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AustinZhang

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2021-07-07

peter thiel to embrace harvest season?

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2021-04-08

A decade ago those form 10 shell companies all came back. where is our boss now ? Are you still in the market ?

2021 King of Bubbles

2021-04-04

Families of the wealthiest.

50 major families control $1.2 trillion in wealth! Meet the Rothschilds in America

2021-03-26

Kate is wonderfully right.

Jiang Yingchun talks about "Bilibili writes Baidu into the company's information sheet": Bilibili itself is not rigorous enough

2021-03-20

Great ariticle, would you like to share it?

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2021-03-16

Tesla killer? How many people in this world can beat Musk in creativity and execution abilities? I doubt it.

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2021-03-16

It sure will go higher and further.

Even with good profits, Xiaomi's growth expanded to over 8%

2021-03-11

The title of kids’ game giant is really misleading.

@胖虎哒哒:Roblox投資者日會議筆記

2021-03-06

alibaba.The dragon slayer becomes the new dragon.Old story.

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2021-03-05

one question, where did you get all these data?

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2021-03-03

Let us shoot for the stars !

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2021-03-02

awesome，will it send the price to Mars?

India is ready to offer incentives to Tesla to lower its production costs

2021-02-22

Invest in China. Not necessarily live in China.

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2021-02-21

Why don’t just do it?

Xiaomi Group: Research on electric vehicle manufacturing business has not yet reached the formal project approval stage

2021-02-12

Buy China Continuously.

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2021-02-11

At some point in time or stage, we will need to go grab something that can make a peaceful mind.

@观察者Alexander:段永平讀書筆記，時讀時新(上）

2021-02-09

Remember the old story but try the new gears

The Wildest Market in Forty Years! This is the answer of Soros's "close comrade-in-arms"

Go to Tiger App to see more news

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thiel to&nbsp;embrace&nbsp;harvest season?","listText":"peter thiel to&nbsp;embrace&nbsp;harvest season?","text":"peter thiel to embrace harvest season?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/140453822","repostId":"2149942293","repostType":2,"isVote":1,"tweetType":1,"viewCount":1462,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":341547517,"gmtCreate":1617843389439,"gmtModify":1704703796210,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574712418352916","authorIdStr":"3574712418352916"},"themes":[],"htmlText":"A decade ago those form 10 shell companies all came back. where is our boss now ? Are you still in the market ?","listText":"A decade ago those form 10 shell companies all came back. where is our boss now ? Are you still in the market ?","text":"A decade ago those form 10 shell companies all came back. where is our boss now ? Are you still in the market ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/341547517","repostId":"2125176754","repostType":2,"repost":{"id":"2125176754","kind":"highlight","pubTimestamp":1617681390,"share":"https://ttm.financial/m/news/2125176754?lang=en_US&edition=fundamental","pubTime":"2021-04-06 11:56","market":"us","language":"zh","title":"2021 King of Bubbles","url":"https://stock-news.laohu8.com/highlight/detail?id=2125176754","media":"起朱楼宴宾客","summary":"2019年10月，年近古稀的维珍集团创始人理查德·布兰森穿着Under Armour特制的太空装，精神奕奕地跳上了纽交所交易大厅的小阳台。\n在敲响维珍银河上市的铜钟后，他激动地说：\n\n 感觉自己离20","content":"<p>In October 2019, Richard Branson, the founder of Virgin Group, who was nearly seventy years old, wore Under Armour's special space suit and jumped onto the small balcony of the trading floor of the New York Stock Exchange in high spirits.</p><p>Ringing<a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>After the bronze bell was listed, he said excitedly:</p><p>I feel that I am one step closer to the space dream I started more than 20 years ago. What helped him realize his dream was not a common IPO-let alone profits, Virgin Galactic's annual income was only a pitiful few hundred thousand dollars-Virgin Galactic's listing was achieved by merging it with a SPAC company with the stock code IPOA.</p><p>If this is a bit difficult to understand, to use the word more familiar to Chinese investors, it is Virgin Galactic success<b>\"Backdoor listing\"</b>Yeah, I've got it.</p><p>After ringing the bell, Virgin Galactic's stock price tripled in three months, and once rose from $10 to more than $60 in the following year.</p><p>However, for this company with a current market value of more than US $6 billion, but revenue last year was only 200,000, and no revenue in the second, third and fourth quarters, it is not Richard Branson, of course, will not be the space passengers who bought tickets but are still waiting in line, but the sponsor of the SPAC company called Social Capital Hedosphia Holdings.</p><p>Let's settle the bill.</p><p>When the SPAC company was established in 2017, it issued a total of 60 million shares and raised US $600 million.</p><p>Since the \"gameplay\" of SPAC is that the sponsor has the right to obtain 20% of the shares after the IPO for free, that is to say, he automatically owns the 15 million shares that have fallen from the sky. In addition, he received warrants equivalent to 20% of his holdings.</p><p>With the successful merger of this SPAC company and Virgin Galactic, the sponsor not only became the chairman of New Virgin Galactic, but also his equity quickly appreciated to US $1.5 billion.</p><p>And his initial investment was only the $25,000 needed to set up the SPAC company.</p><p><b>American capitalists once again defined the word \"empty gloves and white wolves\".</b></p><p>And this sponsor is none other than Chamath Palihapitiya, who became famous for \"voicing\" retail investors during the Gamestop retail investors' war against Wall Street a few months ago.</p><p>His most famous speech goes like this:</p><p>\"... In the 2008 stock market crash, some people had a set for more than ten years, and some people lost their houses and cars. Now retail investors have found an opportunity to buy GME together, and you are actually clamoring for legal control. Why have institutions operated illegally for so many years? Everyone doesn't even blink their eyelids? Why can they not be held accountable even if they short 140%, and we have to take responsibility? If Wall Street hadn't used tools that retail investors couldn't use every day, how could it be 40% more and be caught by retail investors? \" We don't know whether Wall Street uses tools that retail investors cannot use to make profits, but it is a certain fact that Chamath himself used SPAC, a \"tool\" that retail investors cannot even catch, to make more than one billion dollars in empty gloves.</p><p><img src=\"https://static.tigerbbs.com/23c8fa56b11d42270c765b96d761190d\" tg-width=\"1000\" tg-height=\"542\" referrerpolicy=\"no-referrer\"></p><p>After tasting the sweetness, he even established a series of new SPAC companies from IPOB, IPOC to IPOF in one go, raising more than US $3 billion.</p><p>So, is he ready to use the alphabet to realize his life ideal?</p><p>one</p><p>Chamath is not the only one who wants to use SPAC to realize their life ideals.</p><p>Little Superman Li Zekai's SPAC company also successfully IPO on Nasdaq in October last year, code-named BTWN.</p><p>He spent $25,000 and acquired 287.5 shares of the founder's stock, and as of the close of trading on March 31, the market value of this SPAC company had reached $750 million.</p><p>In other words, it took only five months for Li Zekai to build a shell company. Before any assets were installed, the value of the stocks he held had already increased by 1,200 times.</p><p><b>You see, nowadays, big guys only need to move their fingers to build a shell, and they can achieve two small goals, even without doing PPT.</b></p><p>Perhaps it's too easy to make this money. Since last year, from large PE institutions such as CITIC Capital and Hony Capital, to well-known investors such as Fang Fenglei and Hu Zuliu, to Guan Jinsheng, who has been silent for many years, and Jia Yueting, who has been suffocated by his dreams, The establishment of SPAC has become the consensus of the big guys.</p><p>Of course, compared with the digital currency ICOs that \"fooled\" all kinds of celebrities to join in those days, those currently making efforts in the SPAC field are basically primary market investors.</p><p>And because SPAC doesn't have to fool retail investors into playing together like ICO from establishment to mergers and acquisitions, it is also more low-key in public opinion.</p><p>Only through<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>A latest research report-yes, Goldman Sachs, whose employees at the bottom of the investment bank wrote a PPT protest because of the overwhelming workload of the SPAC-we can know how popular this \"undercurrent\" is.</p><p>According to statistics, in the ten years from 2009 to 2019, a total of 226 SPAC companies conducted IPOs. In 2020 alone, the number of IPO SPAC companies exceeded the sum of the past decade, reaching 228.</p><p>By 2021, it will take less than 3 months for the number of IPO SPAC companies to reach 200.</p><p>In addition, the total IPO financing of SPAC companies in 2020 is US $77 billion, accounting for half of the US stock IPO market. In the first two months of 2021, the IPO financing amount of SPAC has exceeded 56 billion US dollars, reaching 2/3 of the US stock IPO market.</p><p><img src=\"https://static.tigerbbs.com/1cf570d88b3636c5d3aaf112f06f4554\" tg-width=\"924\" tg-height=\"568\" referrerpolicy=\"no-referrer\"></p><p>In other words, two-thirds of the companies listed in the United States in the first two months of this year were empty \"blank check\" companies, and they have raised more than 350 billion yuan.</p><p>According to Goldman Sachs statistics, there are now more than $100 billion in SPAC funds wandering around the market looking for acquisition targets, and if it continues to develop at the current rate, the value of companies acquired by SPAC companies will exceed $700 billion in the next two years.</p><p>What is the concept of $700 billion?</p><p><b>In 2020, the global IPO scale will be approximately US $300 billion. In other words, Goldman Sachs feels that SPACs will inflate a new IPO market in the next two years.</b></p><p>We have all been educated for many years. The reason why there are so many backdoor speculation in A-shares is that A-shares are not registered. Look at the U.S. stock market, aren't they all companies that regularly go through IPOs?</p><p>However, the SPAC fire proves that your uncle is still your uncle-just in<a href=\"https://laohu8.com/S/00170\">China Capital</a>While the family is still struggling to find a shell and fried shell, the United States has realized a fully automatic production line for shells.</p><p>two</p><p>So, what exactly is the essence of a SPAC?</p><p>It's actually not complicated,<b>It's a \"blatant\" shell company</b>，<b>Complete the IPO through a special channel allowed by American regulation and raise funds, and then use the funds to acquire a target company with actual business.</b></p><p>Therefore, the target company achieved its own listing by grafting flowers and trees.</p><p>Some people compare it to a \"blind box\" in the investment circle, because investors will not know what assets they ultimately hold until the SPAC completes the merger and acquisition.</p><p>This metaphor is really subtle, but it is not only to describe the investment side, but also to describe the initiators of the production SPAC.</p><p>Let's talk about the former first.</p><p><b>First of all, the establishment mechanism of SPAC determines that there is almost no risk of loss for funds participating in IPOs.</b>Because if the merger and acquisition is not completed within the specified time, the SPAC sponsor needs to return the funds to the investors intact.</p><p>Moreover, since the funds will be credited to a specially regulated account during the IPO, there is no risk of being diverted by the sponsor for other purposes.</p><p>Even better, even if the SPAC announces the merger target, if investors are not optimistic about the quality of the target company, they can withdraw funds at any time before the end of the merger.</p><p>In other words, the funds participating in the SPAC IPO get not only a blind box, but also a blind box that can be returned 100% if you don't like it after opening it.</p><p>Therefore, according to research statistics, for funds participating in SPAC IPOs, the average annualized rate of return in the past few years can reach 11.6%, and the probability of loss is zero.</p><p>Who doesn't love this box?</p><p>Of course, this part of the funds has to pay the time cost, that is, the opportunity cost lost by choosing to participate in the SPAC without making other investments-if the SPAC merger fails within two years, this part of the funds can only be paid back.</p><p>But for U.S. investors whose policy rates are lying on the floor and will be on the floor for the foreseeable future, this time cost is almost non-existent now.</p><p>No wonder Goldshing declared,<b>SPACs are a good alternative to cash in a zero interest rate environment.</b></p><p><img src=\"https://static.tigerbbs.com/22fee890a51600fb8766eba74edc13d2\" tg-width=\"882\" tg-height=\"670\" referrerpolicy=\"no-referrer\"></p><p>Let's talk about the latter.</p><p>For the sponsors of SPACs, in theory, they don't know what kind of target companies they can find for mergers and acquisitions in the future. Because according to SEC regulations, SPACs are not allowed to lock in the target company to be acquired before the IPO, otherwise they must make detailed information disclosure, which will greatly affect the process of the IPO.</p><p>But is that really the case?</p><p>Then why are SPACs often set up by those PE/VC bosses who hold the assets of companies to be listed?</p><p>Why is the average time from IPO to announcement of mergers and acquisitions for SPACs shortened from 387 days from 2010 to 2019 to 366 days in 2020, and then further shortened to 175 days this year?</p><p>There will even be a SPAC company like Northern Star Investment Corp II that announced its merger and acquisition target less than a month after its listing?</p><p>So, as the head of the Asian equity capital markets department of a foreign investment bank told the media:</p><p>\"In fact, many private equity firms are optimistic about the target before the SPAC is listed, which may be a long-term concern, and may not necessarily inject it immediately after the listing; it may also be that the SPAC will definitely inject certain assets as soon as it is listed, and there is no need to wait for as long as two years...\" \"... Although the acquisition target cannot be publicly mentioned when the SPAC is listed, as long as the expected acquisition target can be described specifically enough during the publicity, it will be silent... There is no real hammer in supervision, and it is not easy to manage.\" For SPAC sponsors, like the manufacturers of blind boxes, they know from the beginning which blind box contains rare models, and even the probability of rare models can be calculated clearly.</p><p>At this point, we can summarize the essence of SPAC-</p><p><b>In fact, it is a new type of cash-out tool invented by the capital circle. It is a cash alternative to financial management discovered by the capital circle. It is a \"Fast Track\" found when everyone is worried about not being able to catch up with this capital feast.</b></p><p>Want to find an exit channel for the company you invested in in previous years, but suffering from too long IPO time and too high requirements? It doesn't matter, let's set up a SPAC first.</p><p>The company wants to go public, but it doesn't even meet the most basic requirements of the US stock registration system? It doesn't matter, go find a SPAC for mergers and acquisitions.</p><p>Have a sum of money to invest and want both capital preservation and potentially high yields? No problem, go and invest in a SPAC IPO.</p><p><b>Therefore, SPAC is a blind box, and it is also a \"packing box\" before the end of the feast.</b></p><p>It can lock in the fruits of victory in advance for those primary market bosses who are worried that the companies they invest will not catch up with the IPO window;</p><p>It can act as a white knight for those entrepreneurs who failed on the IPO road for various reasons;</p><p>It can also provide a solution for those hedge fund funds who are afraid of stepping short and chasing high prices.</p><p>From this perspective, it is difficult to think about SPACs not being popular.</p><p>three</p><p>Since SPAC is such a good thing, why didn't it suddenly get serious until the past two years?</p><p>In addition to what was mentioned in the previous part, for the capital side, the low interest rate environment in the past two years has reduced the time cost of investing in SPACs to almost zero, and the remaining reasons can almost all be summarized in eight words--</p><p><b>Time waits for no man, seize the day.</b></p><p>After all, for companies that want to go public, SPAC is by no means a perfect listing model. On the contrary, listing through SPAC is the same as the so-called \"bloody listing\" when the Nasdaq bubble burst.</p><p>Open the merger and acquisition prospectus of any SPAC, and you will see how expensive it is for the founder of a company to go public with a SPAC.</p><p>Simply put, after the acquisition is completed, the property rights and control rights of the founder of the target company will almost be sharply diluted.</p><p>This has also led to the fact that for so many years after the birth of SPAC, any company that can go public on the path of IPO is never willing to go public through the SPAC model. In such an a vicious circle, the latter are left with defective products that can't be put on the market.</p><p>However, this situation changed dramatically in October 2019.</p><p>If you have an impression of the U.S. stock market during that time, the most explosive news is the super unicorn in the shared office industry<a href=\"https://laohu8.com/S/WE\">WeWork</a>The listing failed.</p><p><b>The failure of the sprint IPO not only burst WeWork's valuation bubble, but also caused the founder to be plagued by scandals and slump.</b></p><p>As at the time<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>It was pointed out in a report to investors:</p><p>\"The failure of WeWork's IPO marks the end of an era, an era in which the company can obtain ultra-high valuations even if it is not profitable.\" Not only did WeWork, a giant \"unicorn\", suddenly leave the IPO front desk, which stimulated the founders of the company, but the difficulties faced by SoftBank, the investor behind WeWork, also made market investors feel the same way.</p><p>In the subsequent COVID-19 pandemic, the revenue and valuation of many companies seeking to go public have undergone dramatic changes, which has made companies and investors begin to ponder deeply whether they want to seek an IPO that may have high returns but cannot be touched, or to seek a faster and more predictable realization model.</p><p>Therefore, what Morgan Stanley said at that time was only half right.</p><p>This era is not over yet. God closed the door to IPO for these unicorns, but opened the window of SPAC--</p><p><b>With the two characteristics of ready-made funds and pre-agreed transaction prices and conditions, SPAC provides rare support for market participants who are eager to seek cash.</b></p><p>It's like the faceless man in Spirited Away. Anything you feed in will fall out of gold. As a result, in just one year, it expanded into half of the IPO market.</p><p>After all, since last year, everyone has only one wish-<b>Hurry up!</b></p><p>For the sake of speed, investors no longer care whether the listed SPAC is called IPOA or IPOF. Anyway, it is just a shell company. As long as the bull market is still there, what they buy is a ticket that guarantees no loss.</p><p>In order to be quick, the bosses must set up SPACs in advance, even if they set up many SPACs in one go, they will be criticized by the media. Because it is always necessary to leave a period of time from the establishment of the SPAC to the \"finding\" of the M&A target as a \"fig leaf\", so as not to cause regulatory trouble.</p><p>In order to be quick, the founders of unicorns have to reluctantly give up their love for many interests that have already been obtained. After all, small intolerance will lead to chaos. Whether it is stock shares or super voting rights, they all must give way to the goal of listing.</p><p>It can be said that SPAC is the crystallization of wisdom in this IPO era that is eager for quick success and instant benefit. It is the solution after hoarding a large number of unicorns in the era of large-scale release in the past ten years, and it is even more important for this round of<b>\"King of Bubbles\"</b>。</p><p>four</p><p>At the end of the report, Goldman Sachs quoted a Stanford professor's doubts about the structure of SPACs.</p><p>\"What I can't figure out most about SPAC is why there is such a capital structure that first raises funds and then looks for listing targets, but at the same time allows this part of the raised funds to withdraw at any time, and new investors to enter at any time? In such a ridiculous capital structure, who will pay the bill?\" I don't know who paid the bill, but what I'm sure is that the last person who paid the bill won't realize that he is the one who paid the bill until the end of the feast.</p>","source":"lsy1571700905465","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>2021 King of Bubbles</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n2021 King of Bubbles\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">起朱楼宴宾客</strong><span class=\"h-time small\">2021-04-06 11:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In October 2019, Richard Branson, the founder of Virgin Group, who was nearly seventy years old, wore Under Armour's special space suit and jumped onto the small balcony of the trading floor of the New York Stock Exchange in high spirits.</p><p>Ringing<a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>After the bronze bell was listed, he said excitedly:</p><p>I feel that I am one step closer to the space dream I started more than 20 years ago. What helped him realize his dream was not a common IPO-let alone profits, Virgin Galactic's annual income was only a pitiful few hundred thousand dollars-Virgin Galactic's listing was achieved by merging it with a SPAC company with the stock code IPOA.</p><p>If this is a bit difficult to understand, to use the word more familiar to Chinese investors, it is Virgin Galactic success<b>\"Backdoor listing\"</b>Yeah, I've got it.</p><p>After ringing the bell, Virgin Galactic's stock price tripled in three months, and once rose from $10 to more than $60 in the following year.</p><p>However, for this company with a current market value of more than US $6 billion, but revenue last year was only 200,000, and no revenue in the second, third and fourth quarters, it is not Richard Branson, of course, will not be the space passengers who bought tickets but are still waiting in line, but the sponsor of the SPAC company called Social Capital Hedosphia Holdings.</p><p>Let's settle the bill.</p><p>When the SPAC company was established in 2017, it issued a total of 60 million shares and raised US $600 million.</p><p>Since the \"gameplay\" of SPAC is that the sponsor has the right to obtain 20% of the shares after the IPO for free, that is to say, he automatically owns the 15 million shares that have fallen from the sky. In addition, he received warrants equivalent to 20% of his holdings.</p><p>With the successful merger of this SPAC company and Virgin Galactic, the sponsor not only became the chairman of New Virgin Galactic, but also his equity quickly appreciated to US $1.5 billion.</p><p>And his initial investment was only the $25,000 needed to set up the SPAC company.</p><p><b>American capitalists once again defined the word \"empty gloves and white wolves\".</b></p><p>And this sponsor is none other than Chamath Palihapitiya, who became famous for \"voicing\" retail investors during the Gamestop retail investors' war against Wall Street a few months ago.</p><p>His most famous speech goes like this:</p><p>\"... In the 2008 stock market crash, some people had a set for more than ten years, and some people lost their houses and cars. Now retail investors have found an opportunity to buy GME together, and you are actually clamoring for legal control. Why have institutions operated illegally for so many years? Everyone doesn't even blink their eyelids? Why can they not be held accountable even if they short 140%, and we have to take responsibility? If Wall Street hadn't used tools that retail investors couldn't use every day, how could it be 40% more and be caught by retail investors? \" We don't know whether Wall Street uses tools that retail investors cannot use to make profits, but it is a certain fact that Chamath himself used SPAC, a \"tool\" that retail investors cannot even catch, to make more than one billion dollars in empty gloves.</p><p><img src=\"https://static.tigerbbs.com/23c8fa56b11d42270c765b96d761190d\" tg-width=\"1000\" tg-height=\"542\" referrerpolicy=\"no-referrer\"></p><p>After tasting the sweetness, he even established a series of new SPAC companies from IPOB, IPOC to IPOF in one go, raising more than US $3 billion.</p><p>So, is he ready to use the alphabet to realize his life ideal?</p><p>one</p><p>Chamath is not the only one who wants to use SPAC to realize their life ideals.</p><p>Little Superman Li Zekai's SPAC company also successfully IPO on Nasdaq in October last year, code-named BTWN.</p><p>He spent $25,000 and acquired 287.5 shares of the founder's stock, and as of the close of trading on March 31, the market value of this SPAC company had reached $750 million.</p><p>In other words, it took only five months for Li Zekai to build a shell company. Before any assets were installed, the value of the stocks he held had already increased by 1,200 times.</p><p><b>You see, nowadays, big guys only need to move their fingers to build a shell, and they can achieve two small goals, even without doing PPT.</b></p><p>Perhaps it's too easy to make this money. Since last year, from large PE institutions such as CITIC Capital and Hony Capital, to well-known investors such as Fang Fenglei and Hu Zuliu, to Guan Jinsheng, who has been silent for many years, and Jia Yueting, who has been suffocated by his dreams, The establishment of SPAC has become the consensus of the big guys.</p><p>Of course, compared with the digital currency ICOs that \"fooled\" all kinds of celebrities to join in those days, those currently making efforts in the SPAC field are basically primary market investors.</p><p>And because SPAC doesn't have to fool retail investors into playing together like ICO from establishment to mergers and acquisitions, it is also more low-key in public opinion.</p><p>Only through<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>A latest research report-yes, Goldman Sachs, whose employees at the bottom of the investment bank wrote a PPT protest because of the overwhelming workload of the SPAC-we can know how popular this \"undercurrent\" is.</p><p>According to statistics, in the ten years from 2009 to 2019, a total of 226 SPAC companies conducted IPOs. In 2020 alone, the number of IPO SPAC companies exceeded the sum of the past decade, reaching 228.</p><p>By 2021, it will take less than 3 months for the number of IPO SPAC companies to reach 200.</p><p>In addition, the total IPO financing of SPAC companies in 2020 is US $77 billion, accounting for half of the US stock IPO market. In the first two months of 2021, the IPO financing amount of SPAC has exceeded 56 billion US dollars, reaching 2/3 of the US stock IPO market.</p><p><img src=\"https://static.tigerbbs.com/1cf570d88b3636c5d3aaf112f06f4554\" tg-width=\"924\" tg-height=\"568\" referrerpolicy=\"no-referrer\"></p><p>In other words, two-thirds of the companies listed in the United States in the first two months of this year were empty \"blank check\" companies, and they have raised more than 350 billion yuan.</p><p>According to Goldman Sachs statistics, there are now more than $100 billion in SPAC funds wandering around the market looking for acquisition targets, and if it continues to develop at the current rate, the value of companies acquired by SPAC companies will exceed $700 billion in the next two years.</p><p>What is the concept of $700 billion?</p><p><b>In 2020, the global IPO scale will be approximately US $300 billion. In other words, Goldman Sachs feels that SPACs will inflate a new IPO market in the next two years.</b></p><p>We have all been educated for many years. The reason why there are so many backdoor speculation in A-shares is that A-shares are not registered. Look at the U.S. stock market, aren't they all companies that regularly go through IPOs?</p><p>However, the SPAC fire proves that your uncle is still your uncle-just in<a href=\"https://laohu8.com/S/00170\">China Capital</a>While the family is still struggling to find a shell and fried shell, the United States has realized a fully automatic production line for shells.</p><p>two</p><p>So, what exactly is the essence of a SPAC?</p><p>It's actually not complicated,<b>It's a \"blatant\" shell company</b>，<b>Complete the IPO through a special channel allowed by American regulation and raise funds, and then use the funds to acquire a target company with actual business.</b></p><p>Therefore, the target company achieved its own listing by grafting flowers and trees.</p><p>Some people compare it to a \"blind box\" in the investment circle, because investors will not know what assets they ultimately hold until the SPAC completes the merger and acquisition.</p><p>This metaphor is really subtle, but it is not only to describe the investment side, but also to describe the initiators of the production SPAC.</p><p>Let's talk about the former first.</p><p><b>First of all, the establishment mechanism of SPAC determines that there is almost no risk of loss for funds participating in IPOs.</b>Because if the merger and acquisition is not completed within the specified time, the SPAC sponsor needs to return the funds to the investors intact.</p><p>Moreover, since the funds will be credited to a specially regulated account during the IPO, there is no risk of being diverted by the sponsor for other purposes.</p><p>Even better, even if the SPAC announces the merger target, if investors are not optimistic about the quality of the target company, they can withdraw funds at any time before the end of the merger.</p><p>In other words, the funds participating in the SPAC IPO get not only a blind box, but also a blind box that can be returned 100% if you don't like it after opening it.</p><p>Therefore, according to research statistics, for funds participating in SPAC IPOs, the average annualized rate of return in the past few years can reach 11.6%, and the probability of loss is zero.</p><p>Who doesn't love this box?</p><p>Of course, this part of the funds has to pay the time cost, that is, the opportunity cost lost by choosing to participate in the SPAC without making other investments-if the SPAC merger fails within two years, this part of the funds can only be paid back.</p><p>But for U.S. investors whose policy rates are lying on the floor and will be on the floor for the foreseeable future, this time cost is almost non-existent now.</p><p>No wonder Goldshing declared,<b>SPACs are a good alternative to cash in a zero interest rate environment.</b></p><p><img src=\"https://static.tigerbbs.com/22fee890a51600fb8766eba74edc13d2\" tg-width=\"882\" tg-height=\"670\" referrerpolicy=\"no-referrer\"></p><p>Let's talk about the latter.</p><p>For the sponsors of SPACs, in theory, they don't know what kind of target companies they can find for mergers and acquisitions in the future. Because according to SEC regulations, SPACs are not allowed to lock in the target company to be acquired before the IPO, otherwise they must make detailed information disclosure, which will greatly affect the process of the IPO.</p><p>But is that really the case?</p><p>Then why are SPACs often set up by those PE/VC bosses who hold the assets of companies to be listed?</p><p>Why is the average time from IPO to announcement of mergers and acquisitions for SPACs shortened from 387 days from 2010 to 2019 to 366 days in 2020, and then further shortened to 175 days this year?</p><p>There will even be a SPAC company like Northern Star Investment Corp II that announced its merger and acquisition target less than a month after its listing?</p><p>So, as the head of the Asian equity capital markets department of a foreign investment bank told the media:</p><p>\"In fact, many private equity firms are optimistic about the target before the SPAC is listed, which may be a long-term concern, and may not necessarily inject it immediately after the listing; it may also be that the SPAC will definitely inject certain assets as soon as it is listed, and there is no need to wait for as long as two years...\" \"... Although the acquisition target cannot be publicly mentioned when the SPAC is listed, as long as the expected acquisition target can be described specifically enough during the publicity, it will be silent... There is no real hammer in supervision, and it is not easy to manage.\" For SPAC sponsors, like the manufacturers of blind boxes, they know from the beginning which blind box contains rare models, and even the probability of rare models can be calculated clearly.</p><p>At this point, we can summarize the essence of SPAC-</p><p><b>In fact, it is a new type of cash-out tool invented by the capital circle. It is a cash alternative to financial management discovered by the capital circle. It is a \"Fast Track\" found when everyone is worried about not being able to catch up with this capital feast.</b></p><p>Want to find an exit channel for the company you invested in in previous years, but suffering from too long IPO time and too high requirements? It doesn't matter, let's set up a SPAC first.</p><p>The company wants to go public, but it doesn't even meet the most basic requirements of the US stock registration system? It doesn't matter, go find a SPAC for mergers and acquisitions.</p><p>Have a sum of money to invest and want both capital preservation and potentially high yields? No problem, go and invest in a SPAC IPO.</p><p><b>Therefore, SPAC is a blind box, and it is also a \"packing box\" before the end of the feast.</b></p><p>It can lock in the fruits of victory in advance for those primary market bosses who are worried that the companies they invest will not catch up with the IPO window;</p><p>It can act as a white knight for those entrepreneurs who failed on the IPO road for various reasons;</p><p>It can also provide a solution for those hedge fund funds who are afraid of stepping short and chasing high prices.</p><p>From this perspective, it is difficult to think about SPACs not being popular.</p><p>three</p><p>Since SPAC is such a good thing, why didn't it suddenly get serious until the past two years?</p><p>In addition to what was mentioned in the previous part, for the capital side, the low interest rate environment in the past two years has reduced the time cost of investing in SPACs to almost zero, and the remaining reasons can almost all be summarized in eight words--</p><p><b>Time waits for no man, seize the day.</b></p><p>After all, for companies that want to go public, SPAC is by no means a perfect listing model. On the contrary, listing through SPAC is the same as the so-called \"bloody listing\" when the Nasdaq bubble burst.</p><p>Open the merger and acquisition prospectus of any SPAC, and you will see how expensive it is for the founder of a company to go public with a SPAC.</p><p>Simply put, after the acquisition is completed, the property rights and control rights of the founder of the target company will almost be sharply diluted.</p><p>This has also led to the fact that for so many years after the birth of SPAC, any company that can go public on the path of IPO is never willing to go public through the SPAC model. In such an a vicious circle, the latter are left with defective products that can't be put on the market.</p><p>However, this situation changed dramatically in October 2019.</p><p>If you have an impression of the U.S. stock market during that time, the most explosive news is the super unicorn in the shared office industry<a href=\"https://laohu8.com/S/WE\">WeWork</a>The listing failed.</p><p><b>The failure of the sprint IPO not only burst WeWork's valuation bubble, but also caused the founder to be plagued by scandals and slump.</b></p><p>As at the time<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>It was pointed out in a report to investors:</p><p>\"The failure of WeWork's IPO marks the end of an era, an era in which the company can obtain ultra-high valuations even if it is not profitable.\" Not only did WeWork, a giant \"unicorn\", suddenly leave the IPO front desk, which stimulated the founders of the company, but the difficulties faced by SoftBank, the investor behind WeWork, also made market investors feel the same way.</p><p>In the subsequent COVID-19 pandemic, the revenue and valuation of many companies seeking to go public have undergone dramatic changes, which has made companies and investors begin to ponder deeply whether they want to seek an IPO that may have high returns but cannot be touched, or to seek a faster and more predictable realization model.</p><p>Therefore, what Morgan Stanley said at that time was only half right.</p><p>This era is not over yet. God closed the door to IPO for these unicorns, but opened the window of SPAC--</p><p><b>With the two characteristics of ready-made funds and pre-agreed transaction prices and conditions, SPAC provides rare support for market participants who are eager to seek cash.</b></p><p>It's like the faceless man in Spirited Away. Anything you feed in will fall out of gold. As a result, in just one year, it expanded into half of the IPO market.</p><p>After all, since last year, everyone has only one wish-<b>Hurry up!</b></p><p>For the sake of speed, investors no longer care whether the listed SPAC is called IPOA or IPOF. Anyway, it is just a shell company. As long as the bull market is still there, what they buy is a ticket that guarantees no loss.</p><p>In order to be quick, the bosses must set up SPACs in advance, even if they set up many SPACs in one go, they will be criticized by the media. Because it is always necessary to leave a period of time from the establishment of the SPAC to the \"finding\" of the M&A target as a \"fig leaf\", so as not to cause regulatory trouble.</p><p>In order to be quick, the founders of unicorns have to reluctantly give up their love for many interests that have already been obtained. After all, small intolerance will lead to chaos. Whether it is stock shares or super voting rights, they all must give way to the goal of listing.</p><p>It can be said that SPAC is the crystallization of wisdom in this IPO era that is eager for quick success and instant benefit. It is the solution after hoarding a large number of unicorns in the era of large-scale release in the past ten years, and it is even more important for this round of<b>\"King of Bubbles\"</b>。</p><p>four</p><p>At the end of the report, Goldman Sachs quoted a Stanford professor's doubts about the structure of SPACs.</p><p>\"What I can't figure out most about SPAC is why there is such a capital structure that first raises funds and then looks for listing targets, but at the same time allows this part of the raised funds to withdraw at any time, and new investors to enter at any time? In such a ridiculous capital structure, who will pay the bill?\" I don't know who paid the bill, but what I'm sure is that the last person who paid the bill won't realize that he is the one who paid the bill until the end of the feast.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/9P4xC37V8tnL-oXWk1cOUw\">起朱楼宴宾客</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f69a8901240bc6e3841acef55dd4a049","relate_stocks":{"SPCE":"维珍银河"},"source_url":"https://mp.weixin.qq.com/s/9P4xC37V8tnL-oXWk1cOUw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2125176754","content_text":"2019年10月，年近古稀的维珍集团创始人理查德·布兰森穿着Under Armour特制的太空装，精神奕奕地跳上了纽交所交易大厅的小阳台。\n在敲响维珍银河上市的铜钟后，他激动地说：\n\n 感觉自己离20多年前开始做的航天梦，又近了一步。\n\n助他圆梦的不是一场司空见惯的IPO——别说利润了，维珍银河连每年的收入都只有可怜的几十万美元——维珍银河的上市，是通过将其与一家股票代码为IPOA的SPAC公司合并实现的。\n如果这么讲有点难理解的话，用中国股民们更加熟悉的词汇来说，就是维珍银河成功“借壳上市”了。\n敲钟后，维珍银河的股价在三个月内翻了3倍，并在之后的一年多中从10美元一度涨到60多美元。\n然而对于这家目前市值超过60亿美元，但去年营收只有20万，且二三四季度颗粒无收的公司来说，在这一轮堪称完美的资本运作中获利最大的，并非理查德·布兰森，当然也不会是买了船票却还在排队的那些太空乘客们，而是那家名为Social Capital Hedosphia Holdings的SPAC公司发起人。\n我们来算一笔账。\n这家SPAC公司在2017年成立时一共对外发行了6000万股，募资达到6亿美元。\n由于SPAC的“玩法”是发起人有权无偿获得IPO之后股份的20%，也就是说，他自动拥有了天上掉下来的1500万股。此外，他还获得了相当于持有股份20%的认股权证。\n而随着这家SPAC公司和维珍银河的成功合并，这位发起人不但成为了新维珍银河公司的董事长，而且手上的股权也迅速升值到15亿美元。\n而他的初始投入，不过是设立这家SPAC公司时所需的2.5万美元。\n美国的资本家们，再一次定义了“空手套白狼”这个词。\n而这位发起人不是别人，正是在几个月前Gamestop散户大战华尔街事件中，为散户“发声”而一战成名的Chamath Palihapitiya。\n他那段最出名的发言是这么说的：\n\n “……2008年股灾，有的人一套十多年，有的人失去了房子和车子，现在散户们找到了个机会抱团买GME，你们居然就叫嚣法律管控，凭啥机构这么多年违法操作，大家连眼皮都不眨一下？凭啥他们做空了140%也可以不被追责，而我们要承担责任？要不是华尔街天天利用散户不能用的工具，怎么可能多40%而被散户抓到空子？”\n\n华尔街有没有利用散户不能用的工具牟利咱不知道，但Chamath自己利用SPAC这种散户连影子都抓不到的“工具”，空手套出来十几亿美金，这倒是板上钉钉的事实。\n\n而在尝到甜头之后，他更是一口气成立了从IPOB、IPOC到IPOF的一连串新SPAC公司，募资超过30亿美元。\n所以，他是准备用字母表实现人生理想吗？\n一\n想用SPAC实现人生理想的，可不止Chamath一个。\n小超人李泽楷的SPAC公司在去年10月也成功的在纳斯达克IPO了，代号BTWN。\n他花了2.5万美元，获得了287.5股创始人股票，而截至到3月31日收盘，这家SPAC公司的市值已经达到了7.5亿美元。\n换句话说，李泽楷造了一个空壳公司，只花了五个月，还没有装进任何资产，持有的股票价值就已经增值了1200倍。\n你看，现如今大佬们只需要动动手指造个壳，就可以实现两个小目标，连PPT都不用做了。\n或许是这钱赚得太容易，从去年开始，从中信资本和弘毅投资这样的大型PE机构，到方风雷、胡祖六等知名投资人，再到沉寂多年的管金生和为梦想窒息的贾跃亭，设立SPAC已经成为大佬们的共识。\n当然，与当年“忽悠”了各类名人加入的数字货币ICO相比，目前在SPAC领域发力的，还基本都是一级市场投资人。\n而且因为SPAC从设立到并购都不用像ICO那样要忽悠着散户一起玩，所以在舆论上也更加的低调。\n只有通过高盛的一份最新研报——对，就是那家底层投行员工因为SPAC工作量爆棚而写PPT抗议的高盛——我们才能知道这股“暗流涌动”究竟有多么的火爆。\n根据统计，在2009年到2019年的十年间，一共有226家SPAC公司进行IPO。而仅仅在2020年一年，IPO的SPAC公司就超过了过去十年的总和，达到228家。\n而到2021年，IPO 的SPAC公司达到200家只用了不到3个月的时间。\n另外，2020年SPAC公司的IPO融资总额是770亿美元，占到了美股IPO市场的半壁江山。而在2021年的前两个月，SPAC的IPO融资额已经突破了560亿美金，达到了美股IPO市场的2/3。\n\n换句话说，今年前两个月在美国上市的公司里，有三分之二都是里面空空如也的“空白支票”公司，而他们已经募到了超过3500亿人民币。\n根据高盛的统计，现在有超过1000亿美元的SPAC资金在市场上四处游荡，寻找收购目标，而如果按现在的速度继续发展，在未来两年时间里，SPAC公司收购的公司价值将超过7000亿美元。\n7000亿美元是什么概念呢？\n2020年，全球的IPO规模大概是3000亿美元。也就是说，高盛觉得SPAC在未来两年将膨胀出一个新的IPO市场出来。\n多少年来我们都被教育，之所以A股存在那么多的借壳炒壳，是因为A股不是注册制。你看美股，不都是正正规规走IPO的公司吗？\n然而SPAC的大火，证明了你大爷还是你大爷——就在中国资本家还在苦苦寻觅一个壳和炒壳的时候，美国已经实现了壳的全自动生产流水线。\n二\n那么，SPAC的本质究竟是什么？\n其实并不复杂，就是一家“明目张胆”的空壳公司，通过一个美国监管允许的特殊渠道完成IPO并且募集到资金，然后再用这笔资金去收购一家有实际业务的目标公司。\n于是，通过移花接木的方式，这家目标公司就实现了自身的上市。\n有人将其比作是投资圈的“盲盒”，因为在SPAC完成并购前，投资者都不会知道最终持有的是什么资产。\n这个比喻着实精妙，但不仅仅在于形容投资端，更在于形容生产SPAC的发起人们。\n先说前者。\n首先，SPAC的设立机制决定了参与IPO的资金几乎没有亏损风险。因为如果在规定时间内没有完成并购，SPAC发起人需要将资金原封不动地退还给投资者。\n而且由于资金在IPO时会被打入了一个特殊监管的账户，所以并没有被发起人挪为他用的风险。\n更妙的是，就算SPAC宣布了并购标的，如果投资人不看好标的公司质量的话，也可以在并购结束前随时取回资金。\n换句话说，参与SPAC IPO的资金拿到的不仅是一个盲盒，更是一个如果打开之后自己不喜欢，还能百分百退货的盲盒。\n因此，根据研究统计，对于参与SPAC IPO的资金来说，过去这些年的平均年化收益率可以达到11.6%，而且亏损几率为零。\n这一盒，谁不爱？\n当然，这部分资金要付出的是时间成本，也就是选择参与SPAC而没有去做其他投资所损耗的机会成本——万一两年内SPAC并购失败，这部分资金只能回本而已。\n不过对于政策利率趴在地板上，且在可以预见的未来都会在地板上的美国投资者来说，这个时间成本现在几乎不存在。\n难怪高盛会宣称，SPAC在零利率环境下是现金的良好替代品。\n\n再说后者。\n对于SPAC的发起人来说，理论上他们也不知道自己未来能找到什么样的标的公司来做并购。因为根据SEC的规定，SPAC不得在IPO前锁定拟收购的标的公司，否则要做详尽的信息披露，而这会大大影响IPO的进程。\n但事实真的是这样吗？\n那为什么设立SPAC的往往是那些手握拟上市公司资产的PE/VC大佬呢？\n为什么SPAC从IPO到宣布并购的平均时间，会从2010~2019年的387天，缩短到2020年的366天，再到今年进一步缩短到175天呢？\n甚至会出现Northern Star Investment Corp II这种上市不到一个月就宣布了并购标的的SPAC公司呢？\n所以，就像一家外资投行的亚洲股票资本市场部负责人对媒体说的那样：\n\n “其实很多私募在SPAC上市前就看好目标了，可能是长期关注的，不一定上市后就立刻注入；也可能是SPAC一挂牌就确定会注入某些资产，不用等两年那么久……”“……虽然在SPAC上市的时候不能公开提及收购目标，但只要在宣传的时候可以把预期的收购对象描述的足够具体，就尽在不言中了……监管没有实锤，也不好管。”\n\n对于SPAC发起人来说，他们和盲盒的生产商一样，从一开始就知道哪个盲盒里面是稀有款，甚至连稀有款的概率都能算得一清二楚。\n到这里，我们可以总结出SPAC的本质了——\n其实就是资本圈发明的一款新型套现工具，是资金圈发现的包赚不赔的现金替代理财，是所有人担心赶不上这场资本盛宴时找到的一条“Fast Track”。\n想为之前几年投的公司找退出渠道，却苦于IPO时间太久、要求太高？没关系，先成立个SPAC吧。\n公司想上市，却连最基本的美股注册制的要求都没达到？没关系，去找个SPAC做并购啊。\n有一笔钱要投资，既要保本又想要潜在的高收益？没问题，去投个SPAC的IPO呗。\n所以，SPAC是个盲盒，更是个盛宴结束前的“打包盒”。\n它可以替那些担心投出去的公司赶不上IPO窗口的一级市场大佬们提前锁定胜利的果实；\n可以为那些在IPO路上因为种种原因铩羽而归的创业者们充当白衣骑士；\n也可以为那些怕踏空又怕追高的对冲基金资金们提供一个包赚不赔的解决方案。\n从这个角度来看，SPAC想不火都难。\n三\n既然SPAC是一个这么好的东东，为什么直到这两年才突然受重视呢？\n除了前一部分提到的，对于资金方而言，这两年的低利率环境让投资SPAC的时间成本降到几乎为零之外，剩下的理由几乎都可以总结为八个字——\n时不我待，只争朝夕。\n毕竟对于想要上市的公司而言，SPAC绝非完美无缺的上市模式，甚至恰恰相反，通过SPAC上市和纳斯达克泡沫破裂时所谓的“流血上市”是一样的。\n打开任意一份SPAC的并购说明书，你就会发现利用SPAC上市对公司创始人来说代价有多么高昂。\n简单来讲，就是在收购完成之后，并购标的公司创始人的财产权与控制权几乎都会被急剧稀释。\n这也就导致了在SPAC诞生后的这么多年来，但凡能走IPO道路上市的公司，都绝不愿意通过SPAC模式上市。而在这样的恶性循环中，留给后者的都是那些上不了市的残次品。\n然而这一局面在2019年10月份发生了天翻地覆的变化。\n如果对那段时间的美股市场有印象的话，最爆炸性的新闻莫过于共享办公界的超级独角兽WeWork上市失败了。\n冲刺IPO失败不仅让WeWork的估值泡沫破裂，更让创始人丑闻缠身，一蹶不振。\n正如当时摩根士丹利在给投资者的一份报告里指出的：\n\n “WeWork IPO的失败，标志着一个时代的终结，一个哪怕公司不盈利，也可以获得超高估值的时代。”\n\n不仅仅是WeWork这只巨无霸“独角兽”从IPO的前台黯然离场刺激到了企业创始人们，WeWork背后投资人软银由此面临的困境也让市场投资者们感同身受。\n而在此后的新冠疫情中，许多谋求上市的企业自身的营收和估值都出现了戏剧性变化，这让企业和投资人开始深思，自己到底是要谋一个可能收益很高但却会摸不着的IPO，还是去求一个更快而且更有可预测性的变现模式。\n因此，大摩当时的话只说对了一半。\n这个时代还没有结束，上帝给这些独角兽们关上了IPO的门，却打开了SPAC的窗——\nSPAC以现成的资金，以及事前说定的交易价格和条件这两大特点，为急于寻求变现的市场参与者提供了难得的支撑。\n它就像千与千寻里的那个无脸男，你喂进去任何事物，都会掉出黄金。于是乎，仅仅用了一年的时间，它就膨胀出了IPO市场的半壁江山。\n毕竟去年以来，所有人都只有一个心愿——快！\n为了快，投资者们根本不再关心上市的SPAC是叫IPOA还是IPOF，反正都只是一个空壳公司，只要牛市还在，自己买的就是一张包赚不赔的船票。\n为了快，大佬们要提前设立好SPAC，哪怕一口气设立很多个会被媒体吐槽。因为总要给SPAC成立到“找到”并购标的留一段时间做“遮羞布”，免得惹来监管的麻烦。\n为了快，独角兽创始人们不得不对很多已经到手的利益忍痛割爱，毕竟小不忍则乱大谋。无论是股票份额，还是超级投票权，统统要让道于上市的目标。\n可以说，SPAC就是这个急功近利的IPO时代的智慧结晶，是过去十年大放水时代里囤积出大量独角兽后的解决方案，更是这一轮的“泡沫之王”。\n四\n高盛在报告的最后，援引了一位斯坦福教授对于SPAC结构的疑惑，\n\n “关于SPAC我最想不通的是，为什么会产生这样一种资本结构，先募集资金，再去寻找上市标的，但同时又允许这部分募集资金随时退出，新投资者随时进入？在这样一种荒谬的资本结构中，究竟是谁来买单呢？”\n\n买单的究竟是谁我不知道，但我敢确信的是，最后买单的人，不到盛宴结束的那一天，一定不会意识到，自己就是那个买单人。","news_type":1,"symbols_score_info":{"SPCE":0.9}},"isVote":1,"tweetType":1,"viewCount":1548,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349978384,"gmtCreate":1617531997248,"gmtModify":1704700268142,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574712418352916","authorIdStr":"3574712418352916"},"themes":[],"htmlText":"Families of the wealthiest.&nbsp;","listText":"Families of the wealthiest.&nbsp;","text":"Families of the wealthiest.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/349978384","repostId":"2124754238","repostType":4,"repost":{"id":"2124754238","kind":"highlight","pubTimestamp":1617501734,"share":"https://ttm.financial/m/news/2124754238?lang=en_US&edition=fundamental","pubTime":"2021-04-04 10:02","market":"us","language":"zh","title":"50 major families control $1.2 trillion in wealth! Meet the Rothschilds in America","url":"https://stock-news.laohu8.com/highlight/detail?id=2124754238","media":"华尔街见闻","summary":"过去的一、两年，你可能经常听到马斯克（Elon Musk）、贝佐斯（Jeff Bezos）或者盖茨（Bill Gates）轮流“坐庄”美国首富这种故事。这些都是个人。如果换个角度，从家族来看呢？换个说","content":"<p>In the past year or two, you may have often heard the story of Elon Musk, Jeff Bezos or Bill Gates taking turns to \"sit\" on the richest man in the United States.</p><p>These are individuals. What if you look at it from another angle, from the family? To put it another way: after reading the new money, what happened to the old money?</p><p>Forbes' list of the most prominent rich families in the United States reveals the answer: many rich families remain unchanged and are still rich, and now with the company's stock price rising, they are now even more rich.</p><p>This can be easily seen from one of the details: to be on this list of rich families, you must have at least $7.3 billion in wealth-this threshold is 1.3 billion or 22% higher than $6 billion five years ago.</p><p>This list lists 50 of the richest families in the United States, with a total wealth of $1.2 trillion. The last time the list was published was in 2015, when the total wealth was $916 billion, which is about 30% lower than the current level.</p><p>Specifically,<a href=\"https://laohu8.com/S/WMT\">Walmart</a>The heirs, the Walton family, remain firmly at the top of the list. Benefiting from the pandemic<a href=\"https://laohu8.com/S/WMT\">Walmart</a>Strong rally in stocks, the family's fortune now stands at $247 billion, up $77.3 billion over the past year. The family holds about 50% of Wal-Mart's shares, and the average annual dividend of Dividend alone exceeds $700 million.</p><p><img src=\"https://static.tigerbbs.com/fa0755e6646f17c2471afd1f64037179\" tg-width=\"1600\" tg-height=\"900\" referrerpolicy=\"no-referrer\">The Koch brothers family (Kochs), the founders of industrial giant Koch, ranked second with a wealth of $115 billion. Koch manufactures a wide range of industrial products, including pipes, chemicals, water cups, carpets and more. The Koch family holds an 84% stake in Koch Industries.</p><p>The third place on the list is a brother and sister family: Jacqueline Mars, John Mars and their late brother Forrest Jr., with a family fortune of $94 billion. They mainly inherited shares in the confectionery company founded by their grandfather Frank Mars in 1911. This candy company is very familiar to Chinese people, that is, Mars, a multinational enterprise famous for M&M and Snickers. The company has annual revenue of $35 billion.<img src=\"https://static.tigerbbs.com/c6a07d9f233c471793aad3ed39be236c\" tg-width=\"1778\" tg-height=\"848\" referrerpolicy=\"no-referrer\">In fourth place is the Cargill-MacMillan family, with a fortune of $47 billion. Just look at the name and tell which company they own-Cargill Inc., one of the four largest grain merchants in the world.</p><p>The next rich family may be known by women all over the world:<a href=\"https://laohu8.com/S/EL\">Estee Lauder</a>Families, they own<a href=\"https://laohu8.com/S/EL\">Estee Lauder</a>Group (Estee Lauder) equity, family wealth amounting to 40 billion US dollars.</p><p>Ranked sixth is the SC Johnson family, which owns SC Johnson, a global manufacturer of household cleaning and chemical consumer goods, with a wealth of $37 billion. So far, the family wealth has been passed down for five generations.</p><p>The Johnson family, the controller of the asset management giant Fidelity, has a wealth of $37 billion. Today, Edward Johnson III owns and operates Fidelity Investments and Fidelity International with his daughter Abigail Johnson.</p><p>Ranked eighth is the Cox family, who started out as a media, with a fortune of $34.5 billion. They manage Cox Enterprises, a privately held multinational conglomerate headquartered in Atlanta, Georgia, US.</p><p>It is worth noting that the Cox family is the only family in the top ten on the list whose wealth has not changed, and the total wealth of other rich families has increased significantly compared with five years ago.</p><p>In addition, the Sacklers family, owners of opioid producer Purdue Pharma, is one of the few giants on the list whose wealth has shrunk, and the attorney general of almost every U.S. state has been prosecuted for the company's role in the opioid crisis.</p><p>Among the 50 richest families, the only Chinese and the only non-white family is the Zhao family, ranking 40th on the list with a wealth of $8.6 billion. They control Westlake Chemical, one of the largest producers of low-density polyethylene in the United States and the second largest producer of PVC in the world. Zhao Tingzhen, the founder of this family, was born in Suzhou, moved to Taiwan Province after World War II, and then moved his family to the United States. In 1985, he founded West Lake Chemical Company in Texas.</p><p><img src=\"https://static.tigerbbs.com/bc094f131c66a5bfd0109ca19c032074\" tg-width=\"2034\" tg-height=\"1472\" referrerpolicy=\"no-referrer\"></p><p>The rest of the rich families listed include the Rockefeller family, which is familiar to Chinese people,<a href=\"https://laohu8.com/S/DD\">DuPont</a>Family, Kohler family, Mellon family,<a href=\"https://laohu8.com/S/JNJ\">Johnson Johnson</a>Family, Marriott Family, etc.</p><p>But there is no need to envy them, because being super rich doesn't mean these families are happy. On this list, there are at least six families who have experienced great pain or open discord among family members, including lawsuits over family trust funds, false adoptions, and even murder charges.</p><p>Visual Capitalist, an American visual information website, made a picture based on this rich list:</p><p><img src=\"https://static.tigerbbs.com/ce31c3cb4e2a1259db11e1f8b1af0b4b\" tg-width=\"1200\" tg-height=\"2184\" referrerpolicy=\"no-referrer\"></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>50 major families control $1.2 trillion in wealth! Meet the Rothschilds in America</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n50 major families control $1.2 trillion in wealth! Meet the Rothschilds in America\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-04-04 10:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In the past year or two, you may have often heard the story of Elon Musk, Jeff Bezos or Bill Gates taking turns to \"sit\" on the richest man in the United States.</p><p>These are individuals. What if you look at it from another angle, from the family? To put it another way: after reading the new money, what happened to the old money?</p><p>Forbes' list of the most prominent rich families in the United States reveals the answer: many rich families remain unchanged and are still rich, and now with the company's stock price rising, they are now even more rich.</p><p>This can be easily seen from one of the details: to be on this list of rich families, you must have at least $7.3 billion in wealth-this threshold is 1.3 billion or 22% higher than $6 billion five years ago.</p><p>This list lists 50 of the richest families in the United States, with a total wealth of $1.2 trillion. The last time the list was published was in 2015, when the total wealth was $916 billion, which is about 30% lower than the current level.</p><p>Specifically,<a href=\"https://laohu8.com/S/WMT\">Walmart</a>The heirs, the Walton family, remain firmly at the top of the list. Benefiting from the pandemic<a href=\"https://laohu8.com/S/WMT\">Walmart</a>Strong rally in stocks, the family's fortune now stands at $247 billion, up $77.3 billion over the past year. The family holds about 50% of Wal-Mart's shares, and the average annual dividend of Dividend alone exceeds $700 million.</p><p><img src=\"https://static.tigerbbs.com/fa0755e6646f17c2471afd1f64037179\" tg-width=\"1600\" tg-height=\"900\" referrerpolicy=\"no-referrer\">The Koch brothers family (Kochs), the founders of industrial giant Koch, ranked second with a wealth of $115 billion. Koch manufactures a wide range of industrial products, including pipes, chemicals, water cups, carpets and more. The Koch family holds an 84% stake in Koch Industries.</p><p>The third place on the list is a brother and sister family: Jacqueline Mars, John Mars and their late brother Forrest Jr., with a family fortune of $94 billion. They mainly inherited shares in the confectionery company founded by their grandfather Frank Mars in 1911. This candy company is very familiar to Chinese people, that is, Mars, a multinational enterprise famous for M&M and Snickers. The company has annual revenue of $35 billion.<img src=\"https://static.tigerbbs.com/c6a07d9f233c471793aad3ed39be236c\" tg-width=\"1778\" tg-height=\"848\" referrerpolicy=\"no-referrer\">In fourth place is the Cargill-MacMillan family, with a fortune of $47 billion. Just look at the name and tell which company they own-Cargill Inc., one of the four largest grain merchants in the world.</p><p>The next rich family may be known by women all over the world:<a href=\"https://laohu8.com/S/EL\">Estee Lauder</a>Families, they own<a href=\"https://laohu8.com/S/EL\">Estee Lauder</a>Group (Estee Lauder) equity, family wealth amounting to 40 billion US dollars.</p><p>Ranked sixth is the SC Johnson family, which owns SC Johnson, a global manufacturer of household cleaning and chemical consumer goods, with a wealth of $37 billion. So far, the family wealth has been passed down for five generations.</p><p>The Johnson family, the controller of the asset management giant Fidelity, has a wealth of $37 billion. Today, Edward Johnson III owns and operates Fidelity Investments and Fidelity International with his daughter Abigail Johnson.</p><p>Ranked eighth is the Cox family, who started out as a media, with a fortune of $34.5 billion. They manage Cox Enterprises, a privately held multinational conglomerate headquartered in Atlanta, Georgia, US.</p><p>It is worth noting that the Cox family is the only family in the top ten on the list whose wealth has not changed, and the total wealth of other rich families has increased significantly compared with five years ago.</p><p>In addition, the Sacklers family, owners of opioid producer Purdue Pharma, is one of the few giants on the list whose wealth has shrunk, and the attorney general of almost every U.S. state has been prosecuted for the company's role in the opioid crisis.</p><p>Among the 50 richest families, the only Chinese and the only non-white family is the Zhao family, ranking 40th on the list with a wealth of $8.6 billion. They control Westlake Chemical, one of the largest producers of low-density polyethylene in the United States and the second largest producer of PVC in the world. Zhao Tingzhen, the founder of this family, was born in Suzhou, moved to Taiwan Province after World War II, and then moved his family to the United States. In 1985, he founded West Lake Chemical Company in Texas.</p><p><img src=\"https://static.tigerbbs.com/bc094f131c66a5bfd0109ca19c032074\" tg-width=\"2034\" tg-height=\"1472\" referrerpolicy=\"no-referrer\"></p><p>The rest of the rich families listed include the Rockefeller family, which is familiar to Chinese people,<a href=\"https://laohu8.com/S/DD\">DuPont</a>Family, Kohler family, Mellon family,<a href=\"https://laohu8.com/S/JNJ\">Johnson Johnson</a>Family, Marriott Family, etc.</p><p>But there is no need to envy them, because being super rich doesn't mean these families are happy. On this list, there are at least six families who have experienced great pain or open discord among family members, including lawsuits over family trust funds, false adoptions, and even murder charges.</p><p>Visual Capitalist, an American visual information website, made a picture based on this rich list:</p><p><img src=\"https://static.tigerbbs.com/ce31c3cb4e2a1259db11e1f8b1af0b4b\" tg-width=\"1200\" tg-height=\"2184\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3626144\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fa0755e6646f17c2471afd1f64037179","relate_stocks":{"WMT":"沃尔玛"},"source_url":"https://wallstreetcn.com/articles/3626144","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2124754238","content_text":"过去的一、两年，你可能经常听到马斯克（Elon Musk）、贝佐斯（Jeff Bezos）或者盖茨（Bill Gates）轮流“坐庄”美国首富这种故事。这些都是个人。如果换个角度，从家族来看呢？换个说法就是：看完了新钱，那些老钱怎么样了呢？《福布斯》公布的美国最显赫的富豪家族榜揭示了答案：很多富豪家族岿然不动，依然是富豪，并且如今随着公司股价走高，现在是豪上更壕了。这一点从其中一个细节就能轻松看出来：要登上这份富豪家族榜，至少要有73亿美元财富——这个门槛比五年前的60亿美元提高了13亿，提高幅度达到22%。这份榜单一共列举了50个美国最富有的家族，他们的财富总额高达1.2万亿美元。上一次发榜单是在2015年，当时的财富总额是9160亿美元，这比目前低了30%左右。具体来看，沃尔玛继承人沃尔顿家族依然稳坐榜首。受益于疫情期间沃尔玛股票的强劲上涨，该家族的财富现在达到2470亿美元，过去一年增加了773亿美元。该家族持有沃尔玛约50%的股份，平均每年仅股息分红就超过7亿美元。工业巨头科赫的创始人科赫兄弟家族（Kochs）以1150亿美元财富位列第二。科赫生产范围广泛的工业制品，包括管道、化学品、水杯、地毯等。科赫家族持有科赫工业集团（Koch Industries）84%的股份。榜单第三位是兄妹一家亲：杰奎琳·玛斯（Jacqueline Mars）、约翰·玛斯（John Mars）以及他们已故的兄弟小福雷斯特（Forrest Jr.），家族财富940亿美元。他们主要是继承了祖父Frank Mars于1911年创立的糖果公司股份。这个糖果公司中国人非常熟悉，那就是以M＆M和士力架（Snickers）闻名的跨国企业Mars。该公司年收入为350亿美元。位列第四的是Cargill-MacMillan家族，财富470亿美元。看这名字就知道他们拥有哪家企业了——全球四大粮商之一嘉吉（Cargill Inc.）。下一个富豪家族可能全球的女人们都知道：雅诗兰黛家族，他们拥有雅诗兰黛集团（Estee Lauder）的股权，家族财富达400亿美元。排在第六位的是庄臣家族，他们拥有全球家用清洁和化学消费品制造商庄臣集团（SC Johnson），财富为370亿美元，迄今，家族财富已经传承了五代。资管巨头富达（Fidelity）的掌控人约翰逊家族，财富为370亿美元。如今，爱德华·约翰逊三世与女儿Abigail Johnson一起拥有并经营富达投资（Fidelity Investments）和富达国际（Fidelity International）。排名第八的是以媒体起家的考克斯家族，财富345亿美元。他们管理着考克斯集团(Cox Enterprises)，这是一家总部位于美国佐治亚州亚特兰大的私营跨国企业集团。值得注意的是，考克斯家族是榜单前十位唯一一个财富数额没有变动的家族，其余富豪家族的财富总额都比五年前有着显著的增加。此外，阿片类药物生产商普渡集团（Purdue Pharma）的所有者Sacklers家族是榜单上少数几个财富缩水的豪门，几乎每个美国州的检察长都因该公司在阿片类药物危机中的作用而受到起诉。这50大富豪家族中，唯一一个华裔、也是唯一一个非白人家族是赵氏家族，以86亿美元财富排在榜单第40位。他们控制着西湖化工（Westlake Chemical）——美国最大的低密度聚乙烯生产商之一，也是全球第二大PVC生产商。这个家族的创始人赵廷箴出生于苏州，二战后迁居台湾，又举家迁往美国，1985年在德州创立了西湖化学公司。其余在列的富豪家族包括中国人耳熟能详的洛克菲勒家族、杜邦家族、科勒家族、梅隆家族、强生家族、万豪家族等。不过也不需要羡慕他们，因为超级富有并不意味着这些家庭就很幸福。在这份名单上，有至少6个家族经历了非常的痛苦，或者家庭成员之间公开不和，包括围绕家族信托基金的官司大战、虚假收养，甚至谋杀指控。美国视觉化信息网站Visual Capitalist根据这份富豪榜制作了一张图：","news_type":1,"symbols_score_info":{"WMT":0.9}},"isVote":1,"tweetType":1,"viewCount":1665,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":356898373,"gmtCreate":1616767493192,"gmtModify":1704798651193,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574712418352916","authorIdStr":"3574712418352916"},"themes":[],"htmlText":"Kate is wonderfully right.","listText":"Kate is wonderfully right.","text":"Kate is wonderfully right.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/356898373","repostId":"2122729479","repostType":2,"repost":{"id":"2122729479","kind":"news","pubTimestamp":1616759345,"share":"https://ttm.financial/m/news/2122729479?lang=en_US&edition=fundamental","pubTime":"2021-03-26 19:49","market":"us","language":"zh","title":"Jiang Yingchun talks about \"Bilibili writes Baidu into the company's information sheet\": Bilibili itself is not rigorous enough","url":"https://stock-news.laohu8.com/highlight/detail?id=2122729479","media":"新浪财经","summary":"相关新闻：B站为何误将百度写进资料表？律所写错了“B站将百度写进公司资料表”上热搜 网友：抄作业没抄对3月26日，针对b站将百度写进公司资料表一事，@蒉莺春Kate微博发文称： 这种百年不遇的事情说明了两个问题：1 Skadden 太乌龙了，按照道理不应该有这种出品。是不是接单太多没有品控了？就这也不应该啊！2 B站自己也不够严谨吧，公司自己团队不复核外部团队的作业吗？这对于公司信誉有很大损伤。当然，外部律师如果一定要扯呢，最后可能会说这些都是公司sing-off 的，因此也不能怪外部律师……但这种律师团队估计以后再接案子客户也得掂量掂量……","content":"<p><html><body>Related news: Why did bilibili mistakenly<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Write it into the data sheet? The law firm made a mistake</p><p>\"Station B writes Baidu into the company information sheet\" hot search netizens: I didn't copy the homework correctly</p><p>On March 26th, in response to bilibili's inclusion of Baidu in the company information sheet, @ Yingchun Kate<a href=\"https://laohu8.com/S/WB\">Weibo</a>The article said: This kind of once-in-a-century thing illustrates two problems: 1 Skadden is too oolong. According to the reason, there should be no such product. Are there too many orders and no quality control? This shouldn't be the case! 2 Bilibili itself is not rigorous enough. Doesn't the company's own team review the work of external teams? This is a great damage to the company's reputation. Of course, if external lawyers have to talk about it, they may end up saying that these are all sing-off of the company, so you can't blame external lawyers... But this kind of lawyer team estimates that clients will have to weigh it when taking cases in the future...</p><p></body></html></p>","source":"sina_symbol","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>Jiang Yingchun talks about \"Bilibili writes Baidu into the company's information sheet\": Bilibili itself is not rigorous enough</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJiang Yingchun talks about \"Bilibili writes Baidu into the company's information sheet\": Bilibili itself is not rigorous enough\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-03-26 19:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body>Related news: Why did bilibili mistakenly<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Write it into the data sheet? The law firm made a mistake</p><p>\"Station B writes Baidu into the company information sheet\" hot search netizens: I didn't copy the homework correctly</p><p>On March 26th, in response to bilibili's inclusion of Baidu in the company information sheet, @ Yingchun Kate<a href=\"https://laohu8.com/S/WB\">Weibo</a>The article said: This kind of once-in-a-century thing illustrates two problems: 1 Skadden is too oolong. According to the reason, there should be no such product. Are there too many orders and no quality control? This shouldn't be the case! 2 Bilibili itself is not rigorous enough. Doesn't the company's own team review the work of external teams? This is a great damage to the company's reputation. Of course, if external lawyers have to talk about it, they may end up saying that these are all sing-off of the company, so you can't blame external lawyers... But this kind of lawyer team estimates that clients will have to weigh it when taking cases in the future...</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/chanjing/gsnews/2021-03-26/doc-ikknscsk1862084.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6a11ce01a8b984f6556550c8dba00e7f","relate_stocks":{"BILI":"哔哩哔哩","09626":"哔哩哔哩-W","QNETCN":"纳斯达克中美互联网老虎指数","BIDU":"百度"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/chanjing/gsnews/2021-03-26/doc-ikknscsk1862084.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2122729479","content_text":"相关新闻：B站为何误将百度写进资料表？律所写错了“B站将百度写进公司资料表”上热搜 网友：抄作业没抄对3月26日，针对b站将百度写进公司资料表一事，@蒉莺春Kate微博发文称： 这种百年不遇的事情说明了两个问题：1 Skadden 太乌龙了，按照道理不应该有这种出品。是不是接单太多没有品控了？就这也不应该啊！2 B站自己也不够严谨吧，公司自己团队不复核外部团队的作业吗？这对于公司信誉有很大损伤。当然，外部律师如果一定要扯呢，最后可能会说这些都是公司sing-off 的，因此也不能怪外部律师……但这种律师团队估计以后再接案子客户也得掂量掂量……","news_type":1,"symbols_score_info":{"QNETCN":0.6,"BILI":1,"BIDU":1,"09626":1}},"isVote":1,"tweetType":1,"viewCount":1655,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350480391,"gmtCreate":1616252051713,"gmtModify":1704792489101,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574712418352916","authorIdStr":"3574712418352916"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/350480391","repostId":"2120116882","repostType":2,"isVote":1,"tweetType":1,"viewCount":1787,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325216174,"gmtCreate":1615901977098,"gmtModify":1704788185715,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574712418352916","authorIdStr":"3574712418352916"},"themes":[],"htmlText":"Tesla killer? How many people in this world can beat Musk in creativity and execution abilities? I doubt it.","listText":"Tesla killer? How many people in this world can beat Musk in creativity and execution abilities? I doubt it.","text":"Tesla killer? How many people in this world can beat Musk in creativity and execution abilities? I doubt it.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/325216174","repostId":"2119946315","repostType":2,"isVote":1,"tweetType":1,"viewCount":1720,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325869199,"gmtCreate":1615886696511,"gmtModify":1704787934883,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574712418352916","authorIdStr":"3574712418352916"},"themes":[],"htmlText":"It sure will go higher and further.","listText":"It sure will go higher and further.","text":"It sure will go higher and further.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/325869199","repostId":"1122634502","repostType":4,"repost":{"id":"1122634502","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1615872763,"share":"https://ttm.financial/m/news/1122634502?lang=en_US&edition=fundamental","pubTime":"2021-03-16 13:32","market":"hk","language":"zh","title":"Even with good profits, Xiaomi's growth expanded to over 8%","url":"https://stock-news.laohu8.com/highlight/detail?id=1122634502","media":"老虎资讯综合","summary":"周二午后，小米集团-W涨幅持续扩大，现涨超8%。消息面上，富时罗素表示，小米应可重新加入富时罗素指数，并于2021年6月21日生效。此前，美国一位法官周五暂时阻止了美国国防部对小米的禁令。汇丰研究发布","content":"<p>Tuesday afternoon,<a href=\"https://laohu8.com/S/01810\">Xiaomi Group-W</a>The increase continued to expand, and it is now up more than 8%.</p><p><img src=\"https://static.tigerbbs.com/590c6ab67d1e15ac886e99e277e9c195\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>On the news, FTSE Russell said that Xiaomi should be able to rejoin the FTSE Russell Index, which will take effect on June 21, 2021.</p><p>Earlier, a U.S. judge temporarily blocked the U.S. Department of Defense's ban on Xiaomi on Friday.</p><p><a href=\"https://laohu8.com/S/HSBC\">HSBC</a>Research released a research report, raising the target price of Xiaomi Group from HK $27.5 to HK $28, raising the rating from \"hold\" to \"buy\", and raising its net profit forecast for 2020-22 by 4%, 5% and 6%, mainly reflecting the profit margin outlook of the smartphone business.</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>Even with good profits, Xiaomi's growth expanded to over 8%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEven with good profits, Xiaomi's growth expanded to over 8%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-16 13:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tuesday afternoon,<a href=\"https://laohu8.com/S/01810\">Xiaomi Group-W</a>The increase continued to expand, and it is now up more than 8%.</p><p><img src=\"https://static.tigerbbs.com/590c6ab67d1e15ac886e99e277e9c195\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>On the news, FTSE Russell said that Xiaomi should be able to rejoin the FTSE Russell Index, which will take effect on June 21, 2021.</p><p>Earlier, a U.S. judge temporarily blocked the U.S. Department of Defense's ban on Xiaomi on Friday.</p><p><a href=\"https://laohu8.com/S/HSBC\">HSBC</a>Research released a research report, raising the target price of Xiaomi Group from HK $27.5 to HK $28, raising the rating from \"hold\" to \"buy\", and raising its net profit forecast for 2020-22 by 4%, 5% and 6%, mainly reflecting the profit margin outlook of the smartphone business.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/14d6e649b06703312499e84952510944","relate_stocks":{"01810":"小米集团-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122634502","content_text":"周二午后，小米集团-W涨幅持续扩大，现涨超8%。消息面上，富时罗素表示，小米应可重新加入富时罗素指数，并于2021年6月21日生效。此前，美国一位法官周五暂时阻止了美国国防部对小米的禁令。汇丰研究发布研究报告，将小米集团目标价由27.5港元升至28港元，评级由“持有”升至“买入”，上调其2020-22年净利润预测4%、5%及6%，主要反映智能手机业务的利润率前景。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":1827,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":321201091,"gmtCreate":1615435217713,"gmtModify":1704782726982,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574712418352916","authorIdStr":"3574712418352916"},"themes":[],"htmlText":"The title of kids’ game giant is really misleading.","listText":"The title of kids’ game giant is really misleading.","text":"The title of kids’ game giant is really misleading.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/321201091","repostId":"323065144","repostType":1,"repost":{"id":323065144,"gmtCreate":1615290598688,"gmtModify":1704780666572,"author":{"id":"3510558082622800","authorId":"3510558082622800","name":"胖虎哒哒","avatar":"https://static.tigerbbs.com/75b95d9326c02813b7b87ba8c1eccb5a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3510558082622800","authorIdStr":"3510558082622800"},"themes":[],"title":"Roblox投資者日會議筆記","htmlText":"<a target=\"_blank\" href=\"https://laohu8.com/S/RBLX\">$Roblox Corporation(RBLX)$</a>&nbsp;三個半小時的投資者日會議視頻看完了，視頻組成是CEO講話+高管講解各業務線如何運作+分析師線上提問+CEO和CFO進行回覆。 首先這個視頻解決了我的疑惑點：虛擬貨幣Robux的匯率兌換，之前看招股書的時候其實公司沒有寫很詳細，這個視頻講說Robux的兌換匯率是一美分，我理解應該是按美元匯率，相當於1美元=100Robux，個人感覺這虛擬幣真挺值錢的，而且當開發者將Robux轉換成真實的美元時，平臺還會抽取佣金。 然後是變現方面，有兩點我比較關心的：虛擬貨幣Robux和廣告業務。 Robux之前很長時間是隻支持單筆充值，直到最近公司才推出了訂閱服務，然後現在他們還想做實體Robux卡、做月票、做會員體系，把Robux產品體系完善起來，我覺得想法真挺好的。 首席業務官 雖然公司是有廣告品牌方面的計劃，但是公司講說不會是普通廣告的形式，而是融入平臺本身，就像現實世界公路邊的廣告牌那樣，高管一再強調廣告不會影響用戶體驗，雖然還沒看到效果，但是我結合了一下科幻小說《雪崩》裏的描述，我大概瞭解公司說的廣告形態是什麼樣，總之，期待這樣的廣告模式有趣而且有效吧，畢竟真正優秀的產品是可以落地實現而不是畫餅。 &nbsp;關於Roblox的業務，我最驚訝的不是遊戲本身，而是公司對於基礎架構的投入，兩個點重點：個性化搜索和Roblox Cloud。 他們CTO說公司花了很多的資源投入去做個性化推薦和個性化搜索，個性化推薦很好理解，讓各個年齡段的用戶都能在平臺找到自己愛玩的項目。 但是搜索，除了瀏覽器恐怕沒幾個平臺這麼認真。我理解這麼做的目的就是爲了適應老人和小孩，這兩個年齡層都是記憶力較弱的，很容易會出現拼寫錯誤的情況，所","listText":"<a target=\"_blank\" href=\"https://laohu8.com/S/RBLX\">$Roblox Corporation(RBLX)$</a>&nbsp;三個半小時的投資者日會議視頻看完了，視頻組成是CEO講話+高管講解各業務線如何運作+分析師線上提問+CEO和CFO進行回覆。 首先這個視頻解決了我的疑惑點：虛擬貨幣Robux的匯率兌換，之前看招股書的時候其實公司沒有寫很詳細，這個視頻講說Robux的兌換匯率是一美分，我理解應該是按美元匯率，相當於1美元=100Robux，個人感覺這虛擬幣真挺值錢的，而且當開發者將Robux轉換成真實的美元時，平臺還會抽取佣金。 然後是變現方面，有兩點我比較關心的：虛擬貨幣Robux和廣告業務。 Robux之前很長時間是隻支持單筆充值，直到最近公司才推出了訂閱服務，然後現在他們還想做實體Robux卡、做月票、做會員體系，把Robux產品體系完善起來，我覺得想法真挺好的。 首席業務官 雖然公司是有廣告品牌方面的計劃，但是公司講說不會是普通廣告的形式，而是融入平臺本身，就像現實世界公路邊的廣告牌那樣，高管一再強調廣告不會影響用戶體驗，雖然還沒看到效果，但是我結合了一下科幻小說《雪崩》裏的描述，我大概瞭解公司說的廣告形態是什麼樣，總之，期待這樣的廣告模式有趣而且有效吧，畢竟真正優秀的產品是可以落地實現而不是畫餅。 &nbsp;關於Roblox的業務，我最驚訝的不是遊戲本身，而是公司對於基礎架構的投入，兩個點重點：個性化搜索和Roblox Cloud。 他們CTO說公司花了很多的資源投入去做個性化推薦和個性化搜索，個性化推薦很好理解，讓各個年齡段的用戶都能在平臺找到自己愛玩的項目。 但是搜索，除了瀏覽器恐怕沒幾個平臺這麼認真。我理解這麼做的目的就是爲了適應老人和小孩，這兩個年齡層都是記憶力較弱的，很容易會出現拼寫錯誤的情況，所","text":"$Roblox Corporation(RBLX)$ 三個半小時的投資者日會議視頻看完了，視頻組成是CEO講話+高管講解各業務線如何運作+分析師線上提問+CEO和CFO進行回覆。 首先這個視頻解決了我的疑惑點：虛擬貨幣Robux的匯率兌換，之前看招股書的時候其實公司沒有寫很詳細，這個視頻講說Robux的兌換匯率是一美分，我理解應該是按美元匯率，相當於1美元=100Robux，個人感覺這虛擬幣真挺值錢的，而且當開發者將Robux轉換成真實的美元時，平臺還會抽取佣金。 然後是變現方面，有兩點我比較關心的：虛擬貨幣Robux和廣告業務。 Robux之前很長時間是隻支持單筆充值，直到最近公司才推出了訂閱服務，然後現在他們還想做實體Robux卡、做月票、做會員體系，把Robux產品體系完善起來，我覺得想法真挺好的。 首席業務官 雖然公司是有廣告品牌方面的計劃，但是公司講說不會是普通廣告的形式，而是融入平臺本身，就像現實世界公路邊的廣告牌那樣，高管一再強調廣告不會影響用戶體驗，雖然還沒看到效果，但是我結合了一下科幻小說《雪崩》裏的描述，我大概瞭解公司說的廣告形態是什麼樣，總之，期待這樣的廣告模式有趣而且有效吧，畢竟真正優秀的產品是可以落地實現而不是畫餅。 關於Roblox的業務，我最驚訝的不是遊戲本身，而是公司對於基礎架構的投入，兩個點重點：個性化搜索和Roblox Cloud。 他們CTO說公司花了很多的資源投入去做個性化推薦和個性化搜索，個性化推薦很好理解，讓各個年齡段的用戶都能在平臺找到自己愛玩的項目。 但是搜索，除了瀏覽器恐怕沒幾個平臺這麼認真。我理解這麼做的目的就是爲了適應老人和小孩，這兩個年齡層都是記憶力較弱的，很容易會出現拼寫錯誤的情況，所","images":[{"img":"https://static.tigerbbs.com/1fc46b31726897c62c237399fa08fbc2","width":"512","height":"320"},{"img":"https://static.tigerbbs.com/ccb666f8eadc1d151e3873de6a297040","width":"688","height":"362"},{"img":"https://static.tigerbbs.com/666abdb4b6e0ceebae17643758477b68","width":"688","height":"387"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/323065144","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":7,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2373,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320929553,"gmtCreate":1615001730672,"gmtModify":1704778103130,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574712418352916","authorIdStr":"3574712418352916"},"themes":[],"htmlText":"alibaba.The dragon slayer becomes the new&nbsp;dragon.Old story.","listText":"alibaba.The dragon slayer becomes the new&nbsp;dragon.Old story.","text":"alibaba.The dragon slayer becomes the new dragon.Old story.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/320929553","repostId":"2116574238","repostType":4,"isVote":1,"tweetType":1,"viewCount":1343,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":367119836,"gmtCreate":1614919439325,"gmtModify":1704776992911,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574712418352916","authorIdStr":"3574712418352916"},"themes":[],"htmlText":"one question, where did you get all these data?","listText":"one question, where did you get all these data?","text":"one question, where did you get all these data?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/367119836","repostId":"2116120135","repostType":2,"isVote":1,"tweetType":1,"viewCount":1699,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365536375,"gmtCreate":1614758230897,"gmtModify":1704774829189,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574712418352916","authorIdStr":"3574712418352916"},"themes":[],"htmlText":"Let us shoot for the stars !","listText":"Let us shoot for the stars !","text":"Let us shoot for the stars !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/365536375","repostId":"2013046755","repostType":2,"isVote":1,"tweetType":1,"viewCount":404,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365914777,"gmtCreate":1614688975699,"gmtModify":1704774039712,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574712418352916","authorIdStr":"3574712418352916"},"themes":[],"htmlText":"awesome，will it send the price to Mars?","listText":"awesome，will it send the price to Mars?","text":"awesome，will it send the price to Mars?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/365914777","repostId":"1129446931","repostType":4,"repost":{"id":"1129446931","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1614687490,"share":"https://ttm.financial/m/news/1129446931?lang=en_US&edition=fundamental","pubTime":"2021-03-02 20:18","market":"us","language":"zh","title":"India is ready to offer incentives to Tesla to lower its production costs","url":"https://stock-news.laohu8.com/highlight/detail?id=1129446931","media":"老虎资讯综合","summary":"市场消息，印度交通部长表示：印度准备向特斯拉提供激励措施以降低其生产成本。特斯拉盘前股价短线走高。","content":"<p>According to market news, Indian Minister of Transport said: India is ready to<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Provide incentives to reduce their production costs.</p><p>Tesla's premarket stock price rose in the short term.</p><p><img src=\"https://static.tigerbbs.com/6b22aaf2be67906ba7838f4f41437509\" tg-width=\"600\" tg-height=\"373\" referrerpolicy=\"no-referrer\"></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>India is ready to offer incentives to Tesla to lower its production costs</title>\n<style 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Indian Minister of Transport said: India is ready to<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Provide incentives to reduce their production costs.</p><p>Tesla's premarket stock price rose in the short term.</p><p><img src=\"https://static.tigerbbs.com/6b22aaf2be67906ba7838f4f41437509\" tg-width=\"600\" tg-height=\"373\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/968c7f56416ea450ba452ed25e324d2e","relate_stocks":{"TSLA":"特斯拉"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129446931","content_text":"市场消息，印度交通部长表示：印度准备向特斯拉提供激励措施以降低其生产成本。特斯拉盘前股价短线走高。","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":641,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":360227498,"gmtCreate":1613946657914,"gmtModify":1704886003239,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574712418352916","authorIdStr":"3574712418352916"},"themes":[],"htmlText":"Invest in China. Not necessarily live in China.","listText":"Invest in China. Not necessarily live in China.","text":"Invest in China. Not necessarily live in China.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/360227498","repostId":"1129445314","repostType":4,"isVote":1,"tweetType":1,"viewCount":395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":360649292,"gmtCreate":1613912543316,"gmtModify":1704885876819,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574712418352916","authorIdStr":"3574712418352916"},"themes":[],"htmlText":"Why don’t just&nbsp;do it?","listText":"Why don’t just&nbsp;do it?","text":"Why don’t just do it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/360649292","repostId":"1177371356","repostType":4,"repost":{"id":"1177371356","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1613908733,"share":"https://ttm.financial/m/news/1177371356?lang=en_US&edition=fundamental","pubTime":"2021-02-21 19:58","market":"hk","language":"zh","title":"Xiaomi Group: Research on electric vehicle manufacturing business has not yet reached the formal project approval stage","url":"https://stock-news.laohu8.com/highlight/detail?id=1177371356","media":"老虎资讯综合","summary":"2月21日讯，小米集团在港公告，注意到近日若干媒体有关本集团拟进入电动汽车制造行业的报导。本集团一直关注电动汽车生态的发展，并就相关行业态势进行持续评估及研究。本集团就电动汽车制造业务的研究还没有到正式立项阶段。","content":"<p>On February 21, Xiaomi Group announced in Hong Kong that it had noticed recent media reports about the Group's intention to enter the electric vehicle manufacturing industry. The Group has been paying close attention to the development of the electric vehicle ecosystem, and continuously evaluating and studying the relevant industry situation. The Group's research on the electric vehicle manufacturing business has not yet reached the formal project approval stage.</p><p><img src=\"https://static.tigerbbs.com/3de0ddb17380d1d3e70b53261cff1cdc\"></p><p><br></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>Xiaomi Group: Research on electric vehicle manufacturing business has not yet reached the formal project approval stage</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXiaomi Group: Research on electric vehicle manufacturing business has not yet reached the formal project approval stage\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-02-21 19:58</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On February 21, Xiaomi Group announced in Hong Kong that it had noticed recent media reports about the Group's intention to enter the electric vehicle manufacturing industry. The Group has been paying close attention to the development of the electric vehicle ecosystem, and continuously evaluating and studying the relevant industry situation. The Group's research on the electric vehicle manufacturing business has not yet reached the formal project approval stage.</p><p><img src=\"https://static.tigerbbs.com/3de0ddb17380d1d3e70b53261cff1cdc\"></p><p><br></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a05af8ce4f3dfb13a3f12e28b812d9a4","relate_stocks":{"01810":"小米集团-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177371356","content_text":"2月21日讯，小米集团在港公告，注意到近日若干媒体有关本集团拟进入电动汽车制造行业的报导。本集团一直关注电动汽车生态的发展，并就相关行业态势进行持续评估及研究。本集团就电动汽车制造业务的研究还没有到正式立项阶段。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":828,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386956924,"gmtCreate":1613129587668,"gmtModify":1704878684914,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574712418352916","authorIdStr":"3574712418352916"},"themes":[],"htmlText":"Buy&nbsp;China Continuously.","listText":"Buy&nbsp;China Continuously.","text":"Buy China Continuously.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/386956924","repostId":"2110032632","repostType":2,"isVote":1,"tweetType":1,"viewCount":571,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":388083764,"gmtCreate":1613001857458,"gmtModify":1704877213844,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574712418352916","authorIdStr":"3574712418352916"},"themes":[],"htmlText":"At some point in time or stage, we will need to go grab something that can make a peaceful mind.","listText":"At some point in time or stage, we will need to go grab something that can make a peaceful mind.","text":"At some point in time or stage, we will need to go grab something that can make a peaceful mind.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/388083764","repostId":"383382722","repostType":1,"repost":{"id":383382722,"gmtCreate":1612838840063,"gmtModify":1704874831238,"author":{"id":"3485347777643873","authorId":"3485347777643873","name":"观察者Alexander","avatar":"https://static.tigerbbs.com/714e0dba173e76fd20ad7593775bab1a","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3485347777643873","authorIdStr":"3485347777643873"},"themes":[],"title":"段永平讀書筆記，時讀時新(上）","htmlText":"之前有幸拜讀過段永平的小雅訪談版本，收穫頗豐。感謝**出了段永平所有的網易博客+**上的所有的訪談記錄，趁着年前這一段時間好好再讀了一遍，真的是有一種相見恨晚，時讀時新的感覺。 此篇爲讀書筆記，內容較長，摘錄自己覺得核心的一些要點如下，供日後回看： 我理解的投資歸納起來就是：買股票就是買公司，買公司就是買公司的未來現金流折現，句號！ “買股票就是買公司”這句話會說的人非常多，但我幾乎沒見過真的骨子裏真的理解並相信這句話的--我知道的人裏面大概不超過5個（包括巴菲特和芒格在內）。 所謂能看懂公司就是能看懂其未來現金流。（做對的事情）（這個未來現金流是指整個生命週期的未來現金流） 所有所謂有關投資的說法實際上都是在討論如何看懂現金流的問題，例如生意模式、護城河、能力圈等。（如何把事情做對） 實業十年，投資十年，看懂了10家公司，着重手投資了5家公司。差不多2年一家。 老巴說商業模式最重要，這句話我越來越想，想了好多年了，還在繼續想。看看喜詩糖果，看看可口可樂、看看比亞迪、看看蘋果、看看航空公司、看看那些做太陽能晶片的“光伏企業”。 護城河實際上我覺得是生意模式中的一部分，好的生意模式往往具有很寬的護城河。 好的生意模式往往是好的未來現金流的保障。 Margin of safety實際上應該指的是能力圈而不僅僅是價格。對別人的不確定性往往對於自己是很確定的。 我總是假設市場絕大多數情況下是非常聰明的，除非我發現市場確實錯了。（這句話是針對'逆向操作'說的。逆向思維很重要，但逆向操作和隨波逐流都是不可取的。最重要的是理性的獨立思考能力） Q：我認爲大部分價值投資者，根本不具備任何行業的能力圈……段永平：也許你沒看我寫的是什麼。我這裏有一點很重要的就是認爲大多數人其實不碰股票就是最好的投資，除非你認爲自己確實有自己瞭解的好公司處在便宜的價錢。 很多年前，我和華以剛下過一盤圍棋，有一塊","listText":"之前有幸拜讀過段永平的小雅訪談版本，收穫頗豐。感謝**出了段永平所有的網易博客+**上的所有的訪談記錄，趁着年前這一段時間好好再讀了一遍，真的是有一種相見恨晚，時讀時新的感覺。 此篇爲讀書筆記，內容較長，摘錄自己覺得核心的一些要點如下，供日後回看： 我理解的投資歸納起來就是：買股票就是買公司，買公司就是買公司的未來現金流折現，句號！ “買股票就是買公司”這句話會說的人非常多，但我幾乎沒見過真的骨子裏真的理解並相信這句話的--我知道的人裏面大概不超過5個（包括巴菲特和芒格在內）。 所謂能看懂公司就是能看懂其未來現金流。（做對的事情）（這個未來現金流是指整個生命週期的未來現金流） 所有所謂有關投資的說法實際上都是在討論如何看懂現金流的問題，例如生意模式、護城河、能力圈等。（如何把事情做對） 實業十年，投資十年，看懂了10家公司，着重手投資了5家公司。差不多2年一家。 老巴說商業模式最重要，這句話我越來越想，想了好多年了，還在繼續想。看看喜詩糖果，看看可口可樂、看看比亞迪、看看蘋果、看看航空公司、看看那些做太陽能晶片的“光伏企業”。 護城河實際上我覺得是生意模式中的一部分，好的生意模式往往具有很寬的護城河。 好的生意模式往往是好的未來現金流的保障。 Margin of safety實際上應該指的是能力圈而不僅僅是價格。對別人的不確定性往往對於自己是很確定的。 我總是假設市場絕大多數情況下是非常聰明的，除非我發現市場確實錯了。（這句話是針對'逆向操作'說的。逆向思維很重要，但逆向操作和隨波逐流都是不可取的。最重要的是理性的獨立思考能力） Q：我認爲大部分價值投資者，根本不具備任何行業的能力圈……段永平：也許你沒看我寫的是什麼。我這裏有一點很重要的就是認爲大多數人其實不碰股票就是最好的投資，除非你認爲自己確實有自己瞭解的好公司處在便宜的價錢。 很多年前，我和華以剛下過一盤圍棋，有一塊","text":"之前有幸拜讀過段永平的小雅訪談版本，收穫頗豐。感謝**出了段永平所有的網易博客+**上的所有的訪談記錄，趁着年前這一段時間好好再讀了一遍，真的是有一種相見恨晚，時讀時新的感覺。 此篇爲讀書筆記，內容較長，摘錄自己覺得核心的一些要點如下，供日後回看： 我理解的投資歸納起來就是：買股票就是買公司，買公司就是買公司的未來現金流折現，句號！ “買股票就是買公司”這句話會說的人非常多，但我幾乎沒見過真的骨子裏真的理解並相信這句話的--我知道的人裏面大概不超過5個（包括巴菲特和芒格在內）。 所謂能看懂公司就是能看懂其未來現金流。（做對的事情）（這個未來現金流是指整個生命週期的未來現金流） 所有所謂有關投資的說法實際上都是在討論如何看懂現金流的問題，例如生意模式、護城河、能力圈等。（如何把事情做對） 實業十年，投資十年，看懂了10家公司，着重手投資了5家公司。差不多2年一家。 老巴說商業模式最重要，這句話我越來越想，想了好多年了，還在繼續想。看看喜詩糖果，看看可口可樂、看看比亞迪、看看蘋果、看看航空公司、看看那些做太陽能晶片的“光伏企業”。 護城河實際上我覺得是生意模式中的一部分，好的生意模式往往具有很寬的護城河。 好的生意模式往往是好的未來現金流的保障。 Margin of safety實際上應該指的是能力圈而不僅僅是價格。對別人的不確定性往往對於自己是很確定的。 我總是假設市場絕大多數情況下是非常聰明的，除非我發現市場確實錯了。（這句話是針對'逆向操作'說的。逆向思維很重要，但逆向操作和隨波逐流都是不可取的。最重要的是理性的獨立思考能力） Q：我認爲大部分價值投資者，根本不具備任何行業的能力圈……段永平：也許你沒看我寫的是什麼。我這裏有一點很重要的就是認爲大多數人其實不碰股票就是最好的投資，除非你認爲自己確實有自己瞭解的好公司處在便宜的價錢。 很多年前，我和華以剛下過一盤圍棋，有一塊","images":[],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/383382722","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":427,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":383530684,"gmtCreate":1612883654348,"gmtModify":1704875466092,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574712418352916","authorIdStr":"3574712418352916"},"themes":[],"htmlText":"Remember&nbsp;the old story but try the new gears","listText":"Remember&nbsp;the old story but try the new gears","text":"Remember the old story but try the new gears","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/383530684","repostId":"1141106433","repostType":4,"repost":{"id":"1141106433","kind":"news","pubTimestamp":1612796496,"share":"https://ttm.financial/m/news/1141106433?lang=en_US&edition=fundamental","pubTime":"2021-02-08 23:01","market":"us","language":"zh","title":"The Wildest Market in Forty Years! This is the answer of Soros's \"close comrade-in-arms\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1141106433","media":"华尔街见闻","summary":"“这是我见过的最狂野的市场！”近日，有“华尔街天才”之称的Stanley Druckenmiller，在与高盛对冲基金业务全球负责人Tony Pasquariello的一场精彩对话中，对眼下的市场情况","content":"<p><b>\"This is the wildest market I've ever seen!\"</b></p><p>Recently, Stanley Druckenmiller, known as the \"Wall Street Genius\",<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Tony Pasquariello, global head of hedge fund business, made the following statement about the current market situation in a wonderful conversation.</p><p>For decades, Druckenmiller has been considered one of the most successful macro hedge fund managers globally.<b>In the past 30 years, he has created a compound annual growth rate of 30%, and maintained a record of no negative returns in his investment career.</b></p><p>Druckenmiller was a \"close comrade-in-arms\" of Soros. In 1988, invited by Soros, Druckenmiller officially joined Quantum Fund Company. In 1992, Druckenmiller accurately predicted that the exchange rate of the pound against the German mark would fall. At that time, he helped Soros \"snipe the pound\" and won a big victory in the contest with the Bank of England.</p><p>In 2010, Druckenmiller suddenly announced his retirement, ending his 30-year \"military career\" in the financial battlefield. Since then, he has rarely appeared and rarely publicly expressed his investment views.</p><p>In this rare conversation with Goldman Sachs, he shared his latest views on macro investment, major asset classes, and Bitcoin. Wall Street News summarized some of the key contents of the interview:</p><p><b>01. \"Strange environment\"</b></p><p>Druckenmiller first introduced<b>The current investment environment uses an adjective-\"strange\"</b>：</p><p>What we have experienced<b>Recession is 5 times the average since World War II</b>, but happens 25% of the time. Even stranger, 11 million people lost their jobs in the year, but thanks to massive policy support, our<b>Personal income rises by the most in 20 years</b>。 CARES Act<b>Added trillions of dollars in fiscal stimulus. How big is this?</b>During the three months of 2020, we<b>Increased deficits more than in the past five recessions</b>(1973, 1975, 1982, early 1990s, dot-com burst and global financial crisis)<b>The sum of</b>。 The Fed bought more Treasury Bond in 6 weeks than Treasury Bond in 10 years of Bernanke/Yellen administration. Corporate borrowing, which had risen from $6 trillion to $10 trillion prior to the crisis thanks to the Federal Reserve's monetary policy, and almost always decreases during a recession, has increased by $400 billion this year. By contrast, corporate borrowing fell by $500 billion during the global financial crisis. It is even more surprising to put American policy in the global context. Druckenmiller pointed out:</p><p>Since 2018, U.S. M2 has increased by 25% compared with nominal GDP, which means that liquidity has increased by 25%. In China, the ratio of M2 to nominal GDP is the same as it was three years ago. So China isn't overdrawing anything from their future, we have a lot of liquidity put in and frankly very little investment, mostly transfers and Fed stimulus. We did a terrible treatment of the virus, and China and Asia as a whole basically defeated the virus.<b>02. Short U.S. bonds and the U.S. dollar, and go long commodities</b></p><p>In the interview, Pasquariello asked, if only one asset could be selected that would provide the best opportunity next year, what would Druckenmiller choose?</p><p>Druckenmiller says that's not how he plays the game. He believes that the main investment theme right now is inflation versus policymakers' thinking. But since policymakers' responses can vary depending on the effectiveness of vaccines, it's best to have an investment matrix.</p><p>Druckenmiller revealed some of his holdings:</p><p>In order to cope with reflation,<b>Short long-term U.S. debt</b>。<b>Significant position in commodities</b>。 Because the longer the Fed tries to keep interest rates down, the more chances it will have in commodities.<b>Short the dollar</b>。 Because of the contrast between US policy and Asian policy, it is \"very, very\" bearish on the US dollar.<b>03. Growth stocks are facing challenges, and large technology stocks can rise again</b></p><p>Pasquariello asked Druckenmiller what he thinks about stocks, especially tech stocks, including big tech stocks, cloud computing companies, and some small growth stocks.</p><p>Regarding growth stocks, Druckenmiller is more cautious. He believes that judging from the valuation and bond market situation,<b>Growth Stocks Are In A Very, Very Challenging Environment For The Next 5 Years</b>：</p><p>If U.S. inflation sees 4-5% in a few years and bond yields rise sharply, growth stocks have historically been very negative relative to other stocks. On the other hand, comparisons to 2000 are ridiculous. Ridiculous reasons, we had a double whammy at that time, not only in the frenzy of high valuations, but also the earnings were coming to an end, because those companies were growing rapidly at that time due to the construction of the Internet itself, and as the construction of the Internet was completed, they couldn't continue to generate earnings.<b>Druckenmiller remains optimistic about those big tech stocks that have matured</b>：</p><p>In the past 2-3 months, in the field of technology,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>And<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Has been underperforming. But they aren't overvalued, and I'm not worried about these stocks if the Fed continues to push the envelope on the friendly side, in fact, they may continue to rise.<b>04. Asia has emerged from the epidemic and become a big winner</b></p><p>Druckenmiller is very optimistic about the investment prospects in Asia, and holds assets in China, Japan and South Korea.</p><p>These regions have made a good start this year. Druckenmiller pointed out that while the United States is desperately overdrawing its future, Asia has emerged from the epidemic and has become a big winner:</p><p>In the field of technology, with<a href=\"https://laohu8.com/S/INTC\">Intel</a>Surrender, Asia has OEM and memory, in<a href=\"https://laohu8.com/S/300024\">Robot</a>The field is also leading. I think Asia will look much better than the United States in the next five years, because to some extent, the United States has to pay the price for productivity, higher wages and a depreciated dollar.<b>In the long term, Asia will outperform the United States, especially in the foreign exchange market. China's net investment has just surpassed that of the United States this year</b>, this is just the beginning of a trend, not the end.<b>05. I can't understand Bitcoin, but I still bought it</b></p><p>For the comeback Bitcoin, Pasquariello naturally wouldn't miss what Druckenmiller had to say about it.</p><p>When asked whether Bitcoin is the mother of all asset bubbles or something more real and lasting, Druckenmiller replied that maybe both.</p><p>Druckenmiller expressed his confusion about Bitcoin:</p><p>Bitcoin has been around for 13 years, especially young millennials, who look at it the same way I look at gold. But I doubt that Bitcoin will become a store of value, because if it is a currency, it has all kinds of problems, such as consuming a lot of energy, high volatility, etc. Druckenmiller frankly admitted that he didn't understand Bitcoin and didn't really believe in Bitcoin, but he did buy some, and after buying it, it went up a lot.</p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Wildest Market in Forty Years! 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This is the answer of Soros's \"close comrade-in-arms\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-02-08 23:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>\"This is the wildest market I've ever seen!\"</b></p><p>Recently, Stanley Druckenmiller, known as the \"Wall Street Genius\",<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Tony Pasquariello, global head of hedge fund business, made the following statement about the current market situation in a wonderful conversation.</p><p>For decades, Druckenmiller has been considered one of the most successful macro hedge fund managers globally.<b>In the past 30 years, he has created a compound annual growth rate of 30%, and maintained a record of no negative returns in his investment career.</b></p><p>Druckenmiller was a \"close comrade-in-arms\" of Soros. In 1988, invited by Soros, Druckenmiller officially joined Quantum Fund Company. In 1992, Druckenmiller accurately predicted that the exchange rate of the pound against the German mark would fall. At that time, he helped Soros \"snipe the pound\" and won a big victory in the contest with the Bank of England.</p><p>In 2010, Druckenmiller suddenly announced his retirement, ending his 30-year \"military career\" in the financial battlefield. Since then, he has rarely appeared and rarely publicly expressed his investment views.</p><p>In this rare conversation with Goldman Sachs, he shared his latest views on macro investment, major asset classes, and Bitcoin. Wall Street News summarized some of the key contents of the interview:</p><p><b>01. \"Strange environment\"</b></p><p>Druckenmiller first introduced<b>The current investment environment uses an adjective-\"strange\"</b>：</p><p>What we have experienced<b>Recession is 5 times the average since World War II</b>, but happens 25% of the time. Even stranger, 11 million people lost their jobs in the year, but thanks to massive policy support, our<b>Personal income rises by the most in 20 years</b>。 CARES Act<b>Added trillions of dollars in fiscal stimulus. How big is this?</b>During the three months of 2020, we<b>Increased deficits more than in the past five recessions</b>(1973, 1975, 1982, early 1990s, dot-com burst and global financial crisis)<b>The sum of</b>。 The Fed bought more Treasury Bond in 6 weeks than Treasury Bond in 10 years of Bernanke/Yellen administration. Corporate borrowing, which had risen from $6 trillion to $10 trillion prior to the crisis thanks to the Federal Reserve's monetary policy, and almost always decreases during a recession, has increased by $400 billion this year. By contrast, corporate borrowing fell by $500 billion during the global financial crisis. It is even more surprising to put American policy in the global context. Druckenmiller pointed out:</p><p>Since 2018, U.S. M2 has increased by 25% compared with nominal GDP, which means that liquidity has increased by 25%. In China, the ratio of M2 to nominal GDP is the same as it was three years ago. So China isn't overdrawing anything from their future, we have a lot of liquidity put in and frankly very little investment, mostly transfers and Fed stimulus. We did a terrible treatment of the virus, and China and Asia as a whole basically defeated the virus.<b>02. Short U.S. bonds and the U.S. dollar, and go long commodities</b></p><p>In the interview, Pasquariello asked, if only one asset could be selected that would provide the best opportunity next year, what would Druckenmiller choose?</p><p>Druckenmiller says that's not how he plays the game. He believes that the main investment theme right now is inflation versus policymakers' thinking. But since policymakers' responses can vary depending on the effectiveness of vaccines, it's best to have an investment matrix.</p><p>Druckenmiller revealed some of his holdings:</p><p>In order to cope with reflation,<b>Short long-term U.S. debt</b>。<b>Significant position in commodities</b>。 Because the longer the Fed tries to keep interest rates down, the more chances it will have in commodities.<b>Short the dollar</b>。 Because of the contrast between US policy and Asian policy, it is \"very, very\" bearish on the US dollar.<b>03. Growth stocks are facing challenges, and large technology stocks can rise again</b></p><p>Pasquariello asked Druckenmiller what he thinks about stocks, especially tech stocks, including big tech stocks, cloud computing companies, and some small growth stocks.</p><p>Regarding growth stocks, Druckenmiller is more cautious. He believes that judging from the valuation and bond market situation,<b>Growth Stocks Are In A Very, Very Challenging Environment For The Next 5 Years</b>：</p><p>If U.S. inflation sees 4-5% in a few years and bond yields rise sharply, growth stocks have historically been very negative relative to other stocks. On the other hand, comparisons to 2000 are ridiculous. Ridiculous reasons, we had a double whammy at that time, not only in the frenzy of high valuations, but also the earnings were coming to an end, because those companies were growing rapidly at that time due to the construction of the Internet itself, and as the construction of the Internet was completed, they couldn't continue to generate earnings.<b>Druckenmiller remains optimistic about those big tech stocks that have matured</b>：</p><p>In the past 2-3 months, in the field of technology,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>And<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Has been underperforming. But they aren't overvalued, and I'm not worried about these stocks if the Fed continues to push the envelope on the friendly side, in fact, they may continue to rise.<b>04. Asia has emerged from the epidemic and become a big winner</b></p><p>Druckenmiller is very optimistic about the investment prospects in Asia, and holds assets in China, Japan and South Korea.</p><p>These regions have made a good start this year. Druckenmiller pointed out that while the United States is desperately overdrawing its future, Asia has emerged from the epidemic and has become a big winner:</p><p>In the field of technology, with<a href=\"https://laohu8.com/S/INTC\">Intel</a>Surrender, Asia has OEM and memory, in<a href=\"https://laohu8.com/S/300024\">Robot</a>The field is also leading. I think Asia will look much better than the United States in the next five years, because to some extent, the United States has to pay the price for productivity, higher wages and a depreciated dollar.<b>In the long term, Asia will outperform the United States, especially in the foreign exchange market. China's net investment has just surpassed that of the United States this year</b>, this is just the beginning of a trend, not the end.<b>05. I can't understand Bitcoin, but I still bought it</b></p><p>For the comeback Bitcoin, Pasquariello naturally wouldn't miss what Druckenmiller had to say about it.</p><p>When asked whether Bitcoin is the mother of all asset bubbles or something more real and lasting, Druckenmiller replied that maybe both.</p><p>Druckenmiller expressed his confusion about Bitcoin:</p><p>Bitcoin has been around for 13 years, especially young millennials, who look at it the same way I look at gold. But I doubt that Bitcoin will become a store of value, because if it is a currency, it has all kinds of problems, such as consuming a lot of energy, high volatility, etc. Druckenmiller frankly admitted that he didn't understand Bitcoin and didn't really believe in Bitcoin, but he did buy some, and after buying it, it went up a lot.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/VvcsLNvJgK1tllcMnVBkTA\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d1fe578ee46cbe0d24c33435ff25ae5","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/VvcsLNvJgK1tllcMnVBkTA","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1141106433","content_text":"“这是我见过的最狂野的市场！”近日，有“华尔街天才”之称的Stanley Druckenmiller，在与高盛对冲基金业务全球负责人Tony Pasquariello的一场精彩对话中，对眼下的市场情况作出了如下表述。几十年来，Druckenmiller被认为是全球最成功的宏观对冲基金经理之一。30年里，他创造了年均复合增长率30%的业绩，并且保持着投资生涯无负收益年份的记录。Druckenmiller曾是索罗斯的“亲密战友”。1988年受索罗斯邀请，Druckenmiller正式进入量子基金公司。1992年，Druckenmiller准确预测英镑对德国马克汇率将下跌。当时他帮助索罗斯“狙击英镑”，在与英国央行的较量中大获全胜。2010年，Druckenmiller突然宣布退休，结束30年金融战场的“戎马生涯”，此后就鲜少露面，极少公开表态投资观点。而在这次与高盛的罕见对话中，分享了他关于宏观投资、大类资产、比特币的最新观点。华尔街见闻摘写了访谈中部分重点内容：01、“奇怪的环境”Druckenmiller首先介绍了眼下投资的大环境，并用了一个形容词——”奇怪”：我们所经历的 经济衰退是二战以来平均水平的5倍，但发生在25%的时间里。更奇怪的是，这一年里有1100万人失业，但由于大规模的政策支持，我们的 个人收入增幅为20年以来最大。CARES法案 增加了数万亿美元的财政刺激。这有多大？在2020年的三个月里，我们 增加的赤字超过了过去5次衰退(1973年、1975年、1982年、90年代初、互联网泡沫破裂和全球金融危机) 的总和。美联储在6周内购买的国债超过了伯南克/耶伦执政10年来购买的国债。由于美联储的货币政策，在危机爆发前，企业借款已经从6万亿美元增加到10万亿美元，而在经济衰退时，企业借款几乎总是会减少，但今年企业借款增加了4000亿美元。作为对比，全球金融危机期间企业借款减少了5000亿美元。把美国的政策放在全球背景下，更是令人吃惊，Druckenmiller指出：2018年以来，美国M2比名义GDP增长了25%，也就是流动性增加25%。在中国，M2与名义GDP之比与3年前持平。因此，中国没有从他们的未来那里透支任何东西，我们有大量的流动性投入，坦率地说，投资却很少，主要是转移支付和美联储刺激。我们对病毒做了可怕的处理，而中国和整个亚洲基本上都战胜了病毒。02、做空美债、美元，做多商品在访谈中，Pasquariello问及，如果只能选择一项明年能提供最好机会的资产，Druckenmiller会选什么？Druckenmiller表示，这不是他玩游戏的方式。他认为，目前最主要的投资主题是通胀相对于政策制定者的想法。但由于政策制定者的反应可能会根据疫苗效果的不同而有所不同，因此最好是有一个投资矩阵。Druckenmiller透露了他的部分持仓：为了应对通货再膨胀， 做空长期美债。在大宗商品领域拥有大量头寸。因为美联储试图压低利率的时间越长，在大宗商品领域的胜券就越多。做空美元。由于美国政策与亚洲政策的反差，所以“非常非常”看空美元。03、成长股面临挑战，大型科技股还能再涨Pasquariello问及Druckenmiller对股票的看法，尤其是对科技股的看法，包括大型科技股、云计算公司和一些小型成长股。对于成长股，Druckenmiller的看法较为谨慎，他认为，从估值和债券市场的情况来看，未来5年成长型股票将处于一个非常、非常充满挑战的环境中：如果美国几年后出现4-5%的通胀，债券收益率急剧上升，从历史上看，成长型股票相对于其他股票来说是非常负面的。另一方面，与2000年的比较是荒谬的。荒谬的原因，当时我们有一个双重打击，不仅处于高估值的狂热之中，而且收益也即将结束，因为那些公司当时快速增长都是由于在建互联网本身，随着互联网建设完成，就无法继续产生收益。对于那些已经发展成熟的大型科技股，Druckenmiller依然乐观：过去2-3个月里，在科技领域，亚马逊和微软一直表现不佳。但它们并没有被高估，如果美联储继续在友好方面挑战极限，我并不担心这些股票，事实上，它们可能会继续上涨。04、亚洲已经走出疫情，成为大赢家Druckenmiller十分看好亚洲投资前景，同时持有中国、日本和韩国资产。今年以来这些地区开局良好，Druckenmiller指出，在美国拼命透支未来的时候，亚洲已经走出疫情，成为大赢家：在科技领域，随着英特尔缴械投降，亚洲拥有了代工和内存，在机器人领域也领先。我认为未来5年亚洲看起来比美国好多了, 因为在某种程度上，美国必须为生产力，更高的工资，以及更贬值的美元付出代价。长期来看，亚洲的表现将优于美国，尤其是外汇市场。今年中国的净投资刚刚超过美国，这只是一种趋势的开始，而不是结束。05、看不懂比特币，但还是买了对于卷土重来的比特币，Pasquariello自然不会错过Druckenmiller对它的看法。当被问及，比特币是所有资产泡沫之母还是某种更真实更持久的东西时，Druckenmiller回答道，或许两者都是。Druckenmiller表达了他对比特币的困惑：比特币已经存在有13年了，尤其是年轻的千禧一代，看待它就如同我看待黄金的方式。但我怀疑比特币是否会成为一种价值储存手段，因为如果作为货币，它存在各种各样的问题，比如消耗大量能源，波动性大等。Druckenmiller坦诚地承认，他不明白比特币，也不是很相信比特币，但他确实也买了一些，而且买了以后，涨了很多。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":584,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":360649292,"gmtCreate":1613912543316,"gmtModify":1704885876819,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574712418352916","idStr":"3574712418352916"},"themes":[],"htmlText":"Why don’t just&nbsp;do it?","listText":"Why don’t just&nbsp;do it?","text":"Why don’t just do it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/360649292","repostId":"1177371356","repostType":4,"repost":{"id":"1177371356","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1613908733,"share":"https://ttm.financial/m/news/1177371356?lang=en_US&edition=fundamental","pubTime":"2021-02-21 19:58","market":"hk","language":"zh","title":"Xiaomi Group: Research on electric vehicle manufacturing business has not yet reached the formal project approval stage","url":"https://stock-news.laohu8.com/highlight/detail?id=1177371356","media":"老虎资讯综合","summary":"2月21日讯，小米集团在港公告，注意到近日若干媒体有关本集团拟进入电动汽车制造行业的报导。本集团一直关注电动汽车生态的发展，并就相关行业态势进行持续评估及研究。本集团就电动汽车制造业务的研究还没有到正式立项阶段。","content":"<p>On February 21, Xiaomi Group announced in Hong Kong that it had noticed recent media reports about the Group's intention to enter the electric vehicle manufacturing industry. The Group has been paying close attention to the development of the electric vehicle ecosystem, and continuously evaluating and studying the relevant industry situation. The Group's research on the electric vehicle manufacturing business has not yet reached the formal project approval stage.</p><p><img src=\"https://static.tigerbbs.com/3de0ddb17380d1d3e70b53261cff1cdc\"></p><p><br></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>Xiaomi Group: Research on electric vehicle manufacturing business has not yet reached the formal project approval stage</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXiaomi Group: Research on electric vehicle manufacturing business has not yet reached the formal project approval stage\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-02-21 19:58</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On February 21, Xiaomi Group announced in Hong Kong that it had noticed recent media reports about the Group's intention to enter the electric vehicle manufacturing industry. The Group has been paying close attention to the development of the electric vehicle ecosystem, and continuously evaluating and studying the relevant industry situation. The Group's research on the electric vehicle manufacturing business has not yet reached the formal project approval stage.</p><p><img src=\"https://static.tigerbbs.com/3de0ddb17380d1d3e70b53261cff1cdc\"></p><p><br></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a05af8ce4f3dfb13a3f12e28b812d9a4","relate_stocks":{"01810":"小米集团-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177371356","content_text":"2月21日讯，小米集团在港公告，注意到近日若干媒体有关本集团拟进入电动汽车制造行业的报导。本集团一直关注电动汽车生态的发展，并就相关行业态势进行持续评估及研究。本集团就电动汽车制造业务的研究还没有到正式立项阶段。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":828,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325869199,"gmtCreate":1615886696511,"gmtModify":1704787934883,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574712418352916","idStr":"3574712418352916"},"themes":[],"htmlText":"It sure will go higher and further.","listText":"It sure will go higher and further.","text":"It sure will go higher and further.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/325869199","repostId":"1122634502","repostType":4,"repost":{"id":"1122634502","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1615872763,"share":"https://ttm.financial/m/news/1122634502?lang=en_US&edition=fundamental","pubTime":"2021-03-16 13:32","market":"hk","language":"zh","title":"Even with good profits, Xiaomi's growth expanded to over 8%","url":"https://stock-news.laohu8.com/highlight/detail?id=1122634502","media":"老虎资讯综合","summary":"周二午后，小米集团-W涨幅持续扩大，现涨超8%。消息面上，富时罗素表示，小米应可重新加入富时罗素指数，并于2021年6月21日生效。此前，美国一位法官周五暂时阻止了美国国防部对小米的禁令。汇丰研究发布","content":"<p>Tuesday afternoon,<a href=\"https://laohu8.com/S/01810\">Xiaomi Group-W</a>The increase continued to expand, and it is now up more than 8%.</p><p><img src=\"https://static.tigerbbs.com/590c6ab67d1e15ac886e99e277e9c195\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>On the news, FTSE Russell said that Xiaomi should be able to rejoin the FTSE Russell Index, which will take effect on June 21, 2021.</p><p>Earlier, a U.S. judge temporarily blocked the U.S. Department of Defense's ban on Xiaomi on Friday.</p><p><a href=\"https://laohu8.com/S/HSBC\">HSBC</a>Research released a research report, raising the target price of Xiaomi Group from HK $27.5 to HK $28, raising the rating from \"hold\" to \"buy\", and raising its net profit forecast for 2020-22 by 4%, 5% and 6%, mainly reflecting the profit margin outlook of the smartphone business.</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>Even with good profits, Xiaomi's growth expanded to over 8%</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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEven with good profits, Xiaomi's growth expanded to over 8%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-16 13:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tuesday afternoon,<a href=\"https://laohu8.com/S/01810\">Xiaomi Group-W</a>The increase continued to expand, and it is now up more than 8%.</p><p><img src=\"https://static.tigerbbs.com/590c6ab67d1e15ac886e99e277e9c195\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>On the news, FTSE Russell said that Xiaomi should be able to rejoin the FTSE Russell Index, which will take effect on June 21, 2021.</p><p>Earlier, a U.S. judge temporarily blocked the U.S. Department of Defense's ban on Xiaomi on Friday.</p><p><a href=\"https://laohu8.com/S/HSBC\">HSBC</a>Research released a research report, raising the target price of Xiaomi Group from HK $27.5 to HK $28, raising the rating from \"hold\" to \"buy\", and raising its net profit forecast for 2020-22 by 4%, 5% and 6%, mainly reflecting the profit margin outlook of the smartphone business.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/14d6e649b06703312499e84952510944","relate_stocks":{"01810":"小米集团-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122634502","content_text":"周二午后，小米集团-W涨幅持续扩大，现涨超8%。消息面上，富时罗素表示，小米应可重新加入富时罗素指数，并于2021年6月21日生效。此前，美国一位法官周五暂时阻止了美国国防部对小米的禁令。汇丰研究发布研究报告，将小米集团目标价由27.5港元升至28港元，评级由“持有”升至“买入”，上调其2020-22年净利润预测4%、5%及6%，主要反映智能手机业务的利润率前景。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":1827,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365914777,"gmtCreate":1614688975699,"gmtModify":1704774039712,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574712418352916","idStr":"3574712418352916"},"themes":[],"htmlText":"awesome，will it send the price to Mars?","listText":"awesome，will it send the price to Mars?","text":"awesome，will it send the price to Mars?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/365914777","repostId":"1129446931","repostType":4,"repost":{"id":"1129446931","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1614687490,"share":"https://ttm.financial/m/news/1129446931?lang=en_US&edition=fundamental","pubTime":"2021-03-02 20:18","market":"us","language":"zh","title":"India is ready to offer incentives to Tesla to lower its production costs","url":"https://stock-news.laohu8.com/highlight/detail?id=1129446931","media":"老虎资讯综合","summary":"市场消息，印度交通部长表示：印度准备向特斯拉提供激励措施以降低其生产成本。特斯拉盘前股价短线走高。","content":"<p>According to market news, Indian Minister of Transport said: India is ready to<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Provide incentives to reduce their production costs.</p><p>Tesla's premarket stock price rose in the short term.</p><p><img src=\"https://static.tigerbbs.com/6b22aaf2be67906ba7838f4f41437509\" tg-width=\"600\" tg-height=\"373\" referrerpolicy=\"no-referrer\"></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>India is ready to offer incentives to Tesla to lower its production costs</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIndia is ready to offer incentives to Tesla to lower its production costs\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-02 20:18</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>According to market news, Indian Minister of Transport said: India is ready to<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Provide incentives to reduce their production costs.</p><p>Tesla's premarket stock price rose in the short term.</p><p><img src=\"https://static.tigerbbs.com/6b22aaf2be67906ba7838f4f41437509\" tg-width=\"600\" tg-height=\"373\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/968c7f56416ea450ba452ed25e324d2e","relate_stocks":{"TSLA":"特斯拉"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129446931","content_text":"市场消息，印度交通部长表示：印度准备向特斯拉提供激励措施以降低其生产成本。特斯拉盘前股价短线走高。","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":641,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":687282861,"gmtCreate":1661068526658,"gmtModify":1676536757888,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574712418352916","idStr":"3574712418352916"},"themes":[],"htmlText":"One more concern for ev&nbsp;","listText":"One more concern for ev&nbsp;","text":"One more concern for ev","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/687282861","repostId":"2260300078","repostType":2,"isVote":1,"tweetType":1,"viewCount":491,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140453822,"gmtCreate":1625669800866,"gmtModify":1703746166397,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574712418352916","idStr":"3574712418352916"},"themes":[],"htmlText":"peter thiel to&nbsp;embrace&nbsp;harvest season?","listText":"peter thiel to&nbsp;embrace&nbsp;harvest season?","text":"peter thiel to embrace harvest season?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/140453822","repostId":"2149942293","repostType":2,"isVote":1,"tweetType":1,"viewCount":1462,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":341547517,"gmtCreate":1617843389439,"gmtModify":1704703796210,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574712418352916","idStr":"3574712418352916"},"themes":[],"htmlText":"A decade ago those form 10 shell companies all came back. where is our boss now ? Are you still in the market ?","listText":"A decade ago those form 10 shell companies all came back. where is our boss now ? Are you still in the market ?","text":"A decade ago those form 10 shell companies all came back. where is our boss now ? Are you still in the market ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/341547517","repostId":"2125176754","repostType":2,"repost":{"id":"2125176754","kind":"highlight","pubTimestamp":1617681390,"share":"https://ttm.financial/m/news/2125176754?lang=en_US&edition=fundamental","pubTime":"2021-04-06 11:56","market":"us","language":"zh","title":"2021 King of Bubbles","url":"https://stock-news.laohu8.com/highlight/detail?id=2125176754","media":"起朱楼宴宾客","summary":"2019年10月，年近古稀的维珍集团创始人理查德·布兰森穿着Under Armour特制的太空装，精神奕奕地跳上了纽交所交易大厅的小阳台。\n在敲响维珍银河上市的铜钟后，他激动地说：\n\n 感觉自己离20","content":"<p>In October 2019, Richard Branson, the founder of Virgin Group, who was nearly seventy years old, wore Under Armour's special space suit and jumped onto the small balcony of the trading floor of the New York Stock Exchange in high spirits.</p><p>Ringing<a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>After the bronze bell was listed, he said excitedly:</p><p>I feel that I am one step closer to the space dream I started more than 20 years ago. What helped him realize his dream was not a common IPO-let alone profits, Virgin Galactic's annual income was only a pitiful few hundred thousand dollars-Virgin Galactic's listing was achieved by merging it with a SPAC company with the stock code IPOA.</p><p>If this is a bit difficult to understand, to use the word more familiar to Chinese investors, it is Virgin Galactic success<b>\"Backdoor listing\"</b>Yeah, I've got it.</p><p>After ringing the bell, Virgin Galactic's stock price tripled in three months, and once rose from $10 to more than $60 in the following year.</p><p>However, for this company with a current market value of more than US $6 billion, but revenue last year was only 200,000, and no revenue in the second, third and fourth quarters, it is not Richard Branson, of course, will not be the space passengers who bought tickets but are still waiting in line, but the sponsor of the SPAC company called Social Capital Hedosphia Holdings.</p><p>Let's settle the bill.</p><p>When the SPAC company was established in 2017, it issued a total of 60 million shares and raised US $600 million.</p><p>Since the \"gameplay\" of SPAC is that the sponsor has the right to obtain 20% of the shares after the IPO for free, that is to say, he automatically owns the 15 million shares that have fallen from the sky. In addition, he received warrants equivalent to 20% of his holdings.</p><p>With the successful merger of this SPAC company and Virgin Galactic, the sponsor not only became the chairman of New Virgin Galactic, but also his equity quickly appreciated to US $1.5 billion.</p><p>And his initial investment was only the $25,000 needed to set up the SPAC company.</p><p><b>American capitalists once again defined the word \"empty gloves and white wolves\".</b></p><p>And this sponsor is none other than Chamath Palihapitiya, who became famous for \"voicing\" retail investors during the Gamestop retail investors' war against Wall Street a few months ago.</p><p>His most famous speech goes like this:</p><p>\"... In the 2008 stock market crash, some people had a set for more than ten years, and some people lost their houses and cars. Now retail investors have found an opportunity to buy GME together, and you are actually clamoring for legal control. Why have institutions operated illegally for so many years? Everyone doesn't even blink their eyelids? Why can they not be held accountable even if they short 140%, and we have to take responsibility? If Wall Street hadn't used tools that retail investors couldn't use every day, how could it be 40% more and be caught by retail investors? \" We don't know whether Wall Street uses tools that retail investors cannot use to make profits, but it is a certain fact that Chamath himself used SPAC, a \"tool\" that retail investors cannot even catch, to make more than one billion dollars in empty gloves.</p><p><img src=\"https://static.tigerbbs.com/23c8fa56b11d42270c765b96d761190d\" tg-width=\"1000\" tg-height=\"542\" referrerpolicy=\"no-referrer\"></p><p>After tasting the sweetness, he even established a series of new SPAC companies from IPOB, IPOC to IPOF in one go, raising more than US $3 billion.</p><p>So, is he ready to use the alphabet to realize his life ideal?</p><p>one</p><p>Chamath is not the only one who wants to use SPAC to realize their life ideals.</p><p>Little Superman Li Zekai's SPAC company also successfully IPO on Nasdaq in October last year, code-named BTWN.</p><p>He spent $25,000 and acquired 287.5 shares of the founder's stock, and as of the close of trading on March 31, the market value of this SPAC company had reached $750 million.</p><p>In other words, it took only five months for Li Zekai to build a shell company. Before any assets were installed, the value of the stocks he held had already increased by 1,200 times.</p><p><b>You see, nowadays, big guys only need to move their fingers to build a shell, and they can achieve two small goals, even without doing PPT.</b></p><p>Perhaps it's too easy to make this money. Since last year, from large PE institutions such as CITIC Capital and Hony Capital, to well-known investors such as Fang Fenglei and Hu Zuliu, to Guan Jinsheng, who has been silent for many years, and Jia Yueting, who has been suffocated by his dreams, The establishment of SPAC has become the consensus of the big guys.</p><p>Of course, compared with the digital currency ICOs that \"fooled\" all kinds of celebrities to join in those days, those currently making efforts in the SPAC field are basically primary market investors.</p><p>And because SPAC doesn't have to fool retail investors into playing together like ICO from establishment to mergers and acquisitions, it is also more low-key in public opinion.</p><p>Only through<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>A latest research report-yes, Goldman Sachs, whose employees at the bottom of the investment bank wrote a PPT protest because of the overwhelming workload of the SPAC-we can know how popular this \"undercurrent\" is.</p><p>According to statistics, in the ten years from 2009 to 2019, a total of 226 SPAC companies conducted IPOs. In 2020 alone, the number of IPO SPAC companies exceeded the sum of the past decade, reaching 228.</p><p>By 2021, it will take less than 3 months for the number of IPO SPAC companies to reach 200.</p><p>In addition, the total IPO financing of SPAC companies in 2020 is US $77 billion, accounting for half of the US stock IPO market. In the first two months of 2021, the IPO financing amount of SPAC has exceeded 56 billion US dollars, reaching 2/3 of the US stock IPO market.</p><p><img src=\"https://static.tigerbbs.com/1cf570d88b3636c5d3aaf112f06f4554\" tg-width=\"924\" tg-height=\"568\" referrerpolicy=\"no-referrer\"></p><p>In other words, two-thirds of the companies listed in the United States in the first two months of this year were empty \"blank check\" companies, and they have raised more than 350 billion yuan.</p><p>According to Goldman Sachs statistics, there are now more than $100 billion in SPAC funds wandering around the market looking for acquisition targets, and if it continues to develop at the current rate, the value of companies acquired by SPAC companies will exceed $700 billion in the next two years.</p><p>What is the concept of $700 billion?</p><p><b>In 2020, the global IPO scale will be approximately US $300 billion. In other words, Goldman Sachs feels that SPACs will inflate a new IPO market in the next two years.</b></p><p>We have all been educated for many years. The reason why there are so many backdoor speculation in A-shares is that A-shares are not registered. Look at the U.S. stock market, aren't they all companies that regularly go through IPOs?</p><p>However, the SPAC fire proves that your uncle is still your uncle-just in<a href=\"https://laohu8.com/S/00170\">China Capital</a>While the family is still struggling to find a shell and fried shell, the United States has realized a fully automatic production line for shells.</p><p>two</p><p>So, what exactly is the essence of a SPAC?</p><p>It's actually not complicated,<b>It's a \"blatant\" shell company</b>，<b>Complete the IPO through a special channel allowed by American regulation and raise funds, and then use the funds to acquire a target company with actual business.</b></p><p>Therefore, the target company achieved its own listing by grafting flowers and trees.</p><p>Some people compare it to a \"blind box\" in the investment circle, because investors will not know what assets they ultimately hold until the SPAC completes the merger and acquisition.</p><p>This metaphor is really subtle, but it is not only to describe the investment side, but also to describe the initiators of the production SPAC.</p><p>Let's talk about the former first.</p><p><b>First of all, the establishment mechanism of SPAC determines that there is almost no risk of loss for funds participating in IPOs.</b>Because if the merger and acquisition is not completed within the specified time, the SPAC sponsor needs to return the funds to the investors intact.</p><p>Moreover, since the funds will be credited to a specially regulated account during the IPO, there is no risk of being diverted by the sponsor for other purposes.</p><p>Even better, even if the SPAC announces the merger target, if investors are not optimistic about the quality of the target company, they can withdraw funds at any time before the end of the merger.</p><p>In other words, the funds participating in the SPAC IPO get not only a blind box, but also a blind box that can be returned 100% if you don't like it after opening it.</p><p>Therefore, according to research statistics, for funds participating in SPAC IPOs, the average annualized rate of return in the past few years can reach 11.6%, and the probability of loss is zero.</p><p>Who doesn't love this box?</p><p>Of course, this part of the funds has to pay the time cost, that is, the opportunity cost lost by choosing to participate in the SPAC without making other investments-if the SPAC merger fails within two years, this part of the funds can only be paid back.</p><p>But for U.S. investors whose policy rates are lying on the floor and will be on the floor for the foreseeable future, this time cost is almost non-existent now.</p><p>No wonder Goldshing declared,<b>SPACs are a good alternative to cash in a zero interest rate environment.</b></p><p><img src=\"https://static.tigerbbs.com/22fee890a51600fb8766eba74edc13d2\" tg-width=\"882\" tg-height=\"670\" referrerpolicy=\"no-referrer\"></p><p>Let's talk about the latter.</p><p>For the sponsors of SPACs, in theory, they don't know what kind of target companies they can find for mergers and acquisitions in the future. Because according to SEC regulations, SPACs are not allowed to lock in the target company to be acquired before the IPO, otherwise they must make detailed information disclosure, which will greatly affect the process of the IPO.</p><p>But is that really the case?</p><p>Then why are SPACs often set up by those PE/VC bosses who hold the assets of companies to be listed?</p><p>Why is the average time from IPO to announcement of mergers and acquisitions for SPACs shortened from 387 days from 2010 to 2019 to 366 days in 2020, and then further shortened to 175 days this year?</p><p>There will even be a SPAC company like Northern Star Investment Corp II that announced its merger and acquisition target less than a month after its listing?</p><p>So, as the head of the Asian equity capital markets department of a foreign investment bank told the media:</p><p>\"In fact, many private equity firms are optimistic about the target before the SPAC is listed, which may be a long-term concern, and may not necessarily inject it immediately after the listing; it may also be that the SPAC will definitely inject certain assets as soon as it is listed, and there is no need to wait for as long as two years...\" \"... Although the acquisition target cannot be publicly mentioned when the SPAC is listed, as long as the expected acquisition target can be described specifically enough during the publicity, it will be silent... There is no real hammer in supervision, and it is not easy to manage.\" For SPAC sponsors, like the manufacturers of blind boxes, they know from the beginning which blind box contains rare models, and even the probability of rare models can be calculated clearly.</p><p>At this point, we can summarize the essence of SPAC-</p><p><b>In fact, it is a new type of cash-out tool invented by the capital circle. It is a cash alternative to financial management discovered by the capital circle. It is a \"Fast Track\" found when everyone is worried about not being able to catch up with this capital feast.</b></p><p>Want to find an exit channel for the company you invested in in previous years, but suffering from too long IPO time and too high requirements? It doesn't matter, let's set up a SPAC first.</p><p>The company wants to go public, but it doesn't even meet the most basic requirements of the US stock registration system? It doesn't matter, go find a SPAC for mergers and acquisitions.</p><p>Have a sum of money to invest and want both capital preservation and potentially high yields? No problem, go and invest in a SPAC IPO.</p><p><b>Therefore, SPAC is a blind box, and it is also a \"packing box\" before the end of the feast.</b></p><p>It can lock in the fruits of victory in advance for those primary market bosses who are worried that the companies they invest will not catch up with the IPO window;</p><p>It can act as a white knight for those entrepreneurs who failed on the IPO road for various reasons;</p><p>It can also provide a solution for those hedge fund funds who are afraid of stepping short and chasing high prices.</p><p>From this perspective, it is difficult to think about SPACs not being popular.</p><p>three</p><p>Since SPAC is such a good thing, why didn't it suddenly get serious until the past two years?</p><p>In addition to what was mentioned in the previous part, for the capital side, the low interest rate environment in the past two years has reduced the time cost of investing in SPACs to almost zero, and the remaining reasons can almost all be summarized in eight words--</p><p><b>Time waits for no man, seize the day.</b></p><p>After all, for companies that want to go public, SPAC is by no means a perfect listing model. On the contrary, listing through SPAC is the same as the so-called \"bloody listing\" when the Nasdaq bubble burst.</p><p>Open the merger and acquisition prospectus of any SPAC, and you will see how expensive it is for the founder of a company to go public with a SPAC.</p><p>Simply put, after the acquisition is completed, the property rights and control rights of the founder of the target company will almost be sharply diluted.</p><p>This has also led to the fact that for so many years after the birth of SPAC, any company that can go public on the path of IPO is never willing to go public through the SPAC model. In such an a vicious circle, the latter are left with defective products that can't be put on the market.</p><p>However, this situation changed dramatically in October 2019.</p><p>If you have an impression of the U.S. stock market during that time, the most explosive news is the super unicorn in the shared office industry<a href=\"https://laohu8.com/S/WE\">WeWork</a>The listing failed.</p><p><b>The failure of the sprint IPO not only burst WeWork's valuation bubble, but also caused the founder to be plagued by scandals and slump.</b></p><p>As at the time<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>It was pointed out in a report to investors:</p><p>\"The failure of WeWork's IPO marks the end of an era, an era in which the company can obtain ultra-high valuations even if it is not profitable.\" Not only did WeWork, a giant \"unicorn\", suddenly leave the IPO front desk, which stimulated the founders of the company, but the difficulties faced by SoftBank, the investor behind WeWork, also made market investors feel the same way.</p><p>In the subsequent COVID-19 pandemic, the revenue and valuation of many companies seeking to go public have undergone dramatic changes, which has made companies and investors begin to ponder deeply whether they want to seek an IPO that may have high returns but cannot be touched, or to seek a faster and more predictable realization model.</p><p>Therefore, what Morgan Stanley said at that time was only half right.</p><p>This era is not over yet. God closed the door to IPO for these unicorns, but opened the window of SPAC--</p><p><b>With the two characteristics of ready-made funds and pre-agreed transaction prices and conditions, SPAC provides rare support for market participants who are eager to seek cash.</b></p><p>It's like the faceless man in Spirited Away. Anything you feed in will fall out of gold. As a result, in just one year, it expanded into half of the IPO market.</p><p>After all, since last year, everyone has only one wish-<b>Hurry up!</b></p><p>For the sake of speed, investors no longer care whether the listed SPAC is called IPOA or IPOF. Anyway, it is just a shell company. As long as the bull market is still there, what they buy is a ticket that guarantees no loss.</p><p>In order to be quick, the bosses must set up SPACs in advance, even if they set up many SPACs in one go, they will be criticized by the media. Because it is always necessary to leave a period of time from the establishment of the SPAC to the \"finding\" of the M&A target as a \"fig leaf\", so as not to cause regulatory trouble.</p><p>In order to be quick, the founders of unicorns have to reluctantly give up their love for many interests that have already been obtained. After all, small intolerance will lead to chaos. Whether it is stock shares or super voting rights, they all must give way to the goal of listing.</p><p>It can be said that SPAC is the crystallization of wisdom in this IPO era that is eager for quick success and instant benefit. It is the solution after hoarding a large number of unicorns in the era of large-scale release in the past ten years, and it is even more important for this round of<b>\"King of Bubbles\"</b>。</p><p>four</p><p>At the end of the report, Goldman Sachs quoted a Stanford professor's doubts about the structure of SPACs.</p><p>\"What I can't figure out most about SPAC is why there is such a capital structure that first raises funds and then looks for listing targets, but at the same time allows this part of the raised funds to withdraw at any time, and new investors to enter at any time? In such a ridiculous capital structure, who will pay the bill?\" I don't know who paid the bill, but what I'm sure is that the last person who paid the bill won't realize that he is the one who paid the bill until the end of the feast.</p>","source":"lsy1571700905465","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>2021 King of Bubbles</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n2021 King of Bubbles\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">起朱楼宴宾客</strong><span class=\"h-time small\">2021-04-06 11:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In October 2019, Richard Branson, the founder of Virgin Group, who was nearly seventy years old, wore Under Armour's special space suit and jumped onto the small balcony of the trading floor of the New York Stock Exchange in high spirits.</p><p>Ringing<a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>After the bronze bell was listed, he said excitedly:</p><p>I feel that I am one step closer to the space dream I started more than 20 years ago. What helped him realize his dream was not a common IPO-let alone profits, Virgin Galactic's annual income was only a pitiful few hundred thousand dollars-Virgin Galactic's listing was achieved by merging it with a SPAC company with the stock code IPOA.</p><p>If this is a bit difficult to understand, to use the word more familiar to Chinese investors, it is Virgin Galactic success<b>\"Backdoor listing\"</b>Yeah, I've got it.</p><p>After ringing the bell, Virgin Galactic's stock price tripled in three months, and once rose from $10 to more than $60 in the following year.</p><p>However, for this company with a current market value of more than US $6 billion, but revenue last year was only 200,000, and no revenue in the second, third and fourth quarters, it is not Richard Branson, of course, will not be the space passengers who bought tickets but are still waiting in line, but the sponsor of the SPAC company called Social Capital Hedosphia Holdings.</p><p>Let's settle the bill.</p><p>When the SPAC company was established in 2017, it issued a total of 60 million shares and raised US $600 million.</p><p>Since the \"gameplay\" of SPAC is that the sponsor has the right to obtain 20% of the shares after the IPO for free, that is to say, he automatically owns the 15 million shares that have fallen from the sky. In addition, he received warrants equivalent to 20% of his holdings.</p><p>With the successful merger of this SPAC company and Virgin Galactic, the sponsor not only became the chairman of New Virgin Galactic, but also his equity quickly appreciated to US $1.5 billion.</p><p>And his initial investment was only the $25,000 needed to set up the SPAC company.</p><p><b>American capitalists once again defined the word \"empty gloves and white wolves\".</b></p><p>And this sponsor is none other than Chamath Palihapitiya, who became famous for \"voicing\" retail investors during the Gamestop retail investors' war against Wall Street a few months ago.</p><p>His most famous speech goes like this:</p><p>\"... In the 2008 stock market crash, some people had a set for more than ten years, and some people lost their houses and cars. Now retail investors have found an opportunity to buy GME together, and you are actually clamoring for legal control. Why have institutions operated illegally for so many years? Everyone doesn't even blink their eyelids? Why can they not be held accountable even if they short 140%, and we have to take responsibility? If Wall Street hadn't used tools that retail investors couldn't use every day, how could it be 40% more and be caught by retail investors? \" We don't know whether Wall Street uses tools that retail investors cannot use to make profits, but it is a certain fact that Chamath himself used SPAC, a \"tool\" that retail investors cannot even catch, to make more than one billion dollars in empty gloves.</p><p><img src=\"https://static.tigerbbs.com/23c8fa56b11d42270c765b96d761190d\" tg-width=\"1000\" tg-height=\"542\" referrerpolicy=\"no-referrer\"></p><p>After tasting the sweetness, he even established a series of new SPAC companies from IPOB, IPOC to IPOF in one go, raising more than US $3 billion.</p><p>So, is he ready to use the alphabet to realize his life ideal?</p><p>one</p><p>Chamath is not the only one who wants to use SPAC to realize their life ideals.</p><p>Little Superman Li Zekai's SPAC company also successfully IPO on Nasdaq in October last year, code-named BTWN.</p><p>He spent $25,000 and acquired 287.5 shares of the founder's stock, and as of the close of trading on March 31, the market value of this SPAC company had reached $750 million.</p><p>In other words, it took only five months for Li Zekai to build a shell company. Before any assets were installed, the value of the stocks he held had already increased by 1,200 times.</p><p><b>You see, nowadays, big guys only need to move their fingers to build a shell, and they can achieve two small goals, even without doing PPT.</b></p><p>Perhaps it's too easy to make this money. Since last year, from large PE institutions such as CITIC Capital and Hony Capital, to well-known investors such as Fang Fenglei and Hu Zuliu, to Guan Jinsheng, who has been silent for many years, and Jia Yueting, who has been suffocated by his dreams, The establishment of SPAC has become the consensus of the big guys.</p><p>Of course, compared with the digital currency ICOs that \"fooled\" all kinds of celebrities to join in those days, those currently making efforts in the SPAC field are basically primary market investors.</p><p>And because SPAC doesn't have to fool retail investors into playing together like ICO from establishment to mergers and acquisitions, it is also more low-key in public opinion.</p><p>Only through<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>A latest research report-yes, Goldman Sachs, whose employees at the bottom of the investment bank wrote a PPT protest because of the overwhelming workload of the SPAC-we can know how popular this \"undercurrent\" is.</p><p>According to statistics, in the ten years from 2009 to 2019, a total of 226 SPAC companies conducted IPOs. In 2020 alone, the number of IPO SPAC companies exceeded the sum of the past decade, reaching 228.</p><p>By 2021, it will take less than 3 months for the number of IPO SPAC companies to reach 200.</p><p>In addition, the total IPO financing of SPAC companies in 2020 is US $77 billion, accounting for half of the US stock IPO market. In the first two months of 2021, the IPO financing amount of SPAC has exceeded 56 billion US dollars, reaching 2/3 of the US stock IPO market.</p><p><img src=\"https://static.tigerbbs.com/1cf570d88b3636c5d3aaf112f06f4554\" tg-width=\"924\" tg-height=\"568\" referrerpolicy=\"no-referrer\"></p><p>In other words, two-thirds of the companies listed in the United States in the first two months of this year were empty \"blank check\" companies, and they have raised more than 350 billion yuan.</p><p>According to Goldman Sachs statistics, there are now more than $100 billion in SPAC funds wandering around the market looking for acquisition targets, and if it continues to develop at the current rate, the value of companies acquired by SPAC companies will exceed $700 billion in the next two years.</p><p>What is the concept of $700 billion?</p><p><b>In 2020, the global IPO scale will be approximately US $300 billion. In other words, Goldman Sachs feels that SPACs will inflate a new IPO market in the next two years.</b></p><p>We have all been educated for many years. The reason why there are so many backdoor speculation in A-shares is that A-shares are not registered. Look at the U.S. stock market, aren't they all companies that regularly go through IPOs?</p><p>However, the SPAC fire proves that your uncle is still your uncle-just in<a href=\"https://laohu8.com/S/00170\">China Capital</a>While the family is still struggling to find a shell and fried shell, the United States has realized a fully automatic production line for shells.</p><p>two</p><p>So, what exactly is the essence of a SPAC?</p><p>It's actually not complicated,<b>It's a \"blatant\" shell company</b>，<b>Complete the IPO through a special channel allowed by American regulation and raise funds, and then use the funds to acquire a target company with actual business.</b></p><p>Therefore, the target company achieved its own listing by grafting flowers and trees.</p><p>Some people compare it to a \"blind box\" in the investment circle, because investors will not know what assets they ultimately hold until the SPAC completes the merger and acquisition.</p><p>This metaphor is really subtle, but it is not only to describe the investment side, but also to describe the initiators of the production SPAC.</p><p>Let's talk about the former first.</p><p><b>First of all, the establishment mechanism of SPAC determines that there is almost no risk of loss for funds participating in IPOs.</b>Because if the merger and acquisition is not completed within the specified time, the SPAC sponsor needs to return the funds to the investors intact.</p><p>Moreover, since the funds will be credited to a specially regulated account during the IPO, there is no risk of being diverted by the sponsor for other purposes.</p><p>Even better, even if the SPAC announces the merger target, if investors are not optimistic about the quality of the target company, they can withdraw funds at any time before the end of the merger.</p><p>In other words, the funds participating in the SPAC IPO get not only a blind box, but also a blind box that can be returned 100% if you don't like it after opening it.</p><p>Therefore, according to research statistics, for funds participating in SPAC IPOs, the average annualized rate of return in the past few years can reach 11.6%, and the probability of loss is zero.</p><p>Who doesn't love this box?</p><p>Of course, this part of the funds has to pay the time cost, that is, the opportunity cost lost by choosing to participate in the SPAC without making other investments-if the SPAC merger fails within two years, this part of the funds can only be paid back.</p><p>But for U.S. investors whose policy rates are lying on the floor and will be on the floor for the foreseeable future, this time cost is almost non-existent now.</p><p>No wonder Goldshing declared,<b>SPACs are a good alternative to cash in a zero interest rate environment.</b></p><p><img src=\"https://static.tigerbbs.com/22fee890a51600fb8766eba74edc13d2\" tg-width=\"882\" tg-height=\"670\" referrerpolicy=\"no-referrer\"></p><p>Let's talk about the latter.</p><p>For the sponsors of SPACs, in theory, they don't know what kind of target companies they can find for mergers and acquisitions in the future. Because according to SEC regulations, SPACs are not allowed to lock in the target company to be acquired before the IPO, otherwise they must make detailed information disclosure, which will greatly affect the process of the IPO.</p><p>But is that really the case?</p><p>Then why are SPACs often set up by those PE/VC bosses who hold the assets of companies to be listed?</p><p>Why is the average time from IPO to announcement of mergers and acquisitions for SPACs shortened from 387 days from 2010 to 2019 to 366 days in 2020, and then further shortened to 175 days this year?</p><p>There will even be a SPAC company like Northern Star Investment Corp II that announced its merger and acquisition target less than a month after its listing?</p><p>So, as the head of the Asian equity capital markets department of a foreign investment bank told the media:</p><p>\"In fact, many private equity firms are optimistic about the target before the SPAC is listed, which may be a long-term concern, and may not necessarily inject it immediately after the listing; it may also be that the SPAC will definitely inject certain assets as soon as it is listed, and there is no need to wait for as long as two years...\" \"... Although the acquisition target cannot be publicly mentioned when the SPAC is listed, as long as the expected acquisition target can be described specifically enough during the publicity, it will be silent... There is no real hammer in supervision, and it is not easy to manage.\" For SPAC sponsors, like the manufacturers of blind boxes, they know from the beginning which blind box contains rare models, and even the probability of rare models can be calculated clearly.</p><p>At this point, we can summarize the essence of SPAC-</p><p><b>In fact, it is a new type of cash-out tool invented by the capital circle. It is a cash alternative to financial management discovered by the capital circle. It is a \"Fast Track\" found when everyone is worried about not being able to catch up with this capital feast.</b></p><p>Want to find an exit channel for the company you invested in in previous years, but suffering from too long IPO time and too high requirements? It doesn't matter, let's set up a SPAC first.</p><p>The company wants to go public, but it doesn't even meet the most basic requirements of the US stock registration system? It doesn't matter, go find a SPAC for mergers and acquisitions.</p><p>Have a sum of money to invest and want both capital preservation and potentially high yields? No problem, go and invest in a SPAC IPO.</p><p><b>Therefore, SPAC is a blind box, and it is also a \"packing box\" before the end of the feast.</b></p><p>It can lock in the fruits of victory in advance for those primary market bosses who are worried that the companies they invest will not catch up with the IPO window;</p><p>It can act as a white knight for those entrepreneurs who failed on the IPO road for various reasons;</p><p>It can also provide a solution for those hedge fund funds who are afraid of stepping short and chasing high prices.</p><p>From this perspective, it is difficult to think about SPACs not being popular.</p><p>three</p><p>Since SPAC is such a good thing, why didn't it suddenly get serious until the past two years?</p><p>In addition to what was mentioned in the previous part, for the capital side, the low interest rate environment in the past two years has reduced the time cost of investing in SPACs to almost zero, and the remaining reasons can almost all be summarized in eight words--</p><p><b>Time waits for no man, seize the day.</b></p><p>After all, for companies that want to go public, SPAC is by no means a perfect listing model. On the contrary, listing through SPAC is the same as the so-called \"bloody listing\" when the Nasdaq bubble burst.</p><p>Open the merger and acquisition prospectus of any SPAC, and you will see how expensive it is for the founder of a company to go public with a SPAC.</p><p>Simply put, after the acquisition is completed, the property rights and control rights of the founder of the target company will almost be sharply diluted.</p><p>This has also led to the fact that for so many years after the birth of SPAC, any company that can go public on the path of IPO is never willing to go public through the SPAC model. In such an a vicious circle, the latter are left with defective products that can't be put on the market.</p><p>However, this situation changed dramatically in October 2019.</p><p>If you have an impression of the U.S. stock market during that time, the most explosive news is the super unicorn in the shared office industry<a href=\"https://laohu8.com/S/WE\">WeWork</a>The listing failed.</p><p><b>The failure of the sprint IPO not only burst WeWork's valuation bubble, but also caused the founder to be plagued by scandals and slump.</b></p><p>As at the time<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>It was pointed out in a report to investors:</p><p>\"The failure of WeWork's IPO marks the end of an era, an era in which the company can obtain ultra-high valuations even if it is not profitable.\" Not only did WeWork, a giant \"unicorn\", suddenly leave the IPO front desk, which stimulated the founders of the company, but the difficulties faced by SoftBank, the investor behind WeWork, also made market investors feel the same way.</p><p>In the subsequent COVID-19 pandemic, the revenue and valuation of many companies seeking to go public have undergone dramatic changes, which has made companies and investors begin to ponder deeply whether they want to seek an IPO that may have high returns but cannot be touched, or to seek a faster and more predictable realization model.</p><p>Therefore, what Morgan Stanley said at that time was only half right.</p><p>This era is not over yet. God closed the door to IPO for these unicorns, but opened the window of SPAC--</p><p><b>With the two characteristics of ready-made funds and pre-agreed transaction prices and conditions, SPAC provides rare support for market participants who are eager to seek cash.</b></p><p>It's like the faceless man in Spirited Away. Anything you feed in will fall out of gold. As a result, in just one year, it expanded into half of the IPO market.</p><p>After all, since last year, everyone has only one wish-<b>Hurry up!</b></p><p>For the sake of speed, investors no longer care whether the listed SPAC is called IPOA or IPOF. Anyway, it is just a shell company. As long as the bull market is still there, what they buy is a ticket that guarantees no loss.</p><p>In order to be quick, the bosses must set up SPACs in advance, even if they set up many SPACs in one go, they will be criticized by the media. Because it is always necessary to leave a period of time from the establishment of the SPAC to the \"finding\" of the M&A target as a \"fig leaf\", so as not to cause regulatory trouble.</p><p>In order to be quick, the founders of unicorns have to reluctantly give up their love for many interests that have already been obtained. After all, small intolerance will lead to chaos. Whether it is stock shares or super voting rights, they all must give way to the goal of listing.</p><p>It can be said that SPAC is the crystallization of wisdom in this IPO era that is eager for quick success and instant benefit. It is the solution after hoarding a large number of unicorns in the era of large-scale release in the past ten years, and it is even more important for this round of<b>\"King of Bubbles\"</b>。</p><p>four</p><p>At the end of the report, Goldman Sachs quoted a Stanford professor's doubts about the structure of SPACs.</p><p>\"What I can't figure out most about SPAC is why there is such a capital structure that first raises funds and then looks for listing targets, but at the same time allows this part of the raised funds to withdraw at any time, and new investors to enter at any time? In such a ridiculous capital structure, who will pay the bill?\" I don't know who paid the bill, but what I'm sure is that the last person who paid the bill won't realize that he is the one who paid the bill until the end of the feast.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/9P4xC37V8tnL-oXWk1cOUw\">起朱楼宴宾客</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f69a8901240bc6e3841acef55dd4a049","relate_stocks":{"SPCE":"维珍银河"},"source_url":"https://mp.weixin.qq.com/s/9P4xC37V8tnL-oXWk1cOUw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2125176754","content_text":"2019年10月，年近古稀的维珍集团创始人理查德·布兰森穿着Under Armour特制的太空装，精神奕奕地跳上了纽交所交易大厅的小阳台。\n在敲响维珍银河上市的铜钟后，他激动地说：\n\n 感觉自己离20多年前开始做的航天梦，又近了一步。\n\n助他圆梦的不是一场司空见惯的IPO——别说利润了，维珍银河连每年的收入都只有可怜的几十万美元——维珍银河的上市，是通过将其与一家股票代码为IPOA的SPAC公司合并实现的。\n如果这么讲有点难理解的话，用中国股民们更加熟悉的词汇来说，就是维珍银河成功“借壳上市”了。\n敲钟后，维珍银河的股价在三个月内翻了3倍，并在之后的一年多中从10美元一度涨到60多美元。\n然而对于这家目前市值超过60亿美元，但去年营收只有20万，且二三四季度颗粒无收的公司来说，在这一轮堪称完美的资本运作中获利最大的，并非理查德·布兰森，当然也不会是买了船票却还在排队的那些太空乘客们，而是那家名为Social Capital Hedosphia Holdings的SPAC公司发起人。\n我们来算一笔账。\n这家SPAC公司在2017年成立时一共对外发行了6000万股，募资达到6亿美元。\n由于SPAC的“玩法”是发起人有权无偿获得IPO之后股份的20%，也就是说，他自动拥有了天上掉下来的1500万股。此外，他还获得了相当于持有股份20%的认股权证。\n而随着这家SPAC公司和维珍银河的成功合并，这位发起人不但成为了新维珍银河公司的董事长，而且手上的股权也迅速升值到15亿美元。\n而他的初始投入，不过是设立这家SPAC公司时所需的2.5万美元。\n美国的资本家们，再一次定义了“空手套白狼”这个词。\n而这位发起人不是别人，正是在几个月前Gamestop散户大战华尔街事件中，为散户“发声”而一战成名的Chamath Palihapitiya。\n他那段最出名的发言是这么说的：\n\n “……2008年股灾，有的人一套十多年，有的人失去了房子和车子，现在散户们找到了个机会抱团买GME，你们居然就叫嚣法律管控，凭啥机构这么多年违法操作，大家连眼皮都不眨一下？凭啥他们做空了140%也可以不被追责，而我们要承担责任？要不是华尔街天天利用散户不能用的工具，怎么可能多40%而被散户抓到空子？”\n\n华尔街有没有利用散户不能用的工具牟利咱不知道，但Chamath自己利用SPAC这种散户连影子都抓不到的“工具”，空手套出来十几亿美金，这倒是板上钉钉的事实。\n\n而在尝到甜头之后，他更是一口气成立了从IPOB、IPOC到IPOF的一连串新SPAC公司，募资超过30亿美元。\n所以，他是准备用字母表实现人生理想吗？\n一\n想用SPAC实现人生理想的，可不止Chamath一个。\n小超人李泽楷的SPAC公司在去年10月也成功的在纳斯达克IPO了，代号BTWN。\n他花了2.5万美元，获得了287.5股创始人股票，而截至到3月31日收盘，这家SPAC公司的市值已经达到了7.5亿美元。\n换句话说，李泽楷造了一个空壳公司，只花了五个月，还没有装进任何资产，持有的股票价值就已经增值了1200倍。\n你看，现如今大佬们只需要动动手指造个壳，就可以实现两个小目标，连PPT都不用做了。\n或许是这钱赚得太容易，从去年开始，从中信资本和弘毅投资这样的大型PE机构，到方风雷、胡祖六等知名投资人，再到沉寂多年的管金生和为梦想窒息的贾跃亭，设立SPAC已经成为大佬们的共识。\n当然，与当年“忽悠”了各类名人加入的数字货币ICO相比，目前在SPAC领域发力的，还基本都是一级市场投资人。\n而且因为SPAC从设立到并购都不用像ICO那样要忽悠着散户一起玩，所以在舆论上也更加的低调。\n只有通过高盛的一份最新研报——对，就是那家底层投行员工因为SPAC工作量爆棚而写PPT抗议的高盛——我们才能知道这股“暗流涌动”究竟有多么的火爆。\n根据统计，在2009年到2019年的十年间，一共有226家SPAC公司进行IPO。而仅仅在2020年一年，IPO的SPAC公司就超过了过去十年的总和，达到228家。\n而到2021年，IPO 的SPAC公司达到200家只用了不到3个月的时间。\n另外，2020年SPAC公司的IPO融资总额是770亿美元，占到了美股IPO市场的半壁江山。而在2021年的前两个月，SPAC的IPO融资额已经突破了560亿美金，达到了美股IPO市场的2/3。\n\n换句话说，今年前两个月在美国上市的公司里，有三分之二都是里面空空如也的“空白支票”公司，而他们已经募到了超过3500亿人民币。\n根据高盛的统计，现在有超过1000亿美元的SPAC资金在市场上四处游荡，寻找收购目标，而如果按现在的速度继续发展，在未来两年时间里，SPAC公司收购的公司价值将超过7000亿美元。\n7000亿美元是什么概念呢？\n2020年，全球的IPO规模大概是3000亿美元。也就是说，高盛觉得SPAC在未来两年将膨胀出一个新的IPO市场出来。\n多少年来我们都被教育，之所以A股存在那么多的借壳炒壳，是因为A股不是注册制。你看美股，不都是正正规规走IPO的公司吗？\n然而SPAC的大火，证明了你大爷还是你大爷——就在中国资本家还在苦苦寻觅一个壳和炒壳的时候，美国已经实现了壳的全自动生产流水线。\n二\n那么，SPAC的本质究竟是什么？\n其实并不复杂，就是一家“明目张胆”的空壳公司，通过一个美国监管允许的特殊渠道完成IPO并且募集到资金，然后再用这笔资金去收购一家有实际业务的目标公司。\n于是，通过移花接木的方式，这家目标公司就实现了自身的上市。\n有人将其比作是投资圈的“盲盒”，因为在SPAC完成并购前，投资者都不会知道最终持有的是什么资产。\n这个比喻着实精妙，但不仅仅在于形容投资端，更在于形容生产SPAC的发起人们。\n先说前者。\n首先，SPAC的设立机制决定了参与IPO的资金几乎没有亏损风险。因为如果在规定时间内没有完成并购，SPAC发起人需要将资金原封不动地退还给投资者。\n而且由于资金在IPO时会被打入了一个特殊监管的账户，所以并没有被发起人挪为他用的风险。\n更妙的是，就算SPAC宣布了并购标的，如果投资人不看好标的公司质量的话，也可以在并购结束前随时取回资金。\n换句话说，参与SPAC IPO的资金拿到的不仅是一个盲盒，更是一个如果打开之后自己不喜欢，还能百分百退货的盲盒。\n因此，根据研究统计，对于参与SPAC IPO的资金来说，过去这些年的平均年化收益率可以达到11.6%，而且亏损几率为零。\n这一盒，谁不爱？\n当然，这部分资金要付出的是时间成本，也就是选择参与SPAC而没有去做其他投资所损耗的机会成本——万一两年内SPAC并购失败，这部分资金只能回本而已。\n不过对于政策利率趴在地板上，且在可以预见的未来都会在地板上的美国投资者来说，这个时间成本现在几乎不存在。\n难怪高盛会宣称，SPAC在零利率环境下是现金的良好替代品。\n\n再说后者。\n对于SPAC的发起人来说，理论上他们也不知道自己未来能找到什么样的标的公司来做并购。因为根据SEC的规定，SPAC不得在IPO前锁定拟收购的标的公司，否则要做详尽的信息披露，而这会大大影响IPO的进程。\n但事实真的是这样吗？\n那为什么设立SPAC的往往是那些手握拟上市公司资产的PE/VC大佬呢？\n为什么SPAC从IPO到宣布并购的平均时间，会从2010~2019年的387天，缩短到2020年的366天，再到今年进一步缩短到175天呢？\n甚至会出现Northern Star Investment Corp II这种上市不到一个月就宣布了并购标的的SPAC公司呢？\n所以，就像一家外资投行的亚洲股票资本市场部负责人对媒体说的那样：\n\n “其实很多私募在SPAC上市前就看好目标了，可能是长期关注的，不一定上市后就立刻注入；也可能是SPAC一挂牌就确定会注入某些资产，不用等两年那么久……”“……虽然在SPAC上市的时候不能公开提及收购目标，但只要在宣传的时候可以把预期的收购对象描述的足够具体，就尽在不言中了……监管没有实锤，也不好管。”\n\n对于SPAC发起人来说，他们和盲盒的生产商一样，从一开始就知道哪个盲盒里面是稀有款，甚至连稀有款的概率都能算得一清二楚。\n到这里，我们可以总结出SPAC的本质了——\n其实就是资本圈发明的一款新型套现工具，是资金圈发现的包赚不赔的现金替代理财，是所有人担心赶不上这场资本盛宴时找到的一条“Fast Track”。\n想为之前几年投的公司找退出渠道，却苦于IPO时间太久、要求太高？没关系，先成立个SPAC吧。\n公司想上市，却连最基本的美股注册制的要求都没达到？没关系，去找个SPAC做并购啊。\n有一笔钱要投资，既要保本又想要潜在的高收益？没问题，去投个SPAC的IPO呗。\n所以，SPAC是个盲盒，更是个盛宴结束前的“打包盒”。\n它可以替那些担心投出去的公司赶不上IPO窗口的一级市场大佬们提前锁定胜利的果实；\n可以为那些在IPO路上因为种种原因铩羽而归的创业者们充当白衣骑士；\n也可以为那些怕踏空又怕追高的对冲基金资金们提供一个包赚不赔的解决方案。\n从这个角度来看，SPAC想不火都难。\n三\n既然SPAC是一个这么好的东东，为什么直到这两年才突然受重视呢？\n除了前一部分提到的，对于资金方而言，这两年的低利率环境让投资SPAC的时间成本降到几乎为零之外，剩下的理由几乎都可以总结为八个字——\n时不我待，只争朝夕。\n毕竟对于想要上市的公司而言，SPAC绝非完美无缺的上市模式，甚至恰恰相反，通过SPAC上市和纳斯达克泡沫破裂时所谓的“流血上市”是一样的。\n打开任意一份SPAC的并购说明书，你就会发现利用SPAC上市对公司创始人来说代价有多么高昂。\n简单来讲，就是在收购完成之后，并购标的公司创始人的财产权与控制权几乎都会被急剧稀释。\n这也就导致了在SPAC诞生后的这么多年来，但凡能走IPO道路上市的公司，都绝不愿意通过SPAC模式上市。而在这样的恶性循环中，留给后者的都是那些上不了市的残次品。\n然而这一局面在2019年10月份发生了天翻地覆的变化。\n如果对那段时间的美股市场有印象的话，最爆炸性的新闻莫过于共享办公界的超级独角兽WeWork上市失败了。\n冲刺IPO失败不仅让WeWork的估值泡沫破裂，更让创始人丑闻缠身，一蹶不振。\n正如当时摩根士丹利在给投资者的一份报告里指出的：\n\n “WeWork IPO的失败，标志着一个时代的终结，一个哪怕公司不盈利，也可以获得超高估值的时代。”\n\n不仅仅是WeWork这只巨无霸“独角兽”从IPO的前台黯然离场刺激到了企业创始人们，WeWork背后投资人软银由此面临的困境也让市场投资者们感同身受。\n而在此后的新冠疫情中，许多谋求上市的企业自身的营收和估值都出现了戏剧性变化，这让企业和投资人开始深思，自己到底是要谋一个可能收益很高但却会摸不着的IPO，还是去求一个更快而且更有可预测性的变现模式。\n因此，大摩当时的话只说对了一半。\n这个时代还没有结束，上帝给这些独角兽们关上了IPO的门，却打开了SPAC的窗——\nSPAC以现成的资金，以及事前说定的交易价格和条件这两大特点，为急于寻求变现的市场参与者提供了难得的支撑。\n它就像千与千寻里的那个无脸男，你喂进去任何事物，都会掉出黄金。于是乎，仅仅用了一年的时间，它就膨胀出了IPO市场的半壁江山。\n毕竟去年以来，所有人都只有一个心愿——快！\n为了快，投资者们根本不再关心上市的SPAC是叫IPOA还是IPOF，反正都只是一个空壳公司，只要牛市还在，自己买的就是一张包赚不赔的船票。\n为了快，大佬们要提前设立好SPAC，哪怕一口气设立很多个会被媒体吐槽。因为总要给SPAC成立到“找到”并购标的留一段时间做“遮羞布”，免得惹来监管的麻烦。\n为了快，独角兽创始人们不得不对很多已经到手的利益忍痛割爱，毕竟小不忍则乱大谋。无论是股票份额，还是超级投票权，统统要让道于上市的目标。\n可以说，SPAC就是这个急功近利的IPO时代的智慧结晶，是过去十年大放水时代里囤积出大量独角兽后的解决方案，更是这一轮的“泡沫之王”。\n四\n高盛在报告的最后，援引了一位斯坦福教授对于SPAC结构的疑惑，\n\n “关于SPAC我最想不通的是，为什么会产生这样一种资本结构，先募集资金，再去寻找上市标的，但同时又允许这部分募集资金随时退出，新投资者随时进入？在这样一种荒谬的资本结构中，究竟是谁来买单呢？”\n\n买单的究竟是谁我不知道，但我敢确信的是，最后买单的人，不到盛宴结束的那一天，一定不会意识到，自己就是那个买单人。","news_type":1,"symbols_score_info":{"SPCE":0.9}},"isVote":1,"tweetType":1,"viewCount":1548,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349978384,"gmtCreate":1617531997248,"gmtModify":1704700268142,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574712418352916","idStr":"3574712418352916"},"themes":[],"htmlText":"Families of the wealthiest.&nbsp;","listText":"Families of the wealthiest.&nbsp;","text":"Families of the wealthiest.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/349978384","repostId":"2124754238","repostType":4,"repost":{"id":"2124754238","kind":"highlight","pubTimestamp":1617501734,"share":"https://ttm.financial/m/news/2124754238?lang=en_US&edition=fundamental","pubTime":"2021-04-04 10:02","market":"us","language":"zh","title":"50 major families control $1.2 trillion in wealth! Meet the Rothschilds in America","url":"https://stock-news.laohu8.com/highlight/detail?id=2124754238","media":"华尔街见闻","summary":"过去的一、两年，你可能经常听到马斯克（Elon Musk）、贝佐斯（Jeff Bezos）或者盖茨（Bill Gates）轮流“坐庄”美国首富这种故事。这些都是个人。如果换个角度，从家族来看呢？换个说","content":"<p>In the past year or two, you may have often heard the story of Elon Musk, Jeff Bezos or Bill Gates taking turns to \"sit\" on the richest man in the United States.</p><p>These are individuals. What if you look at it from another angle, from the family? To put it another way: after reading the new money, what happened to the old money?</p><p>Forbes' list of the most prominent rich families in the United States reveals the answer: many rich families remain unchanged and are still rich, and now with the company's stock price rising, they are now even more rich.</p><p>This can be easily seen from one of the details: to be on this list of rich families, you must have at least $7.3 billion in wealth-this threshold is 1.3 billion or 22% higher than $6 billion five years ago.</p><p>This list lists 50 of the richest families in the United States, with a total wealth of $1.2 trillion. The last time the list was published was in 2015, when the total wealth was $916 billion, which is about 30% lower than the current level.</p><p>Specifically,<a href=\"https://laohu8.com/S/WMT\">Walmart</a>The heirs, the Walton family, remain firmly at the top of the list. Benefiting from the pandemic<a href=\"https://laohu8.com/S/WMT\">Walmart</a>Strong rally in stocks, the family's fortune now stands at $247 billion, up $77.3 billion over the past year. The family holds about 50% of Wal-Mart's shares, and the average annual dividend of Dividend alone exceeds $700 million.</p><p><img src=\"https://static.tigerbbs.com/fa0755e6646f17c2471afd1f64037179\" tg-width=\"1600\" tg-height=\"900\" referrerpolicy=\"no-referrer\">The Koch brothers family (Kochs), the founders of industrial giant Koch, ranked second with a wealth of $115 billion. Koch manufactures a wide range of industrial products, including pipes, chemicals, water cups, carpets and more. The Koch family holds an 84% stake in Koch Industries.</p><p>The third place on the list is a brother and sister family: Jacqueline Mars, John Mars and their late brother Forrest Jr., with a family fortune of $94 billion. They mainly inherited shares in the confectionery company founded by their grandfather Frank Mars in 1911. This candy company is very familiar to Chinese people, that is, Mars, a multinational enterprise famous for M&M and Snickers. The company has annual revenue of $35 billion.<img src=\"https://static.tigerbbs.com/c6a07d9f233c471793aad3ed39be236c\" tg-width=\"1778\" tg-height=\"848\" referrerpolicy=\"no-referrer\">In fourth place is the Cargill-MacMillan family, with a fortune of $47 billion. Just look at the name and tell which company they own-Cargill Inc., one of the four largest grain merchants in the world.</p><p>The next rich family may be known by women all over the world:<a href=\"https://laohu8.com/S/EL\">Estee Lauder</a>Families, they own<a href=\"https://laohu8.com/S/EL\">Estee Lauder</a>Group (Estee Lauder) equity, family wealth amounting to 40 billion US dollars.</p><p>Ranked sixth is the SC Johnson family, which owns SC Johnson, a global manufacturer of household cleaning and chemical consumer goods, with a wealth of $37 billion. So far, the family wealth has been passed down for five generations.</p><p>The Johnson family, the controller of the asset management giant Fidelity, has a wealth of $37 billion. Today, Edward Johnson III owns and operates Fidelity Investments and Fidelity International with his daughter Abigail Johnson.</p><p>Ranked eighth is the Cox family, who started out as a media, with a fortune of $34.5 billion. They manage Cox Enterprises, a privately held multinational conglomerate headquartered in Atlanta, Georgia, US.</p><p>It is worth noting that the Cox family is the only family in the top ten on the list whose wealth has not changed, and the total wealth of other rich families has increased significantly compared with five years ago.</p><p>In addition, the Sacklers family, owners of opioid producer Purdue Pharma, is one of the few giants on the list whose wealth has shrunk, and the attorney general of almost every U.S. state has been prosecuted for the company's role in the opioid crisis.</p><p>Among the 50 richest families, the only Chinese and the only non-white family is the Zhao family, ranking 40th on the list with a wealth of $8.6 billion. They control Westlake Chemical, one of the largest producers of low-density polyethylene in the United States and the second largest producer of PVC in the world. Zhao Tingzhen, the founder of this family, was born in Suzhou, moved to Taiwan Province after World War II, and then moved his family to the United States. In 1985, he founded West Lake Chemical Company in Texas.</p><p><img src=\"https://static.tigerbbs.com/bc094f131c66a5bfd0109ca19c032074\" tg-width=\"2034\" tg-height=\"1472\" referrerpolicy=\"no-referrer\"></p><p>The rest of the rich families listed include the Rockefeller family, which is familiar to Chinese people,<a href=\"https://laohu8.com/S/DD\">DuPont</a>Family, Kohler family, Mellon family,<a href=\"https://laohu8.com/S/JNJ\">Johnson Johnson</a>Family, Marriott Family, etc.</p><p>But there is no need to envy them, because being super rich doesn't mean these families are happy. On this list, there are at least six families who have experienced great pain or open discord among family members, including lawsuits over family trust funds, false adoptions, and even murder charges.</p><p>Visual Capitalist, an American visual information website, made a picture based on this rich list:</p><p><img src=\"https://static.tigerbbs.com/ce31c3cb4e2a1259db11e1f8b1af0b4b\" tg-width=\"1200\" tg-height=\"2184\" referrerpolicy=\"no-referrer\"></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>50 major families control $1.2 trillion in wealth! Meet the Rothschilds in America</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n50 major families control $1.2 trillion in wealth! Meet the Rothschilds in America\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-04-04 10:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In the past year or two, you may have often heard the story of Elon Musk, Jeff Bezos or Bill Gates taking turns to \"sit\" on the richest man in the United States.</p><p>These are individuals. What if you look at it from another angle, from the family? To put it another way: after reading the new money, what happened to the old money?</p><p>Forbes' list of the most prominent rich families in the United States reveals the answer: many rich families remain unchanged and are still rich, and now with the company's stock price rising, they are now even more rich.</p><p>This can be easily seen from one of the details: to be on this list of rich families, you must have at least $7.3 billion in wealth-this threshold is 1.3 billion or 22% higher than $6 billion five years ago.</p><p>This list lists 50 of the richest families in the United States, with a total wealth of $1.2 trillion. The last time the list was published was in 2015, when the total wealth was $916 billion, which is about 30% lower than the current level.</p><p>Specifically,<a href=\"https://laohu8.com/S/WMT\">Walmart</a>The heirs, the Walton family, remain firmly at the top of the list. Benefiting from the pandemic<a href=\"https://laohu8.com/S/WMT\">Walmart</a>Strong rally in stocks, the family's fortune now stands at $247 billion, up $77.3 billion over the past year. The family holds about 50% of Wal-Mart's shares, and the average annual dividend of Dividend alone exceeds $700 million.</p><p><img src=\"https://static.tigerbbs.com/fa0755e6646f17c2471afd1f64037179\" tg-width=\"1600\" tg-height=\"900\" referrerpolicy=\"no-referrer\">The Koch brothers family (Kochs), the founders of industrial giant Koch, ranked second with a wealth of $115 billion. Koch manufactures a wide range of industrial products, including pipes, chemicals, water cups, carpets and more. The Koch family holds an 84% stake in Koch Industries.</p><p>The third place on the list is a brother and sister family: Jacqueline Mars, John Mars and their late brother Forrest Jr., with a family fortune of $94 billion. They mainly inherited shares in the confectionery company founded by their grandfather Frank Mars in 1911. This candy company is very familiar to Chinese people, that is, Mars, a multinational enterprise famous for M&M and Snickers. The company has annual revenue of $35 billion.<img src=\"https://static.tigerbbs.com/c6a07d9f233c471793aad3ed39be236c\" tg-width=\"1778\" tg-height=\"848\" referrerpolicy=\"no-referrer\">In fourth place is the Cargill-MacMillan family, with a fortune of $47 billion. Just look at the name and tell which company they own-Cargill Inc., one of the four largest grain merchants in the world.</p><p>The next rich family may be known by women all over the world:<a href=\"https://laohu8.com/S/EL\">Estee Lauder</a>Families, they own<a href=\"https://laohu8.com/S/EL\">Estee Lauder</a>Group (Estee Lauder) equity, family wealth amounting to 40 billion US dollars.</p><p>Ranked sixth is the SC Johnson family, which owns SC Johnson, a global manufacturer of household cleaning and chemical consumer goods, with a wealth of $37 billion. So far, the family wealth has been passed down for five generations.</p><p>The Johnson family, the controller of the asset management giant Fidelity, has a wealth of $37 billion. Today, Edward Johnson III owns and operates Fidelity Investments and Fidelity International with his daughter Abigail Johnson.</p><p>Ranked eighth is the Cox family, who started out as a media, with a fortune of $34.5 billion. They manage Cox Enterprises, a privately held multinational conglomerate headquartered in Atlanta, Georgia, US.</p><p>It is worth noting that the Cox family is the only family in the top ten on the list whose wealth has not changed, and the total wealth of other rich families has increased significantly compared with five years ago.</p><p>In addition, the Sacklers family, owners of opioid producer Purdue Pharma, is one of the few giants on the list whose wealth has shrunk, and the attorney general of almost every U.S. state has been prosecuted for the company's role in the opioid crisis.</p><p>Among the 50 richest families, the only Chinese and the only non-white family is the Zhao family, ranking 40th on the list with a wealth of $8.6 billion. They control Westlake Chemical, one of the largest producers of low-density polyethylene in the United States and the second largest producer of PVC in the world. Zhao Tingzhen, the founder of this family, was born in Suzhou, moved to Taiwan Province after World War II, and then moved his family to the United States. In 1985, he founded West Lake Chemical Company in Texas.</p><p><img src=\"https://static.tigerbbs.com/bc094f131c66a5bfd0109ca19c032074\" tg-width=\"2034\" tg-height=\"1472\" referrerpolicy=\"no-referrer\"></p><p>The rest of the rich families listed include the Rockefeller family, which is familiar to Chinese people,<a href=\"https://laohu8.com/S/DD\">DuPont</a>Family, Kohler family, Mellon family,<a href=\"https://laohu8.com/S/JNJ\">Johnson Johnson</a>Family, Marriott Family, etc.</p><p>But there is no need to envy them, because being super rich doesn't mean these families are happy. On this list, there are at least six families who have experienced great pain or open discord among family members, including lawsuits over family trust funds, false adoptions, and even murder charges.</p><p>Visual Capitalist, an American visual information website, made a picture based on this rich list:</p><p><img src=\"https://static.tigerbbs.com/ce31c3cb4e2a1259db11e1f8b1af0b4b\" tg-width=\"1200\" tg-height=\"2184\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3626144\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fa0755e6646f17c2471afd1f64037179","relate_stocks":{"WMT":"沃尔玛"},"source_url":"https://wallstreetcn.com/articles/3626144","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2124754238","content_text":"过去的一、两年，你可能经常听到马斯克（Elon Musk）、贝佐斯（Jeff Bezos）或者盖茨（Bill Gates）轮流“坐庄”美国首富这种故事。这些都是个人。如果换个角度，从家族来看呢？换个说法就是：看完了新钱，那些老钱怎么样了呢？《福布斯》公布的美国最显赫的富豪家族榜揭示了答案：很多富豪家族岿然不动，依然是富豪，并且如今随着公司股价走高，现在是豪上更壕了。这一点从其中一个细节就能轻松看出来：要登上这份富豪家族榜，至少要有73亿美元财富——这个门槛比五年前的60亿美元提高了13亿，提高幅度达到22%。这份榜单一共列举了50个美国最富有的家族，他们的财富总额高达1.2万亿美元。上一次发榜单是在2015年，当时的财富总额是9160亿美元，这比目前低了30%左右。具体来看，沃尔玛继承人沃尔顿家族依然稳坐榜首。受益于疫情期间沃尔玛股票的强劲上涨，该家族的财富现在达到2470亿美元，过去一年增加了773亿美元。该家族持有沃尔玛约50%的股份，平均每年仅股息分红就超过7亿美元。工业巨头科赫的创始人科赫兄弟家族（Kochs）以1150亿美元财富位列第二。科赫生产范围广泛的工业制品，包括管道、化学品、水杯、地毯等。科赫家族持有科赫工业集团（Koch Industries）84%的股份。榜单第三位是兄妹一家亲：杰奎琳·玛斯（Jacqueline Mars）、约翰·玛斯（John Mars）以及他们已故的兄弟小福雷斯特（Forrest Jr.），家族财富940亿美元。他们主要是继承了祖父Frank Mars于1911年创立的糖果公司股份。这个糖果公司中国人非常熟悉，那就是以M＆M和士力架（Snickers）闻名的跨国企业Mars。该公司年收入为350亿美元。位列第四的是Cargill-MacMillan家族，财富470亿美元。看这名字就知道他们拥有哪家企业了——全球四大粮商之一嘉吉（Cargill Inc.）。下一个富豪家族可能全球的女人们都知道：雅诗兰黛家族，他们拥有雅诗兰黛集团（Estee Lauder）的股权，家族财富达400亿美元。排在第六位的是庄臣家族，他们拥有全球家用清洁和化学消费品制造商庄臣集团（SC Johnson），财富为370亿美元，迄今，家族财富已经传承了五代。资管巨头富达（Fidelity）的掌控人约翰逊家族，财富为370亿美元。如今，爱德华·约翰逊三世与女儿Abigail Johnson一起拥有并经营富达投资（Fidelity Investments）和富达国际（Fidelity International）。排名第八的是以媒体起家的考克斯家族，财富345亿美元。他们管理着考克斯集团(Cox Enterprises)，这是一家总部位于美国佐治亚州亚特兰大的私营跨国企业集团。值得注意的是，考克斯家族是榜单前十位唯一一个财富数额没有变动的家族，其余富豪家族的财富总额都比五年前有着显著的增加。此外，阿片类药物生产商普渡集团（Purdue Pharma）的所有者Sacklers家族是榜单上少数几个财富缩水的豪门，几乎每个美国州的检察长都因该公司在阿片类药物危机中的作用而受到起诉。这50大富豪家族中，唯一一个华裔、也是唯一一个非白人家族是赵氏家族，以86亿美元财富排在榜单第40位。他们控制着西湖化工（Westlake Chemical）——美国最大的低密度聚乙烯生产商之一，也是全球第二大PVC生产商。这个家族的创始人赵廷箴出生于苏州，二战后迁居台湾，又举家迁往美国，1985年在德州创立了西湖化学公司。其余在列的富豪家族包括中国人耳熟能详的洛克菲勒家族、杜邦家族、科勒家族、梅隆家族、强生家族、万豪家族等。不过也不需要羡慕他们，因为超级富有并不意味着这些家庭就很幸福。在这份名单上，有至少6个家族经历了非常的痛苦，或者家庭成员之间公开不和，包括围绕家族信托基金的官司大战、虚假收养，甚至谋杀指控。美国视觉化信息网站Visual Capitalist根据这份富豪榜制作了一张图：","news_type":1,"symbols_score_info":{"WMT":0.9}},"isVote":1,"tweetType":1,"viewCount":1665,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":356898373,"gmtCreate":1616767493192,"gmtModify":1704798651193,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574712418352916","idStr":"3574712418352916"},"themes":[],"htmlText":"Kate is wonderfully right.","listText":"Kate is wonderfully right.","text":"Kate is wonderfully right.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/356898373","repostId":"2122729479","repostType":2,"repost":{"id":"2122729479","kind":"news","pubTimestamp":1616759345,"share":"https://ttm.financial/m/news/2122729479?lang=en_US&edition=fundamental","pubTime":"2021-03-26 19:49","market":"us","language":"zh","title":"Jiang Yingchun talks about \"Bilibili writes Baidu into the company's information sheet\": Bilibili itself is not rigorous enough","url":"https://stock-news.laohu8.com/highlight/detail?id=2122729479","media":"新浪财经","summary":"相关新闻：B站为何误将百度写进资料表？律所写错了“B站将百度写进公司资料表”上热搜 网友：抄作业没抄对3月26日，针对b站将百度写进公司资料表一事，@蒉莺春Kate微博发文称： 这种百年不遇的事情说明了两个问题：1 Skadden 太乌龙了，按照道理不应该有这种出品。是不是接单太多没有品控了？就这也不应该啊！2 B站自己也不够严谨吧，公司自己团队不复核外部团队的作业吗？这对于公司信誉有很大损伤。当然，外部律师如果一定要扯呢，最后可能会说这些都是公司sing-off 的，因此也不能怪外部律师……但这种律师团队估计以后再接案子客户也得掂量掂量……","content":"<p><html><body>Related news: Why did bilibili mistakenly<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Write it into the data sheet? The law firm made a mistake</p><p>\"Station B writes Baidu into the company information sheet\" hot search netizens: I didn't copy the homework correctly</p><p>On March 26th, in response to bilibili's inclusion of Baidu in the company information sheet, @ Yingchun Kate<a href=\"https://laohu8.com/S/WB\">Weibo</a>The article said: This kind of once-in-a-century thing illustrates two problems: 1 Skadden is too oolong. According to the reason, there should be no such product. Are there too many orders and no quality control? This shouldn't be the case! 2 Bilibili itself is not rigorous enough. Doesn't the company's own team review the work of external teams? This is a great damage to the company's reputation. Of course, if external lawyers have to talk about it, they may end up saying that these are all sing-off of the company, so you can't blame external lawyers... But this kind of lawyer team estimates that clients will have to weigh it when taking cases in the future...</p><p></body></html></p>","source":"sina_symbol","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>Jiang Yingchun talks about \"Bilibili writes Baidu into the company's information sheet\": Bilibili itself is not rigorous enough</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJiang Yingchun talks about \"Bilibili writes Baidu into the company's information sheet\": Bilibili itself is not rigorous enough\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-03-26 19:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body>Related news: Why did bilibili mistakenly<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Write it into the data sheet? The law firm made a mistake</p><p>\"Station B writes Baidu into the company information sheet\" hot search netizens: I didn't copy the homework correctly</p><p>On March 26th, in response to bilibili's inclusion of Baidu in the company information sheet, @ Yingchun Kate<a href=\"https://laohu8.com/S/WB\">Weibo</a>The article said: This kind of once-in-a-century thing illustrates two problems: 1 Skadden is too oolong. According to the reason, there should be no such product. Are there too many orders and no quality control? This shouldn't be the case! 2 Bilibili itself is not rigorous enough. Doesn't the company's own team review the work of external teams? This is a great damage to the company's reputation. Of course, if external lawyers have to talk about it, they may end up saying that these are all sing-off of the company, so you can't blame external lawyers... But this kind of lawyer team estimates that clients will have to weigh it when taking cases in the future...</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/chanjing/gsnews/2021-03-26/doc-ikknscsk1862084.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6a11ce01a8b984f6556550c8dba00e7f","relate_stocks":{"BILI":"哔哩哔哩","09626":"哔哩哔哩-W","QNETCN":"纳斯达克中美互联网老虎指数","BIDU":"百度"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/chanjing/gsnews/2021-03-26/doc-ikknscsk1862084.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2122729479","content_text":"相关新闻：B站为何误将百度写进资料表？律所写错了“B站将百度写进公司资料表”上热搜 网友：抄作业没抄对3月26日，针对b站将百度写进公司资料表一事，@蒉莺春Kate微博发文称： 这种百年不遇的事情说明了两个问题：1 Skadden 太乌龙了，按照道理不应该有这种出品。是不是接单太多没有品控了？就这也不应该啊！2 B站自己也不够严谨吧，公司自己团队不复核外部团队的作业吗？这对于公司信誉有很大损伤。当然，外部律师如果一定要扯呢，最后可能会说这些都是公司sing-off 的，因此也不能怪外部律师……但这种律师团队估计以后再接案子客户也得掂量掂量……","news_type":1,"symbols_score_info":{"QNETCN":0.6,"BILI":1,"BIDU":1,"09626":1}},"isVote":1,"tweetType":1,"viewCount":1655,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350480391,"gmtCreate":1616252051713,"gmtModify":1704792489101,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574712418352916","idStr":"3574712418352916"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/350480391","repostId":"2120116882","repostType":2,"isVote":1,"tweetType":1,"viewCount":1787,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325216174,"gmtCreate":1615901977098,"gmtModify":1704788185715,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574712418352916","idStr":"3574712418352916"},"themes":[],"htmlText":"Tesla killer? How many people in this world can beat Musk in creativity and execution abilities? I doubt it.","listText":"Tesla killer? How many people in this world can beat Musk in creativity and execution abilities? I doubt it.","text":"Tesla killer? How many people in this world can beat Musk in creativity and execution abilities? I doubt it.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/325216174","repostId":"2119946315","repostType":2,"isVote":1,"tweetType":1,"viewCount":1720,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":321201091,"gmtCreate":1615435217713,"gmtModify":1704782726982,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574712418352916","idStr":"3574712418352916"},"themes":[],"htmlText":"The title of kids’ game giant is really misleading.","listText":"The title of kids’ game giant is really misleading.","text":"The title of kids’ game giant is really misleading.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/321201091","repostId":"323065144","repostType":1,"repost":{"id":323065144,"gmtCreate":1615290598688,"gmtModify":1704780666572,"author":{"id":"3510558082622800","authorId":"3510558082622800","name":"胖虎哒哒","avatar":"https://static.tigerbbs.com/75b95d9326c02813b7b87ba8c1eccb5a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3510558082622800","idStr":"3510558082622800"},"themes":[],"title":"Roblox投資者日會議筆記","htmlText":"<a target=\"_blank\" href=\"https://laohu8.com/S/RBLX\">$Roblox Corporation(RBLX)$</a>&nbsp;三個半小時的投資者日會議視頻看完了，視頻組成是CEO講話+高管講解各業務線如何運作+分析師線上提問+CEO和CFO進行回覆。 首先這個視頻解決了我的疑惑點：虛擬貨幣Robux的匯率兌換，之前看招股書的時候其實公司沒有寫很詳細，這個視頻講說Robux的兌換匯率是一美分，我理解應該是按美元匯率，相當於1美元=100Robux，個人感覺這虛擬幣真挺值錢的，而且當開發者將Robux轉換成真實的美元時，平臺還會抽取佣金。 然後是變現方面，有兩點我比較關心的：虛擬貨幣Robux和廣告業務。 Robux之前很長時間是隻支持單筆充值，直到最近公司才推出了訂閱服務，然後現在他們還想做實體Robux卡、做月票、做會員體系，把Robux產品體系完善起來，我覺得想法真挺好的。 首席業務官 雖然公司是有廣告品牌方面的計劃，但是公司講說不會是普通廣告的形式，而是融入平臺本身，就像現實世界公路邊的廣告牌那樣，高管一再強調廣告不會影響用戶體驗，雖然還沒看到效果，但是我結合了一下科幻小說《雪崩》裏的描述，我大概瞭解公司說的廣告形態是什麼樣，總之，期待這樣的廣告模式有趣而且有效吧，畢竟真正優秀的產品是可以落地實現而不是畫餅。 &nbsp;關於Roblox的業務，我最驚訝的不是遊戲本身，而是公司對於基礎架構的投入，兩個點重點：個性化搜索和Roblox Cloud。 他們CTO說公司花了很多的資源投入去做個性化推薦和個性化搜索，個性化推薦很好理解，讓各個年齡段的用戶都能在平臺找到自己愛玩的項目。 但是搜索，除了瀏覽器恐怕沒幾個平臺這麼認真。我理解這麼做的目的就是爲了適應老人和小孩，這兩個年齡層都是記憶力較弱的，很容易會出現拼寫錯誤的情況，所","listText":"<a target=\"_blank\" href=\"https://laohu8.com/S/RBLX\">$Roblox Corporation(RBLX)$</a>&nbsp;三個半小時的投資者日會議視頻看完了，視頻組成是CEO講話+高管講解各業務線如何運作+分析師線上提問+CEO和CFO進行回覆。 首先這個視頻解決了我的疑惑點：虛擬貨幣Robux的匯率兌換，之前看招股書的時候其實公司沒有寫很詳細，這個視頻講說Robux的兌換匯率是一美分，我理解應該是按美元匯率，相當於1美元=100Robux，個人感覺這虛擬幣真挺值錢的，而且當開發者將Robux轉換成真實的美元時，平臺還會抽取佣金。 然後是變現方面，有兩點我比較關心的：虛擬貨幣Robux和廣告業務。 Robux之前很長時間是隻支持單筆充值，直到最近公司才推出了訂閱服務，然後現在他們還想做實體Robux卡、做月票、做會員體系，把Robux產品體系完善起來，我覺得想法真挺好的。 首席業務官 雖然公司是有廣告品牌方面的計劃，但是公司講說不會是普通廣告的形式，而是融入平臺本身，就像現實世界公路邊的廣告牌那樣，高管一再強調廣告不會影響用戶體驗，雖然還沒看到效果，但是我結合了一下科幻小說《雪崩》裏的描述，我大概瞭解公司說的廣告形態是什麼樣，總之，期待這樣的廣告模式有趣而且有效吧，畢竟真正優秀的產品是可以落地實現而不是畫餅。 &nbsp;關於Roblox的業務，我最驚訝的不是遊戲本身，而是公司對於基礎架構的投入，兩個點重點：個性化搜索和Roblox Cloud。 他們CTO說公司花了很多的資源投入去做個性化推薦和個性化搜索，個性化推薦很好理解，讓各個年齡段的用戶都能在平臺找到自己愛玩的項目。 但是搜索，除了瀏覽器恐怕沒幾個平臺這麼認真。我理解這麼做的目的就是爲了適應老人和小孩，這兩個年齡層都是記憶力較弱的，很容易會出現拼寫錯誤的情況，所","text":"$Roblox Corporation(RBLX)$ 三個半小時的投資者日會議視頻看完了，視頻組成是CEO講話+高管講解各業務線如何運作+分析師線上提問+CEO和CFO進行回覆。 首先這個視頻解決了我的疑惑點：虛擬貨幣Robux的匯率兌換，之前看招股書的時候其實公司沒有寫很詳細，這個視頻講說Robux的兌換匯率是一美分，我理解應該是按美元匯率，相當於1美元=100Robux，個人感覺這虛擬幣真挺值錢的，而且當開發者將Robux轉換成真實的美元時，平臺還會抽取佣金。 然後是變現方面，有兩點我比較關心的：虛擬貨幣Robux和廣告業務。 Robux之前很長時間是隻支持單筆充值，直到最近公司才推出了訂閱服務，然後現在他們還想做實體Robux卡、做月票、做會員體系，把Robux產品體系完善起來，我覺得想法真挺好的。 首席業務官 雖然公司是有廣告品牌方面的計劃，但是公司講說不會是普通廣告的形式，而是融入平臺本身，就像現實世界公路邊的廣告牌那樣，高管一再強調廣告不會影響用戶體驗，雖然還沒看到效果，但是我結合了一下科幻小說《雪崩》裏的描述，我大概瞭解公司說的廣告形態是什麼樣，總之，期待這樣的廣告模式有趣而且有效吧，畢竟真正優秀的產品是可以落地實現而不是畫餅。 關於Roblox的業務，我最驚訝的不是遊戲本身，而是公司對於基礎架構的投入，兩個點重點：個性化搜索和Roblox Cloud。 他們CTO說公司花了很多的資源投入去做個性化推薦和個性化搜索，個性化推薦很好理解，讓各個年齡段的用戶都能在平臺找到自己愛玩的項目。 但是搜索，除了瀏覽器恐怕沒幾個平臺這麼認真。我理解這麼做的目的就是爲了適應老人和小孩，這兩個年齡層都是記憶力較弱的，很容易會出現拼寫錯誤的情況，所","images":[{"img":"https://static.tigerbbs.com/1fc46b31726897c62c237399fa08fbc2","width":"512","height":"320"},{"img":"https://static.tigerbbs.com/ccb666f8eadc1d151e3873de6a297040","width":"688","height":"362"},{"img":"https://static.tigerbbs.com/666abdb4b6e0ceebae17643758477b68","width":"688","height":"387"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/323065144","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":7,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2373,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320929553,"gmtCreate":1615001730672,"gmtModify":1704778103130,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574712418352916","idStr":"3574712418352916"},"themes":[],"htmlText":"alibaba.The dragon slayer becomes the new&nbsp;dragon.Old story.","listText":"alibaba.The dragon slayer becomes the new&nbsp;dragon.Old story.","text":"alibaba.The dragon slayer becomes the new dragon.Old story.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/320929553","repostId":"2116574238","repostType":4,"isVote":1,"tweetType":1,"viewCount":1343,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":367119836,"gmtCreate":1614919439325,"gmtModify":1704776992911,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574712418352916","idStr":"3574712418352916"},"themes":[],"htmlText":"one question, where did you get all these data?","listText":"one question, where did you get all these data?","text":"one question, where did you get all these data?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/367119836","repostId":"2116120135","repostType":2,"isVote":1,"tweetType":1,"viewCount":1699,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365536375,"gmtCreate":1614758230897,"gmtModify":1704774829189,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574712418352916","idStr":"3574712418352916"},"themes":[],"htmlText":"Let us shoot for the stars !","listText":"Let us shoot for the stars !","text":"Let us shoot for the stars !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/365536375","repostId":"2013046755","repostType":2,"isVote":1,"tweetType":1,"viewCount":404,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":360227498,"gmtCreate":1613946657914,"gmtModify":1704886003239,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574712418352916","idStr":"3574712418352916"},"themes":[],"htmlText":"Invest in China. Not necessarily live in China.","listText":"Invest in China. Not necessarily live in China.","text":"Invest in China. Not necessarily live in China.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/360227498","repostId":"1129445314","repostType":4,"isVote":1,"tweetType":1,"viewCount":395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386956924,"gmtCreate":1613129587668,"gmtModify":1704878684914,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574712418352916","idStr":"3574712418352916"},"themes":[],"htmlText":"Buy&nbsp;China Continuously.","listText":"Buy&nbsp;China Continuously.","text":"Buy China Continuously.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/386956924","repostId":"2110032632","repostType":2,"isVote":1,"tweetType":1,"viewCount":571,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":388083764,"gmtCreate":1613001857458,"gmtModify":1704877213844,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574712418352916","idStr":"3574712418352916"},"themes":[],"htmlText":"At some point in time or stage, we will need to go grab something that can make a peaceful mind.","listText":"At some point in time or stage, we will need to go grab something that can make a peaceful mind.","text":"At some point in time or stage, we will need to go grab something that can make a peaceful mind.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/388083764","repostId":"383382722","repostType":1,"repost":{"id":383382722,"gmtCreate":1612838840063,"gmtModify":1704874831238,"author":{"id":"3485347777643873","authorId":"3485347777643873","name":"观察者Alexander","avatar":"https://static.tigerbbs.com/714e0dba173e76fd20ad7593775bab1a","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3485347777643873","idStr":"3485347777643873"},"themes":[],"title":"段永平讀書筆記，時讀時新(上）","htmlText":"之前有幸拜讀過段永平的小雅訪談版本，收穫頗豐。感謝**出了段永平所有的網易博客+**上的所有的訪談記錄，趁着年前這一段時間好好再讀了一遍，真的是有一種相見恨晚，時讀時新的感覺。 此篇爲讀書筆記，內容較長，摘錄自己覺得核心的一些要點如下，供日後回看： 我理解的投資歸納起來就是：買股票就是買公司，買公司就是買公司的未來現金流折現，句號！ “買股票就是買公司”這句話會說的人非常多，但我幾乎沒見過真的骨子裏真的理解並相信這句話的--我知道的人裏面大概不超過5個（包括巴菲特和芒格在內）。 所謂能看懂公司就是能看懂其未來現金流。（做對的事情）（這個未來現金流是指整個生命週期的未來現金流） 所有所謂有關投資的說法實際上都是在討論如何看懂現金流的問題，例如生意模式、護城河、能力圈等。（如何把事情做對） 實業十年，投資十年，看懂了10家公司，着重手投資了5家公司。差不多2年一家。 老巴說商業模式最重要，這句話我越來越想，想了好多年了，還在繼續想。看看喜詩糖果，看看可口可樂、看看比亞迪、看看蘋果、看看航空公司、看看那些做太陽能晶片的“光伏企業”。 護城河實際上我覺得是生意模式中的一部分，好的生意模式往往具有很寬的護城河。 好的生意模式往往是好的未來現金流的保障。 Margin of safety實際上應該指的是能力圈而不僅僅是價格。對別人的不確定性往往對於自己是很確定的。 我總是假設市場絕大多數情況下是非常聰明的，除非我發現市場確實錯了。（這句話是針對'逆向操作'說的。逆向思維很重要，但逆向操作和隨波逐流都是不可取的。最重要的是理性的獨立思考能力） Q：我認爲大部分價值投資者，根本不具備任何行業的能力圈……段永平：也許你沒看我寫的是什麼。我這裏有一點很重要的就是認爲大多數人其實不碰股票就是最好的投資，除非你認爲自己確實有自己瞭解的好公司處在便宜的價錢。 很多年前，我和華以剛下過一盤圍棋，有一塊","listText":"之前有幸拜讀過段永平的小雅訪談版本，收穫頗豐。感謝**出了段永平所有的網易博客+**上的所有的訪談記錄，趁着年前這一段時間好好再讀了一遍，真的是有一種相見恨晚，時讀時新的感覺。 此篇爲讀書筆記，內容較長，摘錄自己覺得核心的一些要點如下，供日後回看： 我理解的投資歸納起來就是：買股票就是買公司，買公司就是買公司的未來現金流折現，句號！ “買股票就是買公司”這句話會說的人非常多，但我幾乎沒見過真的骨子裏真的理解並相信這句話的--我知道的人裏面大概不超過5個（包括巴菲特和芒格在內）。 所謂能看懂公司就是能看懂其未來現金流。（做對的事情）（這個未來現金流是指整個生命週期的未來現金流） 所有所謂有關投資的說法實際上都是在討論如何看懂現金流的問題，例如生意模式、護城河、能力圈等。（如何把事情做對） 實業十年，投資十年，看懂了10家公司，着重手投資了5家公司。差不多2年一家。 老巴說商業模式最重要，這句話我越來越想，想了好多年了，還在繼續想。看看喜詩糖果，看看可口可樂、看看比亞迪、看看蘋果、看看航空公司、看看那些做太陽能晶片的“光伏企業”。 護城河實際上我覺得是生意模式中的一部分，好的生意模式往往具有很寬的護城河。 好的生意模式往往是好的未來現金流的保障。 Margin of safety實際上應該指的是能力圈而不僅僅是價格。對別人的不確定性往往對於自己是很確定的。 我總是假設市場絕大多數情況下是非常聰明的，除非我發現市場確實錯了。（這句話是針對'逆向操作'說的。逆向思維很重要，但逆向操作和隨波逐流都是不可取的。最重要的是理性的獨立思考能力） Q：我認爲大部分價值投資者，根本不具備任何行業的能力圈……段永平：也許你沒看我寫的是什麼。我這裏有一點很重要的就是認爲大多數人其實不碰股票就是最好的投資，除非你認爲自己確實有自己瞭解的好公司處在便宜的價錢。 很多年前，我和華以剛下過一盤圍棋，有一塊","text":"之前有幸拜讀過段永平的小雅訪談版本，收穫頗豐。感謝**出了段永平所有的網易博客+**上的所有的訪談記錄，趁着年前這一段時間好好再讀了一遍，真的是有一種相見恨晚，時讀時新的感覺。 此篇爲讀書筆記，內容較長，摘錄自己覺得核心的一些要點如下，供日後回看： 我理解的投資歸納起來就是：買股票就是買公司，買公司就是買公司的未來現金流折現，句號！ “買股票就是買公司”這句話會說的人非常多，但我幾乎沒見過真的骨子裏真的理解並相信這句話的--我知道的人裏面大概不超過5個（包括巴菲特和芒格在內）。 所謂能看懂公司就是能看懂其未來現金流。（做對的事情）（這個未來現金流是指整個生命週期的未來現金流） 所有所謂有關投資的說法實際上都是在討論如何看懂現金流的問題，例如生意模式、護城河、能力圈等。（如何把事情做對） 實業十年，投資十年，看懂了10家公司，着重手投資了5家公司。差不多2年一家。 老巴說商業模式最重要，這句話我越來越想，想了好多年了，還在繼續想。看看喜詩糖果，看看可口可樂、看看比亞迪、看看蘋果、看看航空公司、看看那些做太陽能晶片的“光伏企業”。 護城河實際上我覺得是生意模式中的一部分，好的生意模式往往具有很寬的護城河。 好的生意模式往往是好的未來現金流的保障。 Margin of safety實際上應該指的是能力圈而不僅僅是價格。對別人的不確定性往往對於自己是很確定的。 我總是假設市場絕大多數情況下是非常聰明的，除非我發現市場確實錯了。（這句話是針對'逆向操作'說的。逆向思維很重要，但逆向操作和隨波逐流都是不可取的。最重要的是理性的獨立思考能力） Q：我認爲大部分價值投資者，根本不具備任何行業的能力圈……段永平：也許你沒看我寫的是什麼。我這裏有一點很重要的就是認爲大多數人其實不碰股票就是最好的投資，除非你認爲自己確實有自己瞭解的好公司處在便宜的價錢。 很多年前，我和華以剛下過一盤圍棋，有一塊","images":[],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/383382722","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":427,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":383530684,"gmtCreate":1612883654348,"gmtModify":1704875466092,"author":{"id":"3574712418352916","authorId":"3574712418352916","name":"AustinZhang","avatar":"https://static.tigerbbs.com/da2b7079ca8b15d0a2ca53297ea7f14b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574712418352916","idStr":"3574712418352916"},"themes":[],"htmlText":"Remember&nbsp;the old story but try the new gears","listText":"Remember&nbsp;the old story but try the new gears","text":"Remember the old story but try the new gears","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/383530684","repostId":"1141106433","repostType":4,"repost":{"id":"1141106433","kind":"news","pubTimestamp":1612796496,"share":"https://ttm.financial/m/news/1141106433?lang=en_US&edition=fundamental","pubTime":"2021-02-08 23:01","market":"us","language":"zh","title":"The Wildest Market in Forty Years! This is the answer of Soros's \"close comrade-in-arms\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1141106433","media":"华尔街见闻","summary":"“这是我见过的最狂野的市场！”近日，有“华尔街天才”之称的Stanley Druckenmiller，在与高盛对冲基金业务全球负责人Tony Pasquariello的一场精彩对话中，对眼下的市场情况","content":"<p><b>\"This is the wildest market I've ever seen!\"</b></p><p>Recently, Stanley Druckenmiller, known as the \"Wall Street Genius\",<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Tony Pasquariello, global head of hedge fund business, made the following statement about the current market situation in a wonderful conversation.</p><p>For decades, Druckenmiller has been considered one of the most successful macro hedge fund managers globally.<b>In the past 30 years, he has created a compound annual growth rate of 30%, and maintained a record of no negative returns in his investment career.</b></p><p>Druckenmiller was a \"close comrade-in-arms\" of Soros. In 1988, invited by Soros, Druckenmiller officially joined Quantum Fund Company. In 1992, Druckenmiller accurately predicted that the exchange rate of the pound against the German mark would fall. At that time, he helped Soros \"snipe the pound\" and won a big victory in the contest with the Bank of England.</p><p>In 2010, Druckenmiller suddenly announced his retirement, ending his 30-year \"military career\" in the financial battlefield. Since then, he has rarely appeared and rarely publicly expressed his investment views.</p><p>In this rare conversation with Goldman Sachs, he shared his latest views on macro investment, major asset classes, and Bitcoin. Wall Street News summarized some of the key contents of the interview:</p><p><b>01. \"Strange environment\"</b></p><p>Druckenmiller first introduced<b>The current investment environment uses an adjective-\"strange\"</b>：</p><p>What we have experienced<b>Recession is 5 times the average since World War II</b>, but happens 25% of the time. Even stranger, 11 million people lost their jobs in the year, but thanks to massive policy support, our<b>Personal income rises by the most in 20 years</b>。 CARES Act<b>Added trillions of dollars in fiscal stimulus. How big is this?</b>During the three months of 2020, we<b>Increased deficits more than in the past five recessions</b>(1973, 1975, 1982, early 1990s, dot-com burst and global financial crisis)<b>The sum of</b>。 The Fed bought more Treasury Bond in 6 weeks than Treasury Bond in 10 years of Bernanke/Yellen administration. Corporate borrowing, which had risen from $6 trillion to $10 trillion prior to the crisis thanks to the Federal Reserve's monetary policy, and almost always decreases during a recession, has increased by $400 billion this year. By contrast, corporate borrowing fell by $500 billion during the global financial crisis. It is even more surprising to put American policy in the global context. Druckenmiller pointed out:</p><p>Since 2018, U.S. M2 has increased by 25% compared with nominal GDP, which means that liquidity has increased by 25%. In China, the ratio of M2 to nominal GDP is the same as it was three years ago. So China isn't overdrawing anything from their future, we have a lot of liquidity put in and frankly very little investment, mostly transfers and Fed stimulus. We did a terrible treatment of the virus, and China and Asia as a whole basically defeated the virus.<b>02. Short U.S. bonds and the U.S. dollar, and go long commodities</b></p><p>In the interview, Pasquariello asked, if only one asset could be selected that would provide the best opportunity next year, what would Druckenmiller choose?</p><p>Druckenmiller says that's not how he plays the game. He believes that the main investment theme right now is inflation versus policymakers' thinking. But since policymakers' responses can vary depending on the effectiveness of vaccines, it's best to have an investment matrix.</p><p>Druckenmiller revealed some of his holdings:</p><p>In order to cope with reflation,<b>Short long-term U.S. debt</b>。<b>Significant position in commodities</b>。 Because the longer the Fed tries to keep interest rates down, the more chances it will have in commodities.<b>Short the dollar</b>。 Because of the contrast between US policy and Asian policy, it is \"very, very\" bearish on the US dollar.<b>03. Growth stocks are facing challenges, and large technology stocks can rise again</b></p><p>Pasquariello asked Druckenmiller what he thinks about stocks, especially tech stocks, including big tech stocks, cloud computing companies, and some small growth stocks.</p><p>Regarding growth stocks, Druckenmiller is more cautious. He believes that judging from the valuation and bond market situation,<b>Growth Stocks Are In A Very, Very Challenging Environment For The Next 5 Years</b>：</p><p>If U.S. inflation sees 4-5% in a few years and bond yields rise sharply, growth stocks have historically been very negative relative to other stocks. On the other hand, comparisons to 2000 are ridiculous. Ridiculous reasons, we had a double whammy at that time, not only in the frenzy of high valuations, but also the earnings were coming to an end, because those companies were growing rapidly at that time due to the construction of the Internet itself, and as the construction of the Internet was completed, they couldn't continue to generate earnings.<b>Druckenmiller remains optimistic about those big tech stocks that have matured</b>：</p><p>In the past 2-3 months, in the field of technology,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>And<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Has been underperforming. But they aren't overvalued, and I'm not worried about these stocks if the Fed continues to push the envelope on the friendly side, in fact, they may continue to rise.<b>04. Asia has emerged from the epidemic and become a big winner</b></p><p>Druckenmiller is very optimistic about the investment prospects in Asia, and holds assets in China, Japan and South Korea.</p><p>These regions have made a good start this year. Druckenmiller pointed out that while the United States is desperately overdrawing its future, Asia has emerged from the epidemic and has become a big winner:</p><p>In the field of technology, with<a href=\"https://laohu8.com/S/INTC\">Intel</a>Surrender, Asia has OEM and memory, in<a href=\"https://laohu8.com/S/300024\">Robot</a>The field is also leading. I think Asia will look much better than the United States in the next five years, because to some extent, the United States has to pay the price for productivity, higher wages and a depreciated dollar.<b>In the long term, Asia will outperform the United States, especially in the foreign exchange market. China's net investment has just surpassed that of the United States this year</b>, this is just the beginning of a trend, not the end.<b>05. I can't understand Bitcoin, but I still bought it</b></p><p>For the comeback Bitcoin, Pasquariello naturally wouldn't miss what Druckenmiller had to say about it.</p><p>When asked whether Bitcoin is the mother of all asset bubbles or something more real and lasting, Druckenmiller replied that maybe both.</p><p>Druckenmiller expressed his confusion about Bitcoin:</p><p>Bitcoin has been around for 13 years, especially young millennials, who look at it the same way I look at gold. But I doubt that Bitcoin will become a store of value, because if it is a currency, it has all kinds of problems, such as consuming a lot of energy, high volatility, etc. Druckenmiller frankly admitted that he didn't understand Bitcoin and didn't really believe in Bitcoin, but he did buy some, and after buying it, it went up a lot.</p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Wildest Market in Forty Years! 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This is the answer of Soros's \"close comrade-in-arms\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-02-08 23:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>\"This is the wildest market I've ever seen!\"</b></p><p>Recently, Stanley Druckenmiller, known as the \"Wall Street Genius\",<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Tony Pasquariello, global head of hedge fund business, made the following statement about the current market situation in a wonderful conversation.</p><p>For decades, Druckenmiller has been considered one of the most successful macro hedge fund managers globally.<b>In the past 30 years, he has created a compound annual growth rate of 30%, and maintained a record of no negative returns in his investment career.</b></p><p>Druckenmiller was a \"close comrade-in-arms\" of Soros. In 1988, invited by Soros, Druckenmiller officially joined Quantum Fund Company. In 1992, Druckenmiller accurately predicted that the exchange rate of the pound against the German mark would fall. At that time, he helped Soros \"snipe the pound\" and won a big victory in the contest with the Bank of England.</p><p>In 2010, Druckenmiller suddenly announced his retirement, ending his 30-year \"military career\" in the financial battlefield. Since then, he has rarely appeared and rarely publicly expressed his investment views.</p><p>In this rare conversation with Goldman Sachs, he shared his latest views on macro investment, major asset classes, and Bitcoin. Wall Street News summarized some of the key contents of the interview:</p><p><b>01. \"Strange environment\"</b></p><p>Druckenmiller first introduced<b>The current investment environment uses an adjective-\"strange\"</b>：</p><p>What we have experienced<b>Recession is 5 times the average since World War II</b>, but happens 25% of the time. Even stranger, 11 million people lost their jobs in the year, but thanks to massive policy support, our<b>Personal income rises by the most in 20 years</b>。 CARES Act<b>Added trillions of dollars in fiscal stimulus. How big is this?</b>During the three months of 2020, we<b>Increased deficits more than in the past five recessions</b>(1973, 1975, 1982, early 1990s, dot-com burst and global financial crisis)<b>The sum of</b>。 The Fed bought more Treasury Bond in 6 weeks than Treasury Bond in 10 years of Bernanke/Yellen administration. Corporate borrowing, which had risen from $6 trillion to $10 trillion prior to the crisis thanks to the Federal Reserve's monetary policy, and almost always decreases during a recession, has increased by $400 billion this year. By contrast, corporate borrowing fell by $500 billion during the global financial crisis. It is even more surprising to put American policy in the global context. Druckenmiller pointed out:</p><p>Since 2018, U.S. M2 has increased by 25% compared with nominal GDP, which means that liquidity has increased by 25%. In China, the ratio of M2 to nominal GDP is the same as it was three years ago. So China isn't overdrawing anything from their future, we have a lot of liquidity put in and frankly very little investment, mostly transfers and Fed stimulus. We did a terrible treatment of the virus, and China and Asia as a whole basically defeated the virus.<b>02. Short U.S. bonds and the U.S. dollar, and go long commodities</b></p><p>In the interview, Pasquariello asked, if only one asset could be selected that would provide the best opportunity next year, what would Druckenmiller choose?</p><p>Druckenmiller says that's not how he plays the game. He believes that the main investment theme right now is inflation versus policymakers' thinking. But since policymakers' responses can vary depending on the effectiveness of vaccines, it's best to have an investment matrix.</p><p>Druckenmiller revealed some of his holdings:</p><p>In order to cope with reflation,<b>Short long-term U.S. debt</b>。<b>Significant position in commodities</b>。 Because the longer the Fed tries to keep interest rates down, the more chances it will have in commodities.<b>Short the dollar</b>。 Because of the contrast between US policy and Asian policy, it is \"very, very\" bearish on the US dollar.<b>03. Growth stocks are facing challenges, and large technology stocks can rise again</b></p><p>Pasquariello asked Druckenmiller what he thinks about stocks, especially tech stocks, including big tech stocks, cloud computing companies, and some small growth stocks.</p><p>Regarding growth stocks, Druckenmiller is more cautious. He believes that judging from the valuation and bond market situation,<b>Growth Stocks Are In A Very, Very Challenging Environment For The Next 5 Years</b>：</p><p>If U.S. inflation sees 4-5% in a few years and bond yields rise sharply, growth stocks have historically been very negative relative to other stocks. On the other hand, comparisons to 2000 are ridiculous. Ridiculous reasons, we had a double whammy at that time, not only in the frenzy of high valuations, but also the earnings were coming to an end, because those companies were growing rapidly at that time due to the construction of the Internet itself, and as the construction of the Internet was completed, they couldn't continue to generate earnings.<b>Druckenmiller remains optimistic about those big tech stocks that have matured</b>：</p><p>In the past 2-3 months, in the field of technology,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>And<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Has been underperforming. But they aren't overvalued, and I'm not worried about these stocks if the Fed continues to push the envelope on the friendly side, in fact, they may continue to rise.<b>04. Asia has emerged from the epidemic and become a big winner</b></p><p>Druckenmiller is very optimistic about the investment prospects in Asia, and holds assets in China, Japan and South Korea.</p><p>These regions have made a good start this year. Druckenmiller pointed out that while the United States is desperately overdrawing its future, Asia has emerged from the epidemic and has become a big winner:</p><p>In the field of technology, with<a href=\"https://laohu8.com/S/INTC\">Intel</a>Surrender, Asia has OEM and memory, in<a href=\"https://laohu8.com/S/300024\">Robot</a>The field is also leading. I think Asia will look much better than the United States in the next five years, because to some extent, the United States has to pay the price for productivity, higher wages and a depreciated dollar.<b>In the long term, Asia will outperform the United States, especially in the foreign exchange market. China's net investment has just surpassed that of the United States this year</b>, this is just the beginning of a trend, not the end.<b>05. I can't understand Bitcoin, but I still bought it</b></p><p>For the comeback Bitcoin, Pasquariello naturally wouldn't miss what Druckenmiller had to say about it.</p><p>When asked whether Bitcoin is the mother of all asset bubbles or something more real and lasting, Druckenmiller replied that maybe both.</p><p>Druckenmiller expressed his confusion about Bitcoin:</p><p>Bitcoin has been around for 13 years, especially young millennials, who look at it the same way I look at gold. But I doubt that Bitcoin will become a store of value, because if it is a currency, it has all kinds of problems, such as consuming a lot of energy, high volatility, etc. Druckenmiller frankly admitted that he didn't understand Bitcoin and didn't really believe in Bitcoin, but he did buy some, and after buying it, it went up a lot.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/VvcsLNvJgK1tllcMnVBkTA\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d1fe578ee46cbe0d24c33435ff25ae5","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/VvcsLNvJgK1tllcMnVBkTA","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1141106433","content_text":"“这是我见过的最狂野的市场！”近日，有“华尔街天才”之称的Stanley Druckenmiller，在与高盛对冲基金业务全球负责人Tony Pasquariello的一场精彩对话中，对眼下的市场情况作出了如下表述。几十年来，Druckenmiller被认为是全球最成功的宏观对冲基金经理之一。30年里，他创造了年均复合增长率30%的业绩，并且保持着投资生涯无负收益年份的记录。Druckenmiller曾是索罗斯的“亲密战友”。1988年受索罗斯邀请，Druckenmiller正式进入量子基金公司。1992年，Druckenmiller准确预测英镑对德国马克汇率将下跌。当时他帮助索罗斯“狙击英镑”，在与英国央行的较量中大获全胜。2010年，Druckenmiller突然宣布退休，结束30年金融战场的“戎马生涯”，此后就鲜少露面，极少公开表态投资观点。而在这次与高盛的罕见对话中，分享了他关于宏观投资、大类资产、比特币的最新观点。华尔街见闻摘写了访谈中部分重点内容：01、“奇怪的环境”Druckenmiller首先介绍了眼下投资的大环境，并用了一个形容词——”奇怪”：我们所经历的 经济衰退是二战以来平均水平的5倍，但发生在25%的时间里。更奇怪的是，这一年里有1100万人失业，但由于大规模的政策支持，我们的 个人收入增幅为20年以来最大。CARES法案 增加了数万亿美元的财政刺激。这有多大？在2020年的三个月里，我们 增加的赤字超过了过去5次衰退(1973年、1975年、1982年、90年代初、互联网泡沫破裂和全球金融危机) 的总和。美联储在6周内购买的国债超过了伯南克/耶伦执政10年来购买的国债。由于美联储的货币政策，在危机爆发前，企业借款已经从6万亿美元增加到10万亿美元，而在经济衰退时，企业借款几乎总是会减少，但今年企业借款增加了4000亿美元。作为对比，全球金融危机期间企业借款减少了5000亿美元。把美国的政策放在全球背景下，更是令人吃惊，Druckenmiller指出：2018年以来，美国M2比名义GDP增长了25%，也就是流动性增加25%。在中国，M2与名义GDP之比与3年前持平。因此，中国没有从他们的未来那里透支任何东西，我们有大量的流动性投入，坦率地说，投资却很少，主要是转移支付和美联储刺激。我们对病毒做了可怕的处理，而中国和整个亚洲基本上都战胜了病毒。02、做空美债、美元，做多商品在访谈中，Pasquariello问及，如果只能选择一项明年能提供最好机会的资产，Druckenmiller会选什么？Druckenmiller表示，这不是他玩游戏的方式。他认为，目前最主要的投资主题是通胀相对于政策制定者的想法。但由于政策制定者的反应可能会根据疫苗效果的不同而有所不同，因此最好是有一个投资矩阵。Druckenmiller透露了他的部分持仓：为了应对通货再膨胀， 做空长期美债。在大宗商品领域拥有大量头寸。因为美联储试图压低利率的时间越长，在大宗商品领域的胜券就越多。做空美元。由于美国政策与亚洲政策的反差，所以“非常非常”看空美元。03、成长股面临挑战，大型科技股还能再涨Pasquariello问及Druckenmiller对股票的看法，尤其是对科技股的看法，包括大型科技股、云计算公司和一些小型成长股。对于成长股，Druckenmiller的看法较为谨慎，他认为，从估值和债券市场的情况来看，未来5年成长型股票将处于一个非常、非常充满挑战的环境中：如果美国几年后出现4-5%的通胀，债券收益率急剧上升，从历史上看，成长型股票相对于其他股票来说是非常负面的。另一方面，与2000年的比较是荒谬的。荒谬的原因，当时我们有一个双重打击，不仅处于高估值的狂热之中，而且收益也即将结束，因为那些公司当时快速增长都是由于在建互联网本身，随着互联网建设完成，就无法继续产生收益。对于那些已经发展成熟的大型科技股，Druckenmiller依然乐观：过去2-3个月里，在科技领域，亚马逊和微软一直表现不佳。但它们并没有被高估，如果美联储继续在友好方面挑战极限，我并不担心这些股票，事实上，它们可能会继续上涨。04、亚洲已经走出疫情，成为大赢家Druckenmiller十分看好亚洲投资前景，同时持有中国、日本和韩国资产。今年以来这些地区开局良好，Druckenmiller指出，在美国拼命透支未来的时候，亚洲已经走出疫情，成为大赢家：在科技领域，随着英特尔缴械投降，亚洲拥有了代工和内存，在机器人领域也领先。我认为未来5年亚洲看起来比美国好多了, 因为在某种程度上，美国必须为生产力，更高的工资，以及更贬值的美元付出代价。长期来看，亚洲的表现将优于美国，尤其是外汇市场。今年中国的净投资刚刚超过美国，这只是一种趋势的开始，而不是结束。05、看不懂比特币，但还是买了对于卷土重来的比特币，Pasquariello自然不会错过Druckenmiller对它的看法。当被问及，比特币是所有资产泡沫之母还是某种更真实更持久的东西时，Druckenmiller回答道，或许两者都是。Druckenmiller表达了他对比特币的困惑：比特币已经存在有13年了，尤其是年轻的千禧一代，看待它就如同我看待黄金的方式。但我怀疑比特币是否会成为一种价值储存手段，因为如果作为货币，它存在各种各样的问题，比如消耗大量能源，波动性大等。Druckenmiller坦诚地承认，他不明白比特币，也不是很相信比特币，但他确实也买了一些，而且买了以后，涨了很多。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":584,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}