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Is inflation eating up all the interest you're earning on 10-year Treasury notes?

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Is inflation eating up all the interest you're earning on 10-year Treasury notes?

2021-06-12

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Investor, Trader, Speculator: Which One Are You?

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15 momentum stocks expected to show the best sales growth over the next two years, including Carvana, Tesla and Palantir

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Opinion: Should you buy Nio stock? The company may be light on profits, but it’s heavy on momentum

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@ElonMust:This stock is Amazon!!!

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Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1623452760,"share":"https://ttm.financial/m/news/2142520474?lang=en_US&edition=fundamental","pubTime":"2021-06-12 07:06","market":"us","language":"en","title":"Is inflation eating up all the interest you're earning on 10-year Treasury notes?","url":"https://stock-news.laohu8.com/highlight/detail?id=2142520474","media":"Dow Jones","summary":"'Part of the point of being invested in bonds is to preserve purchasing power,' says CIO of Osterwei","content":"<blockquote>\n 'Part of the point of being invested in bonds is to preserve purchasing power,' says CIO of Osterweis total return strategy.\n</blockquote>\n<p>Investors may appear to be shrugging off inflation, but concerns persist.</p>\n<p>The 10-year Treasury yieldwas trading at 1.46% Friday , drifting lower despite Thursday's report that the pace of inflation soared for a second month in a row during the economic reopening in the pandemic.</p>\n<p>\"Inflation is significantly higher than the compensation you're receiving from being invested in fixed income,\" said Eddy Vataru, chief investment officer of Osterweis Capital Management's total return strategy, in an interview. \"Part of the point of being invested in bonds is to preserve purchasing power.\"</p>\n<p>Fixed-income investors worry about rising inflation because it erodes the value of their existing bonds . While inflation concerns tend to prompt selling, driving up yields, investors are now weighing whether the latest signs of inflation are transitory or persistent as the economy rebounds.</p>\n<p>\"I would argue that there's a significant part of it that's persistent,\" Vataru said, \"but you won't know that for months.\"</p>\n<p>The decline in 10-year yields doesn't necessarily mean market participants agree with the Fed that inflation is transient, according to Vataru, whose career in fixed-income includes past jobs at hedge fund firm Citadel and asset management giant BlackRock.</p>\n<p>Vataru said short positioning in the Treasury market may partly explain the yield dip after Thursday's report on the consumer-price index showed the cost of living jumped again in May, driving the pace of inflation to a 13-year high of 5%.</p>\n<p>Investors with short positions are betting that prices of Treasuries will fall, pushing up yields, according to Vataru. Bond prices and yields move in opposite directions. If rates don't rise quickly or far enough, these investors may become nervous about losses and exit their bets. Short sellers become buyers when they cover their positions.</p>\n<p>\"A lot of the buying you've seen in the last week or so is probably short covering,\" said Vataru. \"That's part of the reason that when you have a move like this you don't have quite the reaction you otherwise think you would,\" he said of the move down Thursday in the 10-year yield.</p>\n<p>Still, yields would be higher if there was more consensus that inflation is a persistent problem, according to Vataru. He said he worries about signs of wage inflation in particular, as that can be sticky, and believes inflation will be in the 3% to 5% range \"the way we're tracking right now.\"</p>\n<p>But Ellen Gaske, lead economist for G-10 economies at PGIM Fixed Income's global macroeconomic research group, said the yield on the 10-Year Treasury is up from last year and now sits in line with investors' expectations that inflation is transitory.</p>\n<p>\"We already saw the reflation trade,\" she said. \"We already have seen 10-year yields back up, from 50 basis points last summer all the way up to where they are today.\"</p>\n<p>Gaske explained that rates \"quickly reflected\" expectations that \"we would climb out of this crisis.\" She now thinks that by the end of this year the Fed may begin tapering its asset purchases, which along with low interest rates has been part of its accommodative stance.</p>\n<p>Gaske earlier this year \"pulled forward\" her expectations for a rate increase by the Fed to the second half of 2023. Previously, her prediction was for the Fed to raise its benchmark rate in 2024, with the adjustment to her forecast made in the first quarter, because economic momentum appeared strong as COVID-19 vaccinations rolled out.</p>\n<p>Gaske expects spikes in inflation will probably be short-lived, partly because prices are being measured against low levels seen last year, and supply-chain bottlenecks that have emerged in the rebound in demand will be worked out. But she said the acceleration of rent-related inflation caught her eye in the latest CPI reading, adding it's an area she'll be watching closely for potentially persistent higher costs.</p>\n<p>\"I think the Fed itself is kind of in a pickle,\" said Vataru, as any new characterization by the central bank of inflation as persistent would probably lead to higher rates that would dampen the recovery.</p>\n<p>\"They almost have to say that it is transitory to kind of keep this going,\" he said.</p>\n<p>Meanwhile, the Fed's massive quantitative easing program, or QE, is helping to \"stoke the fire\" despite no structural issues that point to the U.S. sitting in recession for years to come, according to Vataru. The U.S. isn't dealing with the same \"big debacle\" faced in the throes of the 2008 financial crisis, he said, yet monetary and fiscal stimulus continue with stocks near record highs and vaccine rollouts leading to fewer COVID cases domestically and abroad.</p>\n<p>\"It's a dangerous potion to have a policy that, in my mind, is really inflationary and then dismiss whatever inflation that comes through the system as transitory,\" Vataru said.</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>Is inflation eating up all the interest you're earning on 10-year Treasury notes?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs inflation eating up all the interest you're earning on 10-year Treasury notes?\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-06-12 07:06</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<blockquote>\n 'Part of the point of being invested in bonds is to preserve purchasing power,' says CIO of Osterweis total return strategy.\n</blockquote>\n<p>Investors may appear to be shrugging off inflation, but concerns persist.</p>\n<p>The 10-year Treasury yieldwas trading at 1.46% Friday , drifting lower despite Thursday's report that the pace of inflation soared for a second month in a row during the economic reopening in the pandemic.</p>\n<p>\"Inflation is significantly higher than the compensation you're receiving from being invested in fixed income,\" said Eddy Vataru, chief investment officer of Osterweis Capital Management's total return strategy, in an interview. \"Part of the point of being invested in bonds is to preserve purchasing power.\"</p>\n<p>Fixed-income investors worry about rising inflation because it erodes the value of their existing bonds . While inflation concerns tend to prompt selling, driving up yields, investors are now weighing whether the latest signs of inflation are transitory or persistent as the economy rebounds.</p>\n<p>\"I would argue that there's a significant part of it that's persistent,\" Vataru said, \"but you won't know that for months.\"</p>\n<p>The decline in 10-year yields doesn't necessarily mean market participants agree with the Fed that inflation is transient, according to Vataru, whose career in fixed-income includes past jobs at hedge fund firm Citadel and asset management giant BlackRock.</p>\n<p>Vataru said short positioning in the Treasury market may partly explain the yield dip after Thursday's report on the consumer-price index showed the cost of living jumped again in May, driving the pace of inflation to a 13-year high of 5%.</p>\n<p>Investors with short positions are betting that prices of Treasuries will fall, pushing up yields, according to Vataru. Bond prices and yields move in opposite directions. If rates don't rise quickly or far enough, these investors may become nervous about losses and exit their bets. Short sellers become buyers when they cover their positions.</p>\n<p>\"A lot of the buying you've seen in the last week or so is probably short covering,\" said Vataru. \"That's part of the reason that when you have a move like this you don't have quite the reaction you otherwise think you would,\" he said of the move down Thursday in the 10-year yield.</p>\n<p>Still, yields would be higher if there was more consensus that inflation is a persistent problem, according to Vataru. He said he worries about signs of wage inflation in particular, as that can be sticky, and believes inflation will be in the 3% to 5% range \"the way we're tracking right now.\"</p>\n<p>But Ellen Gaske, lead economist for G-10 economies at PGIM Fixed Income's global macroeconomic research group, said the yield on the 10-Year Treasury is up from last year and now sits in line with investors' expectations that inflation is transitory.</p>\n<p>\"We already saw the reflation trade,\" she said. \"We already have seen 10-year yields back up, from 50 basis points last summer all the way up to where they are today.\"</p>\n<p>Gaske explained that rates \"quickly reflected\" expectations that \"we would climb out of this crisis.\" She now thinks that by the end of this year the Fed may begin tapering its asset purchases, which along with low interest rates has been part of its accommodative stance.</p>\n<p>Gaske earlier this year \"pulled forward\" her expectations for a rate increase by the Fed to the second half of 2023. Previously, her prediction was for the Fed to raise its benchmark rate in 2024, with the adjustment to her forecast made in the first quarter, because economic momentum appeared strong as COVID-19 vaccinations rolled out.</p>\n<p>Gaske expects spikes in inflation will probably be short-lived, partly because prices are being measured against low levels seen last year, and supply-chain bottlenecks that have emerged in the rebound in demand will be worked out. But she said the acceleration of rent-related inflation caught her eye in the latest CPI reading, adding it's an area she'll be watching closely for potentially persistent higher costs.</p>\n<p>\"I think the Fed itself is kind of in a pickle,\" said Vataru, as any new characterization by the central bank of inflation as persistent would probably lead to higher rates that would dampen the recovery.</p>\n<p>\"They almost have to say that it is transitory to kind of keep this going,\" he said.</p>\n<p>Meanwhile, the Fed's massive quantitative easing program, or QE, is helping to \"stoke the fire\" despite no structural issues that point to the U.S. sitting in recession for years to come, according to Vataru. The U.S. isn't dealing with the same \"big debacle\" faced in the throes of the 2008 financial crisis, he said, yet monetary and fiscal stimulus continue with stocks near record highs and vaccine rollouts leading to fewer COVID cases domestically and abroad.</p>\n<p>\"It's a dangerous potion to have a policy that, in my mind, is really inflationary and then dismiss whatever inflation that comes through the system as transitory,\" Vataru said.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2142520474","content_text":"'Part of the point of being invested in bonds is to preserve purchasing power,' says CIO of Osterweis total return strategy.\n\nInvestors may appear to be shrugging off inflation, but concerns persist.\nThe 10-year Treasury yieldwas trading at 1.46% Friday , drifting lower despite Thursday's report that the pace of inflation soared for a second month in a row during the economic reopening in the pandemic.\n\"Inflation is significantly higher than the compensation you're receiving from being invested in fixed income,\" said Eddy Vataru, chief investment officer of Osterweis Capital Management's total return strategy, in an interview. \"Part of the point of being invested in bonds is to preserve purchasing power.\"\nFixed-income investors worry about rising inflation because it erodes the value of their existing bonds . While inflation concerns tend to prompt selling, driving up yields, investors are now weighing whether the latest signs of inflation are transitory or persistent as the economy rebounds.\n\"I would argue that there's a significant part of it that's persistent,\" Vataru said, \"but you won't know that for months.\"\nThe decline in 10-year yields doesn't necessarily mean market participants agree with the Fed that inflation is transient, according to Vataru, whose career in fixed-income includes past jobs at hedge fund firm Citadel and asset management giant BlackRock.\nVataru said short positioning in the Treasury market may partly explain the yield dip after Thursday's report on the consumer-price index showed the cost of living jumped again in May, driving the pace of inflation to a 13-year high of 5%.\nInvestors with short positions are betting that prices of Treasuries will fall, pushing up yields, according to Vataru. Bond prices and yields move in opposite directions. If rates don't rise quickly or far enough, these investors may become nervous about losses and exit their bets. Short sellers become buyers when they cover their positions.\n\"A lot of the buying you've seen in the last week or so is probably short covering,\" said Vataru. \"That's part of the reason that when you have a move like this you don't have quite the reaction you otherwise think you would,\" he said of the move down Thursday in the 10-year yield.\nStill, yields would be higher if there was more consensus that inflation is a persistent problem, according to Vataru. He said he worries about signs of wage inflation in particular, as that can be sticky, and believes inflation will be in the 3% to 5% range \"the way we're tracking right now.\"\nBut Ellen Gaske, lead economist for G-10 economies at PGIM Fixed Income's global macroeconomic research group, said the yield on the 10-Year Treasury is up from last year and now sits in line with investors' expectations that inflation is transitory.\n\"We already saw the reflation trade,\" she said. \"We already have seen 10-year yields back up, from 50 basis points last summer all the way up to where they are today.\"\nGaske explained that rates \"quickly reflected\" expectations that \"we would climb out of this crisis.\" She now thinks that by the end of this year the Fed may begin tapering its asset purchases, which along with low interest rates has been part of its accommodative stance.\nGaske earlier this year \"pulled forward\" her expectations for a rate increase by the Fed to the second half of 2023. Previously, her prediction was for the Fed to raise its benchmark rate in 2024, with the adjustment to her forecast made in the first quarter, because economic momentum appeared strong as COVID-19 vaccinations rolled out.\nGaske expects spikes in inflation will probably be short-lived, partly because prices are being measured against low levels seen last year, and supply-chain bottlenecks that have emerged in the rebound in demand will be worked out. But she said the acceleration of rent-related inflation caught her eye in the latest CPI reading, adding it's an area she'll be watching closely for potentially persistent higher costs.\n\"I think the Fed itself is kind of in a pickle,\" said Vataru, as any new characterization by the central bank of inflation as persistent would probably lead to higher rates that would dampen the recovery.\n\"They almost have to say that it is transitory to kind of keep this going,\" he said.\nMeanwhile, the Fed's massive quantitative easing program, or QE, is helping to \"stoke the fire\" despite no structural issues that point to the U.S. sitting in recession for years to come, according to Vataru. The U.S. isn't dealing with the same \"big debacle\" faced in the throes of the 2008 financial crisis, he said, yet monetary and fiscal stimulus continue with stocks near record highs and vaccine rollouts leading to fewer COVID cases domestically and abroad.\n\"It's a dangerous potion to have a policy that, in my mind, is really inflationary and then dismiss whatever inflation that comes through the system as transitory,\" Vataru said.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1924,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186256327,"gmtCreate":1623504561469,"gmtModify":1704205237458,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"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/186256327","repostId":"2142520474","repostType":4,"repost":{"id":"2142520474","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1623452760,"share":"https://ttm.financial/m/news/2142520474?lang=en_US&edition=fundamental","pubTime":"2021-06-12 07:06","market":"us","language":"en","title":"Is inflation eating up all the interest you're earning on 10-year Treasury notes?","url":"https://stock-news.laohu8.com/highlight/detail?id=2142520474","media":"Dow Jones","summary":"'Part of the point of being invested in bonds is to preserve purchasing power,' says CIO of Osterwei","content":"<blockquote>\n 'Part of the point of being invested in bonds is to preserve purchasing power,' says CIO of Osterweis total return strategy.\n</blockquote>\n<p>Investors may appear to be shrugging off inflation, but concerns persist.</p>\n<p>The 10-year Treasury yieldwas trading at 1.46% Friday , drifting lower despite Thursday's report that the pace of inflation soared for a second month in a row during the economic reopening in the pandemic.</p>\n<p>\"Inflation is significantly higher than the compensation you're receiving from being invested in fixed income,\" said Eddy Vataru, chief investment officer of Osterweis Capital Management's total return strategy, in an interview. \"Part of the point of being invested in bonds is to preserve purchasing power.\"</p>\n<p>Fixed-income investors worry about rising inflation because it erodes the value of their existing bonds . While inflation concerns tend to prompt selling, driving up yields, investors are now weighing whether the latest signs of inflation are transitory or persistent as the economy rebounds.</p>\n<p>\"I would argue that there's a significant part of it that's persistent,\" Vataru said, \"but you won't know that for months.\"</p>\n<p>The decline in 10-year yields doesn't necessarily mean market participants agree with the Fed that inflation is transient, according to Vataru, whose career in fixed-income includes past jobs at hedge fund firm Citadel and asset management giant BlackRock.</p>\n<p>Vataru said short positioning in the Treasury market may partly explain the yield dip after Thursday's report on the consumer-price index showed the cost of living jumped again in May, driving the pace of inflation to a 13-year high of 5%.</p>\n<p>Investors with short positions are betting that prices of Treasuries will fall, pushing up yields, according to Vataru. Bond prices and yields move in opposite directions. If rates don't rise quickly or far enough, these investors may become nervous about losses and exit their bets. Short sellers become buyers when they cover their positions.</p>\n<p>\"A lot of the buying you've seen in the last week or so is probably short covering,\" said Vataru. \"That's part of the reason that when you have a move like this you don't have quite the reaction you otherwise think you would,\" he said of the move down Thursday in the 10-year yield.</p>\n<p>Still, yields would be higher if there was more consensus that inflation is a persistent problem, according to Vataru. He said he worries about signs of wage inflation in particular, as that can be sticky, and believes inflation will be in the 3% to 5% range \"the way we're tracking right now.\"</p>\n<p>But Ellen Gaske, lead economist for G-10 economies at PGIM Fixed Income's global macroeconomic research group, said the yield on the 10-Year Treasury is up from last year and now sits in line with investors' expectations that inflation is transitory.</p>\n<p>\"We already saw the reflation trade,\" she said. \"We already have seen 10-year yields back up, from 50 basis points last summer all the way up to where they are today.\"</p>\n<p>Gaske explained that rates \"quickly reflected\" expectations that \"we would climb out of this crisis.\" She now thinks that by the end of this year the Fed may begin tapering its asset purchases, which along with low interest rates has been part of its accommodative stance.</p>\n<p>Gaske earlier this year \"pulled forward\" her expectations for a rate increase by the Fed to the second half of 2023. Previously, her prediction was for the Fed to raise its benchmark rate in 2024, with the adjustment to her forecast made in the first quarter, because economic momentum appeared strong as COVID-19 vaccinations rolled out.</p>\n<p>Gaske expects spikes in inflation will probably be short-lived, partly because prices are being measured against low levels seen last year, and supply-chain bottlenecks that have emerged in the rebound in demand will be worked out. But she said the acceleration of rent-related inflation caught her eye in the latest CPI reading, adding it's an area she'll be watching closely for potentially persistent higher costs.</p>\n<p>\"I think the Fed itself is kind of in a pickle,\" said Vataru, as any new characterization by the central bank of inflation as persistent would probably lead to higher rates that would dampen the recovery.</p>\n<p>\"They almost have to say that it is transitory to kind of keep this going,\" he said.</p>\n<p>Meanwhile, the Fed's massive quantitative easing program, or QE, is helping to \"stoke the fire\" despite no structural issues that point to the U.S. sitting in recession for years to come, according to Vataru. The U.S. isn't dealing with the same \"big debacle\" faced in the throes of the 2008 financial crisis, he said, yet monetary and fiscal stimulus continue with stocks near record highs and vaccine rollouts leading to fewer COVID cases domestically and abroad.</p>\n<p>\"It's a dangerous potion to have a policy that, in my mind, is really inflationary and then dismiss whatever inflation that comes through the system as transitory,\" Vataru said.</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>Is inflation eating up all the interest you're earning on 10-year Treasury notes?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs inflation eating up all the interest you're earning on 10-year Treasury notes?\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-06-12 07:06</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<blockquote>\n 'Part of the point of being invested in bonds is to preserve purchasing power,' says CIO of Osterweis total return strategy.\n</blockquote>\n<p>Investors may appear to be shrugging off inflation, but concerns persist.</p>\n<p>The 10-year Treasury yieldwas trading at 1.46% Friday , drifting lower despite Thursday's report that the pace of inflation soared for a second month in a row during the economic reopening in the pandemic.</p>\n<p>\"Inflation is significantly higher than the compensation you're receiving from being invested in fixed income,\" said Eddy Vataru, chief investment officer of Osterweis Capital Management's total return strategy, in an interview. \"Part of the point of being invested in bonds is to preserve purchasing power.\"</p>\n<p>Fixed-income investors worry about rising inflation because it erodes the value of their existing bonds . While inflation concerns tend to prompt selling, driving up yields, investors are now weighing whether the latest signs of inflation are transitory or persistent as the economy rebounds.</p>\n<p>\"I would argue that there's a significant part of it that's persistent,\" Vataru said, \"but you won't know that for months.\"</p>\n<p>The decline in 10-year yields doesn't necessarily mean market participants agree with the Fed that inflation is transient, according to Vataru, whose career in fixed-income includes past jobs at hedge fund firm Citadel and asset management giant BlackRock.</p>\n<p>Vataru said short positioning in the Treasury market may partly explain the yield dip after Thursday's report on the consumer-price index showed the cost of living jumped again in May, driving the pace of inflation to a 13-year high of 5%.</p>\n<p>Investors with short positions are betting that prices of Treasuries will fall, pushing up yields, according to Vataru. Bond prices and yields move in opposite directions. If rates don't rise quickly or far enough, these investors may become nervous about losses and exit their bets. Short sellers become buyers when they cover their positions.</p>\n<p>\"A lot of the buying you've seen in the last week or so is probably short covering,\" said Vataru. \"That's part of the reason that when you have a move like this you don't have quite the reaction you otherwise think you would,\" he said of the move down Thursday in the 10-year yield.</p>\n<p>Still, yields would be higher if there was more consensus that inflation is a persistent problem, according to Vataru. He said he worries about signs of wage inflation in particular, as that can be sticky, and believes inflation will be in the 3% to 5% range \"the way we're tracking right now.\"</p>\n<p>But Ellen Gaske, lead economist for G-10 economies at PGIM Fixed Income's global macroeconomic research group, said the yield on the 10-Year Treasury is up from last year and now sits in line with investors' expectations that inflation is transitory.</p>\n<p>\"We already saw the reflation trade,\" she said. \"We already have seen 10-year yields back up, from 50 basis points last summer all the way up to where they are today.\"</p>\n<p>Gaske explained that rates \"quickly reflected\" expectations that \"we would climb out of this crisis.\" She now thinks that by the end of this year the Fed may begin tapering its asset purchases, which along with low interest rates has been part of its accommodative stance.</p>\n<p>Gaske earlier this year \"pulled forward\" her expectations for a rate increase by the Fed to the second half of 2023. Previously, her prediction was for the Fed to raise its benchmark rate in 2024, with the adjustment to her forecast made in the first quarter, because economic momentum appeared strong as COVID-19 vaccinations rolled out.</p>\n<p>Gaske expects spikes in inflation will probably be short-lived, partly because prices are being measured against low levels seen last year, and supply-chain bottlenecks that have emerged in the rebound in demand will be worked out. But she said the acceleration of rent-related inflation caught her eye in the latest CPI reading, adding it's an area she'll be watching closely for potentially persistent higher costs.</p>\n<p>\"I think the Fed itself is kind of in a pickle,\" said Vataru, as any new characterization by the central bank of inflation as persistent would probably lead to higher rates that would dampen the recovery.</p>\n<p>\"They almost have to say that it is transitory to kind of keep this going,\" he said.</p>\n<p>Meanwhile, the Fed's massive quantitative easing program, or QE, is helping to \"stoke the fire\" despite no structural issues that point to the U.S. sitting in recession for years to come, according to Vataru. The U.S. isn't dealing with the same \"big debacle\" faced in the throes of the 2008 financial crisis, he said, yet monetary and fiscal stimulus continue with stocks near record highs and vaccine rollouts leading to fewer COVID cases domestically and abroad.</p>\n<p>\"It's a dangerous potion to have a policy that, in my mind, is really inflationary and then dismiss whatever inflation that comes through the system as transitory,\" Vataru said.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2142520474","content_text":"'Part of the point of being invested in bonds is to preserve purchasing power,' says CIO of Osterweis total return strategy.\n\nInvestors may appear to be shrugging off inflation, but concerns persist.\nThe 10-year Treasury yieldwas trading at 1.46% Friday , drifting lower despite Thursday's report that the pace of inflation soared for a second month in a row during the economic reopening in the pandemic.\n\"Inflation is significantly higher than the compensation you're receiving from being invested in fixed income,\" said Eddy Vataru, chief investment officer of Osterweis Capital Management's total return strategy, in an interview. \"Part of the point of being invested in bonds is to preserve purchasing power.\"\nFixed-income investors worry about rising inflation because it erodes the value of their existing bonds . While inflation concerns tend to prompt selling, driving up yields, investors are now weighing whether the latest signs of inflation are transitory or persistent as the economy rebounds.\n\"I would argue that there's a significant part of it that's persistent,\" Vataru said, \"but you won't know that for months.\"\nThe decline in 10-year yields doesn't necessarily mean market participants agree with the Fed that inflation is transient, according to Vataru, whose career in fixed-income includes past jobs at hedge fund firm Citadel and asset management giant BlackRock.\nVataru said short positioning in the Treasury market may partly explain the yield dip after Thursday's report on the consumer-price index showed the cost of living jumped again in May, driving the pace of inflation to a 13-year high of 5%.\nInvestors with short positions are betting that prices of Treasuries will fall, pushing up yields, according to Vataru. Bond prices and yields move in opposite directions. If rates don't rise quickly or far enough, these investors may become nervous about losses and exit their bets. Short sellers become buyers when they cover their positions.\n\"A lot of the buying you've seen in the last week or so is probably short covering,\" said Vataru. \"That's part of the reason that when you have a move like this you don't have quite the reaction you otherwise think you would,\" he said of the move down Thursday in the 10-year yield.\nStill, yields would be higher if there was more consensus that inflation is a persistent problem, according to Vataru. He said he worries about signs of wage inflation in particular, as that can be sticky, and believes inflation will be in the 3% to 5% range \"the way we're tracking right now.\"\nBut Ellen Gaske, lead economist for G-10 economies at PGIM Fixed Income's global macroeconomic research group, said the yield on the 10-Year Treasury is up from last year and now sits in line with investors' expectations that inflation is transitory.\n\"We already saw the reflation trade,\" she said. \"We already have seen 10-year yields back up, from 50 basis points last summer all the way up to where they are today.\"\nGaske explained that rates \"quickly reflected\" expectations that \"we would climb out of this crisis.\" She now thinks that by the end of this year the Fed may begin tapering its asset purchases, which along with low interest rates has been part of its accommodative stance.\nGaske earlier this year \"pulled forward\" her expectations for a rate increase by the Fed to the second half of 2023. Previously, her prediction was for the Fed to raise its benchmark rate in 2024, with the adjustment to her forecast made in the first quarter, because economic momentum appeared strong as COVID-19 vaccinations rolled out.\nGaske expects spikes in inflation will probably be short-lived, partly because prices are being measured against low levels seen last year, and supply-chain bottlenecks that have emerged in the rebound in demand will be worked out. But she said the acceleration of rent-related inflation caught her eye in the latest CPI reading, adding it's an area she'll be watching closely for potentially persistent higher costs.\n\"I think the Fed itself is kind of in a pickle,\" said Vataru, as any new characterization by the central bank of inflation as persistent would probably lead to higher rates that would dampen the recovery.\n\"They almost have to say that it is transitory to kind of keep this going,\" he said.\nMeanwhile, the Fed's massive quantitative easing program, or QE, is helping to \"stoke the fire\" despite no structural issues that point to the U.S. sitting in recession for years to come, according to Vataru. The U.S. isn't dealing with the same \"big debacle\" faced in the throes of the 2008 financial crisis, he said, yet monetary and fiscal stimulus continue with stocks near record highs and vaccine rollouts leading to fewer COVID cases domestically and abroad.\n\"It's a dangerous potion to have a policy that, in my mind, is really inflationary and then dismiss whatever inflation that comes through the system as transitory,\" Vataru said.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2480,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186251555,"gmtCreate":1623504466577,"gmtModify":1704205235679,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"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/186251555","repostId":"1147474880","repostType":4,"repost":{"id":"1147474880","kind":"news","pubTimestamp":1623470168,"share":"https://ttm.financial/m/news/1147474880?lang=en_US&edition=fundamental","pubTime":"2021-06-12 11:56","market":"us","language":"en","title":"Investor, Trader, Speculator: Which One Are You?","url":"https://stock-news.laohu8.com/highlight/detail?id=1147474880","media":"The Wall Street Journal","summary":"Understanding the difference between speculation and investing is essential to avoiding reckless ris","content":"<blockquote>\n Understanding the difference between speculation and investing is essential to avoiding reckless risk.\n</blockquote>\n<p>I’ve had it.</p>\n<p>The Wall Street Journal is wrong, and has remained wrong for decades, about one of the most basic distinctions in finance. And I can’t stand it anymore.</p>\n<p>If you buy a stock purely because it’s gone up a lot, without doing any research on it whatsoever, you are not—as the Journal and its editors bizarrely insist on calling you—an “investor.” If you buy a cryptocurrency because, hey, that sounds like fun, you aren’t an investor either.</p>\n<p>Whenever you buy any financial asset becauseyou have a hunchorjust for kicks, or becausesomebody famous is hyping the heck out of itoreverybody else seems to be buying it too, you aren’t investing.</p>\n<p>You’re definitely a trader: someone who has just bought an asset. And you may bea speculator: someone who thinks other people will pay more for it than you did.</p>\n<p>Of course,some folkswho buy meme stocks likeGameStopCorp.GME5.88%<i>are</i>investors. They read the companies’ financial statements, study the health of the underlying businesses and learn who else is betting on or against the shares. Likewise, many buyers of digital coins have put in the time and effort to understand how cryptocurrency works and how it could reshape finance.</p>\n<p>An investor relies on internal sources of return: earnings, income, growth in the value of assets. A speculator counts on external sources of return: primarilywhether somebody else will pay more, regardless of fundamental value.</p>\n<p>The word investor comes from the Latin “investire,” to dress in or clothe oneself, surround or envelop. You would never wear clothes without knowing what color they are or what material they’re made of. Likewise, you can’t invest in an asset you know nothing about.</p>\n<p>Nevertheless, the Journal and its editors have long called almost everybody who buys just about anything an “investor.” On July 12, 1962, the Journal publisheda letter to the editorfrom Benjamin Graham, author of the classic books “Security Analysis” and “The Intelligent Investor.” That June, complained Graham, the Journal had run an article headlined “Many Small Investors Bet on Further Drops, Sell Odd Lots Short.”</p>\n<p>He wrote: “By what definition of ‘investment’ can one give the name ‘investors’ to small people who make bets on the stock market by selling odd lots short?” (To short an odd lot is to borrow and sell fewer than 100 shares in a wager that a stock will fall—an expensive and risky bet, then and now.)</p>\n<p>“If these people are investors,” asked Graham, “how should one define ‘speculation’ and ‘speculators’? Isn’t it possible that the currentfailure to distinguishbetweeninvestment and speculationmay do grave harm not only to individuals but to the whole financial community—as it did in the late 1920s?”</p>\n<p>Graham wasn’t a snob who thought that the markets should be the exclusive playground of the rich. He wrote “The Intelligent Investor” with the express purpose of helping less-wealthy people participate wisely in the stock market.</p>\n<p>In that book, after which this column is named, Graham said, “Outright speculation is neither illegal, immoral, nor (for most people) fattening to the pocketbook.”</p>\n<p>However, he warned, it creates three dangers: “(1) speculating when you think you are investing; (2) speculating seriously instead of as a pastime, when you lack proper knowledge and skill for it; and (3) risking more money in speculation than you can afford to lose.”</p>\n<p>Most investors speculate a bit every once in a while. Like a lottery ticket or an occasional visit to the racetrack or casino, a little is harmless fun. A lot isn’t.</p>\n<p>If you think you’re investing when you’re speculating, you’ll attribute even momentary success to skill even thoughluck is the likeliest explanation. That can lead you to take reckless risks.</p>\n<p>Take speculating too seriously, and it turns intoan obsessionandan addiction. You become incapable of accepting your losses or focusing on the future more than a few minutes ahead. Next thing you know, you’re throwing even more money onto the bonfire.</p>\n<p>I think calling traders and speculators “investors” shoves many newcomers farther down the slippery slope toward risks they shouldn’t take and losses they can’t afford. I fervently hope the Journal and its editors will finally stop using “investor” as the default term for anyone who makes a trade.</p>\n<p>“ ‘Investor’ has a long history in the English language as a catch-all term denoting people who commit capital with the expectation of a return, no matter how long or short, no matter how many or how few investing columns they read,” WSJ Financial Editor Charles Forelle said in response to my complaints. “Back at least to the mid-19th century, ‘invest’ has even been used to describe a wager on horses—an activity surely no less divorced from fundamental analysis than a purchase of dogecoin.”</p>\n<p>I hear you, Boss, but I still think you’re wrong. There’s no way the Journal would say a recreational gambler is “investing” at the racetrack just because a dictionary says we can.</p>\n<p>Calling novice speculators “investors” is one of the most powerful ways marketers fuel excessive trading.</p>\n<p>Ina recent Instagram post, a former porn star who goes by the name Lana Rhoades posed in—well, mostly in—a bikini, as she held up what appears to be Graham’s “The Intelligent Investor.” According to IMDb.com, she starred in such videos as “Tushy” and “Make Me Meow.”</p>\n<p>In her post, which was “liked” by nearly 1.8 million people, Ms. Rhoades announced that she will be promoting a cryptocurrency calledPAWGcoin.</p>\n<p>The currency’s website says the coin is meant for “those who pay homage to developed posteriors.” (PAWG, I’ve been reliably informed, stands for Phat Ass White Girl.)</p>\n<p>PAWGcoin is up roughly 900% since Ms. Rhoades began promoting it in early June, according to Poocoin.io, a website that tracks such digital currencies.</p>\n<p>Ms. Rhoades, who has tweeted “I also read the WSJ every morning,” couldn’t be reached for comment. PAWGcoin’s website encourages visitors to “invest now.”</p>\n<p>In Ms. Rhoades’s Instagram post, she is holding up an open copy of the “The Intelligent Investor,” whose cover is reversed. She appears to be reading it with her eyes closed.</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>Investor, Trader, Speculator: Which One Are You?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nInvestor, Trader, Speculator: Which One Are You?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-12 11:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/you-cant-invest-without-trading-you-can-trade-without-investing-11623426213?mod=markets_lead_pos5><strong>The Wall Street Journal</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Understanding the difference between speculation and investing is essential to avoiding reckless risk.\n\nI’ve had it.\nThe Wall Street Journal is wrong, and has remained wrong for decades, about one of ...</p>\n\n<a href=\"https://www.wsj.com/articles/you-cant-invest-without-trading-you-can-trade-without-investing-11623426213?mod=markets_lead_pos5\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.wsj.com/articles/you-cant-invest-without-trading-you-can-trade-without-investing-11623426213?mod=markets_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147474880","content_text":"Understanding the difference between speculation and investing is essential to avoiding reckless risk.\n\nI’ve had it.\nThe Wall Street Journal is wrong, and has remained wrong for decades, about one of the most basic distinctions in finance. And I can’t stand it anymore.\nIf you buy a stock purely because it’s gone up a lot, without doing any research on it whatsoever, you are not—as the Journal and its editors bizarrely insist on calling you—an “investor.” If you buy a cryptocurrency because, hey, that sounds like fun, you aren’t an investor either.\nWhenever you buy any financial asset becauseyou have a hunchorjust for kicks, or becausesomebody famous is hyping the heck out of itoreverybody else seems to be buying it too, you aren’t investing.\nYou’re definitely a trader: someone who has just bought an asset. And you may bea speculator: someone who thinks other people will pay more for it than you did.\nOf course,some folkswho buy meme stocks likeGameStopCorp.GME5.88%areinvestors. They read the companies’ financial statements, study the health of the underlying businesses and learn who else is betting on or against the shares. Likewise, many buyers of digital coins have put in the time and effort to understand how cryptocurrency works and how it could reshape finance.\nAn investor relies on internal sources of return: earnings, income, growth in the value of assets. A speculator counts on external sources of return: primarilywhether somebody else will pay more, regardless of fundamental value.\nThe word investor comes from the Latin “investire,” to dress in or clothe oneself, surround or envelop. You would never wear clothes without knowing what color they are or what material they’re made of. Likewise, you can’t invest in an asset you know nothing about.\nNevertheless, the Journal and its editors have long called almost everybody who buys just about anything an “investor.” On July 12, 1962, the Journal publisheda letter to the editorfrom Benjamin Graham, author of the classic books “Security Analysis” and “The Intelligent Investor.” That June, complained Graham, the Journal had run an article headlined “Many Small Investors Bet on Further Drops, Sell Odd Lots Short.”\nHe wrote: “By what definition of ‘investment’ can one give the name ‘investors’ to small people who make bets on the stock market by selling odd lots short?” (To short an odd lot is to borrow and sell fewer than 100 shares in a wager that a stock will fall—an expensive and risky bet, then and now.)\n“If these people are investors,” asked Graham, “how should one define ‘speculation’ and ‘speculators’? Isn’t it possible that the currentfailure to distinguishbetweeninvestment and speculationmay do grave harm not only to individuals but to the whole financial community—as it did in the late 1920s?”\nGraham wasn’t a snob who thought that the markets should be the exclusive playground of the rich. He wrote “The Intelligent Investor” with the express purpose of helping less-wealthy people participate wisely in the stock market.\nIn that book, after which this column is named, Graham said, “Outright speculation is neither illegal, immoral, nor (for most people) fattening to the pocketbook.”\nHowever, he warned, it creates three dangers: “(1) speculating when you think you are investing; (2) speculating seriously instead of as a pastime, when you lack proper knowledge and skill for it; and (3) risking more money in speculation than you can afford to lose.”\nMost investors speculate a bit every once in a while. Like a lottery ticket or an occasional visit to the racetrack or casino, a little is harmless fun. A lot isn’t.\nIf you think you’re investing when you’re speculating, you’ll attribute even momentary success to skill even thoughluck is the likeliest explanation. That can lead you to take reckless risks.\nTake speculating too seriously, and it turns intoan obsessionandan addiction. You become incapable of accepting your losses or focusing on the future more than a few minutes ahead. Next thing you know, you’re throwing even more money onto the bonfire.\nI think calling traders and speculators “investors” shoves many newcomers farther down the slippery slope toward risks they shouldn’t take and losses they can’t afford. I fervently hope the Journal and its editors will finally stop using “investor” as the default term for anyone who makes a trade.\n“ ‘Investor’ has a long history in the English language as a catch-all term denoting people who commit capital with the expectation of a return, no matter how long or short, no matter how many or how few investing columns they read,” WSJ Financial Editor Charles Forelle said in response to my complaints. “Back at least to the mid-19th century, ‘invest’ has even been used to describe a wager on horses—an activity surely no less divorced from fundamental analysis than a purchase of dogecoin.”\nI hear you, Boss, but I still think you’re wrong. There’s no way the Journal would say a recreational gambler is “investing” at the racetrack just because a dictionary says we can.\nCalling novice speculators “investors” is one of the most powerful ways marketers fuel excessive trading.\nIna recent Instagram post, a former porn star who goes by the name Lana Rhoades posed in—well, mostly in—a bikini, as she held up what appears to be Graham’s “The Intelligent Investor.” According to IMDb.com, she starred in such videos as “Tushy” and “Make Me Meow.”\nIn her post, which was “liked” by nearly 1.8 million people, Ms. Rhoades announced that she will be promoting a cryptocurrency calledPAWGcoin.\nThe currency’s website says the coin is meant for “those who pay homage to developed posteriors.” (PAWG, I’ve been reliably informed, stands for Phat Ass White Girl.)\nPAWGcoin is up roughly 900% since Ms. Rhoades began promoting it in early June, according to Poocoin.io, a website that tracks such digital currencies.\nMs. Rhoades, who has tweeted “I also read the WSJ every morning,” couldn’t be reached for comment. PAWGcoin’s website encourages visitors to “invest now.”\nIn Ms. Rhoades’s Instagram post, she is holding up an open copy of the “The Intelligent Investor,” whose cover is reversed. She appears to be reading it with her eyes closed.","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186251936,"gmtCreate":1623504421825,"gmtModify":1704205234871,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/186251936","repostId":"2142206100","repostType":4,"repost":{"id":"2142206100","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1623470400,"share":"https://ttm.financial/m/news/2142206100?lang=en_US&edition=fundamental","pubTime":"2021-06-12 12:00","market":"hk","language":"en","title":"15 momentum stocks expected to show the best sales growth over the next two years, including Carvana, Tesla and Palantir","url":"https://stock-news.laohu8.com/highlight/detail?id=2142206100","media":"Dow Jones","summary":"Several companies on a stock screen have estimated two-year revenue growth of over 100%.\nThere are m","content":"<p>Several companies on a stock screen have estimated two-year revenue growth of over 100%.</p>\n<p>There are many broad approaches to the stock market for selecting individual companies or groups for investments. Momentum investing -- trying to ride the wave of other investors' sentiment -- is popular for day-traders, especially during the current meme-stock craze. But it can also work over the long term.</p>\n<p>Below is a list of momentum stocks of companies expected to show the strongest sales growth over the next two years.</p>\n<p>Momentum ETF</p>\n<p>To begin with a large group of momentum stocks, we can look at the <a href=\"https://laohu8.com/S/MTUM\">iShares MSCI USA Momentum Factor</a> ETF (MTUM). This is the largest U.S. ETF that follows a momentum strategy, according to Mark Hulbert performance relative to its benchmark, the S&amp;P 500 Growth Index.</p>\n<p>For example, the largest holding of the ETF is Tesla Inc. <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a>, which \"has experienced strong risk-adjusted performance related to the market over the past 12 months,\" according to <a href=\"https://laohu8.com/S/EEME\">iShares</a> (a subsidiary of BlackRock Inc. <a href=\"https://laohu8.com/S/BLK\">$(BLK)$</a>). But shares of Merck &amp; Co. Inc. <a href=\"https://laohu8.com/S/MRK\">$(MRK)$</a> are excluded from MTUM because even though <a href=\"https://laohu8.com/S/EGRW\">iShares</a> considered its 12-month return \"attractive,\" the stock's six-month risk-adjusted return underperformed the benchmark.</p>\n<p>So keeping in mind the weighting by price performance relative to the index, tempered by volatility (going back as much as three years), here are the top 10 holdings of the <a href=\"https://laohu8.com/S/IHPXF\">iShares MSCI</a> USA Momentum Factor ETF:</p>\n<table>\n <tbody>\n  <tr>\n   <td>Company</td>\n   <td>Ticker</td>\n   <td>Share of MTUM</td>\n  </tr>\n  <tr>\n   <td>Tesla Inc.</td>\n   <td>TSLA</td>\n   <td>5.00%</td>\n  </tr>\n  <tr>\n   <td>JPMorgan Chase &amp; Co.</td>\n   <td>JPM</td>\n   <td>4.76%</td>\n  </tr>\n  <tr>\n   <td>Berkshire Hathaway Inc. Class B</td>\n   <td>BRK.B</td>\n   <td>4.58%</td>\n  </tr>\n  <tr>\n   <td>Walt Disney Co.</td>\n   <td>DIS</td>\n   <td>4.48%</td>\n  </tr>\n  <tr>\n   <td>$Bank of America Corp(BAC-N)$.</td>\n   <td>BAC</td>\n   <td>4.29%</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/PYPL\">PayPal</a> Holdings Inc.</td>\n   <td>PYPL</td>\n   <td>3.66%</td>\n  </tr>\n  <tr>\n   <td>Wells Fargo &amp; Co.</td>\n   <td>WFC</td>\n   <td>3.11%</td>\n  </tr>\n  <tr>\n   <td>Applied Materials Inc.</td>\n   <td>AMAT</td>\n   <td>3.00%</td>\n  </tr>\n  <tr>\n   <td>Alphabet Inc. Class C</td>\n   <td>GOOG</td>\n   <td>2.67%</td>\n  </tr>\n  <tr>\n   <td>Alphabet Inc. Class A</td>\n   <td>GOOGL</td>\n   <td>2.45%</td>\n  </tr>\n  <tr>\n   <td>Goldman Sachs Group Inc.</td>\n   <td>GS</td>\n   <td>2.30%</td>\n  </tr>\n  <tr>\n   <td>(FactSet)</td>\n   <td></td>\n   <td></td>\n  </tr>\n </tbody>\n</table>\n<p>Actually, there are 11 stocks listed, as MTUM holds both share classes of Alphabet Inc. Banks and insurers make up half the list, which makes sense because financials have been the second-best performing sector in the S&amp;P 500 , after the materials sector.</p>\n<p>Momentum stock screen -- expected sales growth</p>\n<p>Thinking again about financials, they have had plenty of momentum as investors have gained confidence the U.S. economy will continue roaring back from the damage caused by the coronavirus pandemic.</p>\n<p>But revenue growth can be an important driver, especially for individual stock prices over the long term. From here, the financials might not be the best place to look for rapidly rising revenue over the next two years.</p>\n<p>Starting with the 125 momentum stocks held by MTUM, here are the 15 companies expected by analysts polled by FactSet to increase revenue the most over the next two calendar years, with 2021 as the baseline. The figures are in millions of dollars:</p>\n<p>Those are stellar sales-growth numbers -- if the analysts are close to being correct. Many of the stocks are also expensive relative to the expected 2023 sales numbers. In comparison, the <a href=\"https://laohu8.com/S/EMDI\">iShares</a> S&amp;P 500 Growth ETF <a href=\"https://laohu8.com/S/IVW\">$(IVW)$</a> (which tracks the entire S&amp;P 500 Growth Index) trades for 4.2 times estimated 2023 sales.</p>\n<p>Plug Power Inc. <a href=\"https://laohu8.com/S/PLUG\">$(PLUG)$</a> tops the list, with analysts expecting sales to increase to $1.1 billion in 2023. The company said on June 10 it would build a hydrogen-production plant in Camden County, Ga.</p>\n<p><a href=\"https://laohu8.com/S/SNAP\">Snap Inc</a>. (SNAP) CEO Evan Spiegal said recently the company had grown to 500 million active daily users and that almost half of U.S. smartphone users were using Snapchat.</p>\n<p>Novavax Inc. <a href=\"https://laohu8.com/S/NVAX\">$(NVAX)$</a> expects to apply for FDA approval of its coronavirus vaccine during the third quarter.</p>\n<p><a href=\"https://laohu8.com/S/CVNA\">Carvana Co.</a> (CVNA) has been on a tear, with used-car demand spiking in the wake of component shortages for automobile production. The company's sales by units increased 76% in the first quarter from a year earlier.</p>\n<p>Uber Technologies Inc. <a href=\"https://laohu8.com/S/UBER\">$(UBER)$</a> and Lyft Inc <a href=\"https://laohu8.com/S/LYFT\">$(LYFT)$</a> are also expected to ride the economic recovery wave, although analysts expect Lyft to take longer to exceed its pre-pandemic revenue level .</p>\n<p><a href=\"https://laohu8.com/S/PLTR\">Palantir Technologies Inc.</a> (PLTR) rounds out the list. The developer of software used by government defense and intelligence agencies was included in this analysis of meme stocks .</p>\n<p>Earnings</p>\n<p>Some of these companies are still in relatively early growth stages, and aren't expected to achieve full-year profitability until 2023. Here are consensus earnings-per-share estimates for three years:</p>\n<p>Those are very high price-to-earnings ratios based on current stock prices and consensus estimates for 2023. But for rapidly growing companies, earnings typically aren't a priority, which explains why Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a> always trades at a high P/E. In comparison, the the <a href=\"https://laohu8.com/S/EMEY\">iShares</a> S&amp;P 500 Growth ETF trades for 23.3 times its weighted aggregate consensus earnings estimate for 2023.</p>\n<p>Wall Street's opinion</p>\n<p>Here's a summary of opinion about the 15 companies held by MTUM that analysts expect to grow their revenue the most over the next two years:</p>\n<p>The 12-month price targets may not be useful -- for traders, this is an eternity; it may be a short period for long-term investors looking to profit for years as sales (and hopefully earnings, eventually) compound. It is important to do your own research and form your own opinion about a company's financial health and its ability to remain competitive.</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>15 momentum stocks expected to show the best sales growth over the next two years, including Carvana, Tesla and Palantir</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n15 momentum stocks expected to show the best sales growth over the next two years, including Carvana, Tesla and Palantir\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-06-12 12:00</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>Several companies on a stock screen have estimated two-year revenue growth of over 100%.</p>\n<p>There are many broad approaches to the stock market for selecting individual companies or groups for investments. Momentum investing -- trying to ride the wave of other investors' sentiment -- is popular for day-traders, especially during the current meme-stock craze. But it can also work over the long term.</p>\n<p>Below is a list of momentum stocks of companies expected to show the strongest sales growth over the next two years.</p>\n<p>Momentum ETF</p>\n<p>To begin with a large group of momentum stocks, we can look at the <a href=\"https://laohu8.com/S/MTUM\">iShares MSCI USA Momentum Factor</a> ETF (MTUM). This is the largest U.S. ETF that follows a momentum strategy, according to Mark Hulbert performance relative to its benchmark, the S&amp;P 500 Growth Index.</p>\n<p>For example, the largest holding of the ETF is Tesla Inc. <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a>, which \"has experienced strong risk-adjusted performance related to the market over the past 12 months,\" according to <a href=\"https://laohu8.com/S/EEME\">iShares</a> (a subsidiary of BlackRock Inc. <a href=\"https://laohu8.com/S/BLK\">$(BLK)$</a>). But shares of Merck &amp; Co. Inc. <a href=\"https://laohu8.com/S/MRK\">$(MRK)$</a> are excluded from MTUM because even though <a href=\"https://laohu8.com/S/EGRW\">iShares</a> considered its 12-month return \"attractive,\" the stock's six-month risk-adjusted return underperformed the benchmark.</p>\n<p>So keeping in mind the weighting by price performance relative to the index, tempered by volatility (going back as much as three years), here are the top 10 holdings of the <a href=\"https://laohu8.com/S/IHPXF\">iShares MSCI</a> USA Momentum Factor ETF:</p>\n<table>\n <tbody>\n  <tr>\n   <td>Company</td>\n   <td>Ticker</td>\n   <td>Share of MTUM</td>\n  </tr>\n  <tr>\n   <td>Tesla Inc.</td>\n   <td>TSLA</td>\n   <td>5.00%</td>\n  </tr>\n  <tr>\n   <td>JPMorgan Chase &amp; Co.</td>\n   <td>JPM</td>\n   <td>4.76%</td>\n  </tr>\n  <tr>\n   <td>Berkshire Hathaway Inc. Class B</td>\n   <td>BRK.B</td>\n   <td>4.58%</td>\n  </tr>\n  <tr>\n   <td>Walt Disney Co.</td>\n   <td>DIS</td>\n   <td>4.48%</td>\n  </tr>\n  <tr>\n   <td>$Bank of America Corp(BAC-N)$.</td>\n   <td>BAC</td>\n   <td>4.29%</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/PYPL\">PayPal</a> Holdings Inc.</td>\n   <td>PYPL</td>\n   <td>3.66%</td>\n  </tr>\n  <tr>\n   <td>Wells Fargo &amp; Co.</td>\n   <td>WFC</td>\n   <td>3.11%</td>\n  </tr>\n  <tr>\n   <td>Applied Materials Inc.</td>\n   <td>AMAT</td>\n   <td>3.00%</td>\n  </tr>\n  <tr>\n   <td>Alphabet Inc. Class C</td>\n   <td>GOOG</td>\n   <td>2.67%</td>\n  </tr>\n  <tr>\n   <td>Alphabet Inc. Class A</td>\n   <td>GOOGL</td>\n   <td>2.45%</td>\n  </tr>\n  <tr>\n   <td>Goldman Sachs Group Inc.</td>\n   <td>GS</td>\n   <td>2.30%</td>\n  </tr>\n  <tr>\n   <td>(FactSet)</td>\n   <td></td>\n   <td></td>\n  </tr>\n </tbody>\n</table>\n<p>Actually, there are 11 stocks listed, as MTUM holds both share classes of Alphabet Inc. Banks and insurers make up half the list, which makes sense because financials have been the second-best performing sector in the S&amp;P 500 , after the materials sector.</p>\n<p>Momentum stock screen -- expected sales growth</p>\n<p>Thinking again about financials, they have had plenty of momentum as investors have gained confidence the U.S. economy will continue roaring back from the damage caused by the coronavirus pandemic.</p>\n<p>But revenue growth can be an important driver, especially for individual stock prices over the long term. From here, the financials might not be the best place to look for rapidly rising revenue over the next two years.</p>\n<p>Starting with the 125 momentum stocks held by MTUM, here are the 15 companies expected by analysts polled by FactSet to increase revenue the most over the next two calendar years, with 2021 as the baseline. The figures are in millions of dollars:</p>\n<p>Those are stellar sales-growth numbers -- if the analysts are close to being correct. Many of the stocks are also expensive relative to the expected 2023 sales numbers. In comparison, the <a href=\"https://laohu8.com/S/EMDI\">iShares</a> S&amp;P 500 Growth ETF <a href=\"https://laohu8.com/S/IVW\">$(IVW)$</a> (which tracks the entire S&amp;P 500 Growth Index) trades for 4.2 times estimated 2023 sales.</p>\n<p>Plug Power Inc. <a href=\"https://laohu8.com/S/PLUG\">$(PLUG)$</a> tops the list, with analysts expecting sales to increase to $1.1 billion in 2023. The company said on June 10 it would build a hydrogen-production plant in Camden County, Ga.</p>\n<p><a href=\"https://laohu8.com/S/SNAP\">Snap Inc</a>. (SNAP) CEO Evan Spiegal said recently the company had grown to 500 million active daily users and that almost half of U.S. smartphone users were using Snapchat.</p>\n<p>Novavax Inc. <a href=\"https://laohu8.com/S/NVAX\">$(NVAX)$</a> expects to apply for FDA approval of its coronavirus vaccine during the third quarter.</p>\n<p><a href=\"https://laohu8.com/S/CVNA\">Carvana Co.</a> (CVNA) has been on a tear, with used-car demand spiking in the wake of component shortages for automobile production. The company's sales by units increased 76% in the first quarter from a year earlier.</p>\n<p>Uber Technologies Inc. <a href=\"https://laohu8.com/S/UBER\">$(UBER)$</a> and Lyft Inc <a href=\"https://laohu8.com/S/LYFT\">$(LYFT)$</a> are also expected to ride the economic recovery wave, although analysts expect Lyft to take longer to exceed its pre-pandemic revenue level .</p>\n<p><a href=\"https://laohu8.com/S/PLTR\">Palantir Technologies Inc.</a> (PLTR) rounds out the list. The developer of software used by government defense and intelligence agencies was included in this analysis of meme stocks .</p>\n<p>Earnings</p>\n<p>Some of these companies are still in relatively early growth stages, and aren't expected to achieve full-year profitability until 2023. Here are consensus earnings-per-share estimates for three years:</p>\n<p>Those are very high price-to-earnings ratios based on current stock prices and consensus estimates for 2023. But for rapidly growing companies, earnings typically aren't a priority, which explains why Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a> always trades at a high P/E. In comparison, the the <a href=\"https://laohu8.com/S/EMEY\">iShares</a> S&amp;P 500 Growth ETF trades for 23.3 times its weighted aggregate consensus earnings estimate for 2023.</p>\n<p>Wall Street's opinion</p>\n<p>Here's a summary of opinion about the 15 companies held by MTUM that analysts expect to grow their revenue the most over the next two years:</p>\n<p>The 12-month price targets may not be useful -- for traders, this is an eternity; it may be a short period for long-term investors looking to profit for years as sales (and hopefully earnings, eventually) compound. It is important to do your own research and form your own opinion about a company's financial health and its ability to remain competitive.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SNAP":"Snap Inc","PLUG":"普拉格能源","CVNA":"Carvana Co.","TSLA":"特斯拉","PLTR":"Palantir Technologies Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2142206100","content_text":"Several companies on a stock screen have estimated two-year revenue growth of over 100%.\nThere are many broad approaches to the stock market for selecting individual companies or groups for investments. Momentum investing -- trying to ride the wave of other investors' sentiment -- is popular for day-traders, especially during the current meme-stock craze. But it can also work over the long term.\nBelow is a list of momentum stocks of companies expected to show the strongest sales growth over the next two years.\nMomentum ETF\nTo begin with a large group of momentum stocks, we can look at the iShares MSCI USA Momentum Factor ETF (MTUM). This is the largest U.S. ETF that follows a momentum strategy, according to Mark Hulbert performance relative to its benchmark, the S&P 500 Growth Index.\nFor example, the largest holding of the ETF is Tesla Inc. $(TSLA)$, which \"has experienced strong risk-adjusted performance related to the market over the past 12 months,\" according to iShares (a subsidiary of BlackRock Inc. $(BLK)$). But shares of Merck & Co. Inc. $(MRK)$ are excluded from MTUM because even though iShares considered its 12-month return \"attractive,\" the stock's six-month risk-adjusted return underperformed the benchmark.\nSo keeping in mind the weighting by price performance relative to the index, tempered by volatility (going back as much as three years), here are the top 10 holdings of the iShares MSCI USA Momentum Factor ETF:\n\n\n\nCompany\nTicker\nShare of MTUM\n\n\nTesla Inc.\nTSLA\n5.00%\n\n\nJPMorgan Chase & Co.\nJPM\n4.76%\n\n\nBerkshire Hathaway Inc. Class B\nBRK.B\n4.58%\n\n\nWalt Disney Co.\nDIS\n4.48%\n\n\n$Bank of America Corp(BAC-N)$.\nBAC\n4.29%\n\n\nPayPal Holdings Inc.\nPYPL\n3.66%\n\n\nWells Fargo & Co.\nWFC\n3.11%\n\n\nApplied Materials Inc.\nAMAT\n3.00%\n\n\nAlphabet Inc. Class C\nGOOG\n2.67%\n\n\nAlphabet Inc. Class A\nGOOGL\n2.45%\n\n\nGoldman Sachs Group Inc.\nGS\n2.30%\n\n\n(FactSet)\n\n\n\n\n\nActually, there are 11 stocks listed, as MTUM holds both share classes of Alphabet Inc. Banks and insurers make up half the list, which makes sense because financials have been the second-best performing sector in the S&P 500 , after the materials sector.\nMomentum stock screen -- expected sales growth\nThinking again about financials, they have had plenty of momentum as investors have gained confidence the U.S. economy will continue roaring back from the damage caused by the coronavirus pandemic.\nBut revenue growth can be an important driver, especially for individual stock prices over the long term. From here, the financials might not be the best place to look for rapidly rising revenue over the next two years.\nStarting with the 125 momentum stocks held by MTUM, here are the 15 companies expected by analysts polled by FactSet to increase revenue the most over the next two calendar years, with 2021 as the baseline. The figures are in millions of dollars:\nThose are stellar sales-growth numbers -- if the analysts are close to being correct. Many of the stocks are also expensive relative to the expected 2023 sales numbers. In comparison, the iShares S&P 500 Growth ETF $(IVW)$ (which tracks the entire S&P 500 Growth Index) trades for 4.2 times estimated 2023 sales.\nPlug Power Inc. $(PLUG)$ tops the list, with analysts expecting sales to increase to $1.1 billion in 2023. The company said on June 10 it would build a hydrogen-production plant in Camden County, Ga.\nSnap Inc. (SNAP) CEO Evan Spiegal said recently the company had grown to 500 million active daily users and that almost half of U.S. smartphone users were using Snapchat.\nNovavax Inc. $(NVAX)$ expects to apply for FDA approval of its coronavirus vaccine during the third quarter.\nCarvana Co. (CVNA) has been on a tear, with used-car demand spiking in the wake of component shortages for automobile production. The company's sales by units increased 76% in the first quarter from a year earlier.\nUber Technologies Inc. $(UBER)$ and Lyft Inc $(LYFT)$ are also expected to ride the economic recovery wave, although analysts expect Lyft to take longer to exceed its pre-pandemic revenue level .\nPalantir Technologies Inc. (PLTR) rounds out the list. The developer of software used by government defense and intelligence agencies was included in this analysis of meme stocks .\nEarnings\nSome of these companies are still in relatively early growth stages, and aren't expected to achieve full-year profitability until 2023. Here are consensus earnings-per-share estimates for three years:\nThose are very high price-to-earnings ratios based on current stock prices and consensus estimates for 2023. But for rapidly growing companies, earnings typically aren't a priority, which explains why Amazon.com Inc. $(AMZN)$ always trades at a high P/E. In comparison, the the iShares S&P 500 Growth ETF trades for 23.3 times its weighted aggregate consensus earnings estimate for 2023.\nWall Street's opinion\nHere's a summary of opinion about the 15 companies held by MTUM that analysts expect to grow their revenue the most over the next two years:\nThe 12-month price targets may not be useful -- for traders, this is an eternity; it may be a short period for long-term investors looking to profit for years as sales (and hopefully earnings, eventually) compound. It is important to do your own research and form your own opinion about a company's financial health and its ability to remain competitive.","news_type":1,"symbols_score_info":{"TSLA":0.9,"PLUG":0.9,"SNAP":0.9,"PLTR":0.9,"CVNA":0.9}},"isVote":1,"tweetType":1,"viewCount":2504,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193023089,"gmtCreate":1620741015641,"gmtModify":1704347681744,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"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/193023089","repostId":"1101624279","repostType":4,"isVote":1,"tweetType":1,"viewCount":2088,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193068240,"gmtCreate":1620740823380,"gmtModify":1704347670797,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/193068240","repostId":"1190684572","repostType":4,"isVote":1,"tweetType":1,"viewCount":2669,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193068185,"gmtCreate":1620740809247,"gmtModify":1704347670306,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/193068185","repostId":"1199341916","repostType":4,"repost":{"id":"1199341916","kind":"news","pubTimestamp":1620736561,"share":"https://ttm.financial/m/news/1199341916?lang=en_US&edition=fundamental","pubTime":"2021-05-11 20:36","market":"us","language":"en","title":"If Everyone Sees It, Is It Still A Bubble?","url":"https://stock-news.laohu8.com/highlight/detail?id=1199341916","media":"zerohedge","summary":"As Mark Hulbert noted recently, “everyone” is worrying about a “bubble” in the stock market. To wit:. “To appreciate how widespread current concern about a bubble is, consider the accompanying chart of data from Google Trends. It plots the relative frequency of Google searches based on the term ‘stock market bubble.’ Notice that this frequency has recently jumped to a far-higher level than at any other point over the last five years.”“My confidence is rising quite rapidly that this is, in fact, ","content":"<p><b><i>\"If everyone sees it, is it still a bubble?”</i></b>That was a great question I got over the weekend.&nbsp;As a&nbsp;<i>“contrarian”</i>&nbsp;investor, it is usually when&nbsp;<i>“everyone”</i>&nbsp;is talking about an event; it doesn’t happen.</p>\n<p>As&nbsp;<b><i>Mark Hulbert noted recently</i></b>,&nbsp;<i>“everyone”</i>&nbsp;is worrying about a<i>&nbsp;“bubble”</i>&nbsp;in the stock market. To wit:</p>\n<p><i>“To appreciate how widespread current concern about a bubble is, consider the accompanying chart of data from Google Trends. It plots the relative frequency of Google searches based on the term ‘stock market bubble.’ Notice that this frequency has recently jumped to a far-higher level than at any other point over the last five years.”</i></p>\n<p><img src=\"https://static.tigerbbs.com/7a2a152e3037789e73c80d5c89bf4141\" tg-width=\"500\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><b>What Is A Bubble?</b></p>\n<blockquote>\n <b><i>“My confidence is rising quite rapidly that this is, in fact, becoming the fourth ‘real McCoy’ bubble of my investment career.</i></b>\n <i>The great bubbles can go on a long time and inflict a lot of pain, but at least I think we know now that we’re in one.”</i>\n <b><i>&nbsp;–</i></b>\n <i>Jeremy Grantham</i>\n</blockquote>\n<p>What is the definition of a bubble?&nbsp; According to&nbsp;<i>Investopedia:</i></p>\n<blockquote>\n <i>“A bubble is a market cycle that is characterized by the rapid escalation of market value, particularly in the price of assets.</i>\n <i><b>Typically, what creates a bubble is a surge in asset prices driven by exuberant market behavior.</b></i>\n <i>&nbsp;During a bubble, assets typically trade at a price</i>\n <i><b>that greatly exceeds the asset’s intrinsic value. Rather, the price does not align with thefundamentals of the asset.</b></i>\n <i>“</i>\n</blockquote>\n<p>This definition is suitable for our discussion; there are three components of a&nbsp;<i>“bubble.”</i><i><b>The&nbsp;first two, price and valuation,</b></i>&nbsp;are readily dismissed during the inflation phase.&nbsp;Jeremy Grantham once produced the following chart of 40-years of price bubbles in the markets. During the inflation phase, each was readily dismissed under the guise&nbsp;<i>“this time is different.”</i></p>\n<p><img src=\"https://static.tigerbbs.com/367ada4ec5d5a7c35f8e670e0224fc6b\" tg-width=\"500\" tg-height=\"342\"></p>\n<p><b>We are interested in the</b><b><i>“third”</i></b><b>&nbsp;component of</b><b><i>“bubbles,”</i></b><b>&nbsp;which is investor psychology.</b></p>\n<p><b>A Bubble In Psychology</b></p>\n<p>As&nbsp;<i><b>Howard Marks previously noted:</b></i></p>\n<blockquote>\n <i>“It’s the swings of psychology that get people into the biggest trouble. Especially since investors’ emotions invariably swing in the wrong direction at the wrong time.</i>\n <i><b>When things are going well people become greedy and enthusiastic. When times are troubled, people become fearful and reticent. That’s just the wrong thing to do. It’s important to control fear and greed.”</b></i>\n</blockquote>\n<p>Currently, it’s difficult for investors to become any more enthusiastic about market returns.&nbsp;<i>(</i><i><b>The RIAPro Fear/Greed Index</b></i><i>&nbsp;compiles measures of equity allocation and market sentiment. The index level is</i><i><b>not a component</b></i><i>&nbsp;of the measure that runs from 0 to 100.</i><i><b>The current reading is 99.9, which is a historical record.)</b></i></p>\n<p><img src=\"https://static.tigerbbs.com/137bb4e88e92ca8b22df63ffc61e387c\" tg-width=\"500\" tg-height=\"334\"></p>\n<p>Such is an interesting juxtaposition. On the one hand, there is a rising recognition of a&nbsp;<i>“bubble,”</i>&nbsp;but investors are unwilling to reduce “equity risk” for&nbsp;<i>“fear of missing out or F.O.M.O.”</i>Such was a point noted explicitly by Mark:</p>\n<blockquote>\n <i><b>“Rather than responding by taking some chips off the table, however, many began freely admitting a bubble formed.</b></i>\n <i>&nbsp;They no longer tried to justify higher prices on fundamentals. Rather,</i>\n <i><b>they justified it instead in terms of the market’s momentum.</b></i>\n <i>&nbsp;Prices should keep going up as FOMO seduces more investors to jump on the bandwagon.”</i>\n</blockquote>\n<p>In other words, investors have fully adopted the&nbsp;<i>“Greater Fool Theory.”</i></p>\n<p>Okay, Boomer!</p>\n<p>I know. The discussion of&nbsp;<i>“valuations”</i>&nbsp;is an old-fashioned idea relegated to investors of an older era. Such was evident in the pushback on Charlie Munger’s comments about Bitcoin recently:</p>\n<blockquote>\n <i>“</i>\n <i><b>While Munger has never been a bitcoin advocate, his dislike crystalized into something close to hatred.</b></i>\n <i>Looking back over the past 52 weeks, the reason for Munger’s anger becomes apparent with Berkshire rising only 50.5% against bitcoin’s more than 500% gain.”&nbsp;– Coindesk</i>\n</blockquote>\n<p>In 1999, when Buffett spoke out against&nbsp;<i>“Dot.com”</i>&nbsp;stocks, he got dismissed with a similar ire of&nbsp;<b><i>“investing with Warren Buffett is like driving ‘Dad’s old Pontiac.'”</i></b></p>\n<p>Today, young investors are not interested in the&nbsp;<i>“pearls of wisdom”</i>&nbsp;from experienced investors. Today, they are&nbsp;<i>“out of touch,”</i>&nbsp;with the market’s<i>&nbsp;“new reality.”</i></p>\n<blockquote>\n <i><b>“The big benefit of TikTok is it allows users to dole out and obtain information in short, easily digestible video bites, also called TikToks.</b></i>\n <i>&nbsp;And that can make unfamiliar, complex topics, such as personal finance and investing, more palatable to a younger audience.That advice runs the gamut, from general information about home buying or retirement savings to specific stock picks and investment ideas.</i>\n <i><b>Rob Shields, a 22-year-old, self-taught options trader who has more than 163,000 followers on TikTok, posts TikToks under the username stock_genius on topics such as popular stocks to watch, how to find good stocks, and basic trading strategies.” –&nbsp;WSJ:</b></i>\n</blockquote>\n<p><b>Of course, the problem with information doled out by 22-year olds is they were 10-year olds during the last</b><i><b>“bear market.”</b></i>Given the lack of experience of investing during such a market, as opposed to Warren Buffett who has survived several, is the eventual destruction of capital.</p>\n<p><b>Plenty Of Analogies</b></p>\n<blockquote>\n <i><b>“There is no shortage of current analogies, of course. Take Dogecoin, created as a joke with no fundamental value.</b></i>\n <i>&nbsp;As a&nbsp;recent Wall Street Journal article outlined, the Dogecoin ‘serves no purpose and, unlike Bitcoin, faces no limit on the number of coins that exist.’</i>\n <i><b>Yet investors flock to it, for no other apparent reason than its sharp rise.</b></i>\n <i>&nbsp;Billy Markus, the co-creator of dogecoin, said to the Wall Street Journal, ‘This is absurd. I haven’t seen anything like it. It’s one of those things that once it starts going up, it might keep going up.’” – Mark Hulbert</i>\n</blockquote>\n<p>That exuberance shows up with professionals as well.<b>&nbsp;As of the end of April, the National Association Of Investment Managers asset allocation was 103%.</b></p>\n<p><img src=\"https://static.tigerbbs.com/c412f208aa700b3f7ccb35d3b7d4e923\" tg-width=\"500\" tg-height=\"328\"></p>\n<p>As Dana Lyons noted previously:</p>\n<blockquote>\n “\n <i>Regardless of the investment acumen of any group (we think it is very high among NAAIM members),</i>\n <i><b>once the collective investment opinion or posture becomes too one-sided, it can be an indication that some market action may be necessary to correct such consensus.</b></i>\n <i>“</i>\n</blockquote>\n<p><b>Give Me More</b></p>\n<p>Of course, margin debt, which is the epitome of “<i>speculative appetite,”</i>&nbsp;soared in recent months.</p>\n<p><img src=\"https://static.tigerbbs.com/e11b088ecdf04d5036b4f5bb2d67c13d\" tg-width=\"500\" tg-height=\"327\"></p>\n<p>As stated,&nbsp;<i>“bubbles are about psychology,”</i>&nbsp;which the annual rate of change of leverage shows.</p>\n<p><img src=\"https://static.tigerbbs.com/422c963018723e8986826a89a32883e5\" tg-width=\"500\" tg-height=\"327\"></p>\n<p>Another form of leverage that doesn’t show up in margin debt is ETF’s structured to multiply market returns. These funds have seen record inflows in recent months.</p>\n<p><img src=\"https://static.tigerbbs.com/4ac35f10215d5fcffec35e4e94c952bb\" tg-width=\"500\" tg-height=\"335\"></p>\n<p><b>With margin debt reaching levels not seen since the peak of the last cyclical bull market cycle, it should raise some concerns about sustainability.</b>&nbsp;It is NOT the level of leverage that is the problem as leverage increases buying power as markets are rising.&nbsp;<b>The unwinding of this leverage is critically dangerous in the market as the acceleration of</b><b><i>“margin calls”</i></b><b>&nbsp;leads to a vicious downward spiral.</b></p>\n<p>Importantly, this chart<b>&nbsp;does not meanthat a massive market correction is imminent. I</b>t does suggest that leverage, and speculative risk-taking, are likely much further advanced than currently recognized.</p>\n<p><b>Pushing Extremes</b></p>\n<p>Prices are ultimately affected by physics. Moving averages, trend lines, etc., all exert a gravitational pull on prices in both the short and long term.&nbsp;<b>Like a rubber band, when prices get stretched too far in one direction, they have always eventually</b><b><i>“reverted to the mean”</i></b><b>&nbsp;in the most brutal of manners.</b></p>\n<p>The chart below shows the long-term chart of the S&amp;P 500 broken down by several measures: 2 and 3-standard deviations, valuations, relative strength, and deviations from the 3-year moving average.&nbsp;<b>It is worth noting that both standard deviations and distance from the 3-year moving average are at a record.</b></p>\n<p><b>During the last 120-years, overvaluation and extreme deviations NEVER got resolved by markets going sideways.</b></p>\n<p><img src=\"https://static.tigerbbs.com/4fc311c3fdd527fd911070f7dd841545\" tg-width=\"500\" tg-height=\"590\"></p>\n<p>The only missing ingredient for such a correction currently is simply a catalyst to put&nbsp;<i>“fear”</i>&nbsp;into an overly complacent marketplace. Anything from economic disruption, a credit-related crisis, or an unexpected exogenous shock could start the&nbsp;<i>“panic for the exits.”</i></p>\n<p><b>Conclusion</b></p>\n<p>There is more than adequate evidence a<i>&nbsp;“bubble”</i>&nbsp;exists in markets once again. However, as Mark noted in his commentary:</p>\n<blockquote>\n <i>‘I have no idea whether the stock market is actually forming a bubble that’s about to break.</i>\n <i><b>But I do know that many bulls are fooling themselves when they think a bubble can’t happen when there is such widespread concern. In fact, one of the distinguishing characteristics of a bubble is just that.”</b></i>\n</blockquote>\n<p>However, he concludes with the most important statement:</p>\n<blockquote>\n <i>“It’s important for all of us to be aware of this bubble psychology,</i>\n <i><b>but especially if you’re a retiree or a near-retiree. That’s because, in that case, your investment horizon is far shorter than for those who are younger.</b></i>\n <i>Therefore, you are less able to recover from the deflation of a market bubble.”</i>\n</blockquote>\n<p><b>Read that statement again.</b></p>\n<p>Millennials are quick to dismiss the&nbsp;<i>“Boomers”</i>&nbsp;in the financial markets today for&nbsp;<i>“not getting it.”</i></p>\n<p>No, we get it. We have just been around long enough to know how these things eventually end.</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>If Everyone Sees It, Is It Still A Bubble?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIf Everyone Sees It, Is It Still A Bubble?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 20:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/if-everyone-sees-it-it-still-bubble><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>\"If everyone sees it, is it still a bubble?”That was a great question I got over the weekend. As a “contrarian” investor, it is usually when “everyone” is talking about an event; it doesn’t happen.\nAs...</p>\n\n<a href=\"https://www.zerohedge.com/markets/if-everyone-sees-it-it-still-bubble\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/if-everyone-sees-it-it-still-bubble","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199341916","content_text":"\"If everyone sees it, is it still a bubble?”That was a great question I got over the weekend. As a “contrarian” investor, it is usually when “everyone” is talking about an event; it doesn’t happen.\nAs Mark Hulbert noted recently, “everyone” is worrying about a “bubble” in the stock market. To wit:\n“To appreciate how widespread current concern about a bubble is, consider the accompanying chart of data from Google Trends. It plots the relative frequency of Google searches based on the term ‘stock market bubble.’ Notice that this frequency has recently jumped to a far-higher level than at any other point over the last five years.”\nWhat Is A Bubble?\n\n“My confidence is rising quite rapidly that this is, in fact, becoming the fourth ‘real McCoy’ bubble of my investment career.\nThe great bubbles can go on a long time and inflict a lot of pain, but at least I think we know now that we’re in one.”\n –\nJeremy Grantham\n\nWhat is the definition of a bubble?  According to Investopedia:\n\n“A bubble is a market cycle that is characterized by the rapid escalation of market value, particularly in the price of assets.\nTypically, what creates a bubble is a surge in asset prices driven by exuberant market behavior.\n During a bubble, assets typically trade at a price\nthat greatly exceeds the asset’s intrinsic value. Rather, the price does not align with thefundamentals of the asset.\n“\n\nThis definition is suitable for our discussion; there are three components of a “bubble.”The first two, price and valuation, are readily dismissed during the inflation phase. Jeremy Grantham once produced the following chart of 40-years of price bubbles in the markets. During the inflation phase, each was readily dismissed under the guise “this time is different.”\n\nWe are interested in the“third” component of“bubbles,” which is investor psychology.\nA Bubble In Psychology\nAs Howard Marks previously noted:\n\n“It’s the swings of psychology that get people into the biggest trouble. Especially since investors’ emotions invariably swing in the wrong direction at the wrong time.\nWhen things are going well people become greedy and enthusiastic. When times are troubled, people become fearful and reticent. That’s just the wrong thing to do. It’s important to control fear and greed.”\n\nCurrently, it’s difficult for investors to become any more enthusiastic about market returns. (The RIAPro Fear/Greed Index compiles measures of equity allocation and market sentiment. The index level isnot a component of the measure that runs from 0 to 100.The current reading is 99.9, which is a historical record.)\n\nSuch is an interesting juxtaposition. On the one hand, there is a rising recognition of a “bubble,” but investors are unwilling to reduce “equity risk” for “fear of missing out or F.O.M.O.”Such was a point noted explicitly by Mark:\n\n“Rather than responding by taking some chips off the table, however, many began freely admitting a bubble formed.\n They no longer tried to justify higher prices on fundamentals. Rather,\nthey justified it instead in terms of the market’s momentum.\n Prices should keep going up as FOMO seduces more investors to jump on the bandwagon.”\n\nIn other words, investors have fully adopted the “Greater Fool Theory.”\nOkay, Boomer!\nI know. The discussion of “valuations” is an old-fashioned idea relegated to investors of an older era. Such was evident in the pushback on Charlie Munger’s comments about Bitcoin recently:\n\n“\nWhile Munger has never been a bitcoin advocate, his dislike crystalized into something close to hatred.\nLooking back over the past 52 weeks, the reason for Munger’s anger becomes apparent with Berkshire rising only 50.5% against bitcoin’s more than 500% gain.” – Coindesk\n\nIn 1999, when Buffett spoke out against “Dot.com” stocks, he got dismissed with a similar ire of “investing with Warren Buffett is like driving ‘Dad’s old Pontiac.'”\nToday, young investors are not interested in the “pearls of wisdom” from experienced investors. Today, they are “out of touch,” with the market’s “new reality.”\n\n“The big benefit of TikTok is it allows users to dole out and obtain information in short, easily digestible video bites, also called TikToks.\n And that can make unfamiliar, complex topics, such as personal finance and investing, more palatable to a younger audience.That advice runs the gamut, from general information about home buying or retirement savings to specific stock picks and investment ideas.\nRob Shields, a 22-year-old, self-taught options trader who has more than 163,000 followers on TikTok, posts TikToks under the username stock_genius on topics such as popular stocks to watch, how to find good stocks, and basic trading strategies.” – WSJ:\n\nOf course, the problem with information doled out by 22-year olds is they were 10-year olds during the last“bear market.”Given the lack of experience of investing during such a market, as opposed to Warren Buffett who has survived several, is the eventual destruction of capital.\nPlenty Of Analogies\n\n“There is no shortage of current analogies, of course. Take Dogecoin, created as a joke with no fundamental value.\n As a recent Wall Street Journal article outlined, the Dogecoin ‘serves no purpose and, unlike Bitcoin, faces no limit on the number of coins that exist.’\nYet investors flock to it, for no other apparent reason than its sharp rise.\n Billy Markus, the co-creator of dogecoin, said to the Wall Street Journal, ‘This is absurd. I haven’t seen anything like it. It’s one of those things that once it starts going up, it might keep going up.’” – Mark Hulbert\n\nThat exuberance shows up with professionals as well. As of the end of April, the National Association Of Investment Managers asset allocation was 103%.\n\nAs Dana Lyons noted previously:\n\n “\n Regardless of the investment acumen of any group (we think it is very high among NAAIM members),\nonce the collective investment opinion or posture becomes too one-sided, it can be an indication that some market action may be necessary to correct such consensus.\n“\n\nGive Me More\nOf course, margin debt, which is the epitome of “speculative appetite,” soared in recent months.\n\nAs stated, “bubbles are about psychology,” which the annual rate of change of leverage shows.\n\nAnother form of leverage that doesn’t show up in margin debt is ETF’s structured to multiply market returns. These funds have seen record inflows in recent months.\n\nWith margin debt reaching levels not seen since the peak of the last cyclical bull market cycle, it should raise some concerns about sustainability. It is NOT the level of leverage that is the problem as leverage increases buying power as markets are rising. The unwinding of this leverage is critically dangerous in the market as the acceleration of“margin calls” leads to a vicious downward spiral.\nImportantly, this chart does not meanthat a massive market correction is imminent. It does suggest that leverage, and speculative risk-taking, are likely much further advanced than currently recognized.\nPushing Extremes\nPrices are ultimately affected by physics. Moving averages, trend lines, etc., all exert a gravitational pull on prices in both the short and long term. Like a rubber band, when prices get stretched too far in one direction, they have always eventually“reverted to the mean” in the most brutal of manners.\nThe chart below shows the long-term chart of the S&P 500 broken down by several measures: 2 and 3-standard deviations, valuations, relative strength, and deviations from the 3-year moving average. It is worth noting that both standard deviations and distance from the 3-year moving average are at a record.\nDuring the last 120-years, overvaluation and extreme deviations NEVER got resolved by markets going sideways.\n\nThe only missing ingredient for such a correction currently is simply a catalyst to put “fear” into an overly complacent marketplace. Anything from economic disruption, a credit-related crisis, or an unexpected exogenous shock could start the “panic for the exits.”\nConclusion\nThere is more than adequate evidence a “bubble” exists in markets once again. However, as Mark noted in his commentary:\n\n‘I have no idea whether the stock market is actually forming a bubble that’s about to break.\nBut I do know that many bulls are fooling themselves when they think a bubble can’t happen when there is such widespread concern. In fact, one of the distinguishing characteristics of a bubble is just that.”\n\nHowever, he concludes with the most important statement:\n\n“It’s important for all of us to be aware of this bubble psychology,\nbut especially if you’re a retiree or a near-retiree. That’s because, in that case, your investment horizon is far shorter than for those who are younger.\nTherefore, you are less able to recover from the deflation of a market bubble.”\n\nRead that statement again.\nMillennials are quick to dismiss the “Boomers” in the financial markets today for “not getting it.”\nNo, we get it. We have just been around long enough to know how these things eventually end.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":1151,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190219345,"gmtCreate":1620622516187,"gmtModify":1704345715084,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/190219345","repostId":"1107149009","repostType":4,"repost":{"id":"1107149009","kind":"news","pubTimestamp":1620608854,"share":"https://ttm.financial/m/news/1107149009?lang=en_US&edition=fundamental","pubTime":"2021-05-10 09:07","market":"us","language":"en","title":"Opinion: Should you buy Nio stock? The company may be light on profits, but it’s heavy on momentum","url":"https://stock-news.laohu8.com/highlight/detail?id=1107149009","media":"MarketWatch","summary":"MarketWatch readers frequently search for news on Chinese electric vehicle upstart Nio Inc. — and fo","content":"<p>MarketWatch readers frequently search for news on Chinese electric vehicle upstart Nio Inc. — and for good reason. The dynamic company has been volatile in the last year or so, and each day seems to bring a new set of headlines that have potential to move the stock.</p><p>This quarterly review of NioNIO,+0.71%Inc.’sstock aims to look beyond the latest headlines. We will show comparisons of key metrics to watch and a summary of the company’s most important issues to help investors make better decisions.</p><p>These updates will also include comparisons of results to competitors. Keep in mind that no two companies are alike — even rivals don’t compete in every space. Any investor needs to do their own research to make informed long-term decisions.</p><p><b>Where Nio fits in</b></p><p>It’s undeniable that Nio is red hot lately, with a share price that has surged to almost $40 from $3 in early 2020. However, share price is only one reflection of a company’s health.</p><p>When you look at the landscape of the most widely traded automaker stocks right now, including traditional manufacturers such as General Motors Co.GM,+0.46%and the EV icon Tesla Inc.TSLA,+1.33%,Nio is decidedly smaller as an actual business. Though its nearly $70 billion in market value puts its stock on par with legacy companies like GM, balance-sheet statistics show the two companies aren’t even close.</p><p>This is the fundamental challenge for investors trying to value Nio’s shares. Do you place your emphasis on metrics such as revenue, manufacturing assets and total vehicles sold? Or are you betting on the future state of this dynamic company rather than cold statistics from last quarter that may already be out of date?</p><p><b>Key metrics</b></p><p>Growth is important for Nio investors, and it’s undeniable that the company is seeing an impressive expansion. That’s particularly true over the last year in what was otherwise a fairly hostile environment for car sales.</p><p>First, let’s look at operational metrics before we get to the much-followed growth rate in vehicles sold to illustrate how much smaller Nio is than legacy automakers that may be similarly valued by market cap.</p><p><b>Assets and cash</b></p><p>Consider that GM had $238 billion in assets at the end of 2020. Nio didn’t even have $10 billion!&nbsp;What’s more, lest you think this is all attributed to its extensive manufacturing facilities, over $29 billion of GM’s assets were cold, hard cash.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0a4f16a7dd24406c4b94b4746151ae7\" tg-width=\"620\" tg-height=\"218\"><span>(FACTSET)Sales growth</span></p><p>Similarly, the numbers of vehicles Nio has been selling haven’t even been close to those of larger rivals. The company sold just under 44,000 vehicles last year. That compares with nearly 3.4 million vehicles sold for GM and 10.7 million for Toyota Motor Corp.TM,+0.45%across all its brands.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9cca28fb993027bea9960aab59492590\" tg-width=\"620\" tg-height=\"233\"><span>(COMPANY FILINGS)</span></p><p>Of course, this lower base means more potential to many investors rather than a reason to be scared away from Nio’s stock. During the first quarter, Nio sold five times as many cars as it did in the same period a year earlier. That growth rate blows the doors off everyone, even Tesla.</p><p>And just as the total number of vehicles increased dramatically, so naturally did Nio’s top line. But as we will see, that uptick in revenue has yet to translate to significant profits.</p><p><b>Pricing power and profitability</b></p><p>The rapid expansion of vehicle sales naturally has resulted in soaring revenue. However, the Chinese EV upstart continues to operate at a loss.</p><p>Gross margins have admittedly improved, but profit forecasts for fiscal 2022 are still negative for Nio. And more importantly, when you look at peers including legacy automakers, it doesn’t appear realistic that Nio could see outsized improvement from its current gross margins that are in-line with the rest of the industry. That means as it continues to invest heavily in future growth, investors may have to make their peace with the fact that the company is trading current profit potential for that vision.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fac8320312f703cce2a0a6924f5f95ea\" tg-width=\"620\" tg-height=\"169\"><span>(FACTSET)Free cash flow</span></p><p>Free cash flow is another area where Nio has a bit of &nbsp;work to do, particularly if it wants to win over investors who care about this metric, which measures how much money is on hand at a company after it pays the bills for regular operations. Based on the last 12 months, free cash flow has firmed up but is still barely out of the red.</p><p>However, as a smaller company that is scaling up rapidly, it is reasonable to expect this kind of gap between Nio and its more mature peers as it comes into its own. By contrast, established firms like GM and Toyota that saw serious cash flow concerns over the last year don’t have the same excuse. Rather, these automakers seem to be burdened by structural challenges — including the specific costs associated with scaling up EV operations to evolve and meet the challenges and opportunities of a modern auto marketplace.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1db2ab979c31363ccd9a7592452866bf\" tg-width=\"620\" tg-height=\"193\"><span>(FACTSET)Stock valuation and performance</span></p><p>As you’ve no doubt determined on your own, there are really two different ways to value momentum stocks such as Nio. One involves a reliance on traditional metrics like sales and profitability, while the other is a more aspirational look at where the company could be headed in the future.</p><p>From a traditional perspective, Nio is worrisome because it has no profits to speak of. It’s also not exactly a hot stock lately, as shares have drawn back in recent months and are negative for the year so far. However, the shares have gains of more than 900% in the last 12 months.</p><p>In fact, for those who call Nio “the next Tesla,” it’s not an entirely unreasonable comparison — and considering Tesla’s three-year and five-year returns despite only recently moving into profitability, that could be music to investors’ ears.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9d107af6471b7b06ee9f3d570961f2d7\" tg-width=\"620\" tg-height=\"248\"><span>(FACTSET)Wall Street’s opinion</span></p><p>The million-dollar question is whether Nio can keep up both its growth trends and its long-term appeal to investors who aren’t concerned with near-term numbers. Based on its most recent numbers, that trend could still be intact — but it is far from certain.</p><p>Analysts aren’t exactly bearish on Nio, with 63% of Wall Street experts rating the stock a buy and the implied 12-month upside on shares a juicy 59% based on consensus price targets.</p><p>However, it’s interesting to see that legacy automakers as a group are generally thought of better, with more “buy” ratings even if the upside isn’t as dramatic. Excluding Ford Motor Co.F,+0.68%,both GM and Toyota have better support among the analyst community.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ef1f9e3753e120173a8c04b305ff7d14\" tg-width=\"620\" tg-height=\"287\"><span>(FACTSET)</span></p><p>The question for Nio investors is pretty simple: Do you want to bank on the less dynamic but more established automakers, or do you want to take on more risk in this Chinese upstart in pursuit of bigger potential gains?</p>","source":"market_watch","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>Opinion: Should you buy Nio stock? The company may be light on profits, but it’s heavy on momentum</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpinion: Should you buy Nio stock? The company may be light on profits, but it’s heavy on momentum\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-10 09:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/should-you-buy-nio-stock-the-company-may-be-light-on-profits-but-its-heavy-on-momentum-11620408021?siteid=yhoof2><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>MarketWatch readers frequently search for news on Chinese electric vehicle upstart Nio Inc. — and for good reason. The dynamic company has been volatile in the last year or so, and each day seems to ...</p>\n\n<a href=\"https://www.marketwatch.com/story/should-you-buy-nio-stock-the-company-may-be-light-on-profits-but-its-heavy-on-momentum-11620408021?siteid=yhoof2\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://www.marketwatch.com/story/should-you-buy-nio-stock-the-company-may-be-light-on-profits-but-its-heavy-on-momentum-11620408021?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1107149009","content_text":"MarketWatch readers frequently search for news on Chinese electric vehicle upstart Nio Inc. — and for good reason. The dynamic company has been volatile in the last year or so, and each day seems to bring a new set of headlines that have potential to move the stock.This quarterly review of NioNIO,+0.71%Inc.’sstock aims to look beyond the latest headlines. We will show comparisons of key metrics to watch and a summary of the company’s most important issues to help investors make better decisions.These updates will also include comparisons of results to competitors. Keep in mind that no two companies are alike — even rivals don’t compete in every space. Any investor needs to do their own research to make informed long-term decisions.Where Nio fits inIt’s undeniable that Nio is red hot lately, with a share price that has surged to almost $40 from $3 in early 2020. However, share price is only one reflection of a company’s health.When you look at the landscape of the most widely traded automaker stocks right now, including traditional manufacturers such as General Motors Co.GM,+0.46%and the EV icon Tesla Inc.TSLA,+1.33%,Nio is decidedly smaller as an actual business. Though its nearly $70 billion in market value puts its stock on par with legacy companies like GM, balance-sheet statistics show the two companies aren’t even close.This is the fundamental challenge for investors trying to value Nio’s shares. Do you place your emphasis on metrics such as revenue, manufacturing assets and total vehicles sold? Or are you betting on the future state of this dynamic company rather than cold statistics from last quarter that may already be out of date?Key metricsGrowth is important for Nio investors, and it’s undeniable that the company is seeing an impressive expansion. That’s particularly true over the last year in what was otherwise a fairly hostile environment for car sales.First, let’s look at operational metrics before we get to the much-followed growth rate in vehicles sold to illustrate how much smaller Nio is than legacy automakers that may be similarly valued by market cap.Assets and cashConsider that GM had $238 billion in assets at the end of 2020. Nio didn’t even have $10 billion! What’s more, lest you think this is all attributed to its extensive manufacturing facilities, over $29 billion of GM’s assets were cold, hard cash.(FACTSET)Sales growthSimilarly, the numbers of vehicles Nio has been selling haven’t even been close to those of larger rivals. The company sold just under 44,000 vehicles last year. That compares with nearly 3.4 million vehicles sold for GM and 10.7 million for Toyota Motor Corp.TM,+0.45%across all its brands.(COMPANY FILINGS)Of course, this lower base means more potential to many investors rather than a reason to be scared away from Nio’s stock. During the first quarter, Nio sold five times as many cars as it did in the same period a year earlier. That growth rate blows the doors off everyone, even Tesla.And just as the total number of vehicles increased dramatically, so naturally did Nio’s top line. But as we will see, that uptick in revenue has yet to translate to significant profits.Pricing power and profitabilityThe rapid expansion of vehicle sales naturally has resulted in soaring revenue. However, the Chinese EV upstart continues to operate at a loss.Gross margins have admittedly improved, but profit forecasts for fiscal 2022 are still negative for Nio. And more importantly, when you look at peers including legacy automakers, it doesn’t appear realistic that Nio could see outsized improvement from its current gross margins that are in-line with the rest of the industry. That means as it continues to invest heavily in future growth, investors may have to make their peace with the fact that the company is trading current profit potential for that vision.(FACTSET)Free cash flowFree cash flow is another area where Nio has a bit of  work to do, particularly if it wants to win over investors who care about this metric, which measures how much money is on hand at a company after it pays the bills for regular operations. Based on the last 12 months, free cash flow has firmed up but is still barely out of the red.However, as a smaller company that is scaling up rapidly, it is reasonable to expect this kind of gap between Nio and its more mature peers as it comes into its own. By contrast, established firms like GM and Toyota that saw serious cash flow concerns over the last year don’t have the same excuse. Rather, these automakers seem to be burdened by structural challenges — including the specific costs associated with scaling up EV operations to evolve and meet the challenges and opportunities of a modern auto marketplace.(FACTSET)Stock valuation and performanceAs you’ve no doubt determined on your own, there are really two different ways to value momentum stocks such as Nio. One involves a reliance on traditional metrics like sales and profitability, while the other is a more aspirational look at where the company could be headed in the future.From a traditional perspective, Nio is worrisome because it has no profits to speak of. It’s also not exactly a hot stock lately, as shares have drawn back in recent months and are negative for the year so far. However, the shares have gains of more than 900% in the last 12 months.In fact, for those who call Nio “the next Tesla,” it’s not an entirely unreasonable comparison — and considering Tesla’s three-year and five-year returns despite only recently moving into profitability, that could be music to investors’ ears.(FACTSET)Wall Street’s opinionThe million-dollar question is whether Nio can keep up both its growth trends and its long-term appeal to investors who aren’t concerned with near-term numbers. Based on its most recent numbers, that trend could still be intact — but it is far from certain.Analysts aren’t exactly bearish on Nio, with 63% of Wall Street experts rating the stock a buy and the implied 12-month upside on shares a juicy 59% based on consensus price targets.However, it’s interesting to see that legacy automakers as a group are generally thought of better, with more “buy” ratings even if the upside isn’t as dramatic. Excluding Ford Motor Co.F,+0.68%,both GM and Toyota have better support among the analyst community.(FACTSET)The question for Nio investors is pretty simple: Do you want to bank on the less dynamic but more established automakers, or do you want to take on more risk in this Chinese upstart in pursuit of bigger potential gains?","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":1037,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190210515,"gmtCreate":1620622505137,"gmtModify":1704345714594,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/190210515","repostId":"2134694686","repostType":4,"isVote":1,"tweetType":1,"viewCount":1300,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190237211,"gmtCreate":1620622407033,"gmtModify":1704345712968,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/190237211","repostId":"2134860876","repostType":4,"isVote":1,"tweetType":1,"viewCount":839,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190237343,"gmtCreate":1620622393782,"gmtModify":1704345712164,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/190237343","repostId":"1130153329","repostType":4,"repost":{"id":"1130153329","kind":"news","pubTimestamp":1620613537,"share":"https://ttm.financial/m/news/1130153329?lang=en_US&edition=fundamental","pubTime":"2021-05-10 10:25","market":"us","language":"en","title":"4 Top Streaming Stocks to Watch in May","url":"https://stock-news.laohu8.com/highlight/detail?id=1130153329","media":"fool","summary":"The Motion Picture Association reported in March that streaming video subscriptions grew 26% to reac","content":"<p>The Motion Picture Association reported in March that streaming video subscriptions grew 26% to reach 1.1 billion worldwide last year.&nbsp;That's a huge tailwind for both established players and recent entrants to the streaming market.</p><p>Here are four top&nbsp;streaming stocksthat investors should consider buying, or at least keep on a watchlist.</p><p><b>1. Netflix: This show is far from over</b></p><p>Shares of&nbsp;<b>Netflix</b>(NASDAQ:NFLX)are down 7% year to date after the company posted first-quarter subscriber numbers that came in below expectations. But this could be a good buying opportunity, since the deceleration in subscriber growth merely reflects more people choosing to sign up for a membership in 2020, which left fewer prospective members waiting on the fence.</p><p>There were plenty of indications in the first-quarter report thatNetflix's growth storyis far from over. Revenue grew 24% year over year, driven by higher average revenue per membership.&nbsp;The bright side is that the content production delays helped the company save some money, with operating profit reaching $1.9 billion.</p><p>That extra profit will inevitably finance more content, leading to more subscriber growth. Management expects to add more subscribers in the second half of the year as several hit series and new films launch on the service.</p><p>What's more, management stated it is getting \"very close to being sustainably [free cash flow] positive,\" which will lessen the need for external financing to fund operations in the future.</p><p>With 208 million global paid subscribers, Netflix still has less than a 20% share of global streaming memberships.&nbsp;This top streaming stock may still be hitting new highs 10 years from now.</p><p><b>2. Discovery: Going on a streaming safari</b></p><p><b>Discovery</b>(NASDAQ:DISCK)(NASDAQ:DISCA)is no longer stuck in the land of cable; it has taken its valuable networks to discovery+ -- it's new streaming service that debuted in January.&nbsp;It has plenty of valuable content to offer, including HGTV, Food Network, Discovery Channel, Animal Planet, among many others. Discovery had the most-watched domestic pay-TV lineup in the first quarter, which should lead to a promising future in streaming.</p><p>The stock more than doubled in value after the launch and now sits up 24% year to date.&nbsp;I believe investors were correct to send the stock price up to begin with, although the stock might have risen too far, too fast. Nonetheless, the growth from discovery+ should insulate the company from the declining market for cable,&nbsp;making Discovery's current price-to-free cash flow multiple of 9.5 look very attractive.</p><p>In Q1, Discovery's direct-to-consumer business reached 13 million subscribers. That growth more than offset the decline in advertising revenue in the U.S. market and pushed total revenue up 4% year over year in the first quarter.&nbsp;In the near term, management is confident that the recent strength of Discovery's content lineup will position it well to regain advertising growth.</p><p>Discovery's profitability will come under pressure as it ramps up content spending for streaming, but that's expected. The growth ofdiscovery+ is a major catalystthat could send this media stock higher over the next few years.</p><p><b>3. Roku: The toll bridge of the streaming services market</b></p><p><b>Roku</b>(NASDAQ:ROKU)has been a hot stock in recent years. You don't see many stocks return 1,200% over a five-year period.&nbsp;Adoption for its TV operating system has been growing rapidly, as people cut the cord and turn to digital entertainment.</p><p>Roku's first-quarter earnings resultsshowed total active accounts reached 53 million for an increase of 35% year over year. But total streaming hours are growing faster, up 49%. That is a clear indication of growing satisfaction and consumption with the content on the platform.</p><p>Most importantly, engagement is driving growth in advertising revenue. Average revenue per user grew 32% in the first quarter. A big part of Roku's ability to monetize its user base is The Roku Channel, which offers free ad-supported content and reached households totaling an estimated 70 million people in Q1.</p><p>As its Q1 results show, Roku is a promising play on the future of streaming, but the stock is expensive, trading at 22 times sales. That's much higher than Netflix's price-to-sales multiple of 8.7.</p><p>Growth could slow later this year as Roku faces tough year-over-year comparisons with the robust growth reported in 2020. Yet, management's second-quarter guidance calls for revenue growth of 73% year over year at the midpoint of the range, so anything is possible.</p><p><b>4. Walt Disney: The complete entertainment company</b></p><p>If the recent growth of other streaming services is any indication,<b>Walt Disney</b>(NYSE:DIS)should report another strong quarter for its direct-to-consumer segment when it reports fiscal second-quarter earnings on Thursday, May 13.&nbsp;Disney+ has alreadysurpassed 100 million subscriberssince launching in 2019, but the stock could also be a good reopening play on the economy.</p><p>Management is seeing a lot of pent-up demand fortheme parksaround the world.&nbsp;To drive traffic, Disney spent the pandemic moving forward with major investments in new attractions, including the upcoming<i>Star Wars</i>: Galactic Starcruiser hotel, scheduled to open at Walt Disney World in 2022.&nbsp;Theme parks are arguably the most direct-to-consumer part of the Disney empire, as CEO Bob Chapek has emphasized.</p><p>As for Disney+, expect a lot more<i>Star Wars</i>and Marvel originals very soon. Disney told investors in December that it has a total of 20 original series evenly split across the Marvel and<i>Star Wars</i>universes launching over the next few years, along with releases from Pixar and Disney studios.&nbsp;Content wins subscribers, and Disney will have plenty of it.</p><p>The stock is up 82% over the last year, but there could be more gains in store as Disney's theme parks reopen and its streaming services continue their march toward management's goal of at least 300 million subscribers across Disney+, Hulu, and ESPN+ by fiscal 2024.</p><p>What makes Disney stand out on this list is that it has many ways to monetize its entertainment properties outside of streaming. This opens more growth opportunities and makes Walt Disney the ultimateentertainment stock.</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>4 Top Streaming Stocks to Watch in May</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n4 Top Streaming Stocks to Watch in May\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-10 10:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/05/09/4-top-streaming-stocks-to-watch-in-may/><strong>fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Motion Picture Association reported in March that streaming video subscriptions grew 26% to reach 1.1 billion worldwide last year. That's a huge tailwind for both established players and recent ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/05/09/4-top-streaming-stocks-to-watch-in-may/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ROKU":"Roku Inc","DISCA":"探索传播","DIS":"迪士尼","NFLX":"奈飞"},"source_url":"https://www.fool.com/investing/2021/05/09/4-top-streaming-stocks-to-watch-in-may/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130153329","content_text":"The Motion Picture Association reported in March that streaming video subscriptions grew 26% to reach 1.1 billion worldwide last year. That's a huge tailwind for both established players and recent entrants to the streaming market.Here are four top streaming stocksthat investors should consider buying, or at least keep on a watchlist.1. Netflix: This show is far from overShares of Netflix(NASDAQ:NFLX)are down 7% year to date after the company posted first-quarter subscriber numbers that came in below expectations. But this could be a good buying opportunity, since the deceleration in subscriber growth merely reflects more people choosing to sign up for a membership in 2020, which left fewer prospective members waiting on the fence.There were plenty of indications in the first-quarter report thatNetflix's growth storyis far from over. Revenue grew 24% year over year, driven by higher average revenue per membership. The bright side is that the content production delays helped the company save some money, with operating profit reaching $1.9 billion.That extra profit will inevitably finance more content, leading to more subscriber growth. Management expects to add more subscribers in the second half of the year as several hit series and new films launch on the service.What's more, management stated it is getting \"very close to being sustainably [free cash flow] positive,\" which will lessen the need for external financing to fund operations in the future.With 208 million global paid subscribers, Netflix still has less than a 20% share of global streaming memberships. This top streaming stock may still be hitting new highs 10 years from now.2. Discovery: Going on a streaming safariDiscovery(NASDAQ:DISCK)(NASDAQ:DISCA)is no longer stuck in the land of cable; it has taken its valuable networks to discovery+ -- it's new streaming service that debuted in January. It has plenty of valuable content to offer, including HGTV, Food Network, Discovery Channel, Animal Planet, among many others. Discovery had the most-watched domestic pay-TV lineup in the first quarter, which should lead to a promising future in streaming.The stock more than doubled in value after the launch and now sits up 24% year to date. I believe investors were correct to send the stock price up to begin with, although the stock might have risen too far, too fast. Nonetheless, the growth from discovery+ should insulate the company from the declining market for cable, making Discovery's current price-to-free cash flow multiple of 9.5 look very attractive.In Q1, Discovery's direct-to-consumer business reached 13 million subscribers. That growth more than offset the decline in advertising revenue in the U.S. market and pushed total revenue up 4% year over year in the first quarter. In the near term, management is confident that the recent strength of Discovery's content lineup will position it well to regain advertising growth.Discovery's profitability will come under pressure as it ramps up content spending for streaming, but that's expected. The growth ofdiscovery+ is a major catalystthat could send this media stock higher over the next few years.3. Roku: The toll bridge of the streaming services marketRoku(NASDAQ:ROKU)has been a hot stock in recent years. You don't see many stocks return 1,200% over a five-year period. Adoption for its TV operating system has been growing rapidly, as people cut the cord and turn to digital entertainment.Roku's first-quarter earnings resultsshowed total active accounts reached 53 million for an increase of 35% year over year. But total streaming hours are growing faster, up 49%. That is a clear indication of growing satisfaction and consumption with the content on the platform.Most importantly, engagement is driving growth in advertising revenue. Average revenue per user grew 32% in the first quarter. A big part of Roku's ability to monetize its user base is The Roku Channel, which offers free ad-supported content and reached households totaling an estimated 70 million people in Q1.As its Q1 results show, Roku is a promising play on the future of streaming, but the stock is expensive, trading at 22 times sales. That's much higher than Netflix's price-to-sales multiple of 8.7.Growth could slow later this year as Roku faces tough year-over-year comparisons with the robust growth reported in 2020. Yet, management's second-quarter guidance calls for revenue growth of 73% year over year at the midpoint of the range, so anything is possible.4. Walt Disney: The complete entertainment companyIf the recent growth of other streaming services is any indication,Walt Disney(NYSE:DIS)should report another strong quarter for its direct-to-consumer segment when it reports fiscal second-quarter earnings on Thursday, May 13. Disney+ has alreadysurpassed 100 million subscriberssince launching in 2019, but the stock could also be a good reopening play on the economy.Management is seeing a lot of pent-up demand fortheme parksaround the world. To drive traffic, Disney spent the pandemic moving forward with major investments in new attractions, including the upcomingStar Wars: Galactic Starcruiser hotel, scheduled to open at Walt Disney World in 2022. Theme parks are arguably the most direct-to-consumer part of the Disney empire, as CEO Bob Chapek has emphasized.As for Disney+, expect a lot moreStar Warsand Marvel originals very soon. Disney told investors in December that it has a total of 20 original series evenly split across the Marvel andStar Warsuniverses launching over the next few years, along with releases from Pixar and Disney studios. Content wins subscribers, and Disney will have plenty of it.The stock is up 82% over the last year, but there could be more gains in store as Disney's theme parks reopen and its streaming services continue their march toward management's goal of at least 300 million subscribers across Disney+, Hulu, and ESPN+ by fiscal 2024.What makes Disney stand out on this list is that it has many ways to monetize its entertainment properties outside of streaming. This opens more growth opportunities and makes Walt Disney the ultimateentertainment 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stock is Amazon!!!","listText":"This stock is Amazon!!!","text":"This stock is Amazon!!!","images":[{"img":"https://static.tigerbbs.com/05d825236052a5828c80405b69719ce8","width":"1080","height":"1919"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/317395090","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":627,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":317395721,"gmtCreate":1612414503263,"gmtModify":1704870840966,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"themes":[],"htmlText":"EZPZ LA","listText":"EZPZ LA","text":"EZPZ LA","images":[{"img":"https://static.tigerbbs.com/eac29e47dd1cd67285e044b154f4e584","width":"1125","height":"3020"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/317395721","isVote":1,"tweetType":1,"viewCount":434,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":317395197,"gmtCreate":1612414439519,"gmtModify":1704870840635,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Continue to stay strong","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Continue to stay strong","text":"$Tiger Brokers(TIGR)$Continue to stay strong","images":[{"img":"https://static.tigerbbs.com/71dc921ac6fcb552e02ba653f022bb42","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/317395197","isVote":1,"tweetType":1,"viewCount":660,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":315540297,"gmtCreate":1612267137019,"gmtModify":1704868949695,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NOK\">$Nokia Oyj(NOK)$</a>I will throw away my iPhone if Nokia go to the moon&nbsp;","listText":"<a href=\"https://laohu8.com/S/NOK\">$Nokia Oyj(NOK)$</a>I will throw away my iPhone if Nokia go to the moon&nbsp;","text":"$Nokia Oyj(NOK)$I will throw away my iPhone if Nokia go to the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":19,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/315540297","isVote":1,"tweetType":1,"viewCount":1140,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":310134281,"gmtCreate":1611281855843,"gmtModify":1704859280044,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>HUAT AH! TIGER BECOME LION ALRDY! BUY NOW OR LIVE IN REGRET!&nbsp;","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>HUAT AH! TIGER BECOME LION ALRDY! BUY NOW OR LIVE IN REGRET!&nbsp;","text":"$Tiger Brokers(TIGR)$HUAT AH! TIGER BECOME LION ALRDY! BUY NOW OR LIVE IN REGRET!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/310134281","isVote":1,"tweetType":1,"viewCount":443,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3527667803686145","authorId":"3527667803686145","name":"社区成长助手","avatar":"https://static.tigerbbs.com/2b7c7106b5c0c8b0037faa67439d898f","crmLevel":1,"crmLevelSwitch":0,"idStr":"3527667803686145","authorIdStr":"3527667803686145"},"content":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","text":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","html":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190235433,"gmtCreate":1620622329722,"gmtModify":1704345710197,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/190235433","repostId":"2134686276","repostType":4,"isVote":1,"tweetType":1,"viewCount":946,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155579056,"gmtCreate":1625446958875,"gmtModify":1703741797124,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/155579056","repostId":"1169840279","repostType":4,"isVote":1,"tweetType":1,"viewCount":2925,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159242498,"gmtCreate":1624972409414,"gmtModify":1703849111384,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159242498","repostId":"1187472931","repostType":4,"isVote":1,"tweetType":1,"viewCount":2393,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193068185,"gmtCreate":1620740809247,"gmtModify":1704347670306,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/193068185","repostId":"1199341916","repostType":4,"repost":{"id":"1199341916","kind":"news","pubTimestamp":1620736561,"share":"https://ttm.financial/m/news/1199341916?lang=en_US&edition=fundamental","pubTime":"2021-05-11 20:36","market":"us","language":"en","title":"If Everyone Sees It, Is It Still A Bubble?","url":"https://stock-news.laohu8.com/highlight/detail?id=1199341916","media":"zerohedge","summary":"As Mark Hulbert noted recently, “everyone” is worrying about a “bubble” in the stock market. To wit:. “To appreciate how widespread current concern about a bubble is, consider the accompanying chart of data from Google Trends. It plots the relative frequency of Google searches based on the term ‘stock market bubble.’ Notice that this frequency has recently jumped to a far-higher level than at any other point over the last five years.”“My confidence is rising quite rapidly that this is, in fact, ","content":"<p><b><i>\"If everyone sees it, is it still a bubble?”</i></b>That was a great question I got over the weekend.&nbsp;As a&nbsp;<i>“contrarian”</i>&nbsp;investor, it is usually when&nbsp;<i>“everyone”</i>&nbsp;is talking about an event; it doesn’t happen.</p>\n<p>As&nbsp;<b><i>Mark Hulbert noted recently</i></b>,&nbsp;<i>“everyone”</i>&nbsp;is worrying about a<i>&nbsp;“bubble”</i>&nbsp;in the stock market. To wit:</p>\n<p><i>“To appreciate how widespread current concern about a bubble is, consider the accompanying chart of data from Google Trends. It plots the relative frequency of Google searches based on the term ‘stock market bubble.’ Notice that this frequency has recently jumped to a far-higher level than at any other point over the last five years.”</i></p>\n<p><img src=\"https://static.tigerbbs.com/7a2a152e3037789e73c80d5c89bf4141\" tg-width=\"500\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><b>What Is A Bubble?</b></p>\n<blockquote>\n <b><i>“My confidence is rising quite rapidly that this is, in fact, becoming the fourth ‘real McCoy’ bubble of my investment career.</i></b>\n <i>The great bubbles can go on a long time and inflict a lot of pain, but at least I think we know now that we’re in one.”</i>\n <b><i>&nbsp;–</i></b>\n <i>Jeremy Grantham</i>\n</blockquote>\n<p>What is the definition of a bubble?&nbsp; According to&nbsp;<i>Investopedia:</i></p>\n<blockquote>\n <i>“A bubble is a market cycle that is characterized by the rapid escalation of market value, particularly in the price of assets.</i>\n <i><b>Typically, what creates a bubble is a surge in asset prices driven by exuberant market behavior.</b></i>\n <i>&nbsp;During a bubble, assets typically trade at a price</i>\n <i><b>that greatly exceeds the asset’s intrinsic value. Rather, the price does not align with thefundamentals of the asset.</b></i>\n <i>“</i>\n</blockquote>\n<p>This definition is suitable for our discussion; there are three components of a&nbsp;<i>“bubble.”</i><i><b>The&nbsp;first two, price and valuation,</b></i>&nbsp;are readily dismissed during the inflation phase.&nbsp;Jeremy Grantham once produced the following chart of 40-years of price bubbles in the markets. During the inflation phase, each was readily dismissed under the guise&nbsp;<i>“this time is different.”</i></p>\n<p><img src=\"https://static.tigerbbs.com/367ada4ec5d5a7c35f8e670e0224fc6b\" tg-width=\"500\" tg-height=\"342\"></p>\n<p><b>We are interested in the</b><b><i>“third”</i></b><b>&nbsp;component of</b><b><i>“bubbles,”</i></b><b>&nbsp;which is investor psychology.</b></p>\n<p><b>A Bubble In Psychology</b></p>\n<p>As&nbsp;<i><b>Howard Marks previously noted:</b></i></p>\n<blockquote>\n <i>“It’s the swings of psychology that get people into the biggest trouble. Especially since investors’ emotions invariably swing in the wrong direction at the wrong time.</i>\n <i><b>When things are going well people become greedy and enthusiastic. When times are troubled, people become fearful and reticent. That’s just the wrong thing to do. It’s important to control fear and greed.”</b></i>\n</blockquote>\n<p>Currently, it’s difficult for investors to become any more enthusiastic about market returns.&nbsp;<i>(</i><i><b>The RIAPro Fear/Greed Index</b></i><i>&nbsp;compiles measures of equity allocation and market sentiment. The index level is</i><i><b>not a component</b></i><i>&nbsp;of the measure that runs from 0 to 100.</i><i><b>The current reading is 99.9, which is a historical record.)</b></i></p>\n<p><img src=\"https://static.tigerbbs.com/137bb4e88e92ca8b22df63ffc61e387c\" tg-width=\"500\" tg-height=\"334\"></p>\n<p>Such is an interesting juxtaposition. On the one hand, there is a rising recognition of a&nbsp;<i>“bubble,”</i>&nbsp;but investors are unwilling to reduce “equity risk” for&nbsp;<i>“fear of missing out or F.O.M.O.”</i>Such was a point noted explicitly by Mark:</p>\n<blockquote>\n <i><b>“Rather than responding by taking some chips off the table, however, many began freely admitting a bubble formed.</b></i>\n <i>&nbsp;They no longer tried to justify higher prices on fundamentals. Rather,</i>\n <i><b>they justified it instead in terms of the market’s momentum.</b></i>\n <i>&nbsp;Prices should keep going up as FOMO seduces more investors to jump on the bandwagon.”</i>\n</blockquote>\n<p>In other words, investors have fully adopted the&nbsp;<i>“Greater Fool Theory.”</i></p>\n<p>Okay, Boomer!</p>\n<p>I know. The discussion of&nbsp;<i>“valuations”</i>&nbsp;is an old-fashioned idea relegated to investors of an older era. Such was evident in the pushback on Charlie Munger’s comments about Bitcoin recently:</p>\n<blockquote>\n <i>“</i>\n <i><b>While Munger has never been a bitcoin advocate, his dislike crystalized into something close to hatred.</b></i>\n <i>Looking back over the past 52 weeks, the reason for Munger’s anger becomes apparent with Berkshire rising only 50.5% against bitcoin’s more than 500% gain.”&nbsp;– Coindesk</i>\n</blockquote>\n<p>In 1999, when Buffett spoke out against&nbsp;<i>“Dot.com”</i>&nbsp;stocks, he got dismissed with a similar ire of&nbsp;<b><i>“investing with Warren Buffett is like driving ‘Dad’s old Pontiac.'”</i></b></p>\n<p>Today, young investors are not interested in the&nbsp;<i>“pearls of wisdom”</i>&nbsp;from experienced investors. Today, they are&nbsp;<i>“out of touch,”</i>&nbsp;with the market’s<i>&nbsp;“new reality.”</i></p>\n<blockquote>\n <i><b>“The big benefit of TikTok is it allows users to dole out and obtain information in short, easily digestible video bites, also called TikToks.</b></i>\n <i>&nbsp;And that can make unfamiliar, complex topics, such as personal finance and investing, more palatable to a younger audience.That advice runs the gamut, from general information about home buying or retirement savings to specific stock picks and investment ideas.</i>\n <i><b>Rob Shields, a 22-year-old, self-taught options trader who has more than 163,000 followers on TikTok, posts TikToks under the username stock_genius on topics such as popular stocks to watch, how to find good stocks, and basic trading strategies.” –&nbsp;WSJ:</b></i>\n</blockquote>\n<p><b>Of course, the problem with information doled out by 22-year olds is they were 10-year olds during the last</b><i><b>“bear market.”</b></i>Given the lack of experience of investing during such a market, as opposed to Warren Buffett who has survived several, is the eventual destruction of capital.</p>\n<p><b>Plenty Of Analogies</b></p>\n<blockquote>\n <i><b>“There is no shortage of current analogies, of course. Take Dogecoin, created as a joke with no fundamental value.</b></i>\n <i>&nbsp;As a&nbsp;recent Wall Street Journal article outlined, the Dogecoin ‘serves no purpose and, unlike Bitcoin, faces no limit on the number of coins that exist.’</i>\n <i><b>Yet investors flock to it, for no other apparent reason than its sharp rise.</b></i>\n <i>&nbsp;Billy Markus, the co-creator of dogecoin, said to the Wall Street Journal, ‘This is absurd. I haven’t seen anything like it. It’s one of those things that once it starts going up, it might keep going up.’” – Mark Hulbert</i>\n</blockquote>\n<p>That exuberance shows up with professionals as well.<b>&nbsp;As of the end of April, the National Association Of Investment Managers asset allocation was 103%.</b></p>\n<p><img src=\"https://static.tigerbbs.com/c412f208aa700b3f7ccb35d3b7d4e923\" tg-width=\"500\" tg-height=\"328\"></p>\n<p>As Dana Lyons noted previously:</p>\n<blockquote>\n “\n <i>Regardless of the investment acumen of any group (we think it is very high among NAAIM members),</i>\n <i><b>once the collective investment opinion or posture becomes too one-sided, it can be an indication that some market action may be necessary to correct such consensus.</b></i>\n <i>“</i>\n</blockquote>\n<p><b>Give Me More</b></p>\n<p>Of course, margin debt, which is the epitome of “<i>speculative appetite,”</i>&nbsp;soared in recent months.</p>\n<p><img src=\"https://static.tigerbbs.com/e11b088ecdf04d5036b4f5bb2d67c13d\" tg-width=\"500\" tg-height=\"327\"></p>\n<p>As stated,&nbsp;<i>“bubbles are about psychology,”</i>&nbsp;which the annual rate of change of leverage shows.</p>\n<p><img src=\"https://static.tigerbbs.com/422c963018723e8986826a89a32883e5\" tg-width=\"500\" tg-height=\"327\"></p>\n<p>Another form of leverage that doesn’t show up in margin debt is ETF’s structured to multiply market returns. These funds have seen record inflows in recent months.</p>\n<p><img src=\"https://static.tigerbbs.com/4ac35f10215d5fcffec35e4e94c952bb\" tg-width=\"500\" tg-height=\"335\"></p>\n<p><b>With margin debt reaching levels not seen since the peak of the last cyclical bull market cycle, it should raise some concerns about sustainability.</b>&nbsp;It is NOT the level of leverage that is the problem as leverage increases buying power as markets are rising.&nbsp;<b>The unwinding of this leverage is critically dangerous in the market as the acceleration of</b><b><i>“margin calls”</i></b><b>&nbsp;leads to a vicious downward spiral.</b></p>\n<p>Importantly, this chart<b>&nbsp;does not meanthat a massive market correction is imminent. I</b>t does suggest that leverage, and speculative risk-taking, are likely much further advanced than currently recognized.</p>\n<p><b>Pushing Extremes</b></p>\n<p>Prices are ultimately affected by physics. Moving averages, trend lines, etc., all exert a gravitational pull on prices in both the short and long term.&nbsp;<b>Like a rubber band, when prices get stretched too far in one direction, they have always eventually</b><b><i>“reverted to the mean”</i></b><b>&nbsp;in the most brutal of manners.</b></p>\n<p>The chart below shows the long-term chart of the S&amp;P 500 broken down by several measures: 2 and 3-standard deviations, valuations, relative strength, and deviations from the 3-year moving average.&nbsp;<b>It is worth noting that both standard deviations and distance from the 3-year moving average are at a record.</b></p>\n<p><b>During the last 120-years, overvaluation and extreme deviations NEVER got resolved by markets going sideways.</b></p>\n<p><img src=\"https://static.tigerbbs.com/4fc311c3fdd527fd911070f7dd841545\" tg-width=\"500\" tg-height=\"590\"></p>\n<p>The only missing ingredient for such a correction currently is simply a catalyst to put&nbsp;<i>“fear”</i>&nbsp;into an overly complacent marketplace. Anything from economic disruption, a credit-related crisis, or an unexpected exogenous shock could start the&nbsp;<i>“panic for the exits.”</i></p>\n<p><b>Conclusion</b></p>\n<p>There is more than adequate evidence a<i>&nbsp;“bubble”</i>&nbsp;exists in markets once again. However, as Mark noted in his commentary:</p>\n<blockquote>\n <i>‘I have no idea whether the stock market is actually forming a bubble that’s about to break.</i>\n <i><b>But I do know that many bulls are fooling themselves when they think a bubble can’t happen when there is such widespread concern. In fact, one of the distinguishing characteristics of a bubble is just that.”</b></i>\n</blockquote>\n<p>However, he concludes with the most important statement:</p>\n<blockquote>\n <i>“It’s important for all of us to be aware of this bubble psychology,</i>\n <i><b>but especially if you’re a retiree or a near-retiree. That’s because, in that case, your investment horizon is far shorter than for those who are younger.</b></i>\n <i>Therefore, you are less able to recover from the deflation of a market bubble.”</i>\n</blockquote>\n<p><b>Read that statement again.</b></p>\n<p>Millennials are quick to dismiss the&nbsp;<i>“Boomers”</i>&nbsp;in the financial markets today for&nbsp;<i>“not getting it.”</i></p>\n<p>No, we get it. We have just been around long enough to know how these things eventually end.</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>If Everyone Sees It, Is It Still A Bubble?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIf Everyone Sees It, Is It Still A Bubble?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 20:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/if-everyone-sees-it-it-still-bubble><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>\"If everyone sees it, is it still a bubble?”That was a great question I got over the weekend. As a “contrarian” investor, it is usually when “everyone” is talking about an event; it doesn’t happen.\nAs...</p>\n\n<a href=\"https://www.zerohedge.com/markets/if-everyone-sees-it-it-still-bubble\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/if-everyone-sees-it-it-still-bubble","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199341916","content_text":"\"If everyone sees it, is it still a bubble?”That was a great question I got over the weekend. As a “contrarian” investor, it is usually when “everyone” is talking about an event; it doesn’t happen.\nAs Mark Hulbert noted recently, “everyone” is worrying about a “bubble” in the stock market. To wit:\n“To appreciate how widespread current concern about a bubble is, consider the accompanying chart of data from Google Trends. It plots the relative frequency of Google searches based on the term ‘stock market bubble.’ Notice that this frequency has recently jumped to a far-higher level than at any other point over the last five years.”\nWhat Is A Bubble?\n\n“My confidence is rising quite rapidly that this is, in fact, becoming the fourth ‘real McCoy’ bubble of my investment career.\nThe great bubbles can go on a long time and inflict a lot of pain, but at least I think we know now that we’re in one.”\n –\nJeremy Grantham\n\nWhat is the definition of a bubble?  According to Investopedia:\n\n“A bubble is a market cycle that is characterized by the rapid escalation of market value, particularly in the price of assets.\nTypically, what creates a bubble is a surge in asset prices driven by exuberant market behavior.\n During a bubble, assets typically trade at a price\nthat greatly exceeds the asset’s intrinsic value. Rather, the price does not align with thefundamentals of the asset.\n“\n\nThis definition is suitable for our discussion; there are three components of a “bubble.”The first two, price and valuation, are readily dismissed during the inflation phase. Jeremy Grantham once produced the following chart of 40-years of price bubbles in the markets. During the inflation phase, each was readily dismissed under the guise “this time is different.”\n\nWe are interested in the“third” component of“bubbles,” which is investor psychology.\nA Bubble In Psychology\nAs Howard Marks previously noted:\n\n“It’s the swings of psychology that get people into the biggest trouble. Especially since investors’ emotions invariably swing in the wrong direction at the wrong time.\nWhen things are going well people become greedy and enthusiastic. When times are troubled, people become fearful and reticent. That’s just the wrong thing to do. It’s important to control fear and greed.”\n\nCurrently, it’s difficult for investors to become any more enthusiastic about market returns. (The RIAPro Fear/Greed Index compiles measures of equity allocation and market sentiment. The index level isnot a component of the measure that runs from 0 to 100.The current reading is 99.9, which is a historical record.)\n\nSuch is an interesting juxtaposition. On the one hand, there is a rising recognition of a “bubble,” but investors are unwilling to reduce “equity risk” for “fear of missing out or F.O.M.O.”Such was a point noted explicitly by Mark:\n\n“Rather than responding by taking some chips off the table, however, many began freely admitting a bubble formed.\n They no longer tried to justify higher prices on fundamentals. Rather,\nthey justified it instead in terms of the market’s momentum.\n Prices should keep going up as FOMO seduces more investors to jump on the bandwagon.”\n\nIn other words, investors have fully adopted the “Greater Fool Theory.”\nOkay, Boomer!\nI know. The discussion of “valuations” is an old-fashioned idea relegated to investors of an older era. Such was evident in the pushback on Charlie Munger’s comments about Bitcoin recently:\n\n“\nWhile Munger has never been a bitcoin advocate, his dislike crystalized into something close to hatred.\nLooking back over the past 52 weeks, the reason for Munger’s anger becomes apparent with Berkshire rising only 50.5% against bitcoin’s more than 500% gain.” – Coindesk\n\nIn 1999, when Buffett spoke out against “Dot.com” stocks, he got dismissed with a similar ire of “investing with Warren Buffett is like driving ‘Dad’s old Pontiac.'”\nToday, young investors are not interested in the “pearls of wisdom” from experienced investors. Today, they are “out of touch,” with the market’s “new reality.”\n\n“The big benefit of TikTok is it allows users to dole out and obtain information in short, easily digestible video bites, also called TikToks.\n And that can make unfamiliar, complex topics, such as personal finance and investing, more palatable to a younger audience.That advice runs the gamut, from general information about home buying or retirement savings to specific stock picks and investment ideas.\nRob Shields, a 22-year-old, self-taught options trader who has more than 163,000 followers on TikTok, posts TikToks under the username stock_genius on topics such as popular stocks to watch, how to find good stocks, and basic trading strategies.” – WSJ:\n\nOf course, the problem with information doled out by 22-year olds is they were 10-year olds during the last“bear market.”Given the lack of experience of investing during such a market, as opposed to Warren Buffett who has survived several, is the eventual destruction of capital.\nPlenty Of Analogies\n\n“There is no shortage of current analogies, of course. Take Dogecoin, created as a joke with no fundamental value.\n As a recent Wall Street Journal article outlined, the Dogecoin ‘serves no purpose and, unlike Bitcoin, faces no limit on the number of coins that exist.’\nYet investors flock to it, for no other apparent reason than its sharp rise.\n Billy Markus, the co-creator of dogecoin, said to the Wall Street Journal, ‘This is absurd. I haven’t seen anything like it. It’s one of those things that once it starts going up, it might keep going up.’” – Mark Hulbert\n\nThat exuberance shows up with professionals as well. As of the end of April, the National Association Of Investment Managers asset allocation was 103%.\n\nAs Dana Lyons noted previously:\n\n “\n Regardless of the investment acumen of any group (we think it is very high among NAAIM members),\nonce the collective investment opinion or posture becomes too one-sided, it can be an indication that some market action may be necessary to correct such consensus.\n“\n\nGive Me More\nOf course, margin debt, which is the epitome of “speculative appetite,” soared in recent months.\n\nAs stated, “bubbles are about psychology,” which the annual rate of change of leverage shows.\n\nAnother form of leverage that doesn’t show up in margin debt is ETF’s structured to multiply market returns. These funds have seen record inflows in recent months.\n\nWith margin debt reaching levels not seen since the peak of the last cyclical bull market cycle, it should raise some concerns about sustainability. It is NOT the level of leverage that is the problem as leverage increases buying power as markets are rising. The unwinding of this leverage is critically dangerous in the market as the acceleration of“margin calls” leads to a vicious downward spiral.\nImportantly, this chart does not meanthat a massive market correction is imminent. It does suggest that leverage, and speculative risk-taking, are likely much further advanced than currently recognized.\nPushing Extremes\nPrices are ultimately affected by physics. Moving averages, trend lines, etc., all exert a gravitational pull on prices in both the short and long term. Like a rubber band, when prices get stretched too far in one direction, they have always eventually“reverted to the mean” in the most brutal of manners.\nThe chart below shows the long-term chart of the S&P 500 broken down by several measures: 2 and 3-standard deviations, valuations, relative strength, and deviations from the 3-year moving average. It is worth noting that both standard deviations and distance from the 3-year moving average are at a record.\nDuring the last 120-years, overvaluation and extreme deviations NEVER got resolved by markets going sideways.\n\nThe only missing ingredient for such a correction currently is simply a catalyst to put “fear” into an overly complacent marketplace. Anything from economic disruption, a credit-related crisis, or an unexpected exogenous shock could start the “panic for the exits.”\nConclusion\nThere is more than adequate evidence a “bubble” exists in markets once again. However, as Mark noted in his commentary:\n\n‘I have no idea whether the stock market is actually forming a bubble that’s about to break.\nBut I do know that many bulls are fooling themselves when they think a bubble can’t happen when there is such widespread concern. In fact, one of the distinguishing characteristics of a bubble is just that.”\n\nHowever, he concludes with the most important statement:\n\n“It’s important for all of us to be aware of this bubble psychology,\nbut especially if you’re a retiree or a near-retiree. That’s because, in that case, your investment horizon is far shorter than for those who are younger.\nTherefore, you are less able to recover from the deflation of a market bubble.”\n\nRead that statement again.\nMillennials are quick to dismiss the “Boomers” in the financial markets today for “not getting it.”\nNo, we get it. We have just been around long enough to know how these things eventually end.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":1151,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190234072,"gmtCreate":1620622342696,"gmtModify":1704345710359,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/190234072","repostId":"2134682410","repostType":4,"isVote":1,"tweetType":1,"viewCount":1326,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":317392310,"gmtCreate":1612414317230,"gmtModify":1704870839007,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a>Please become the next Tesla","listText":"<a href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a>Please become the next Tesla","text":"$NIO Inc.(NIO)$Please become the next Tesla","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/317392310","isVote":1,"tweetType":1,"viewCount":724,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":315068797,"gmtCreate":1612190500819,"gmtModify":1704868013464,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NOK\">$Nokia Oyj(NOK)$</a>Buy more. Nokia will become the next iPhone&nbsp;","listText":"<a href=\"https://laohu8.com/S/NOK\">$Nokia Oyj(NOK)$</a>Buy more. Nokia will become the next iPhone&nbsp;","text":"$Nokia Oyj(NOK)$Buy more. Nokia will become the next iPhone","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/315068797","isVote":1,"tweetType":1,"viewCount":425,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":315061821,"gmtCreate":1612190461163,"gmtModify":1704868012172,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NOK\">$Nokia Oyj(NOK)$</a>Buy more. Nokia will become the next iPhone&nbsp;","listText":"<a href=\"https://laohu8.com/S/NOK\">$Nokia Oyj(NOK)$</a>Buy more. Nokia will become the next iPhone&nbsp;","text":"$Nokia Oyj(NOK)$Buy more. Nokia will become the next iPhone","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/315061821","isVote":1,"tweetType":1,"viewCount":575,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190210515,"gmtCreate":1620622505137,"gmtModify":1704345714594,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/190210515","repostId":"2134694686","repostType":4,"isVote":1,"tweetType":1,"viewCount":1300,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":317395197,"gmtCreate":1612414439519,"gmtModify":1704870840635,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Continue to stay strong","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Continue to stay strong","text":"$Tiger Brokers(TIGR)$Continue to stay strong","images":[{"img":"https://static.tigerbbs.com/71dc921ac6fcb552e02ba653f022bb42","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/317395197","isVote":1,"tweetType":1,"viewCount":660,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":186251936,"gmtCreate":1623504421825,"gmtModify":1704205234871,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/186251936","repostId":"2142206100","repostType":4,"repost":{"id":"2142206100","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1623470400,"share":"https://ttm.financial/m/news/2142206100?lang=en_US&edition=fundamental","pubTime":"2021-06-12 12:00","market":"hk","language":"en","title":"15 momentum stocks expected to show the best sales growth over the next two years, including Carvana, Tesla and Palantir","url":"https://stock-news.laohu8.com/highlight/detail?id=2142206100","media":"Dow Jones","summary":"Several companies on a stock screen have estimated two-year revenue growth of over 100%.\nThere are m","content":"<p>Several companies on a stock screen have estimated two-year revenue growth of over 100%.</p>\n<p>There are many broad approaches to the stock market for selecting individual companies or groups for investments. Momentum investing -- trying to ride the wave of other investors' sentiment -- is popular for day-traders, especially during the current meme-stock craze. But it can also work over the long term.</p>\n<p>Below is a list of momentum stocks of companies expected to show the strongest sales growth over the next two years.</p>\n<p>Momentum ETF</p>\n<p>To begin with a large group of momentum stocks, we can look at the <a href=\"https://laohu8.com/S/MTUM\">iShares MSCI USA Momentum Factor</a> ETF (MTUM). This is the largest U.S. ETF that follows a momentum strategy, according to Mark Hulbert performance relative to its benchmark, the S&amp;P 500 Growth Index.</p>\n<p>For example, the largest holding of the ETF is Tesla Inc. <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a>, which \"has experienced strong risk-adjusted performance related to the market over the past 12 months,\" according to <a href=\"https://laohu8.com/S/EEME\">iShares</a> (a subsidiary of BlackRock Inc. <a href=\"https://laohu8.com/S/BLK\">$(BLK)$</a>). But shares of Merck &amp; Co. Inc. <a href=\"https://laohu8.com/S/MRK\">$(MRK)$</a> are excluded from MTUM because even though <a href=\"https://laohu8.com/S/EGRW\">iShares</a> considered its 12-month return \"attractive,\" the stock's six-month risk-adjusted return underperformed the benchmark.</p>\n<p>So keeping in mind the weighting by price performance relative to the index, tempered by volatility (going back as much as three years), here are the top 10 holdings of the <a href=\"https://laohu8.com/S/IHPXF\">iShares MSCI</a> USA Momentum Factor ETF:</p>\n<table>\n <tbody>\n  <tr>\n   <td>Company</td>\n   <td>Ticker</td>\n   <td>Share of MTUM</td>\n  </tr>\n  <tr>\n   <td>Tesla Inc.</td>\n   <td>TSLA</td>\n   <td>5.00%</td>\n  </tr>\n  <tr>\n   <td>JPMorgan Chase &amp; Co.</td>\n   <td>JPM</td>\n   <td>4.76%</td>\n  </tr>\n  <tr>\n   <td>Berkshire Hathaway Inc. Class B</td>\n   <td>BRK.B</td>\n   <td>4.58%</td>\n  </tr>\n  <tr>\n   <td>Walt Disney Co.</td>\n   <td>DIS</td>\n   <td>4.48%</td>\n  </tr>\n  <tr>\n   <td>$Bank of America Corp(BAC-N)$.</td>\n   <td>BAC</td>\n   <td>4.29%</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/PYPL\">PayPal</a> Holdings Inc.</td>\n   <td>PYPL</td>\n   <td>3.66%</td>\n  </tr>\n  <tr>\n   <td>Wells Fargo &amp; Co.</td>\n   <td>WFC</td>\n   <td>3.11%</td>\n  </tr>\n  <tr>\n   <td>Applied Materials Inc.</td>\n   <td>AMAT</td>\n   <td>3.00%</td>\n  </tr>\n  <tr>\n   <td>Alphabet Inc. Class C</td>\n   <td>GOOG</td>\n   <td>2.67%</td>\n  </tr>\n  <tr>\n   <td>Alphabet Inc. Class A</td>\n   <td>GOOGL</td>\n   <td>2.45%</td>\n  </tr>\n  <tr>\n   <td>Goldman Sachs Group Inc.</td>\n   <td>GS</td>\n   <td>2.30%</td>\n  </tr>\n  <tr>\n   <td>(FactSet)</td>\n   <td></td>\n   <td></td>\n  </tr>\n </tbody>\n</table>\n<p>Actually, there are 11 stocks listed, as MTUM holds both share classes of Alphabet Inc. Banks and insurers make up half the list, which makes sense because financials have been the second-best performing sector in the S&amp;P 500 , after the materials sector.</p>\n<p>Momentum stock screen -- expected sales growth</p>\n<p>Thinking again about financials, they have had plenty of momentum as investors have gained confidence the U.S. economy will continue roaring back from the damage caused by the coronavirus pandemic.</p>\n<p>But revenue growth can be an important driver, especially for individual stock prices over the long term. From here, the financials might not be the best place to look for rapidly rising revenue over the next two years.</p>\n<p>Starting with the 125 momentum stocks held by MTUM, here are the 15 companies expected by analysts polled by FactSet to increase revenue the most over the next two calendar years, with 2021 as the baseline. The figures are in millions of dollars:</p>\n<p>Those are stellar sales-growth numbers -- if the analysts are close to being correct. Many of the stocks are also expensive relative to the expected 2023 sales numbers. In comparison, the <a href=\"https://laohu8.com/S/EMDI\">iShares</a> S&amp;P 500 Growth ETF <a href=\"https://laohu8.com/S/IVW\">$(IVW)$</a> (which tracks the entire S&amp;P 500 Growth Index) trades for 4.2 times estimated 2023 sales.</p>\n<p>Plug Power Inc. <a href=\"https://laohu8.com/S/PLUG\">$(PLUG)$</a> tops the list, with analysts expecting sales to increase to $1.1 billion in 2023. The company said on June 10 it would build a hydrogen-production plant in Camden County, Ga.</p>\n<p><a href=\"https://laohu8.com/S/SNAP\">Snap Inc</a>. (SNAP) CEO Evan Spiegal said recently the company had grown to 500 million active daily users and that almost half of U.S. smartphone users were using Snapchat.</p>\n<p>Novavax Inc. <a href=\"https://laohu8.com/S/NVAX\">$(NVAX)$</a> expects to apply for FDA approval of its coronavirus vaccine during the third quarter.</p>\n<p><a href=\"https://laohu8.com/S/CVNA\">Carvana Co.</a> (CVNA) has been on a tear, with used-car demand spiking in the wake of component shortages for automobile production. The company's sales by units increased 76% in the first quarter from a year earlier.</p>\n<p>Uber Technologies Inc. <a href=\"https://laohu8.com/S/UBER\">$(UBER)$</a> and Lyft Inc <a href=\"https://laohu8.com/S/LYFT\">$(LYFT)$</a> are also expected to ride the economic recovery wave, although analysts expect Lyft to take longer to exceed its pre-pandemic revenue level .</p>\n<p><a href=\"https://laohu8.com/S/PLTR\">Palantir Technologies Inc.</a> (PLTR) rounds out the list. The developer of software used by government defense and intelligence agencies was included in this analysis of meme stocks .</p>\n<p>Earnings</p>\n<p>Some of these companies are still in relatively early growth stages, and aren't expected to achieve full-year profitability until 2023. Here are consensus earnings-per-share estimates for three years:</p>\n<p>Those are very high price-to-earnings ratios based on current stock prices and consensus estimates for 2023. But for rapidly growing companies, earnings typically aren't a priority, which explains why Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a> always trades at a high P/E. In comparison, the the <a href=\"https://laohu8.com/S/EMEY\">iShares</a> S&amp;P 500 Growth ETF trades for 23.3 times its weighted aggregate consensus earnings estimate for 2023.</p>\n<p>Wall Street's opinion</p>\n<p>Here's a summary of opinion about the 15 companies held by MTUM that analysts expect to grow their revenue the most over the next two years:</p>\n<p>The 12-month price targets may not be useful -- for traders, this is an eternity; it may be a short period for long-term investors looking to profit for years as sales (and hopefully earnings, eventually) compound. It is important to do your own research and form your own opinion about a company's financial health and its ability to remain competitive.</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>15 momentum stocks expected to show the best sales growth over the next two years, including Carvana, Tesla and Palantir</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n15 momentum stocks expected to show the best sales growth over the next two years, including Carvana, Tesla and Palantir\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-06-12 12:00</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>Several companies on a stock screen have estimated two-year revenue growth of over 100%.</p>\n<p>There are many broad approaches to the stock market for selecting individual companies or groups for investments. Momentum investing -- trying to ride the wave of other investors' sentiment -- is popular for day-traders, especially during the current meme-stock craze. But it can also work over the long term.</p>\n<p>Below is a list of momentum stocks of companies expected to show the strongest sales growth over the next two years.</p>\n<p>Momentum ETF</p>\n<p>To begin with a large group of momentum stocks, we can look at the <a href=\"https://laohu8.com/S/MTUM\">iShares MSCI USA Momentum Factor</a> ETF (MTUM). This is the largest U.S. ETF that follows a momentum strategy, according to Mark Hulbert performance relative to its benchmark, the S&amp;P 500 Growth Index.</p>\n<p>For example, the largest holding of the ETF is Tesla Inc. <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a>, which \"has experienced strong risk-adjusted performance related to the market over the past 12 months,\" according to <a href=\"https://laohu8.com/S/EEME\">iShares</a> (a subsidiary of BlackRock Inc. <a href=\"https://laohu8.com/S/BLK\">$(BLK)$</a>). But shares of Merck &amp; Co. Inc. <a href=\"https://laohu8.com/S/MRK\">$(MRK)$</a> are excluded from MTUM because even though <a href=\"https://laohu8.com/S/EGRW\">iShares</a> considered its 12-month return \"attractive,\" the stock's six-month risk-adjusted return underperformed the benchmark.</p>\n<p>So keeping in mind the weighting by price performance relative to the index, tempered by volatility (going back as much as three years), here are the top 10 holdings of the <a href=\"https://laohu8.com/S/IHPXF\">iShares MSCI</a> USA Momentum Factor ETF:</p>\n<table>\n <tbody>\n  <tr>\n   <td>Company</td>\n   <td>Ticker</td>\n   <td>Share of MTUM</td>\n  </tr>\n  <tr>\n   <td>Tesla Inc.</td>\n   <td>TSLA</td>\n   <td>5.00%</td>\n  </tr>\n  <tr>\n   <td>JPMorgan Chase &amp; Co.</td>\n   <td>JPM</td>\n   <td>4.76%</td>\n  </tr>\n  <tr>\n   <td>Berkshire Hathaway Inc. Class B</td>\n   <td>BRK.B</td>\n   <td>4.58%</td>\n  </tr>\n  <tr>\n   <td>Walt Disney Co.</td>\n   <td>DIS</td>\n   <td>4.48%</td>\n  </tr>\n  <tr>\n   <td>$Bank of America Corp(BAC-N)$.</td>\n   <td>BAC</td>\n   <td>4.29%</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/PYPL\">PayPal</a> Holdings Inc.</td>\n   <td>PYPL</td>\n   <td>3.66%</td>\n  </tr>\n  <tr>\n   <td>Wells Fargo &amp; Co.</td>\n   <td>WFC</td>\n   <td>3.11%</td>\n  </tr>\n  <tr>\n   <td>Applied Materials Inc.</td>\n   <td>AMAT</td>\n   <td>3.00%</td>\n  </tr>\n  <tr>\n   <td>Alphabet Inc. Class C</td>\n   <td>GOOG</td>\n   <td>2.67%</td>\n  </tr>\n  <tr>\n   <td>Alphabet Inc. Class A</td>\n   <td>GOOGL</td>\n   <td>2.45%</td>\n  </tr>\n  <tr>\n   <td>Goldman Sachs Group Inc.</td>\n   <td>GS</td>\n   <td>2.30%</td>\n  </tr>\n  <tr>\n   <td>(FactSet)</td>\n   <td></td>\n   <td></td>\n  </tr>\n </tbody>\n</table>\n<p>Actually, there are 11 stocks listed, as MTUM holds both share classes of Alphabet Inc. Banks and insurers make up half the list, which makes sense because financials have been the second-best performing sector in the S&amp;P 500 , after the materials sector.</p>\n<p>Momentum stock screen -- expected sales growth</p>\n<p>Thinking again about financials, they have had plenty of momentum as investors have gained confidence the U.S. economy will continue roaring back from the damage caused by the coronavirus pandemic.</p>\n<p>But revenue growth can be an important driver, especially for individual stock prices over the long term. From here, the financials might not be the best place to look for rapidly rising revenue over the next two years.</p>\n<p>Starting with the 125 momentum stocks held by MTUM, here are the 15 companies expected by analysts polled by FactSet to increase revenue the most over the next two calendar years, with 2021 as the baseline. The figures are in millions of dollars:</p>\n<p>Those are stellar sales-growth numbers -- if the analysts are close to being correct. Many of the stocks are also expensive relative to the expected 2023 sales numbers. In comparison, the <a href=\"https://laohu8.com/S/EMDI\">iShares</a> S&amp;P 500 Growth ETF <a href=\"https://laohu8.com/S/IVW\">$(IVW)$</a> (which tracks the entire S&amp;P 500 Growth Index) trades for 4.2 times estimated 2023 sales.</p>\n<p>Plug Power Inc. <a href=\"https://laohu8.com/S/PLUG\">$(PLUG)$</a> tops the list, with analysts expecting sales to increase to $1.1 billion in 2023. The company said on June 10 it would build a hydrogen-production plant in Camden County, Ga.</p>\n<p><a href=\"https://laohu8.com/S/SNAP\">Snap Inc</a>. (SNAP) CEO Evan Spiegal said recently the company had grown to 500 million active daily users and that almost half of U.S. smartphone users were using Snapchat.</p>\n<p>Novavax Inc. <a href=\"https://laohu8.com/S/NVAX\">$(NVAX)$</a> expects to apply for FDA approval of its coronavirus vaccine during the third quarter.</p>\n<p><a href=\"https://laohu8.com/S/CVNA\">Carvana Co.</a> (CVNA) has been on a tear, with used-car demand spiking in the wake of component shortages for automobile production. The company's sales by units increased 76% in the first quarter from a year earlier.</p>\n<p>Uber Technologies Inc. <a href=\"https://laohu8.com/S/UBER\">$(UBER)$</a> and Lyft Inc <a href=\"https://laohu8.com/S/LYFT\">$(LYFT)$</a> are also expected to ride the economic recovery wave, although analysts expect Lyft to take longer to exceed its pre-pandemic revenue level .</p>\n<p><a href=\"https://laohu8.com/S/PLTR\">Palantir Technologies Inc.</a> (PLTR) rounds out the list. The developer of software used by government defense and intelligence agencies was included in this analysis of meme stocks .</p>\n<p>Earnings</p>\n<p>Some of these companies are still in relatively early growth stages, and aren't expected to achieve full-year profitability until 2023. Here are consensus earnings-per-share estimates for three years:</p>\n<p>Those are very high price-to-earnings ratios based on current stock prices and consensus estimates for 2023. But for rapidly growing companies, earnings typically aren't a priority, which explains why Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a> always trades at a high P/E. In comparison, the the <a href=\"https://laohu8.com/S/EMEY\">iShares</a> S&amp;P 500 Growth ETF trades for 23.3 times its weighted aggregate consensus earnings estimate for 2023.</p>\n<p>Wall Street's opinion</p>\n<p>Here's a summary of opinion about the 15 companies held by MTUM that analysts expect to grow their revenue the most over the next two years:</p>\n<p>The 12-month price targets may not be useful -- for traders, this is an eternity; it may be a short period for long-term investors looking to profit for years as sales (and hopefully earnings, eventually) compound. It is important to do your own research and form your own opinion about a company's financial health and its ability to remain competitive.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SNAP":"Snap Inc","PLUG":"普拉格能源","CVNA":"Carvana Co.","TSLA":"特斯拉","PLTR":"Palantir Technologies Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2142206100","content_text":"Several companies on a stock screen have estimated two-year revenue growth of over 100%.\nThere are many broad approaches to the stock market for selecting individual companies or groups for investments. Momentum investing -- trying to ride the wave of other investors' sentiment -- is popular for day-traders, especially during the current meme-stock craze. But it can also work over the long term.\nBelow is a list of momentum stocks of companies expected to show the strongest sales growth over the next two years.\nMomentum ETF\nTo begin with a large group of momentum stocks, we can look at the iShares MSCI USA Momentum Factor ETF (MTUM). This is the largest U.S. ETF that follows a momentum strategy, according to Mark Hulbert performance relative to its benchmark, the S&P 500 Growth Index.\nFor example, the largest holding of the ETF is Tesla Inc. $(TSLA)$, which \"has experienced strong risk-adjusted performance related to the market over the past 12 months,\" according to iShares (a subsidiary of BlackRock Inc. $(BLK)$). But shares of Merck & Co. Inc. $(MRK)$ are excluded from MTUM because even though iShares considered its 12-month return \"attractive,\" the stock's six-month risk-adjusted return underperformed the benchmark.\nSo keeping in mind the weighting by price performance relative to the index, tempered by volatility (going back as much as three years), here are the top 10 holdings of the iShares MSCI USA Momentum Factor ETF:\n\n\n\nCompany\nTicker\nShare of MTUM\n\n\nTesla Inc.\nTSLA\n5.00%\n\n\nJPMorgan Chase & Co.\nJPM\n4.76%\n\n\nBerkshire Hathaway Inc. Class B\nBRK.B\n4.58%\n\n\nWalt Disney Co.\nDIS\n4.48%\n\n\n$Bank of America Corp(BAC-N)$.\nBAC\n4.29%\n\n\nPayPal Holdings Inc.\nPYPL\n3.66%\n\n\nWells Fargo & Co.\nWFC\n3.11%\n\n\nApplied Materials Inc.\nAMAT\n3.00%\n\n\nAlphabet Inc. Class C\nGOOG\n2.67%\n\n\nAlphabet Inc. Class A\nGOOGL\n2.45%\n\n\nGoldman Sachs Group Inc.\nGS\n2.30%\n\n\n(FactSet)\n\n\n\n\n\nActually, there are 11 stocks listed, as MTUM holds both share classes of Alphabet Inc. Banks and insurers make up half the list, which makes sense because financials have been the second-best performing sector in the S&P 500 , after the materials sector.\nMomentum stock screen -- expected sales growth\nThinking again about financials, they have had plenty of momentum as investors have gained confidence the U.S. economy will continue roaring back from the damage caused by the coronavirus pandemic.\nBut revenue growth can be an important driver, especially for individual stock prices over the long term. From here, the financials might not be the best place to look for rapidly rising revenue over the next two years.\nStarting with the 125 momentum stocks held by MTUM, here are the 15 companies expected by analysts polled by FactSet to increase revenue the most over the next two calendar years, with 2021 as the baseline. The figures are in millions of dollars:\nThose are stellar sales-growth numbers -- if the analysts are close to being correct. Many of the stocks are also expensive relative to the expected 2023 sales numbers. In comparison, the iShares S&P 500 Growth ETF $(IVW)$ (which tracks the entire S&P 500 Growth Index) trades for 4.2 times estimated 2023 sales.\nPlug Power Inc. $(PLUG)$ tops the list, with analysts expecting sales to increase to $1.1 billion in 2023. The company said on June 10 it would build a hydrogen-production plant in Camden County, Ga.\nSnap Inc. (SNAP) CEO Evan Spiegal said recently the company had grown to 500 million active daily users and that almost half of U.S. smartphone users were using Snapchat.\nNovavax Inc. $(NVAX)$ expects to apply for FDA approval of its coronavirus vaccine during the third quarter.\nCarvana Co. (CVNA) has been on a tear, with used-car demand spiking in the wake of component shortages for automobile production. The company's sales by units increased 76% in the first quarter from a year earlier.\nUber Technologies Inc. $(UBER)$ and Lyft Inc $(LYFT)$ are also expected to ride the economic recovery wave, although analysts expect Lyft to take longer to exceed its pre-pandemic revenue level .\nPalantir Technologies Inc. (PLTR) rounds out the list. The developer of software used by government defense and intelligence agencies was included in this analysis of meme stocks .\nEarnings\nSome of these companies are still in relatively early growth stages, and aren't expected to achieve full-year profitability until 2023. Here are consensus earnings-per-share estimates for three years:\nThose are very high price-to-earnings ratios based on current stock prices and consensus estimates for 2023. But for rapidly growing companies, earnings typically aren't a priority, which explains why Amazon.com Inc. $(AMZN)$ always trades at a high P/E. In comparison, the the iShares S&P 500 Growth ETF trades for 23.3 times its weighted aggregate consensus earnings estimate for 2023.\nWall Street's opinion\nHere's a summary of opinion about the 15 companies held by MTUM that analysts expect to grow their revenue the most over the next two years:\nThe 12-month price targets may not be useful -- for traders, this is an eternity; it may be a short period for long-term investors looking to profit for years as sales (and hopefully earnings, eventually) compound. It is important to do your own research and form your own opinion about a company's financial health and its ability to remain competitive.","news_type":1,"symbols_score_info":{"TSLA":0.9,"PLUG":0.9,"SNAP":0.9,"PLTR":0.9,"CVNA":0.9}},"isVote":1,"tweetType":1,"viewCount":2504,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190237343,"gmtCreate":1620622393782,"gmtModify":1704345712164,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/190237343","repostId":"1130153329","repostType":4,"repost":{"id":"1130153329","kind":"news","pubTimestamp":1620613537,"share":"https://ttm.financial/m/news/1130153329?lang=en_US&edition=fundamental","pubTime":"2021-05-10 10:25","market":"us","language":"en","title":"4 Top Streaming Stocks to Watch in May","url":"https://stock-news.laohu8.com/highlight/detail?id=1130153329","media":"fool","summary":"The Motion Picture Association reported in March that streaming video subscriptions grew 26% to reac","content":"<p>The Motion Picture Association reported in March that streaming video subscriptions grew 26% to reach 1.1 billion worldwide last year.&nbsp;That's a huge tailwind for both established players and recent entrants to the streaming market.</p><p>Here are four top&nbsp;streaming stocksthat investors should consider buying, or at least keep on a watchlist.</p><p><b>1. Netflix: This show is far from over</b></p><p>Shares of&nbsp;<b>Netflix</b>(NASDAQ:NFLX)are down 7% year to date after the company posted first-quarter subscriber numbers that came in below expectations. But this could be a good buying opportunity, since the deceleration in subscriber growth merely reflects more people choosing to sign up for a membership in 2020, which left fewer prospective members waiting on the fence.</p><p>There were plenty of indications in the first-quarter report thatNetflix's growth storyis far from over. Revenue grew 24% year over year, driven by higher average revenue per membership.&nbsp;The bright side is that the content production delays helped the company save some money, with operating profit reaching $1.9 billion.</p><p>That extra profit will inevitably finance more content, leading to more subscriber growth. Management expects to add more subscribers in the second half of the year as several hit series and new films launch on the service.</p><p>What's more, management stated it is getting \"very close to being sustainably [free cash flow] positive,\" which will lessen the need for external financing to fund operations in the future.</p><p>With 208 million global paid subscribers, Netflix still has less than a 20% share of global streaming memberships.&nbsp;This top streaming stock may still be hitting new highs 10 years from now.</p><p><b>2. Discovery: Going on a streaming safari</b></p><p><b>Discovery</b>(NASDAQ:DISCK)(NASDAQ:DISCA)is no longer stuck in the land of cable; it has taken its valuable networks to discovery+ -- it's new streaming service that debuted in January.&nbsp;It has plenty of valuable content to offer, including HGTV, Food Network, Discovery Channel, Animal Planet, among many others. Discovery had the most-watched domestic pay-TV lineup in the first quarter, which should lead to a promising future in streaming.</p><p>The stock more than doubled in value after the launch and now sits up 24% year to date.&nbsp;I believe investors were correct to send the stock price up to begin with, although the stock might have risen too far, too fast. Nonetheless, the growth from discovery+ should insulate the company from the declining market for cable,&nbsp;making Discovery's current price-to-free cash flow multiple of 9.5 look very attractive.</p><p>In Q1, Discovery's direct-to-consumer business reached 13 million subscribers. That growth more than offset the decline in advertising revenue in the U.S. market and pushed total revenue up 4% year over year in the first quarter.&nbsp;In the near term, management is confident that the recent strength of Discovery's content lineup will position it well to regain advertising growth.</p><p>Discovery's profitability will come under pressure as it ramps up content spending for streaming, but that's expected. The growth ofdiscovery+ is a major catalystthat could send this media stock higher over the next few years.</p><p><b>3. Roku: The toll bridge of the streaming services market</b></p><p><b>Roku</b>(NASDAQ:ROKU)has been a hot stock in recent years. You don't see many stocks return 1,200% over a five-year period.&nbsp;Adoption for its TV operating system has been growing rapidly, as people cut the cord and turn to digital entertainment.</p><p>Roku's first-quarter earnings resultsshowed total active accounts reached 53 million for an increase of 35% year over year. But total streaming hours are growing faster, up 49%. That is a clear indication of growing satisfaction and consumption with the content on the platform.</p><p>Most importantly, engagement is driving growth in advertising revenue. Average revenue per user grew 32% in the first quarter. A big part of Roku's ability to monetize its user base is The Roku Channel, which offers free ad-supported content and reached households totaling an estimated 70 million people in Q1.</p><p>As its Q1 results show, Roku is a promising play on the future of streaming, but the stock is expensive, trading at 22 times sales. That's much higher than Netflix's price-to-sales multiple of 8.7.</p><p>Growth could slow later this year as Roku faces tough year-over-year comparisons with the robust growth reported in 2020. Yet, management's second-quarter guidance calls for revenue growth of 73% year over year at the midpoint of the range, so anything is possible.</p><p><b>4. Walt Disney: The complete entertainment company</b></p><p>If the recent growth of other streaming services is any indication,<b>Walt Disney</b>(NYSE:DIS)should report another strong quarter for its direct-to-consumer segment when it reports fiscal second-quarter earnings on Thursday, May 13.&nbsp;Disney+ has alreadysurpassed 100 million subscriberssince launching in 2019, but the stock could also be a good reopening play on the economy.</p><p>Management is seeing a lot of pent-up demand fortheme parksaround the world.&nbsp;To drive traffic, Disney spent the pandemic moving forward with major investments in new attractions, including the upcoming<i>Star Wars</i>: Galactic Starcruiser hotel, scheduled to open at Walt Disney World in 2022.&nbsp;Theme parks are arguably the most direct-to-consumer part of the Disney empire, as CEO Bob Chapek has emphasized.</p><p>As for Disney+, expect a lot more<i>Star Wars</i>and Marvel originals very soon. Disney told investors in December that it has a total of 20 original series evenly split across the Marvel and<i>Star Wars</i>universes launching over the next few years, along with releases from Pixar and Disney studios.&nbsp;Content wins subscribers, and Disney will have plenty of it.</p><p>The stock is up 82% over the last year, but there could be more gains in store as Disney's theme parks reopen and its streaming services continue their march toward management's goal of at least 300 million subscribers across Disney+, Hulu, and ESPN+ by fiscal 2024.</p><p>What makes Disney stand out on this list is that it has many ways to monetize its entertainment properties outside of streaming. This opens more growth opportunities and makes Walt Disney the ultimateentertainment stock.</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>4 Top Streaming Stocks to Watch in May</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n4 Top Streaming Stocks to Watch in May\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-10 10:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/05/09/4-top-streaming-stocks-to-watch-in-may/><strong>fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Motion Picture Association reported in March that streaming video subscriptions grew 26% to reach 1.1 billion worldwide last year. That's a huge tailwind for both established players and recent ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/05/09/4-top-streaming-stocks-to-watch-in-may/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ROKU":"Roku Inc","DISCA":"探索传播","DIS":"迪士尼","NFLX":"奈飞"},"source_url":"https://www.fool.com/investing/2021/05/09/4-top-streaming-stocks-to-watch-in-may/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130153329","content_text":"The Motion Picture Association reported in March that streaming video subscriptions grew 26% to reach 1.1 billion worldwide last year. That's a huge tailwind for both established players and recent entrants to the streaming market.Here are four top streaming stocksthat investors should consider buying, or at least keep on a watchlist.1. Netflix: This show is far from overShares of Netflix(NASDAQ:NFLX)are down 7% year to date after the company posted first-quarter subscriber numbers that came in below expectations. But this could be a good buying opportunity, since the deceleration in subscriber growth merely reflects more people choosing to sign up for a membership in 2020, which left fewer prospective members waiting on the fence.There were plenty of indications in the first-quarter report thatNetflix's growth storyis far from over. Revenue grew 24% year over year, driven by higher average revenue per membership. The bright side is that the content production delays helped the company save some money, with operating profit reaching $1.9 billion.That extra profit will inevitably finance more content, leading to more subscriber growth. Management expects to add more subscribers in the second half of the year as several hit series and new films launch on the service.What's more, management stated it is getting \"very close to being sustainably [free cash flow] positive,\" which will lessen the need for external financing to fund operations in the future.With 208 million global paid subscribers, Netflix still has less than a 20% share of global streaming memberships. This top streaming stock may still be hitting new highs 10 years from now.2. Discovery: Going on a streaming safariDiscovery(NASDAQ:DISCK)(NASDAQ:DISCA)is no longer stuck in the land of cable; it has taken its valuable networks to discovery+ -- it's new streaming service that debuted in January. It has plenty of valuable content to offer, including HGTV, Food Network, Discovery Channel, Animal Planet, among many others. Discovery had the most-watched domestic pay-TV lineup in the first quarter, which should lead to a promising future in streaming.The stock more than doubled in value after the launch and now sits up 24% year to date. I believe investors were correct to send the stock price up to begin with, although the stock might have risen too far, too fast. Nonetheless, the growth from discovery+ should insulate the company from the declining market for cable, making Discovery's current price-to-free cash flow multiple of 9.5 look very attractive.In Q1, Discovery's direct-to-consumer business reached 13 million subscribers. That growth more than offset the decline in advertising revenue in the U.S. market and pushed total revenue up 4% year over year in the first quarter. In the near term, management is confident that the recent strength of Discovery's content lineup will position it well to regain advertising growth.Discovery's profitability will come under pressure as it ramps up content spending for streaming, but that's expected. The growth ofdiscovery+ is a major catalystthat could send this media stock higher over the next few years.3. Roku: The toll bridge of the streaming services marketRoku(NASDAQ:ROKU)has been a hot stock in recent years. You don't see many stocks return 1,200% over a five-year period. Adoption for its TV operating system has been growing rapidly, as people cut the cord and turn to digital entertainment.Roku's first-quarter earnings resultsshowed total active accounts reached 53 million for an increase of 35% year over year. But total streaming hours are growing faster, up 49%. That is a clear indication of growing satisfaction and consumption with the content on the platform.Most importantly, engagement is driving growth in advertising revenue. Average revenue per user grew 32% in the first quarter. A big part of Roku's ability to monetize its user base is The Roku Channel, which offers free ad-supported content and reached households totaling an estimated 70 million people in Q1.As its Q1 results show, Roku is a promising play on the future of streaming, but the stock is expensive, trading at 22 times sales. That's much higher than Netflix's price-to-sales multiple of 8.7.Growth could slow later this year as Roku faces tough year-over-year comparisons with the robust growth reported in 2020. Yet, management's second-quarter guidance calls for revenue growth of 73% year over year at the midpoint of the range, so anything is possible.4. Walt Disney: The complete entertainment companyIf the recent growth of other streaming services is any indication,Walt Disney(NYSE:DIS)should report another strong quarter for its direct-to-consumer segment when it reports fiscal second-quarter earnings on Thursday, May 13. Disney+ has alreadysurpassed 100 million subscriberssince launching in 2019, but the stock could also be a good reopening play on the economy.Management is seeing a lot of pent-up demand fortheme parksaround the world. To drive traffic, Disney spent the pandemic moving forward with major investments in new attractions, including the upcomingStar Wars: Galactic Starcruiser hotel, scheduled to open at Walt Disney World in 2022. Theme parks are arguably the most direct-to-consumer part of the Disney empire, as CEO Bob Chapek has emphasized.As for Disney+, expect a lot moreStar Warsand Marvel originals very soon. Disney told investors in December that it has a total of 20 original series evenly split across the Marvel andStar Warsuniverses launching over the next few years, along with releases from Pixar and Disney studios. Content wins subscribers, and Disney will have plenty of it.The stock is up 82% over the last year, but there could be more gains in store as Disney's theme parks reopen and its streaming services continue their march toward management's goal of at least 300 million subscribers across Disney+, Hulu, and ESPN+ by fiscal 2024.What makes Disney stand out on this list is that it has many ways to monetize its entertainment properties outside of streaming. This opens more growth opportunities and makes Walt Disney the ultimateentertainment stock.","news_type":1,"symbols_score_info":{"DIS":0.9,"ROKU":0.9,"NFLX":0.9,"DISCA":0.9}},"isVote":1,"tweetType":1,"viewCount":1011,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159246332,"gmtCreate":1624972357426,"gmtModify":1703849111222,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"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/159246332","repostId":"2146388793","repostType":4,"isVote":1,"tweetType":1,"viewCount":1983,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186255919,"gmtCreate":1623504659731,"gmtModify":1704205239566,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"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/186255919","repostId":"1131421513","repostType":4,"isVote":1,"tweetType":1,"viewCount":1660,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186252684,"gmtCreate":1623504642748,"gmtModify":1704205238917,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"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/186252684","repostId":"2142520474","repostType":4,"repost":{"id":"2142520474","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1623452760,"share":"https://ttm.financial/m/news/2142520474?lang=en_US&edition=fundamental","pubTime":"2021-06-12 07:06","market":"us","language":"en","title":"Is inflation eating up all the interest you're earning on 10-year Treasury notes?","url":"https://stock-news.laohu8.com/highlight/detail?id=2142520474","media":"Dow Jones","summary":"'Part of the point of being invested in bonds is to preserve purchasing power,' says CIO of Osterwei","content":"<blockquote>\n 'Part of the point of being invested in bonds is to preserve purchasing power,' says CIO of Osterweis total return strategy.\n</blockquote>\n<p>Investors may appear to be shrugging off inflation, but concerns persist.</p>\n<p>The 10-year Treasury yieldwas trading at 1.46% Friday , drifting lower despite Thursday's report that the pace of inflation soared for a second month in a row during the economic reopening in the pandemic.</p>\n<p>\"Inflation is significantly higher than the compensation you're receiving from being invested in fixed income,\" said Eddy Vataru, chief investment officer of Osterweis Capital Management's total return strategy, in an interview. \"Part of the point of being invested in bonds is to preserve purchasing power.\"</p>\n<p>Fixed-income investors worry about rising inflation because it erodes the value of their existing bonds . While inflation concerns tend to prompt selling, driving up yields, investors are now weighing whether the latest signs of inflation are transitory or persistent as the economy rebounds.</p>\n<p>\"I would argue that there's a significant part of it that's persistent,\" Vataru said, \"but you won't know that for months.\"</p>\n<p>The decline in 10-year yields doesn't necessarily mean market participants agree with the Fed that inflation is transient, according to Vataru, whose career in fixed-income includes past jobs at hedge fund firm Citadel and asset management giant BlackRock.</p>\n<p>Vataru said short positioning in the Treasury market may partly explain the yield dip after Thursday's report on the consumer-price index showed the cost of living jumped again in May, driving the pace of inflation to a 13-year high of 5%.</p>\n<p>Investors with short positions are betting that prices of Treasuries will fall, pushing up yields, according to Vataru. Bond prices and yields move in opposite directions. If rates don't rise quickly or far enough, these investors may become nervous about losses and exit their bets. Short sellers become buyers when they cover their positions.</p>\n<p>\"A lot of the buying you've seen in the last week or so is probably short covering,\" said Vataru. \"That's part of the reason that when you have a move like this you don't have quite the reaction you otherwise think you would,\" he said of the move down Thursday in the 10-year yield.</p>\n<p>Still, yields would be higher if there was more consensus that inflation is a persistent problem, according to Vataru. He said he worries about signs of wage inflation in particular, as that can be sticky, and believes inflation will be in the 3% to 5% range \"the way we're tracking right now.\"</p>\n<p>But Ellen Gaske, lead economist for G-10 economies at PGIM Fixed Income's global macroeconomic research group, said the yield on the 10-Year Treasury is up from last year and now sits in line with investors' expectations that inflation is transitory.</p>\n<p>\"We already saw the reflation trade,\" she said. \"We already have seen 10-year yields back up, from 50 basis points last summer all the way up to where they are today.\"</p>\n<p>Gaske explained that rates \"quickly reflected\" expectations that \"we would climb out of this crisis.\" She now thinks that by the end of this year the Fed may begin tapering its asset purchases, which along with low interest rates has been part of its accommodative stance.</p>\n<p>Gaske earlier this year \"pulled forward\" her expectations for a rate increase by the Fed to the second half of 2023. Previously, her prediction was for the Fed to raise its benchmark rate in 2024, with the adjustment to her forecast made in the first quarter, because economic momentum appeared strong as COVID-19 vaccinations rolled out.</p>\n<p>Gaske expects spikes in inflation will probably be short-lived, partly because prices are being measured against low levels seen last year, and supply-chain bottlenecks that have emerged in the rebound in demand will be worked out. But she said the acceleration of rent-related inflation caught her eye in the latest CPI reading, adding it's an area she'll be watching closely for potentially persistent higher costs.</p>\n<p>\"I think the Fed itself is kind of in a pickle,\" said Vataru, as any new characterization by the central bank of inflation as persistent would probably lead to higher rates that would dampen the recovery.</p>\n<p>\"They almost have to say that it is transitory to kind of keep this going,\" he said.</p>\n<p>Meanwhile, the Fed's massive quantitative easing program, or QE, is helping to \"stoke the fire\" despite no structural issues that point to the U.S. sitting in recession for years to come, according to Vataru. The U.S. isn't dealing with the same \"big debacle\" faced in the throes of the 2008 financial crisis, he said, yet monetary and fiscal stimulus continue with stocks near record highs and vaccine rollouts leading to fewer COVID cases domestically and abroad.</p>\n<p>\"It's a dangerous potion to have a policy that, in my mind, is really inflationary and then dismiss whatever inflation that comes through the system as transitory,\" Vataru said.</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>Is inflation eating up all the interest you're earning on 10-year Treasury notes?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs inflation eating up all the interest you're earning on 10-year Treasury notes?\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-06-12 07:06</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<blockquote>\n 'Part of the point of being invested in bonds is to preserve purchasing power,' says CIO of Osterweis total return strategy.\n</blockquote>\n<p>Investors may appear to be shrugging off inflation, but concerns persist.</p>\n<p>The 10-year Treasury yieldwas trading at 1.46% Friday , drifting lower despite Thursday's report that the pace of inflation soared for a second month in a row during the economic reopening in the pandemic.</p>\n<p>\"Inflation is significantly higher than the compensation you're receiving from being invested in fixed income,\" said Eddy Vataru, chief investment officer of Osterweis Capital Management's total return strategy, in an interview. \"Part of the point of being invested in bonds is to preserve purchasing power.\"</p>\n<p>Fixed-income investors worry about rising inflation because it erodes the value of their existing bonds . While inflation concerns tend to prompt selling, driving up yields, investors are now weighing whether the latest signs of inflation are transitory or persistent as the economy rebounds.</p>\n<p>\"I would argue that there's a significant part of it that's persistent,\" Vataru said, \"but you won't know that for months.\"</p>\n<p>The decline in 10-year yields doesn't necessarily mean market participants agree with the Fed that inflation is transient, according to Vataru, whose career in fixed-income includes past jobs at hedge fund firm Citadel and asset management giant BlackRock.</p>\n<p>Vataru said short positioning in the Treasury market may partly explain the yield dip after Thursday's report on the consumer-price index showed the cost of living jumped again in May, driving the pace of inflation to a 13-year high of 5%.</p>\n<p>Investors with short positions are betting that prices of Treasuries will fall, pushing up yields, according to Vataru. Bond prices and yields move in opposite directions. If rates don't rise quickly or far enough, these investors may become nervous about losses and exit their bets. Short sellers become buyers when they cover their positions.</p>\n<p>\"A lot of the buying you've seen in the last week or so is probably short covering,\" said Vataru. \"That's part of the reason that when you have a move like this you don't have quite the reaction you otherwise think you would,\" he said of the move down Thursday in the 10-year yield.</p>\n<p>Still, yields would be higher if there was more consensus that inflation is a persistent problem, according to Vataru. He said he worries about signs of wage inflation in particular, as that can be sticky, and believes inflation will be in the 3% to 5% range \"the way we're tracking right now.\"</p>\n<p>But Ellen Gaske, lead economist for G-10 economies at PGIM Fixed Income's global macroeconomic research group, said the yield on the 10-Year Treasury is up from last year and now sits in line with investors' expectations that inflation is transitory.</p>\n<p>\"We already saw the reflation trade,\" she said. \"We already have seen 10-year yields back up, from 50 basis points last summer all the way up to where they are today.\"</p>\n<p>Gaske explained that rates \"quickly reflected\" expectations that \"we would climb out of this crisis.\" She now thinks that by the end of this year the Fed may begin tapering its asset purchases, which along with low interest rates has been part of its accommodative stance.</p>\n<p>Gaske earlier this year \"pulled forward\" her expectations for a rate increase by the Fed to the second half of 2023. Previously, her prediction was for the Fed to raise its benchmark rate in 2024, with the adjustment to her forecast made in the first quarter, because economic momentum appeared strong as COVID-19 vaccinations rolled out.</p>\n<p>Gaske expects spikes in inflation will probably be short-lived, partly because prices are being measured against low levels seen last year, and supply-chain bottlenecks that have emerged in the rebound in demand will be worked out. But she said the acceleration of rent-related inflation caught her eye in the latest CPI reading, adding it's an area she'll be watching closely for potentially persistent higher costs.</p>\n<p>\"I think the Fed itself is kind of in a pickle,\" said Vataru, as any new characterization by the central bank of inflation as persistent would probably lead to higher rates that would dampen the recovery.</p>\n<p>\"They almost have to say that it is transitory to kind of keep this going,\" he said.</p>\n<p>Meanwhile, the Fed's massive quantitative easing program, or QE, is helping to \"stoke the fire\" despite no structural issues that point to the U.S. sitting in recession for years to come, according to Vataru. The U.S. isn't dealing with the same \"big debacle\" faced in the throes of the 2008 financial crisis, he said, yet monetary and fiscal stimulus continue with stocks near record highs and vaccine rollouts leading to fewer COVID cases domestically and abroad.</p>\n<p>\"It's a dangerous potion to have a policy that, in my mind, is really inflationary and then dismiss whatever inflation that comes through the system as transitory,\" Vataru said.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2142520474","content_text":"'Part of the point of being invested in bonds is to preserve purchasing power,' says CIO of Osterweis total return strategy.\n\nInvestors may appear to be shrugging off inflation, but concerns persist.\nThe 10-year Treasury yieldwas trading at 1.46% Friday , drifting lower despite Thursday's report that the pace of inflation soared for a second month in a row during the economic reopening in the pandemic.\n\"Inflation is significantly higher than the compensation you're receiving from being invested in fixed income,\" said Eddy Vataru, chief investment officer of Osterweis Capital Management's total return strategy, in an interview. \"Part of the point of being invested in bonds is to preserve purchasing power.\"\nFixed-income investors worry about rising inflation because it erodes the value of their existing bonds . While inflation concerns tend to prompt selling, driving up yields, investors are now weighing whether the latest signs of inflation are transitory or persistent as the economy rebounds.\n\"I would argue that there's a significant part of it that's persistent,\" Vataru said, \"but you won't know that for months.\"\nThe decline in 10-year yields doesn't necessarily mean market participants agree with the Fed that inflation is transient, according to Vataru, whose career in fixed-income includes past jobs at hedge fund firm Citadel and asset management giant BlackRock.\nVataru said short positioning in the Treasury market may partly explain the yield dip after Thursday's report on the consumer-price index showed the cost of living jumped again in May, driving the pace of inflation to a 13-year high of 5%.\nInvestors with short positions are betting that prices of Treasuries will fall, pushing up yields, according to Vataru. Bond prices and yields move in opposite directions. If rates don't rise quickly or far enough, these investors may become nervous about losses and exit their bets. Short sellers become buyers when they cover their positions.\n\"A lot of the buying you've seen in the last week or so is probably short covering,\" said Vataru. \"That's part of the reason that when you have a move like this you don't have quite the reaction you otherwise think you would,\" he said of the move down Thursday in the 10-year yield.\nStill, yields would be higher if there was more consensus that inflation is a persistent problem, according to Vataru. He said he worries about signs of wage inflation in particular, as that can be sticky, and believes inflation will be in the 3% to 5% range \"the way we're tracking right now.\"\nBut Ellen Gaske, lead economist for G-10 economies at PGIM Fixed Income's global macroeconomic research group, said the yield on the 10-Year Treasury is up from last year and now sits in line with investors' expectations that inflation is transitory.\n\"We already saw the reflation trade,\" she said. \"We already have seen 10-year yields back up, from 50 basis points last summer all the way up to where they are today.\"\nGaske explained that rates \"quickly reflected\" expectations that \"we would climb out of this crisis.\" She now thinks that by the end of this year the Fed may begin tapering its asset purchases, which along with low interest rates has been part of its accommodative stance.\nGaske earlier this year \"pulled forward\" her expectations for a rate increase by the Fed to the second half of 2023. Previously, her prediction was for the Fed to raise its benchmark rate in 2024, with the adjustment to her forecast made in the first quarter, because economic momentum appeared strong as COVID-19 vaccinations rolled out.\nGaske expects spikes in inflation will probably be short-lived, partly because prices are being measured against low levels seen last year, and supply-chain bottlenecks that have emerged in the rebound in demand will be worked out. But she said the acceleration of rent-related inflation caught her eye in the latest CPI reading, adding it's an area she'll be watching closely for potentially persistent higher costs.\n\"I think the Fed itself is kind of in a pickle,\" said Vataru, as any new characterization by the central bank of inflation as persistent would probably lead to higher rates that would dampen the recovery.\n\"They almost have to say that it is transitory to kind of keep this going,\" he said.\nMeanwhile, the Fed's massive quantitative easing program, or QE, is helping to \"stoke the fire\" despite no structural issues that point to the U.S. sitting in recession for years to come, according to Vataru. The U.S. isn't dealing with the same \"big debacle\" faced in the throes of the 2008 financial crisis, he said, yet monetary and fiscal stimulus continue with stocks near record highs and vaccine rollouts leading to fewer COVID cases domestically and abroad.\n\"It's a dangerous potion to have a policy that, in my mind, is really inflationary and then dismiss whatever inflation that comes through the system as transitory,\" Vataru said.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1924,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186256327,"gmtCreate":1623504561469,"gmtModify":1704205237458,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"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/186256327","repostId":"2142520474","repostType":4,"repost":{"id":"2142520474","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1623452760,"share":"https://ttm.financial/m/news/2142520474?lang=en_US&edition=fundamental","pubTime":"2021-06-12 07:06","market":"us","language":"en","title":"Is inflation eating up all the interest you're earning on 10-year Treasury notes?","url":"https://stock-news.laohu8.com/highlight/detail?id=2142520474","media":"Dow Jones","summary":"'Part of the point of being invested in bonds is to preserve purchasing power,' says CIO of Osterwei","content":"<blockquote>\n 'Part of the point of being invested in bonds is to preserve purchasing power,' says CIO of Osterweis total return strategy.\n</blockquote>\n<p>Investors may appear to be shrugging off inflation, but concerns persist.</p>\n<p>The 10-year Treasury yieldwas trading at 1.46% Friday , drifting lower despite Thursday's report that the pace of inflation soared for a second month in a row during the economic reopening in the pandemic.</p>\n<p>\"Inflation is significantly higher than the compensation you're receiving from being invested in fixed income,\" said Eddy Vataru, chief investment officer of Osterweis Capital Management's total return strategy, in an interview. \"Part of the point of being invested in bonds is to preserve purchasing power.\"</p>\n<p>Fixed-income investors worry about rising inflation because it erodes the value of their existing bonds . While inflation concerns tend to prompt selling, driving up yields, investors are now weighing whether the latest signs of inflation are transitory or persistent as the economy rebounds.</p>\n<p>\"I would argue that there's a significant part of it that's persistent,\" Vataru said, \"but you won't know that for months.\"</p>\n<p>The decline in 10-year yields doesn't necessarily mean market participants agree with the Fed that inflation is transient, according to Vataru, whose career in fixed-income includes past jobs at hedge fund firm Citadel and asset management giant BlackRock.</p>\n<p>Vataru said short positioning in the Treasury market may partly explain the yield dip after Thursday's report on the consumer-price index showed the cost of living jumped again in May, driving the pace of inflation to a 13-year high of 5%.</p>\n<p>Investors with short positions are betting that prices of Treasuries will fall, pushing up yields, according to Vataru. Bond prices and yields move in opposite directions. If rates don't rise quickly or far enough, these investors may become nervous about losses and exit their bets. Short sellers become buyers when they cover their positions.</p>\n<p>\"A lot of the buying you've seen in the last week or so is probably short covering,\" said Vataru. \"That's part of the reason that when you have a move like this you don't have quite the reaction you otherwise think you would,\" he said of the move down Thursday in the 10-year yield.</p>\n<p>Still, yields would be higher if there was more consensus that inflation is a persistent problem, according to Vataru. He said he worries about signs of wage inflation in particular, as that can be sticky, and believes inflation will be in the 3% to 5% range \"the way we're tracking right now.\"</p>\n<p>But Ellen Gaske, lead economist for G-10 economies at PGIM Fixed Income's global macroeconomic research group, said the yield on the 10-Year Treasury is up from last year and now sits in line with investors' expectations that inflation is transitory.</p>\n<p>\"We already saw the reflation trade,\" she said. \"We already have seen 10-year yields back up, from 50 basis points last summer all the way up to where they are today.\"</p>\n<p>Gaske explained that rates \"quickly reflected\" expectations that \"we would climb out of this crisis.\" She now thinks that by the end of this year the Fed may begin tapering its asset purchases, which along with low interest rates has been part of its accommodative stance.</p>\n<p>Gaske earlier this year \"pulled forward\" her expectations for a rate increase by the Fed to the second half of 2023. Previously, her prediction was for the Fed to raise its benchmark rate in 2024, with the adjustment to her forecast made in the first quarter, because economic momentum appeared strong as COVID-19 vaccinations rolled out.</p>\n<p>Gaske expects spikes in inflation will probably be short-lived, partly because prices are being measured against low levels seen last year, and supply-chain bottlenecks that have emerged in the rebound in demand will be worked out. But she said the acceleration of rent-related inflation caught her eye in the latest CPI reading, adding it's an area she'll be watching closely for potentially persistent higher costs.</p>\n<p>\"I think the Fed itself is kind of in a pickle,\" said Vataru, as any new characterization by the central bank of inflation as persistent would probably lead to higher rates that would dampen the recovery.</p>\n<p>\"They almost have to say that it is transitory to kind of keep this going,\" he said.</p>\n<p>Meanwhile, the Fed's massive quantitative easing program, or QE, is helping to \"stoke the fire\" despite no structural issues that point to the U.S. sitting in recession for years to come, according to Vataru. The U.S. isn't dealing with the same \"big debacle\" faced in the throes of the 2008 financial crisis, he said, yet monetary and fiscal stimulus continue with stocks near record highs and vaccine rollouts leading to fewer COVID cases domestically and abroad.</p>\n<p>\"It's a dangerous potion to have a policy that, in my mind, is really inflationary and then dismiss whatever inflation that comes through the system as transitory,\" Vataru said.</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>Is inflation eating up all the interest you're earning on 10-year Treasury notes?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs inflation eating up all the interest you're earning on 10-year Treasury notes?\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-06-12 07:06</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<blockquote>\n 'Part of the point of being invested in bonds is to preserve purchasing power,' says CIO of Osterweis total return strategy.\n</blockquote>\n<p>Investors may appear to be shrugging off inflation, but concerns persist.</p>\n<p>The 10-year Treasury yieldwas trading at 1.46% Friday , drifting lower despite Thursday's report that the pace of inflation soared for a second month in a row during the economic reopening in the pandemic.</p>\n<p>\"Inflation is significantly higher than the compensation you're receiving from being invested in fixed income,\" said Eddy Vataru, chief investment officer of Osterweis Capital Management's total return strategy, in an interview. \"Part of the point of being invested in bonds is to preserve purchasing power.\"</p>\n<p>Fixed-income investors worry about rising inflation because it erodes the value of their existing bonds . While inflation concerns tend to prompt selling, driving up yields, investors are now weighing whether the latest signs of inflation are transitory or persistent as the economy rebounds.</p>\n<p>\"I would argue that there's a significant part of it that's persistent,\" Vataru said, \"but you won't know that for months.\"</p>\n<p>The decline in 10-year yields doesn't necessarily mean market participants agree with the Fed that inflation is transient, according to Vataru, whose career in fixed-income includes past jobs at hedge fund firm Citadel and asset management giant BlackRock.</p>\n<p>Vataru said short positioning in the Treasury market may partly explain the yield dip after Thursday's report on the consumer-price index showed the cost of living jumped again in May, driving the pace of inflation to a 13-year high of 5%.</p>\n<p>Investors with short positions are betting that prices of Treasuries will fall, pushing up yields, according to Vataru. Bond prices and yields move in opposite directions. If rates don't rise quickly or far enough, these investors may become nervous about losses and exit their bets. Short sellers become buyers when they cover their positions.</p>\n<p>\"A lot of the buying you've seen in the last week or so is probably short covering,\" said Vataru. \"That's part of the reason that when you have a move like this you don't have quite the reaction you otherwise think you would,\" he said of the move down Thursday in the 10-year yield.</p>\n<p>Still, yields would be higher if there was more consensus that inflation is a persistent problem, according to Vataru. He said he worries about signs of wage inflation in particular, as that can be sticky, and believes inflation will be in the 3% to 5% range \"the way we're tracking right now.\"</p>\n<p>But Ellen Gaske, lead economist for G-10 economies at PGIM Fixed Income's global macroeconomic research group, said the yield on the 10-Year Treasury is up from last year and now sits in line with investors' expectations that inflation is transitory.</p>\n<p>\"We already saw the reflation trade,\" she said. \"We already have seen 10-year yields back up, from 50 basis points last summer all the way up to where they are today.\"</p>\n<p>Gaske explained that rates \"quickly reflected\" expectations that \"we would climb out of this crisis.\" She now thinks that by the end of this year the Fed may begin tapering its asset purchases, which along with low interest rates has been part of its accommodative stance.</p>\n<p>Gaske earlier this year \"pulled forward\" her expectations for a rate increase by the Fed to the second half of 2023. Previously, her prediction was for the Fed to raise its benchmark rate in 2024, with the adjustment to her forecast made in the first quarter, because economic momentum appeared strong as COVID-19 vaccinations rolled out.</p>\n<p>Gaske expects spikes in inflation will probably be short-lived, partly because prices are being measured against low levels seen last year, and supply-chain bottlenecks that have emerged in the rebound in demand will be worked out. But she said the acceleration of rent-related inflation caught her eye in the latest CPI reading, adding it's an area she'll be watching closely for potentially persistent higher costs.</p>\n<p>\"I think the Fed itself is kind of in a pickle,\" said Vataru, as any new characterization by the central bank of inflation as persistent would probably lead to higher rates that would dampen the recovery.</p>\n<p>\"They almost have to say that it is transitory to kind of keep this going,\" he said.</p>\n<p>Meanwhile, the Fed's massive quantitative easing program, or QE, is helping to \"stoke the fire\" despite no structural issues that point to the U.S. sitting in recession for years to come, according to Vataru. The U.S. isn't dealing with the same \"big debacle\" faced in the throes of the 2008 financial crisis, he said, yet monetary and fiscal stimulus continue with stocks near record highs and vaccine rollouts leading to fewer COVID cases domestically and abroad.</p>\n<p>\"It's a dangerous potion to have a policy that, in my mind, is really inflationary and then dismiss whatever inflation that comes through the system as transitory,\" Vataru said.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2142520474","content_text":"'Part of the point of being invested in bonds is to preserve purchasing power,' says CIO of Osterweis total return strategy.\n\nInvestors may appear to be shrugging off inflation, but concerns persist.\nThe 10-year Treasury yieldwas trading at 1.46% Friday , drifting lower despite Thursday's report that the pace of inflation soared for a second month in a row during the economic reopening in the pandemic.\n\"Inflation is significantly higher than the compensation you're receiving from being invested in fixed income,\" said Eddy Vataru, chief investment officer of Osterweis Capital Management's total return strategy, in an interview. \"Part of the point of being invested in bonds is to preserve purchasing power.\"\nFixed-income investors worry about rising inflation because it erodes the value of their existing bonds . While inflation concerns tend to prompt selling, driving up yields, investors are now weighing whether the latest signs of inflation are transitory or persistent as the economy rebounds.\n\"I would argue that there's a significant part of it that's persistent,\" Vataru said, \"but you won't know that for months.\"\nThe decline in 10-year yields doesn't necessarily mean market participants agree with the Fed that inflation is transient, according to Vataru, whose career in fixed-income includes past jobs at hedge fund firm Citadel and asset management giant BlackRock.\nVataru said short positioning in the Treasury market may partly explain the yield dip after Thursday's report on the consumer-price index showed the cost of living jumped again in May, driving the pace of inflation to a 13-year high of 5%.\nInvestors with short positions are betting that prices of Treasuries will fall, pushing up yields, according to Vataru. Bond prices and yields move in opposite directions. If rates don't rise quickly or far enough, these investors may become nervous about losses and exit their bets. Short sellers become buyers when they cover their positions.\n\"A lot of the buying you've seen in the last week or so is probably short covering,\" said Vataru. \"That's part of the reason that when you have a move like this you don't have quite the reaction you otherwise think you would,\" he said of the move down Thursday in the 10-year yield.\nStill, yields would be higher if there was more consensus that inflation is a persistent problem, according to Vataru. He said he worries about signs of wage inflation in particular, as that can be sticky, and believes inflation will be in the 3% to 5% range \"the way we're tracking right now.\"\nBut Ellen Gaske, lead economist for G-10 economies at PGIM Fixed Income's global macroeconomic research group, said the yield on the 10-Year Treasury is up from last year and now sits in line with investors' expectations that inflation is transitory.\n\"We already saw the reflation trade,\" she said. \"We already have seen 10-year yields back up, from 50 basis points last summer all the way up to where they are today.\"\nGaske explained that rates \"quickly reflected\" expectations that \"we would climb out of this crisis.\" She now thinks that by the end of this year the Fed may begin tapering its asset purchases, which along with low interest rates has been part of its accommodative stance.\nGaske earlier this year \"pulled forward\" her expectations for a rate increase by the Fed to the second half of 2023. Previously, her prediction was for the Fed to raise its benchmark rate in 2024, with the adjustment to her forecast made in the first quarter, because economic momentum appeared strong as COVID-19 vaccinations rolled out.\nGaske expects spikes in inflation will probably be short-lived, partly because prices are being measured against low levels seen last year, and supply-chain bottlenecks that have emerged in the rebound in demand will be worked out. But she said the acceleration of rent-related inflation caught her eye in the latest CPI reading, adding it's an area she'll be watching closely for potentially persistent higher costs.\n\"I think the Fed itself is kind of in a pickle,\" said Vataru, as any new characterization by the central bank of inflation as persistent would probably lead to higher rates that would dampen the recovery.\n\"They almost have to say that it is transitory to kind of keep this going,\" he said.\nMeanwhile, the Fed's massive quantitative easing program, or QE, is helping to \"stoke the fire\" despite no structural issues that point to the U.S. sitting in recession for years to come, according to Vataru. The U.S. isn't dealing with the same \"big debacle\" faced in the throes of the 2008 financial crisis, he said, yet monetary and fiscal stimulus continue with stocks near record highs and vaccine rollouts leading to fewer COVID cases domestically and abroad.\n\"It's a dangerous potion to have a policy that, in my mind, is really inflationary and then dismiss whatever inflation that comes through the system as transitory,\" Vataru said.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2480,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186251555,"gmtCreate":1623504466577,"gmtModify":1704205235679,"author":{"id":"3573458163743036","authorId":"3573458163743036","name":"ChanY","avatar":"https://static.tigerbbs.com/38696d038c0f4e05d2243cdee55d0aad","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573458163743036","authorIdStr":"3573458163743036"},"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/186251555","repostId":"1147474880","repostType":4,"repost":{"id":"1147474880","kind":"news","pubTimestamp":1623470168,"share":"https://ttm.financial/m/news/1147474880?lang=en_US&edition=fundamental","pubTime":"2021-06-12 11:56","market":"us","language":"en","title":"Investor, Trader, Speculator: Which One Are You?","url":"https://stock-news.laohu8.com/highlight/detail?id=1147474880","media":"The Wall Street Journal","summary":"Understanding the difference between speculation and investing is essential to avoiding reckless ris","content":"<blockquote>\n Understanding the difference between speculation and investing is essential to avoiding reckless risk.\n</blockquote>\n<p>I’ve had it.</p>\n<p>The Wall Street Journal is wrong, and has remained wrong for decades, about one of the most basic distinctions in finance. And I can’t stand it anymore.</p>\n<p>If you buy a stock purely because it’s gone up a lot, without doing any research on it whatsoever, you are not—as the Journal and its editors bizarrely insist on calling you—an “investor.” If you buy a cryptocurrency because, hey, that sounds like fun, you aren’t an investor either.</p>\n<p>Whenever you buy any financial asset becauseyou have a hunchorjust for kicks, or becausesomebody famous is hyping the heck out of itoreverybody else seems to be buying it too, you aren’t investing.</p>\n<p>You’re definitely a trader: someone who has just bought an asset. And you may bea speculator: someone who thinks other people will pay more for it than you did.</p>\n<p>Of course,some folkswho buy meme stocks likeGameStopCorp.GME5.88%<i>are</i>investors. They read the companies’ financial statements, study the health of the underlying businesses and learn who else is betting on or against the shares. Likewise, many buyers of digital coins have put in the time and effort to understand how cryptocurrency works and how it could reshape finance.</p>\n<p>An investor relies on internal sources of return: earnings, income, growth in the value of assets. A speculator counts on external sources of return: primarilywhether somebody else will pay more, regardless of fundamental value.</p>\n<p>The word investor comes from the Latin “investire,” to dress in or clothe oneself, surround or envelop. You would never wear clothes without knowing what color they are or what material they’re made of. Likewise, you can’t invest in an asset you know nothing about.</p>\n<p>Nevertheless, the Journal and its editors have long called almost everybody who buys just about anything an “investor.” On July 12, 1962, the Journal publisheda letter to the editorfrom Benjamin Graham, author of the classic books “Security Analysis” and “The Intelligent Investor.” That June, complained Graham, the Journal had run an article headlined “Many Small Investors Bet on Further Drops, Sell Odd Lots Short.”</p>\n<p>He wrote: “By what definition of ‘investment’ can one give the name ‘investors’ to small people who make bets on the stock market by selling odd lots short?” (To short an odd lot is to borrow and sell fewer than 100 shares in a wager that a stock will fall—an expensive and risky bet, then and now.)</p>\n<p>“If these people are investors,” asked Graham, “how should one define ‘speculation’ and ‘speculators’? Isn’t it possible that the currentfailure to distinguishbetweeninvestment and speculationmay do grave harm not only to individuals but to the whole financial community—as it did in the late 1920s?”</p>\n<p>Graham wasn’t a snob who thought that the markets should be the exclusive playground of the rich. He wrote “The Intelligent Investor” with the express purpose of helping less-wealthy people participate wisely in the stock market.</p>\n<p>In that book, after which this column is named, Graham said, “Outright speculation is neither illegal, immoral, nor (for most people) fattening to the pocketbook.”</p>\n<p>However, he warned, it creates three dangers: “(1) speculating when you think you are investing; (2) speculating seriously instead of as a pastime, when you lack proper knowledge and skill for it; and (3) risking more money in speculation than you can afford to lose.”</p>\n<p>Most investors speculate a bit every once in a while. Like a lottery ticket or an occasional visit to the racetrack or casino, a little is harmless fun. A lot isn’t.</p>\n<p>If you think you’re investing when you’re speculating, you’ll attribute even momentary success to skill even thoughluck is the likeliest explanation. That can lead you to take reckless risks.</p>\n<p>Take speculating too seriously, and it turns intoan obsessionandan addiction. You become incapable of accepting your losses or focusing on the future more than a few minutes ahead. Next thing you know, you’re throwing even more money onto the bonfire.</p>\n<p>I think calling traders and speculators “investors” shoves many newcomers farther down the slippery slope toward risks they shouldn’t take and losses they can’t afford. I fervently hope the Journal and its editors will finally stop using “investor” as the default term for anyone who makes a trade.</p>\n<p>“ ‘Investor’ has a long history in the English language as a catch-all term denoting people who commit capital with the expectation of a return, no matter how long or short, no matter how many or how few investing columns they read,” WSJ Financial Editor Charles Forelle said in response to my complaints. “Back at least to the mid-19th century, ‘invest’ has even been used to describe a wager on horses—an activity surely no less divorced from fundamental analysis than a purchase of dogecoin.”</p>\n<p>I hear you, Boss, but I still think you’re wrong. There’s no way the Journal would say a recreational gambler is “investing” at the racetrack just because a dictionary says we can.</p>\n<p>Calling novice speculators “investors” is one of the most powerful ways marketers fuel excessive trading.</p>\n<p>Ina recent Instagram post, a former porn star who goes by the name Lana Rhoades posed in—well, mostly in—a bikini, as she held up what appears to be Graham’s “The Intelligent Investor.” According to IMDb.com, she starred in such videos as “Tushy” and “Make Me Meow.”</p>\n<p>In her post, which was “liked” by nearly 1.8 million people, Ms. Rhoades announced that she will be promoting a cryptocurrency calledPAWGcoin.</p>\n<p>The currency’s website says the coin is meant for “those who pay homage to developed posteriors.” (PAWG, I’ve been reliably informed, stands for Phat Ass White Girl.)</p>\n<p>PAWGcoin is up roughly 900% since Ms. Rhoades began promoting it in early June, according to Poocoin.io, a website that tracks such digital currencies.</p>\n<p>Ms. Rhoades, who has tweeted “I also read the WSJ every morning,” couldn’t be reached for comment. PAWGcoin’s website encourages visitors to “invest now.”</p>\n<p>In Ms. Rhoades’s Instagram post, she is holding up an open copy of the “The Intelligent Investor,” whose cover is reversed. She appears to be reading it with her eyes closed.</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>Investor, Trader, Speculator: Which One Are You?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nInvestor, Trader, Speculator: Which One Are You?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-12 11:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/you-cant-invest-without-trading-you-can-trade-without-investing-11623426213?mod=markets_lead_pos5><strong>The Wall Street Journal</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Understanding the difference between speculation and investing is essential to avoiding reckless risk.\n\nI’ve had it.\nThe Wall Street Journal is wrong, and has remained wrong for decades, about one of ...</p>\n\n<a href=\"https://www.wsj.com/articles/you-cant-invest-without-trading-you-can-trade-without-investing-11623426213?mod=markets_lead_pos5\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.wsj.com/articles/you-cant-invest-without-trading-you-can-trade-without-investing-11623426213?mod=markets_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147474880","content_text":"Understanding the difference between speculation and investing is essential to avoiding reckless risk.\n\nI’ve had it.\nThe Wall Street Journal is wrong, and has remained wrong for decades, about one of the most basic distinctions in finance. And I can’t stand it anymore.\nIf you buy a stock purely because it’s gone up a lot, without doing any research on it whatsoever, you are not—as the Journal and its editors bizarrely insist on calling you—an “investor.” If you buy a cryptocurrency because, hey, that sounds like fun, you aren’t an investor either.\nWhenever you buy any financial asset becauseyou have a hunchorjust for kicks, or becausesomebody famous is hyping the heck out of itoreverybody else seems to be buying it too, you aren’t investing.\nYou’re definitely a trader: someone who has just bought an asset. And you may bea speculator: someone who thinks other people will pay more for it than you did.\nOf course,some folkswho buy meme stocks likeGameStopCorp.GME5.88%areinvestors. They read the companies’ financial statements, study the health of the underlying businesses and learn who else is betting on or against the shares. Likewise, many buyers of digital coins have put in the time and effort to understand how cryptocurrency works and how it could reshape finance.\nAn investor relies on internal sources of return: earnings, income, growth in the value of assets. A speculator counts on external sources of return: primarilywhether somebody else will pay more, regardless of fundamental value.\nThe word investor comes from the Latin “investire,” to dress in or clothe oneself, surround or envelop. You would never wear clothes without knowing what color they are or what material they’re made of. Likewise, you can’t invest in an asset you know nothing about.\nNevertheless, the Journal and its editors have long called almost everybody who buys just about anything an “investor.” On July 12, 1962, the Journal publisheda letter to the editorfrom Benjamin Graham, author of the classic books “Security Analysis” and “The Intelligent Investor.” That June, complained Graham, the Journal had run an article headlined “Many Small Investors Bet on Further Drops, Sell Odd Lots Short.”\nHe wrote: “By what definition of ‘investment’ can one give the name ‘investors’ to small people who make bets on the stock market by selling odd lots short?” (To short an odd lot is to borrow and sell fewer than 100 shares in a wager that a stock will fall—an expensive and risky bet, then and now.)\n“If these people are investors,” asked Graham, “how should one define ‘speculation’ and ‘speculators’? Isn’t it possible that the currentfailure to distinguishbetweeninvestment and speculationmay do grave harm not only to individuals but to the whole financial community—as it did in the late 1920s?”\nGraham wasn’t a snob who thought that the markets should be the exclusive playground of the rich. He wrote “The Intelligent Investor” with the express purpose of helping less-wealthy people participate wisely in the stock market.\nIn that book, after which this column is named, Graham said, “Outright speculation is neither illegal, immoral, nor (for most people) fattening to the pocketbook.”\nHowever, he warned, it creates three dangers: “(1) speculating when you think you are investing; (2) speculating seriously instead of as a pastime, when you lack proper knowledge and skill for it; and (3) risking more money in speculation than you can afford to lose.”\nMost investors speculate a bit every once in a while. Like a lottery ticket or an occasional visit to the racetrack or casino, a little is harmless fun. A lot isn’t.\nIf you think you’re investing when you’re speculating, you’ll attribute even momentary success to skill even thoughluck is the likeliest explanation. That can lead you to take reckless risks.\nTake speculating too seriously, and it turns intoan obsessionandan addiction. You become incapable of accepting your losses or focusing on the future more than a few minutes ahead. Next thing you know, you’re throwing even more money onto the bonfire.\nI think calling traders and speculators “investors” shoves many newcomers farther down the slippery slope toward risks they shouldn’t take and losses they can’t afford. I fervently hope the Journal and its editors will finally stop using “investor” as the default term for anyone who makes a trade.\n“ ‘Investor’ has a long history in the English language as a catch-all term denoting people who commit capital with the expectation of a return, no matter how long or short, no matter how many or how few investing columns they read,” WSJ Financial Editor Charles Forelle said in response to my complaints. “Back at least to the mid-19th century, ‘invest’ has even been used to describe a wager on horses—an activity surely no less divorced from fundamental analysis than a purchase of dogecoin.”\nI hear you, Boss, but I still think you’re wrong. There’s no way the Journal would say a recreational gambler is “investing” at the racetrack just because a dictionary says we can.\nCalling novice speculators “investors” is one of the most powerful ways marketers fuel excessive trading.\nIna recent Instagram post, a former porn star who goes by the name Lana Rhoades posed in—well, mostly in—a bikini, as she held up what appears to be Graham’s “The Intelligent Investor.” According to IMDb.com, she starred in such videos as “Tushy” and “Make Me Meow.”\nIn her post, which was “liked” by nearly 1.8 million people, Ms. Rhoades announced that she will be promoting a cryptocurrency calledPAWGcoin.\nThe currency’s website says the coin is meant for “those who pay homage to developed posteriors.” (PAWG, I’ve been reliably informed, stands for Phat Ass White Girl.)\nPAWGcoin is up roughly 900% since Ms. Rhoades began promoting it in early June, according to Poocoin.io, a website that tracks such digital currencies.\nMs. Rhoades, who has tweeted “I also read the WSJ every morning,” couldn’t be reached for comment. PAWGcoin’s website encourages visitors to “invest now.”\nIn Ms. Rhoades’s Instagram post, she is holding up an open copy of the “The Intelligent Investor,” whose cover is reversed. 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