a problem for a lot of people. But the deeper issue is that the raised correlation of recent weeks shows concern about inflation. Ever since the dot-com bubble, higher bond yields (and lower bond prices) have generally been seen as good news for stocks, because they show that there is a chance for growth. The two big equity crashes of the last two decades both came against a backdrop of sharply falling yields; in both the global financial crisis and the Covid-19 scare, the great concern was a lack of growth and inflation. Rightly or wrongly, investors are now beginning to think that inflation might actually happen, and to dislike the prospect. That means bonds and stocks are correlated for a while.The Fed ModelThe most celebrated attempt to link stocks and bonds was the Fed model, which became famous in the late 1990s because Alan Greenspan himself appeared to be using it in some of his congressional testimonies. The Fed model compared the earnings yield on stocks (the inverse of the price-earnings multiple), with Treasury bond yields. When equity yields were higher, they suggested stocks were undervalued, and when lower that stocks were overvalued. In neutral, bond and equity yields would be equal. It never worked perfectly, but for a while in the 1960s and 1970s it did look as the relationship would revert to a mean where they were roughly equal (at least if you squinted, and crossed your fingers). Applying the Fed model would have given you a strong and correct signal to get out of the market ahead of the Black Monday crash in 1987, so that’s something.Greenspan’s post-LTCM monetary policy utterly destroyed his model. Bonds briefly yielded almost double equities at the top of the insanity in 2000, then the gap disappeared. These days, bonds seldom yield even half as much as equities:Either the stock market has been hugely undervalued for 20 years, and remains hugely undervalued now, or the Fed model is wrong. I’m inclined to go with the latter. Absolute Strategy’s Ian Harnett also offers this chart which includes all the equity corrections, and shows that, with the partial exception of 1987, the Fed model was of no use whatever in spotting a fall coming:Another version of the same idea is to compare the dividend yield on stocks with bond yields. Decades went by without anybody thinking these should be roughly equivalent. It was taken as read that equities’ chance of higher returns meant that bonds must inevitably offer a higher cash yield. The moment at the end of 2008 when dividend yields rose above bond yields was a shuddering blow, and led to predictions (reasonable given the history of the previous half century) that stocks were poised for massive outperformance of bonds. As we now know, bonds did very well themselves over the last few years. If someone had posited some kind of new Fed model that dividend and bond yields should be equal, the last 10 years might have made that position look sensible. (And before you write in, no I’m not seriously suggesting this, I’m making a point about data mining, and also trying to show that the relationship between stock and bond yields isn’t remotely stable over time). This chart was also produced for me by Harnett:The Rule of 20Before the Fed model, there was also the Rule of 20. This held that inflation was the driving force of equity valuations, and cut out bond yields. The idea was that you could subtract the rate of inflation from 20 to get the ideal price-earnings ratio. The higher inflation is, the lower the multiple of future earnings you will be prepared to pay. That in principle makes some sense. And for the three decades from 1960 to 1990, the sum of the S&P 500’s P/E ratio and the inflation rate scarcely ever varied from 20 by more than five in either direction.Unfortunately for the rule of 20, investors briefly decided they didn’t have to worry about inflation at all at the end of the 1990s — but the rule again hasn’t performed that badly in the two decades that followed, even though nobody at all was using it. Covid, however, seems to have laid waste to it. By my brutally simple calculations, the current sum of the P/E and the inflation rate is the highest on record. This implies that if inflation is on its way back and investors are beginning to take it seriously, equity multiples have a long way to fall:When I tried running the same calculation using the Shiller cyclically-adjusted price-earnings, or CAPE, multiple, looking at average earnings for the previous decade rather than one year, the rule of 20 did work surprisingly well for a long time. Calculated this way, the bubble of 2000 looks even more of an outlier. And the sum of inflation and the CAPE has just topped 40 for the first time since then, so we should be concerned. (My apologies for the trend line in the following graphic; I have no idea why the graphics software insisted on drawing it for me).Is there a better, modernized version of the rule of 20 out there? The long weekend allowed Harnett to produce this, the “Inflation Dart” (although to me, thanks to a boyhood fascination with aircraft, it looks more of an “Inflation Concorde” or “Inflation Vulcan Bomber”):Before you dismiss this as ridiculous sophistry, it does contain a lot of intuitive common sense. While inflation remains broadly under control, the Shiller P/E can be more or less anything. Once inflation gets into the high single digits or beyond, or once it lapses into outright deflation, however, equity multiples suffer. Under inflation, the value of earnings streams will be eroded, and under deflation the earnings themselves will be eroded, so this makes sense. What this tells us is what most of us could have guessed. If inflation really does pick up from here and gets to the historically unremarkable but these days almost unimaginable level of 5%, history tells us it’s a racing certainty that equity valuations will come down a lot.Inflation needs to rise first before that happens. And higher inflation isn’t a given. There are plenty of reasons to believe that it is transitory, and we will need many more months of data to tell whether we really are entering a higher inflation regime. But the Inflation Dart does say very clearly that this would be bad news. And that helps explain why bonds and stocks are suddenly more correlated than they’ve been in decades. Expect that to continue unless and until the inflation fears are decisively put to bed.Survival TipsOver the long weekend, I read The Premonition: A Pandemic Story, a brilliant telling of how a group of disparate doctors and scientists initially pulled together by the George W. Bush administration spotted the pandemic coming, but were thwarted from taking the actions that might have dealt with it. Far subtler than many treatments of Covid-19, it taught me a lot, and was also a page-turner. It was written by the highly successful author, and these days my Bloomberg Opinion colleague, Michael Lewis, who has a happy knack for condensing complicated concepts into straightforward tales about sympathetic characters. I am sure there will be claims that Lewis over-simplified, but I recommend reading it.Then I heard the news that Dixie Lewis, his daughter, had been killed in a car crash last week. She was 19. “We loved her so much and are in a kind of pain none of us has experienced,” he said. “She loved to live and our hearts are so broken they can’t find the words to describe the feeling.”Nobody should ever have to bury their child, and there are indeed no words to describe such loss and such pain, or to provide any meaningful comfort. The work of art that comes closest to capturing the pain of bereavement that I know of is Cantus In Memoriam of Benjamin Britten by Arvo Part. I’ve mentioned it in this slot before, but I cannot get beyond it. I commend it. And I continue to think it would be a great idea to read The Premonition. My sympathies to all who knew and loved Dixie Lewis.","news_type":1},"isVote":1,"tweetType":1,"viewCount":216,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":119817294,"gmtCreate":1622535525518,"gmtModify":1704185800579,"author":{"id":"3576361131828558","authorId":"3576361131828558","authorIdStr":"3576361131828558","name":"Oskarkami","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576361131828558"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/119817294","repostId":"1183956107","repostType":4,"repost":{"id":"1183956107","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1622532924,"share":"https://ttm.financial/m/news/1183956107?lang=&edition=fundamental","pubTime":"2021-06-01 15:35","market":"us","language":"en","title":"Nio's William Li: EV Maker Has Built Premium Reputation With ASPs Outstripping Audi, BMW And Tesla","url":"https://stock-news.laohu8.com/highlight/detail?id=1183956107","media":"Benzinga","summary":"China's NIO Inc. has positioned itself as a manufacturer of premium-end vehicles, carving a niche fo","content":"<p>China's&nbsp;<b>NIO Inc.</b>&nbsp;has positioned itself as a&nbsp;manufacturer of premium-end vehicles, carving a niche for itself in this segment.</p>\n<p><b>What Happened:</b>Nio's founder, chairman and CEO William Li, reiterated the company's focus on the high-end of the market and provided some statistics to corroborate the claim, CnEVPost reported, citing a speech by Li at the 4th China Young Entrepreneurs Summit on Sunday.</p>\n<p>Nio had delivered 102,803 vehicles over a three-year period ended April, and the average selling price of its vehicle is 434,700 yuan ($68,260), Li reportedly said.</p>\n<p>This, the CEO pointed out, is higher than the ASPs of traditional luxury automakers such as&nbsp;<b>Bayerische Motoren Werke Aktiengesellschaft</b>&nbsp;and&nbsp;<b>Volkswagen AG</b>&nbsp;-owned Audi.</p>\n<p>More importantly, Nio's ASP was about 100,000 yuan higher than that of&nbsp;<b>Tesla, Inc.</b>, the report said, quoting Li.</p>\n<p>Li also pointed out that the average age of Nio's customers is 37.2 years, signaling that the younger lot treat domestic brands on par with local brands.</p>\n<p><b>Why It's Important:</b>Nio has many times in the past sounded out comfort at staying at the high-end. The company has managed to keep its vehicle margin and overall margin on an upward trajectory, thanks to its higher-priced models.</p>\n<p>The premium positioning has in no way impacted sales, as seen by the extended streak of double-digit year-over-year&nbsp;growth in deliveries.</p>\n<p>That said, on a couple of occasions, the company has expressed intent to dip its heel in the mass market, albeit under a different brand name.</p>\n<p>Nio shares closed Friday's session down 0.75% at $38.62.</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>Nio's William Li: EV Maker Has Built Premium Reputation With ASPs Outstripping Audi, BMW And Tesla</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\">\nNio's William Li: EV Maker Has Built Premium Reputation With ASPs Outstripping Audi, BMW And Tesla\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2021-06-01 15:35</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>China's&nbsp;<b>NIO Inc.</b>&nbsp;has positioned itself as a&nbsp;manufacturer of premium-end vehicles, carving a niche for itself in this segment.</p>\n<p><b>What Happened:</b>Nio's founder, chairman and CEO William Li, reiterated the company's focus on the high-end of the market and provided some statistics to corroborate the claim, CnEVPost reported, citing a speech by Li at the 4th China Young Entrepreneurs Summit on Sunday.</p>\n<p>Nio had delivered 102,803 vehicles over a three-year period ended April, and the average selling price of its vehicle is 434,700 yuan ($68,260), Li reportedly said.</p>\n<p>This, the CEO pointed out, is higher than the ASPs of traditional luxury automakers such as&nbsp;<b>Bayerische Motoren Werke Aktiengesellschaft</b>&nbsp;and&nbsp;<b>Volkswagen AG</b>&nbsp;-owned Audi.</p>\n<p>More importantly, Nio's ASP was about 100,000 yuan higher than that of&nbsp;<b>Tesla, Inc.</b>, the report said, quoting Li.</p>\n<p>Li also pointed out that the average age of Nio's customers is 37.2 years, signaling that the younger lot treat domestic brands on par with local brands.</p>\n<p><b>Why It's Important:</b>Nio has many times in the past sounded out comfort at staying at the high-end. The company has managed to keep its vehicle margin and overall margin on an upward trajectory, thanks to its higher-priced models.</p>\n<p>The premium positioning has in no way impacted sales, as seen by the extended streak of double-digit year-over-year&nbsp;growth in deliveries.</p>\n<p>That said, on a couple of occasions, the company has expressed intent to dip its heel in the mass market, albeit under a different brand name.</p>\n<p>Nio shares closed Friday's session down 0.75% at $38.62.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183956107","content_text":"China's NIO Inc. has positioned itself as a manufacturer of premium-end vehicles, carving a niche for itself in this segment.\nWhat Happened:Nio's founder, chairman and CEO William Li, reiterated the company's focus on the high-end of the market and provided some statistics to corroborate the claim, CnEVPost reported, citing a speech by Li at the 4th China Young Entrepreneurs Summit on Sunday.\nNio had delivered 102,803 vehicles over a three-year period ended April, and the average selling price of its vehicle is 434,700 yuan ($68,260), Li reportedly said.\nThis, the CEO pointed out, is higher than the ASPs of traditional luxury automakers such as Bayerische Motoren Werke Aktiengesellschaft and Volkswagen AG -owned Audi.\nMore importantly, Nio's ASP was about 100,000 yuan higher than that of Tesla, Inc., the report said, quoting Li.\nLi also pointed out that the average age of Nio's customers is 37.2 years, signaling that the younger lot treat domestic brands on par with local brands.\nWhy It's Important:Nio has many times in the past sounded out comfort at staying at the high-end. The company has managed to keep its vehicle margin and overall margin on an upward trajectory, thanks to its higher-priced models.\nThe premium positioning has in no way impacted sales, as seen by the extended streak of double-digit year-over-year growth in deliveries.\nThat said, on a couple of occasions, the company has expressed intent to dip its heel in the mass market, albeit under a different brand name.\nNio shares closed Friday's session down 0.75% at $38.62.","news_type":1},"isVote":1,"tweetType":1,"viewCount":217,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110573867,"gmtCreate":1622473629459,"gmtModify":1704184917574,"author":{"id":"3576361131828558","authorId":"3576361131828558","authorIdStr":"3576361131828558","name":"Oskarkami","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576361131828558"},"themes":[],"htmlText":"Like 4 coins please","listText":"Like 4 coins please","text":"Like 4 coins please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/110573867","repostId":"1113386303","repostType":4,"repost":{"id":"1113386303","pubTimestamp":1622472571,"share":"https://ttm.financial/m/news/1113386303?lang=&edition=fundamental","pubTime":"2021-05-31 22:49","market":"us","language":"en","title":"Turkey’s Second Biggest E-Commerce Platform Files for Nasdaq IPO","url":"https://stock-news.laohu8.com/highlight/detail?id=1113386303","media":"Bloomberg","summary":"SEC filing comes after revenue more than doubled last year\nIt follows string of multi-billion dollar","content":"<ul>\n <li>SEC filing comes after revenue more than doubled last year</li>\n <li>It follows string of multi-billion dollar tech deals in Turkey</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/053dca0f1785d519785d4a999349c38c\" tg-width=\"4000\" tg-height=\"2546\"><span>Hepsiburada.com home page.</span></p>\n<p>Turkey’s second biggest online shopping platform by market share applied tolist its shareson Nasdaq amid a flurry of investor interest in the nation’s burgeoningstart-upscene.</p>\n<p>Hepsiburada.com, formally known as D-Market Elektronik Hizmetler ve Ticaret AS, plans to sell shares on the tech-heavy U.S. equity gauge, according to the company’s&nbsp;prospectus&nbsp;filed to Securities and Exchange Commission on May 28. The company didn’t specify how many shares it plans to sell or when.</p>\n<p>The filing comes as revenue more than doubled last year as coronavirus measures led to a surge in online shopping. And it follows a string of Turkish tech deals that have attracted strong international interest in recent years, with valuations reaching billions of dollars.</p>\n<p>Peak, a Turkish casual games maker, was&nbsp;sold&nbsp;to&nbsp;Zynga Inc.for $1.8 billion last year while Getir, a quick grocery delivery app, is seeking funds in a round that may raise its&nbsp;value&nbsp;to more than $7 billion from $2.6 billion in February. Trendyol, the biggest e-commerce marketplace in Turkey backed by Chinese online giant&nbsp;Alibaba Group Holding Ltd., is in talks with investors for new funds that could see its value rise to more than $15 billion from $9.4 billion earlier this year.</p>\n<p>Hepsiburada.com hired Morgan Stanley, JPMorgan Chase &amp; Co., Bank of America Securities, UBS Investment Bank and Goldman Sachs Group Inc. to arrange the deal.</p>\n<p>The company is 75% owned by the four daughters of businessman Aydin Dogan, founder of Dogan Sirketler Grubu Holding AS, 24.6% of which is held by founder Hanzade Dogan Boyner.Franklin Resources Inc.&nbsp;owns the remaining 25%.</p>\n<p><b>Highlights from the company prospectus:</b></p>\n<ul>\n <li>Revenue rose to 6.4 billion liras ($750 million) in 2020 from 2.6 billion liras a year ago. The company reported a total loss of 476 million liras last year, up from 133 million liras in 2019</li>\n <li>Gross merchandise value, a measure of total value of products and orders through its marketplace platform, rose to 17 billion liras from 9 million customers in 2020 from 8 billion liras from 6.5 million users a year ago</li>\n <li>The company said its market share was around 17% last year, citing data from&nbsp;Arthur D Little Inc.</li>\n <li>Liabilities rose to 2.7 billion liras in 2020, including 2 billion liras in payables and 347 million liras in bank loans, from 1.2 billion liras in 2019</li>\n</ul>","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>Turkey’s Second Biggest E-Commerce Platform Files for Nasdaq IPO</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\">\nTurkey’s Second Biggest E-Commerce Platform Files for Nasdaq IPO\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-31 22:49 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-05-31/turkey-s-second-biggest-e-commerce-platform-files-for-nasdaq-ipo?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SEC filing comes after revenue more than doubled last year\nIt follows string of multi-billion dollar tech deals in Turkey\n\nHepsiburada.com home page.\nTurkey’s second biggest online shopping platform ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-05-31/turkey-s-second-biggest-e-commerce-platform-files-for-nasdaq-ipo?srnd=premium-asia\">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.bloomberg.com/news/articles/2021-05-31/turkey-s-second-biggest-e-commerce-platform-files-for-nasdaq-ipo?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113386303","content_text":"SEC filing comes after revenue more than doubled last year\nIt follows string of multi-billion dollar tech deals in Turkey\n\nHepsiburada.com home page.\nTurkey’s second biggest online shopping platform by market share applied tolist its shareson Nasdaq amid a flurry of investor interest in the nation’s burgeoningstart-upscene.\nHepsiburada.com, formally known as D-Market Elektronik Hizmetler ve Ticaret AS, plans to sell shares on the tech-heavy U.S. equity gauge, according to the company’s prospectus filed to Securities and Exchange Commission on May 28. The company didn’t specify how many shares it plans to sell or when.\nThe filing comes as revenue more than doubled last year as coronavirus measures led to a surge in online shopping. And it follows a string of Turkish tech deals that have attracted strong international interest in recent years, with valuations reaching billions of dollars.\nPeak, a Turkish casual games maker, was sold to Zynga Inc.for $1.8 billion last year while Getir, a quick grocery delivery app, is seeking funds in a round that may raise its value to more than $7 billion from $2.6 billion in February. Trendyol, the biggest e-commerce marketplace in Turkey backed by Chinese online giant Alibaba Group Holding Ltd., is in talks with investors for new funds that could see its value rise to more than $15 billion from $9.4 billion earlier this year.\nHepsiburada.com hired Morgan Stanley, JPMorgan Chase & Co., Bank of America Securities, UBS Investment Bank and Goldman Sachs Group Inc. to arrange the deal.\nThe company is 75% owned by the four daughters of businessman Aydin Dogan, founder of Dogan Sirketler Grubu Holding AS, 24.6% of which is held by founder Hanzade Dogan Boyner.Franklin Resources Inc. owns the remaining 25%.\nHighlights from the company prospectus:\n\nRevenue rose to 6.4 billion liras ($750 million) in 2020 from 2.6 billion liras a year ago. The company reported a total loss of 476 million liras last year, up from 133 million liras in 2019\nGross merchandise value, a measure of total value of products and orders through its marketplace platform, rose to 17 billion liras from 9 million customers in 2020 from 8 billion liras from 6.5 million users a year ago\nThe company said its market share was around 17% last year, citing data from Arthur D Little Inc.\nLiabilities rose to 2.7 billion liras in 2020, including 2 billion liras in payables and 347 million liras in bank loans, from 1.2 billion liras in 2019","news_type":1},"isVote":1,"tweetType":1,"viewCount":197,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134198199,"gmtCreate":1622210481111,"gmtModify":1704181572473,"author":{"id":"3576361131828558","authorId":"3576361131828558","authorIdStr":"3576361131828558","name":"Oskarkami","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576361131828558"},"themes":[],"htmlText":"Awesome","listText":"Awesome","text":"Awesome","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/134198199","repostId":"1137044567","repostType":4,"isVote":1,"tweetType":1,"viewCount":277,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135919850,"gmtCreate":1622125662570,"gmtModify":1704179971386,"author":{"id":"3576361131828558","authorId":"3576361131828558","authorIdStr":"3576361131828558","name":"Oskarkami","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576361131828558"},"themes":[],"htmlText":"Like n comment :)","listText":"Like n comment :)","text":"Like n comment :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/135919850","repostId":"1173883407","repostType":4,"repost":{"id":"1173883407","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1622122899,"share":"https://ttm.financial/m/news/1173883407?lang=&edition=fundamental","pubTime":"2021-05-27 21:41","market":"us","language":"en","title":"General Motors shares rose more than 3%","url":"https://stock-news.laohu8.com/highlight/detail?id=1173883407","media":"Tiger Newspress","summary":"General Motors shares rose more than 3%.\nGeneral Motors Co said Thursday it will be soon be restarti","content":"<p>General Motors&nbsp;shares&nbsp;rose&nbsp;more&nbsp;than&nbsp;3%.</p>\n<p><img src=\"https://static.tigerbbs.com/80cad8117ea40be9a0fcfb3b52daf135\" tg-width=\"804\" tg-height=\"565\">General Motors Co said Thursday it will be soon be restarting production at five assembly plants around the world that have been idled due to a global semiconductor chips shortage.</p>\n<p>GM said it is restarting operations at four plants in the United States, Mexico and Canada starting next week. <a href=\"https://laohu8.com/S/TWOA.U\">Two</a> plants in Mexico will resume production next week that build the Chevrolet Equinox, GMC Terrain and Chevrolet Blazer.</p>\n<p>Next week GM will also resume full production at its Bupyeong 1 Assembly in Korea, which had been operating at 50% capacity since April 26 and return another Korean assembly plant to two shifts.</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>General Motors shares rose more than 3%</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\">\nGeneral Motors shares rose more than 3%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-05-27 21:41</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>General Motors&nbsp;shares&nbsp;rose&nbsp;more&nbsp;than&nbsp;3%.</p>\n<p><img src=\"https://static.tigerbbs.com/80cad8117ea40be9a0fcfb3b52daf135\" tg-width=\"804\" tg-height=\"565\">General Motors Co said Thursday it will be soon be restarting production at five assembly plants around the world that have been idled due to a global semiconductor chips shortage.</p>\n<p>GM said it is restarting operations at four plants in the United States, Mexico and Canada starting next week. <a href=\"https://laohu8.com/S/TWOA.U\">Two</a> plants in Mexico will resume production next week that build the Chevrolet Equinox, GMC Terrain and Chevrolet Blazer.</p>\n<p>Next week GM will also resume full production at its Bupyeong 1 Assembly in Korea, which had been operating at 50% capacity since April 26 and return another Korean assembly plant to two shifts.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GM":"通用汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173883407","content_text":"General Motors shares rose more than 3%.\nGeneral Motors Co said Thursday it will be soon be restarting production at five assembly plants around the world that have been idled due to a global semiconductor chips shortage.\nGM said it is restarting operations at four plants in the United States, Mexico and Canada starting next week. Two plants in Mexico will resume production next week that build the Chevrolet Equinox, GMC Terrain and Chevrolet Blazer.\nNext week GM will also resume full production at its Bupyeong 1 Assembly in Korea, which had been operating at 50% capacity since April 26 and return another Korean assembly plant to two shifts.","news_type":1},"isVote":1,"tweetType":1,"viewCount":503,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135910226,"gmtCreate":1622125634365,"gmtModify":1704179970902,"author":{"id":"3576361131828558","authorId":"3576361131828558","authorIdStr":"3576361131828558","name":"Oskarkami","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576361131828558"},"themes":[],"htmlText":"Awesome","listText":"Awesome","text":"Awesome","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/135910226","repostId":"1162762819","repostType":4,"repost":{"id":"1162762819","pubTimestamp":1622124673,"share":"https://ttm.financial/m/news/1162762819?lang=&edition=fundamental","pubTime":"2021-05-27 22:11","market":"us","language":"en","title":"Here's why hedge fund manager Dan Niles likes Facebook as a reopening play","url":"https://stock-news.laohu8.com/highlight/detail?id=1162762819","media":"cnbc","summary":"Hedge fund manager Dan Niles said he likes Facebook shares as a reopening play and added a streaming","content":"<div>\n<p>Hedge fund manager Dan Niles said he likes Facebook shares as a reopening play and added a streaming alternative toNetflixin his portfolio.While the Satori Fund founder and senior portfolio manager ...</p>\n\n<a href=\"https://www.cnbc.com/2021/05/27/hedge-fund-manager-dan-niles-likes-facebook-stock-as-reopening-play.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>Here's why hedge fund manager Dan Niles likes Facebook as a reopening play</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere's why hedge fund manager Dan Niles likes Facebook as a reopening play\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-27 22:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/05/27/hedge-fund-manager-dan-niles-likes-facebook-stock-as-reopening-play.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Hedge fund manager Dan Niles said he likes Facebook shares as a reopening play and added a streaming alternative toNetflixin his portfolio.While the Satori Fund founder and senior portfolio manager ...</p>\n\n<a href=\"https://www.cnbc.com/2021/05/27/hedge-fund-manager-dan-niles-likes-facebook-stock-as-reopening-play.html\">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.cnbc.com/2021/05/27/hedge-fund-manager-dan-niles-likes-facebook-stock-as-reopening-play.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1162762819","content_text":"Hedge fund manager Dan Niles said he likes Facebook shares as a reopening play and added a streaming alternative toNetflixin his portfolio.While the Satori Fund founder and senior portfolio manager said he’s avoided high-valuation technology stocks, he believes Facebook could gain from increased advertising as Covid restrictions ease.“They also benefit as hotels, airlines start to re-advertise,” Niles said Thursday on CNBC’s “Squawk Box.” “That business of theirs should continue to improve as economies across the globe start to open up.”Niles also told CNBC he addedViacomto his portfolio as an alternative to Netflix.“People love streaming. If you look at Viacom...that’s an incredibly cheap way to participate in streaming,” Niles said.Shares of streaming giant Netflix were last down more than 7% so far this year, while Viacom shares were up about 15%The hedge fund manager also hasMagna, a manufacturer of mobility tech for automakers, in his portfolio as a cheaper alternative toTeslain the electric vehicles sector.“Instead of EV with Tesla, we like Magna,” Niles said. “That helps protect the portfolio as well.”Niles said he believes the fair value for Tesla shares, which were last trading at more than $624, is “quite a bit lower.” Shares of Magna were last trading at $100.08.","news_type":1},"isVote":1,"tweetType":1,"viewCount":396,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135910913,"gmtCreate":1622125618832,"gmtModify":1704179970229,"author":{"id":"3576361131828558","authorId":"3576361131828558","authorIdStr":"3576361131828558","name":"Oskarkami","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576361131828558"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/135910913","repostId":"1188393893","repostType":4,"repost":{"id":"1188393893","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1622123328,"share":"https://ttm.financial/m/news/1188393893?lang=&edition=fundamental","pubTime":"2021-05-27 21:48","market":"us","language":"en","title":"Beyond Meat shares surges nearly 10%","url":"https://stock-news.laohu8.com/highlight/detail?id=1188393893","media":"Tiger Newspress","summary":"Beyond Meat shares surges nearly 10%.For the first quarter of 2021, Beyond Meat saw 11.4% year-over-","content":"<p>Beyond Meat&nbsp;shares&nbsp;surges&nbsp;nearly&nbsp;10%.</p><p><img src=\"https://static.tigerbbs.com/a34ea5683a321e8be4e74d066f19af12\" tg-width=\"810\" tg-height=\"610\" referrerpolicy=\"no-referrer\">For the first quarter of 2021, Beyond Meat saw 11.4% year-over-year (YOY) revenue growth despite the domestic foodservice segment being down 26% YOY. The reduction in the restaurant business drives the decrease in the foodservice segment, and Beyond Meat should see stronger results as restaurants begin to reopen domestically and internationally.</p><p>Looking through Beyond Meat's investor relations press release, the company has announced numerous partnerships. To name a few, in the past three months it has increased its products in&nbsp;<b>Walmart</b>, partnered up with&nbsp;<b>Pizza Hut</b>Canada and Carl's Jr., announced major retail expansions throughout Europe, and opened up a manufacturing facility in China.</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>Beyond Meat shares surges nearly 10%</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\">\nBeyond Meat shares surges nearly 10%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-05-27 21:48</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Beyond Meat&nbsp;shares&nbsp;surges&nbsp;nearly&nbsp;10%.</p><p><img src=\"https://static.tigerbbs.com/a34ea5683a321e8be4e74d066f19af12\" tg-width=\"810\" tg-height=\"610\" referrerpolicy=\"no-referrer\">For the first quarter of 2021, Beyond Meat saw 11.4% year-over-year (YOY) revenue growth despite the domestic foodservice segment being down 26% YOY. The reduction in the restaurant business drives the decrease in the foodservice segment, and Beyond Meat should see stronger results as restaurants begin to reopen domestically and internationally.</p><p>Looking through Beyond Meat's investor relations press release, the company has announced numerous partnerships. To name a few, in the past three months it has increased its products in&nbsp;<b>Walmart</b>, partnered up with&nbsp;<b>Pizza Hut</b>Canada and Carl's Jr., announced major retail expansions throughout Europe, and opened up a manufacturing facility in China.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BYND":"Beyond Meat, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188393893","content_text":"Beyond Meat shares surges nearly 10%.For the first quarter of 2021, Beyond Meat saw 11.4% year-over-year (YOY) revenue growth despite the domestic foodservice segment being down 26% YOY. The reduction in the restaurant business drives the decrease in the foodservice segment, and Beyond Meat should see stronger results as restaurants begin to reopen domestically and internationally.Looking through Beyond Meat's investor relations press release, the company has announced numerous partnerships. To name a few, in the past three months it has increased its products in Walmart, partnered up with Pizza HutCanada and Carl's Jr., announced major retail expansions throughout Europe, and opened up a manufacturing facility in China.","news_type":1},"isVote":1,"tweetType":1,"viewCount":171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136717037,"gmtCreate":1622039566329,"gmtModify":1704178361855,"author":{"id":"3576361131828558","authorId":"3576361131828558","authorIdStr":"3576361131828558","name":"Oskarkami","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576361131828558"},"themes":[],"htmlText":"Oo","listText":"Oo","text":"Oo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/136717037","repostId":"2138486271","repostType":4,"repost":{"id":"2138486271","pubTimestamp":1622037405,"share":"https://ttm.financial/m/news/2138486271?lang=&edition=fundamental","pubTime":"2021-05-26 21:56","market":"us","language":"en","title":"‘Not a chance’ Tesla will dominate car industry in 20 years: legendary investor Bruce Greenwald","url":"https://stock-news.laohu8.com/highlight/detail?id=2138486271","media":"Yahoo Finance","summary":"Tesla (TSLA) short sellers are up $4 billion so far this year, driven by the stock's fall back to ea","content":"<p>Tesla (TSLA) short sellers are up $4 billion so far this year, driven by the stock's fall back to earth after a steep rise of more than 695% last year, according to an analysis by S3 partners that CNN reported.</p>\n<p>Investor Michael Burry, who anticipated the 2008 housing collapse and was made famous by the book and movie \"The Big Short,\" last week revealed that his firm Scion Asset Management had joined the army of Tesla short sellers to the tune of more than 800,000 shares worth about $534 million.</p>\n<p>Now another legendary investor, Columbia University Professor Emeritus Bruce Greenwald — whom The New York Times once called \"a guru to Wall Street's gurus\" — says he doesn't think Tesla can live up to its astronomical market cap. But Greenwald acknowledged he wouldn't short Tesla because many have gotten \"slaughtered\" doing it.</p>\n<p>In a new interview, Greenwald predicted that Tesla will fail to dominate the auto industry over the long term because of a likely explosion in the size of the electric vehicle market and a lack of differentiation between Tesla's products and those of its competitors.</p>\n<p>\"Twenty years from now — you really think that they're going to dominate the auto market?\" Greenwald tells Yahoo Finance Editor-in-Chief Andy Serwer. \"Not a chance.\"</p>\n<p>\"We know what a competitive auto market looks like,\" he adds. \"Because in that market, most of the big companies have flirted with bankruptcy at <a href=\"https://laohu8.com/S/AONE\">one</a> time or another.\"</p>\n<p>For nearly three decades, Greenwald taught a popular course at Columbia University on \"value investing,\" which identifies stocks trading at a price lower than their book value, and patiently waits for them to rise. The approach owes its worldwide renown to its most famous advocate, Berkshire Hathaway (BRK-A, BRK-B) CEO Warren Buffett, who occasionally spoke as a guest in Greenwald's course.</p>\n<h2>'Not comfortable' putting the family fortune in Tesla</h2>\n<p>Tesla's long-term struggle to live up to its market cap will stem from its difficulty holding onto a large share of the auto market, Greenwald predicted. Between 2018 and 2019, Tesla's market share grew from 11.8% to 16.2%, according to a study released by McKinsey &amp; Company in July. But that figure will drop over the coming years as electric vehicles become more popular, Greenwald said.</p>\n<p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-05/235d11b0-b97b-11eb-bef6-4deeeb5ceae4\" tg-width=\"5301\" tg-height=\"3534\"><span>FILE - In this March 9, 2020, file photo, Tesla and SpaceX Chief Executive Officer Elon Musk speaks at the SATELLITE Conference and Exhibition in Washington. Electric car maker Tesla will stop accepting Bitcoin as a payment, CEO Elon Musk tweeted on Wednesday, May 12, 2021 citing environmental concerns. (AP Photo/Susan Walsh, File)ASSOCIATED PRESS</span></p>\n<p>\"If a market is small, like the electric car market is today, you probably need to get to 20% of that market to be viable,\" he says. \"In the mature automobile market that is global, you can be viable at 2%.\"</p>\n<p>\"Well, at the 20% requirement, Tesla may be able to keep rivals out. But at 2%, nobody's going to keep anybody down,\" he adds. \"And guess where the electric car market is going? It's going from 700,000 [vehicles sold] a year to 7 million a year.\"</p>\n<p>Serwer asked Greenwald about Tesla CEO Elon Musk's view that the company differentiates itself not only with its electric vehicles but also its onboard computer system, database, and solar panels. But Greenwald rejected the point.</p>\n<p>\"You think other car makers don't have that?\" he says. \"They don't have computers? They don't have databases, [and] they don't have solar panels? Give me a break.\"</p>\n<p>Greenwald said the company would face a challenge taking advantage of its technology.</p>\n<p>\"When you have charging stations, they're going to serve all the cars,\" he says. \"Elon Musk is talking his book.\"</p>\n<p>While pessimistic about Tesla, Greenwald said he wouldn't short the company. Last year, Tesla short sellers lost $40.1 billion, according to the analysis by S3 partners that CNN reported.</p>\n<p>\"People have gotten slaughtered doing that,\" Greenwald says. \"I've had my own terrible experiences with shorts.\"</p>\n<p>But he's staying away from the stock.</p>\n<p>\"If I were going to put the family fortune into Tesla,\" he says. \"I would not be comfortable doing it.\"</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>‘Not a chance’ Tesla will dominate car industry in 20 years: legendary investor Bruce Greenwald</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n‘Not a chance’ Tesla will dominate car industry in 20 years: legendary investor Bruce Greenwald\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-26 21:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/not-a-chance-tesla-will-dominate-car-industry-in-20-years-bruce-greenwald-135645405.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tesla (TSLA) short sellers are up $4 billion so far this year, driven by the stock's fall back to earth after a steep rise of more than 695% last year, according to an analysis by S3 partners that CNN...</p>\n\n<a href=\"https://finance.yahoo.com/news/not-a-chance-tesla-will-dominate-car-industry-in-20-years-bruce-greenwald-135645405.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://finance.yahoo.com/news/not-a-chance-tesla-will-dominate-car-industry-in-20-years-bruce-greenwald-135645405.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2138486271","content_text":"Tesla (TSLA) short sellers are up $4 billion so far this year, driven by the stock's fall back to earth after a steep rise of more than 695% last year, according to an analysis by S3 partners that CNN reported.\nInvestor Michael Burry, who anticipated the 2008 housing collapse and was made famous by the book and movie \"The Big Short,\" last week revealed that his firm Scion Asset Management had joined the army of Tesla short sellers to the tune of more than 800,000 shares worth about $534 million.\nNow another legendary investor, Columbia University Professor Emeritus Bruce Greenwald — whom The New York Times once called \"a guru to Wall Street's gurus\" — says he doesn't think Tesla can live up to its astronomical market cap. But Greenwald acknowledged he wouldn't short Tesla because many have gotten \"slaughtered\" doing it.\nIn a new interview, Greenwald predicted that Tesla will fail to dominate the auto industry over the long term because of a likely explosion in the size of the electric vehicle market and a lack of differentiation between Tesla's products and those of its competitors.\n\"Twenty years from now — you really think that they're going to dominate the auto market?\" Greenwald tells Yahoo Finance Editor-in-Chief Andy Serwer. \"Not a chance.\"\n\"We know what a competitive auto market looks like,\" he adds. \"Because in that market, most of the big companies have flirted with bankruptcy at one time or another.\"\nFor nearly three decades, Greenwald taught a popular course at Columbia University on \"value investing,\" which identifies stocks trading at a price lower than their book value, and patiently waits for them to rise. The approach owes its worldwide renown to its most famous advocate, Berkshire Hathaway (BRK-A, BRK-B) CEO Warren Buffett, who occasionally spoke as a guest in Greenwald's course.\n'Not comfortable' putting the family fortune in Tesla\nTesla's long-term struggle to live up to its market cap will stem from its difficulty holding onto a large share of the auto market, Greenwald predicted. Between 2018 and 2019, Tesla's market share grew from 11.8% to 16.2%, according to a study released by McKinsey & Company in July. But that figure will drop over the coming years as electric vehicles become more popular, Greenwald said.\nFILE - In this March 9, 2020, file photo, Tesla and SpaceX Chief Executive Officer Elon Musk speaks at the SATELLITE Conference and Exhibition in Washington. Electric car maker Tesla will stop accepting Bitcoin as a payment, CEO Elon Musk tweeted on Wednesday, May 12, 2021 citing environmental concerns. (AP Photo/Susan Walsh, File)ASSOCIATED PRESS\n\"If a market is small, like the electric car market is today, you probably need to get to 20% of that market to be viable,\" he says. \"In the mature automobile market that is global, you can be viable at 2%.\"\n\"Well, at the 20% requirement, Tesla may be able to keep rivals out. But at 2%, nobody's going to keep anybody down,\" he adds. \"And guess where the electric car market is going? It's going from 700,000 [vehicles sold] a year to 7 million a year.\"\nSerwer asked Greenwald about Tesla CEO Elon Musk's view that the company differentiates itself not only with its electric vehicles but also its onboard computer system, database, and solar panels. But Greenwald rejected the point.\n\"You think other car makers don't have that?\" he says. \"They don't have computers? They don't have databases, [and] they don't have solar panels? Give me a break.\"\nGreenwald said the company would face a challenge taking advantage of its technology.\n\"When you have charging stations, they're going to serve all the cars,\" he says. \"Elon Musk is talking his book.\"\nWhile pessimistic about Tesla, Greenwald said he wouldn't short the company. Last year, Tesla short sellers lost $40.1 billion, according to the analysis by S3 partners that CNN reported.\n\"People have gotten slaughtered doing that,\" Greenwald says. \"I've had my own terrible experiences with shorts.\"\nBut he's staying away from the stock.\n\"If I were going to put the family fortune into Tesla,\" he says. \"I would not be comfortable doing it.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":371,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":113551441,"gmtCreate":1622628308183,"gmtModify":1704187618755,"author":{"id":"3576361131828558","authorId":"3576361131828558","authorIdStr":"3576361131828558","name":"Oskarkami","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576361131828558"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/113551441","repostId":"2140541655","repostType":4,"isVote":1,"tweetType":1,"viewCount":201,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110573867,"gmtCreate":1622473629459,"gmtModify":1704184917574,"author":{"id":"3576361131828558","authorId":"3576361131828558","authorIdStr":"3576361131828558","name":"Oskarkami","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576361131828558"},"themes":[],"htmlText":"Like 4 coins please","listText":"Like 4 coins please","text":"Like 4 coins please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/110573867","repostId":"1113386303","repostType":4,"isVote":1,"tweetType":1,"viewCount":197,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":119880449,"gmtCreate":1622535577581,"gmtModify":1704185802071,"author":{"id":"3576361131828558","authorId":"3576361131828558","authorIdStr":"3576361131828558","name":"Oskarkami","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576361131828558"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/119880449","repostId":"1183596556","repostType":4,"repost":{"id":"1183596556","pubTimestamp":1622534474,"share":"https://ttm.financial/m/news/1183596556?lang=&edition=fundamental","pubTime":"2021-06-01 16:01","market":"us","language":"en","title":"An Unreliable Ratio Points to Trouble for Stocks","url":"https://stock-news.laohu8.com/highlight/detail?id=1183596556","media":"Bloomberg","summary":"The correlation between equities and bond yields is again strongly positive, suggesting real concern","content":"<p>The correlation between equities and bond yields is again strongly positive, suggesting real concern about inflation.</p><p><b>Stocks vs Bonds: The Rematch</b></p><p>This is going to be a piece about the relationship between share prices and bond yields, so I had better&nbsp;start with a public health warning. A lot of nonsense has over history been spouted about this link, and it was brilliantly denounced in&nbsp;this article&nbsp;by veteran British economist and fund manager Andrew Smithers&nbsp;in 2006:</p><blockquote><i>The greatest single triumph yet achieved by data mining is the invention of the bond yield ratio. This claims that equities can be valued by comparing bond yields and earnings yields. These ratios showed a strong correlation in the US from 1977 to 1997. But the exact opposite relationship ruled from 1948 to 1968. It is, of course, possible to use all the available data, thereby flattering the prejudices of economists but offending the key principle of data mining. If this is done, it shows that there is no relationship at all between bond yields and earnings yields.</i></blockquote><blockquote><i>Readers can, nonetheless, be confident that the use of the bond yield ratio will not disappear simply because it cannot be supported by either theory or experience. Claims based on data mining are not discarded simply because they do not work. They are put into the pending tray with the standard excuse that “the relationship has broken down”. While this cannot be logically distinguished from “there never was a relationship”, it has two great advantages. First, it sounds a great deal better and, second, it demands less effort to reuse old nonsense than to invent new follies.</i></blockquote><p>So, there is no permanently stable connection between the yields on stocks and bonds, and we have to be careful about any definitions. This should be a reminder for caution about claims that U.S. equities aren’t expensive at present, when ultra-low bond yields are taken into account.</p><p>All of this said, something interesting has happened to the relationship in the last few months. While this isn’t&nbsp;because of some iron-clad affinity between stocks and bonds, it does&nbsp;tell us something about a factor that affects both: inflation.&nbsp;For the last three months, there has been the strongest positive correlation between bonds and stocks (meaning that their prices move in the same direction, and bond yields move in the opposite direction to share prices) in this century. This is from London’s Absolute Strategy Research Ltd.:</p><p><img src=\"https://static.tigerbbs.com/da9ff75005e1828913f0286e0c37b938\" tg-width=\"1206\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p>For most of the time since the internet bubble burst, there has been a negative correlation; bond yields have tended to move in the same direction as share prices. Why might this tell us something about inflation? Scanning the charts over the long term, we see that the correlation was positive from the late 1960s through until the late 1990s, before falling sharply after the bubble burst. After that, the correlation was consistently negative, until now.</p><p>The period during which the correlation was positive stretches from the era when the Bretton Woods partial tie of currencies to the dollar and to gold was coming apart, through to the round of financial crises in the late 1990s which reached their most frightening moment when the Federal Reserve under Alan Greenspan cut rates in the wake of the Long-Term Capital Management meltdown. During this period, inflation seemed a significant concern. Before, the tie to gold tended to keep inflation concerns under control. After LTCM, and&nbsp;the melt-up and asset price collapse that followed, fear of inflation went off the agenda almost completely. The Fed was acting to avert deflation, which Japan had shown could be a real possibility. Inflation was a consummation devoutly to be wished. So, stocks and bonds were positively correlated during the era when inflation was a real concern, but negatively correlated in the periods before and after:</p><p><img src=\"https://static.tigerbbs.com/361da76a52e87cdf5cd8abe10aeeb9e9\" tg-width=\"1222\" tg-height=\"814\" referrerpolicy=\"no-referrer\"></p><p>Over the past 20 years, this has made asset allocation relatively easy. If stocks don’t go up, the chances are that bonds will. That means, as Absolute Strategy points out, that many risk officers have come to rely on bonds when equities sell off. They have been a great diversifier. Meanwhile, the environment of the last decade has been dreadful for&nbsp;esoteric absolute return hedge funds that aim to offer diversification for stocks. There hasn’t seemed to be much point in their services when bonds work just fine. That might now change:</p><p><img src=\"https://static.tigerbbs.com/2079ae493d451487bccbe42f8c7ac389\" tg-width=\"1208\" tg-height=\"817\" referrerpolicy=\"no-referrer\"></p><p>So this could be a problem for a lot of people. But the deeper issue is that the raised correlation of recent weeks shows concern about inflation. Ever since the dot-com bubble, higher bond yields (and lower bond prices) have generally been seen as good news for stocks, because they show that there is a chance for growth. The two big equity crashes of the last two decades both came against a backdrop of sharply falling yields; in both the global financial crisis and the Covid-19 scare, the great concern was a lack of growth and inflation. Rightly or wrongly, investors are now beginning to think that inflation might actually happen, and to dislike the prospect. That means bonds and stocks are correlated for a while.</p><p><b>The Fed Model</b></p><p>The most celebrated attempt to link stocks and bonds was the Fed model, which became famous in the late 1990s because Alan Greenspan himself appeared to be using it in some of his congressional testimonies. The Fed model compared the earnings yield on stocks (the inverse of the price-earnings multiple), with Treasury bond yields. When equity yields were higher, they suggested stocks were undervalued, and when lower that stocks were overvalued. In neutral, bond and equity yields would be equal. It never worked perfectly, but for a while in the 1960s and 1970s it did look as the relationship would revert to a mean where they were roughly equal (at least if you squinted, and crossed your fingers). Applying the Fed model would have given you a strong and correct signal to get out of the market ahead of the Black Monday crash in 1987, so that’s something.</p><p>Greenspan’s post-LTCM monetary policy utterly destroyed his model. Bonds briefly yielded almost double equities at the top of the insanity in 2000, then the gap disappeared. These days, bonds seldom yield even half as much as equities:</p><p><img src=\"https://static.tigerbbs.com/2f5b59c100885fb2d90f3c7a16b8daa3\" tg-width=\"594\" tg-height=\"449\" referrerpolicy=\"no-referrer\"></p><p>Either the stock market has been hugely undervalued for 20 years, and remains hugely undervalued now, or the Fed model is wrong. I’m inclined to go with the latter.&nbsp;Absolute Strategy’s Ian Harnett also offers this chart which includes all the equity corrections, and shows that, with the partial exception of 1987,&nbsp;the Fed model was of no use whatever in spotting a fall coming:</p><p><img src=\"https://static.tigerbbs.com/329807d792c8556da1336c853248c905\" tg-width=\"689\" tg-height=\"508\" referrerpolicy=\"no-referrer\"></p><p>Another version of the same idea is to compare the dividend yield on stocks with bond yields. Decades went by without anybody thinking these should be roughly equivalent. It was taken as read that equities’ chance of higher returns meant that bonds must inevitably offer a higher cash yield. The moment at the end of 2008 when dividend yields rose above bond yields was a shuddering blow, and led to predictions (reasonable given the history of the previous half century) that stocks were poised for massive outperformance of bonds. As we now know, bonds did very well themselves over the last few years. If someone had posited some kind of new Fed model that dividend and bond yields should be equal, the last 10 years might have made that position look sensible. (And before you write in, no I’m not seriously suggesting this, I’m making&nbsp;a point about data mining, and also trying&nbsp;to show that the relationship between stock and bond yields isn’t remotely stable over time). This chart was also produced for me by Harnett:</p><p><img src=\"https://static.tigerbbs.com/57f6c728d1f907a68b27191f245bd522\" tg-width=\"628\" tg-height=\"442\" referrerpolicy=\"no-referrer\"></p><p><b>The Rule of 20</b></p><p>Before the Fed model, there was also the Rule of 20. This held that inflation was the driving force of equity valuations, and cut out bond yields. The idea was that you could subtract the rate of inflation from 20 to get the ideal price-earnings ratio. The higher inflation is, the lower the multiple of future earnings you will be prepared to pay. That in principle makes some sense. And for the three decades from 1960 to 1990, the sum of the S&amp;P 500’s P/E ratio and the inflation rate scarcely ever varied from 20 by more than five in either direction.</p><p>Unfortunately for the rule of 20, investors briefly decided they didn’t have to worry about inflation at all at the end of the 1990s —&nbsp;but the rule again hasn’t performed that badly in the two decades that followed, even though nobody at all was using it. Covid, however, seems to have laid waste to it. By my brutally simple calculations, the current sum of the P/E and the inflation rate is the highest on record. This implies that if inflation is on its way back and investors are beginning to take it seriously, equity multiples have a long way to fall:</p><p><img src=\"https://static.tigerbbs.com/41bdad483ac982ae796ac497a26eb8ae\" tg-width=\"1200\" tg-height=\"675\" referrerpolicy=\"no-referrer\"></p><p>When I tried running the same calculation using the Shiller cyclically-adjusted price-earnings, or CAPE,&nbsp;multiple, looking at average earnings for the previous decade rather than one year, the rule of 20 did&nbsp;work surprisingly well for a long time. Calculated this way, the bubble of 2000 looks even more of an outlier. And the sum of inflation and the CAPE has just topped 40 for the first time since then, so we should be concerned. (My apologies for the trend line in the following graphic; I have no idea why the graphics software insisted on drawing it for me).</p><p><img src=\"https://static.tigerbbs.com/cd7bed84c2d1838ae05f0eb3fb63b2cd\" tg-width=\"951\" tg-height=\"552\" referrerpolicy=\"no-referrer\"></p><p>Is there a better, modernized version of the rule of 20 out there? The long weekend allowed Harnett to produce this, the “Inflation Dart” (although to me, thanks to a boyhood fascination with aircraft, it looks more of an “Inflation Concorde” or “Inflation Vulcan Bomber”):</p><p><img src=\"https://static.tigerbbs.com/0656b11623b22d9ad3cef9df7e8e4afd\" tg-width=\"726\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p>Before you dismiss this as ridiculous sophistry, it does contain a lot of intuitive common sense. While inflation remains broadly under control, the Shiller P/E&nbsp;can be more or less anything. Once inflation gets into the high single digits or beyond, or once it lapses&nbsp;into outright deflation, however, equity multiples suffer. Under inflation, the value of earnings streams will be eroded, and under deflation the earnings themselves will be eroded, so this makes sense. What this tells us is what most of us could have guessed. If inflation really does pick up from here and gets to the historically unremarkable but these days almost unimaginable level of 5%, history tells us it’s a racing certainty that equity valuations will come down a lot.</p><p>Inflation needs to rise first before that happens. And higher inflation isn’t a given. There are plenty of reasons to believe that it is transitory, and we will need many more months of data to tell whether we really are entering a higher inflation regime. But the Inflation Dart does say very clearly that this would be bad news. And that helps explain why bonds and stocks are suddenly more correlated than they’ve been in decades. Expect that to continue unless and until the inflation fears are decisively put to bed.</p><p><b>Survival Tips</b></p><p>Over the long weekend, I read&nbsp;<i>The Premonition: A Pandemic Story</i>, a brilliant telling of how a group of disparate doctors and scientists initially pulled together by the George W. Bush administration spotted the pandemic coming, but were thwarted from taking the actions that might have dealt with it. Far subtler than many treatments of Covid-19, it taught me a lot, and was also a page-turner. It was written by the highly successful author, and these days my Bloomberg Opinion colleague, Michael Lewis, who has a happy knack for condensing complicated concepts into straightforward tales about sympathetic characters. I am sure there will be claims that Lewis over-simplified, but I recommend reading it.</p><p>Then I heard the news that&nbsp;Dixie Lewis, his daughter, had been killed in a car crash last week. She was 19. “We loved her so much and are in a kind of pain none of us has experienced,” he said. “She loved to live and our hearts are so broken they can’t find the words to describe the feeling.”</p><p>Nobody should ever have to bury their child, and there are indeed no words to describe such loss and such pain, or to provide any meaningful comfort. The work of art that comes closest to capturing the pain of bereavement that I know of is&nbsp;<i>Cantus In Memoriam of Benjamin Britten</i>&nbsp;by Arvo Part. I’ve mentioned it in this slot before, but I cannot get beyond it. I commend it. And I continue to think it would be a great idea to read The Premonition. My sympathies to all who knew and loved Dixie Lewis.</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>An Unreliable Ratio Points to Trouble for Stocks</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\">\nAn Unreliable Ratio Points to Trouble for Stocks\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-01 16:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/opinion/articles/2021-06-01/stock-bond-yield-correlation-suggests-inflation-is-a-real-concern?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The correlation between equities and bond yields is again strongly positive, suggesting real concern about inflation.Stocks vs Bonds: The RematchThis is going to be a piece about the relationship ...</p>\n\n<a href=\"https://www.bloomberg.com/opinion/articles/2021-06-01/stock-bond-yield-correlation-suggests-inflation-is-a-real-concern?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.bloomberg.com/opinion/articles/2021-06-01/stock-bond-yield-correlation-suggests-inflation-is-a-real-concern?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183596556","content_text":"The correlation between equities and bond yields is again strongly positive, suggesting real concern about inflation.Stocks vs Bonds: The RematchThis is going to be a piece about the relationship between share prices and bond yields, so I had better start with a public health warning. A lot of nonsense has over history been spouted about this link, and it was brilliantly denounced in this article by veteran British economist and fund manager Andrew Smithers in 2006:The greatest single triumph yet achieved by data mining is the invention of the bond yield ratio. This claims that equities can be valued by comparing bond yields and earnings yields. These ratios showed a strong correlation in the US from 1977 to 1997. But the exact opposite relationship ruled from 1948 to 1968. It is, of course, possible to use all the available data, thereby flattering the prejudices of economists but offending the key principle of data mining. If this is done, it shows that there is no relationship at all between bond yields and earnings yields.Readers can, nonetheless, be confident that the use of the bond yield ratio will not disappear simply because it cannot be supported by either theory or experience. Claims based on data mining are not discarded simply because they do not work. They are put into the pending tray with the standard excuse that “the relationship has broken down”. While this cannot be logically distinguished from “there never was a relationship”, it has two great advantages. First, it sounds a great deal better and, second, it demands less effort to reuse old nonsense than to invent new follies.So, there is no permanently stable connection between the yields on stocks and bonds, and we have to be careful about any definitions. This should be a reminder for caution about claims that U.S. equities aren’t expensive at present, when ultra-low bond yields are taken into account.All of this said, something interesting has happened to the relationship in the last few months. While this isn’t because of some iron-clad affinity between stocks and bonds, it does tell us something about a factor that affects both: inflation. For the last three months, there has been the strongest positive correlation between bonds and stocks (meaning that their prices move in the same direction, and bond yields move in the opposite direction to share prices) in this century. This is from London’s Absolute Strategy Research Ltd.:For most of the time since the internet bubble burst, there has been a negative correlation; bond yields have tended to move in the same direction as share prices. Why might this tell us something about inflation? Scanning the charts over the long term, we see that the correlation was positive from the late 1960s through until the late 1990s, before falling sharply after the bubble burst. After that, the correlation was consistently negative, until now.The period during which the correlation was positive stretches from the era when the Bretton Woods partial tie of currencies to the dollar and to gold was coming apart, through to the round of financial crises in the late 1990s which reached their most frightening moment when the Federal Reserve under Alan Greenspan cut rates in the wake of the Long-Term Capital Management meltdown. During this period, inflation seemed a significant concern. Before, the tie to gold tended to keep inflation concerns under control. After LTCM, and the melt-up and asset price collapse that followed, fear of inflation went off the agenda almost completely. The Fed was acting to avert deflation, which Japan had shown could be a real possibility. Inflation was a consummation devoutly to be wished. So, stocks and bonds were positively correlated during the era when inflation was a real concern, but negatively correlated in the periods before and after:Over the past 20 years, this has made asset allocation relatively easy. If stocks don’t go up, the chances are that bonds will. That means, as Absolute Strategy points out, that many risk officers have come to rely on bonds when equities sell off. They have been a great diversifier. Meanwhile, the environment of the last decade has been dreadful for esoteric absolute return hedge funds that aim to offer diversification for stocks. There hasn’t seemed to be much point in their services when bonds work just fine. That might now change:So this could be a problem for a lot of people. But the deeper issue is that the raised correlation of recent weeks shows concern about inflation. Ever since the dot-com bubble, higher bond yields (and lower bond prices) have generally been seen as good news for stocks, because they show that there is a chance for growth. The two big equity crashes of the last two decades both came against a backdrop of sharply falling yields; in both the global financial crisis and the Covid-19 scare, the great concern was a lack of growth and inflation. Rightly or wrongly, investors are now beginning to think that inflation might actually happen, and to dislike the prospect. That means bonds and stocks are correlated for a while.The Fed ModelThe most celebrated attempt to link stocks and bonds was the Fed model, which became famous in the late 1990s because Alan Greenspan himself appeared to be using it in some of his congressional testimonies. The Fed model compared the earnings yield on stocks (the inverse of the price-earnings multiple), with Treasury bond yields. When equity yields were higher, they suggested stocks were undervalued, and when lower that stocks were overvalued. In neutral, bond and equity yields would be equal. It never worked perfectly, but for a while in the 1960s and 1970s it did look as the relationship would revert to a mean where they were roughly equal (at least if you squinted, and crossed your fingers). Applying the Fed model would have given you a strong and correct signal to get out of the market ahead of the Black Monday crash in 1987, so that’s something.Greenspan’s post-LTCM monetary policy utterly destroyed his model. Bonds briefly yielded almost double equities at the top of the insanity in 2000, then the gap disappeared. These days, bonds seldom yield even half as much as equities:Either the stock market has been hugely undervalued for 20 years, and remains hugely undervalued now, or the Fed model is wrong. I’m inclined to go with the latter. Absolute Strategy’s Ian Harnett also offers this chart which includes all the equity corrections, and shows that, with the partial exception of 1987, the Fed model was of no use whatever in spotting a fall coming:Another version of the same idea is to compare the dividend yield on stocks with bond yields. Decades went by without anybody thinking these should be roughly equivalent. It was taken as read that equities’ chance of higher returns meant that bonds must inevitably offer a higher cash yield. The moment at the end of 2008 when dividend yields rose above bond yields was a shuddering blow, and led to predictions (reasonable given the history of the previous half century) that stocks were poised for massive outperformance of bonds. As we now know, bonds did very well themselves over the last few years. If someone had posited some kind of new Fed model that dividend and bond yields should be equal, the last 10 years might have made that position look sensible. (And before you write in, no I’m not seriously suggesting this, I’m making a point about data mining, and also trying to show that the relationship between stock and bond yields isn’t remotely stable over time). This chart was also produced for me by Harnett:The Rule of 20Before the Fed model, there was also the Rule of 20. This held that inflation was the driving force of equity valuations, and cut out bond yields. The idea was that you could subtract the rate of inflation from 20 to get the ideal price-earnings ratio. The higher inflation is, the lower the multiple of future earnings you will be prepared to pay. That in principle makes some sense. And for the three decades from 1960 to 1990, the sum of the S&P 500’s P/E ratio and the inflation rate scarcely ever varied from 20 by more than five in either direction.Unfortunately for the rule of 20, investors briefly decided they didn’t have to worry about inflation at all at the end of the 1990s — but the rule again hasn’t performed that badly in the two decades that followed, even though nobody at all was using it. Covid, however, seems to have laid waste to it. By my brutally simple calculations, the current sum of the P/E and the inflation rate is the highest on record. This implies that if inflation is on its way back and investors are beginning to take it seriously, equity multiples have a long way to fall:When I tried running the same calculation using the Shiller cyclically-adjusted price-earnings, or CAPE, multiple, looking at average earnings for the previous decade rather than one year, the rule of 20 did work surprisingly well for a long time. Calculated this way, the bubble of 2000 looks even more of an outlier. And the sum of inflation and the CAPE has just topped 40 for the first time since then, so we should be concerned. (My apologies for the trend line in the following graphic; I have no idea why the graphics software insisted on drawing it for me).Is there a better, modernized version of the rule of 20 out there? The long weekend allowed Harnett to produce this, the “Inflation Dart” (although to me, thanks to a boyhood fascination with aircraft, it looks more of an “Inflation Concorde” or “Inflation Vulcan Bomber”):Before you dismiss this as ridiculous sophistry, it does contain a lot of intuitive common sense. While inflation remains broadly under control, the Shiller P/E can be more or less anything. Once inflation gets into the high single digits or beyond, or once it lapses into outright deflation, however, equity multiples suffer. Under inflation, the value of earnings streams will be eroded, and under deflation the earnings themselves will be eroded, so this makes sense. What this tells us is what most of us could have guessed. If inflation really does pick up from here and gets to the historically unremarkable but these days almost unimaginable level of 5%, history tells us it’s a racing certainty that equity valuations will come down a lot.Inflation needs to rise first before that happens. And higher inflation isn’t a given. There are plenty of reasons to believe that it is transitory, and we will need many more months of data to tell whether we really are entering a higher inflation regime. But the Inflation Dart does say very clearly that this would be bad news. And that helps explain why bonds and stocks are suddenly more correlated than they’ve been in decades. Expect that to continue unless and until the inflation fears are decisively put to bed.Survival TipsOver the long weekend, I read The Premonition: A Pandemic Story, a brilliant telling of how a group of disparate doctors and scientists initially pulled together by the George W. Bush administration spotted the pandemic coming, but were thwarted from taking the actions that might have dealt with it. Far subtler than many treatments of Covid-19, it taught me a lot, and was also a page-turner. It was written by the highly successful author, and these days my Bloomberg Opinion colleague, Michael Lewis, who has a happy knack for condensing complicated concepts into straightforward tales about sympathetic characters. I am sure there will be claims that Lewis over-simplified, but I recommend reading it.Then I heard the news that Dixie Lewis, his daughter, had been killed in a car crash last week. She was 19. “We loved her so much and are in a kind of pain none of us has experienced,” he said. “She loved to live and our hearts are so broken they can’t find the words to describe the feeling.”Nobody should ever have to bury their child, and there are indeed no words to describe such loss and such pain, or to provide any meaningful comfort. The work of art that comes closest to capturing the pain of bereavement that I know of is Cantus In Memoriam of Benjamin Britten by Arvo Part. I’ve mentioned it in this slot before, but I cannot get beyond it. I commend it. And I continue to think it would be a great idea to read The Premonition. My sympathies to all who knew and loved Dixie Lewis.","news_type":1},"isVote":1,"tweetType":1,"viewCount":216,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136717037,"gmtCreate":1622039566329,"gmtModify":1704178361855,"author":{"id":"3576361131828558","authorId":"3576361131828558","authorIdStr":"3576361131828558","name":"Oskarkami","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576361131828558"},"themes":[],"htmlText":"Oo","listText":"Oo","text":"Oo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/136717037","repostId":"2138486271","repostType":4,"repost":{"id":"2138486271","pubTimestamp":1622037405,"share":"https://ttm.financial/m/news/2138486271?lang=&edition=fundamental","pubTime":"2021-05-26 21:56","market":"us","language":"en","title":"‘Not a chance’ Tesla will dominate car industry in 20 years: legendary investor Bruce Greenwald","url":"https://stock-news.laohu8.com/highlight/detail?id=2138486271","media":"Yahoo Finance","summary":"Tesla (TSLA) short sellers are up $4 billion so far this year, driven by the stock's fall back to ea","content":"<p>Tesla (TSLA) short sellers are up $4 billion so far this year, driven by the stock's fall back to earth after a steep rise of more than 695% last year, according to an analysis by S3 partners that CNN reported.</p>\n<p>Investor Michael Burry, who anticipated the 2008 housing collapse and was made famous by the book and movie \"The Big Short,\" last week revealed that his firm Scion Asset Management had joined the army of Tesla short sellers to the tune of more than 800,000 shares worth about $534 million.</p>\n<p>Now another legendary investor, Columbia University Professor Emeritus Bruce Greenwald — whom The New York Times once called \"a guru to Wall Street's gurus\" — says he doesn't think Tesla can live up to its astronomical market cap. But Greenwald acknowledged he wouldn't short Tesla because many have gotten \"slaughtered\" doing it.</p>\n<p>In a new interview, Greenwald predicted that Tesla will fail to dominate the auto industry over the long term because of a likely explosion in the size of the electric vehicle market and a lack of differentiation between Tesla's products and those of its competitors.</p>\n<p>\"Twenty years from now — you really think that they're going to dominate the auto market?\" Greenwald tells Yahoo Finance Editor-in-Chief Andy Serwer. \"Not a chance.\"</p>\n<p>\"We know what a competitive auto market looks like,\" he adds. \"Because in that market, most of the big companies have flirted with bankruptcy at <a href=\"https://laohu8.com/S/AONE\">one</a> time or another.\"</p>\n<p>For nearly three decades, Greenwald taught a popular course at Columbia University on \"value investing,\" which identifies stocks trading at a price lower than their book value, and patiently waits for them to rise. The approach owes its worldwide renown to its most famous advocate, Berkshire Hathaway (BRK-A, BRK-B) CEO Warren Buffett, who occasionally spoke as a guest in Greenwald's course.</p>\n<h2>'Not comfortable' putting the family fortune in Tesla</h2>\n<p>Tesla's long-term struggle to live up to its market cap will stem from its difficulty holding onto a large share of the auto market, Greenwald predicted. Between 2018 and 2019, Tesla's market share grew from 11.8% to 16.2%, according to a study released by McKinsey &amp; Company in July. But that figure will drop over the coming years as electric vehicles become more popular, Greenwald said.</p>\n<p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-05/235d11b0-b97b-11eb-bef6-4deeeb5ceae4\" tg-width=\"5301\" tg-height=\"3534\"><span>FILE - In this March 9, 2020, file photo, Tesla and SpaceX Chief Executive Officer Elon Musk speaks at the SATELLITE Conference and Exhibition in Washington. Electric car maker Tesla will stop accepting Bitcoin as a payment, CEO Elon Musk tweeted on Wednesday, May 12, 2021 citing environmental concerns. (AP Photo/Susan Walsh, File)ASSOCIATED PRESS</span></p>\n<p>\"If a market is small, like the electric car market is today, you probably need to get to 20% of that market to be viable,\" he says. \"In the mature automobile market that is global, you can be viable at 2%.\"</p>\n<p>\"Well, at the 20% requirement, Tesla may be able to keep rivals out. But at 2%, nobody's going to keep anybody down,\" he adds. \"And guess where the electric car market is going? It's going from 700,000 [vehicles sold] a year to 7 million a year.\"</p>\n<p>Serwer asked Greenwald about Tesla CEO Elon Musk's view that the company differentiates itself not only with its electric vehicles but also its onboard computer system, database, and solar panels. But Greenwald rejected the point.</p>\n<p>\"You think other car makers don't have that?\" he says. \"They don't have computers? They don't have databases, [and] they don't have solar panels? Give me a break.\"</p>\n<p>Greenwald said the company would face a challenge taking advantage of its technology.</p>\n<p>\"When you have charging stations, they're going to serve all the cars,\" he says. \"Elon Musk is talking his book.\"</p>\n<p>While pessimistic about Tesla, Greenwald said he wouldn't short the company. Last year, Tesla short sellers lost $40.1 billion, according to the analysis by S3 partners that CNN reported.</p>\n<p>\"People have gotten slaughtered doing that,\" Greenwald says. \"I've had my own terrible experiences with shorts.\"</p>\n<p>But he's staying away from the stock.</p>\n<p>\"If I were going to put the family fortune into Tesla,\" he says. \"I would not be comfortable doing it.\"</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>‘Not a chance’ Tesla will dominate car industry in 20 years: legendary investor Bruce Greenwald</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n‘Not a chance’ Tesla will dominate car industry in 20 years: legendary investor Bruce Greenwald\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-26 21:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/not-a-chance-tesla-will-dominate-car-industry-in-20-years-bruce-greenwald-135645405.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tesla (TSLA) short sellers are up $4 billion so far this year, driven by the stock's fall back to earth after a steep rise of more than 695% last year, according to an analysis by S3 partners that CNN...</p>\n\n<a href=\"https://finance.yahoo.com/news/not-a-chance-tesla-will-dominate-car-industry-in-20-years-bruce-greenwald-135645405.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://finance.yahoo.com/news/not-a-chance-tesla-will-dominate-car-industry-in-20-years-bruce-greenwald-135645405.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2138486271","content_text":"Tesla (TSLA) short sellers are up $4 billion so far this year, driven by the stock's fall back to earth after a steep rise of more than 695% last year, according to an analysis by S3 partners that CNN reported.\nInvestor Michael Burry, who anticipated the 2008 housing collapse and was made famous by the book and movie \"The Big Short,\" last week revealed that his firm Scion Asset Management had joined the army of Tesla short sellers to the tune of more than 800,000 shares worth about $534 million.\nNow another legendary investor, Columbia University Professor Emeritus Bruce Greenwald — whom The New York Times once called \"a guru to Wall Street's gurus\" — says he doesn't think Tesla can live up to its astronomical market cap. But Greenwald acknowledged he wouldn't short Tesla because many have gotten \"slaughtered\" doing it.\nIn a new interview, Greenwald predicted that Tesla will fail to dominate the auto industry over the long term because of a likely explosion in the size of the electric vehicle market and a lack of differentiation between Tesla's products and those of its competitors.\n\"Twenty years from now — you really think that they're going to dominate the auto market?\" Greenwald tells Yahoo Finance Editor-in-Chief Andy Serwer. \"Not a chance.\"\n\"We know what a competitive auto market looks like,\" he adds. \"Because in that market, most of the big companies have flirted with bankruptcy at one time or another.\"\nFor nearly three decades, Greenwald taught a popular course at Columbia University on \"value investing,\" which identifies stocks trading at a price lower than their book value, and patiently waits for them to rise. The approach owes its worldwide renown to its most famous advocate, Berkshire Hathaway (BRK-A, BRK-B) CEO Warren Buffett, who occasionally spoke as a guest in Greenwald's course.\n'Not comfortable' putting the family fortune in Tesla\nTesla's long-term struggle to live up to its market cap will stem from its difficulty holding onto a large share of the auto market, Greenwald predicted. Between 2018 and 2019, Tesla's market share grew from 11.8% to 16.2%, according to a study released by McKinsey & Company in July. But that figure will drop over the coming years as electric vehicles become more popular, Greenwald said.\nFILE - In this March 9, 2020, file photo, Tesla and SpaceX Chief Executive Officer Elon Musk speaks at the SATELLITE Conference and Exhibition in Washington. Electric car maker Tesla will stop accepting Bitcoin as a payment, CEO Elon Musk tweeted on Wednesday, May 12, 2021 citing environmental concerns. (AP Photo/Susan Walsh, File)ASSOCIATED PRESS\n\"If a market is small, like the electric car market is today, you probably need to get to 20% of that market to be viable,\" he says. \"In the mature automobile market that is global, you can be viable at 2%.\"\n\"Well, at the 20% requirement, Tesla may be able to keep rivals out. But at 2%, nobody's going to keep anybody down,\" he adds. \"And guess where the electric car market is going? It's going from 700,000 [vehicles sold] a year to 7 million a year.\"\nSerwer asked Greenwald about Tesla CEO Elon Musk's view that the company differentiates itself not only with its electric vehicles but also its onboard computer system, database, and solar panels. But Greenwald rejected the point.\n\"You think other car makers don't have that?\" he says. \"They don't have computers? They don't have databases, [and] they don't have solar panels? Give me a break.\"\nGreenwald said the company would face a challenge taking advantage of its technology.\n\"When you have charging stations, they're going to serve all the cars,\" he says. \"Elon Musk is talking his book.\"\nWhile pessimistic about Tesla, Greenwald said he wouldn't short the company. Last year, Tesla short sellers lost $40.1 billion, according to the analysis by S3 partners that CNN reported.\n\"People have gotten slaughtered doing that,\" Greenwald says. \"I've had my own terrible experiences with shorts.\"\nBut he's staying away from the stock.\n\"If I were going to put the family fortune into Tesla,\" he says. \"I would not be comfortable doing it.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":371,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":119817294,"gmtCreate":1622535525518,"gmtModify":1704185800579,"author":{"id":"3576361131828558","authorId":"3576361131828558","authorIdStr":"3576361131828558","name":"Oskarkami","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576361131828558"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/119817294","repostId":"1183956107","repostType":4,"isVote":1,"tweetType":1,"viewCount":217,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134198199,"gmtCreate":1622210481111,"gmtModify":1704181572473,"author":{"id":"3576361131828558","authorId":"3576361131828558","authorIdStr":"3576361131828558","name":"Oskarkami","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576361131828558"},"themes":[],"htmlText":"Awesome","listText":"Awesome","text":"Awesome","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/134198199","repostId":"1137044567","repostType":4,"isVote":1,"tweetType":1,"viewCount":277,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135919850,"gmtCreate":1622125662570,"gmtModify":1704179971386,"author":{"id":"3576361131828558","authorId":"3576361131828558","authorIdStr":"3576361131828558","name":"Oskarkami","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576361131828558"},"themes":[],"htmlText":"Like n comment :)","listText":"Like n comment :)","text":"Like n comment :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/135919850","repostId":"1173883407","repostType":4,"repost":{"id":"1173883407","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1622122899,"share":"https://ttm.financial/m/news/1173883407?lang=&edition=fundamental","pubTime":"2021-05-27 21:41","market":"us","language":"en","title":"General Motors shares rose more than 3%","url":"https://stock-news.laohu8.com/highlight/detail?id=1173883407","media":"Tiger Newspress","summary":"General Motors shares rose more than 3%.\nGeneral Motors Co said Thursday it will be soon be restarti","content":"<p>General Motors&nbsp;shares&nbsp;rose&nbsp;more&nbsp;than&nbsp;3%.</p>\n<p><img src=\"https://static.tigerbbs.com/80cad8117ea40be9a0fcfb3b52daf135\" tg-width=\"804\" tg-height=\"565\">General Motors Co said Thursday it will be soon be restarting production at five assembly plants around the world that have been idled due to a global semiconductor chips shortage.</p>\n<p>GM said it is restarting operations at four plants in the United States, Mexico and Canada starting next week. <a href=\"https://laohu8.com/S/TWOA.U\">Two</a> plants in Mexico will resume production next week that build the Chevrolet Equinox, GMC Terrain and Chevrolet Blazer.</p>\n<p>Next week GM will also resume full production at its Bupyeong 1 Assembly in Korea, which had been operating at 50% capacity since April 26 and return another Korean assembly plant to two shifts.</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>General Motors shares rose more than 3%</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; 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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\">\nGeneral Motors shares rose more than 3%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-05-27 21:41</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>General Motors&nbsp;shares&nbsp;rose&nbsp;more&nbsp;than&nbsp;3%.</p>\n<p><img src=\"https://static.tigerbbs.com/80cad8117ea40be9a0fcfb3b52daf135\" tg-width=\"804\" tg-height=\"565\">General Motors Co said Thursday it will be soon be restarting production at five assembly plants around the world that have been idled due to a global semiconductor chips shortage.</p>\n<p>GM said it is restarting operations at four plants in the United States, Mexico and Canada starting next week. <a href=\"https://laohu8.com/S/TWOA.U\">Two</a> plants in Mexico will resume production next week that build the Chevrolet Equinox, GMC Terrain and Chevrolet Blazer.</p>\n<p>Next week GM will also resume full production at its Bupyeong 1 Assembly in Korea, which had been operating at 50% capacity since April 26 and return another Korean assembly plant to two shifts.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GM":"通用汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173883407","content_text":"General Motors shares rose more than 3%.\nGeneral Motors Co said Thursday it will be soon be restarting production at five assembly plants around the world that have been idled due to a global semiconductor chips shortage.\nGM said it is restarting operations at four plants in the United States, Mexico and Canada starting next week. Two plants in Mexico will resume production next week that build the Chevrolet Equinox, GMC Terrain and Chevrolet Blazer.\nNext week GM will also resume full production at its Bupyeong 1 Assembly in Korea, which had been operating at 50% capacity since April 26 and return another Korean assembly plant to two shifts.","news_type":1},"isVote":1,"tweetType":1,"viewCount":503,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135910226,"gmtCreate":1622125634365,"gmtModify":1704179970902,"author":{"id":"3576361131828558","authorId":"3576361131828558","authorIdStr":"3576361131828558","name":"Oskarkami","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576361131828558"},"themes":[],"htmlText":"Awesome","listText":"Awesome","text":"Awesome","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/135910226","repostId":"1162762819","repostType":4,"repost":{"id":"1162762819","pubTimestamp":1622124673,"share":"https://ttm.financial/m/news/1162762819?lang=&edition=fundamental","pubTime":"2021-05-27 22:11","market":"us","language":"en","title":"Here's why hedge fund manager Dan Niles likes Facebook as a reopening play","url":"https://stock-news.laohu8.com/highlight/detail?id=1162762819","media":"cnbc","summary":"Hedge fund manager Dan Niles said he likes Facebook shares as a reopening play and added a streaming","content":"<div>\n<p>Hedge fund manager Dan Niles said he likes Facebook shares as a reopening play and added a streaming alternative toNetflixin his portfolio.While the Satori Fund founder and senior portfolio manager ...</p>\n\n<a href=\"https://www.cnbc.com/2021/05/27/hedge-fund-manager-dan-niles-likes-facebook-stock-as-reopening-play.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>Here's why hedge fund manager Dan Niles likes Facebook as a reopening play</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere's why hedge fund manager Dan Niles likes Facebook as a reopening play\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-27 22:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/05/27/hedge-fund-manager-dan-niles-likes-facebook-stock-as-reopening-play.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Hedge fund manager Dan Niles said he likes Facebook shares as a reopening play and added a streaming alternative toNetflixin his portfolio.While the Satori Fund founder and senior portfolio manager ...</p>\n\n<a href=\"https://www.cnbc.com/2021/05/27/hedge-fund-manager-dan-niles-likes-facebook-stock-as-reopening-play.html\">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.cnbc.com/2021/05/27/hedge-fund-manager-dan-niles-likes-facebook-stock-as-reopening-play.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1162762819","content_text":"Hedge fund manager Dan Niles said he likes Facebook shares as a reopening play and added a streaming alternative toNetflixin his portfolio.While the Satori Fund founder and senior portfolio manager said he’s avoided high-valuation technology stocks, he believes Facebook could gain from increased advertising as Covid restrictions ease.“They also benefit as hotels, airlines start to re-advertise,” Niles said Thursday on CNBC’s “Squawk Box.” “That business of theirs should continue to improve as economies across the globe start to open up.”Niles also told CNBC he addedViacomto his portfolio as an alternative to Netflix.“People love streaming. If you look at Viacom...that’s an incredibly cheap way to participate in streaming,” Niles said.Shares of streaming giant Netflix were last down more than 7% so far this year, while Viacom shares were up about 15%The hedge fund manager also hasMagna, a manufacturer of mobility tech for automakers, in his portfolio as a cheaper alternative toTeslain the electric vehicles sector.“Instead of EV with Tesla, we like Magna,” Niles said. “That helps protect the portfolio as well.”Niles said he believes the fair value for Tesla shares, which were last trading at more than $624, is “quite a bit lower.” Shares of Magna were last trading at $100.08.","news_type":1},"isVote":1,"tweetType":1,"viewCount":396,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135910913,"gmtCreate":1622125618832,"gmtModify":1704179970229,"author":{"id":"3576361131828558","authorId":"3576361131828558","authorIdStr":"3576361131828558","name":"Oskarkami","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576361131828558"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/135910913","repostId":"1188393893","repostType":4,"isVote":1,"tweetType":1,"viewCount":171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}