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Yoongc
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2023-02-19
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2023-01-16
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The top ten themes of global stock markets in 2023 in Morgan Stanley's eyes: about corporate earnings, global recession, China and India, and the rise of Saudi Arabia
摩根士丹利认为，在2023年欧美公司利润承压，中国及亚洲经济的乐观前景，印度、沙特的发展等将成为股市主题。在过去的2022年，美联储暴力加息，俄乌冲突等多方力量共同作用持续影响市场。美股三大股指均创下
The top ten themes of global stock markets in 2023 in Morgan Stanley's eyes: about corporate earnings, global recession, China and India, and the rise of Saudi Arabia
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2023-01-10
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Opening | Alibaba opened higher, Tesla rose more than 2%
1月10日周二，美股小幅低开，但随后拉升，截至发稿三大指数均转涨。美联储鲍威尔在今晚的讲话中表示，美联储的政策是有效的，我们的任务没有出错。阿里巴巴高开，涨约2%。杭州市委书记调研蚂蚁集团，杭州市人民
Opening | Alibaba opened higher, Tesla rose more than 2%
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2023-01-07
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FDA approves'most promising new drug to cure Alzheimer's
由百健和卫材研发的单克隆抗体疗法、用于减缓认知衰退的阿尔茨海默氏症药物lecanemab是数十年来寻找新的阿尔茨海默氏症治疗方法的一个里程碑，并且可能标志着美国最常见形式的痴呆症和主要死亡原因的治疗开
FDA approves'most promising new drug to cure Alzheimer's
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Yoongc
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2023-01-07
$特斯拉(TSLA)$
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2023-01-06
$特斯拉(TSLA)$
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2023-01-02
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The Investment Philosophy of Three Century Investment Masters
有这样三位投资者，他们的投资生涯几乎横贯了整个20世纪，其中两人还沐浴过21世纪的曙光。他们经历了1929年的大崩盘，又经历了1987年的大恐慌以及1997年的下跌；他们三人加在一起，在熊市和牛市中拥
The Investment Philosophy of Three Century Investment Masters
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2023-01-02
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2023-01-01
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Yoongc
Yoongc
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2022-12-30
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In the past 2022, the violent rate hike by the Federal Reserve, the Russia-Ukraine conflict and other forces have continued to affect the market. The three major U.S. stock indexes all recorded their worst annual performance since the 2008 financial crisis.</p><p>Heading into 2023, with the prospect of weaker demand from a slowing global economy, investors are beginning to wonder what themes other than the Federal Reserve will dominate markets this year.</p><p>Morgan Stanley's analysis team recently summarized the top ten themes of global stock markets in 2023, including:<b>Profit margins of European and American companies are under pressure, from stagflation to recession, optimistic prospects for Chinese and Asian economies, ESG ratings drive company valuations, the next round of IPOs and capital outflows from the secondary market, the earth reduces carbon emissions, the development of India and Saudi Arabia, The era of multiple income earners brought by ChatGPT and what to do about obesity, etc.</b></p><p><b>Theme 1: The Challenge of Profit Margins of European and American Companies</b></p><p>Morgan Stanley believes that the company's costs cannot fall and its bargaining power will decline in 2023.<b>As a result, earnings are affected and profit margins are under pressure</b>。 From the American perspective,<b>Earnings for the S&P 500 will be under tremendous pressure this year and face a \"earnings cliff\"</b>：</p><p>We believe that when the growth rate of costs exceeds the growth rate of sales, the company's profit growth will be severely hit, and the operating leverage coefficient will be negative. Considering that (1) the job market in some industries is still hot and labor shortages are suffering, wage costs may remain high (2) inventories filled at higher prices amid insufficient supply have led to overinventory, this The phenomenon may become more severe in 2023.<img src=\"https://static.tigerbbs.com/c5ee758835f7a66189d9b772716989f6\" tg-width=\"640\" tg-height=\"374\" referrerpolicy=\"no-referrer\"/>Due to the sharp decline in profit margins,<b>Morgan Stanley believes European stocks may fall 10% this year</b>：</p><p>Our indicators that monitor margins in Europe show margin contraction of more than 200 basis points over the next 12 months, comparable to what was seen during the global financial crisis. Higher wages, still high inflation, slowing terminal demand and declining pricing power will all lead to our expected negative operating leverage.<b>Theme 2: From stagflation to deflation and even recession</b></p><p>Morgan Stanley pointed to inflation and rising interest rates as the main drivers of capital market and industry performance in 2022. Entering 2023, the focus will shift to lower inflation and slower growth:</p><p>Our U.S. economists expect inflation in the U.S. to fall significantly in the coming quarters, which will put downward pressure on bond yields in favor of defensive stocks and GARP stocks. Morgan Stanley believes that inventory will face dual challenges. On the one hand, the bottleneck problem in the supply chain has basically disappeared, while on the other hand, the demand side, especially the demand for goods, is slowing down:</p><p>Supply chain problems have disappeared in most industries, and U.S. imports of goods are rising sharply. Since the financial crisis, the ratio of inventory to sales for U.S. companies has been rising and is now at its highest level since 1990. We think many companies are using discounts to solve this problem.<b>Theme 3: Optimistic prospects for China and Asia's economies</b></p><p>Morgan Stanley believes that unlike Western economies, which will slow down further in 2023,<b>With the continuous optimization of policies, the economic development prospects of China and Asia will be more optimistic and usher in recovery</b>：</p><p>Combined with our expected weakness in the US dollar, it should stimulate investor interest in assets in Asia, the Middle East and China (including fixed income and equities). China's market and emerging markets may usher in a rebound.<img src=\"https://static.tigerbbs.com/a909a6cabcf3d4a1cd6ec33a31cbd6a7\" tg-width=\"640\" tg-height=\"304\" referrerpolicy=\"no-referrer\"/><b>Topic 4: ESG rating drives alpha</b></p><p>Morgan Stanley believes that ESG ratings in 2023 will become a key focus for investors looking for alphas that can generate alpha and affect the company's future. Morgan Stanley explained:</p><p>By analyzing 90 stocks worldwide, our analysts believe that as long as one ESG indicator has a significant improvement, it will have a positive impact on its finances and valuation. We believe ESG ratings provide a better measure of the future of a stock than traditional ratings.<img src=\"https://static.tigerbbs.com/c8c9ce45f9093561c77630ee06eed714\" tg-width=\"640\" tg-height=\"403\" referrerpolicy=\"no-referrer\"/><b>Theme 5: Helping the planet reduce carbon emissions</b></p><p>According to Morgan Stanley's analysis, companies that can provide sustainable development technologies for different industries in the future will become promoters of social development:</p><p>Our analysts have listed more than 50 companies that have changed the \"rules of the game\" of the industry and continued to advance sustainability technologies. 500 billion dollars of capital is scrambling to break the current stalled status quo of reducing carbon emissions.<b>Topic 6: The next round of IPOs and capital outflows from the secondary market</b></p><p>Morgan Stanley said that it is now in a period when unicorn companies need to refinance, and funds may flow out of the secondary market to support investment:</p><p>In the past 15 years, only 3% of the 1,420 companies have IPOs in the downward cycle; More than 50% of companies continue to IPO or be acquired at higher valuations in the future. If the next round of IPOs happens, it will most likely happen in mid-2023 for most emerging unicorns. History suggests that companies that raised funds in 2021 will have their next funding round around the second quarter of 2023, followed by IPOs in the following 9-12 months.<b>Theme 7: A Decade in India</b></p><p>Morgan Stanley believes that in the next 10 years,<b>India may become the third largest economy and stock market in the world</b>：</p><p>We believe that India already has what it takes to achieve economic prosperity, driven by offshoring, manufacturing investment, energy transition and the country's advanced digital infrastructure. These drivers will make it the third largest economy and stock market in the world within a decade.<b>Theme 8: Saudi Arabia will rise rapidly</b></p><p>Morgan Stanley points out,<b>Saudi Arabia's \"Vision 2030\" announced in 2016 has gained tremendous momentum in 2022, and the momentum is expected to extend into the next decade</b>：</p><p>To achieve Vision 2030, Saudi Arabia has launched more than $1 trillion worth of projects aimed at transforming the country into an economic powerhouse. We estimate that Saudi Arabia may spend about $900 billion by 2030 (compared with an estimated $50 billion so far). We believe contractors in South Korea and India, as well as the luxury goods sector, stand to benefit.<b>Theme 9: The Era of Multiple Incomes</b></p><p>Morgan Stanley pointed out that with the rapid iteration and development of ChatGPT and other generative artificial intelligence, the question is beginning to arise: which jobs will be replaced in the future. In the medium and long term,<b>The work of the future requires greater flexibility</b>：</p><p>We believe that the pursuit of work has now begun to shift to the search for multiple sources of income. This is creating a large and growing demographic whose marginal time will be better spent on different jobs generating multiple income streams, and Gen Z people are leading the shift in this paradigm.<b>Topic 10: Obesity x Social Media</b></p><p>Morgan Stanley believes that Wegovy (obesity drug), Ozempic (hypoglycemic drug) and semaglutide (weight loss drug) are being heavily mentioned in TikTok short-sighted videos and comments, and will bring about a series of treatment areas such as obesity. rise:</p><p>We believe that the result of too much discussion of obesity is (1) knowledge of drugs, thereby making (2) the possibility of an exponential spread of demand for drugs in the future. We believe that the global sales of obesity drugs can reach more than 50 billion US dollars in 2030, which will make the expenditure on obesity rise to the top 12 in the global treatment field.<img src=\"https://static.tigerbbs.com/2b3c5aaf95bc7b7b1ed0f240500ad6a4\" tg-width=\"640\" tg-height=\"317\" referrerpolicy=\"no-referrer\"/></body></html></p>","source":"wallstreetcn_api","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>The top ten themes of global stock markets in 2023 in Morgan Stanley's eyes: about corporate earnings, global recession, China and India, and the rise of Saudi Arabia</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\">\nThe top ten themes of global stock markets in 2023 in Morgan Stanley's eyes: about corporate earnings, global recession, China and India, and the rise of Saudi Arabia\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2023-01-17 07:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Morgan Stanley believes that in 2023, the profits of European and American companies will be under pressure, the optimistic prospects for the Chinese and Asian economies, and the development of India and Saudi Arabia will become the themes of the stock market. In the past 2022, the violent rate hike by the Federal Reserve, the Russia-Ukraine conflict and other forces have continued to affect the market. The three major U.S. stock indexes all recorded their worst annual performance since the 2008 financial crisis.</p><p>Heading into 2023, with the prospect of weaker demand from a slowing global economy, investors are beginning to wonder what themes other than the Federal Reserve will dominate markets this year.</p><p>Morgan Stanley's analysis team recently summarized the top ten themes of global stock markets in 2023, including:<b>Profit margins of European and American companies are under pressure, from stagflation to recession, optimistic prospects for Chinese and Asian economies, ESG ratings drive company valuations, the next round of IPOs and capital outflows from the secondary market, the earth reduces carbon emissions, the development of India and Saudi Arabia, The era of multiple income earners brought by ChatGPT and what to do about obesity, etc.</b></p><p><b>Theme 1: The Challenge of Profit Margins of European and American Companies</b></p><p>Morgan Stanley believes that the company's costs cannot fall and its bargaining power will decline in 2023.<b>As a result, earnings are affected and profit margins are under pressure</b>。 From the American perspective,<b>Earnings for the S&P 500 will be under tremendous pressure this year and face a \"earnings cliff\"</b>：</p><p>We believe that when the growth rate of costs exceeds the growth rate of sales, the company's profit growth will be severely hit, and the operating leverage coefficient will be negative. Considering that (1) the job market in some industries is still hot and labor shortages are suffering, wage costs may remain high (2) inventories filled at higher prices amid insufficient supply have led to overinventory, this The phenomenon may become more severe in 2023.<img src=\"https://static.tigerbbs.com/c5ee758835f7a66189d9b772716989f6\" tg-width=\"640\" tg-height=\"374\" referrerpolicy=\"no-referrer\"/>Due to the sharp decline in profit margins,<b>Morgan Stanley believes European stocks may fall 10% this year</b>：</p><p>Our indicators that monitor margins in Europe show margin contraction of more than 200 basis points over the next 12 months, comparable to what was seen during the global financial crisis. Higher wages, still high inflation, slowing terminal demand and declining pricing power will all lead to our expected negative operating leverage.<b>Theme 2: From stagflation to deflation and even recession</b></p><p>Morgan Stanley pointed to inflation and rising interest rates as the main drivers of capital market and industry performance in 2022. Entering 2023, the focus will shift to lower inflation and slower growth:</p><p>Our U.S. economists expect inflation in the U.S. to fall significantly in the coming quarters, which will put downward pressure on bond yields in favor of defensive stocks and GARP stocks. Morgan Stanley believes that inventory will face dual challenges. On the one hand, the bottleneck problem in the supply chain has basically disappeared, while on the other hand, the demand side, especially the demand for goods, is slowing down:</p><p>Supply chain problems have disappeared in most industries, and U.S. imports of goods are rising sharply. Since the financial crisis, the ratio of inventory to sales for U.S. companies has been rising and is now at its highest level since 1990. We think many companies are using discounts to solve this problem.<b>Theme 3: Optimistic prospects for China and Asia's economies</b></p><p>Morgan Stanley believes that unlike Western economies, which will slow down further in 2023,<b>With the continuous optimization of policies, the economic development prospects of China and Asia will be more optimistic and usher in recovery</b>：</p><p>Combined with our expected weakness in the US dollar, it should stimulate investor interest in assets in Asia, the Middle East and China (including fixed income and equities). China's market and emerging markets may usher in a rebound.<img src=\"https://static.tigerbbs.com/a909a6cabcf3d4a1cd6ec33a31cbd6a7\" tg-width=\"640\" tg-height=\"304\" referrerpolicy=\"no-referrer\"/><b>Topic 4: ESG rating drives alpha</b></p><p>Morgan Stanley believes that ESG ratings in 2023 will become a key focus for investors looking for alphas that can generate alpha and affect the company's future. Morgan Stanley explained:</p><p>By analyzing 90 stocks worldwide, our analysts believe that as long as one ESG indicator has a significant improvement, it will have a positive impact on its finances and valuation. We believe ESG ratings provide a better measure of the future of a stock than traditional ratings.<img src=\"https://static.tigerbbs.com/c8c9ce45f9093561c77630ee06eed714\" tg-width=\"640\" tg-height=\"403\" referrerpolicy=\"no-referrer\"/><b>Theme 5: Helping the planet reduce carbon emissions</b></p><p>According to Morgan Stanley's analysis, companies that can provide sustainable development technologies for different industries in the future will become promoters of social development:</p><p>Our analysts have listed more than 50 companies that have changed the \"rules of the game\" of the industry and continued to advance sustainability technologies. 500 billion dollars of capital is scrambling to break the current stalled status quo of reducing carbon emissions.<b>Topic 6: The next round of IPOs and capital outflows from the secondary market</b></p><p>Morgan Stanley said that it is now in a period when unicorn companies need to refinance, and funds may flow out of the secondary market to support investment:</p><p>In the past 15 years, only 3% of the 1,420 companies have IPOs in the downward cycle; More than 50% of companies continue to IPO or be acquired at higher valuations in the future. If the next round of IPOs happens, it will most likely happen in mid-2023 for most emerging unicorns. History suggests that companies that raised funds in 2021 will have their next funding round around the second quarter of 2023, followed by IPOs in the following 9-12 months.<b>Theme 7: A Decade in India</b></p><p>Morgan Stanley believes that in the next 10 years,<b>India may become the third largest economy and stock market in the world</b>：</p><p>We believe that India already has what it takes to achieve economic prosperity, driven by offshoring, manufacturing investment, energy transition and the country's advanced digital infrastructure. These drivers will make it the third largest economy and stock market in the world within a decade.<b>Theme 8: Saudi Arabia will rise rapidly</b></p><p>Morgan Stanley points out,<b>Saudi Arabia's \"Vision 2030\" announced in 2016 has gained tremendous momentum in 2022, and the momentum is expected to extend into the next decade</b>：</p><p>To achieve Vision 2030, Saudi Arabia has launched more than $1 trillion worth of projects aimed at transforming the country into an economic powerhouse. We estimate that Saudi Arabia may spend about $900 billion by 2030 (compared with an estimated $50 billion so far). We believe contractors in South Korea and India, as well as the luxury goods sector, stand to benefit.<b>Theme 9: The Era of Multiple Incomes</b></p><p>Morgan Stanley pointed out that with the rapid iteration and development of ChatGPT and other generative artificial intelligence, the question is beginning to arise: which jobs will be replaced in the future. In the medium and long term,<b>The work of the future requires greater flexibility</b>：</p><p>We believe that the pursuit of work has now begun to shift to the search for multiple sources of income. This is creating a large and growing demographic whose marginal time will be better spent on different jobs generating multiple income streams, and Gen Z people are leading the shift in this paradigm.<b>Topic 10: Obesity x Social Media</b></p><p>Morgan Stanley believes that Wegovy (obesity drug), Ozempic (hypoglycemic drug) and semaglutide (weight loss drug) are being heavily mentioned in TikTok short-sighted videos and comments, and will bring about a series of treatment areas such as obesity. rise:</p><p>We believe that the result of too much discussion of obesity is (1) knowledge of drugs, thereby making (2) the possibility of an exponential spread of demand for drugs in the future. We believe that the global sales of obesity drugs can reach more than 50 billion US dollars in 2030, which will make the expenditure on obesity rise to the top 12 in the global treatment field.<img src=\"https://static.tigerbbs.com/2b3c5aaf95bc7b7b1ed0f240500ad6a4\" tg-width=\"640\" tg-height=\"317\" referrerpolicy=\"no-referrer\"/></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3679983\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d2488184ce4815610e2426c10250da75","relate_stocks":{"MS":"摩根士丹利"},"source_url":"https://wallstreetcn.com/articles/3679983","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102521229","content_text":"摩根士丹利认为，在2023年欧美公司利润承压，中国及亚洲经济的乐观前景，印度、沙特的发展等将成为股市主题。在过去的2022年，美联储暴力加息，俄乌冲突等多方力量共同作用持续影响市场。美股三大股指均创下2008年金融危机以来的最差年度表现。进入2023年，在全球经济放缓需求走弱的前景下，投资者开始思考，除了美联储以外，还有哪些主题将主导今年的市场。摩根士丹利分析团队最新总结了2023年全球股市的十大主题，包括：欧美公司利润率承压，从滞涨到衰退，中国及亚洲经济的乐观前景，ESG的评级驱动公司估值，下轮IPO及资金从二级市场流出，地球减少碳排放，印度、沙特的发展，ChatGPT带来的多种收入者时代以及肥胖症该怎么办等。主题一：欧美公司利润率的挑战摩根士丹利认为2023年公司的成本无法下降且议价能力下降，导致盈利受到影响，利润率承压。从美国来看，今年标普500的盈利将面临巨大压力，并面临“盈利悬崖”：我们认为，当成本的增速超过销售的增速时，公司盈利增长就会受到剧烈打击，出现经营杠杆系数为负的情况。考虑到（1）某些行业的就业市场依旧火爆，劳动力短缺的情况，工资成本或将维持在高位（2）在供应不足的情况下以较高价格填补的库存导致了库存过剩的情况，这种现象在2023年可能更加严重。因利润率大幅下降，摩根士丹利认为今年欧洲股市或将下跌10%：我们监控欧洲利润率的指标显示，未来12个月的利润率收缩将超过200个基点，与全球金融危机期间的情况相当。更高的工资，仍处高位的通胀、终端需求的放缓和定价能力的下降，都会导致我们预期的经营杠杆系数为负的情况。主题二：从滞胀到通缩甚至衰退摩根士丹利指出，通胀和不断攀升的利率是2022年资本市场和行业表现的主要驱动力。进入2023年，重点将转移到较低的通胀及较慢的增长：我们的美国经济学家预计，美国的通胀率将在未来几个季度大幅下降，这将给债券收益率带来下行压力，有利于防御性股票和GARP股票。摩根士丹利认为，库存将面临双重挑战，一方面供应链的瓶颈问题已基本消失，而另一方面需求端，特别是对货物的需求，正在放缓：大多数行业的供应链问题已经消失，美国的货物进口量正急剧上升。自金融危机以来，美国公司的库存与销售的比例一直在上升，现在正处于1990年以来的最高水平。我们认为许多公司正用打折来解决这个问题。主题三：中国及亚洲经济的乐观前景摩根士丹利认为，与西方经济体的发展将在2023年进一步放缓不同，随着不断优化的政策，中国及亚洲的经济发展前景将较为乐观，迎来复苏：叠加我们预期的美元疲软，应该会激发投资者们对亚洲、中东、中国资产（包括固定收益和股票）的兴趣。中国的市场及新兴市场的或将迎来反弹。主题四：ESG的评级驱动阿尔法摩根士丹利认为，2023年ESG的评级，将成为投资者寻找能够产生阿尔法和影响公司未来的一个关键焦点，摩根士丹利解释称：通过分析全球范围内的90只股票，我们分析师认为只要一个ESG指标有明显的改善，对其财务和估值都将产生积极影响。我们相信，与传统的评级相比，ESG评级能更好地衡量股票的未来。主题五： 为地球减少碳排放助力摩根士丹利分析称，未来可以为不同行业提供可持续发展技术的公司将成为社会发展的推动者：我们的分析师列出了超过50家改变了行业原本的 “游戏规则 ”，持续推进可持续发展技术的公司。5000亿美元的资本正在争先恐后地打破当下停止不前的减少碳排放现状。主题六：下轮IPO及资金从二级市场流出摩根士丹利称，当下正处于独角兽企业需要重新融资的时期，资金或将从二级市场流出，以支持投资：在过去的15年里，1420家公司中只有3%在下行周期进行了IPO；超过50%的公司都在未来继续进行IPO或以更高估值被收购。如果下一轮IPO会发生，那么对于大多数新晋的独角兽公司来说，最有可能在2023年年中发生。历史表明，在2021年进行融资的公司将在2023年第二季度左右进行下一轮融资，并在随后的9-12个月进行IPO。主题七：印度的十年摩根士丹利认为，在接下来的10年内，印度或成为世界第三大经济体和股票市场：我们认为，印度已经具备了在离岸外包、制造业投资、能源转型和国家先进的数字基础设施的推动下实现经济繁荣的条件。这些驱动力将使其在十年内成为世界第三大经济体和股票市场。主题八：沙特将快速崛起大摩指出，沙特2016年公布的 \"2030愿景 \"在2022年获得了巨大的前进动能，预计势头或将延伸到未来十年：为实现“2030愿景”沙特阿拉伯已经推出了价值超过1万亿美元的项目，旨在将该国转变为经济强国。我们估计，到2030年沙特或将支出约9000亿美元（而迄今为止 ，估计已花费500亿美元）。我们认为，韩国和印度的承包商以及奢侈品行业将受益。主题九：多种收入者时代摩根士丹利指出，随着ChatGPT和其他生成式人工智能的快速迭代和发展，开始引出一个问题：未来哪些工作将被取代。从中长期来看，未来的工作需要更大的灵活性：我们认为，现在对工作的追求已经开始转变为寻求多种收入来源。这正在创造一个庞大且不断增长的人群，他们的边际时间将被更好地用于不同的工作从而产生多种收入来源，Z世代的人正在引领这一模式的转变。主题十：肥胖症x社交媒体摩根士丹利认为，Wegovy（肥胖症用药）、Ozempic（降糖药）和semaglutide（减肥药物）正在TikTok短视视频及评论中被大量提及，将会带来针对肥胖症等一系列治疗领域的兴起：我们认为，对肥胖症过多讨论的结果是(1)对药物的了解，从而使得(2)对药物的需求有可能在未来出现指数级传播。我们相信全球针对肥胖症药物的销售额在2030年可以达到500亿美元以上，将使对肥胖症的支出上升到全球治疗领域支出的前12位。","news_type":1,"symbols_score_info":{"MS":0.9}},"isVote":1,"tweetType":1,"viewCount":2869,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9951073883,"gmtCreate":1673365716243,"gmtModify":1676538825292,"author":{"id":"3581927941435634","authorId":"3581927941435634","name":"Yoongc","avatar":"https://static.tigerbbs.com/a93f178e6f634935a9ec8eccec2c7607","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581927941435634","authorIdStr":"3581927941435634"},"themes":[],"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9951073883","repostId":"1129242286","repostType":4,"repost":{"id":"1129242286","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":1673360880,"share":"https://ttm.financial/m/news/1129242286?lang=en_US&edition=fundamental","pubTime":"2023-01-10 22:28","market":"us","language":"zh","title":"Opening | Alibaba opened higher, Tesla rose more than 2%","url":"https://stock-news.laohu8.com/highlight/detail?id=1129242286","media":"老虎资讯综合","summary":"1月10日周二，美股小幅低开，但随后拉升，截至发稿三大指数均转涨。美联储鲍威尔在今晚的讲话中表示，美联储的政策是有效的，我们的任务没有出错。阿里巴巴高开，涨约2%。杭州市委书记调研蚂蚁集团，杭州市人民","content":"<p><html><head></head><body>On Tuesday, January 10, U.S. stocks experienced a slight open low, but then rose. As of press time, all three major indexes turned higher.<b>Fed Powell said in his speech tonight that the Fed's policies are effective and we have not gone wrong with our mission.</b></p><p><img src=\"https://static.tigerbbs.com/c55213d1c864fbf260a9c22a95bbb2b0\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Opened higher, up about 2%. Investigation by Hangzhou Municipal Party Committee<a href=\"https://laohu8.com/S/06688\">Ant Group</a>, Hangzhou Municipal People's Government and Alibaba signed a comprehensive deepening strategic cooperation agreement.</p><p><img src=\"https://static.tigerbbs.com/35609e447b1917b2057ddcbb64dada4d\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>New car-making forces collectively rose at the beginning of the session.<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Rose more than 3%,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>Up 2%.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It rose more than 2% at the beginning of the session. It was reported that after announcing the price cut, Tesla China received 30,000 car orders within three days. But Tesla officials declined to comment. It is also reported that Tesla's electric vehicle factory in Austin, Texas will begin to expand in the coming weeks.</p><p><img src=\"https://static.tigerbbs.com/f3eeff30d0063f48d0f9768dd5ebdb72\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>Faraday Future fell more than 5% after receiving a notice from the Nasdaq exchange informing the company that it did not meet certain requirements for continued listing.</p><p><a href=\"https://laohu8.com/S/VORB\">Virgin Orbit</a>After a 20% drop, Virgin Orbit admitted on social media that the first satellite launch from the UK failed.</p><p><a href=\"https://laohu8.com/S/BBBY\">3B Home</a>It rose 7.1%. Despite the company's quarterly loss of about $393 million during the holiday season, it did not say it would file for bankruptcy.</p><p><a href=\"https://laohu8.com/S/BA\">boeing</a>Down 1.56%,<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Downgraded Boeing's rating to hold from overweight, saying it lacks potential upside from current levels.</p><p><a href=\"https://laohu8.com/S/BRCM\">Broadcom</a>Fell slightly 1% amid reports that<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Plans to abandon by 2025<a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>Chip, switch to an in-house design.</p><p><a href=\"https://laohu8.com/S/ILMN\">Illumina</a>It fell more than 11% after the company lowered its performance guidance for 2023, which was lower than market expectations.</p><p></body></html></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>Opening | Alibaba opened higher, Tesla rose more than 2%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\nOpening | Alibaba opened higher, Tesla rose more than 2%\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\">2023-01-10 22:28</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On Tuesday, January 10, U.S. stocks experienced a slight open low, but then rose. As of press time, all three major indexes turned higher.<b>Fed Powell said in his speech tonight that the Fed's policies are effective and we have not gone wrong with our mission.</b></p><p><img src=\"https://static.tigerbbs.com/c55213d1c864fbf260a9c22a95bbb2b0\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Opened higher, up about 2%. Investigation by Hangzhou Municipal Party Committee<a href=\"https://laohu8.com/S/06688\">Ant Group</a>, Hangzhou Municipal People's Government and Alibaba signed a comprehensive deepening strategic cooperation agreement.</p><p><img src=\"https://static.tigerbbs.com/35609e447b1917b2057ddcbb64dada4d\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>New car-making forces collectively rose at the beginning of the session.<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Rose more than 3%,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>Up 2%.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It rose more than 2% at the beginning of the session. It was reported that after announcing the price cut, Tesla China received 30,000 car orders within three days. But Tesla officials declined to comment. It is also reported that Tesla's electric vehicle factory in Austin, Texas will begin to expand in the coming weeks.</p><p><img src=\"https://static.tigerbbs.com/f3eeff30d0063f48d0f9768dd5ebdb72\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>Faraday Future fell more than 5% after receiving a notice from the Nasdaq exchange informing the company that it did not meet certain requirements for continued listing.</p><p><a href=\"https://laohu8.com/S/VORB\">Virgin Orbit</a>After a 20% drop, Virgin Orbit admitted on social media that the first satellite launch from the UK failed.</p><p><a href=\"https://laohu8.com/S/BBBY\">3B Home</a>It rose 7.1%. Despite the company's quarterly loss of about $393 million during the holiday season, it did not say it would file for bankruptcy.</p><p><a href=\"https://laohu8.com/S/BA\">boeing</a>Down 1.56%,<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Downgraded Boeing's rating to hold from overweight, saying it lacks potential upside from current levels.</p><p><a href=\"https://laohu8.com/S/BRCM\">Broadcom</a>Fell slightly 1% amid reports that<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Plans to abandon by 2025<a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>Chip, switch to an in-house design.</p><p><a href=\"https://laohu8.com/S/ILMN\">Illumina</a>It fell more than 11% after the company lowered its performance guidance for 2023, which was lower than market expectations.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129242286","content_text":"1月10日周二，美股小幅低开，但随后拉升，截至发稿三大指数均转涨。美联储鲍威尔在今晚的讲话中表示，美联储的政策是有效的，我们的任务没有出错。阿里巴巴高开，涨约2%。杭州市委书记调研蚂蚁集团，杭州市人民政府和阿里巴巴签订全面深化战略合作协议。造车新势力盘初集体走高，小鹏汽车涨超3%，理想汽车、蔚来涨2%。特斯拉盘初涨超2%，消息称在宣布降价后，特斯拉中国三天内获3万辆汽车订单。但特斯拉官方未予置评。另据报道，未来几周，特斯拉位于得克萨斯州奥斯汀的电动汽车工厂的规模将开始扩大。法拉第未来跌超5%，此前收到纳斯达克交易所的通知，告知公司不符合某些继续上市要求。维珍轨道大跌20%，维珍轨道在社交媒体承认，首次从英国发射卫星宣告失败。3B家居涨7.1%，尽管公司假日季出现了约3.93亿美元的季度亏损，但没有表示会申请破产。波音跌1.56%，摩根士丹利将波音的评级从增持下调至持有，称从当前水平看缺乏潜在的上升空间。博通微跌1%，有报道称苹果计划到2025年放弃博通芯片，改用内部设计。Illumina跌超11%，此前该公司下调2023年的业绩指引，且低于市场预期。","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2781,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9953083070,"gmtCreate":1673103706990,"gmtModify":1676538787044,"author":{"id":"3581927941435634","authorId":"3581927941435634","name":"Yoongc","avatar":"https://static.tigerbbs.com/a93f178e6f634935a9ec8eccec2c7607","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581927941435634","authorIdStr":"3581927941435634"},"themes":[],"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9953083070","repostId":"1118862562","repostType":4,"repost":{"id":"1118862562","kind":"news","pubTimestamp":1673056273,"share":"https://ttm.financial/m/news/1118862562?lang=en_US&edition=fundamental","pubTime":"2023-01-07 09:51","market":"us","language":"zh","title":"FDA approves'most promising new drug to cure Alzheimer's","url":"https://stock-news.laohu8.com/highlight/detail?id=1118862562","media":"华尔街见闻","summary":"由百健和卫材研发的单克隆抗体疗法、用于减缓认知衰退的阿尔茨海默氏症药物lecanemab是数十年来寻找新的阿尔茨海默氏症治疗方法的一个里程碑，并且可能标志着美国最常见形式的痴呆症和主要死亡原因的治疗开","content":"<p><html><head></head><body><b>The monoclonal antibody therapy developed by Biogen and Eisai, lecanemab, the Alzheimer's drug used to slow cognitive decline, is a milestone in the decades-long search for a new treatment for Alzheimer's disease and could mark the beginning of a shift in the treatment of the most common form of dementia and leading cause of death in the United States.</b>On Friday, January 6, the U.S. Food and Drug Administration (FDA) accelerated the approval of monoclonal antibody therapies developed by Biogen and Eisai, which are still in clinical trials, to slow down cognitive decline. Alzheimer's drug lecanemab.</p><p>Eisai, which led the research and development of the new drug, set the price of the new drug at US $26,500 per year in the United States, and the trade name was Leqembi.</p><p>This new drug is the second drug for Alzheimer's disease that Biogen and Eisai have received early approval in less than two years.</p><p>Just at the end of last year, the Democratic Party of the U.S. House of Representatives released a report stating that the FDA \"inappropriately\" cooperated with Biogen, which developed its Alzheimer's treatment drug Aduhelm, before approving the drug in 2021. Not only did Aduhelm not clinically Improve symptoms significantly, and the FDA's approval process is also full of flaws.</p><p>The results of clinical trials announced by the FDA in November last year showed that lecanemab slowed down the cognitive decline of patients with mild impairment caused by Alzheimer's disease to a certain extent. The FDA's approval was also made accordingly, but this treatment There is also a risk of brain swelling and bleeding.</p><p>If a new drug is expected to help patients more effectively than the drugs currently used clinically, the FDA will speed up the approval of the new drug. After approval, the new drug can be quickly introduced to the market. The two developing pharmaceutical companies of this drug applied for accelerated approval in July last year.</p><p>The FDA said in a statement:</p><p>Alzheimer's disease dramatically diminishes the living capacity of the sufferer and has devastating effects on their families. This treatment regimen is the latest therapy that targets and affects the condition, rather than just alleviating the symptoms of the disease. More than 6.5 million people in the United States suffer from Alzheimer's disease, which can irreversibly destroy patients' memory and thinking ability, and ultimately completely lose patients' execution ability.</p><p>The US Congress has just warned the FDA that the process of approving new drugs is full of flaws</p><p>At the end of December last year, the report of the U.S. House of Representatives said:</p><p>The FDA must act quickly to ensure that its review of pharmaceutical products for future Alzheimer's treatments does not lead to the same doubts about the integrity of the FDA review. House Oversight and Reform Committee Chairman Carolyn Maloney said:</p><p>I hope these findings will serve as a wake-up call for the FDA to reform its practices and call on members of Congress to take action and continue to monitor the pharmaceutical industry to ensure they don't let patients suffer. An FDA spokesperson said the agency is fully cooperating with the investigation:</p><p>One of our jobs is to interact frequently with pharmaceutical companies to ensure that we have enough information to inform our regulatory decisions. We will continue to do so because it is in the patient's best interest. That said, the agency has begun implementing reforms that are consistent with congressional recommendations. What is Lecanemab?</p><p>The latest FDA approved Lecanemab is a monoclonal antibody that targets a protein called amyloid that builds up in the brains of people with Alzheimer's disease. The antibody is administered IV every two weeks at a dose determined by the patient's body weight.</p><p>The FDA approval of lecanemab is based on the reduction in amyloid plaques observed in clinical trial participants receiving the treatment; The untreated participants, the placebo group, had no reduction in amyloid plaques.</p><p><b>The drug is the first to clearly show in recent studies that reducing amyloid provides clinical benefits to patients, although doctors say its effects are relatively modest and far from curative. Still, doctors say its approval is a milestone in the decades-long search for a new treatment for Alzheimer's and could mark the beginning of a shift in the treatment of the most common form of dementia and the leading cause of death in the United States.</b></p><p>Results from the clinical trial published in the New England Journal of Medicine, funded by Biogen and Eisai, found that people treated with lecanemab experienced a 27% slower rate of cognitive decline over 18 months compared to those who did not receive treatment.</p><p><b>Although lecanemab may slow cognitive decline to some extent, there are risks associated with this treatment.</b></p><p>Nearly 13% of patients treated with lecanemab experienced brain swelling, compared to about 2% of untreated patients. However, most of these symptoms are mild to moderate in severity, do not cause symptoms, and typically resolve within four months. About 3% of patients treated with lecanemab, though, had worse brain swelling, with symptoms including headaches, visual impairment and confusion.</p><p>Cerebral hemorrhage occurred in approximately 17% of patients treated with lecanemab compared to 9% of untreated patients, and the most common symptom associated with bleeding was dizziness.</p><p>Overall, 14% of patients treated with lecanemab experienced serious adverse reactions in clinical trials, compared with 11% of untreated patients.</p><p>The study's authors say longer clinical trials are needed to determine the efficacy and safety of lecanemab in patients with early-stage Alzheimer's disease.</p><p>The FDA said that the prescription information for lecanemab will include warnings about the risk of brain swelling and bleeding.</p><p></body></html></p>","source":"wallstreetcn","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>FDA approves'most promising new drug to cure Alzheimer's</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\">\nFDA approves'most promising new drug to cure Alzheimer's\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2023-01-07 09:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>The monoclonal antibody therapy developed by Biogen and Eisai, lecanemab, the Alzheimer's drug used to slow cognitive decline, is a milestone in the decades-long search for a new treatment for Alzheimer's disease and could mark the beginning of a shift in the treatment of the most common form of dementia and leading cause of death in the United States.</b>On Friday, January 6, the U.S. Food and Drug Administration (FDA) accelerated the approval of monoclonal antibody therapies developed by Biogen and Eisai, which are still in clinical trials, to slow down cognitive decline. Alzheimer's drug lecanemab.</p><p>Eisai, which led the research and development of the new drug, set the price of the new drug at US $26,500 per year in the United States, and the trade name was Leqembi.</p><p>This new drug is the second drug for Alzheimer's disease that Biogen and Eisai have received early approval in less than two years.</p><p>Just at the end of last year, the Democratic Party of the U.S. House of Representatives released a report stating that the FDA \"inappropriately\" cooperated with Biogen, which developed its Alzheimer's treatment drug Aduhelm, before approving the drug in 2021. Not only did Aduhelm not clinically Improve symptoms significantly, and the FDA's approval process is also full of flaws.</p><p>The results of clinical trials announced by the FDA in November last year showed that lecanemab slowed down the cognitive decline of patients with mild impairment caused by Alzheimer's disease to a certain extent. The FDA's approval was also made accordingly, but this treatment There is also a risk of brain swelling and bleeding.</p><p>If a new drug is expected to help patients more effectively than the drugs currently used clinically, the FDA will speed up the approval of the new drug. After approval, the new drug can be quickly introduced to the market. The two developing pharmaceutical companies of this drug applied for accelerated approval in July last year.</p><p>The FDA said in a statement:</p><p>Alzheimer's disease dramatically diminishes the living capacity of the sufferer and has devastating effects on their families. This treatment regimen is the latest therapy that targets and affects the condition, rather than just alleviating the symptoms of the disease. More than 6.5 million people in the United States suffer from Alzheimer's disease, which can irreversibly destroy patients' memory and thinking ability, and ultimately completely lose patients' execution ability.</p><p>The US Congress has just warned the FDA that the process of approving new drugs is full of flaws</p><p>At the end of December last year, the report of the U.S. House of Representatives said:</p><p>The FDA must act quickly to ensure that its review of pharmaceutical products for future Alzheimer's treatments does not lead to the same doubts about the integrity of the FDA review. House Oversight and Reform Committee Chairman Carolyn Maloney said:</p><p>I hope these findings will serve as a wake-up call for the FDA to reform its practices and call on members of Congress to take action and continue to monitor the pharmaceutical industry to ensure they don't let patients suffer. An FDA spokesperson said the agency is fully cooperating with the investigation:</p><p>One of our jobs is to interact frequently with pharmaceutical companies to ensure that we have enough information to inform our regulatory decisions. We will continue to do so because it is in the patient's best interest. That said, the agency has begun implementing reforms that are consistent with congressional recommendations. What is Lecanemab?</p><p>The latest FDA approved Lecanemab is a monoclonal antibody that targets a protein called amyloid that builds up in the brains of people with Alzheimer's disease. The antibody is administered IV every two weeks at a dose determined by the patient's body weight.</p><p>The FDA approval of lecanemab is based on the reduction in amyloid plaques observed in clinical trial participants receiving the treatment; The untreated participants, the placebo group, had no reduction in amyloid plaques.</p><p><b>The drug is the first to clearly show in recent studies that reducing amyloid provides clinical benefits to patients, although doctors say its effects are relatively modest and far from curative. Still, doctors say its approval is a milestone in the decades-long search for a new treatment for Alzheimer's and could mark the beginning of a shift in the treatment of the most common form of dementia and the leading cause of death in the United States.</b></p><p>Results from the clinical trial published in the New England Journal of Medicine, funded by Biogen and Eisai, found that people treated with lecanemab experienced a 27% slower rate of cognitive decline over 18 months compared to those who did not receive treatment.</p><p><b>Although lecanemab may slow cognitive decline to some extent, there are risks associated with this treatment.</b></p><p>Nearly 13% of patients treated with lecanemab experienced brain swelling, compared to about 2% of untreated patients. However, most of these symptoms are mild to moderate in severity, do not cause symptoms, and typically resolve within four months. About 3% of patients treated with lecanemab, though, had worse brain swelling, with symptoms including headaches, visual impairment and confusion.</p><p>Cerebral hemorrhage occurred in approximately 17% of patients treated with lecanemab compared to 9% of untreated patients, and the most common symptom associated with bleeding was dizziness.</p><p>Overall, 14% of patients treated with lecanemab experienced serious adverse reactions in clinical trials, compared with 11% of untreated patients.</p><p>The study's authors say longer clinical trials are needed to determine the efficacy and safety of lecanemab in patients with early-stage Alzheimer's disease.</p><p>The FDA said that the prescription information for lecanemab will include warnings about the risk of brain swelling and bleeding.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3679266\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fb4be1ff4aaa40ac88564f80f173158e","relate_stocks":{"BIIB":"渤健公司"},"source_url":"https://wallstreetcn.com/articles/3679266","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118862562","content_text":"由百健和卫材研发的单克隆抗体疗法、用于减缓认知衰退的阿尔茨海默氏症药物lecanemab是数十年来寻找新的阿尔茨海默氏症治疗方法的一个里程碑，并且可能标志着美国最常见形式的痴呆症和主要死亡原因的治疗开始发生转变。1月6日周五，美国食品和药品管理局（FDA）加速批准尚在临床试验中、由百健（Biogen）和卫材（Eisai）研发的单克隆抗体疗法、用于减缓认知衰退的阿尔茨海默氏症药物lecanemab。领导该新药研发的卫材在美国将这种新药的定价设定为每年26500美元，商品名定为Leqembi。这一新药是百健和卫材在不到两年的时间里获得早期批准的第二种治疗阿尔茨海默氏症的药物。就在去年底，美国众议院民主党发布一份报告称，FDA在2021年批准其阿尔茨海默氏症治疗药物Aduhelm之前与研发该药品的百健Biogen“不恰当地”合作，不仅Aduhelm在临床上没有明显改善症状，而且FDA在审批过程中也充满瑕疵。去年11月FDA公布的临床试验结果表明，lecanemab在一定程度上减缓了因阿尔茨海默氏病导致的轻度损伤患者的认知能力下降，FDA的批准也是据此做出的，但这种治疗也存在脑肿胀和出血的风险。如果一种新药有望比当前临床使用的药物更有效地帮助患者，FDA会加快批准新药，获批之后，新药就能迅速推向市场。这款药物的两个开发药厂在去年7月申请加速批准。FDA在一份声明中说：阿尔茨海默氏症极大地削弱了患者的生活能力，并对他们的家庭造成毁灭性的影响。这种治疗方案是针对和影响该病症的最新疗法，而不仅仅是缓解疾病的症状。美国有超过650万人患有阿尔茨海默氏症，该病症会不可逆地破坏患者的记忆力、思维能力，并最终令患者的执行力完全丧失。美国国会刚刚警告FDA批准新药过程充斥瑕疵去年12月底，美国众议院的报告称：FDA必须迅速采取行动，确保其审查未来阿尔茨海默病治疗的药品不会导致对FDA审查的完整性产生同样的怀疑。众议院监督和改革委员会主席Carolyn Maloney说：我希望这些发现能敲响警钟，要求FDA改革其做法，并呼吁国会议员采取行动，继续监督制药行业，以确保他们不会让患者蒙受损失。FDA发言人表示，该机构全力配合调查：我们的工作之一是经常与医药公司互动，以确保我们有足够的信息来为我们的监管决策提供信息。我们将继续这样做，因为这符合患者的最大利益。也就是说，该机构已经开始实施符合国会建议的改革。Lecanemab是什么？FDA最新批准的Lecanemab是一种单克隆抗体，靶向一种称为淀粉样蛋白的蛋白质，这种蛋白质在阿尔茨海默氏症患者的大脑中积聚。该抗体每两周静脉注射一次，剂量由患者体重决定。FDA批准lecanemab是基于在接受治疗的临床试验参与者中观察到的淀粉样斑块减少；未接受治疗的参与者，即安慰剂组，淀粉样斑块没有减少。该药物是第一个在最近的研究中明确表明减少淀粉样蛋白会给患者带来临床益处的药物，尽管医生说它的效果相对适度并且远非治愈。尽管如此，医生们表示，它的批准是数十年来寻找新的阿尔茨海默氏症治疗方法的一个里程碑，并且可能标志着美国最常见形式的痴呆症和主要死亡原因的治疗开始发生转变。发表在《新英格兰医学杂志》上的临床试验结果发现，与未接受治疗的人相比，接受lecanemab治疗的人在18个月内的认知能力下降速度减慢了27%，该研究由百健和卫材资助。尽管lecanemab可能会在一定程度上减缓认知能力下降，但这种治疗也存在风险。接受lecanemab治疗的患者中有近13%出现脑肿胀，而未接受治疗的患者中这一比例约为2%。 然而，大多数这些症状的严重程度为轻度至中度，不会引起症状，并且通常会在四个月内得到解决。不过，接受lecanemab治疗的患者中约有3%的脑肿胀更严重，症状包括头痛、视力障碍和意识模糊。接受lecanemab治疗的患者中约有17%出现脑出血，而未接受治疗的患者中这一比例为9%，与出血相关的最常见症状是头晕。总体而言，接受lecanemab治疗的患者中有14%在临床试验中出现严重不良反应，而未接受治疗的患者中这一比例为11%。该研究的作者表示，需要更长时间的临床试验来确定lecanemab在早期阿尔茨海默病患者中的疗效和安全性。FDA则表示，lecanemab的处方信息将包括关于脑肿胀和出血风险的警告。","news_type":1,"symbols_score_info":{"BIIB":0.9}},"isVote":1,"tweetType":1,"viewCount":2393,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9953089830,"gmtCreate":1673103643221,"gmtModify":1676538787030,"author":{"id":"3581927941435634","authorId":"3581927941435634","name":"Yoongc","avatar":"https://static.tigerbbs.com/a93f178e6f634935a9ec8eccec2c7607","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581927941435634","authorIdStr":"3581927941435634"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$特斯拉(TSLA)$ </a><v-v data-views=\"1\"></v-v>ok","listText":"<a href=\"https://ttm.financial/S/TSLA\">$特斯拉(TSLA)$ </a><v-v data-views=\"1\"></v-v>ok","text":"$特斯拉(TSLA)$ ok","images":[{"img":"https://community-static.tradeup.com/news/df15935fcd4975731e3a98dd79ee3803","width":"750","height":"1640"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9953089830","isVote":1,"tweetType":1,"viewCount":3798,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9959513902,"gmtCreate":1673019964707,"gmtModify":1676538770880,"author":{"id":"3581927941435634","authorId":"3581927941435634","name":"Yoongc","avatar":"https://static.tigerbbs.com/a93f178e6f634935a9ec8eccec2c7607","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581927941435634","authorIdStr":"3581927941435634"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$特斯拉(TSLA)$ </a><v-v data-views=\"1\"></v-v>ok","listText":"<a href=\"https://ttm.financial/S/TSLA\">$特斯拉(TSLA)$ </a><v-v data-views=\"1\"></v-v>ok","text":"$特斯拉(TSLA)$ ok","images":[{"img":"https://community-static.tradeup.com/news/d68034699f9a1ee5674de029c86de391","width":"750","height":"1568"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9959513902","isVote":1,"tweetType":1,"viewCount":2458,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9950388650,"gmtCreate":1672673190271,"gmtModify":1676538718187,"author":{"id":"3581927941435634","authorId":"3581927941435634","name":"Yoongc","avatar":"https://static.tigerbbs.com/a93f178e6f634935a9ec8eccec2c7607","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581927941435634","authorIdStr":"3581927941435634"},"themes":[],"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9950388650","repostId":"1137215289","repostType":4,"repost":{"id":"1137215289","kind":"news","pubTimestamp":1672629766,"share":"https://ttm.financial/m/news/1137215289?lang=en_US&edition=fundamental","pubTime":"2023-01-02 11:22","market":"hk","language":"zh","title":"The Investment Philosophy of Three Century Investment Masters","url":"https://stock-news.laohu8.com/highlight/detail?id=1137215289","media":"期货日报","summary":"有这样三位投资者，他们的投资生涯几乎横贯了整个20世纪，其中两人还沐浴过21世纪的曙光。他们经历了1929年的大崩盘，又经历了1987年的大恐慌以及1997年的下跌；他们三人加在一起，在熊市和牛市中拥","content":"<p><html><head></head><body>There are three investors whose investment careers have spanned almost the entire 20th century, and two of them have bathed in the dawn of the 21st century.</p><p>They experienced the Great Crash of 1929, the Great Panic of 1987 and the decline of 1997; Together, the three of them have more than 200 years of experience owning stocks in bear and bull markets.</p><p>These three investors are<b>Philip Carey, Philip Fisher, and Roy Newberg.</b></p><p>By 1997, Carey was 100 years old, Fisher was 90 years old, and Newberg was 94 years old. At that time, you can find them in their respective offices, and the colleagues at their desks may be their great-grandchildren.</p><p>Each of these three century-old men has written books, and Kairui is the author of Wisdom; Fisher is the author of How to Choose Growth Stocks and How to Get Rich by Investing in the Stock Market; Newberg is the author of Advice.</p><p>All four books have become immortal works in the investment world, enduring and new over time. They have experienced countless bear markets, big and small, and are very close to bear markets. Now, let's listen to their truth in bear markets.</p><p>Carrie lived to be 101 years old, born in the same year that the Dow Jones Index was launched (1884), and experienced 31 bull markets, 30 bear markets, 20 economic recessions, and the Great Depression in his life.</p><p>He graduated from Harvard University in 1917 and joined Harvard Business School. He flew British warplanes over France at the end of World War I. People were deeply impressed by his intelligence, kind smile and long-term investment performance.</p><p>In 1927, Carrie came to New York to join a company. This company manages a mutual fund, and investors bid $10 per share for this fund, while Kerry, an internal economist of the company, calculated that it was worth at most $1.</p><p>After the Great Crash of 1929, it topped out at less than $1 per share. Along with the panic and collapse of the market, Kerry survived. He remembers the 1929 experience most vividly. He believes that \"the Great Crash of 1929 is more exciting than horrible\".</p><p>Most economists are still bullish, firmly believing that the decline is only short-lived, and few people see any clouds on the horizon. But by 1932, a quarter of the workforce had lost their jobs. On the verge of despair, Kerry launched his mutual fund, the Vanguard Fund.</p><p>Fifty years later, the Vanguard Fund has made its holders wealthy, with a compound yield of up to 13% per year. When he left Vanguard Fund, he managed a private investment portfolio of $225 million himself. During Carrie's investing career, he was almost always bullish, despite \"underweighting\" some stocks amid sharp declines.</p><p>In 1987, the Dow fell 500 points in one day. On that day, he was giving a speech in Italy. He said, \"They want to know what will happen. I don't know myself. I still don't know.\"</p><p>Kerry believes he will not be more pessimistic than when the Dow was at 7,000 in 1997. \"I didn't do anything about it in my own portfolio,\" he said. \"If the stock price falls, so will the portfolio. I'm 100 years old and can fail at any time. If I fail at the bottom of the bear market, I will save a lot of inheritance tax.\"</p><p>Regarding Mr. Kairui's investment record,<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Warren Buffett, the respected CEO of Wei Company, praised him for \"setting the best long-term investment record in the United States.\"</p><p>Mr. Kai Rui took the lead in advocating the concept of \"value investing\" in 1927. In the following year, he established the world's first mutual fund-Pioneer Fund. In more than half a century, the fund he managed made extraordinary achievements.</p><p>Mr. Kairui mainly invests in enterprises with continuous profit growth and dedicated management. His investment method is still adopted by countless professional investors.</p><p>Carrie always keeps things simple. He has established an excellent company, and his investment achievements are still the envy of the world today.</p><p><b>Kai Rui summarized the \"Twelve Codes\" of Speculation</b></p><p><b>1.</b>Hold no less than ten securities and cover at least five industries.</p><p><b>Two,</b>Re-evaluate each security held at least semi-annually.</p><p><b>Three,</b>Put at least more than half of your funds in securities that generate fixed income.</p><p><b>Four,</b>When analyzing any stock, list the Dividend yield as the least important consideration.</p><p><b>5.</b>Admit your losses quickly and don't rush to take profits.</p><p><b>VI.</b>Information on certain securities is not readily available or the time of publication is uncertain, and the investment funds in these securities must not exceed 25%.</p><p><b>VII.</b>For \"inside information\", we should avoid it like the plague.</p><p><b>8.</b>Be diligent in finding facts and never ask for advice.</p><p><b>9.</b>Ignore the rigid formulas for evaluating securities.</p><p><b>10.</b>When stock prices are high, interest rates are rising, and the economy is booming, at least half of the funds should be put in short-term bonds.</p><p><b>11.</b>Try not to borrow money unless the stock price is low, interest rates are falling or falling, and the economy is in recession.</p><p><b>XII.</b>Allocate an appropriate proportion of funds to buy shares and long-term stock options in companies with good prospects.</p><p>He said: \"The tenth rule recognizes the circular nature of stock market volatility and is also a compromise between the two schools of thought of long-term speculation. Some people think that long-term speculators should try to buy stocks when the short market is close to the bottom according to the long swing of the stock market, and then sell all their holdings when the long market is close to the high point, and put the money they get in short-term securities, waiting for another short market buying point.</p><p>Another group believes that sound common stocks should be bought and held for a long time, and only when the prospects of one stock deteriorate, they should be sold and buy other more promising stocks. The ideal plan seems to find a compromise between the two extremes. Although speculative investors mainly want to buy stocks that may increase in value, rather than be interested in the stock market trend itself, they cannot ignore the long-term trend of long and short markets for granted.</p><p>After the long market has developed to a considerable extent, once the foundation of monetary easing begins to be destroyed, speculators had better review their holdings and consider disposing of most of them. At this time, they must not be obsessed with the original purchase cost of securities. \"</p><p>Compared with Carey, Fisher, born in San Francisco in 1907, his parents were the youngest among many children in their families, and his father was a doctor. He was particularly close to his grandmother. As a child, Fisher knew about the existence of the stock market and the opportunities brought by stock price movements.</p><p>This is because when Fisher was in elementary school, he visited his grandmother one day after class. It happened that an uncle was talking with his grandmother about the future prosperity of industry and commerce and the possible impact on stocks.</p><p>Fisher said, \"A whole new world unfolded in front of my eyes.\" Although the two discussed for only 10 minutes, Fisher listened with relish. Before long, Fisher began buying and selling stocks. The 1920s was an era of U.S. stock frenzy, and Fisher also made a little money. However, his father was very unhappy about his buying and selling stocks, thinking it was just gambling.</p><p>In 1929, as his father said, Fisher was stuck at the bottom of his passion for \"gambling\". This one was later seen as<a href=\"https://laohu8.com/S/000900\">Modern Investment</a>One of the pioneers of the theory, the father of growth stock value investment strategies, the godfather investment guru, and one of the most respected and respected investment experts on Wall Street, in that year, he submitted an article \"The Worst Big Short Market Will Unfold\" article.</p><p>This is his most amazing stock market forecast, but unfortunately he is bearish and long. He said: \"I can't help but be confused by the charm of the stock market. So I looked everywhere for some cheap stocks and objects worth investing in, because they haven't gone up yet.\"</p><p>He invested several thousand dollars into three stocks. These three stocks are all low P/E stocks, one is a locomotive company, the other is an advertising board company, and the other is a taxi company.</p><p>After the stock market crash, although Fisher predicted a plunge in radio stocks, his three stocks were not much better. By 1932, his losses were extremely heavy.</p><p>Although this experience convinced him that he should lighten his position in a bear market, he remained full in all the ups and downs for the next 60 years. After the age of 90, he is still an active manager with many big customers.</p><p>Visit companies in their portfolio at least twice a year. He prefers to own six to nine companies, but refuses to comment on what stocks he owns, because he thinks it is unfair for customers to disclose these stocks for free.</p><p>Only twice after 1929 did Fisher feel that another Great Recession was coming. In 1987, he issued a bear market alert in his Forbes column. In 1997, he said, I have a feeling that the road we are walking today is somewhere between 1927 and 1929.</p><p>\"Enough people are panicking, so we haven't reached the top yet, but when I hear talk about now being a new era, a highland of permanent prosperity, and some other baloney, I get upset. This is the same comment I heard from another Fisher after the Great Crash of 1929.\"</p><p><b>Fisher's ten non-principles for investors</b></p><p><b>1.</b>Don't buy companies in the startup stage.</p><p><b>Two,</b>Don't abandon a good stock just because it is not listed for trading.</p><p><b>Three,</b>Don't buy shares of a company just because you like the style of its annual report.</p><p><b>Four,</b>Just because a company's P/E ratio is high, don't mean that the future earnings growth has been roughly reflected in the price.</p><p><b>5.</b>Don't worry about every penny.</p><p><b>VI.</b>Don't overemphasize diversification.</p><p><b>VII.</b>Don't worry about buying stocks in the shadow of war.</p><p><b>8.</b>Don't forget your Gilbert and Sullivan.</p><p><b>9.</b>When buying really good growth stocks, in addition to considering price, don't forget the timing factor.</p><p><b>10.</b>Don't dance with the crowd.</p><p>Fisher said that stock investment sometimes inevitably requires luck in some places, but in the long run, good luck and bad luck will offset each other. If you want to succeed continuously, you must rely on skills and apply good principles. According to Fisher's principle framework, I believe that the future belongs to those who can discipline themselves and are willing to put in their efforts.</p><p>Newberg, who was born in the United States in 1903, also left Paris to come to Wall Street in 1929. He was the only person on Wall Street who lived through the Great Depression of 1929 and the stock market crash of 1987 at the same time.</p><p>When he first arrived on Wall Street, he began his life as a broker and trader. In March of that year, he bought his first stock, but he also shorted the stock. At that time, he was shorting the stock of American Broadcasting Corporation (RCA), which had a price of $574 before one share was divided into five shares, and there was no reason for it to overcorrect its stock price.</p><p>Newberg looked for older investors to find his explanation, but he didn't get an enlightening answer. People all say, \"We are entering an era of broadcasting\". Newberg had a premonition that once the fuelers made profits, the stock would collapse, and eventually the price of this stock reached $2.</p><p>Newberg, meanwhile, made a profit when he sold short. Five months later, when the Dow recovered half of its decline, financiers and political leaders declared it an anomaly and predicted that prosperity would come immediately. \"They were all wrong,\" Newberg later recalled.</p><p>Newberg broke even in this crash and subsequent results, with profits from short positions equal to his losses from long positions. Neuberg founded his own company in 1939. In 1950, he founded the low-commission \"Protector Fund\" and was the father of open-end funds in the United States.</p><p>Newberg is bullish \"95% of the time\" and only occasionally shorts. The same technique also happened in later investment years. \"I hedged my portfolio in the late 1972-1973,\" Newberg recalled. In 1987, \"I hedged my portfolio after a ridiculous price hike.\"</p><p>In 1997, after a ridiculous rally, \"I hedged again. At this point, I'm selling short stock futures, selling short<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>, short selling<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>-The most popular drink in the world. \"</p><p>Newberg explained that Coca-Cola sales grew only 3% in 1996. \"I can't figure out why people are willing to pay 42 times P/E's price.\" But he added, \"I've been a fool on this so far. I should have realized that the whole world is addicted to Coca-Cola.\"</p><p><b>Newberg's Ten Principles of Investing</b></p><p><b>1. Understand yourself</b></p><p>The success of investors is based on existing knowledge and experience. You'd better invest professionally in areas you're familiar with. If you know little or don't analyze the company and its details at all, you'd better stay away from it.</p><p>You should also check that you are physically and mentally qualified before you actually become an investor. A good body is the foundation of your informed judgment, don't underestimate it.</p><p><b>2. Learn from successful investors</b></p><p>Even successful investors, many of whom have had a tough time towards the end of the decade. I have talked to many of them, and only a small number of them believe that they can still grasp the situation of the market in 1996 when the stock market rose again and again.</p><p><b>Third, \"Yangshi\" thinking</b></p><p>The influence of individual investors on a stock can sometimes make it fluctuate by 10 percentage points, but that is only a moment, usually a day, not more than a week. This market is neither a bull market nor a bear market.</p><p>I call such markets \"sheep markets\". Sometimes the flock was slaughtered, sometimes the wool was sheared off. Sometimes one can lucky escape and keep the fleece. The \"sheep market\" is somewhat similar to the fashion industry. Fashion masters design new fashions, second-rate designers imitate it, and thousands of people chase after it, so skirts are short and long.</p><p><b>4. Adhere to long-term thinking</b></p><p>Paying attention to short-term investment tends to ignore the importance of long-term investment. Enterprises often invest a lot of money to make long-term investments. Of course, there will be short-term effects at the same time. If the short-term effects dominate, it will endanger the company's development and prospects.</p><p>Profit should be based on long-term investment, effective management and seizing opportunities. If these are arranged well, short-term investment will not dominate.</p><p><b>5. Advance and retreat in time</b></p><p>Timing may not determine everything, but timing can determine many things. It could have been a good long-term investment, but if you buy it at the wrong time, the situation will be bad.</p><p>Sometimes, if you buy a highly speculative stock at the right time, you can also make money. Good securities analysts can do well without following the trend of the market, but if they follow the trend, the operation is easier.</p><p>Seizing the favorable opportunity is partly intuitive, and partly the opposite. The timing depends on one's own independent thinking. In economic operation, the upward trend may occur in the downward trend, and the recession will begin from the climax.</p><p>In some periods, ordinary stocks are the best investment, but in another period, perhaps the real estate industry is the best. Everything is changing, and people have to learn to change. I have absolutely no belief in the existence of a permanent industry.</p><p><b>6. Carefully analyze the company's status</b></p><p>It is necessary to carefully study the company's management status, leadership, company performance and company goals. In particular, it is necessary to carefully analyze the company's real asset status, including equipment value and net assets per share. This concept was widely valued at the beginning of the century, but it was almost forgotten since then.</p><p>If you can control the overall market price of a company, you can make more profits from it.</p><p><b>7. Don't fall in love</b></p><p>In this world full of adventures, because there are many possibilities, people will be obsessed with a certain idea, a certain person, a certain ideal. I'm afraid the last thing that can make people obsessed is stocks. But it's just a piece of paper to prove your ownership of a business, it's just a symbol of money.</p><p><b>8. Investment diversification, but no hedging transactions</b></p><p>Hedging is to take long positions on some stocks and short positions on others. Professionals use hedging to avoid risks in the daily market, and sometimes hedging is just a gamble for new entrants to the market. I'm not in favor of this. But there's no law against it either.</p><p>Hedging is indeed a revolution in modern stocks. A century ago, when you bought the same stock from new york and London markets, the price difference between cities was only slight. Experts buy a stock from one market and sell it in another. Although the money is small, it is still profitable.</p><p><b>9. Observe the surrounding environment</b></p><p>By environment, I mean the environment where the market is going and the world in general. You need to adapt those patterns I gave you to fit the workings of your market.</p><p>Stocks do not divide into seasons, and it is not necessary to invest according to the calendar. Remember, for investors, all times are risky. For those who enjoy life and investment happiness, although the seasons are changeable, opportunities are available at any time.</p><p><b>10. Don't stick to a rut</b></p><p>It is necessary to change one's way of thinking according to the changes of the situation. My point is that you should take the initiative to change according to changes in economic and political factors. As for technology, sometimes we can control it, but sometimes it is out of our control.</p><p></body></html></p>","source":"qhrb_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Investment Philosophy of Three Century Investment Masters</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\">\nThe Investment Philosophy of Three Century Investment Masters\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">期货日报</strong><span class=\"h-time small\">2023-01-02 11:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>There are three investors whose investment careers have spanned almost the entire 20th century, and two of them have bathed in the dawn of the 21st century.</p><p>They experienced the Great Crash of 1929, the Great Panic of 1987 and the decline of 1997; Together, the three of them have more than 200 years of experience owning stocks in bear and bull markets.</p><p>These three investors are<b>Philip Carey, Philip Fisher, and Roy Newberg.</b></p><p>By 1997, Carey was 100 years old, Fisher was 90 years old, and Newberg was 94 years old. At that time, you can find them in their respective offices, and the colleagues at their desks may be their great-grandchildren.</p><p>Each of these three century-old men has written books, and Kairui is the author of Wisdom; Fisher is the author of How to Choose Growth Stocks and How to Get Rich by Investing in the Stock Market; Newberg is the author of Advice.</p><p>All four books have become immortal works in the investment world, enduring and new over time. They have experienced countless bear markets, big and small, and are very close to bear markets. Now, let's listen to their truth in bear markets.</p><p>Carrie lived to be 101 years old, born in the same year that the Dow Jones Index was launched (1884), and experienced 31 bull markets, 30 bear markets, 20 economic recessions, and the Great Depression in his life.</p><p>He graduated from Harvard University in 1917 and joined Harvard Business School. He flew British warplanes over France at the end of World War I. People were deeply impressed by his intelligence, kind smile and long-term investment performance.</p><p>In 1927, Carrie came to New York to join a company. This company manages a mutual fund, and investors bid $10 per share for this fund, while Kerry, an internal economist of the company, calculated that it was worth at most $1.</p><p>After the Great Crash of 1929, it topped out at less than $1 per share. Along with the panic and collapse of the market, Kerry survived. He remembers the 1929 experience most vividly. He believes that \"the Great Crash of 1929 is more exciting than horrible\".</p><p>Most economists are still bullish, firmly believing that the decline is only short-lived, and few people see any clouds on the horizon. But by 1932, a quarter of the workforce had lost their jobs. On the verge of despair, Kerry launched his mutual fund, the Vanguard Fund.</p><p>Fifty years later, the Vanguard Fund has made its holders wealthy, with a compound yield of up to 13% per year. When he left Vanguard Fund, he managed a private investment portfolio of $225 million himself. During Carrie's investing career, he was almost always bullish, despite \"underweighting\" some stocks amid sharp declines.</p><p>In 1987, the Dow fell 500 points in one day. On that day, he was giving a speech in Italy. He said, \"They want to know what will happen. I don't know myself. I still don't know.\"</p><p>Kerry believes he will not be more pessimistic than when the Dow was at 7,000 in 1997. \"I didn't do anything about it in my own portfolio,\" he said. \"If the stock price falls, so will the portfolio. I'm 100 years old and can fail at any time. If I fail at the bottom of the bear market, I will save a lot of inheritance tax.\"</p><p>Regarding Mr. Kairui's investment record,<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Warren Buffett, the respected CEO of Wei Company, praised him for \"setting the best long-term investment record in the United States.\"</p><p>Mr. Kai Rui took the lead in advocating the concept of \"value investing\" in 1927. In the following year, he established the world's first mutual fund-Pioneer Fund. In more than half a century, the fund he managed made extraordinary achievements.</p><p>Mr. Kairui mainly invests in enterprises with continuous profit growth and dedicated management. His investment method is still adopted by countless professional investors.</p><p>Carrie always keeps things simple. He has established an excellent company, and his investment achievements are still the envy of the world today.</p><p><b>Kai Rui summarized the \"Twelve Codes\" of Speculation</b></p><p><b>1.</b>Hold no less than ten securities and cover at least five industries.</p><p><b>Two,</b>Re-evaluate each security held at least semi-annually.</p><p><b>Three,</b>Put at least more than half of your funds in securities that generate fixed income.</p><p><b>Four,</b>When analyzing any stock, list the Dividend yield as the least important consideration.</p><p><b>5.</b>Admit your losses quickly and don't rush to take profits.</p><p><b>VI.</b>Information on certain securities is not readily available or the time of publication is uncertain, and the investment funds in these securities must not exceed 25%.</p><p><b>VII.</b>For \"inside information\", we should avoid it like the plague.</p><p><b>8.</b>Be diligent in finding facts and never ask for advice.</p><p><b>9.</b>Ignore the rigid formulas for evaluating securities.</p><p><b>10.</b>When stock prices are high, interest rates are rising, and the economy is booming, at least half of the funds should be put in short-term bonds.</p><p><b>11.</b>Try not to borrow money unless the stock price is low, interest rates are falling or falling, and the economy is in recession.</p><p><b>XII.</b>Allocate an appropriate proportion of funds to buy shares and long-term stock options in companies with good prospects.</p><p>He said: \"The tenth rule recognizes the circular nature of stock market volatility and is also a compromise between the two schools of thought of long-term speculation. Some people think that long-term speculators should try to buy stocks when the short market is close to the bottom according to the long swing of the stock market, and then sell all their holdings when the long market is close to the high point, and put the money they get in short-term securities, waiting for another short market buying point.</p><p>Another group believes that sound common stocks should be bought and held for a long time, and only when the prospects of one stock deteriorate, they should be sold and buy other more promising stocks. The ideal plan seems to find a compromise between the two extremes. Although speculative investors mainly want to buy stocks that may increase in value, rather than be interested in the stock market trend itself, they cannot ignore the long-term trend of long and short markets for granted.</p><p>After the long market has developed to a considerable extent, once the foundation of monetary easing begins to be destroyed, speculators had better review their holdings and consider disposing of most of them. At this time, they must not be obsessed with the original purchase cost of securities. \"</p><p>Compared with Carey, Fisher, born in San Francisco in 1907, his parents were the youngest among many children in their families, and his father was a doctor. He was particularly close to his grandmother. As a child, Fisher knew about the existence of the stock market and the opportunities brought by stock price movements.</p><p>This is because when Fisher was in elementary school, he visited his grandmother one day after class. It happened that an uncle was talking with his grandmother about the future prosperity of industry and commerce and the possible impact on stocks.</p><p>Fisher said, \"A whole new world unfolded in front of my eyes.\" Although the two discussed for only 10 minutes, Fisher listened with relish. Before long, Fisher began buying and selling stocks. The 1920s was an era of U.S. stock frenzy, and Fisher also made a little money. However, his father was very unhappy about his buying and selling stocks, thinking it was just gambling.</p><p>In 1929, as his father said, Fisher was stuck at the bottom of his passion for \"gambling\". This one was later seen as<a href=\"https://laohu8.com/S/000900\">Modern Investment</a>One of the pioneers of the theory, the father of growth stock value investment strategies, the godfather investment guru, and one of the most respected and respected investment experts on Wall Street, in that year, he submitted an article \"The Worst Big Short Market Will Unfold\" article.</p><p>This is his most amazing stock market forecast, but unfortunately he is bearish and long. He said: \"I can't help but be confused by the charm of the stock market. So I looked everywhere for some cheap stocks and objects worth investing in, because they haven't gone up yet.\"</p><p>He invested several thousand dollars into three stocks. These three stocks are all low P/E stocks, one is a locomotive company, the other is an advertising board company, and the other is a taxi company.</p><p>After the stock market crash, although Fisher predicted a plunge in radio stocks, his three stocks were not much better. By 1932, his losses were extremely heavy.</p><p>Although this experience convinced him that he should lighten his position in a bear market, he remained full in all the ups and downs for the next 60 years. After the age of 90, he is still an active manager with many big customers.</p><p>Visit companies in their portfolio at least twice a year. He prefers to own six to nine companies, but refuses to comment on what stocks he owns, because he thinks it is unfair for customers to disclose these stocks for free.</p><p>Only twice after 1929 did Fisher feel that another Great Recession was coming. In 1987, he issued a bear market alert in his Forbes column. In 1997, he said, I have a feeling that the road we are walking today is somewhere between 1927 and 1929.</p><p>\"Enough people are panicking, so we haven't reached the top yet, but when I hear talk about now being a new era, a highland of permanent prosperity, and some other baloney, I get upset. This is the same comment I heard from another Fisher after the Great Crash of 1929.\"</p><p><b>Fisher's ten non-principles for investors</b></p><p><b>1.</b>Don't buy companies in the startup stage.</p><p><b>Two,</b>Don't abandon a good stock just because it is not listed for trading.</p><p><b>Three,</b>Don't buy shares of a company just because you like the style of its annual report.</p><p><b>Four,</b>Just because a company's P/E ratio is high, don't mean that the future earnings growth has been roughly reflected in the price.</p><p><b>5.</b>Don't worry about every penny.</p><p><b>VI.</b>Don't overemphasize diversification.</p><p><b>VII.</b>Don't worry about buying stocks in the shadow of war.</p><p><b>8.</b>Don't forget your Gilbert and Sullivan.</p><p><b>9.</b>When buying really good growth stocks, in addition to considering price, don't forget the timing factor.</p><p><b>10.</b>Don't dance with the crowd.</p><p>Fisher said that stock investment sometimes inevitably requires luck in some places, but in the long run, good luck and bad luck will offset each other. If you want to succeed continuously, you must rely on skills and apply good principles. According to Fisher's principle framework, I believe that the future belongs to those who can discipline themselves and are willing to put in their efforts.</p><p>Newberg, who was born in the United States in 1903, also left Paris to come to Wall Street in 1929. He was the only person on Wall Street who lived through the Great Depression of 1929 and the stock market crash of 1987 at the same time.</p><p>When he first arrived on Wall Street, he began his life as a broker and trader. In March of that year, he bought his first stock, but he also shorted the stock. At that time, he was shorting the stock of American Broadcasting Corporation (RCA), which had a price of $574 before one share was divided into five shares, and there was no reason for it to overcorrect its stock price.</p><p>Newberg looked for older investors to find his explanation, but he didn't get an enlightening answer. People all say, \"We are entering an era of broadcasting\". Newberg had a premonition that once the fuelers made profits, the stock would collapse, and eventually the price of this stock reached $2.</p><p>Newberg, meanwhile, made a profit when he sold short. Five months later, when the Dow recovered half of its decline, financiers and political leaders declared it an anomaly and predicted that prosperity would come immediately. \"They were all wrong,\" Newberg later recalled.</p><p>Newberg broke even in this crash and subsequent results, with profits from short positions equal to his losses from long positions. Neuberg founded his own company in 1939. In 1950, he founded the low-commission \"Protector Fund\" and was the father of open-end funds in the United States.</p><p>Newberg is bullish \"95% of the time\" and only occasionally shorts. The same technique also happened in later investment years. \"I hedged my portfolio in the late 1972-1973,\" Newberg recalled. In 1987, \"I hedged my portfolio after a ridiculous price hike.\"</p><p>In 1997, after a ridiculous rally, \"I hedged again. At this point, I'm selling short stock futures, selling short<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>, short selling<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>-The most popular drink in the world. \"</p><p>Newberg explained that Coca-Cola sales grew only 3% in 1996. \"I can't figure out why people are willing to pay 42 times P/E's price.\" But he added, \"I've been a fool on this so far. I should have realized that the whole world is addicted to Coca-Cola.\"</p><p><b>Newberg's Ten Principles of Investing</b></p><p><b>1. Understand yourself</b></p><p>The success of investors is based on existing knowledge and experience. You'd better invest professionally in areas you're familiar with. If you know little or don't analyze the company and its details at all, you'd better stay away from it.</p><p>You should also check that you are physically and mentally qualified before you actually become an investor. A good body is the foundation of your informed judgment, don't underestimate it.</p><p><b>2. Learn from successful investors</b></p><p>Even successful investors, many of whom have had a tough time towards the end of the decade. I have talked to many of them, and only a small number of them believe that they can still grasp the situation of the market in 1996 when the stock market rose again and again.</p><p><b>Third, \"Yangshi\" thinking</b></p><p>The influence of individual investors on a stock can sometimes make it fluctuate by 10 percentage points, but that is only a moment, usually a day, not more than a week. This market is neither a bull market nor a bear market.</p><p>I call such markets \"sheep markets\". Sometimes the flock was slaughtered, sometimes the wool was sheared off. Sometimes one can lucky escape and keep the fleece. The \"sheep market\" is somewhat similar to the fashion industry. Fashion masters design new fashions, second-rate designers imitate it, and thousands of people chase after it, so skirts are short and long.</p><p><b>4. Adhere to long-term thinking</b></p><p>Paying attention to short-term investment tends to ignore the importance of long-term investment. Enterprises often invest a lot of money to make long-term investments. Of course, there will be short-term effects at the same time. If the short-term effects dominate, it will endanger the company's development and prospects.</p><p>Profit should be based on long-term investment, effective management and seizing opportunities. If these are arranged well, short-term investment will not dominate.</p><p><b>5. Advance and retreat in time</b></p><p>Timing may not determine everything, but timing can determine many things. It could have been a good long-term investment, but if you buy it at the wrong time, the situation will be bad.</p><p>Sometimes, if you buy a highly speculative stock at the right time, you can also make money. Good securities analysts can do well without following the trend of the market, but if they follow the trend, the operation is easier.</p><p>Seizing the favorable opportunity is partly intuitive, and partly the opposite. The timing depends on one's own independent thinking. In economic operation, the upward trend may occur in the downward trend, and the recession will begin from the climax.</p><p>In some periods, ordinary stocks are the best investment, but in another period, perhaps the real estate industry is the best. Everything is changing, and people have to learn to change. I have absolutely no belief in the existence of a permanent industry.</p><p><b>6. Carefully analyze the company's status</b></p><p>It is necessary to carefully study the company's management status, leadership, company performance and company goals. In particular, it is necessary to carefully analyze the company's real asset status, including equipment value and net assets per share. This concept was widely valued at the beginning of the century, but it was almost forgotten since then.</p><p>If you can control the overall market price of a company, you can make more profits from it.</p><p><b>7. Don't fall in love</b></p><p>In this world full of adventures, because there are many possibilities, people will be obsessed with a certain idea, a certain person, a certain ideal. I'm afraid the last thing that can make people obsessed is stocks. But it's just a piece of paper to prove your ownership of a business, it's just a symbol of money.</p><p><b>8. Investment diversification, but no hedging transactions</b></p><p>Hedging is to take long positions on some stocks and short positions on others. Professionals use hedging to avoid risks in the daily market, and sometimes hedging is just a gamble for new entrants to the market. I'm not in favor of this. But there's no law against it either.</p><p>Hedging is indeed a revolution in modern stocks. A century ago, when you bought the same stock from new york and London markets, the price difference between cities was only slight. Experts buy a stock from one market and sell it in another. Although the money is small, it is still profitable.</p><p><b>9. Observe the surrounding environment</b></p><p>By environment, I mean the environment where the market is going and the world in general. You need to adapt those patterns I gave you to fit the workings of your market.</p><p>Stocks do not divide into seasons, and it is not necessary to invest according to the calendar. Remember, for investors, all times are risky. For those who enjoy life and investment happiness, although the seasons are changeable, opportunities are available at any time.</p><p><b>10. Don't stick to a rut</b></p><p>It is necessary to change one's way of thinking according to the changes of the situation. My point is that you should take the initiative to change according to changes in economic and political factors. As for technology, sometimes we can control it, but sometimes it is out of our control.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/s-2BdqAXtKtUGrjI1TloGQ\">期货日报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e68f18a297e419bae3cc0320b6d8ff4e","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/s-2BdqAXtKtUGrjI1TloGQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137215289","content_text":"有这样三位投资者，他们的投资生涯几乎横贯了整个20世纪，其中两人还沐浴过21世纪的曙光。他们经历了1929年的大崩盘，又经历了1987年的大恐慌以及1997年的下跌；他们三人加在一起，在熊市和牛市中拥有股票的经验超过200年。这三位投资者分别是菲利普·凯睿、菲利普·费雪以及罗伊·纽伯格。到1997年的时候，凯睿100岁、费雪90岁、纽伯格94岁。那时，你可以在他们各自的办公室里找到他们，而他们桌子旁边的同事可能是他们的曾孙。这三位世纪老人各自都写过书，凯睿著有《智慧》；费雪著有《怎样选择成长股》和《股市投资致富之道》；纽伯格著有《忠告》。这四本书都成为投资界中的不朽之作，历久而弥新。他们经历了无数个大大小小的熊市，对熊市十分亲密，现在，让我们倾听他们在熊市中的真言。凯睿活到101岁，出生于推出道琼斯指数的同一年(1884年)，一生经历了31次牛市、30次熊市、20次经济衰退以及大萧条时期。他1917年毕业于哈佛大学，并加入了哈佛商学院，在第一次世界大战末期驾驶着英国战机穿梭在法国上空，他的才智、亲切的微笑以及长期投资业绩给人们留下了深刻的印象。1927年凯睿来到纽约，加入一个公司。这个公司管理着一只共同基金，投资者为这只基金每股出价10美元，而作为公司内部的经济学家凯睿计算它最多值1美元。1929年大崩盘后，它每股最高不到1美元。伴随着市场的恐慌和崩溃，凯睿幸存了下来。他对1929年的经历记忆最为清晰。他认为，“1929年大崩盘与其说恐怖，不如说更加令人兴奋”。多数经济学家依然看多，坚信下跌只是短暂的，几乎没有人看到地平线上有任何阴云。可是到1932年，有四分之一的劳动力失去了工作。在快要绝望的情况下，凯睿发起了他的共同基金——先锋基金。50年后，先锋基金使其持有者富有，每年的复合收益率高达13%。当他离开先锋基金后，又自己管理着2.25亿美元的私人投资组合。在凯睿的投资生涯中，尽管他在大幅下跌中“减持”了一些股票，但他几乎总是看多。1987年道指一天下跌了500点，那天，他正在意大利演讲，他说，“他们想知道将会发生什么，我自己也不知道，我现在仍然不知道。”凯睿相信他不会比1997年道指在7000点时更悲观。“在我自己的投资组合里我没有为此做任何事，”他说，“如果股价下跌，投资组合也会下跌。我已经100岁了，随时都有可能失灵。如果我在熊市的底部失灵，将会节约很多遗产税。”对于凯睿先生的投资记录，伯克希尔韦公司受人尊敬的CEO沃伦巴菲特称赞他“创下了美国最好的长线投资纪录”。凯睿先生1927年率先倡导“价值投资”理念，第二年他就成立了全球第一只共同基金——先锋基金，在半个多世纪内，他所管理的这只基金取得了非凡的成就。凯睿先生主要投资那些利润持续增长、管理层乐于奉献的企业，他的这个投资方法仍被无数的专业投资人士所采用。凯睿总是让事情保持简单，他成立了一家卓越的公司，他所取得的投资成就依然受到当今世界的羡慕。凯睿总结了投机的“十二守则”一、持有的证券不要少于十种，涵盖的行业至少为五种。二、至少每半年重新评估所持有的每一种证券。三、至少把一半以上的资金放在能产生固定收益的证券上。四、分析任何股票时，把股息收益率列为最不重要的考虑因素。五、迅速认赔，不要急于获利了结。六、某些证券的资料不容易获得或公布的时间不确定，这部分证券的投入资金绝不能超过25%。七、对于“内线消息”，要像逃避瘟疫一样避之唯恐不及。八、勤于寻找事实，绝不寻求建议。九、不必理会评估证券的呆板公式。十、当股价处在高位、利率攀升、景气繁荣时，至少应该把一半的资金放在短期债券上。十一、尽量不要借钱，除非是股价处在低位、利率下降或走低、景气衰退。十二、拨出适当比例的资金，购买前景良好公司的股票和长期认股权。他说：“第十条规则是承认股市波动的循环性质，也是长期投机两派思潮的妥协。有些人认为长期投机者应该根据股市的长波段交易，设法在空头市场接近底部时购买股票，然后在多头市场接近最高点时卖掉全部持股，并把得到的钱放在短期证券中，等待另一次空头市场的买点。另一派人认为，应该购买健全的普通股长期持有，只有在一只股票的前景变差后才卖掉，转买其他更有希望的股票。理想的计划似乎应该在两个极端之间寻找折中点，虽然投机性投资人主要是想买到可能增值的股票，而不是对股市趋势本身有兴趣，但不能理所当然地忽视多头和空头市场的长期走势。多头市场经过相当程度的发展之后，一旦银根宽松的基础开始毁坏，投机者最好检视自己的持股，考虑处分其中大部分持股，这时绝对不可执着于证券当初的买进成本。”相比于凯睿，1907年生于三藩市的费雪，父母均是各自家中众多儿女中排行最小的，父亲是个医生。他与祖母特别亲近。小时候费雪就知道股票市场的存在以及股价变动带来的机会。这缘于费雪上小学时，有一天下课后去看望祖母，恰好一位伯父正与祖母谈论未来工商业的景气，以及股票可能受到的影响。费雪说：“一个全新的世界展开在我眼前。”两人虽然只讨论了10分钟，但是费雪却听得津津有味。不久，费雪就开始买卖股票。1920年代是美股狂热的年代，费雪亦赚到一点钱。然而他父亲对于其买卖股票的事情很不高兴，认为这只是赌博。一如他父亲所说，1929年，费雪被他所热衷的“赌博”困在谷底。这位后来被视为现代投资理论的开路先锋之一，成长股价值投资策略之父，教父级的投资大师，华尔街极受尊重和推崇的投资专家之一的人，在那一年，曾提交一份《25年来最严重的大空头市场将展开》的文章。这是他最令人赞叹的股市预测，可惜他看空做多。他说：“我免不了被股市的魅力所惑。于是我到处寻找一些还算便宜的股票，以及值得投资的对象，因为它们还没涨到位。”他投入几千美元到3只股票中。这3只股票均是低P／E股，一家是火车头公司，一家是广告看板公司，另一家是出租汽车公司。股市崩溃后，尽管费雪预测无线电股将暴跌，但是他持有的3只股票也好不了多少，到1932年，他的损失极为惨重。尽管这段经历让他相信在熊市中应该减轻仓位，但在这之后的60年中，他在所有的上涨和下跌中都保持满仓投资。他在90岁以后，依然是一个积极的管理者，有很多大客户。每年至少走访在其投资组合中的公司两次。他偏好于拥有6~9个公司，但是对于他拥有什么股票拒绝评论，因为他认为对于客户而言，无偿透露这些股票是不公平的。在1929年后费雪只有两次感觉到另一次大衰退即将到来。1987年，他在《福布斯》的专栏上发布了一次熊市警报。1997年，他说，我有一种感觉，今天我们正走的路就是1927~1929年之间的某个地方。“足够的人感到恐慌，因此我们还没有达到顶部，但是当我听到谈论关于现在是一个新时代，一个永久繁荣的高地，以及其他一些胡扯时，我感到不安。这和我在1929年大崩盘之后从另一个费雪那里听到的评论相同。”费雪的投资人十不原则一、不买处于创业阶段的公司。二、不要因为一只好股票未上市交易，就弃之不顾。三、不要因为你喜欢某公司年报的格调，就去买该公司的股票。四、不要因为一家公司的本益比高，便表示未来的盈余成长已大致反映在价格上。五、不要锱铢计较。六、不要过度强调分散投资。七、不要担心在战争阴影笼罩下买进股票。八、不要忘了你的吉尔伯特和沙利文。九、买进真正优秀的成长股时，除了考虑价格，不要忘了时机因素。十、不要随群众起舞。费雪说，股票投资，有时难免有些地方需要靠运气，但长期而言，好运、倒霉会相抵，想要持续成功，必须靠技能和运用良好的原则。根据费雪的原则架构，相信未来属于那些能够自律且肯付出心血的人。1903年出生于美国的纽伯格也是在1929年离开巴黎来到华尔街的。他是唯一同时在华尔街经历了1929年大萧条和1987年股市崩溃的人。初到华尔街的时候，他开始了在经纪商和交易员中的生活。当年3月份，买了自己的第一只股票，但他也卖空股票。当时他卖空的是美国广播公司（RCA）的股票，这只股票在1股分为5股前价格达到了574美元，并且没有什么原因会导致它过分修正股价。纽伯格找老一点的投资者寻找其解释，没有得到有启发的答案，人们都这样说，“我们正在进入一个广播的时代”。纽伯格预感到一旦推波助澜者获取利润将发生崩盘，最终这只股票的价格达到2美元。与此同时，纽伯格在卖空时赚取了利润。5个月后，当道指恢复其跌幅一半时，金融家和政治领袖们宣布这是一种反常情况，预测繁荣马上就会来临。纽伯格后来回忆道：“他们都错了。”纽伯格在这次大崩盘和后续结果中盈亏平衡，来自空头头寸的盈利与他来自多头头寸的亏损相等。1939年纽伯格创立了自己的公司。1950年创建低佣金的“保护者基金”，为美国开放式基金之父。在“95%的时间”纽伯格是看多的，只有偶尔会做空。同样的手法也发生在以后的投资岁月里。“我在1972~1973年后期对冲了我的投资组合，”纽伯格回忆说，1987年，“我在一轮可笑的价格上涨之后，对投资组合进行了对冲。”1997年，在经历了一轮可笑的上涨之后，“我又一次进行了对冲。在目前这个时点，我卖空股指期货，卖空微软，卖空可口可乐——这个世界上最受欢迎的饮料。”纽伯格解释说，1996年可口可乐销售仅增长3%，“我想不通人们为什么愿意支付42倍市盈率的价格。”但是他又说，“到目前为止，我在这件事上还是个傻瓜，我应该意识到全世界都对可口可乐上瘾。”纽伯格投资十大原则一、了解自己投资者的成功是建立在已有的知识和经验基础上的。你最好在自己熟悉的领域进行专业投资，如果你知之甚少，或者根本没有对公司及细节进行分析，你最好还是离它远点。在你真正成为一名投资者之前，你也应该检查一下身体和精神是否合格。好的身体是你做出明智判断的基础，不要低估它。二、向成功的投资者学习即使是成功的投资者，他们中的许多人也在本世纪末度过了一段艰难时期。我和他们中许多人交谈过，其中只有一小部分人相信，1996年在股票一涨再涨的情况下，他们还能把握市场的形势。三、“羊市”思维个人投资者对一只股票的影响，有时会让它上下浮动10个百分点，但那只是一瞬间，一般是一天，不会超过一个星期。这种市场即非牛市也非熊市。我称这样的市场为“羊市”。有时羊群会遭到杀戮，有时会被剪掉一身羊毛。有时可以幸运地逃脱，保住羊毛。“羊市”与时装业有些类似。时装大师设计新款时装，二流设计师仿制它，成千上万的人追赶它，所以裙子忽短忽长。四、坚持长线思维注重短线投资容易忽略长线投资的重要性。企业经常投入大量资金，进行长线投资，当然同时会有短期效应，如果短期效果占主导作用，那将危害公司的发展和前景。获利应建立在长线投资、有效管理、抓住机遇的基础上。如果安排好这些，短线投资就不会占主要地位。五、及时进退时机可能不能决定所有事情，但时机可以决定许多事情。本来可能是一个好的长线投资，但是如果在错误的时间买入，情况会很糟。有的时候，如果你适时购入一只高投机股票，你同样可以赚钱。优秀的证券分析人可以不追随市场大流而做得很好，但如果顺潮流而动，操作起来就更简单些。把握有利时机一部分是靠直觉，一部分却正相反。时机的选定要靠自己的独立思维。在经济运行中，升势可能在跌势中产生，衰退会从高潮开始。在有的时期，普通股票是最好的投资，但是在另一时期，也许房地产业是最好的。任何事情都在变，人们也要学会变。我完全不信会存在一个永久不变的产业。六、认真分析公司状况必须认真研究公司的管理状况、领导层、公司业绩以及公司目标，尤其需要认真分析公司真实的资产状况，包括：设备价值及每股净资产。这个概念在世纪初曾被广泛重视，但这之后几乎被遗忘了。如果你能控制一家公司的整体市价，你就可以从中获得更多的利润。七、不要陷入情网在这个充满冒险的世界里，因为存在着许多可能性，人们会痴迷于某种想法、某个人、某种理想。最后能使人痴迷的恐怕就算股票了。但它只是一张证明你对一家企业所有权的纸，它只是金钱的一种象征。八、投资多元化，但不做套头交易套头交易就是对一些股票做多头，对另一些股票做空头。专业人士在日常的市场利用套头交易回避风险，有时新入市做套头交易只是一场赌博。我不赞成这样做。但也没有法律禁止它。套头交易的确是现代股票的一项变革，一个世纪以前当你从纽约和伦敦市场购买同一种股票时，城市间的差价只是些微的。专家们从一个市场买进一只股票，又在另一个市场上卖掉它，虽然赚钱很少，但还是有盈利的。九、观察周围环境我所说的环境是指市场走向和整个世界的环境。你需要变通我给你的那些模式，以适应你所在的市场的运作。股票不分季节，按照日历投资是没有必要的。记住，对投资者来讲，任何时候都是冒险的。对享受人生和享受投资快乐的人来说，季节虽多变，但机会随时都有。十、不要墨守成规根据形势的变化改变自己的思维方式是有必要的。我的观点是，你应该主动根据经济、政治因素的变化而变化。至于技术上，有时我们可以控制，但有时却是在我们控制之外的。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2953,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9950381246,"gmtCreate":1672673145086,"gmtModify":1676538718164,"author":{"id":"3581927941435634","authorId":"3581927941435634","name":"Yoongc","avatar":"https://static.tigerbbs.com/a93f178e6f634935a9ec8eccec2c7607","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581927941435634","authorIdStr":"3581927941435634"},"themes":[],"htmlText":"<a 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