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2021-07-10

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Thorpe and Simmons: The legendary lives of two godfather investment tycoons

2021-07-09

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2021-07-29

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AMD soared more than 5%! Net profit in the second quarter rose 352% year-on-year

2021-07-10

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23:10","market":"us","language":"zh","title":"AMD soared more than 5%! Net profit in the second quarter rose 352% year-on-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>July 28,<a href=\"https://laohu8.com/S/AMD\">AMD</a>It rose by more than 5%. In the second quarter, revenue was US $3.85 billion and net profit was US $700 million, a year-on-year increase of 352%. Furthermore,<a href=\"https://laohu8.com/S/C\">Citigroup</a>Increased 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 announced second-quarter 2021 turnover of US $3.85 billion, operating income of US $831 million, net income of US $710 million, and diluted earnings per share of US $0.58. Non-GAAP operating income was $924 million, net income was $778 million, and diluted earnings per share was $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 in all businesses, our growth is significantly faster than 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>The turnover for the quarter was USD 3.85 billion, up 99% year-on-year and 12% quarter-on-quarter, mainly due to the higher turnover of the Computing and Graphics Division and the Enterprise, Embedded and Semi-Custom Division.</p><p>Gross profit was 48%, a year-on-year increase of 4 percentage points and a month-on-month increase of 2 percentage points. Growth was driven by increased sales of high-end Ryzen processors, Radeon graphics cards and EPYC processors.</p><p>This quarter's operating income was $831 million, compared with $173 million in the same period last year, and $662 million in the previous quarter. Based on non-GAAP standards, compared with the operating income of $233 million in the same period last year and the operating income of $762 million in the previous quarter, the operating income of this quarter was $924 million. The increase in operating income was mainly due to the increase in turnover.</p><p>Compared with the net income of $157 million in the same period last year and the net income of $555 million in the previous quarter, the net income of this quarter was $710 million. Based on non-GAAP standards, net income for the current quarter was $778 million compared to $216 million in the same period last year and net income of $642 million in the previous quarter.</p><p>Diluted earnings per share for the quarter were $0.58 compared to $0.13 in the prior year quarter and $0.45 in the prior quarter. On a non-GAAP basis, diluted earnings per share for the quarter were $0.63 compared to $0.18 in the prior year quarter and $0.52 in the prior quarter.</p><p>Cash, cash equivalents and short-term investments totaled $3.79 billion at the end of the quarter.</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 for the quarter reached a record $888 million 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 stock repurchase program. In the second quarter, the company repurchased 3.2 million common shares for $256 million.</p><p><b>Quarterly Segment Earnings Summary</b></p><p>The turnover of the Computing and Graphics Division was USD 2.25 billion, a year-on-year increase of 65% and a month-on-month increase of 7%, mainly due to the growth of client and graphics processor sales.</p><p>The average selling price (ASP) of client processors increased year-on-year and month-on-month, mainly driven by the increase in sales of Ryzen desktop and notebook processor portfolio.</p><p>Driven by sales 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>Compared with the operating income of USD 200 million in the same period last year and USD 485 million in the previous quarter, the operating income of this quarter was USD 526 million, and the revenue growth was due to the increase in turnover.</p><p>The turnover of the Enterprise, Embedded and Semi-Custom division was US $1.6 billion, up 183% year-on-year and 19% quarter-on-quarter. The increase in turnover was mainly due to the increase in sales of EPYC processors and semi-custom products.</p><p>Compared with the operating income of $33 million in the same period last year and the operating income of $277 million in the previous quarter, the operating income for this quarter was $398 million. The year-on-year and quarter-on-quarter growth was mainly due to higher turnover.</p><p>Compared with the operating loss of $60 million in the same period last year and the operating loss of $100 million in the previous quarter, all other operating losses in this quarter were $93 million.</p><p><b>Recent Company Performance Highlights</b></p><p>AMD announced a $4 billion stock repurchase plan, which will fund the repurchase through operating cash.</p><p>The TOP500 organization released the latest TOP500 list of global supercomputers. The number of systems using AMDEPYC processors is nearly five times that of the June 2020 list. In addition, in the new list, AMDEPYC processors account for half of the 58 new systems on the list.</p><p>AMD and its technology partners have announced a number of new high-performance computing systems powering AMDEPYC processors, including the Met Office's Microsoft Azure supercomputer, Perlmutter supercomputer and the Singapore National Supercomputing Centre supercomputer.</p><p>AMD and Google Cloud announced a new instance T2D using the third-generation AMDEPYC processor. According to Google Cloud data, T2D instances bring 56% absolute performance and more than 40% cost performance improvement to scalable workloads.</p><p>AMD continues to build advanced IP with 3Dchiplet technology and continues to invest in cutting-edge manufacturing and packaging technologies. This packaging technology breaks through the combination of AMD's innovative chip architecture with 3D stacking technology.</p><p>AMD announced the AMD Advantage design framework, which combines AMD Radeon RX6000M series mobile graphics cards, AMD Radeon software and AMD Ryzen 5000 series mobile processors with AMD's unique intelligent technology and other advanced system design features to provide a best-in-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 systems in Tesla Model S and Model X 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 performance over previous HPENimble storage all-flash arrays.</p><p>Valve announced that the SteamDeck handheld uses AMD's semi-custom chip, which can run the latest AAA games and all games in the Steam game library.</p><p>AMD has released an advanced spatial amplification solution-AMDFidelityFXSuperResolution, which aims to increase the game frame rate while ensuring a high-quality, high-resolution gaming experience. At present, more than 40 game developers have pledged to support 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 soared more than 5%! Net profit in the second quarter rose 352% year-on-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 soared more than 5%! Net profit in the second quarter rose 352% year-on-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>July 28,<a href=\"https://laohu8.com/S/AMD\">AMD</a>It rose by more than 5%. In the second quarter, revenue was US $3.85 billion and net profit was US $700 million, a year-on-year increase of 352%. Furthermore,<a href=\"https://laohu8.com/S/C\">Citigroup</a>Increased 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 announced second-quarter 2021 turnover of US $3.85 billion, operating income of US $831 million, net income of US $710 million, and diluted earnings per share of US $0.58. Non-GAAP operating income was $924 million, net income was $778 million, and diluted earnings per share was $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 in all businesses, our growth is significantly faster than 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>The turnover for the quarter was USD 3.85 billion, up 99% year-on-year and 12% quarter-on-quarter, mainly due to the higher turnover of the Computing and Graphics Division and the Enterprise, Embedded and Semi-Custom Division.</p><p>Gross profit was 48%, a year-on-year increase of 4 percentage points and a month-on-month increase of 2 percentage points. Growth was driven by increased sales of high-end Ryzen processors, Radeon graphics cards and EPYC processors.</p><p>This quarter's operating income was $831 million, compared with $173 million in the same period last year, and $662 million in the previous quarter. Based on non-GAAP standards, compared with the operating income of $233 million in the same period last year and the operating income of $762 million in the previous quarter, the operating income of this quarter was $924 million. The increase in operating income was mainly due to the increase in turnover.</p><p>Compared with the net income of $157 million in the same period last year and the net income of $555 million in the previous quarter, the net income of this quarter was $710 million. Based on non-GAAP standards, net income for the current quarter was $778 million compared to $216 million in the same period last year and net income of $642 million in the previous quarter.</p><p>Diluted earnings per share for the quarter were $0.58 compared to $0.13 in the prior year quarter and $0.45 in the prior quarter. On a non-GAAP basis, diluted earnings per share for the quarter were $0.63 compared to $0.18 in the prior year quarter and $0.52 in the prior quarter.</p><p>Cash, cash equivalents and short-term investments totaled $3.79 billion at the end of the quarter.</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 for the quarter reached a record $888 million 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 stock repurchase program. In the second quarter, the company repurchased 3.2 million common shares for $256 million.</p><p><b>Quarterly Segment Earnings Summary</b></p><p>The turnover of the Computing and Graphics Division was USD 2.25 billion, a year-on-year increase of 65% and a month-on-month increase of 7%, mainly due to the growth of client and graphics processor sales.</p><p>The average selling price (ASP) of client processors increased year-on-year and month-on-month, mainly driven by the increase in sales of Ryzen desktop and notebook processor portfolio.</p><p>Driven by sales 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>Compared with the operating income of USD 200 million in the same period last year and USD 485 million in the previous quarter, the operating income of this quarter was USD 526 million, and the revenue growth was due to the increase in turnover.</p><p>The turnover of the Enterprise, Embedded and Semi-Custom division was US $1.6 billion, up 183% year-on-year and 19% quarter-on-quarter. The increase in turnover was mainly due to the increase in sales of EPYC processors and semi-custom products.</p><p>Compared with the operating income of $33 million in the same period last year and the operating income of $277 million in the previous quarter, the operating income for this quarter was $398 million. The year-on-year and quarter-on-quarter growth was mainly due to higher turnover.</p><p>Compared with the operating loss of $60 million in the same period last year and the operating loss of $100 million in the previous quarter, all other operating losses in this quarter were $93 million.</p><p><b>Recent Company Performance Highlights</b></p><p>AMD announced a $4 billion stock repurchase plan, which will fund the repurchase through operating cash.</p><p>The TOP500 organization released the latest TOP500 list of global supercomputers. The number of systems using AMDEPYC processors is nearly five times that of the June 2020 list. In addition, in the new list, AMDEPYC processors account for half of the 58 new systems on the list.</p><p>AMD and its technology partners have announced a number of new high-performance computing systems powering AMDEPYC processors, including the Met Office's Microsoft Azure supercomputer, Perlmutter supercomputer and the Singapore National Supercomputing Centre supercomputer.</p><p>AMD and Google Cloud announced a new instance T2D using the third-generation AMDEPYC processor. According to Google Cloud data, T2D instances bring 56% absolute performance and more than 40% cost performance improvement to scalable workloads.</p><p>AMD continues to build advanced IP with 3Dchiplet technology and continues to invest in cutting-edge manufacturing and packaging technologies. This packaging technology breaks through the combination of AMD's innovative chip architecture with 3D stacking technology.</p><p>AMD announced the AMD Advantage design framework, which combines AMD Radeon RX6000M series mobile graphics cards, AMD Radeon software and AMD Ryzen 5000 series mobile processors with AMD's unique intelligent technology and other advanced system design features to provide a best-in-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 systems in Tesla Model S and Model X 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 performance over previous HPENimble storage all-flash arrays.</p><p>Valve announced that the SteamDeck handheld uses AMD's semi-custom chip, which can run the latest AAA games and all games in the Steam game library.</p><p>AMD has released an advanced spatial amplification solution-AMDFidelityFXSuperResolution, which aims to increase the game frame rate while ensuring a high-quality, high-resolution gaming experience. At present, more than 40 game developers have pledged to support 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":1235,"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,"idStr":"4088507779206510","authorIdStr":"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":1460,"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,"idStr":"4088507779206510","authorIdStr":"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 tycoons","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 of \"The Man Who Beat All Markets\". Judging from Thorp's experience, from defeating casinos to entering Wall Street, OTC options, convertible bonds, stocks, futures and other derivatives, all Dabbled in, 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 records in detail the ups and downs of his and his team's conquest of the financial market.</p><p><b>Academic origin</b></p><p>When culture flourishes, people are outstanding. The so-called outstanding people, such as the Huxiang School since the late Ming Dynasty in China, made Hunan the cradle of revolutionaries. In the academic circle, there is a similar phenomenon. If you study the backgrounds of the two bosses carefully, you will find a lot in common. They were both born in the 1930s. They were gifted since childhood, in the academic circle, but they were all dedicated to money. They have two common alma maters: the University of California, Berkeley and MIT. The academics of both universities reached their peak after the war. One of the main reasons was the large-scale military scientific research activities (the famous Manhattan Project, cryptography, information theory and modern computers) spawned by World War II. Both Thorp and Simons happened to catch up with this wave of academic dividends. In the 1950s, Thorp was obsessed with studying roulette with Shannon, while Simons was still immersed in theoretical mathematics, which also made his academic achievements higher (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 popular story nowadays is that Thorp defeated the casino by using the law of large numbers and Kelly's formula, and he became the first person in history to be \"blacked out\" by Las Vegas casinos. By contrast, the hedge fund he founded, PNP (Princeton Newport Partners), has a dim profile. In fact, from 1969 to 1988, the annualized returns of the two PNP funds reached 19.1% and 15.1% respectively, while the average annual growth rate of the S&P index during the same period was 10.2%. In the past 19 years, after two oil crises in the 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 unparalleled, and its investment model is 20 years ahead of the wide customers who have filed into Wall Street since then.</p><p>In 1988, Thorp's fund was forced to close because it was implicated in the case of Milken, the king of junk bonds. It was in this year that Simons established the Medallion Fund. He is over 500 years old and can be described as a late bloomer. Before that, he had been groping for 10 years to find a successful investment model, and had 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 shape the company's corporate culture as a spiritual leader. As a world-class mathematician + excellent sales, he can deal with different people well, which is a rare ability.</p><p><b>The road to quantification</b></p><p>As a pioneer in quantitative trading, Thorp is good at hedging and arbitrage of various derivatives. The bear market and volatility in the 1970s made this strategy work perfectly. Relying on his mathematical talent and market sense, he discovered new blue oceans: Statistical Arbitrage and factor models-early quant prototypes. The risk under this model is theoretically infinite, especially the upper limit of losses for shorting those overvalued stocks is infinite. Thorp's main risk control strategy is diversified investment. Since then, LTCM has adopted a similar arbitrage model, but lacked a risk control strategy like Thorp and was defeated by the black swan. In order to improve investment efficiency, Thorp turned investment strategies into programs and once again became a pioneer in programmatic trading (Algorithm Trading).</p><p>Simons, in contrast, was less 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, signal mechanism and backtesting. 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, it was changed to only a single model (key breakthrough), and then speech recognition experts helped make various technological breakthroughs (financial models have similarities with speech recognition), and the model has gone through a long process of iterative improvement. In the end, the important core competence of the model was developed: identifying the \"value of transactions\", including: the certainty of price trends, the weight trade-off between trading signals, and the judgment of the impact of trading based on signals on the market. This capability is particularly important for high-frequency full-variety trading.</p><p><b>Winning System: Probabilistic Thinking & Modeling Human Behavior</b></p><p>For Thorp, gambling and investment are games based on probability statistics, and the bet amount is allocated according to the winning percentage (fund management based on Kelly's law). The first major breakthrough of Medallion Fund also comes from the application of Kelly's law and shortening the trading frequency to make its trading more reflective of the law of large numbers. Medallion's system can make money as long as the winning rate is slightly above 50%, regardless of the profit or loss of every sale. Essentially, it is making money by taking advantage of the omissions and mistakes of other traders (market ineffectiveness). Humans are highly predictable in their behavior under high pressure, and they instinctively show panic. The premise of modeling is that humans will constantly repeat past behaviors. Soros once modeled human behavior with the philosophical theory of reflexivity, while Simons's team used data and algorithms to model human behavior to confirm the theory of behavioral finance.</p><p>Unlike traditional value investing, which simplifies the market into a market gentleman, the experience of quantitative investing is that there are far more factors and variables that affect financial markets and investments than most people realize, and the factors that lead to market ineffectiveness can even be said to be encrypted (Thorp spares no effort to refute the efficient market hypothesis in his book). Investors try to find the most basic driving factors, but what they are missing may be an entire dimension of information. Medallion Fund can't explain the logic behind every profit law, just as human beings can't understand Alpha Go, perhaps it exists at a higher latitude.</p><p>Models are abstractions and simplifications of the world, but models are not omnipotent. When data and desire conflict, even rational scientists cannot be completely rational. Simons' original intention was to create an algorithm-driven automatic trading system, which completely shielded human subjective judgment. However, in every crisis, he still couldn't help but intervene manually to reduce his dependence on signals and actively reduce his trading position. The results of the intervention were not very ideal. His colleague Patterson also said: \"<b>Never put too much trust in trading models. The basic mistake of LTCMs is to believe that the model is the truth. We never believe that our model can reflect the whole fact, it only reflects some of it</b>。”</p><p><b>Wide guest student</b></p><p>In fact, the intersection of many big guys is far beyond our imagination. For example, Thorp and Buffett played at the bridge table. After confirming that Buffett would eventually become the richest man in the United States, they 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 schools. However, Thorp has practiced the way of thinking of applying abstract thinking to real life, which truly explains that \"a tough life doesn't need to be explained\". Academics, wealth and family are perfect, and he realized early that life itself is higher than making money. Compared with Thorp's splendid life, Simons's life has too many twists and turns. He is divorced, his two sons have suffered misfortune and betrayal by his partners. But in the end, I chose to make peace with life and devote myself to charity. From academic career to lenient students, I explored the true meaning of destiny in the ups and downs, and experience itself was the meaning. As Thorp said at the end of his autobiography: Life is like reading a novel or running a marathon. Reaching the finish line is often not so important, but the journey itself and the experience along the way are more precious.<b>You have dance.</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 tycoons</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 tycoons\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 of \"The Man Who Beat All Markets\". Judging from Thorp's experience, from defeating casinos to entering Wall Street, OTC options, convertible bonds, stocks, futures and other derivatives, all Dabbled in, 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 records in detail the ups and downs of his and his team's conquest of the financial market.</p><p><b>Academic origin</b></p><p>When culture flourishes, people are outstanding. The so-called outstanding people, such as the Huxiang School since the late Ming Dynasty in China, made Hunan the cradle of revolutionaries. In the academic circle, there is a similar phenomenon. If you study the backgrounds of the two bosses carefully, you will find a lot in common. They were both born in the 1930s. They were gifted since childhood, in the academic circle, but they were all dedicated to money. They have two common alma maters: the University of California, Berkeley and MIT. The academics of both universities reached their peak after the war. One of the main reasons was the large-scale military scientific research activities (the famous Manhattan Project, cryptography, information theory and modern computers) spawned by World War II. Both Thorp and Simons happened to catch up with this wave of academic dividends. In the 1950s, Thorp was obsessed with studying roulette with Shannon, while Simons was still immersed in theoretical mathematics, which also made his academic achievements higher (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 popular story nowadays is that Thorp defeated the casino by using the law of large numbers and Kelly's formula, and he became the first person in history to be \"blacked out\" by Las Vegas casinos. By contrast, the hedge fund he founded, PNP (Princeton Newport Partners), has a dim profile. In fact, from 1969 to 1988, the annualized returns of the two PNP funds reached 19.1% and 15.1% respectively, while the average annual growth rate of the S&P index during the same period was 10.2%. In the past 19 years, after two oil crises in the 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 unparalleled, and its investment model is 20 years ahead of the wide customers who have filed into Wall Street since then.</p><p>In 1988, Thorp's fund was forced to close because it was implicated in the case of Milken, the king of junk bonds. It was in this year that Simons established the Medallion Fund. He is over 500 years old and can be described as a late bloomer. Before that, he had been groping for 10 years to find a successful investment model, and had 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 shape the company's corporate culture as a spiritual leader. As a world-class mathematician + excellent sales, he can deal with different people well, which is a rare ability.</p><p><b>The road to quantification</b></p><p>As a pioneer in quantitative trading, Thorp is good at hedging and arbitrage of various derivatives. The bear market and volatility in the 1970s made this strategy work perfectly. Relying on his mathematical talent and market sense, he discovered new blue oceans: Statistical Arbitrage and factor models-early quant prototypes. The risk under this model is theoretically infinite, especially the upper limit of losses for shorting those overvalued stocks is infinite. Thorp's main risk control strategy is diversified investment. Since then, LTCM has adopted a similar arbitrage model, but lacked a risk control strategy like Thorp and was defeated by the black swan. In order to improve investment efficiency, Thorp turned investment strategies into programs and once again became a pioneer in programmatic trading (Algorithm Trading).</p><p>Simons, in contrast, was less 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, signal mechanism and backtesting. 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, it was changed to only a single model (key breakthrough), and then speech recognition experts helped make various technological breakthroughs (financial models have similarities with speech recognition), and the model has gone through a long process of iterative improvement. In the end, the important core competence of the model was developed: identifying the \"value of transactions\", including: the certainty of price trends, the weight trade-off between trading signals, and the judgment of the impact of trading based on signals on the market. This capability is particularly important for high-frequency full-variety trading.</p><p><b>Winning System: Probabilistic Thinking & Modeling Human Behavior</b></p><p>For Thorp, gambling and investment are games based on probability statistics, and the bet amount is allocated according to the winning percentage (fund management based on Kelly's law). The first major breakthrough of Medallion Fund also comes from the application of Kelly's law and shortening the trading frequency to make its trading more reflective of the law of large numbers. Medallion's system can make money as long as the winning rate is slightly above 50%, regardless of the profit or loss of every sale. Essentially, it is making money by taking advantage of the omissions and mistakes of other traders (market ineffectiveness). Humans are highly predictable in their behavior under high pressure, and they instinctively show panic. The premise of modeling is that humans will constantly repeat past behaviors. Soros once modeled human behavior with the philosophical theory of reflexivity, while Simons's team used data and algorithms to model human behavior to confirm the theory of behavioral finance.</p><p>Unlike traditional value investing, which simplifies the market into a market gentleman, the experience of quantitative investing is that there are far more factors and variables that affect financial markets and investments than most people realize, and the factors that lead to market ineffectiveness can even be said to be encrypted (Thorp spares no effort to refute the efficient market hypothesis in his book). Investors try to find the most basic driving factors, but what they are missing may be an entire dimension of information. Medallion Fund can't explain the logic behind every profit law, just as human beings can't understand Alpha Go, perhaps it exists at a higher latitude.</p><p>Models are abstractions and simplifications of the world, but models are not omnipotent. When data and desire conflict, even rational scientists cannot be completely rational. Simons' original intention was to create an algorithm-driven automatic trading system, which completely shielded human subjective judgment. However, in every crisis, he still couldn't help but intervene manually to reduce his dependence on signals and actively reduce his trading position. The results of the intervention were not very ideal. His colleague Patterson also said: \"<b>Never put too much trust in trading models. The basic mistake of LTCMs is to believe that the model is the truth. We never believe that our model can reflect the whole fact, it only reflects some of it</b>。”</p><p><b>Wide guest student</b></p><p>In fact, the intersection of many big guys is far beyond our imagination. For example, Thorp and Buffett played at the bridge table. After confirming that Buffett would eventually become the richest man in the United States, they 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 schools. However, Thorp has practiced the way of thinking of applying abstract thinking to real life, which truly explains that \"a tough life doesn't need to be explained\". Academics, wealth and family are perfect, and he realized early that life itself is higher than making money. Compared with Thorp's splendid life, Simons's life has too many twists and turns. He is divorced, his two sons have suffered misfortune and betrayal by his partners. But in the end, I chose to make peace with life and devote myself to charity. From academic career to lenient students, I explored the true meaning of destiny in the ups and downs, and experience itself was the meaning. As Thorp said at the end of his autobiography: Life is like reading a novel or running a marathon. Reaching the finish line is often not so important, but the journey itself and the experience along the way are more precious.<b>You have dance.</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":2599,"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,"idStr":"4088507779206510","authorIdStr":"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":"It is rumored that the regulatory authorities have met with Xu Jiayin, Evergrande staff: It is not convenient 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>During the meeting, the Chairman of the Board of Directors Hui Ka-yin asked him to resolve his debt difficulties quickly to avoid 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, regulatory agencies such as the People's Bank of China had interviewed Evergrande and urged it to speed up the sale of assets, reduce debts and repay debts in a timely manner.</p><p>A reporter from Yinshi Finance 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>It is rumored that the regulatory authorities have met with Xu Jiayin, Evergrande staff: It is not convenient 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\">\nIt is rumored that the regulatory authorities have met with Xu Jiayin, Evergrande staff: It is not convenient 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>During the meeting, the Chairman of the Board of Directors Hui Ka-yin asked him to resolve his debt difficulties quickly to avoid 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, regulatory agencies such as the People's Bank of China had interviewed Evergrande and urged it to speed up the sale of assets, reduce debts and repay debts in a timely manner.</p><p>A reporter from Yinshi Finance 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":1282,"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,"idStr":"4088507779206510","authorIdStr":"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 tycoons","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 of \"The Man Who Beat All Markets\". Judging from Thorp's experience, from defeating casinos to entering Wall Street, OTC options, convertible bonds, stocks, futures and other derivatives, all Dabbled in, 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 records in detail the ups and downs of his and his team's conquest of the financial market.</p><p><b>Academic origin</b></p><p>When culture flourishes, people are outstanding. The so-called outstanding people, such as the Huxiang School since the late Ming Dynasty in China, made Hunan the cradle of revolutionaries. In the academic circle, there is a similar phenomenon. If you study the backgrounds of the two bosses carefully, you will find a lot in common. They were both born in the 1930s. They were gifted since childhood, in the academic circle, but they were all dedicated to money. They have two common alma maters: the University of California, Berkeley and MIT. The academics of both universities reached their peak after the war. One of the main reasons was the large-scale military scientific research activities (the famous Manhattan Project, cryptography, information theory and modern computers) spawned by World War II. Both Thorp and Simons happened to catch up with this wave of academic dividends. In the 1950s, Thorp was obsessed with studying roulette with Shannon, while Simons was still immersed in theoretical mathematics, which also made his academic achievements higher (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 popular story nowadays is that Thorp defeated the casino by using the law of large numbers and Kelly's formula, and he became the first person in history to be \"blacked out\" by Las Vegas casinos. By contrast, the hedge fund he founded, PNP (Princeton Newport Partners), has a dim profile. In fact, from 1969 to 1988, the annualized returns of the two PNP funds reached 19.1% and 15.1% respectively, while the average annual growth rate of the S&P index during the same period was 10.2%. In the past 19 years, after two oil crises in the 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 unparalleled, and its investment model is 20 years ahead of the wide customers who have filed into Wall Street since then.</p><p>In 1988, Thorp's fund was forced to close because it was implicated in the case of Milken, the king of junk bonds. It was in this year that Simons established the Medallion Fund. He is over 500 years old and can be described as a late bloomer. Before that, he had been groping for 10 years to find a successful investment model, and had 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 shape the company's corporate culture as a spiritual leader. As a world-class mathematician + excellent sales, he can deal with different people well, which is a rare ability.</p><p><b>The road to quantification</b></p><p>As a pioneer in quantitative trading, Thorp is good at hedging and arbitrage of various derivatives. The bear market and volatility in the 1970s made this strategy work perfectly. Relying on his mathematical talent and market sense, he discovered new blue oceans: Statistical Arbitrage and factor models-early quant prototypes. The risk under this model is theoretically infinite, especially the upper limit of losses for shorting those overvalued stocks is infinite. Thorp's main risk control strategy is diversified investment. Since then, LTCM has adopted a similar arbitrage model, but lacked a risk control strategy like Thorp and was defeated by the black swan. In order to improve investment efficiency, Thorp turned investment strategies into programs and once again became a pioneer in programmatic trading (Algorithm Trading).</p><p>Simons, in contrast, was less 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, signal mechanism and backtesting. 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, it was changed to only a single model (key breakthrough), and then speech recognition experts helped make various technological breakthroughs (financial models have similarities with speech recognition), and the model has gone through a long process of iterative improvement. In the end, the important core competence of the model was developed: identifying the \"value of transactions\", including: the certainty of price trends, the weight trade-off between trading signals, and the judgment of the impact of trading based on signals on the market. This capability is particularly important for high-frequency full-variety trading.</p><p><b>Winning System: Probabilistic Thinking & Modeling Human Behavior</b></p><p>For Thorp, gambling and investment are games based on probability statistics, and the bet amount is allocated according to the winning percentage (fund management based on Kelly's law). The first major breakthrough of Medallion Fund also comes from the application of Kelly's law and shortening the trading frequency to make its trading more reflective of the law of large numbers. Medallion's system can make money as long as the winning rate is slightly above 50%, regardless of the profit or loss of every sale. Essentially, it is making money by taking advantage of the omissions and mistakes of other traders (market ineffectiveness). Humans are highly predictable in their behavior under high pressure, and they instinctively show panic. The premise of modeling is that humans will constantly repeat past behaviors. Soros once modeled human behavior with the philosophical theory of reflexivity, while Simons's team used data and algorithms to model human behavior to confirm the theory of behavioral finance.</p><p>Unlike traditional value investing, which simplifies the market into a market gentleman, the experience of quantitative investing is that there are far more factors and variables that affect financial markets and investments than most people realize, and the factors that lead to market ineffectiveness can even be said to be encrypted (Thorp spares no effort to refute the efficient market hypothesis in his book). Investors try to find the most basic driving factors, but what they are missing may be an entire dimension of information. Medallion Fund can't explain the logic behind every profit law, just as human beings can't understand Alpha Go, perhaps it exists at a higher latitude.</p><p>Models are abstractions and simplifications of the world, but models are not omnipotent. When data and desire conflict, even rational scientists cannot be completely rational. Simons' original intention was to create an algorithm-driven automatic trading system, which completely shielded human subjective judgment. However, in every crisis, he still couldn't help but intervene manually to reduce his dependence on signals and actively reduce his trading position. The results of the intervention were not very ideal. His colleague Patterson also said: \"<b>Never put too much trust in trading models. The basic mistake of LTCMs is to believe that the model is the truth. We never believe that our model can reflect the whole fact, it only reflects some of it</b>。”</p><p><b>Wide guest student</b></p><p>In fact, the intersection of many big guys is far beyond our imagination. For example, Thorp and Buffett played at the bridge table. After confirming that Buffett would eventually become the richest man in the United States, they 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 schools. However, Thorp has practiced the way of thinking of applying abstract thinking to real life, which truly explains that \"a tough life doesn't need to be explained\". Academics, wealth and family are perfect, and he realized early that life itself is higher than making money. Compared with Thorp's splendid life, Simons's life has too many twists and turns. He is divorced, his two sons have suffered misfortune and betrayal by his partners. But in the end, I chose to make peace with life and devote myself to charity. From academic career to lenient students, I explored the true meaning of destiny in the ups and downs, and experience itself was the meaning. As Thorp said at the end of his autobiography: Life is like reading a novel or running a marathon. Reaching the finish line is often not so important, but the journey itself and the experience along the way are more precious.<b>You have dance.</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 tycoons</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 tycoons\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 of \"The Man Who Beat All Markets\". Judging from Thorp's experience, from defeating casinos to entering Wall Street, OTC options, convertible bonds, stocks, futures and other derivatives, all Dabbled in, 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 records in detail the ups and downs of his and his team's conquest of the financial market.</p><p><b>Academic origin</b></p><p>When culture flourishes, people are outstanding. The so-called outstanding people, such as the Huxiang School since the late Ming Dynasty in China, made Hunan the cradle of revolutionaries. In the academic circle, there is a similar phenomenon. If you study the backgrounds of the two bosses carefully, you will find a lot in common. They were both born in the 1930s. They were gifted since childhood, in the academic circle, but they were all dedicated to money. They have two common alma maters: the University of California, Berkeley and MIT. The academics of both universities reached their peak after the war. One of the main reasons was the large-scale military scientific research activities (the famous Manhattan Project, cryptography, information theory and modern computers) spawned by World War II. Both Thorp and Simons happened to catch up with this wave of academic dividends. In the 1950s, Thorp was obsessed with studying roulette with Shannon, while Simons was still immersed in theoretical mathematics, which also made his academic achievements higher (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 popular story nowadays is that Thorp defeated the casino by using the law of large numbers and Kelly's formula, and he became the first person in history to be \"blacked out\" by Las Vegas casinos. By contrast, the hedge fund he founded, PNP (Princeton Newport Partners), has a dim profile. In fact, from 1969 to 1988, the annualized returns of the two PNP funds reached 19.1% and 15.1% respectively, while the average annual growth rate of the S&P index during the same period was 10.2%. In the past 19 years, after two oil crises in the 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 unparalleled, and its investment model is 20 years ahead of the wide customers who have filed into Wall Street since then.</p><p>In 1988, Thorp's fund was forced to close because it was implicated in the case of Milken, the king of junk bonds. It was in this year that Simons established the Medallion Fund. He is over 500 years old and can be described as a late bloomer. Before that, he had been groping for 10 years to find a successful investment model, and had 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 shape the company's corporate culture as a spiritual leader. As a world-class mathematician + excellent sales, he can deal with different people well, which is a rare ability.</p><p><b>The road to quantification</b></p><p>As a pioneer in quantitative trading, Thorp is good at hedging and arbitrage of various derivatives. The bear market and volatility in the 1970s made this strategy work perfectly. Relying on his mathematical talent and market sense, he discovered new blue oceans: Statistical Arbitrage and factor models-early quant prototypes. The risk under this model is theoretically infinite, especially the upper limit of losses for shorting those overvalued stocks is infinite. Thorp's main risk control strategy is diversified investment. Since then, LTCM has adopted a similar arbitrage model, but lacked a risk control strategy like Thorp and was defeated by the black swan. In order to improve investment efficiency, Thorp turned investment strategies into programs and once again became a pioneer in programmatic trading (Algorithm Trading).</p><p>Simons, in contrast, was less 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, signal mechanism and backtesting. 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, it was changed to only a single model (key breakthrough), and then speech recognition experts helped make various technological breakthroughs (financial models have similarities with speech recognition), and the model has gone through a long process of iterative improvement. In the end, the important core competence of the model was developed: identifying the \"value of transactions\", including: the certainty of price trends, the weight trade-off between trading signals, and the judgment of the impact of trading based on signals on the market. This capability is particularly important for high-frequency full-variety trading.</p><p><b>Winning System: Probabilistic Thinking & Modeling Human Behavior</b></p><p>For Thorp, gambling and investment are games based on probability statistics, and the bet amount is allocated according to the winning percentage (fund management based on Kelly's law). The first major breakthrough of Medallion Fund also comes from the application of Kelly's law and shortening the trading frequency to make its trading more reflective of the law of large numbers. Medallion's system can make money as long as the winning rate is slightly above 50%, regardless of the profit or loss of every sale. Essentially, it is making money by taking advantage of the omissions and mistakes of other traders (market ineffectiveness). Humans are highly predictable in their behavior under high pressure, and they instinctively show panic. The premise of modeling is that humans will constantly repeat past behaviors. Soros once modeled human behavior with the philosophical theory of reflexivity, while Simons's team used data and algorithms to model human behavior to confirm the theory of behavioral finance.</p><p>Unlike traditional value investing, which simplifies the market into a market gentleman, the experience of quantitative investing is that there are far more factors and variables that affect financial markets and investments than most people realize, and the factors that lead to market ineffectiveness can even be said to be encrypted (Thorp spares no effort to refute the efficient market hypothesis in his book). Investors try to find the most basic driving factors, but what they are missing may be an entire dimension of information. Medallion Fund can't explain the logic behind every profit law, just as human beings can't understand Alpha Go, perhaps it exists at a higher latitude.</p><p>Models are abstractions and simplifications of the world, but models are not omnipotent. When data and desire conflict, even rational scientists cannot be completely rational. Simons' original intention was to create an algorithm-driven automatic trading system, which completely shielded human subjective judgment. However, in every crisis, he still couldn't help but intervene manually to reduce his dependence on signals and actively reduce his trading position. The results of the intervention were not very ideal. His colleague Patterson also said: \"<b>Never put too much trust in trading models. The basic mistake of LTCMs is to believe that the model is the truth. We never believe that our model can reflect the whole fact, it only reflects some of it</b>。”</p><p><b>Wide guest student</b></p><p>In fact, the intersection of many big guys is far beyond our imagination. For example, Thorp and Buffett played at the bridge table. After confirming that Buffett would eventually become the richest man in the United States, they 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 schools. However, Thorp has practiced the way of thinking of applying abstract thinking to real life, which truly explains that \"a tough life doesn't need to be explained\". Academics, wealth and family are perfect, and he realized early that life itself is higher than making money. Compared with Thorp's splendid life, Simons's life has too many twists and turns. He is divorced, his two sons have suffered misfortune and betrayal by his partners. But in the end, I chose to make peace with life and devote myself to charity. From academic career to lenient students, I explored the true meaning of destiny in the ups and downs, and experience itself was the meaning. As Thorp said at the end of his autobiography: Life is like reading a novel or running a marathon. Reaching the finish line is often not so important, but the journey itself and the experience along the way are more precious.<b>You have dance.</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":2599,"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,"idStr":"4088507779206510","authorIdStr":"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":"It is rumored that the regulatory authorities have met with Xu Jiayin, Evergrande staff: It is not convenient 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>During the meeting, the Chairman of the Board of Directors Hui Ka-yin asked him to resolve his debt difficulties quickly to avoid 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, regulatory agencies such as the People's Bank of China had interviewed Evergrande and urged it to speed up the sale of assets, reduce debts and repay debts in a timely manner.</p><p>A reporter from Yinshi Finance 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>It is rumored that the regulatory authorities have met with Xu Jiayin, Evergrande staff: It is not convenient 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\">\nIt is rumored that the regulatory authorities have met with Xu Jiayin, Evergrande staff: It is not convenient 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>During the meeting, the Chairman of the Board of Directors Hui Ka-yin asked him to resolve his debt difficulties quickly to avoid 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, regulatory agencies such as the People's Bank of China had interviewed Evergrande and urged it to speed up the sale of assets, reduce debts and repay debts in a timely manner.</p><p>A reporter from Yinshi Finance 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":1282,"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,"idStr":"4088507779206510","authorIdStr":"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":1131,"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,"idStr":"4088507779206510","authorIdStr":"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 soared more than 5%! Net profit in the second quarter rose 352% year-on-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>July 28,<a href=\"https://laohu8.com/S/AMD\">AMD</a>It rose by more than 5%. In the second quarter, revenue was US $3.85 billion and net profit was US $700 million, a year-on-year increase of 352%. Furthermore,<a href=\"https://laohu8.com/S/C\">Citigroup</a>Increased 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 announced second-quarter 2021 turnover of US $3.85 billion, operating income of US $831 million, net income of US $710 million, and diluted earnings per share of US $0.58. Non-GAAP operating income was $924 million, net income was $778 million, and diluted earnings per share was $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 in all businesses, our growth is significantly faster than 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>The turnover for the quarter was USD 3.85 billion, up 99% year-on-year and 12% quarter-on-quarter, mainly due to the higher turnover of the Computing and Graphics Division and the Enterprise, Embedded and Semi-Custom Division.</p><p>Gross profit was 48%, a year-on-year increase of 4 percentage points and a month-on-month increase of 2 percentage points. Growth was driven by increased sales of high-end Ryzen processors, Radeon graphics cards and EPYC processors.</p><p>This quarter's operating income was $831 million, compared with $173 million in the same period last year, and $662 million in the previous quarter. Based on non-GAAP standards, compared with the operating income of $233 million in the same period last year and the operating income of $762 million in the previous quarter, the operating income of this quarter was $924 million. The increase in operating income was mainly due to the increase in turnover.</p><p>Compared with the net income of $157 million in the same period last year and the net income of $555 million in the previous quarter, the net income of this quarter was $710 million. Based on non-GAAP standards, net income for the current quarter was $778 million compared to $216 million in the same period last year and net income of $642 million in the previous quarter.</p><p>Diluted earnings per share for the quarter were $0.58 compared to $0.13 in the prior year quarter and $0.45 in the prior quarter. On a non-GAAP basis, diluted earnings per share for the quarter were $0.63 compared to $0.18 in the prior year quarter and $0.52 in the prior quarter.</p><p>Cash, cash equivalents and short-term investments totaled $3.79 billion at the end of the quarter.</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 for the quarter reached a record $888 million 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 stock repurchase program. In the second quarter, the company repurchased 3.2 million common shares for $256 million.</p><p><b>Quarterly Segment Earnings Summary</b></p><p>The turnover of the Computing and Graphics Division was USD 2.25 billion, a year-on-year increase of 65% and a month-on-month increase of 7%, mainly due to the growth of client and graphics processor sales.</p><p>The average selling price (ASP) of client processors increased year-on-year and month-on-month, mainly driven by the increase in sales of Ryzen desktop and notebook processor portfolio.</p><p>Driven by sales 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>Compared with the operating income of USD 200 million in the same period last year and USD 485 million in the previous quarter, the operating income of this quarter was USD 526 million, and the revenue growth was due to the increase in turnover.</p><p>The turnover of the Enterprise, Embedded and Semi-Custom division was US $1.6 billion, up 183% year-on-year and 19% quarter-on-quarter. The increase in turnover was mainly due to the increase in sales of EPYC processors and semi-custom products.</p><p>Compared with the operating income of $33 million in the same period last year and the operating income of $277 million in the previous quarter, the operating income for this quarter was $398 million. The year-on-year and quarter-on-quarter growth was mainly due to higher turnover.</p><p>Compared with the operating loss of $60 million in the same period last year and the operating loss of $100 million in the previous quarter, all other operating losses in this quarter were $93 million.</p><p><b>Recent Company Performance Highlights</b></p><p>AMD announced a $4 billion stock repurchase plan, which will fund the repurchase through operating cash.</p><p>The TOP500 organization released the latest TOP500 list of global supercomputers. The number of systems using AMDEPYC processors is nearly five times that of the June 2020 list. In addition, in the new list, AMDEPYC processors account for half of the 58 new systems on the list.</p><p>AMD and its technology partners have announced a number of new high-performance computing systems powering AMDEPYC processors, including the Met Office's Microsoft Azure supercomputer, Perlmutter supercomputer and the Singapore National Supercomputing Centre supercomputer.</p><p>AMD and Google Cloud announced a new instance T2D using the third-generation AMDEPYC processor. According to Google Cloud data, T2D instances bring 56% absolute performance and more than 40% cost performance improvement to scalable workloads.</p><p>AMD continues to build advanced IP with 3Dchiplet technology and continues to invest in cutting-edge manufacturing and packaging technologies. This packaging technology breaks through the combination of AMD's innovative chip architecture with 3D stacking technology.</p><p>AMD announced the AMD Advantage design framework, which combines AMD Radeon RX6000M series mobile graphics cards, AMD Radeon software and AMD Ryzen 5000 series mobile processors with AMD's unique intelligent technology and other advanced system design features to provide a best-in-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 systems in Tesla Model S and Model X 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 performance over previous HPENimble storage all-flash arrays.</p><p>Valve announced that the SteamDeck handheld uses AMD's semi-custom chip, which can run the latest AAA games and all games in the Steam game library.</p><p>AMD has released an advanced spatial amplification solution-AMDFidelityFXSuperResolution, which aims to increase the game frame rate while ensuring a high-quality, high-resolution gaming experience. At present, more than 40 game developers have pledged to support 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 soared more than 5%! Net profit in the second quarter rose 352% year-on-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 soared more than 5%! Net profit in the second quarter rose 352% year-on-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>July 28,<a href=\"https://laohu8.com/S/AMD\">AMD</a>It rose by more than 5%. In the second quarter, revenue was US $3.85 billion and net profit was US $700 million, a year-on-year increase of 352%. Furthermore,<a href=\"https://laohu8.com/S/C\">Citigroup</a>Increased 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 announced second-quarter 2021 turnover of US $3.85 billion, operating income of US $831 million, net income of US $710 million, and diluted earnings per share of US $0.58. Non-GAAP operating income was $924 million, net income was $778 million, and diluted earnings per share was $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 in all businesses, our growth is significantly faster than 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>The turnover for the quarter was USD 3.85 billion, up 99% year-on-year and 12% quarter-on-quarter, mainly due to the higher turnover of the Computing and Graphics Division and the Enterprise, Embedded and Semi-Custom Division.</p><p>Gross profit was 48%, a year-on-year increase of 4 percentage points and a month-on-month increase of 2 percentage points. Growth was driven by increased sales of high-end Ryzen processors, Radeon graphics cards and EPYC processors.</p><p>This quarter's operating income was $831 million, compared with $173 million in the same period last year, and $662 million in the previous quarter. Based on non-GAAP standards, compared with the operating income of $233 million in the same period last year and the operating income of $762 million in the previous quarter, the operating income of this quarter was $924 million. The increase in operating income was mainly due to the increase in turnover.</p><p>Compared with the net income of $157 million in the same period last year and the net income of $555 million in the previous quarter, the net income of this quarter was $710 million. Based on non-GAAP standards, net income for the current quarter was $778 million compared to $216 million in the same period last year and net income of $642 million in the previous quarter.</p><p>Diluted earnings per share for the quarter were $0.58 compared to $0.13 in the prior year quarter and $0.45 in the prior quarter. On a non-GAAP basis, diluted earnings per share for the quarter were $0.63 compared to $0.18 in the prior year quarter and $0.52 in the prior quarter.</p><p>Cash, cash equivalents and short-term investments totaled $3.79 billion at the end of the quarter.</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 for the quarter reached a record $888 million 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 stock repurchase program. In the second quarter, the company repurchased 3.2 million common shares for $256 million.</p><p><b>Quarterly Segment Earnings Summary</b></p><p>The turnover of the Computing and Graphics Division was USD 2.25 billion, a year-on-year increase of 65% and a month-on-month increase of 7%, mainly due to the growth of client and graphics processor sales.</p><p>The average selling price (ASP) of client processors increased year-on-year and month-on-month, mainly driven by the increase in sales of Ryzen desktop and notebook processor portfolio.</p><p>Driven by sales 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>Compared with the operating income of USD 200 million in the same period last year and USD 485 million in the previous quarter, the operating income of this quarter was USD 526 million, and the revenue growth was due to the increase in turnover.</p><p>The turnover of the Enterprise, Embedded and Semi-Custom division was US $1.6 billion, up 183% year-on-year and 19% quarter-on-quarter. The increase in turnover was mainly due to the increase in sales of EPYC processors and semi-custom products.</p><p>Compared with the operating income of $33 million in the same period last year and the operating income of $277 million in the previous quarter, the operating income for this quarter was $398 million. The year-on-year and quarter-on-quarter growth was mainly due to higher turnover.</p><p>Compared with the operating loss of $60 million in the same period last year and the operating loss of $100 million in the previous quarter, all other operating losses in this quarter were $93 million.</p><p><b>Recent Company Performance Highlights</b></p><p>AMD announced a $4 billion stock repurchase plan, which will fund the repurchase through operating cash.</p><p>The TOP500 organization released the latest TOP500 list of global supercomputers. The number of systems using AMDEPYC processors is nearly five times that of the June 2020 list. In addition, in the new list, AMDEPYC processors account for half of the 58 new systems on the list.</p><p>AMD and its technology partners have announced a number of new high-performance computing systems powering AMDEPYC processors, including the Met Office's Microsoft Azure supercomputer, Perlmutter supercomputer and the Singapore National Supercomputing Centre supercomputer.</p><p>AMD and Google Cloud announced a new instance T2D using the third-generation AMDEPYC processor. According to Google Cloud data, T2D instances bring 56% absolute performance and more than 40% cost performance improvement to scalable workloads.</p><p>AMD continues to build advanced IP with 3Dchiplet technology and continues to invest in cutting-edge manufacturing and packaging technologies. This packaging technology breaks through the combination of AMD's innovative chip architecture with 3D stacking technology.</p><p>AMD announced the AMD Advantage design framework, which combines AMD Radeon RX6000M series mobile graphics cards, AMD Radeon software and AMD Ryzen 5000 series mobile processors with AMD's unique intelligent technology and other advanced system design features to provide a best-in-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 systems in Tesla Model S and Model X 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 performance over previous HPENimble storage all-flash arrays.</p><p>Valve announced that the SteamDeck handheld uses AMD's semi-custom chip, which can run the latest AAA games and all games in the Steam game library.</p><p>AMD has released an advanced spatial amplification solution-AMDFidelityFXSuperResolution, which aims to increase the game frame rate while ensuring a high-quality, high-resolution gaming experience. At present, more than 40 game developers have pledged to support 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":1235,"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,"idStr":"4088507779206510","authorIdStr":"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":1460,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}