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2021-07-29

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AMD jumped more than 5%! Second-quarter net income jumped 352% year over year

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Thorpe and Simmons: The Legendary Lives of Two Godfather Investment Magnates

2021-07-09

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23:10","market":"us","language":"zh","title":"AMD jumped more than 5%! Second-quarter net income jumped 352% year over year","url":"https://stock-news.laohu8.com/highlight/detail?id=1194703873","media":"老虎资讯综合","summary":"7月28日，AMD大涨逾5%，第二季度营收38.5亿美元，净利润7亿美元，同比大涨352%。此外，花旗将AMD目标价从95美元上调至100美元>>>\n\nAMD今日公布2021年第二季度营业额为38.5","content":"<p>On July 28,<a href=\"https://laohu8.com/S/AMD\">AMD</a>It rose by more than 5%, with revenue of $3.85 billion and net profit of $700 million in the second quarter, up 352% year-on-year. In addition,<a href=\"https://laohu8.com/S/C\">Citigroup</a>Raise AMD price target to $100 from $95>>></p><p><img src=\"https://static.tigerbbs.com/73ed651f3017b49e4b2f168a8729bc71\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>AMD today reported second-quarter 2021 turnover of $3.85 billion, operating income of $831 million, net income of $710 million and diluted earnings per share of $0.58. Non-GAAP operating income of $924 million, net income of $778 million and diluted earnings per share of $0.63.</p><p>Dr. LisaSu, president and CEO of AMD, said: \"Our performance in the second quarter was excellent, with turnover and operating gross profit doubling year-on-year and earnings more than tripling year-on-year. Thanks to strong demand from all businesses, our growth is significantly faster than the market growth. With strong execution and consumer preference for AMD products, we expect full-year 2021 turnover to increase by nearly 60% year-on-year.\"</p><p><b>Second Quarter 2021 Results</b></p><p>Turnover for the quarter was $3.85 billion, up 99% year-over-year and 12% quarter-over-quarter, driven by higher turnover in the Computing & Graphics Division and the Enterprise, Embedded and Semi-Custom Division.</p><p>Gross profit was 48%, up 4 percentage points year-on-year and 2 percentage points month-on-month. Growth was driven by increased sales of high-end Ryzen processors, Radeon graphics cards and EPYC processors.</p><p>Operating income for the quarter was $831 million compared to $173 million in the same period last year and $662 million in operating income in the previous quarter. On a non-GAAP basis, operating income for the quarter was $924 million compared to $233 million in the same period last year and $762 million in the previous quarter. The increase in operating income was mainly attributable to the increase in turnover.</p><p>Net income for the quarter was $710 million compared to net income of $157 million in the same period last year and $555 million in the previous quarter. On a non-GAAP basis, net income for the quarter was $778 million compared to net income of $216 million in the same period last year and $642 million in the previous quarter.</p><p>Diluted earnings per share for the quarter were $0.58 compared to $0.13 in the year-ago quarter and $0.45 in the previous quarter. On a non-GAAP basis, diluted earnings per share for the quarter were $0.63 compared to diluted earnings per share of $0.18 in the prior year quarter and $0.52 in the prior quarter.</p><p>Total cash, cash equivalents and short-term investments ended the quarter at $3.79 billion.</p><p>Operating cash flow for the quarter was $952 million compared to $243 million in the same period last year and $898 million in the previous quarter. In terms of free cash flow, free cash flow reached a record $888 million in the quarter compared to $152 million in the same period last year and $832 million in the previous quarter.</p><p>In May 2021, AMD announced a $4 billion share repurchase program. In the second quarter, the company repurchased 3.2 million common shares for $256 million.</p><p><b>Quarterly Sector Earnings Summary</b></p><p>Computing & Graphics turnover was US$2.25 billion, up 65% year-over-year and 7% quarter-over-quarter, primarily driven by higher client and graphics processor sales.</p><p>Client processor average selling price (ASP) increased year-over-year and quarter-over-quarter, primarily driven by increased sales of Ryzen's desktop and notebook processor portfolio.</p><p>Driven by the sales volume of high-end graphics products, including data center GPUs, the average selling price of GPUs increased year-on-year and month-on-month.</p><p>Operating income for the quarter was $526 million compared to $200 million in the same period last year and $485 million in the previous quarter, with revenue growth driven by higher turnover.</p><p>The Enterprise, Embedded and Semi-Custom segment recorded a turnover of $1.6 billion, up 183% year over year and 19% quarter over quarter. The increase in turnover was mainly driven by the increase in sales of EPYC processors and semi-custom products.</p><p>Operating income for the quarter was $398 million, compared to $33 million in the same period last year and $277 million in the previous quarter. The year-over-year and quarter-over-quarter growth was mainly driven by higher turnover.</p><p>All other operating losses for the quarter were $93 million, compared to operating losses of $60 million in the same period last year and operating losses of $100 million in the previous quarter.</p><p><b>Recent Company Performance Highlights</b></p><p>AMD announced a $4 billion share repurchase program that will fund the repurchase through operating cash.</p><p>The TOP500 organization has released its latest list of the world's TOP500 supercomputers. The number of systems with AMDEPYC processors is nearly five times that of the June 2020 list. In addition, in the new list, AMDEPYC processor accounts for half of the 58 newly listed systems.</p><p>AMD and its technology partners have announced a number of new high-performance computing systems with AMDEPYC processors, including the Met Office Microsoft Azure supercomputer, the Perlmutter supercomputer and the Singapore National Supercomputing Centre supercomputer.</p><p>AMD and Google Cloud announced a new instance of T2D with the third generation of AMDEPYC processors. According to Google Cloud, T2D instances deliver 56% absolute performance and more than 40% cost performance improvements for scalable workloads.</p><p>AMD continues to build advanced IP with 3D Chiplet technology and continues to invest in cutting-edge manufacturing and packaging technologies. This packaging technology is a breakthrough in combining AMD's innovative chip architecture with 3D stacking technology.</p><p>AMD has announced the AMD Advantage design framework, which combines AMD AdDeon RX6000M series mobile graphics cards, AMD AdDeon software and AMD Ryzen 5000 series mobile processors with AMD's unique intelligent technology and other advanced system design features to provide a first-class gaming experience for notebooks.</p><p>AMD's high-performance \"Zen\" core architecture and AMDRDNA2 architecture have been introduced to new markets.</p><p>AMD announced that the newly designed infotainment system in Tesla's ModelS and ModelX will be powered by AMD Ryzen embedded APUs and GPUs based on the AMDRDNA2 architecture.</p><p>AMD announced that AMDEPYC processors are powering the new HPE Alletra6000, delivering up to 3x the performance of previous HPImble storage all-flash arrays.</p><p>Valve announced that the SteamDeck handheld console features a semi-custom chip from AMD that can run the latest AAA games and all the games in the Steam library.</p><p>AMD releases AMD Fidelity FX SuperResolution, an advanced spatial magnification solution designed to improve gaming frame rates while ensuring high-quality, high-resolution gaming experiences. At present, more than 40 game developers have committed to supporting FSR, and it is expected that more game manufacturers will adopt FSR technology in the future.</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>AMD jumped more than 5%! Second-quarter net income jumped 352% year over year</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nAMD jumped more than 5%! Second-quarter net income jumped 352% year over year\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-28 23:10</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 28,<a href=\"https://laohu8.com/S/AMD\">AMD</a>It rose by more than 5%, with revenue of $3.85 billion and net profit of $700 million in the second quarter, up 352% year-on-year. In addition,<a href=\"https://laohu8.com/S/C\">Citigroup</a>Raise AMD price target to $100 from $95>>></p><p><img src=\"https://static.tigerbbs.com/73ed651f3017b49e4b2f168a8729bc71\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>AMD today reported second-quarter 2021 turnover of $3.85 billion, operating income of $831 million, net income of $710 million and diluted earnings per share of $0.58. Non-GAAP operating income of $924 million, net income of $778 million and diluted earnings per share of $0.63.</p><p>Dr. LisaSu, president and CEO of AMD, said: \"Our performance in the second quarter was excellent, with turnover and operating gross profit doubling year-on-year and earnings more than tripling year-on-year. Thanks to strong demand from all businesses, our growth is significantly faster than the market growth. With strong execution and consumer preference for AMD products, we expect full-year 2021 turnover to increase by nearly 60% year-on-year.\"</p><p><b>Second Quarter 2021 Results</b></p><p>Turnover for the quarter was $3.85 billion, up 99% year-over-year and 12% quarter-over-quarter, driven by higher turnover in the Computing & Graphics Division and the Enterprise, Embedded and Semi-Custom Division.</p><p>Gross profit was 48%, up 4 percentage points year-on-year and 2 percentage points month-on-month. Growth was driven by increased sales of high-end Ryzen processors, Radeon graphics cards and EPYC processors.</p><p>Operating income for the quarter was $831 million compared to $173 million in the same period last year and $662 million in operating income in the previous quarter. On a non-GAAP basis, operating income for the quarter was $924 million compared to $233 million in the same period last year and $762 million in the previous quarter. The increase in operating income was mainly attributable to the increase in turnover.</p><p>Net income for the quarter was $710 million compared to net income of $157 million in the same period last year and $555 million in the previous quarter. On a non-GAAP basis, net income for the quarter was $778 million compared to net income of $216 million in the same period last year and $642 million in the previous quarter.</p><p>Diluted earnings per share for the quarter were $0.58 compared to $0.13 in the year-ago quarter and $0.45 in the previous quarter. On a non-GAAP basis, diluted earnings per share for the quarter were $0.63 compared to diluted earnings per share of $0.18 in the prior year quarter and $0.52 in the prior quarter.</p><p>Total cash, cash equivalents and short-term investments ended the quarter at $3.79 billion.</p><p>Operating cash flow for the quarter was $952 million compared to $243 million in the same period last year and $898 million in the previous quarter. In terms of free cash flow, free cash flow reached a record $888 million in the quarter compared to $152 million in the same period last year and $832 million in the previous quarter.</p><p>In May 2021, AMD announced a $4 billion share repurchase program. In the second quarter, the company repurchased 3.2 million common shares for $256 million.</p><p><b>Quarterly Sector Earnings Summary</b></p><p>Computing & Graphics turnover was US$2.25 billion, up 65% year-over-year and 7% quarter-over-quarter, primarily driven by higher client and graphics processor sales.</p><p>Client processor average selling price (ASP) increased year-over-year and quarter-over-quarter, primarily driven by increased sales of Ryzen's desktop and notebook processor portfolio.</p><p>Driven by the sales volume of high-end graphics products, including data center GPUs, the average selling price of GPUs increased year-on-year and month-on-month.</p><p>Operating income for the quarter was $526 million compared to $200 million in the same period last year and $485 million in the previous quarter, with revenue growth driven by higher turnover.</p><p>The Enterprise, Embedded and Semi-Custom segment recorded a turnover of $1.6 billion, up 183% year over year and 19% quarter over quarter. The increase in turnover was mainly driven by the increase in sales of EPYC processors and semi-custom products.</p><p>Operating income for the quarter was $398 million, compared to $33 million in the same period last year and $277 million in the previous quarter. The year-over-year and quarter-over-quarter growth was mainly driven by higher turnover.</p><p>All other operating losses for the quarter were $93 million, compared to operating losses of $60 million in the same period last year and operating losses of $100 million in the previous quarter.</p><p><b>Recent Company Performance Highlights</b></p><p>AMD announced a $4 billion share repurchase program that will fund the repurchase through operating cash.</p><p>The TOP500 organization has released its latest list of the world's TOP500 supercomputers. The number of systems with AMDEPYC processors is nearly five times that of the June 2020 list. In addition, in the new list, AMDEPYC processor accounts for half of the 58 newly listed systems.</p><p>AMD and its technology partners have announced a number of new high-performance computing systems with AMDEPYC processors, including the Met Office Microsoft Azure supercomputer, the Perlmutter supercomputer and the Singapore National Supercomputing Centre supercomputer.</p><p>AMD and Google Cloud announced a new instance of T2D with the third generation of AMDEPYC processors. According to Google Cloud, T2D instances deliver 56% absolute performance and more than 40% cost performance improvements for scalable workloads.</p><p>AMD continues to build advanced IP with 3D Chiplet technology and continues to invest in cutting-edge manufacturing and packaging technologies. This packaging technology is a breakthrough in combining AMD's innovative chip architecture with 3D stacking technology.</p><p>AMD has announced the AMD Advantage design framework, which combines AMD AdDeon RX6000M series mobile graphics cards, AMD AdDeon software and AMD Ryzen 5000 series mobile processors with AMD's unique intelligent technology and other advanced system design features to provide a first-class gaming experience for notebooks.</p><p>AMD's high-performance \"Zen\" core architecture and AMDRDNA2 architecture have been introduced to new markets.</p><p>AMD announced that the newly designed infotainment system in Tesla's ModelS and ModelX will be powered by AMD Ryzen embedded APUs and GPUs based on the AMDRDNA2 architecture.</p><p>AMD announced that AMDEPYC processors are powering the new HPE Alletra6000, delivering up to 3x the performance of previous HPImble storage all-flash arrays.</p><p>Valve announced that the SteamDeck handheld console features a semi-custom chip from AMD that can run the latest AAA games and all the games in the Steam library.</p><p>AMD releases AMD Fidelity FX SuperResolution, an advanced spatial magnification solution designed to improve gaming frame rates while ensuring high-quality, high-resolution gaming experiences. At present, more than 40 game developers have committed to supporting FSR, and it is expected that more game manufacturers will adopt FSR technology in the future.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a593d85be38c3aa543ab3056553101ff","relate_stocks":{"AMD":"美国超微公司"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194703873","content_text":"7月28日，AMD大涨逾5%，第二季度营收38.5亿美元，净利润7亿美元，同比大涨352%。此外，花旗将AMD目标价从95美元上调至100美元>>>\n\nAMD今日公布2021年第二季度营业额为38.5亿美元,经营收入为8.31亿美元,净收入为7.1亿美元,摊薄后每股收益为0.58美元。非GAAP经营收入为9.24亿美元,净收入为7.78亿美元,摊薄后每股收益为0.63美元。\nAMD总裁兼首席执行官苏姿丰博士(Dr.LisaSu)表示:“第二季度我们的业绩表现非常出色,营业额、经营毛利同比增长一倍,盈利同比增长超过两倍。得益于所有业务的强劲需求,我们的增长明显快于市场增长。有了强有力的执行以及消费者对AMD产品的偏爱,我们预计2021全年营业额将同比增长近60%。”\n2021年第二季度业绩\n本季度营业额为38.5亿美元,同比增长99%,环比增长12%,主要得益于计算与图形事业部及企业、嵌入式和半定制事业部的较高营业额。\n毛利润为48%,同比增长4个百分点,环比增长2个百分点。高端锐龙处理器、Radeon显卡和EPYC(霄龙)处理器销量的增加推动了增长。\n与去年同期的1.73亿美元,以及上一季度6.62亿美元的经营收入相比,本季度的经营收入为8.31亿美元。基于非GAAP标准,和去年同期的2.33亿美元及上季度7.62亿美元的经营收入相比,本季度经营收入为9.24亿美元。经营收入的增长主要得益于营业额的增长。\n较去年同期的1.57亿美元和上一季度5.55亿美元的净收入相比,本季度净收入为7.1亿美元。基于非GAAP标准,与去年同期的2.16亿美元及上季度6.42亿美元的净收入相比,本季度的净收入为7.78亿美元。\n与去年同期的0.13美元和上一季度0.45美元的摊薄后每股收益相比,本季度摊薄后每股收益为0.58美元。基于非GAAP标准,与去年同期的0.18美元和上一季度0.52美元的摊薄后每股收益相比,本季度摊薄后每股收益为0.63美元。\n本季度末现金、现金等价物和短期投资总值为37.9亿美元。\n与去年同期的2.43亿美元和上一季度8.98亿美元的经营业务现金流相比,本季度的经营业务现金流为9.52亿美元。自由现金流方面,与去年同期的1.52亿美元和上一季度的8.32亿美元相比,本季度的自由现金流达到创纪录的8.88亿美元。\n2021年5月,AMD公司宣布了一项40亿美元的股票回购计划。第二季度,公司以2.56亿美元回购了320万普通股。\n季度部门财报总结\n计算与图形事业部营业额为22.5亿美元,同比增长65%,环比增长7%,主要得益于客户端和图形处理器销量增长。\n客户端处理器平均售价(ASP)同比和环比均有增长,主要由锐龙台式机和笔记本处理器组合销量增长的推动。\n受高端图形产品销量(包括数据中心GPU)的推动,GPU平均售价同比和环比均有提升。\n与去年同期的2亿美元及上季度4.85亿美元的经营收入相比,本季度经营收入为5.26亿美元,收入增长得益于营业额的上升。\n企业、嵌入式和半定制事业部的营业额为16亿美元,同比增长183%,环比增长19%。营业额的增长主要得益于EPYC(霄龙)处理器和半定制产品销量的增加。\n相较于去年同期的3300万美元和上一季度2.77亿美元的经营收入,本季度经营收入为3.98亿美元。同比和环比的增长主要得益于较高的营业额。\n相较于去年同期6000万美元的经营损失和上季度1亿美元的经营损失,本季度所有其它经营损失为9300万美元。\n近期公司业绩亮点\nAMD宣布40亿美元股票回购计划,将通过经营现金为回购提供资金。\nTOP500组织发布了最新的全球超级计算机TOP500榜单。采用AMDEPYC(霄龙)处理器的系统数量是2020年6月榜单的近5倍。此外,在新榜单中,AMDEPYC(霄龙)处理器占据了58款新上榜系统的半壁江山。\nAMD及其技术合作伙伴宣布了许多采用AMDEPYC(霄龙)处理器的全新高性能计算系统,包括英国气象局的微软Azure超级计算机、Perlmutter超级计算机和新加坡国家超算中心超级计算机。\nAMD与谷歌云宣布了采用第三代AMDEPYC(霄龙)处理器的全新实例T2D。据谷歌云的数据,T2D实例为可扩展工作负载带来了56%的绝对性能和40%以上的性价比提升。\nAMD携3Dchiplet技术继续打造先进的IP,并在前沿的制造和封装技术方面继续投资。这项封装技术突破性地将AMD创新芯片架构与3D堆叠技术相结合。\nAMD宣布了AMDAdvantage设计框架,将AMDRadeonRX6000M系列移动显卡、AMDRadeon软件和AMD锐龙5000系列移动处理器与AMD独有的智能技术以及其它先进的系统设计特性相结合,为笔记本提供一流的游戏体验。\nAMD高性能“Zen”核心架构和AMDRDNA2架构已被引入新的市场。\nAMD宣布,特斯拉ModelS和ModelX中全新设计的信息娱乐系统将由AMD锐龙嵌入式APU和基于AMDRDNA2架构的GPU驱动。\nAMD宣布,AMDEPYC(霄龙)处理器正在为新的HPE(慧与)Alletra6000提供动力,提供比以往的HPENimble存储全闪存阵列高达3倍的性能。\nValve宣布,SteamDeck掌机采用了AMD的半定制芯片,可运行最新的AAA游戏及Steam游戏库内的所有游戏。\nAMD发布先进的空间放大解决方案——AMDFidelityFXSuperResolution,旨在提高游戏帧率的同时,保证高品质、高分辨率的游戏体验。目前已有超过40家游戏开发商承诺支持FSR,预计未来将有更多游戏厂商采用FSR技术。","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":2180,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148314676,"gmtCreate":1625930165995,"gmtModify":1703750998354,"author":{"id":"4088507779206510","authorId":"4088507779206510","name":"lktung","avatar":"https://static.tigerbbs.com/3577645be9022fdf87ef2d8d05a39fd6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088507779206510","idStr":"4088507779206510"},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/148314676","repostId":"1104100542","repostType":4,"isVote":1,"tweetType":1,"viewCount":2038,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148315926,"gmtCreate":1625929976365,"gmtModify":1703750995603,"author":{"id":"4088507779206510","authorId":"4088507779206510","name":"lktung","avatar":"https://static.tigerbbs.com/3577645be9022fdf87ef2d8d05a39fd6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088507779206510","idStr":"4088507779206510"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/148315926","repostId":"1124741749","repostType":4,"repost":{"id":"1124741749","kind":"news","pubTimestamp":1625910991,"share":"https://ttm.financial/m/news/1124741749?lang=en_US&edition=fundamental","pubTime":"2021-07-10 17:56","market":"us","language":"zh","title":"Thorpe and Simmons: The Legendary Lives of Two Godfather Investment Magnates","url":"https://stock-news.laohu8.com/highlight/detail?id=1124741749","media":"SMARTMATRIX","summary":"他们都出生于30年代，自幼天赋异禀、身在学术圈但都一心向钱，有两个共同的母校。","content":"<p>A Man for All Markets is the personal biography of Edward Thorp. The Chinese translation is \"The Man Who Beat All Markets\". Judging from Thorp's experience, from beating casinos to entering Wall Street, OTC options, convertible bonds, stocks, futures and other derivatives are All dabbled in, which is worthy of the name All Markets. Taleb says in the preface that his memoir reads like a thriller.</p><p>As a mathematical genius and The godfather of quantitative investment, he pioneered The introduction of probability theory, information theory, and computer programming into financial transactions, which influenced countless Quant bosses in later generations: Bill Gross, David Shaw, Ken Griffin... including The famous James Simons, whose Renaissance technology company created The myth of The rate of return in financial history. Similarly, Simons' biography The Man Who Solved The Market details The ups and downs of him and his team's conquest of The financial Market. Although it was compiled by a Wall Street Journal writer based on interviews, many of them have never been revealed before.</p><p><b>Academic Source</b></p><p>When culture flourishes, people are outstanding. The so-called outstanding people, such as the Hunan School since the late Ming Dynasty in China, made Hunan the cradle of revolutionaries. In academic circles, there is a similar phenomenon. A careful study of the backgrounds of the two big bosses will find a lot in common. They were both born in the 1930s, gifted since childhood, in the academic circle, but both are devoted to money, and have two alma maters in common: University of California, Berkeley and MIT. The academics of both schools reached their peak after the war. One of the main reasons was the large-scale military scientific research activities spawned by World War II (the famous Manhattan Project, cryptography, information theory and modern computers). Both Thorp and Simons happened to catch up with this wave of academic dividends. In the 1950s, Thorp became obsessed with studying roulette with Shannon, while Simons remained submerged in theoretical mathematics, which also led to his academic achievements (Chern-Simons Theroy). In the 1960s, MIT became the center of the computer revolution, and mathematics and computers were the two keys to Wall Street, and Thorp was the lucky one to hold these two keys.</p><p><b>Casinos vs Wall Street</b></p><p>The talked-about story today is that Thorp used the law of large numbers and Kelly's formula to defeat the casino, and he became the first person in history to be \"blacked out\" by a Las Vegas casino. By contrast, PNP (Princeton Newport Partners), the hedge fund he founded, has a much dimmer profile. In fact, from 1969 to 1988, the annualized returns of the two PNP funds reached 19.1% and 15.1%, respectively, and the average annual growth rate of the S&P index was 10.2% during the same period. In the past 19 years, after two oil crises in 1970s and the stock market crash in 1987, the two funds have never suffered a single-quarter loss, let alone an annual loss. In the world's largest casino, its performance is the best, and its investment model is 20 years ahead of the broad customers who have filed into Wall Street since then.</p><p>In 1988, Thorp's fund was forced to shut down because it was implicated in the case of Milken, the king of junk bonds. It was in this year that Simons set up the Medal Fund. He is over fifty years old, and he can be described as a late bloomer. He has been exploring for 10 years to find a successful investment model, and has been swinging between subjective and quantitative. Although the outside world has always regarded Simons as a master of quantitative investment, in fact, his role is completely different from Thorp's. His main job is not to develop quantitative models, but to dig all kinds of scientists from the academic circle to help the company develop quantitative models, and as a spiritual leader to shape the company's corporate culture. As a world-class mathematician + excellent sales, he can deal well with different people, which is a rare ability.</p><p><b>Quantitative path</b></p><p>As a pioneer of quantitative trading, Thorp is good at hedging arbitrage of various derivatives. The bear market and volatility in the 1970s made this strategy work perfectly. Relying on his mathematical talent and sense of market smell, he discovered new blue oceans: Statistical Arbitrage and factors models — early prototypes of quant. The risk under this model is theoretically infinite, especially the upper limit of losses of shorting those overvalued stocks is infinite. Thorp's main risk control strategy is diversified investment. Since then, LTCM adopted a similar arbitrage model, but lacked a risk control strategy like Thorp and was defeated by Black Swan. In order to improve investment efficiency, Thorp turned investment strategies into programs, and once again became the pioneer of Algorithm Trading.</p><p>Simons, by contrast, wasn't so lucky. From early attempts at intuitive investing to trend-based momentum trading, reversal trading to continuous collection and mining of massive amounts of data including data cleaning, signaling mechanisms and back-testing. In 1986, the model framework for identifying hidden price trends was used-in 1989, abnormal trading signals were used for short-term high-frequency trading-in 1992, only a single model was used (critical breakthrough), and then speech recognition experts helped make various technological breakthroughs (financial models have similarities with speech recognition), and the model went through a long process of iterative improvement. Finally, the important core ability of the model was developed: identifying the \"value of transactions\", including: the certainty of price trend, the weight trade-off between trading signals, and the judgment of the impact of trading according to signals on the market. This ability is particularly important for high-frequency full-variety trading.</p><p><b>Winning Systems: Probabilistic Thinking & Modeling Human Behavior</b></p><p>For Thorp, gambling and investing are both games based on probability and statistics, and the amount of bets is allocated according to the winning rate (money management based on Kelly's rule). The first major breakthrough of the Medallion Fund also came from the application of Kelly's rule and the shortening of the transaction frequency to make its transactions more reflect the law of large numbers. The Medallion's system makes money as long as the winning percentage is slightly above 50%, regardless of the profit or loss of every sale. Essentially, it is making money by taking advantage of the negligence and mistakes of other traders (market invalidity). Human behavior under high pressure is highly predictable, and they instinctively exhibit panic. Modeling is based on the premise that humans will constantly repeat past behaviors. Soros used reflexive philosophical theory to model human behavior, while Simons' team used data and algorithms to model human behavior, so as to confirm the theory of behavioral finance.</p><p>Unlike traditional value investment, which simplifies the market to a Mr. Market, the experience of quantitative investment is that there are far more factors and variables affecting financial markets and investment than most people realize, and the factors that lead to market inefficiency can even be said to be encrypted (Thorp spares no effort to refute the efficient market hypothesis in his book). Investors struggle to find the most basic drivers, but what is missing is perhaps a whole dimension of information. The Medallion Fund cannot explain the logic behind every law of profit, just as humans cannot understand Alpha Go, perhaps at higher latitudes.</p><p>Models are abstractions and simplifications of the world, but models are not panacea. When data and desire conflict, even a rational scientist cannot be completely rational. Simons' original intention is to create an algorithm-driven automatic trading system, which completely shields human subjective judgment. However, in every crisis, he can't help but intervene manually, reduce his dependence on signals, and actively reduce his trading position. The intervention result is not very ideal. His colleague Patterson also said: \"<b>Never put too much trust in trading models. The basic mistake of long-term capital management is to think that the model is the truth. We never believe that our model can reflect the whole truth, it only reflects a part of the truth</b>。”</p><p><b>Kuan Ke Life</b></p><p>In fact, the intersection of many big bosses far exceeds our imagination. For example, Thorp and Buffett played tricks at the bridge table. After confirming that Buffett would eventually become the richest man in the United States, he decisively invested in BRK stock. Many people think that Xueba may not necessarily have a good life. After all, there is a huge gap between book smart and street smart, and the rules of the real world are much more complicated than those of school. However, Thorp practiced the way of thinking of applying abstract thinking to real life, and truly interpreted that \"a tough life doesn't need explanation\". Academics, wealth and family are complete, and he realized very early that life itself is higher than making money. Compared to Thorp's brilliant life, Simons had too many twists and turns. He was divorced, his two sons suffered misfortune one after another, and he was betrayed by his partners. But in the end, I choose to make peace with life and devote myself to charity. From academic career to wide guest life, I explore the true meaning of fate in the ups and downs, and experience itself is the meaning. As Thorp said at the end of his autobiography: Life is like reading a novel or running a marathon. Reaching the end is often less important, and the journey itself and the experience along the way are more precious.<b>No body can take away the dance you have danced.</b></p>","source":"lsy1625911325017","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>Thorpe and Simmons: The Legendary Lives of Two Godfather Investment Magnates</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nThorpe and Simmons: The Legendary Lives of Two Godfather Investment Magnates\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">SMARTMATRIX</strong><span class=\"h-time small\">2021-07-10 17:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A Man for All Markets is the personal biography of Edward Thorp. The Chinese translation is \"The Man Who Beat All Markets\". Judging from Thorp's experience, from beating casinos to entering Wall Street, OTC options, convertible bonds, stocks, futures and other derivatives are All dabbled in, which is worthy of the name All Markets. Taleb says in the preface that his memoir reads like a thriller.</p><p>As a mathematical genius and The godfather of quantitative investment, he pioneered The introduction of probability theory, information theory, and computer programming into financial transactions, which influenced countless Quant bosses in later generations: Bill Gross, David Shaw, Ken Griffin... including The famous James Simons, whose Renaissance technology company created The myth of The rate of return in financial history. Similarly, Simons' biography The Man Who Solved The Market details The ups and downs of him and his team's conquest of The financial Market. Although it was compiled by a Wall Street Journal writer based on interviews, many of them have never been revealed before.</p><p><b>Academic Source</b></p><p>When culture flourishes, people are outstanding. The so-called outstanding people, such as the Hunan School since the late Ming Dynasty in China, made Hunan the cradle of revolutionaries. In academic circles, there is a similar phenomenon. A careful study of the backgrounds of the two big bosses will find a lot in common. They were both born in the 1930s, gifted since childhood, in the academic circle, but both are devoted to money, and have two alma maters in common: University of California, Berkeley and MIT. The academics of both schools reached their peak after the war. One of the main reasons was the large-scale military scientific research activities spawned by World War II (the famous Manhattan Project, cryptography, information theory and modern computers). Both Thorp and Simons happened to catch up with this wave of academic dividends. In the 1950s, Thorp became obsessed with studying roulette with Shannon, while Simons remained submerged in theoretical mathematics, which also led to his academic achievements (Chern-Simons Theroy). In the 1960s, MIT became the center of the computer revolution, and mathematics and computers were the two keys to Wall Street, and Thorp was the lucky one to hold these two keys.</p><p><b>Casinos vs Wall Street</b></p><p>The talked-about story today is that Thorp used the law of large numbers and Kelly's formula to defeat the casino, and he became the first person in history to be \"blacked out\" by a Las Vegas casino. By contrast, PNP (Princeton Newport Partners), the hedge fund he founded, has a much dimmer profile. In fact, from 1969 to 1988, the annualized returns of the two PNP funds reached 19.1% and 15.1%, respectively, and the average annual growth rate of the S&P index was 10.2% during the same period. In the past 19 years, after two oil crises in 1970s and the stock market crash in 1987, the two funds have never suffered a single-quarter loss, let alone an annual loss. In the world's largest casino, its performance is the best, and its investment model is 20 years ahead of the broad customers who have filed into Wall Street since then.</p><p>In 1988, Thorp's fund was forced to shut down because it was implicated in the case of Milken, the king of junk bonds. It was in this year that Simons set up the Medal Fund. He is over fifty years old, and he can be described as a late bloomer. He has been exploring for 10 years to find a successful investment model, and has been swinging between subjective and quantitative. Although the outside world has always regarded Simons as a master of quantitative investment, in fact, his role is completely different from Thorp's. His main job is not to develop quantitative models, but to dig all kinds of scientists from the academic circle to help the company develop quantitative models, and as a spiritual leader to shape the company's corporate culture. As a world-class mathematician + excellent sales, he can deal well with different people, which is a rare ability.</p><p><b>Quantitative path</b></p><p>As a pioneer of quantitative trading, Thorp is good at hedging arbitrage of various derivatives. The bear market and volatility in the 1970s made this strategy work perfectly. Relying on his mathematical talent and sense of market smell, he discovered new blue oceans: Statistical Arbitrage and factors models — early prototypes of quant. The risk under this model is theoretically infinite, especially the upper limit of losses of shorting those overvalued stocks is infinite. Thorp's main risk control strategy is diversified investment. Since then, LTCM adopted a similar arbitrage model, but lacked a risk control strategy like Thorp and was defeated by Black Swan. In order to improve investment efficiency, Thorp turned investment strategies into programs, and once again became the pioneer of Algorithm Trading.</p><p>Simons, by contrast, wasn't so lucky. From early attempts at intuitive investing to trend-based momentum trading, reversal trading to continuous collection and mining of massive amounts of data including data cleaning, signaling mechanisms and back-testing. In 1986, the model framework for identifying hidden price trends was used-in 1989, abnormal trading signals were used for short-term high-frequency trading-in 1992, only a single model was used (critical breakthrough), and then speech recognition experts helped make various technological breakthroughs (financial models have similarities with speech recognition), and the model went through a long process of iterative improvement. Finally, the important core ability of the model was developed: identifying the \"value of transactions\", including: the certainty of price trend, the weight trade-off between trading signals, and the judgment of the impact of trading according to signals on the market. This ability is particularly important for high-frequency full-variety trading.</p><p><b>Winning Systems: Probabilistic Thinking & Modeling Human Behavior</b></p><p>For Thorp, gambling and investing are both games based on probability and statistics, and the amount of bets is allocated according to the winning rate (money management based on Kelly's rule). The first major breakthrough of the Medallion Fund also came from the application of Kelly's rule and the shortening of the transaction frequency to make its transactions more reflect the law of large numbers. The Medallion's system makes money as long as the winning percentage is slightly above 50%, regardless of the profit or loss of every sale. Essentially, it is making money by taking advantage of the negligence and mistakes of other traders (market invalidity). Human behavior under high pressure is highly predictable, and they instinctively exhibit panic. Modeling is based on the premise that humans will constantly repeat past behaviors. Soros used reflexive philosophical theory to model human behavior, while Simons' team used data and algorithms to model human behavior, so as to confirm the theory of behavioral finance.</p><p>Unlike traditional value investment, which simplifies the market to a Mr. Market, the experience of quantitative investment is that there are far more factors and variables affecting financial markets and investment than most people realize, and the factors that lead to market inefficiency can even be said to be encrypted (Thorp spares no effort to refute the efficient market hypothesis in his book). Investors struggle to find the most basic drivers, but what is missing is perhaps a whole dimension of information. The Medallion Fund cannot explain the logic behind every law of profit, just as humans cannot understand Alpha Go, perhaps at higher latitudes.</p><p>Models are abstractions and simplifications of the world, but models are not panacea. When data and desire conflict, even a rational scientist cannot be completely rational. Simons' original intention is to create an algorithm-driven automatic trading system, which completely shields human subjective judgment. However, in every crisis, he can't help but intervene manually, reduce his dependence on signals, and actively reduce his trading position. The intervention result is not very ideal. His colleague Patterson also said: \"<b>Never put too much trust in trading models. The basic mistake of long-term capital management is to think that the model is the truth. We never believe that our model can reflect the whole truth, it only reflects a part of the truth</b>。”</p><p><b>Kuan Ke Life</b></p><p>In fact, the intersection of many big bosses far exceeds our imagination. For example, Thorp and Buffett played tricks at the bridge table. After confirming that Buffett would eventually become the richest man in the United States, he decisively invested in BRK stock. Many people think that Xueba may not necessarily have a good life. After all, there is a huge gap between book smart and street smart, and the rules of the real world are much more complicated than those of school. However, Thorp practiced the way of thinking of applying abstract thinking to real life, and truly interpreted that \"a tough life doesn't need explanation\". Academics, wealth and family are complete, and he realized very early that life itself is higher than making money. Compared to Thorp's brilliant life, Simons had too many twists and turns. He was divorced, his two sons suffered misfortune one after another, and he was betrayed by his partners. But in the end, I choose to make peace with life and devote myself to charity. From academic career to wide guest life, I explore the true meaning of fate in the ups and downs, and experience itself is the meaning. As Thorp said at the end of his autobiography: Life is like reading a novel or running a marathon. Reaching the end is often less important, and the journey itself and the experience along the way are more precious.<b>No body can take away the dance you have danced.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/g5Zdx-uS3wl9QbsHZm1DVw\">SMARTMATRIX</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/388d882133df2db2363aa871ff756c47","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://mp.weixin.qq.com/s/g5Zdx-uS3wl9QbsHZm1DVw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124741749","content_text":"A Man for All Markets是Edward Thorp的个人传记，中文翻译《战胜一切市场的人》，从Thorp的经历来看，从打败赌场到进入华尔街，OTC期权、可转债、股票、期货等衍生品，全部涉猎，名副其实的All Markets。塔勒布在序言里说，他的回忆录读起来像一部惊悚小说。\n作为一个数学天才、量化投资教父级人物，他开创性的将概率论、信息论、计算机编程引入金融交易，影响了后世无数Quant大佬：Bill Gross、David Shaw、Ken Griffin...其中也包括大名鼎鼎的James Simons，后者的文艺复兴科技公司创造了金融史上的回报率神话，同样，讲述Simons的传记The Man Who Solved The Market，详细记录了他和他的团队征服金融市场的起起落落，虽是一位华尔街日报作家根据采访汇编而成，但其中不少以前从未披露过的精彩故事。\n学术源流\n文化兴，则人杰出，所谓的人杰地灵，比如中国明末以来的湖湘学派让湖南成为革命党人的摇篮。在学术圈，也有类似的现象。仔细研究两位大佬的背景，会发现很多共通点，他们都出生于30年代，自幼天赋异禀、身在学术圈但都一心向钱，有两个共同的母校：加州大学伯克利分校和MIT。两校的学术在战后都达到了巅峰，主要一个原因就是二战催生的大规军事科研活动（著名的曼哈顿计划、密码学、信息论和现代计算机），Thorp和Simons都恰好赶上了这波学术红利。50年代，Thorp醉心于和香农一起研究轮盘赌，而Simons仍埋头于理论数学问题，这也使得其在学术上的成就更高（Chern-Simons Theroy）。60年代，MIT成为计算机革命的中心，而数学和计算机正是通向华尔街的两把钥匙，Thorp正是手握这两把钥匙的幸运儿。\n赌场vs华尔街\n如今为人津津乐道的故事是Thorp利用大数定律和凯利公式打败了赌场，他也成了历史上第一个被拉斯维加斯赌场“拉黑”的人。相比之下，他创设的对冲基金PNP（Princeton Newport Partners）知名度黯淡不少。实际上，从1969年到1988年，PNP两支基金的年化收益率分别达到19.1%和15.1%，同期标普指数年均增长率为10.2%。19年间历经70年代两次石油危机、87年股灾，两只基金从未发生单季亏损，更没有年度亏损。在世间最大的赌场，其业绩冠绝其时，其投资模式，领先此后鱼贯进入华尔街的宽客们20年。\n1988年，Thorp的基金因为受到垃圾债券之王米尔肯一案的牵连被迫关闭。正是在这一年，Simons成立大奖章基金，已年过半百的他，可谓大器晚成，在此前为了寻找成功的投资模型已经摸索了10年之久，一直在主观和量化之间摇摆。尽管外界一直都把Simons视作量化投资大师，但实际上他点角色和Thorp完全不同，他的主要工作并不是开发量化模型，而是从学术圈挖掘各类科学家来帮助公司开发量化模型，并且作为精神领袖塑造公司企业文化。作为一名世界级的数学家+卓越的销售，他与不同的人都能融洽的打交道，这是一种罕见的能力。\n量化之路\n作为量化交易的先驱，Thorp擅长各种衍生品的对冲套利，70年代的熊市和波动率让这种策略运行的非常完美。依靠自己的数学天赋和市场嗅觉发现了新的蓝海：统计套利（Statistical Arbitrage）和因子模型（factors model）——早期的quant原型。这种模式下的风险理论上是无穷的，尤其是做空那些价格高估的股票的损失上限是无穷大，Thorp主要风控策略是分散化投资。此后的LTCM采用类似的套利模式，但缺少Thorp这样的风控策略，被黑天鹅击败。为了提升投资效率，Thorp将投资策略变成程序，再次成为程序化交易（Algorithm Trading）的先驱。\n相比之下，Simons就没那么幸运了。从早期尝试直觉投资到基于趋势的动量交易、反转交易再到持续收集挖掘海量数据包括数据清洗、信号机制和回溯测试。1986年使用识别隐藏价格趋势的模型框架——1989年利用异常交易信号进行短期高频交易——1992年改为只用单一模型（关键性突破），而后语音识别专家帮助进行各种技术突破（金融模型与语音识别有相似之处），模型经历了漫长迭代改进的过程。最终练就了模型重要核心能力：识别出“交易的价值”，包括：价格趋势的确定性大小、交易信号之间的权重取舍、根据信号进行交易对市场造成的影响的判断。这项能力对于高频全品种交易尤为重要。\n取胜系统：概率思考&对人类行为建模\n对Thorp来说，赌博和投资都是以概率统计为基础的游戏，根据胜率的大小来分配下注金额的大小（基于凯利法则的资金管理），而大奖章基金的第一次重大突破也来自于对凯利法则的运用以及缩短交易频率使其交易更体现大数定律。大奖章的系统只要胜率略高于50%就能赚钱，而不在乎每一笔买卖的盈亏。本质上，是在利用其他交易者的疏忽和错误赚钱（市场无效）。人类在高压下的行为具有很高的可预测性，他们会本能地表现出恐慌。建模的前提是人类会不断重复过去的行为。索罗斯曾以反身性的哲学理论对人类行为建模，而Simons的团队利用数据和算法对人类行为建模，以此印证行为金融学的理论。\n与传统的价值投资把市场面简化成一位市场先生不同，量化投资的经验是，影响金融市场和投资的因素和变量远远比大多数人意识到的更多，导致市场无效的因素甚至可以说是加密的（Thorp在书中对有效市场假说也不遗余力的进行驳斥）。投资者努力寻找最基本的推动因素，但是遗漏的也许是一整个维度的信息。大奖章基金无法对每一条盈利的规律背后的逻辑进行解释，就如同人类无法理解阿尔法围棋一样，也许是更高纬度的存在。\n模型是对世界的抽象和简化，但模型并不是万能的。当数据和欲望相冲突，即便是理性的科学家，也无法做到完全理性。Simons的初心是创建的算法驱动的自动交易系统，完全屏蔽人类的主观判断，但每一次危机，他仍忍不住会手动干预，减少对信号的依赖，主动缩减交易头寸，可干预的结果并不十分理想。他的同事帕特森也说：”永远不要对交易模型过于信任。长期资本管理公司的基本错误是认为模型就是事实真相，我们从未相信我们的模型能够反映全部事实，它只反映事实的一部分。”\n宽客人生\n其实很多大佬的交集，远远超过我们想象。比如Thorp和巴菲特在桥牌桌上过过招，在确认巴菲特最终会成为全美最富有的人之后，果断投资了BRK的股票。很多人以为，学霸不一定会拥有好人生，毕竟，book smart和street smart之间的有极大的鸿沟，现实世界的规则比学校要复杂太多，但Thorp践行了将抽象思维运用到现实生活中的思维方式，真正诠释了“彪悍的人生不需要解释”，学术、财富、家庭圆满，很早就意识到在生活本身高于赚钱。相比较Thorp精彩纷呈的人生，Simons的人生曲折太多，离过婚，他的两个儿子先后遭受不幸，还遭遇过伙伴背叛。但最终还是选择和生活讲和，并投身慈善事业，从学术生涯到宽客人生，在跌宕起伏中探寻命运的真谛，而经历本身就是意义所在。就像Thorp在自传末尾所说：生活像是读一本小说或者跑一场马拉松，到达终点往往不是那么重要，旅途本身和沿途的体验更为珍贵。No body can take away the dance you have danced.","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":3871,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141958270,"gmtCreate":1625835446190,"gmtModify":1703749497028,"author":{"id":"4088507779206510","authorId":"4088507779206510","name":"lktung","avatar":"https://static.tigerbbs.com/3577645be9022fdf87ef2d8d05a39fd6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088507779206510","idStr":"4088507779206510"},"themes":[],"htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/141958270","repostId":"2150372686","repostType":4,"repost":{"id":"2150372686","kind":"news","pubTimestamp":1625835004,"share":"https://ttm.financial/m/news/2150372686?lang=en_US&edition=fundamental","pubTime":"2021-07-09 20:50","market":"hk","language":"zh","title":"Chuan supervisory authorities once met Xu Jiayin, Evergrande staff: inconvenient to respond","url":"https://stock-news.laohu8.com/highlight/detail?id=2150372686","media":"银柿财经","summary":"7月9日，有媒体报道《监管当局约见许家印，要求恒大尽快化解债务问题》。","content":"<p>On July 9, some media reported that \"the regulatory authorities met with Xu Jiayin and asked Evergrande to resolve the debt problem as soon as possible.\" The report pointed out that \"the Financial Stability and Development Committee of the State Council of China and<a href=\"https://laohu8.com/S/03333\">China Evergrande</a>At the meeting, the chairman of the board, Hui Ka-yin, asked him to quickly resolve the debt woes so as not to cause financial risks. \"</p><p>At the same time, according to a person familiar with the matter, about a month before this meeting with the Financial Stability Committee, the People's Bank of China and other regulatory agencies interviewed Evergrande and urged it to speed up the sale of assets, reduce debts and repay debts in time.</p><p>Silver Finance reporter called the relevant person in charge of China Evergrande about the authenticity of the report. The staff member said, \"I don't know where the source of the news is? It's not convenient to respond.\"</p><p><img src=\"https://static.tigerbbs.com/7bd9c5f6f455ab3d41aa3e821ab0cd24\" tg-width=\"840\" tg-height=\"470\"></p>","source":"lsy1610344500291","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>Chuan supervisory authorities once met Xu Jiayin, Evergrande staff: inconvenient to respond</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nChuan supervisory authorities once met Xu Jiayin, Evergrande staff: inconvenient to respond\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">银柿财经</strong><span class=\"h-time small\">2021-07-09 20:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On July 9, some media reported that \"the regulatory authorities met with Xu Jiayin and asked Evergrande to resolve the debt problem as soon as possible.\" The report pointed out that \"the Financial Stability and Development Committee of the State Council of China and<a href=\"https://laohu8.com/S/03333\">China Evergrande</a>At the meeting, the chairman of the board, Hui Ka-yin, asked him to quickly resolve the debt woes so as not to cause financial risks. \"</p><p>At the same time, according to a person familiar with the matter, about a month before this meeting with the Financial Stability Committee, the People's Bank of China and other regulatory agencies interviewed Evergrande and urged it to speed up the sale of assets, reduce debts and repay debts in time.</p><p>Silver Finance reporter called the relevant person in charge of China Evergrande about the authenticity of the report. The staff member said, \"I don't know where the source of the news is? It's not convenient to respond.\"</p><p><img src=\"https://static.tigerbbs.com/7bd9c5f6f455ab3d41aa3e821ab0cd24\" tg-width=\"840\" tg-height=\"470\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021070920454979d0dc51&s=b\">银柿财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/11035f651c5c16f8f951521b8717a989","relate_stocks":{"03333":"中国恒大"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021070920454979d0dc51&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2150372686","content_text":"7月9日，有媒体报道《监管当局约见许家印，要求恒大尽快化解债务问题》，该报道指出，“中国国务院金融稳定发展委员会与中国恒大董事局主席许家印会面时，要求其快化解债务困境，以免引发金融风险。“\n同时据一位知情人士称，在此次与金稳委会面前大约一个月，人行等监管机构曾约谈恒大，督促其加快出售资产、削减债务并及时偿还债务。\n银柿财经记者就该报道的真实性致电中国恒大相关负责人，该工作人员表示：“不知道消息的信源是哪里？不方便回应。”","news_type":1,"symbols_score_info":{"03333":0.9}},"isVote":1,"tweetType":1,"viewCount":1985,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":148315926,"gmtCreate":1625929976365,"gmtModify":1703750995603,"author":{"id":"4088507779206510","authorId":"4088507779206510","name":"lktung","avatar":"https://static.tigerbbs.com/3577645be9022fdf87ef2d8d05a39fd6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088507779206510","idStr":"4088507779206510"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/148315926","repostId":"1124741749","repostType":4,"repost":{"id":"1124741749","kind":"news","pubTimestamp":1625910991,"share":"https://ttm.financial/m/news/1124741749?lang=en_US&edition=fundamental","pubTime":"2021-07-10 17:56","market":"us","language":"zh","title":"Thorpe and Simmons: The Legendary Lives of Two Godfather Investment Magnates","url":"https://stock-news.laohu8.com/highlight/detail?id=1124741749","media":"SMARTMATRIX","summary":"他们都出生于30年代，自幼天赋异禀、身在学术圈但都一心向钱，有两个共同的母校。","content":"<p>A Man for All Markets is the personal biography of Edward Thorp. The Chinese translation is \"The Man Who Beat All Markets\". Judging from Thorp's experience, from beating casinos to entering Wall Street, OTC options, convertible bonds, stocks, futures and other derivatives are All dabbled in, which is worthy of the name All Markets. Taleb says in the preface that his memoir reads like a thriller.</p><p>As a mathematical genius and The godfather of quantitative investment, he pioneered The introduction of probability theory, information theory, and computer programming into financial transactions, which influenced countless Quant bosses in later generations: Bill Gross, David Shaw, Ken Griffin... including The famous James Simons, whose Renaissance technology company created The myth of The rate of return in financial history. Similarly, Simons' biography The Man Who Solved The Market details The ups and downs of him and his team's conquest of The financial Market. Although it was compiled by a Wall Street Journal writer based on interviews, many of them have never been revealed before.</p><p><b>Academic Source</b></p><p>When culture flourishes, people are outstanding. The so-called outstanding people, such as the Hunan School since the late Ming Dynasty in China, made Hunan the cradle of revolutionaries. In academic circles, there is a similar phenomenon. A careful study of the backgrounds of the two big bosses will find a lot in common. They were both born in the 1930s, gifted since childhood, in the academic circle, but both are devoted to money, and have two alma maters in common: University of California, Berkeley and MIT. The academics of both schools reached their peak after the war. One of the main reasons was the large-scale military scientific research activities spawned by World War II (the famous Manhattan Project, cryptography, information theory and modern computers). Both Thorp and Simons happened to catch up with this wave of academic dividends. In the 1950s, Thorp became obsessed with studying roulette with Shannon, while Simons remained submerged in theoretical mathematics, which also led to his academic achievements (Chern-Simons Theroy). In the 1960s, MIT became the center of the computer revolution, and mathematics and computers were the two keys to Wall Street, and Thorp was the lucky one to hold these two keys.</p><p><b>Casinos vs Wall Street</b></p><p>The talked-about story today is that Thorp used the law of large numbers and Kelly's formula to defeat the casino, and he became the first person in history to be \"blacked out\" by a Las Vegas casino. By contrast, PNP (Princeton Newport Partners), the hedge fund he founded, has a much dimmer profile. In fact, from 1969 to 1988, the annualized returns of the two PNP funds reached 19.1% and 15.1%, respectively, and the average annual growth rate of the S&P index was 10.2% during the same period. In the past 19 years, after two oil crises in 1970s and the stock market crash in 1987, the two funds have never suffered a single-quarter loss, let alone an annual loss. In the world's largest casino, its performance is the best, and its investment model is 20 years ahead of the broad customers who have filed into Wall Street since then.</p><p>In 1988, Thorp's fund was forced to shut down because it was implicated in the case of Milken, the king of junk bonds. It was in this year that Simons set up the Medal Fund. He is over fifty years old, and he can be described as a late bloomer. He has been exploring for 10 years to find a successful investment model, and has been swinging between subjective and quantitative. Although the outside world has always regarded Simons as a master of quantitative investment, in fact, his role is completely different from Thorp's. His main job is not to develop quantitative models, but to dig all kinds of scientists from the academic circle to help the company develop quantitative models, and as a spiritual leader to shape the company's corporate culture. As a world-class mathematician + excellent sales, he can deal well with different people, which is a rare ability.</p><p><b>Quantitative path</b></p><p>As a pioneer of quantitative trading, Thorp is good at hedging arbitrage of various derivatives. The bear market and volatility in the 1970s made this strategy work perfectly. Relying on his mathematical talent and sense of market smell, he discovered new blue oceans: Statistical Arbitrage and factors models — early prototypes of quant. The risk under this model is theoretically infinite, especially the upper limit of losses of shorting those overvalued stocks is infinite. Thorp's main risk control strategy is diversified investment. Since then, LTCM adopted a similar arbitrage model, but lacked a risk control strategy like Thorp and was defeated by Black Swan. In order to improve investment efficiency, Thorp turned investment strategies into programs, and once again became the pioneer of Algorithm Trading.</p><p>Simons, by contrast, wasn't so lucky. From early attempts at intuitive investing to trend-based momentum trading, reversal trading to continuous collection and mining of massive amounts of data including data cleaning, signaling mechanisms and back-testing. In 1986, the model framework for identifying hidden price trends was used-in 1989, abnormal trading signals were used for short-term high-frequency trading-in 1992, only a single model was used (critical breakthrough), and then speech recognition experts helped make various technological breakthroughs (financial models have similarities with speech recognition), and the model went through a long process of iterative improvement. Finally, the important core ability of the model was developed: identifying the \"value of transactions\", including: the certainty of price trend, the weight trade-off between trading signals, and the judgment of the impact of trading according to signals on the market. This ability is particularly important for high-frequency full-variety trading.</p><p><b>Winning Systems: Probabilistic Thinking & Modeling Human Behavior</b></p><p>For Thorp, gambling and investing are both games based on probability and statistics, and the amount of bets is allocated according to the winning rate (money management based on Kelly's rule). The first major breakthrough of the Medallion Fund also came from the application of Kelly's rule and the shortening of the transaction frequency to make its transactions more reflect the law of large numbers. The Medallion's system makes money as long as the winning percentage is slightly above 50%, regardless of the profit or loss of every sale. Essentially, it is making money by taking advantage of the negligence and mistakes of other traders (market invalidity). Human behavior under high pressure is highly predictable, and they instinctively exhibit panic. Modeling is based on the premise that humans will constantly repeat past behaviors. Soros used reflexive philosophical theory to model human behavior, while Simons' team used data and algorithms to model human behavior, so as to confirm the theory of behavioral finance.</p><p>Unlike traditional value investment, which simplifies the market to a Mr. Market, the experience of quantitative investment is that there are far more factors and variables affecting financial markets and investment than most people realize, and the factors that lead to market inefficiency can even be said to be encrypted (Thorp spares no effort to refute the efficient market hypothesis in his book). Investors struggle to find the most basic drivers, but what is missing is perhaps a whole dimension of information. The Medallion Fund cannot explain the logic behind every law of profit, just as humans cannot understand Alpha Go, perhaps at higher latitudes.</p><p>Models are abstractions and simplifications of the world, but models are not panacea. When data and desire conflict, even a rational scientist cannot be completely rational. Simons' original intention is to create an algorithm-driven automatic trading system, which completely shields human subjective judgment. However, in every crisis, he can't help but intervene manually, reduce his dependence on signals, and actively reduce his trading position. The intervention result is not very ideal. His colleague Patterson also said: \"<b>Never put too much trust in trading models. The basic mistake of long-term capital management is to think that the model is the truth. We never believe that our model can reflect the whole truth, it only reflects a part of the truth</b>。”</p><p><b>Kuan Ke Life</b></p><p>In fact, the intersection of many big bosses far exceeds our imagination. For example, Thorp and Buffett played tricks at the bridge table. After confirming that Buffett would eventually become the richest man in the United States, he decisively invested in BRK stock. Many people think that Xueba may not necessarily have a good life. After all, there is a huge gap between book smart and street smart, and the rules of the real world are much more complicated than those of school. However, Thorp practiced the way of thinking of applying abstract thinking to real life, and truly interpreted that \"a tough life doesn't need explanation\". Academics, wealth and family are complete, and he realized very early that life itself is higher than making money. Compared to Thorp's brilliant life, Simons had too many twists and turns. He was divorced, his two sons suffered misfortune one after another, and he was betrayed by his partners. But in the end, I choose to make peace with life and devote myself to charity. From academic career to wide guest life, I explore the true meaning of fate in the ups and downs, and experience itself is the meaning. As Thorp said at the end of his autobiography: Life is like reading a novel or running a marathon. Reaching the end is often less important, and the journey itself and the experience along the way are more precious.<b>No body can take away the dance you have danced.</b></p>","source":"lsy1625911325017","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>Thorpe and Simmons: The Legendary Lives of Two Godfather Investment Magnates</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nThorpe and Simmons: The Legendary Lives of Two Godfather Investment Magnates\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">SMARTMATRIX</strong><span class=\"h-time small\">2021-07-10 17:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A Man for All Markets is the personal biography of Edward Thorp. The Chinese translation is \"The Man Who Beat All Markets\". Judging from Thorp's experience, from beating casinos to entering Wall Street, OTC options, convertible bonds, stocks, futures and other derivatives are All dabbled in, which is worthy of the name All Markets. Taleb says in the preface that his memoir reads like a thriller.</p><p>As a mathematical genius and The godfather of quantitative investment, he pioneered The introduction of probability theory, information theory, and computer programming into financial transactions, which influenced countless Quant bosses in later generations: Bill Gross, David Shaw, Ken Griffin... including The famous James Simons, whose Renaissance technology company created The myth of The rate of return in financial history. Similarly, Simons' biography The Man Who Solved The Market details The ups and downs of him and his team's conquest of The financial Market. Although it was compiled by a Wall Street Journal writer based on interviews, many of them have never been revealed before.</p><p><b>Academic Source</b></p><p>When culture flourishes, people are outstanding. The so-called outstanding people, such as the Hunan School since the late Ming Dynasty in China, made Hunan the cradle of revolutionaries. In academic circles, there is a similar phenomenon. A careful study of the backgrounds of the two big bosses will find a lot in common. They were both born in the 1930s, gifted since childhood, in the academic circle, but both are devoted to money, and have two alma maters in common: University of California, Berkeley and MIT. The academics of both schools reached their peak after the war. One of the main reasons was the large-scale military scientific research activities spawned by World War II (the famous Manhattan Project, cryptography, information theory and modern computers). Both Thorp and Simons happened to catch up with this wave of academic dividends. In the 1950s, Thorp became obsessed with studying roulette with Shannon, while Simons remained submerged in theoretical mathematics, which also led to his academic achievements (Chern-Simons Theroy). In the 1960s, MIT became the center of the computer revolution, and mathematics and computers were the two keys to Wall Street, and Thorp was the lucky one to hold these two keys.</p><p><b>Casinos vs Wall Street</b></p><p>The talked-about story today is that Thorp used the law of large numbers and Kelly's formula to defeat the casino, and he became the first person in history to be \"blacked out\" by a Las Vegas casino. By contrast, PNP (Princeton Newport Partners), the hedge fund he founded, has a much dimmer profile. In fact, from 1969 to 1988, the annualized returns of the two PNP funds reached 19.1% and 15.1%, respectively, and the average annual growth rate of the S&P index was 10.2% during the same period. In the past 19 years, after two oil crises in 1970s and the stock market crash in 1987, the two funds have never suffered a single-quarter loss, let alone an annual loss. In the world's largest casino, its performance is the best, and its investment model is 20 years ahead of the broad customers who have filed into Wall Street since then.</p><p>In 1988, Thorp's fund was forced to shut down because it was implicated in the case of Milken, the king of junk bonds. It was in this year that Simons set up the Medal Fund. He is over fifty years old, and he can be described as a late bloomer. He has been exploring for 10 years to find a successful investment model, and has been swinging between subjective and quantitative. Although the outside world has always regarded Simons as a master of quantitative investment, in fact, his role is completely different from Thorp's. His main job is not to develop quantitative models, but to dig all kinds of scientists from the academic circle to help the company develop quantitative models, and as a spiritual leader to shape the company's corporate culture. As a world-class mathematician + excellent sales, he can deal well with different people, which is a rare ability.</p><p><b>Quantitative path</b></p><p>As a pioneer of quantitative trading, Thorp is good at hedging arbitrage of various derivatives. The bear market and volatility in the 1970s made this strategy work perfectly. Relying on his mathematical talent and sense of market smell, he discovered new blue oceans: Statistical Arbitrage and factors models — early prototypes of quant. The risk under this model is theoretically infinite, especially the upper limit of losses of shorting those overvalued stocks is infinite. Thorp's main risk control strategy is diversified investment. Since then, LTCM adopted a similar arbitrage model, but lacked a risk control strategy like Thorp and was defeated by Black Swan. In order to improve investment efficiency, Thorp turned investment strategies into programs, and once again became the pioneer of Algorithm Trading.</p><p>Simons, by contrast, wasn't so lucky. From early attempts at intuitive investing to trend-based momentum trading, reversal trading to continuous collection and mining of massive amounts of data including data cleaning, signaling mechanisms and back-testing. In 1986, the model framework for identifying hidden price trends was used-in 1989, abnormal trading signals were used for short-term high-frequency trading-in 1992, only a single model was used (critical breakthrough), and then speech recognition experts helped make various technological breakthroughs (financial models have similarities with speech recognition), and the model went through a long process of iterative improvement. Finally, the important core ability of the model was developed: identifying the \"value of transactions\", including: the certainty of price trend, the weight trade-off between trading signals, and the judgment of the impact of trading according to signals on the market. This ability is particularly important for high-frequency full-variety trading.</p><p><b>Winning Systems: Probabilistic Thinking & Modeling Human Behavior</b></p><p>For Thorp, gambling and investing are both games based on probability and statistics, and the amount of bets is allocated according to the winning rate (money management based on Kelly's rule). The first major breakthrough of the Medallion Fund also came from the application of Kelly's rule and the shortening of the transaction frequency to make its transactions more reflect the law of large numbers. The Medallion's system makes money as long as the winning percentage is slightly above 50%, regardless of the profit or loss of every sale. Essentially, it is making money by taking advantage of the negligence and mistakes of other traders (market invalidity). Human behavior under high pressure is highly predictable, and they instinctively exhibit panic. Modeling is based on the premise that humans will constantly repeat past behaviors. Soros used reflexive philosophical theory to model human behavior, while Simons' team used data and algorithms to model human behavior, so as to confirm the theory of behavioral finance.</p><p>Unlike traditional value investment, which simplifies the market to a Mr. Market, the experience of quantitative investment is that there are far more factors and variables affecting financial markets and investment than most people realize, and the factors that lead to market inefficiency can even be said to be encrypted (Thorp spares no effort to refute the efficient market hypothesis in his book). Investors struggle to find the most basic drivers, but what is missing is perhaps a whole dimension of information. The Medallion Fund cannot explain the logic behind every law of profit, just as humans cannot understand Alpha Go, perhaps at higher latitudes.</p><p>Models are abstractions and simplifications of the world, but models are not panacea. When data and desire conflict, even a rational scientist cannot be completely rational. Simons' original intention is to create an algorithm-driven automatic trading system, which completely shields human subjective judgment. However, in every crisis, he can't help but intervene manually, reduce his dependence on signals, and actively reduce his trading position. The intervention result is not very ideal. His colleague Patterson also said: \"<b>Never put too much trust in trading models. The basic mistake of long-term capital management is to think that the model is the truth. We never believe that our model can reflect the whole truth, it only reflects a part of the truth</b>。”</p><p><b>Kuan Ke Life</b></p><p>In fact, the intersection of many big bosses far exceeds our imagination. For example, Thorp and Buffett played tricks at the bridge table. After confirming that Buffett would eventually become the richest man in the United States, he decisively invested in BRK stock. Many people think that Xueba may not necessarily have a good life. After all, there is a huge gap between book smart and street smart, and the rules of the real world are much more complicated than those of school. However, Thorp practiced the way of thinking of applying abstract thinking to real life, and truly interpreted that \"a tough life doesn't need explanation\". Academics, wealth and family are complete, and he realized very early that life itself is higher than making money. Compared to Thorp's brilliant life, Simons had too many twists and turns. He was divorced, his two sons suffered misfortune one after another, and he was betrayed by his partners. But in the end, I choose to make peace with life and devote myself to charity. From academic career to wide guest life, I explore the true meaning of fate in the ups and downs, and experience itself is the meaning. As Thorp said at the end of his autobiography: Life is like reading a novel or running a marathon. Reaching the end is often less important, and the journey itself and the experience along the way are more precious.<b>No body can take away the dance you have danced.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/g5Zdx-uS3wl9QbsHZm1DVw\">SMARTMATRIX</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/388d882133df2db2363aa871ff756c47","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://mp.weixin.qq.com/s/g5Zdx-uS3wl9QbsHZm1DVw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124741749","content_text":"A Man for All Markets是Edward Thorp的个人传记，中文翻译《战胜一切市场的人》，从Thorp的经历来看，从打败赌场到进入华尔街，OTC期权、可转债、股票、期货等衍生品，全部涉猎，名副其实的All Markets。塔勒布在序言里说，他的回忆录读起来像一部惊悚小说。\n作为一个数学天才、量化投资教父级人物，他开创性的将概率论、信息论、计算机编程引入金融交易，影响了后世无数Quant大佬：Bill Gross、David Shaw、Ken Griffin...其中也包括大名鼎鼎的James Simons，后者的文艺复兴科技公司创造了金融史上的回报率神话，同样，讲述Simons的传记The Man Who Solved The Market，详细记录了他和他的团队征服金融市场的起起落落，虽是一位华尔街日报作家根据采访汇编而成，但其中不少以前从未披露过的精彩故事。\n学术源流\n文化兴，则人杰出，所谓的人杰地灵，比如中国明末以来的湖湘学派让湖南成为革命党人的摇篮。在学术圈，也有类似的现象。仔细研究两位大佬的背景，会发现很多共通点，他们都出生于30年代，自幼天赋异禀、身在学术圈但都一心向钱，有两个共同的母校：加州大学伯克利分校和MIT。两校的学术在战后都达到了巅峰，主要一个原因就是二战催生的大规军事科研活动（著名的曼哈顿计划、密码学、信息论和现代计算机），Thorp和Simons都恰好赶上了这波学术红利。50年代，Thorp醉心于和香农一起研究轮盘赌，而Simons仍埋头于理论数学问题，这也使得其在学术上的成就更高（Chern-Simons Theroy）。60年代，MIT成为计算机革命的中心，而数学和计算机正是通向华尔街的两把钥匙，Thorp正是手握这两把钥匙的幸运儿。\n赌场vs华尔街\n如今为人津津乐道的故事是Thorp利用大数定律和凯利公式打败了赌场，他也成了历史上第一个被拉斯维加斯赌场“拉黑”的人。相比之下，他创设的对冲基金PNP（Princeton Newport Partners）知名度黯淡不少。实际上，从1969年到1988年，PNP两支基金的年化收益率分别达到19.1%和15.1%，同期标普指数年均增长率为10.2%。19年间历经70年代两次石油危机、87年股灾，两只基金从未发生单季亏损，更没有年度亏损。在世间最大的赌场，其业绩冠绝其时，其投资模式，领先此后鱼贯进入华尔街的宽客们20年。\n1988年，Thorp的基金因为受到垃圾债券之王米尔肯一案的牵连被迫关闭。正是在这一年，Simons成立大奖章基金，已年过半百的他，可谓大器晚成，在此前为了寻找成功的投资模型已经摸索了10年之久，一直在主观和量化之间摇摆。尽管外界一直都把Simons视作量化投资大师，但实际上他点角色和Thorp完全不同，他的主要工作并不是开发量化模型，而是从学术圈挖掘各类科学家来帮助公司开发量化模型，并且作为精神领袖塑造公司企业文化。作为一名世界级的数学家+卓越的销售，他与不同的人都能融洽的打交道，这是一种罕见的能力。\n量化之路\n作为量化交易的先驱，Thorp擅长各种衍生品的对冲套利，70年代的熊市和波动率让这种策略运行的非常完美。依靠自己的数学天赋和市场嗅觉发现了新的蓝海：统计套利（Statistical Arbitrage）和因子模型（factors model）——早期的quant原型。这种模式下的风险理论上是无穷的，尤其是做空那些价格高估的股票的损失上限是无穷大，Thorp主要风控策略是分散化投资。此后的LTCM采用类似的套利模式，但缺少Thorp这样的风控策略，被黑天鹅击败。为了提升投资效率，Thorp将投资策略变成程序，再次成为程序化交易（Algorithm Trading）的先驱。\n相比之下，Simons就没那么幸运了。从早期尝试直觉投资到基于趋势的动量交易、反转交易再到持续收集挖掘海量数据包括数据清洗、信号机制和回溯测试。1986年使用识别隐藏价格趋势的模型框架——1989年利用异常交易信号进行短期高频交易——1992年改为只用单一模型（关键性突破），而后语音识别专家帮助进行各种技术突破（金融模型与语音识别有相似之处），模型经历了漫长迭代改进的过程。最终练就了模型重要核心能力：识别出“交易的价值”，包括：价格趋势的确定性大小、交易信号之间的权重取舍、根据信号进行交易对市场造成的影响的判断。这项能力对于高频全品种交易尤为重要。\n取胜系统：概率思考&对人类行为建模\n对Thorp来说，赌博和投资都是以概率统计为基础的游戏，根据胜率的大小来分配下注金额的大小（基于凯利法则的资金管理），而大奖章基金的第一次重大突破也来自于对凯利法则的运用以及缩短交易频率使其交易更体现大数定律。大奖章的系统只要胜率略高于50%就能赚钱，而不在乎每一笔买卖的盈亏。本质上，是在利用其他交易者的疏忽和错误赚钱（市场无效）。人类在高压下的行为具有很高的可预测性，他们会本能地表现出恐慌。建模的前提是人类会不断重复过去的行为。索罗斯曾以反身性的哲学理论对人类行为建模，而Simons的团队利用数据和算法对人类行为建模，以此印证行为金融学的理论。\n与传统的价值投资把市场面简化成一位市场先生不同，量化投资的经验是，影响金融市场和投资的因素和变量远远比大多数人意识到的更多，导致市场无效的因素甚至可以说是加密的（Thorp在书中对有效市场假说也不遗余力的进行驳斥）。投资者努力寻找最基本的推动因素，但是遗漏的也许是一整个维度的信息。大奖章基金无法对每一条盈利的规律背后的逻辑进行解释，就如同人类无法理解阿尔法围棋一样，也许是更高纬度的存在。\n模型是对世界的抽象和简化，但模型并不是万能的。当数据和欲望相冲突，即便是理性的科学家，也无法做到完全理性。Simons的初心是创建的算法驱动的自动交易系统，完全屏蔽人类的主观判断，但每一次危机，他仍忍不住会手动干预，减少对信号的依赖，主动缩减交易头寸，可干预的结果并不十分理想。他的同事帕特森也说：”永远不要对交易模型过于信任。长期资本管理公司的基本错误是认为模型就是事实真相，我们从未相信我们的模型能够反映全部事实，它只反映事实的一部分。”\n宽客人生\n其实很多大佬的交集，远远超过我们想象。比如Thorp和巴菲特在桥牌桌上过过招，在确认巴菲特最终会成为全美最富有的人之后，果断投资了BRK的股票。很多人以为，学霸不一定会拥有好人生，毕竟，book smart和street smart之间的有极大的鸿沟，现实世界的规则比学校要复杂太多，但Thorp践行了将抽象思维运用到现实生活中的思维方式，真正诠释了“彪悍的人生不需要解释”，学术、财富、家庭圆满，很早就意识到在生活本身高于赚钱。相比较Thorp精彩纷呈的人生，Simons的人生曲折太多，离过婚，他的两个儿子先后遭受不幸，还遭遇过伙伴背叛。但最终还是选择和生活讲和，并投身慈善事业，从学术生涯到宽客人生，在跌宕起伏中探寻命运的真谛，而经历本身就是意义所在。就像Thorp在自传末尾所说：生活像是读一本小说或者跑一场马拉松，到达终点往往不是那么重要，旅途本身和沿途的体验更为珍贵。No body can take away the dance you have danced.","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":3871,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141958270,"gmtCreate":1625835446190,"gmtModify":1703749497028,"author":{"id":"4088507779206510","authorId":"4088507779206510","name":"lktung","avatar":"https://static.tigerbbs.com/3577645be9022fdf87ef2d8d05a39fd6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088507779206510","idStr":"4088507779206510"},"themes":[],"htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/141958270","repostId":"2150372686","repostType":4,"repost":{"id":"2150372686","kind":"news","pubTimestamp":1625835004,"share":"https://ttm.financial/m/news/2150372686?lang=en_US&edition=fundamental","pubTime":"2021-07-09 20:50","market":"hk","language":"zh","title":"Chuan supervisory authorities once met Xu Jiayin, Evergrande staff: inconvenient to respond","url":"https://stock-news.laohu8.com/highlight/detail?id=2150372686","media":"银柿财经","summary":"7月9日，有媒体报道《监管当局约见许家印，要求恒大尽快化解债务问题》。","content":"<p>On July 9, some media reported that \"the regulatory authorities met with Xu Jiayin and asked Evergrande to resolve the debt problem as soon as possible.\" The report pointed out that \"the Financial Stability and Development Committee of the State Council of China and<a href=\"https://laohu8.com/S/03333\">China Evergrande</a>At the meeting, the chairman of the board, Hui Ka-yin, asked him to quickly resolve the debt woes so as not to cause financial risks. \"</p><p>At the same time, according to a person familiar with the matter, about a month before this meeting with the Financial Stability Committee, the People's Bank of China and other regulatory agencies interviewed Evergrande and urged it to speed up the sale of assets, reduce debts and repay debts in time.</p><p>Silver Finance reporter called the relevant person in charge of China Evergrande about the authenticity of the report. The staff member said, \"I don't know where the source of the news is? It's not convenient to respond.\"</p><p><img src=\"https://static.tigerbbs.com/7bd9c5f6f455ab3d41aa3e821ab0cd24\" tg-width=\"840\" tg-height=\"470\"></p>","source":"lsy1610344500291","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>Chuan supervisory authorities once met Xu Jiayin, Evergrande staff: inconvenient to respond</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nChuan supervisory authorities once met Xu Jiayin, Evergrande staff: inconvenient to respond\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">银柿财经</strong><span class=\"h-time small\">2021-07-09 20:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On July 9, some media reported that \"the regulatory authorities met with Xu Jiayin and asked Evergrande to resolve the debt problem as soon as possible.\" The report pointed out that \"the Financial Stability and Development Committee of the State Council of China and<a href=\"https://laohu8.com/S/03333\">China Evergrande</a>At the meeting, the chairman of the board, Hui Ka-yin, asked him to quickly resolve the debt woes so as not to cause financial risks. \"</p><p>At the same time, according to a person familiar with the matter, about a month before this meeting with the Financial Stability Committee, the People's Bank of China and other regulatory agencies interviewed Evergrande and urged it to speed up the sale of assets, reduce debts and repay debts in time.</p><p>Silver Finance reporter called the relevant person in charge of China Evergrande about the authenticity of the report. The staff member said, \"I don't know where the source of the news is? It's not convenient to respond.\"</p><p><img src=\"https://static.tigerbbs.com/7bd9c5f6f455ab3d41aa3e821ab0cd24\" tg-width=\"840\" tg-height=\"470\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021070920454979d0dc51&s=b\">银柿财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/11035f651c5c16f8f951521b8717a989","relate_stocks":{"03333":"中国恒大"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021070920454979d0dc51&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2150372686","content_text":"7月9日，有媒体报道《监管当局约见许家印，要求恒大尽快化解债务问题》，该报道指出，“中国国务院金融稳定发展委员会与中国恒大董事局主席许家印会面时，要求其快化解债务困境，以免引发金融风险。“\n同时据一位知情人士称，在此次与金稳委会面前大约一个月，人行等监管机构曾约谈恒大，督促其加快出售资产、削减债务并及时偿还债务。\n银柿财经记者就该报道的真实性致电中国恒大相关负责人，该工作人员表示：“不知道消息的信源是哪里？不方便回应。”","news_type":1,"symbols_score_info":{"03333":0.9}},"isVote":1,"tweetType":1,"viewCount":1985,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801159611,"gmtCreate":1627489518633,"gmtModify":1703491081981,"author":{"id":"4088507779206510","authorId":"4088507779206510","name":"lktung","avatar":"https://static.tigerbbs.com/3577645be9022fdf87ef2d8d05a39fd6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088507779206510","idStr":"4088507779206510"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/801159611","repostId":"1155682400","repostType":4,"isVote":1,"tweetType":1,"viewCount":1526,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801124207,"gmtCreate":1627489364509,"gmtModify":1703491077027,"author":{"id":"4088507779206510","authorId":"4088507779206510","name":"lktung","avatar":"https://static.tigerbbs.com/3577645be9022fdf87ef2d8d05a39fd6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088507779206510","idStr":"4088507779206510"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/801124207","repostId":"1194703873","repostType":4,"repost":{"id":"1194703873","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627485053,"share":"https://ttm.financial/m/news/1194703873?lang=en_US&edition=fundamental","pubTime":"2021-07-28 23:10","market":"us","language":"zh","title":"AMD jumped more than 5%! Second-quarter net income jumped 352% year over year","url":"https://stock-news.laohu8.com/highlight/detail?id=1194703873","media":"老虎资讯综合","summary":"7月28日，AMD大涨逾5%，第二季度营收38.5亿美元，净利润7亿美元，同比大涨352%。此外，花旗将AMD目标价从95美元上调至100美元>>>\n\nAMD今日公布2021年第二季度营业额为38.5","content":"<p>On July 28,<a href=\"https://laohu8.com/S/AMD\">AMD</a>It rose by more than 5%, with revenue of $3.85 billion and net profit of $700 million in the second quarter, up 352% year-on-year. In addition,<a href=\"https://laohu8.com/S/C\">Citigroup</a>Raise AMD price target to $100 from $95>>></p><p><img src=\"https://static.tigerbbs.com/73ed651f3017b49e4b2f168a8729bc71\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>AMD today reported second-quarter 2021 turnover of $3.85 billion, operating income of $831 million, net income of $710 million and diluted earnings per share of $0.58. Non-GAAP operating income of $924 million, net income of $778 million and diluted earnings per share of $0.63.</p><p>Dr. LisaSu, president and CEO of AMD, said: \"Our performance in the second quarter was excellent, with turnover and operating gross profit doubling year-on-year and earnings more than tripling year-on-year. Thanks to strong demand from all businesses, our growth is significantly faster than the market growth. With strong execution and consumer preference for AMD products, we expect full-year 2021 turnover to increase by nearly 60% year-on-year.\"</p><p><b>Second Quarter 2021 Results</b></p><p>Turnover for the quarter was $3.85 billion, up 99% year-over-year and 12% quarter-over-quarter, driven by higher turnover in the Computing & Graphics Division and the Enterprise, Embedded and Semi-Custom Division.</p><p>Gross profit was 48%, up 4 percentage points year-on-year and 2 percentage points month-on-month. Growth was driven by increased sales of high-end Ryzen processors, Radeon graphics cards and EPYC processors.</p><p>Operating income for the quarter was $831 million compared to $173 million in the same period last year and $662 million in operating income in the previous quarter. On a non-GAAP basis, operating income for the quarter was $924 million compared to $233 million in the same period last year and $762 million in the previous quarter. The increase in operating income was mainly attributable to the increase in turnover.</p><p>Net income for the quarter was $710 million compared to net income of $157 million in the same period last year and $555 million in the previous quarter. On a non-GAAP basis, net income for the quarter was $778 million compared to net income of $216 million in the same period last year and $642 million in the previous quarter.</p><p>Diluted earnings per share for the quarter were $0.58 compared to $0.13 in the year-ago quarter and $0.45 in the previous quarter. On a non-GAAP basis, diluted earnings per share for the quarter were $0.63 compared to diluted earnings per share of $0.18 in the prior year quarter and $0.52 in the prior quarter.</p><p>Total cash, cash equivalents and short-term investments ended the quarter at $3.79 billion.</p><p>Operating cash flow for the quarter was $952 million compared to $243 million in the same period last year and $898 million in the previous quarter. In terms of free cash flow, free cash flow reached a record $888 million in the quarter compared to $152 million in the same period last year and $832 million in the previous quarter.</p><p>In May 2021, AMD announced a $4 billion share repurchase program. In the second quarter, the company repurchased 3.2 million common shares for $256 million.</p><p><b>Quarterly Sector Earnings Summary</b></p><p>Computing & Graphics turnover was US$2.25 billion, up 65% year-over-year and 7% quarter-over-quarter, primarily driven by higher client and graphics processor sales.</p><p>Client processor average selling price (ASP) increased year-over-year and quarter-over-quarter, primarily driven by increased sales of Ryzen's desktop and notebook processor portfolio.</p><p>Driven by the sales volume of high-end graphics products, including data center GPUs, the average selling price of GPUs increased year-on-year and month-on-month.</p><p>Operating income for the quarter was $526 million compared to $200 million in the same period last year and $485 million in the previous quarter, with revenue growth driven by higher turnover.</p><p>The Enterprise, Embedded and Semi-Custom segment recorded a turnover of $1.6 billion, up 183% year over year and 19% quarter over quarter. The increase in turnover was mainly driven by the increase in sales of EPYC processors and semi-custom products.</p><p>Operating income for the quarter was $398 million, compared to $33 million in the same period last year and $277 million in the previous quarter. The year-over-year and quarter-over-quarter growth was mainly driven by higher turnover.</p><p>All other operating losses for the quarter were $93 million, compared to operating losses of $60 million in the same period last year and operating losses of $100 million in the previous quarter.</p><p><b>Recent Company Performance Highlights</b></p><p>AMD announced a $4 billion share repurchase program that will fund the repurchase through operating cash.</p><p>The TOP500 organization has released its latest list of the world's TOP500 supercomputers. The number of systems with AMDEPYC processors is nearly five times that of the June 2020 list. In addition, in the new list, AMDEPYC processor accounts for half of the 58 newly listed systems.</p><p>AMD and its technology partners have announced a number of new high-performance computing systems with AMDEPYC processors, including the Met Office Microsoft Azure supercomputer, the Perlmutter supercomputer and the Singapore National Supercomputing Centre supercomputer.</p><p>AMD and Google Cloud announced a new instance of T2D with the third generation of AMDEPYC processors. According to Google Cloud, T2D instances deliver 56% absolute performance and more than 40% cost performance improvements for scalable workloads.</p><p>AMD continues to build advanced IP with 3D Chiplet technology and continues to invest in cutting-edge manufacturing and packaging technologies. This packaging technology is a breakthrough in combining AMD's innovative chip architecture with 3D stacking technology.</p><p>AMD has announced the AMD Advantage design framework, which combines AMD AdDeon RX6000M series mobile graphics cards, AMD AdDeon software and AMD Ryzen 5000 series mobile processors with AMD's unique intelligent technology and other advanced system design features to provide a first-class gaming experience for notebooks.</p><p>AMD's high-performance \"Zen\" core architecture and AMDRDNA2 architecture have been introduced to new markets.</p><p>AMD announced that the newly designed infotainment system in Tesla's ModelS and ModelX will be powered by AMD Ryzen embedded APUs and GPUs based on the AMDRDNA2 architecture.</p><p>AMD announced that AMDEPYC processors are powering the new HPE Alletra6000, delivering up to 3x the performance of previous HPImble storage all-flash arrays.</p><p>Valve announced that the SteamDeck handheld console features a semi-custom chip from AMD that can run the latest AAA games and all the games in the Steam library.</p><p>AMD releases AMD Fidelity FX SuperResolution, an advanced spatial magnification solution designed to improve gaming frame rates while ensuring high-quality, high-resolution gaming experiences. At present, more than 40 game developers have committed to supporting FSR, and it is expected that more game manufacturers will adopt FSR technology in the future.</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>AMD jumped more than 5%! Second-quarter net income jumped 352% year over year</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nAMD jumped more than 5%! Second-quarter net income jumped 352% year over year\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-28 23:10</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 28,<a href=\"https://laohu8.com/S/AMD\">AMD</a>It rose by more than 5%, with revenue of $3.85 billion and net profit of $700 million in the second quarter, up 352% year-on-year. In addition,<a href=\"https://laohu8.com/S/C\">Citigroup</a>Raise AMD price target to $100 from $95>>></p><p><img src=\"https://static.tigerbbs.com/73ed651f3017b49e4b2f168a8729bc71\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>AMD today reported second-quarter 2021 turnover of $3.85 billion, operating income of $831 million, net income of $710 million and diluted earnings per share of $0.58. Non-GAAP operating income of $924 million, net income of $778 million and diluted earnings per share of $0.63.</p><p>Dr. LisaSu, president and CEO of AMD, said: \"Our performance in the second quarter was excellent, with turnover and operating gross profit doubling year-on-year and earnings more than tripling year-on-year. Thanks to strong demand from all businesses, our growth is significantly faster than the market growth. With strong execution and consumer preference for AMD products, we expect full-year 2021 turnover to increase by nearly 60% year-on-year.\"</p><p><b>Second Quarter 2021 Results</b></p><p>Turnover for the quarter was $3.85 billion, up 99% year-over-year and 12% quarter-over-quarter, driven by higher turnover in the Computing & Graphics Division and the Enterprise, Embedded and Semi-Custom Division.</p><p>Gross profit was 48%, up 4 percentage points year-on-year and 2 percentage points month-on-month. Growth was driven by increased sales of high-end Ryzen processors, Radeon graphics cards and EPYC processors.</p><p>Operating income for the quarter was $831 million compared to $173 million in the same period last year and $662 million in operating income in the previous quarter. On a non-GAAP basis, operating income for the quarter was $924 million compared to $233 million in the same period last year and $762 million in the previous quarter. The increase in operating income was mainly attributable to the increase in turnover.</p><p>Net income for the quarter was $710 million compared to net income of $157 million in the same period last year and $555 million in the previous quarter. On a non-GAAP basis, net income for the quarter was $778 million compared to net income of $216 million in the same period last year and $642 million in the previous quarter.</p><p>Diluted earnings per share for the quarter were $0.58 compared to $0.13 in the year-ago quarter and $0.45 in the previous quarter. On a non-GAAP basis, diluted earnings per share for the quarter were $0.63 compared to diluted earnings per share of $0.18 in the prior year quarter and $0.52 in the prior quarter.</p><p>Total cash, cash equivalents and short-term investments ended the quarter at $3.79 billion.</p><p>Operating cash flow for the quarter was $952 million compared to $243 million in the same period last year and $898 million in the previous quarter. In terms of free cash flow, free cash flow reached a record $888 million in the quarter compared to $152 million in the same period last year and $832 million in the previous quarter.</p><p>In May 2021, AMD announced a $4 billion share repurchase program. In the second quarter, the company repurchased 3.2 million common shares for $256 million.</p><p><b>Quarterly Sector Earnings Summary</b></p><p>Computing & Graphics turnover was US$2.25 billion, up 65% year-over-year and 7% quarter-over-quarter, primarily driven by higher client and graphics processor sales.</p><p>Client processor average selling price (ASP) increased year-over-year and quarter-over-quarter, primarily driven by increased sales of Ryzen's desktop and notebook processor portfolio.</p><p>Driven by the sales volume of high-end graphics products, including data center GPUs, the average selling price of GPUs increased year-on-year and month-on-month.</p><p>Operating income for the quarter was $526 million compared to $200 million in the same period last year and $485 million in the previous quarter, with revenue growth driven by higher turnover.</p><p>The Enterprise, Embedded and Semi-Custom segment recorded a turnover of $1.6 billion, up 183% year over year and 19% quarter over quarter. The increase in turnover was mainly driven by the increase in sales of EPYC processors and semi-custom products.</p><p>Operating income for the quarter was $398 million, compared to $33 million in the same period last year and $277 million in the previous quarter. The year-over-year and quarter-over-quarter growth was mainly driven by higher turnover.</p><p>All other operating losses for the quarter were $93 million, compared to operating losses of $60 million in the same period last year and operating losses of $100 million in the previous quarter.</p><p><b>Recent Company Performance Highlights</b></p><p>AMD announced a $4 billion share repurchase program that will fund the repurchase through operating cash.</p><p>The TOP500 organization has released its latest list of the world's TOP500 supercomputers. The number of systems with AMDEPYC processors is nearly five times that of the June 2020 list. In addition, in the new list, AMDEPYC processor accounts for half of the 58 newly listed systems.</p><p>AMD and its technology partners have announced a number of new high-performance computing systems with AMDEPYC processors, including the Met Office Microsoft Azure supercomputer, the Perlmutter supercomputer and the Singapore National Supercomputing Centre supercomputer.</p><p>AMD and Google Cloud announced a new instance of T2D with the third generation of AMDEPYC processors. According to Google Cloud, T2D instances deliver 56% absolute performance and more than 40% cost performance improvements for scalable workloads.</p><p>AMD continues to build advanced IP with 3D Chiplet technology and continues to invest in cutting-edge manufacturing and packaging technologies. This packaging technology is a breakthrough in combining AMD's innovative chip architecture with 3D stacking technology.</p><p>AMD has announced the AMD Advantage design framework, which combines AMD AdDeon RX6000M series mobile graphics cards, AMD AdDeon software and AMD Ryzen 5000 series mobile processors with AMD's unique intelligent technology and other advanced system design features to provide a first-class gaming experience for notebooks.</p><p>AMD's high-performance \"Zen\" core architecture and AMDRDNA2 architecture have been introduced to new markets.</p><p>AMD announced that the newly designed infotainment system in Tesla's ModelS and ModelX will be powered by AMD Ryzen embedded APUs and GPUs based on the AMDRDNA2 architecture.</p><p>AMD announced that AMDEPYC processors are powering the new HPE Alletra6000, delivering up to 3x the performance of previous HPImble storage all-flash arrays.</p><p>Valve announced that the SteamDeck handheld console features a semi-custom chip from AMD that can run the latest AAA games and all the games in the Steam library.</p><p>AMD releases AMD Fidelity FX SuperResolution, an advanced spatial magnification solution designed to improve gaming frame rates while ensuring high-quality, high-resolution gaming experiences. At present, more than 40 game developers have committed to supporting FSR, and it is expected that more game manufacturers will adopt FSR technology in the future.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a593d85be38c3aa543ab3056553101ff","relate_stocks":{"AMD":"美国超微公司"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194703873","content_text":"7月28日，AMD大涨逾5%，第二季度营收38.5亿美元，净利润7亿美元，同比大涨352%。此外，花旗将AMD目标价从95美元上调至100美元>>>\n\nAMD今日公布2021年第二季度营业额为38.5亿美元,经营收入为8.31亿美元,净收入为7.1亿美元,摊薄后每股收益为0.58美元。非GAAP经营收入为9.24亿美元,净收入为7.78亿美元,摊薄后每股收益为0.63美元。\nAMD总裁兼首席执行官苏姿丰博士(Dr.LisaSu)表示:“第二季度我们的业绩表现非常出色,营业额、经营毛利同比增长一倍,盈利同比增长超过两倍。得益于所有业务的强劲需求,我们的增长明显快于市场增长。有了强有力的执行以及消费者对AMD产品的偏爱,我们预计2021全年营业额将同比增长近60%。”\n2021年第二季度业绩\n本季度营业额为38.5亿美元,同比增长99%,环比增长12%,主要得益于计算与图形事业部及企业、嵌入式和半定制事业部的较高营业额。\n毛利润为48%,同比增长4个百分点,环比增长2个百分点。高端锐龙处理器、Radeon显卡和EPYC(霄龙)处理器销量的增加推动了增长。\n与去年同期的1.73亿美元,以及上一季度6.62亿美元的经营收入相比,本季度的经营收入为8.31亿美元。基于非GAAP标准,和去年同期的2.33亿美元及上季度7.62亿美元的经营收入相比,本季度经营收入为9.24亿美元。经营收入的增长主要得益于营业额的增长。\n较去年同期的1.57亿美元和上一季度5.55亿美元的净收入相比,本季度净收入为7.1亿美元。基于非GAAP标准,与去年同期的2.16亿美元及上季度6.42亿美元的净收入相比,本季度的净收入为7.78亿美元。\n与去年同期的0.13美元和上一季度0.45美元的摊薄后每股收益相比,本季度摊薄后每股收益为0.58美元。基于非GAAP标准,与去年同期的0.18美元和上一季度0.52美元的摊薄后每股收益相比,本季度摊薄后每股收益为0.63美元。\n本季度末现金、现金等价物和短期投资总值为37.9亿美元。\n与去年同期的2.43亿美元和上一季度8.98亿美元的经营业务现金流相比,本季度的经营业务现金流为9.52亿美元。自由现金流方面,与去年同期的1.52亿美元和上一季度的8.32亿美元相比,本季度的自由现金流达到创纪录的8.88亿美元。\n2021年5月,AMD公司宣布了一项40亿美元的股票回购计划。第二季度,公司以2.56亿美元回购了320万普通股。\n季度部门财报总结\n计算与图形事业部营业额为22.5亿美元,同比增长65%,环比增长7%,主要得益于客户端和图形处理器销量增长。\n客户端处理器平均售价(ASP)同比和环比均有增长,主要由锐龙台式机和笔记本处理器组合销量增长的推动。\n受高端图形产品销量(包括数据中心GPU)的推动,GPU平均售价同比和环比均有提升。\n与去年同期的2亿美元及上季度4.85亿美元的经营收入相比,本季度经营收入为5.26亿美元,收入增长得益于营业额的上升。\n企业、嵌入式和半定制事业部的营业额为16亿美元,同比增长183%,环比增长19%。营业额的增长主要得益于EPYC(霄龙)处理器和半定制产品销量的增加。\n相较于去年同期的3300万美元和上一季度2.77亿美元的经营收入,本季度经营收入为3.98亿美元。同比和环比的增长主要得益于较高的营业额。\n相较于去年同期6000万美元的经营损失和上季度1亿美元的经营损失,本季度所有其它经营损失为9300万美元。\n近期公司业绩亮点\nAMD宣布40亿美元股票回购计划,将通过经营现金为回购提供资金。\nTOP500组织发布了最新的全球超级计算机TOP500榜单。采用AMDEPYC(霄龙)处理器的系统数量是2020年6月榜单的近5倍。此外,在新榜单中,AMDEPYC(霄龙)处理器占据了58款新上榜系统的半壁江山。\nAMD及其技术合作伙伴宣布了许多采用AMDEPYC(霄龙)处理器的全新高性能计算系统,包括英国气象局的微软Azure超级计算机、Perlmutter超级计算机和新加坡国家超算中心超级计算机。\nAMD与谷歌云宣布了采用第三代AMDEPYC(霄龙)处理器的全新实例T2D。据谷歌云的数据,T2D实例为可扩展工作负载带来了56%的绝对性能和40%以上的性价比提升。\nAMD携3Dchiplet技术继续打造先进的IP,并在前沿的制造和封装技术方面继续投资。这项封装技术突破性地将AMD创新芯片架构与3D堆叠技术相结合。\nAMD宣布了AMDAdvantage设计框架,将AMDRadeonRX6000M系列移动显卡、AMDRadeon软件和AMD锐龙5000系列移动处理器与AMD独有的智能技术以及其它先进的系统设计特性相结合,为笔记本提供一流的游戏体验。\nAMD高性能“Zen”核心架构和AMDRDNA2架构已被引入新的市场。\nAMD宣布,特斯拉ModelS和ModelX中全新设计的信息娱乐系统将由AMD锐龙嵌入式APU和基于AMDRDNA2架构的GPU驱动。\nAMD宣布,AMDEPYC(霄龙)处理器正在为新的HPE(慧与)Alletra6000提供动力,提供比以往的HPENimble存储全闪存阵列高达3倍的性能。\nValve宣布,SteamDeck掌机采用了AMD的半定制芯片,可运行最新的AAA游戏及Steam游戏库内的所有游戏。\nAMD发布先进的空间放大解决方案——AMDFidelityFXSuperResolution,旨在提高游戏帧率的同时,保证高品质、高分辨率的游戏体验。目前已有超过40家游戏开发商承诺支持FSR,预计未来将有更多游戏厂商采用FSR技术。","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":2180,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148314676,"gmtCreate":1625930165995,"gmtModify":1703750998354,"author":{"id":"4088507779206510","authorId":"4088507779206510","name":"lktung","avatar":"https://static.tigerbbs.com/3577645be9022fdf87ef2d8d05a39fd6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088507779206510","idStr":"4088507779206510"},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/148314676","repostId":"1104100542","repostType":4,"isVote":1,"tweetType":1,"viewCount":2038,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}