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2021-05-21

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Why the future for Microsoft, Amazon, Google, Apple and other pricey growth stocks isn’t so bright

2021-05-21

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2021-05-19

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2021-05-19

So buy or not buy ???

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Those four companies’ revenues have grown at a 26% annualized pace, on average, over the past 17 years, and their average current price-to-sales ratio is 6.4.Using a discount rate of 10% to calculate the present value of what these 351 companies would be wor","content":"<p>It will be virtually impossible for some of the U.S. stock market’s largest companies to grow fast enough to justify their current valuations.</p><p>That’s the conclusion reached by a recent study conducted by Vincent Deluard, head of global macro strategy at investment firm StoneX. His argument isn’t just that certain large-cap growth companies are trading on the assumption their revenues will grow at improbably fast rates. He adds that even if a given company does grow at a fast-enough pace, it soon would be larger than the market as a whole. In that case “valuations are mathematically impossible.”</p><p>There are limits to growth, in other words. As John Maynard Keynes put it a century ago: trees don’t grow to the sky.</p><p>To illustrate, Deluard analyzed the 351 companies within the Russell 3000 index&nbsp;that trade for more than 10 times sales. That’s much higher than the market as a whole; the S&amp;P 500’s&nbsp;price-to-sales ratio is 3.0. Deluard generously assumed that these companies’ revenue will grow by a factor of 54 over the next 17 years —equivalent to 26% annualized. He further assumed that, at the end of those 17 years, their price-to-sales ratios would be 6.4-to-1.</p><p>Deluard used these extremely generous assumptions because they apply to the so-called MAGA stocks (Microsoft,Apple,Alphabet’s Google&nbsp;and Amazon.com). Those four companies’ revenues have grown at a 26% annualized pace, on average, over the past 17 years, and their average current price-to-sales ratio is 6.4.</p><p>Using a discount rate of 10% to calculate the present value of what these 351 companies would be worth in 2038 under his assumptions, Deluard found that 59 of them already have higher market caps. In other words, “the market currently expects that almost 60 companies will be more successful [over the next 17 years] than Microsoft, Apple, Google and Amazon [have been over the last 17].”</p><p>Given the&nbsp;increasingly “winner-take-all” U.S. economy, it is in fact most unlikely that there will be many MAGA-like stocks in 2038. After all, the four current MAGA stocks represent around 20% of the total market cap of the S&amp;P 500. These 59 emerging MAGA stocks’ combined market cap in 2038 would therefore be larger than the overall market under any realistic assumptions of the equity market’s performance over the next 17 years.</p><p><b>How realistic are Deluard’s assumptions?</b></p><p>Deluard’s assumptions are generous, but he himself does not think they are realistic, I hasten to add. His point is that, even with them, it’s hard to justify the valuations of many of today’s high-flying growth stocks.</p><p>One way he illustrates how unrealistic his assumptions are is to calculate how many years it will take the MAGA stocks to “grow into their valuations.” Take Microsoft, for example, which currently trades at a price-to-sales ratio (PSR) of nearly 12-to-1. Eventually, of course, the company’s PSR will converge with that of the overall market (currently with a PSR of 3.0), since otherwise the company would have to grow so fast as to become almost as large as the market itself (if not larger).</p><p>Deluard calculates the number of years it will take for this convergence to take place, even with the generous assumption that Microsoft’s revenue grows for the foreseeable future at the same pace it has for the last five years. Even if its stock price goes nowhere, he reports, this convergence will take 17 years.</p><p>The analogy Deluard draws is to the so-called Nifty Fifty stocks of the early 1970s. They were the high-flying blue-chip stocks that became so popular that their P/E ratios at the top of the bull market in late 1972 were, on average, double that of the overall market. Though their revenue continued to grow at a fast pace in subsequent years, their extreme overvaluation meant that their stock prices still went nowhere or declined for years thereafter.</p><p>Another analogy is to Cisco Systems&nbsp;stock at the top of the late 1990s internet bubble, when it briefly was the most valuable stock in the world. Since then the company’s sales have grown at more than twice the rate of the average S&amp;P 500 company. And yet, despite this impressive growth, the company’s stock today is well below where it stood then. Deluard believes that a similar fate faces not just the MAGA stocks, but also the U.S. market’s many other extremely overvalued growth stocks.</p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why the future for Microsoft, Amazon, Google, Apple and other pricey growth stocks isn’t so bright</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\">\nWhy the future for Microsoft, Amazon, Google, Apple and other pricey growth stocks isn’t so bright\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 10:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/why-the-future-for-microsoft-amazon-google-apple-and-other-pricey-growth-stocks-isnt-so-bright-11621462054?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>It will be virtually impossible for some of the U.S. stock market’s largest companies to grow fast enough to justify their current valuations.That’s the conclusion reached by a recent study conducted ...</p>\n\n<a href=\"https://www.marketwatch.com/story/why-the-future-for-microsoft-amazon-google-apple-and-other-pricey-growth-stocks-isnt-so-bright-11621462054?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","AMZN":"亚马逊","GOOG":"谷歌",".SPX":"S&P 500 Index","GOOGL":"谷歌A","MSFT":"微软",".DJI":"道琼斯","AAPL":"苹果"},"source_url":"https://www.marketwatch.com/story/why-the-future-for-microsoft-amazon-google-apple-and-other-pricey-growth-stocks-isnt-so-bright-11621462054?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161150268","content_text":"It will be virtually impossible for some of the U.S. stock market’s largest companies to grow fast enough to justify their current valuations.That’s the conclusion reached by a recent study conducted by Vincent Deluard, head of global macro strategy at investment firm StoneX. His argument isn’t just that certain large-cap growth companies are trading on the assumption their revenues will grow at improbably fast rates. He adds that even if a given company does grow at a fast-enough pace, it soon would be larger than the market as a whole. In that case “valuations are mathematically impossible.”There are limits to growth, in other words. As John Maynard Keynes put it a century ago: trees don’t grow to the sky.To illustrate, Deluard analyzed the 351 companies within the Russell 3000 index that trade for more than 10 times sales. That’s much higher than the market as a whole; the S&P 500’s price-to-sales ratio is 3.0. Deluard generously assumed that these companies’ revenue will grow by a factor of 54 over the next 17 years —equivalent to 26% annualized. He further assumed that, at the end of those 17 years, their price-to-sales ratios would be 6.4-to-1.Deluard used these extremely generous assumptions because they apply to the so-called MAGA stocks (Microsoft,Apple,Alphabet’s Google and Amazon.com). Those four companies’ revenues have grown at a 26% annualized pace, on average, over the past 17 years, and their average current price-to-sales ratio is 6.4.Using a discount rate of 10% to calculate the present value of what these 351 companies would be worth in 2038 under his assumptions, Deluard found that 59 of them already have higher market caps. In other words, “the market currently expects that almost 60 companies will be more successful [over the next 17 years] than Microsoft, Apple, Google and Amazon [have been over the last 17].”Given the increasingly “winner-take-all” U.S. economy, it is in fact most unlikely that there will be many MAGA-like stocks in 2038. After all, the four current MAGA stocks represent around 20% of the total market cap of the S&P 500. These 59 emerging MAGA stocks’ combined market cap in 2038 would therefore be larger than the overall market under any realistic assumptions of the equity market’s performance over the next 17 years.How realistic are Deluard’s assumptions?Deluard’s assumptions are generous, but he himself does not think they are realistic, I hasten to add. His point is that, even with them, it’s hard to justify the valuations of many of today’s high-flying growth stocks.One way he illustrates how unrealistic his assumptions are is to calculate how many years it will take the MAGA stocks to “grow into their valuations.” Take Microsoft, for example, which currently trades at a price-to-sales ratio (PSR) of nearly 12-to-1. Eventually, of course, the company’s PSR will converge with that of the overall market (currently with a PSR of 3.0), since otherwise the company would have to grow so fast as to become almost as large as the market itself (if not larger).Deluard calculates the number of years it will take for this convergence to take place, even with the generous assumption that Microsoft’s revenue grows for the foreseeable future at the same pace it has for the last five years. Even if its stock price goes nowhere, he reports, this convergence will take 17 years.The analogy Deluard draws is to the so-called Nifty Fifty stocks of the early 1970s. They were the high-flying blue-chip stocks that became so popular that their P/E ratios at the top of the bull market in late 1972 were, on average, double that of the overall market. Though their revenue continued to grow at a fast pace in subsequent years, their extreme overvaluation meant that their stock prices still went nowhere or declined for years thereafter.Another analogy is to Cisco Systems stock at the top of the late 1990s internet bubble, when it briefly was the most valuable stock in the world. Since then the company’s sales have grown at more than twice the rate of the average S&P 500 company. And yet, despite this impressive growth, the company’s stock today is well below where it stood then. Deluard believes that a similar fate faces not just the MAGA stocks, but also the U.S. market’s many other extremely overvalued growth stocks.","news_type":1},"isVote":1,"tweetType":1,"viewCount":325,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130615929,"gmtCreate":1621533154661,"gmtModify":1704359234545,"author":{"id":"3584068850020696","authorId":"3584068850020696","name":"Cynthiat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584068850020696","authorIdStr":"3584068850020696"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/130615929","repostId":"978689310","repostType":1,"isVote":1,"tweetType":1,"viewCount":502,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":197156647,"gmtCreate":1621435198289,"gmtModify":1704357641541,"author":{"id":"3584068850020696","authorId":"3584068850020696","name":"Cynthiat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584068850020696","authorIdStr":"3584068850020696"},"themes":[],"htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/197156647","repostId":"2136919832","repostType":4,"isVote":1,"tweetType":1,"viewCount":542,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":197165775,"gmtCreate":1621434236597,"gmtModify":1704357612532,"author":{"id":"3584068850020696","authorId":"3584068850020696","name":"Cynthiat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584068850020696","authorIdStr":"3584068850020696"},"themes":[],"htmlText":"So buy or not buy ???","listText":"So buy or not buy ???","text":"So buy or not buy ???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/197165775","repostId":"2136822915","repostType":4,"isVote":1,"tweetType":1,"viewCount":344,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":139081523,"gmtCreate":1621574385362,"gmtModify":1704359922628,"author":{"id":"3584068850020696","authorId":"3584068850020696","name":"Cynthiat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584068850020696","authorIdStr":"3584068850020696"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/139081523","repostId":"1161150268","repostType":4,"repost":{"id":"1161150268","kind":"news","pubTimestamp":1621565435,"share":"https://ttm.financial/m/news/1161150268?lang=&edition=fundamental","pubTime":"2021-05-21 10:50","market":"us","language":"en","title":"Why the future for Microsoft, Amazon, Google, Apple and other pricey growth stocks isn’t so bright","url":"https://stock-news.laohu8.com/highlight/detail?id=1161150268","media":"MarketWatch","summary":"It will be virtually impossible for some of the U.S. stock market’s largest companies to grow fast enough to justify their current valuations.Deluard used these extremely generous assumptions because they apply to the so-called MAGA stocks . Those four companies’ revenues have grown at a 26% annualized pace, on average, over the past 17 years, and their average current price-to-sales ratio is 6.4.Using a discount rate of 10% to calculate the present value of what these 351 companies would be wor","content":"<p>It will be virtually impossible for some of the U.S. stock market’s largest companies to grow fast enough to justify their current valuations.</p><p>That’s the conclusion reached by a recent study conducted by Vincent Deluard, head of global macro strategy at investment firm StoneX. His argument isn’t just that certain large-cap growth companies are trading on the assumption their revenues will grow at improbably fast rates. He adds that even if a given company does grow at a fast-enough pace, it soon would be larger than the market as a whole. In that case “valuations are mathematically impossible.”</p><p>There are limits to growth, in other words. As John Maynard Keynes put it a century ago: trees don’t grow to the sky.</p><p>To illustrate, Deluard analyzed the 351 companies within the Russell 3000 index&nbsp;that trade for more than 10 times sales. That’s much higher than the market as a whole; the S&amp;P 500’s&nbsp;price-to-sales ratio is 3.0. Deluard generously assumed that these companies’ revenue will grow by a factor of 54 over the next 17 years —equivalent to 26% annualized. He further assumed that, at the end of those 17 years, their price-to-sales ratios would be 6.4-to-1.</p><p>Deluard used these extremely generous assumptions because they apply to the so-called MAGA stocks (Microsoft,Apple,Alphabet’s Google&nbsp;and Amazon.com). Those four companies’ revenues have grown at a 26% annualized pace, on average, over the past 17 years, and their average current price-to-sales ratio is 6.4.</p><p>Using a discount rate of 10% to calculate the present value of what these 351 companies would be worth in 2038 under his assumptions, Deluard found that 59 of them already have higher market caps. In other words, “the market currently expects that almost 60 companies will be more successful [over the next 17 years] than Microsoft, Apple, Google and Amazon [have been over the last 17].”</p><p>Given the&nbsp;increasingly “winner-take-all” U.S. economy, it is in fact most unlikely that there will be many MAGA-like stocks in 2038. After all, the four current MAGA stocks represent around 20% of the total market cap of the S&amp;P 500. These 59 emerging MAGA stocks’ combined market cap in 2038 would therefore be larger than the overall market under any realistic assumptions of the equity market’s performance over the next 17 years.</p><p><b>How realistic are Deluard’s assumptions?</b></p><p>Deluard’s assumptions are generous, but he himself does not think they are realistic, I hasten to add. His point is that, even with them, it’s hard to justify the valuations of many of today’s high-flying growth stocks.</p><p>One way he illustrates how unrealistic his assumptions are is to calculate how many years it will take the MAGA stocks to “grow into their valuations.” Take Microsoft, for example, which currently trades at a price-to-sales ratio (PSR) of nearly 12-to-1. Eventually, of course, the company’s PSR will converge with that of the overall market (currently with a PSR of 3.0), since otherwise the company would have to grow so fast as to become almost as large as the market itself (if not larger).</p><p>Deluard calculates the number of years it will take for this convergence to take place, even with the generous assumption that Microsoft’s revenue grows for the foreseeable future at the same pace it has for the last five years. Even if its stock price goes nowhere, he reports, this convergence will take 17 years.</p><p>The analogy Deluard draws is to the so-called Nifty Fifty stocks of the early 1970s. They were the high-flying blue-chip stocks that became so popular that their P/E ratios at the top of the bull market in late 1972 were, on average, double that of the overall market. Though their revenue continued to grow at a fast pace in subsequent years, their extreme overvaluation meant that their stock prices still went nowhere or declined for years thereafter.</p><p>Another analogy is to Cisco Systems&nbsp;stock at the top of the late 1990s internet bubble, when it briefly was the most valuable stock in the world. Since then the company’s sales have grown at more than twice the rate of the average S&amp;P 500 company. And yet, despite this impressive growth, the company’s stock today is well below where it stood then. Deluard believes that a similar fate faces not just the MAGA stocks, but also the U.S. market’s many other extremely overvalued growth stocks.</p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why the future for Microsoft, Amazon, Google, Apple and other pricey growth stocks isn’t so bright</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\">\nWhy the future for Microsoft, Amazon, Google, Apple and other pricey growth stocks isn’t so bright\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 10:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/why-the-future-for-microsoft-amazon-google-apple-and-other-pricey-growth-stocks-isnt-so-bright-11621462054?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>It will be virtually impossible for some of the U.S. stock market’s largest companies to grow fast enough to justify their current valuations.That’s the conclusion reached by a recent study conducted ...</p>\n\n<a href=\"https://www.marketwatch.com/story/why-the-future-for-microsoft-amazon-google-apple-and-other-pricey-growth-stocks-isnt-so-bright-11621462054?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","AMZN":"亚马逊","GOOG":"谷歌",".SPX":"S&P 500 Index","GOOGL":"谷歌A","MSFT":"微软",".DJI":"道琼斯","AAPL":"苹果"},"source_url":"https://www.marketwatch.com/story/why-the-future-for-microsoft-amazon-google-apple-and-other-pricey-growth-stocks-isnt-so-bright-11621462054?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161150268","content_text":"It will be virtually impossible for some of the U.S. stock market’s largest companies to grow fast enough to justify their current valuations.That’s the conclusion reached by a recent study conducted by Vincent Deluard, head of global macro strategy at investment firm StoneX. His argument isn’t just that certain large-cap growth companies are trading on the assumption their revenues will grow at improbably fast rates. He adds that even if a given company does grow at a fast-enough pace, it soon would be larger than the market as a whole. In that case “valuations are mathematically impossible.”There are limits to growth, in other words. As John Maynard Keynes put it a century ago: trees don’t grow to the sky.To illustrate, Deluard analyzed the 351 companies within the Russell 3000 index that trade for more than 10 times sales. That’s much higher than the market as a whole; the S&P 500’s price-to-sales ratio is 3.0. Deluard generously assumed that these companies’ revenue will grow by a factor of 54 over the next 17 years —equivalent to 26% annualized. He further assumed that, at the end of those 17 years, their price-to-sales ratios would be 6.4-to-1.Deluard used these extremely generous assumptions because they apply to the so-called MAGA stocks (Microsoft,Apple,Alphabet’s Google and Amazon.com). Those four companies’ revenues have grown at a 26% annualized pace, on average, over the past 17 years, and their average current price-to-sales ratio is 6.4.Using a discount rate of 10% to calculate the present value of what these 351 companies would be worth in 2038 under his assumptions, Deluard found that 59 of them already have higher market caps. In other words, “the market currently expects that almost 60 companies will be more successful [over the next 17 years] than Microsoft, Apple, Google and Amazon [have been over the last 17].”Given the increasingly “winner-take-all” U.S. economy, it is in fact most unlikely that there will be many MAGA-like stocks in 2038. After all, the four current MAGA stocks represent around 20% of the total market cap of the S&P 500. These 59 emerging MAGA stocks’ combined market cap in 2038 would therefore be larger than the overall market under any realistic assumptions of the equity market’s performance over the next 17 years.How realistic are Deluard’s assumptions?Deluard’s assumptions are generous, but he himself does not think they are realistic, I hasten to add. His point is that, even with them, it’s hard to justify the valuations of many of today’s high-flying growth stocks.One way he illustrates how unrealistic his assumptions are is to calculate how many years it will take the MAGA stocks to “grow into their valuations.” Take Microsoft, for example, which currently trades at a price-to-sales ratio (PSR) of nearly 12-to-1. Eventually, of course, the company’s PSR will converge with that of the overall market (currently with a PSR of 3.0), since otherwise the company would have to grow so fast as to become almost as large as the market itself (if not larger).Deluard calculates the number of years it will take for this convergence to take place, even with the generous assumption that Microsoft’s revenue grows for the foreseeable future at the same pace it has for the last five years. Even if its stock price goes nowhere, he reports, this convergence will take 17 years.The analogy Deluard draws is to the so-called Nifty Fifty stocks of the early 1970s. They were the high-flying blue-chip stocks that became so popular that their P/E ratios at the top of the bull market in late 1972 were, on average, double that of the overall market. Though their revenue continued to grow at a fast pace in subsequent years, their extreme overvaluation meant that their stock prices still went nowhere or declined for years thereafter.Another analogy is to Cisco Systems stock at the top of the late 1990s internet bubble, when it briefly was the most valuable stock in the world. Since then the company’s sales have grown at more than twice the rate of the average S&P 500 company. And yet, despite this impressive growth, the company’s stock today is well below where it stood then. Deluard believes that a similar fate faces not just the MAGA stocks, but also the U.S. market’s many other extremely overvalued growth stocks.","news_type":1},"isVote":1,"tweetType":1,"viewCount":325,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130615929,"gmtCreate":1621533154661,"gmtModify":1704359234545,"author":{"id":"3584068850020696","authorId":"3584068850020696","name":"Cynthiat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584068850020696","authorIdStr":"3584068850020696"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/130615929","repostId":"978689310","repostType":1,"isVote":1,"tweetType":1,"viewCount":502,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":197156647,"gmtCreate":1621435198289,"gmtModify":1704357641541,"author":{"id":"3584068850020696","authorId":"3584068850020696","name":"Cynthiat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584068850020696","authorIdStr":"3584068850020696"},"themes":[],"htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/197156647","repostId":"2136919832","repostType":4,"repost":{"id":"2136919832","kind":"highlight","pubTimestamp":1621431764,"share":"https://ttm.financial/m/news/2136919832?lang=&edition=fundamental","pubTime":"2021-05-19 21:42","market":"us","language":"en","title":"Step Aside, Dogecoin -- This Stock Has Delivered a Gain of Over 1,100,000%","url":"https://stock-news.laohu8.com/highlight/detail?id=2136919832","media":"Motley Fool","summary":"And there's an important lesson to be learned about how it achieved this impressive return.","content":"<p>To the moon. That's not a bad description of the performance for <b>Dogecoin</b> (CRYPTO:DOGE) so far in 2021. The cryptocurrency has skyrocketed close to 8,500% year to date. Since its creation in 2013, Dogecoin is up roughly 128,800%.</p>\n<p>That's without question a jaw-dropping return that has caught the attention of many investors and made a few quite wealthy. But step aside, Dogecoin -- here's a stock that has delivered a gain of <i>well over 1,100,000%</i>.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7574873b2518a08f245be06d65d77c42\" tg-width=\"700\" tg-height=\"500\"><span>Image source: Getty Images.</span></p>\n<h2>Hare, meet tortoise</h2>\n<p>Remember the old story about the race between the hare and the tortoise? While Dogecoin has been like a hare, sprinting to success, <b>Johnson &amp; Johnson</b> (NYSE:JNJ) has been more like the tortoise.</p>\n<p>J&amp;J was founded way back in 1888. By the time it went public in 1944, the company was already a household name in the U.S. Since then, factoring in several stock splits, the healthcare stock has risen nearly 1,130,000%.</p>\n<p>Keep in mind that's just Johnson &amp; Johnson's share price appreciation. The company also pays a dividend. And J&amp;J has increased that dividend for 59 consecutive years. If you had reinvested those dividends through the years, your total return would be a lot higher.</p>\n<p>Granted, there are likely very few investors who bought Johnson &amp; Johnson 77 years ago and held on all this time. However, there probably aren't many investors who have achieved a return of 128,800% with Dogecoin, either.</p>\n<h2>A study in contrasts</h2>\n<p>Johnson &amp; Johnson is kind of the yin to Dogecoin's yang. Aside from both assets' enormous lifetime returns, they have practically nothing in common.</p>\n<p>Cryptocurrencies such as Dogecoin don't produce anything that adds to their value. Johnson &amp; Johnson markets hundreds of products. Dogecoin's value is entirely dependent on buyers' sentiment. J&amp;J's share price is impacted by buyers' sentiment, but the company also has an intrinsic value -- its actual worth regardless of what investors think.</p>\n<p>Perhaps the most important difference between Dogecoin and J&amp;J for investors, though, is their risk levels. Johnson &amp; Johnson is widely viewed as <a href=\"https://laohu8.com/S/AONE\">one</a> of the least risky stocks to buy and hold for the long term. Dogecoin is very risky.</p>\n<p>One key reason why the risk levels stand in stark contrast to each other is that Johnson &amp; Johnson has a solid moat while Dogecoin doesn't have much of a moat at all. J&amp;J is diversified across multiple areas within the healthcare sector -- consumer health products, medical devices, and pharmaceuticals. The company has a wide array of patents protecting its intellectual property. Dogecoin offers no diversification on its own and doesn't have unassailable competitive advantages versus the many other cryptocurrencies that are available.</p>\n<p>To be sure, any investment comes with some degree of risk, including Johnson &amp; Johnson. For example, the healthcare giant faces lawsuits related to its opioid drugs that hold the potential to negatively impact its stock price. However, J&amp;J is in a better financial and competitive position to weather storms than most companies are.</p>\n<h2>Slow and steady</h2>\n<p>Johnson &amp; Johnson isn't likely to generate sizzling gains like Dogecoin has this year. The company's size works against it to some extent. J&amp;J's consumer health business will probably never be a huge growth driver. Even its fastest-growing pharmaceuticals segment faces declining sales for older drugs that offset some of the growth delivered by newer drugs.</p>\n<p>There's also a really good chance (some might argue an absolute certainty), though, that Dogecoin won't deliver the kind of gains going forward that it's achieved in recent months. The hype won't last indefinitely.</p>\n<p>J&amp;J is a slow-and-steady kind of company that won't be appealing to many investors. However, Aesop's fable about the hare and the tortoise highlights an important principle that all investors should remember: Slow and steady usually wins the race.</p>","source":"fool_stock","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>Step Aside, Dogecoin -- This Stock Has Delivered a Gain of Over 1,100,000%</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\">\nStep Aside, Dogecoin -- This Stock Has Delivered a Gain of Over 1,100,000%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-19 21:42 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/05/19/step-aside-dogecoin-this-stock-has-delivered-a-gai/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>To the moon. That's not a bad description of the performance for Dogecoin (CRYPTO:DOGE) so far in 2021. The cryptocurrency has skyrocketed close to 8,500% year to date. Since its creation in 2013, ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/05/19/step-aside-dogecoin-this-stock-has-delivered-a-gai/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JNJ":"强生"},"source_url":"https://www.fool.com/investing/2021/05/19/step-aside-dogecoin-this-stock-has-delivered-a-gai/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2136919832","content_text":"To the moon. That's not a bad description of the performance for Dogecoin (CRYPTO:DOGE) so far in 2021. The cryptocurrency has skyrocketed close to 8,500% year to date. Since its creation in 2013, Dogecoin is up roughly 128,800%.\nThat's without question a jaw-dropping return that has caught the attention of many investors and made a few quite wealthy. But step aside, Dogecoin -- here's a stock that has delivered a gain of well over 1,100,000%.\nImage source: Getty Images.\nHare, meet tortoise\nRemember the old story about the race between the hare and the tortoise? While Dogecoin has been like a hare, sprinting to success, Johnson & Johnson (NYSE:JNJ) has been more like the tortoise.\nJ&J was founded way back in 1888. By the time it went public in 1944, the company was already a household name in the U.S. Since then, factoring in several stock splits, the healthcare stock has risen nearly 1,130,000%.\nKeep in mind that's just Johnson & Johnson's share price appreciation. The company also pays a dividend. And J&J has increased that dividend for 59 consecutive years. If you had reinvested those dividends through the years, your total return would be a lot higher.\nGranted, there are likely very few investors who bought Johnson & Johnson 77 years ago and held on all this time. However, there probably aren't many investors who have achieved a return of 128,800% with Dogecoin, either.\nA study in contrasts\nJohnson & Johnson is kind of the yin to Dogecoin's yang. Aside from both assets' enormous lifetime returns, they have practically nothing in common.\nCryptocurrencies such as Dogecoin don't produce anything that adds to their value. Johnson & Johnson markets hundreds of products. Dogecoin's value is entirely dependent on buyers' sentiment. J&J's share price is impacted by buyers' sentiment, but the company also has an intrinsic value -- its actual worth regardless of what investors think.\nPerhaps the most important difference between Dogecoin and J&J for investors, though, is their risk levels. Johnson & Johnson is widely viewed as one of the least risky stocks to buy and hold for the long term. Dogecoin is very risky.\nOne key reason why the risk levels stand in stark contrast to each other is that Johnson & Johnson has a solid moat while Dogecoin doesn't have much of a moat at all. J&J is diversified across multiple areas within the healthcare sector -- consumer health products, medical devices, and pharmaceuticals. The company has a wide array of patents protecting its intellectual property. Dogecoin offers no diversification on its own and doesn't have unassailable competitive advantages versus the many other cryptocurrencies that are available.\nTo be sure, any investment comes with some degree of risk, including Johnson & Johnson. For example, the healthcare giant faces lawsuits related to its opioid drugs that hold the potential to negatively impact its stock price. However, J&J is in a better financial and competitive position to weather storms than most companies are.\nSlow and steady\nJohnson & Johnson isn't likely to generate sizzling gains like Dogecoin has this year. The company's size works against it to some extent. J&J's consumer health business will probably never be a huge growth driver. Even its fastest-growing pharmaceuticals segment faces declining sales for older drugs that offset some of the growth delivered by newer drugs.\nThere's also a really good chance (some might argue an absolute certainty), though, that Dogecoin won't deliver the kind of gains going forward that it's achieved in recent months. The hype won't last indefinitely.\nJ&J is a slow-and-steady kind of company that won't be appealing to many investors. However, Aesop's fable about the hare and the tortoise highlights an important principle that all investors should remember: Slow and steady usually wins the race.","news_type":1},"isVote":1,"tweetType":1,"viewCount":542,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":197165775,"gmtCreate":1621434236597,"gmtModify":1704357612532,"author":{"id":"3584068850020696","authorId":"3584068850020696","name":"Cynthiat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584068850020696","authorIdStr":"3584068850020696"},"themes":[],"htmlText":"So buy or not buy ???","listText":"So buy or not buy ???","text":"So buy or not buy ???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/197165775","repostId":"2136822915","repostType":4,"repost":{"id":"2136822915","kind":"highlight","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":1621411736,"share":"https://ttm.financial/m/news/2136822915?lang=&edition=fundamental","pubTime":"2021-05-19 16:08","market":"us","language":"en","title":"Crypto stocks tumbled in premarket trading","url":"https://stock-news.laohu8.com/highlight/detail?id=2136822915","media":"Tiger Newspress","summary":"Crypto stocks tumbled in premarket trading on Bitcoin sliding below $40,000 after China's fresh cryp","content":"<p>Crypto stocks tumbled in premarket trading&nbsp;on&nbsp;Bitcoin sliding below $40,000 after China's fresh crypto curbs.</p><p><img src=\"https://static.tigerbbs.com/270e4af4516a319658e0395134a1c039\" tg-width=\"369\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p>Bitcoin tumbled below the $40,000 mark on Wednesday hitting a 3-1/2 month low and dragging down other digital coins after China imposed fresh curbs on transactions involving cryptocurrencies.</p><p>Bitcoin , the biggest and best-known cryptocurrency, had already been under pressure from a series of tweets from Tesla boss Elon Musk but the news from China sent it as low as $38,514, for a 9% fall.</p><p>The coin is now down 40% from a record high of $64,895 hit on April 14. It is also heading for its first monthly decline since November 2018.</p><p>Bitcoin's moves hit other crypto assets too, with Ether, the coin linked to the ethereum blockchain network, falling 15% to $2,875.36, while meme-based dogecoin tumbled 18%, according to market tracker Coingecko.</p><p>Frankfurt-listed shares in crypto exchange Coinbase slumped 6%, having already dipped below their direct listing price of $250 earlier in the week.</p><p>The crypto declines were sparked last week by Musk's reversal on Tesla accepting bitcoin as payment. His subsequent tweets caused further confusion over whether the carmaker had shed its holdings of the coin.</p><p>Selling was exacerbated by China's announcement banning financial institutions and payment companies from providing services related to cryptocurrency transactions. It also warned investors against speculative crypto trading.</p><p>Cryptowatchers predicted more losses ahead, noting the fall below $40,000 represented a breach of a key technical barrier which could set the stage for more selling.</p><p>More importantly, investors may be shifting from bitcoin back to gold, analysts at JPMorgan said, citing positioning data compiled on basis of open interest in CME bitcoin futures contracts.</p><p>This shows \"the steepest and more sustained liquidation\" in bitcoin futures since last October, they told clients, adding: \"the bitcoin flow picture continues to deteriorate and is pointing to continued retrenchment by institutional investors.\"</p><p>The selloff in crypto assets precisely at a time when inflation fears are in the ascendancy dashes any suggestion of the asset class being an inflation hedge.</p><p>Instead, more traditional hedges have been gaining ground, with gold up almost 6% so far this month.</p><p>The recent selloff in bitcoin and other digital currencies has taken market capitalisation of all cryptocurrencies back under $2 trillion, down from the recent $2.5 trillion record.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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}\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\">\nCrypto stocks tumbled in premarket trading\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\">2021-05-19 16:08</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Crypto stocks tumbled in premarket trading&nbsp;on&nbsp;Bitcoin sliding below $40,000 after China's fresh crypto curbs.</p><p><img src=\"https://static.tigerbbs.com/270e4af4516a319658e0395134a1c039\" tg-width=\"369\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p>Bitcoin tumbled below the $40,000 mark on Wednesday hitting a 3-1/2 month low and dragging down other digital coins after China imposed fresh curbs on transactions involving cryptocurrencies.</p><p>Bitcoin , the biggest and best-known cryptocurrency, had already been under pressure from a series of tweets from Tesla boss Elon Musk but the news from China sent it as low as $38,514, for a 9% fall.</p><p>The coin is now down 40% from a record high of $64,895 hit on April 14. It is also heading for its first monthly decline since November 2018.</p><p>Bitcoin's moves hit other crypto assets too, with Ether, the coin linked to the ethereum blockchain network, falling 15% to $2,875.36, while meme-based dogecoin tumbled 18%, according to market tracker Coingecko.</p><p>Frankfurt-listed shares in crypto exchange Coinbase slumped 6%, having already dipped below their direct listing price of $250 earlier in the week.</p><p>The crypto declines were sparked last week by Musk's reversal on Tesla accepting bitcoin as payment. His subsequent tweets caused further confusion over whether the carmaker had shed its holdings of the coin.</p><p>Selling was exacerbated by China's announcement banning financial institutions and payment companies from providing services related to cryptocurrency transactions. It also warned investors against speculative crypto trading.</p><p>Cryptowatchers predicted more losses ahead, noting the fall below $40,000 represented a breach of a key technical barrier which could set the stage for more selling.</p><p>More importantly, investors may be shifting from bitcoin back to gold, analysts at JPMorgan said, citing positioning data compiled on basis of open interest in CME bitcoin futures contracts.</p><p>This shows \"the steepest and more sustained liquidation\" in bitcoin futures since last October, they told clients, adding: \"the bitcoin flow picture continues to deteriorate and is pointing to continued retrenchment by institutional investors.\"</p><p>The selloff in crypto assets precisely at a time when inflation fears are in the ascendancy dashes any suggestion of the asset class being an inflation hedge.</p><p>Instead, more traditional hedges have been gaining ground, with gold up almost 6% so far this month.</p><p>The recent selloff in bitcoin and other digital currencies has taken market capitalisation of all cryptocurrencies back under $2 trillion, down from the recent $2.5 trillion record.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SOS":"SOS Limited","PYPL":"PayPal","RIOT":"Riot Platforms","MARA":"Marathon Digital Holdings Inc","EBON":"亿邦国际"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2136822915","content_text":"Crypto stocks tumbled in premarket trading on Bitcoin sliding below $40,000 after China's fresh crypto curbs.Bitcoin tumbled below the $40,000 mark on Wednesday hitting a 3-1/2 month low and dragging down other digital coins after China imposed fresh curbs on transactions involving cryptocurrencies.Bitcoin , the biggest and best-known cryptocurrency, had already been under pressure from a series of tweets from Tesla boss Elon Musk but the news from China sent it as low as $38,514, for a 9% fall.The coin is now down 40% from a record high of $64,895 hit on April 14. It is also heading for its first monthly decline since November 2018.Bitcoin's moves hit other crypto assets too, with Ether, the coin linked to the ethereum blockchain network, falling 15% to $2,875.36, while meme-based dogecoin tumbled 18%, according to market tracker Coingecko.Frankfurt-listed shares in crypto exchange Coinbase slumped 6%, having already dipped below their direct listing price of $250 earlier in the week.The crypto declines were sparked last week by Musk's reversal on Tesla accepting bitcoin as payment. His subsequent tweets caused further confusion over whether the carmaker had shed its holdings of the coin.Selling was exacerbated by China's announcement banning financial institutions and payment companies from providing services related to cryptocurrency transactions. It also warned investors against speculative crypto trading.Cryptowatchers predicted more losses ahead, noting the fall below $40,000 represented a breach of a key technical barrier which could set the stage for more selling.More importantly, investors may be shifting from bitcoin back to gold, analysts at JPMorgan said, citing positioning data compiled on basis of open interest in CME bitcoin futures contracts.This shows \"the steepest and more sustained liquidation\" in bitcoin futures since last October, they told clients, adding: \"the bitcoin flow picture continues to deteriorate and is pointing to continued retrenchment by institutional investors.\"The selloff in crypto assets precisely at a time when inflation fears are in the ascendancy dashes any suggestion of the asset class being an inflation hedge.Instead, more traditional hedges have been gaining ground, with gold up almost 6% so far this month.The recent selloff in bitcoin and other digital currencies has taken market capitalisation of all cryptocurrencies back under $2 trillion, down from the recent $2.5 trillion record.","news_type":1},"isVote":1,"tweetType":1,"viewCount":344,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}