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baemax

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- baemaxbaemax
  ·2021-06-26
  Good bullish
  This is event is good, tiger trader is helping investors. !
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  Good bullish
- baemaxbaemax
  ·2021-06-26
  Good
  Sorry, this post has been deleted
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- baemaxbaemax
  ·2021-06-26
  Good!
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- baemaxbaemax
  ·2021-06-26
  Tesla is back!
  Tesla Stock Has Been on Fire This Week. Here Are 4 Reasons.
  Stock in electric-vehicle pioneer Tesla is on fire for seemingly no reason.There haven’t been any big,splashy upgrades that can explain the recent run. Shares have jumped almost 8% for the week and are on pace for their best week since April.Investors, rightly so, are wondering what’s going on. We found four reasons, outlined below.Many electric-vehicle stocks have been on a winning streak lately, beyond just Tesla. Coming into the week, shares of Chinese EV maker NIO were up 17% for the month.X
  Tesla Stock Has Been on Fire This Week. Here Are 4 Reasons.
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- baemaxbaemax
  ·2021-03-26
  GME bubble has popped and reinflated before though!
  Bitcoin's Never-Ending Bubble and Other Mysteries
  There’s no shortage of ethereal matters for reflection as we embark on a holy week. It rises again,
  Bitcoin's Never-Ending Bubble and Other Mysteries
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- baemaxbaemax
  ·2021-02-01
  Good potential
  ANALYSIS-GameStop saga may provide early test of Biden administration ethics pledges
  By Trevor Hunnicutt and David Lawder WASHINGTON, Feb 1 (Reuters) - Arguably the last thing new U.S
  ANALYSIS-GameStop saga may provide early test of Biden administration ethics pledges
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- baemaxbaemax
  ·2021-02-01
  Huge potential!
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!","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/125661047","isVote":1,"tweetType":1,"viewCount":630,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125660369,"gmtCreate":1624671859051,"gmtModify":1703843244050,"author":{"id":"3574038616307025","authorId":"3574038616307025","name":"baemax","avatar":"https://static.tigerbbs.com/3c886f072aeca9f03209ace9bc5ae3c1","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574038616307025","idStr":"3574038616307025"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/125660369","repostId":"1166582624","repostType":4,"isVote":1,"tweetType":1,"viewCount":567,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125682860,"gmtCreate":1624671724250,"gmtModify":1703843237801,"author":{"id":"3574038616307025","authorId":"3574038616307025","name":"baemax","avatar":"https://static.tigerbbs.com/3c886f072aeca9f03209ace9bc5ae3c1","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574038616307025","idStr":"3574038616307025"},"themes":[],"htmlText":"Good!&nbsp;","listText":"Good!&nbsp;","text":"Good!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/125682860","repostId":"2146036830","repostType":4,"isVote":1,"tweetType":1,"viewCount":418,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125681235,"gmtCreate":1624671647727,"gmtModify":1703843234015,"author":{"id":"3574038616307025","authorId":"3574038616307025","name":"baemax","avatar":"https://static.tigerbbs.com/3c886f072aeca9f03209ace9bc5ae3c1","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574038616307025","idStr":"3574038616307025"},"themes":[],"htmlText":"Tesla is back!&nbsp;","listText":"Tesla is back!&nbsp;","text":"Tesla is back!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/125681235","repostId":"1100072036","repostType":4,"repost":{"id":"1100072036","kind":"news","pubTimestamp":1624669285,"share":"https://ttm.financial/m/news/1100072036?lang=&edition=fundamental","pubTime":"2021-06-26 09:01","market":"us","language":"en","title":"Tesla Stock Has Been on Fire This Week. Here Are 4 Reasons.","url":"https://stock-news.laohu8.com/highlight/detail?id=1100072036","media":"Barrons","summary":"Stock in electric-vehicle pioneer Tesla is on fire for seemingly no reason.There haven’t been any big,splashy upgrades that can explain the recent run. Shares have jumped almost 8% for the week and are on pace for their best week since April.Investors, rightly so, are wondering what’s going on. We found four reasons, outlined below.Many electric-vehicle stocks have been on a winning streak lately, beyond just Tesla. Coming into the week, shares of Chinese EV maker NIO were up 17% for the month.X","content":"<p>Stock in electric-vehicle pioneer&nbsp;Tesla&nbsp;is&nbsp;on fire&nbsp;for seemingly no reason.</p>\n<p>There haven’t been any big,splashy&nbsp;upgrades that can explain the recent run. Shares have jumped almost 8% for the week and are on pace for their best week since April.</p>\n<p>Investors, rightly so, are wondering what’s going on. We found four reasons, outlined below.</p>\n<p><b>Taking Cues From China</b></p>\n<p>Many electric-vehicle stocks have been on a winning streak lately, beyond just Tesla. Coming into the week, shares of Chinese EV maker&nbsp;NIO(NIO) were up 17% for the month.XPeng(XPEV) and&nbsp;Li Auto(LI) had gained 31% and 36%, respectively.</p>\n<p>Tesla, on the other hand, was down for the month of June coming into this week. But China is the world’s largest market for EVs, so when things are going well there, it bodes well for Tesla. It looks like some of the Chinese EV maker stocks’ shine has finally rubbed off on Tesla.</p>\n<p><b>Delivery Optimism</b></p>\n<p>The second reason is about second-quarter deliveries, after&nbsp;perceived weakness&nbsp;in Chinese delivery numbers. More recently, however, several&nbsp;reports&nbsp;have been popping up about Tesla working hard to deliver vehicles into the end of this month.</p>\n<p>“After a disaster start to the quarter for Tesla in China, the Street is reading the tea leaves as bullish for the month of June with momentum into [the second half],” Wedbush analyst&nbsp;Dan Ivestells&nbsp;Barron’s. He believes 900,000 deliveries is still possible for 2021. Wall Street is modeling about 825,000. Tesla delivered about 500,000 cars in 2020.</p>\n<p><b>Green Tidal Wave</b></p>\n<p>Ives has also written about a “green tidal wave” coming from the White House. President Joe Biden wants part of any infrastructure bill to include purchase incentives for EVs as well as charging infrastructure. A bill isn’t ready, but&nbsp;progress&nbsp;was made in Washington this week.</p>\n<p><b>Musk Tweeting, Again</b></p>\n<p>No search for the reason behind moves in Tesla stock would be complete without looking at CEO Elon Musk ‘s&nbsp;Twitter (TWTR) feed. He tweeted Friday that the updated full self-driving, or FSD, software and subscription pricing could roll out in as soon as a week.</p>\n<p>Tesla plans to offer its highest level of&nbsp;driver assistance, called full self-driving or FSD, on a subscription basis. It’s a new era for car companies, which don’t typically get to realize recurring revenue like software providers. Bulls have been waiting quite some time for the FSD subscription to arrive.</p>\n<p><b>What’s Next</b></p>\n<p>Next up for Tesla investors, after any FSD release, will be second-quarter delivery numbers and then earnings. Those data points come in July.</p>\n<p>Year to date, Tesla stock is still down about 4.8%, trailing behind comparable gains of the&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average.</p>","source":"lsy1601382232898","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>Tesla Stock Has Been on Fire This Week. Here Are 4 Reasons.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Stock Has Been on Fire This Week. Here Are 4 Reasons.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-26 09:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/tesla-stock-gains-ev-elon-musk-51624638974?mod=hp_DAY_0><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stock in electric-vehicle pioneer Tesla is on fire for seemingly no reason.\nThere haven’t been any big,splashy upgrades that can explain the recent run. Shares have jumped almost 8% for the week and ...</p>\n\n<a href=\"https://www.barrons.com/articles/tesla-stock-gains-ev-elon-musk-51624638974?mod=hp_DAY_0\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.barrons.com/articles/tesla-stock-gains-ev-elon-musk-51624638974?mod=hp_DAY_0","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100072036","content_text":"Stock in electric-vehicle pioneer Tesla is on fire for seemingly no reason.\nThere haven’t been any big,splashy upgrades that can explain the recent run. Shares have jumped almost 8% for the week and are on pace for their best week since April.\nInvestors, rightly so, are wondering what’s going on. We found four reasons, outlined below.\nTaking Cues From China\nMany electric-vehicle stocks have been on a winning streak lately, beyond just Tesla. Coming into the week, shares of Chinese EV maker NIO(NIO) were up 17% for the month.XPeng(XPEV) and Li Auto(LI) had gained 31% and 36%, respectively.\nTesla, on the other hand, was down for the month of June coming into this week. But China is the world’s largest market for EVs, so when things are going well there, it bodes well for Tesla. It looks like some of the Chinese EV maker stocks’ shine has finally rubbed off on Tesla.\nDelivery Optimism\nThe second reason is about second-quarter deliveries, after perceived weakness in Chinese delivery numbers. More recently, however, several reports have been popping up about Tesla working hard to deliver vehicles into the end of this month.\n“After a disaster start to the quarter for Tesla in China, the Street is reading the tea leaves as bullish for the month of June with momentum into [the second half],” Wedbush analyst Dan Ivestells Barron’s. He believes 900,000 deliveries is still possible for 2021. Wall Street is modeling about 825,000. Tesla delivered about 500,000 cars in 2020.\nGreen Tidal Wave\nIves has also written about a “green tidal wave” coming from the White House. President Joe Biden wants part of any infrastructure bill to include purchase incentives for EVs as well as charging infrastructure. A bill isn’t ready, but progress was made in Washington this week.\nMusk Tweeting, Again\nNo search for the reason behind moves in Tesla stock would be complete without looking at CEO Elon Musk ‘s Twitter (TWTR) feed. He tweeted Friday that the updated full self-driving, or FSD, software and subscription pricing could roll out in as soon as a week.\nTesla plans to offer its highest level of driver assistance, called full self-driving or FSD, on a subscription basis. It’s a new era for car companies, which don’t typically get to realize recurring revenue like software providers. Bulls have been waiting quite some time for the FSD subscription to arrive.\nWhat’s Next\nNext up for Tesla investors, after any FSD release, will be second-quarter delivery numbers and then earnings. Those data points come in July.\nYear to date, Tesla stock is still down about 4.8%, trailing behind comparable gains of the S&P 500 and Dow Jones Industrial Average.","news_type":1},"isVote":1,"tweetType":1,"viewCount":655,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":356360746,"gmtCreate":1616756774285,"gmtModify":1704798432886,"author":{"id":"3574038616307025","authorId":"3574038616307025","name":"baemax","avatar":"https://static.tigerbbs.com/3c886f072aeca9f03209ace9bc5ae3c1","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574038616307025","idStr":"3574038616307025"},"themes":[],"htmlText":"GME bubble&nbsp;has popped and reinflated before though!&nbsp;","listText":"GME bubble&nbsp;has popped and reinflated before though!&nbsp;","text":"GME bubble has popped and reinflated before though!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/356360746","repostId":"1141702651","repostType":4,"repost":{"id":"1141702651","kind":"news","pubTimestamp":1616751072,"share":"https://ttm.financial/m/news/1141702651?lang=&edition=fundamental","pubTime":"2021-03-26 17:31","market":"us","language":"en","title":"Bitcoin's Never-Ending Bubble and Other Mysteries","url":"https://stock-news.laohu8.com/highlight/detail?id=1141702651","media":"Bloomberg","summary":"There’s no shortage of ethereal matters for reflection as we embark on a holy week.\nIt rises again, ","content":"<p>There’s no shortage of ethereal matters for reflection as we embark on a holy week.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ec58915d0f6d7c92a46d6d7130f728d9\" tg-width=\"2000\" tg-height=\"1225\"><span>It rises again, and again. Photographer: INA FASSBENDER/AFP/Getty Images</span></p>\n<p><b>Four Financial Questions for Passover</b></p>\n<p>It’s that time of year again. On Saturday night, the world’s Jews sit down for a “seder” meal, to commemorate the exodus from Egypt. Jesus’s Last Supper&nbsp;was a seder, so this is a rite of fundamental importance to two of the world’s great religions. Early in proceedings, the youngest person has to ask four questions, about why things are different on the nights of Passover compared to all other nights.</p>\n<p>For years now, I’ve tried to come up with four financial questions each Passover; questions that show contradictions in where financial markets have reached, and attempt to clarify the issues ahead of us. This year I’ve found it much harder than usual. This isn’t because it’s challenging&nbsp;to come up with questions, but because it’s difficult to edit them down to four. We exited financial crisis conditions about a year ago, but much about the world of money is genuinely unprecedented. It’s an overused word, but amply justified these days. Much of this can be attributed to our contemporary plague, a most unwelcome echo of the Passover story. But not all of it.</p>\n<p>Not only is it difficult to whittle down the questions; it’s harder than usual to answer them.&nbsp;I hope what follows will be a useful stimulus to thought as many of us embark on a holy week, with Passover followed by Palm Sunday.</p>\n<p><b>Why are stocks so incredibly high when they have scarcely ever been so expensive before, and our lives are still terribly affected by a pandemic?</b></p>\n<p>Yes, stocks are really, really high, in the U.S. By far the best known measure of long-term valuation is Robert Shiller’s cyclically adjusted price-earnings ratio. The latest reading is 35 times inflation-adjusted earnings for the last decade; higher than at any time since Shiller’s data begin&nbsp;in 1880, bar the dot-com bubble, which isn’t a reassuring precedent. This is the latest chart from his website:</p>\n<p><img src=\"https://static.tigerbbs.com/7c45cd91751a8ef11538128ddcd8ed25\" tg-width=\"534\" tg-height=\"368\"></p>\n<p>Shiller’s chart includes long-term interest rates, which have just started to rebound from a historic low. Naturally, such rock-bottom rates are the main reason why stocks have reached such extreme valuations. But Shiller’s excess CAPE yield, which tries to predict future relative performance by comparing stock earnings&nbsp;yields with those on bonds, isn’t that exciting. At 3%, this measure isn’t flashing any great signal to dive into stocks, although it certainly shows that buying now isn’t as dangerous as it would have been at the top of the bubble&nbsp;in 2000:</p>\n<p><img src=\"https://static.tigerbbs.com/a6a1b1660b6701c007b33e78c2f3d5c1\" tg-width=\"848\" tg-height=\"583\"></p>\n<p>The rebound from last year’s turmoil has come with indecent haste. As I showed earlier this week, this has been the best 12 months for the S&amp;P 500 ever, and it is a massive outlier. On the face of it, this rally screams “unsustainable”:</p>\n<p><img src=\"https://static.tigerbbs.com/8d52444ab8a756262ae3fd623880190f\" tg-width=\"544\" tg-height=\"516\"></p>\n<p>Earnings are recovering nicely, and there is quite an economic rebound in prospect (as I’ll cover later). And the pandemic has scrambled perceptions and much very real data. It would be no surprise if markets, and economies, are overshooting in both directions. But there is only so far this can be taken. Shiller’s data go back a long way. They cover plenty of economic booms and busts. Ultimately, stock markets at these levels can only be attributed to injections of liquidity on a massive scale. They were made to tide us through the pandemic shutdowns, but intriguingly they are continuing. This is the measure of global central bank liquidity injections kept by CrossBorder Capital Ltd. of London. They are at record levels, and haven’t yet started to reduce.</p>\n<p><img src=\"https://static.tigerbbs.com/21764913df0bdc7e009231d7f4fde500\" tg-width=\"1491\" tg-height=\"523\"></p>\n<p>While this remains the case, it’s hard for stocks to go down very much. It does rather raise the question of whether liquidity injections on such a scale can continue. That brings us to the next question:</p>\n<p><b>Why are bond yields still so incredibly low when everyone is bracing&nbsp;for the return of inflation, and at all other times that means higher yields?</b></p>\n<p>Yes, yields have come back a lot, but that’s only because they hit an historic low during a moment of existential panic in the early weeks of the Covid-19 crisis last year. That dip in yields looks like a true historical outlier. But if we look&nbsp;at the long-term trend for 10-year Treasury yields, which have been falling steadily ever since Paul Volcker worked his anti-inflationary magic in the early 1980s, they have room to rise further before they challenge the declining trend.</p>\n<p><img src=\"https://static.tigerbbs.com/8bbd61f3490015a830fa47dbc7b3f2f5\" tg-width=\"624\" tg-height=\"353\"></p>\n<p>This seems extraordinary in the light of the borrowing being conducted by governments to pay for their pandemic-fighting measures, which should all else equal lead to higher yields, and in the light of the widespread belief that inflation is set to take hold again. So why are bond yields still historically low?</p>\n<p>Earlier this week, I&nbsp;quoted&nbsp;my Bloomberg Opinion colleague Jim Bianco who said last March, as the Fed was rolling out its measures to bolster the market, that we had seen the virtual “nationalization” of the bond markets. He sent me this chart, to show that he had been right:</p>\n<p><img src=\"https://static.tigerbbs.com/27c30feaec47168ed62b8bf33f35692b\" tg-width=\"1658\" tg-height=\"1242\"></p>\n<p>Buying on such a scale can fairly be called nationalization. While yields have picked up of late, and there has been much excitement over how far the Fed would allow yields to rise, the basic Fedspeak is clear. Bond yields aren’t going to be allowed to rise to a point where they jeopardize the attempt to buy full employment, or to the point where they trigger a major selloff. With central banks so determined to keep the nationalized bond market under control, risks of suffering a big loss continue to be low, and people keep buying. But that leads to the next question:</p>\n<p><b>Why are central banks and governments still trying so hard to stimulate the economy, when we are told the recession is all over and victory over the pandemic is assured?</b></p>\n<p>This comes close to a Catch-22. If stocks are up because recovery is assured, then there is no need for further Fed assistance (or fiscal aid). And if we do have a recovery, then there is inflation ahead, which could mess up all our plans. Politicians and central bankers are plainly prepared to run the risk of inflation, and their gambit has divided economists. As&nbsp;this great round-up of their views by Neil Irwin in the New York Times&nbsp;shows, this is no longer the standard battle between left and right; economists who normally agree with each other, and normally back bigger spending, are growing very divided.</p>\n<p>Last year’s economic stimulus to combat the virus was indeed huge, as this chart from Marko Papic of the Clocktower Group makes clear:</p>\n<p><img src=\"https://static.tigerbbs.com/8a83a6ca65db5867ede7b565ccdfb0c5\" tg-width=\"447\" tg-height=\"265\"></p>\n<p>Adding fiscal stimulus makes this a measure unseen in peacetime. U.S. GDP growth is already at this point humming along at an annualized rate of 5.4%, according to the Atlanta Fed’s Nowcast. That can be expected to increase. And yet the Biden administration seems determined to pump more money into the economy, now to work on improving infrastructure.</p>\n<p>To some extent, the answer to why the U.S. government is doing this —&nbsp;and it has analogues elsewhere in the world —&nbsp;is reasonably clear. Populist movements demonstrate that support for such policies is growing. Inequality is deeper than ever. Appalling statistics on deaths of despair showed that something was wrong long before the pandemic. At this point, perhaps it is best to believe the Fed, and the politicians currently running the U.S., that they really do mean what they say. They’re making the judgment that unemployment has to be tamed, and inequality has to come down, whatever that means for inflation.</p>\n<p>There are fascinating parallels with Franklin Roosevelt, not initially a fan of&nbsp;big government spending, who took office and decided to embark on the New Deal. Now Biden is also, to continue the Passover analogy, attempting to lead us all to the Promised Land. Such a radical departure may or may not work; that whole issue raises many more than four questions. But if we’re clear that the government apparatus has decided to change the paradigm, spend in a way it hasn’t done before, and risk inflation of a kind that hasn’t been seen in a generation, a lot of other market judgments seem mutually inconsistent. If that’s our future, low bond yields are going away soon. And if they don’t, then inflation is coming back. A great economy, in which people want to buy things other than financial assets, isn’t great for stock markets. And if this concerted attempt fails, and we are left with a very heavy and deeply indebted government presiding over continued slow and inequitable growth, that doesn’t sound very appealing either.</p>\n<p><b>Why is bitcoin at an all-time high, and when we still have no idea whether governments will allow it to persist?</b></p>\n<p>Why even mention bitcoin? Because it is getting very big, and some of the easier assumptions about the cryptocurrency no longer look firm. The following chart, from Goldman Sachs Group Inc., compares bitcoin’s performance over the last 12 months to some of the biggest bubbles in history. Note that the S&amp;P 500 over the same period, on the same scale, looks horizontal, as does the Dow Industrials in the 12 months leading up to the Great Crash of 1929:</p>\n<p><img src=\"https://static.tigerbbs.com/a36d433abf200cc59593b22d164e9f45\" tg-width=\"1545\" tg-height=\"1211\"></p>\n<p>There we have it, it would seem. Bitcoin is a classic mania, that will need to go into the next edition of Charles Kindleberger's<i>Manias, Panics and Crashes</i>. A gain like that is ridiculous and completely unjustified, particularly for an asset whose underlying value is, if anything, even less well-rooted than that of a tulip bulb. I’ve had fun comparing bitcoin to Tulipmania myself, and the comparisons are obvious.</p>\n<p>There is a rub, though. I wrote a couple of essays pointing out the parallels between bitcoin&nbsp;and tulip bubbles back in late 2017. That was when bitcoin was also in the grip of a historic bubble. In terms of its percentage rise, that bubble was even bigger than this one. And indeed, looking at bitcoin’s price over the decade or so of its existence, on a log scale, we find that there have already been at least four other bubbles:</p>\n<p><img src=\"https://static.tigerbbs.com/7cd8abe2626645705bb2c23de23e0a79\" tg-width=\"1200\" tg-height=\"675\"></p>\n<p>When all the other great bubbles in history burst, they stayed burst. The point of labeling the phenomenon a “bubble” is that bubbles must inevitably pop; they cannot deflate gently and then re-inflate. There has never, ever been any asset that has staged a series of bubbles, crashed after each of them, and after a while&nbsp;regrouped to stage another bubble, the way bitcoin has. Usually, you expect to wait a generation for another serious bubble to come along, after people who were burned the first time have left the scene.</p>\n<p>We live in a world where central banks are growing ever more dominant actors in the economy. Governments maintain a monopoly over currency, and it is unlikely they will want to give it up. Bitcoin mining is a colossal waste of energy and computing power. But the bitcoin network is steadily spreading, and people are finding uses for it.</p>\n<p>I still have plenty of problems with bitcoin. Many of those interested come across as evangelizers. It’s never healthy to “believe” rather than “invest” in a financial asset. The narrative around bitcoin sounds a little too wonderful to be true. It’s always possible for others (including central banks) to introduce their own cryptocurrencies. But all bitcoin skeptics have to accept that something new and different is going on here. It has a market cap of about $600 billion. That’s&nbsp;only a third the size of Apple Inc., but it’s a lot of money.</p>\n<p>All other bubbles on the scale of bitcoin led to complete collapse within a year, never to return. Bitcoin’s bubble has burst four times, but never gone to zero, and then staged a comeback. How?</p>\n<p><b>Survival Tips</b></p>\n<p>Some music for the seder nights and Palm Sunday is in order. First, to hear the four questions sung a capella by local heroes the Maccabeats, listen tothis. Then to get in the mood for Easter, you can follow the events at the most dramatic seder ever held in the&nbsp;Last Supper scene from Jesus Christ Superstar.&nbsp;Judas explains why he decided to betray Jesus in&nbsp;Heaven on Their Minds, the opening song of the musical. And the whole story of Holy Week was told perfectly in&nbsp;Bach's St John Passion, as conducted by the great Nikolaus Harnoncourt.</p>","source":"lsy1584095487587","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>Bitcoin's Never-Ending Bubble and Other Mysteries</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin's Never-Ending Bubble and Other Mysteries\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-26 17:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://bloomberg.com/opinion/articles/2021-03-26/bitcoin-s-never-ending-bubble-and-other-mysteries-for-holy-week?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>There’s no shortage of ethereal matters for reflection as we embark on a holy week.\nIt rises again, and again. Photographer: INA FASSBENDER/AFP/Getty Images\nFour Financial Questions for Passover\nIt’s ...</p>\n\n<a href=\"http://bloomberg.com/opinion/articles/2021-03-26/bitcoin-s-never-ending-bubble-and-other-mysteries-for-holy-week?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust","PYPL":"PayPal","TSLA":"特斯拉"},"source_url":"http://bloomberg.com/opinion/articles/2021-03-26/bitcoin-s-never-ending-bubble-and-other-mysteries-for-holy-week?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141702651","content_text":"There’s no shortage of ethereal matters for reflection as we embark on a holy week.\nIt rises again, and again. Photographer: INA FASSBENDER/AFP/Getty Images\nFour Financial Questions for Passover\nIt’s that time of year again. On Saturday night, the world’s Jews sit down for a “seder” meal, to commemorate the exodus from Egypt. Jesus’s Last Supper was a seder, so this is a rite of fundamental importance to two of the world’s great religions. Early in proceedings, the youngest person has to ask four questions, about why things are different on the nights of Passover compared to all other nights.\nFor years now, I’ve tried to come up with four financial questions each Passover; questions that show contradictions in where financial markets have reached, and attempt to clarify the issues ahead of us. This year I’ve found it much harder than usual. This isn’t because it’s challenging to come up with questions, but because it’s difficult to edit them down to four. We exited financial crisis conditions about a year ago, but much about the world of money is genuinely unprecedented. It’s an overused word, but amply justified these days. Much of this can be attributed to our contemporary plague, a most unwelcome echo of the Passover story. But not all of it.\nNot only is it difficult to whittle down the questions; it’s harder than usual to answer them. I hope what follows will be a useful stimulus to thought as many of us embark on a holy week, with Passover followed by Palm Sunday.\nWhy are stocks so incredibly high when they have scarcely ever been so expensive before, and our lives are still terribly affected by a pandemic?\nYes, stocks are really, really high, in the U.S. By far the best known measure of long-term valuation is Robert Shiller’s cyclically adjusted price-earnings ratio. The latest reading is 35 times inflation-adjusted earnings for the last decade; higher than at any time since Shiller’s data begin in 1880, bar the dot-com bubble, which isn’t a reassuring precedent. This is the latest chart from his website:\n\nShiller’s chart includes long-term interest rates, which have just started to rebound from a historic low. Naturally, such rock-bottom rates are the main reason why stocks have reached such extreme valuations. But Shiller’s excess CAPE yield, which tries to predict future relative performance by comparing stock earnings yields with those on bonds, isn’t that exciting. At 3%, this measure isn’t flashing any great signal to dive into stocks, although it certainly shows that buying now isn’t as dangerous as it would have been at the top of the bubble in 2000:\n\nThe rebound from last year’s turmoil has come with indecent haste. As I showed earlier this week, this has been the best 12 months for the S&P 500 ever, and it is a massive outlier. On the face of it, this rally screams “unsustainable”:\n\nEarnings are recovering nicely, and there is quite an economic rebound in prospect (as I’ll cover later). And the pandemic has scrambled perceptions and much very real data. It would be no surprise if markets, and economies, are overshooting in both directions. But there is only so far this can be taken. Shiller’s data go back a long way. They cover plenty of economic booms and busts. Ultimately, stock markets at these levels can only be attributed to injections of liquidity on a massive scale. They were made to tide us through the pandemic shutdowns, but intriguingly they are continuing. This is the measure of global central bank liquidity injections kept by CrossBorder Capital Ltd. of London. They are at record levels, and haven’t yet started to reduce.\n\nWhile this remains the case, it’s hard for stocks to go down very much. It does rather raise the question of whether liquidity injections on such a scale can continue. That brings us to the next question:\nWhy are bond yields still so incredibly low when everyone is bracing for the return of inflation, and at all other times that means higher yields?\nYes, yields have come back a lot, but that’s only because they hit an historic low during a moment of existential panic in the early weeks of the Covid-19 crisis last year. That dip in yields looks like a true historical outlier. But if we look at the long-term trend for 10-year Treasury yields, which have been falling steadily ever since Paul Volcker worked his anti-inflationary magic in the early 1980s, they have room to rise further before they challenge the declining trend.\n\nThis seems extraordinary in the light of the borrowing being conducted by governments to pay for their pandemic-fighting measures, which should all else equal lead to higher yields, and in the light of the widespread belief that inflation is set to take hold again. So why are bond yields still historically low?\nEarlier this week, I quoted my Bloomberg Opinion colleague Jim Bianco who said last March, as the Fed was rolling out its measures to bolster the market, that we had seen the virtual “nationalization” of the bond markets. He sent me this chart, to show that he had been right:\n\nBuying on such a scale can fairly be called nationalization. While yields have picked up of late, and there has been much excitement over how far the Fed would allow yields to rise, the basic Fedspeak is clear. Bond yields aren’t going to be allowed to rise to a point where they jeopardize the attempt to buy full employment, or to the point where they trigger a major selloff. With central banks so determined to keep the nationalized bond market under control, risks of suffering a big loss continue to be low, and people keep buying. But that leads to the next question:\nWhy are central banks and governments still trying so hard to stimulate the economy, when we are told the recession is all over and victory over the pandemic is assured?\nThis comes close to a Catch-22. If stocks are up because recovery is assured, then there is no need for further Fed assistance (or fiscal aid). And if we do have a recovery, then there is inflation ahead, which could mess up all our plans. Politicians and central bankers are plainly prepared to run the risk of inflation, and their gambit has divided economists. As this great round-up of their views by Neil Irwin in the New York Times shows, this is no longer the standard battle between left and right; economists who normally agree with each other, and normally back bigger spending, are growing very divided.\nLast year’s economic stimulus to combat the virus was indeed huge, as this chart from Marko Papic of the Clocktower Group makes clear:\n\nAdding fiscal stimulus makes this a measure unseen in peacetime. U.S. GDP growth is already at this point humming along at an annualized rate of 5.4%, according to the Atlanta Fed’s Nowcast. That can be expected to increase. And yet the Biden administration seems determined to pump more money into the economy, now to work on improving infrastructure.\nTo some extent, the answer to why the U.S. government is doing this — and it has analogues elsewhere in the world — is reasonably clear. Populist movements demonstrate that support for such policies is growing. Inequality is deeper than ever. Appalling statistics on deaths of despair showed that something was wrong long before the pandemic. At this point, perhaps it is best to believe the Fed, and the politicians currently running the U.S., that they really do mean what they say. They’re making the judgment that unemployment has to be tamed, and inequality has to come down, whatever that means for inflation.\nThere are fascinating parallels with Franklin Roosevelt, not initially a fan of big government spending, who took office and decided to embark on the New Deal. Now Biden is also, to continue the Passover analogy, attempting to lead us all to the Promised Land. Such a radical departure may or may not work; that whole issue raises many more than four questions. But if we’re clear that the government apparatus has decided to change the paradigm, spend in a way it hasn’t done before, and risk inflation of a kind that hasn’t been seen in a generation, a lot of other market judgments seem mutually inconsistent. If that’s our future, low bond yields are going away soon. And if they don’t, then inflation is coming back. A great economy, in which people want to buy things other than financial assets, isn’t great for stock markets. And if this concerted attempt fails, and we are left with a very heavy and deeply indebted government presiding over continued slow and inequitable growth, that doesn’t sound very appealing either.\nWhy is bitcoin at an all-time high, and when we still have no idea whether governments will allow it to persist?\nWhy even mention bitcoin? Because it is getting very big, and some of the easier assumptions about the cryptocurrency no longer look firm. The following chart, from Goldman Sachs Group Inc., compares bitcoin’s performance over the last 12 months to some of the biggest bubbles in history. Note that the S&P 500 over the same period, on the same scale, looks horizontal, as does the Dow Industrials in the 12 months leading up to the Great Crash of 1929:\n\nThere we have it, it would seem. Bitcoin is a classic mania, that will need to go into the next edition of Charles Kindleberger'sManias, Panics and Crashes. A gain like that is ridiculous and completely unjustified, particularly for an asset whose underlying value is, if anything, even less well-rooted than that of a tulip bulb. I’ve had fun comparing bitcoin to Tulipmania myself, and the comparisons are obvious.\nThere is a rub, though. I wrote a couple of essays pointing out the parallels between bitcoin and tulip bubbles back in late 2017. That was when bitcoin was also in the grip of a historic bubble. In terms of its percentage rise, that bubble was even bigger than this one. And indeed, looking at bitcoin’s price over the decade or so of its existence, on a log scale, we find that there have already been at least four other bubbles:\n\nWhen all the other great bubbles in history burst, they stayed burst. The point of labeling the phenomenon a “bubble” is that bubbles must inevitably pop; they cannot deflate gently and then re-inflate. There has never, ever been any asset that has staged a series of bubbles, crashed after each of them, and after a while regrouped to stage another bubble, the way bitcoin has. Usually, you expect to wait a generation for another serious bubble to come along, after people who were burned the first time have left the scene.\nWe live in a world where central banks are growing ever more dominant actors in the economy. Governments maintain a monopoly over currency, and it is unlikely they will want to give it up. Bitcoin mining is a colossal waste of energy and computing power. But the bitcoin network is steadily spreading, and people are finding uses for it.\nI still have plenty of problems with bitcoin. Many of those interested come across as evangelizers. It’s never healthy to “believe” rather than “invest” in a financial asset. The narrative around bitcoin sounds a little too wonderful to be true. It’s always possible for others (including central banks) to introduce their own cryptocurrencies. But all bitcoin skeptics have to accept that something new and different is going on here. It has a market cap of about $600 billion. That’s only a third the size of Apple Inc., but it’s a lot of money.\nAll other bubbles on the scale of bitcoin led to complete collapse within a year, never to return. Bitcoin’s bubble has burst four times, but never gone to zero, and then staged a comeback. How?\nSurvival Tips\nSome music for the seder nights and Palm Sunday is in order. First, to hear the four questions sung a capella by local heroes the Maccabeats, listen tothis. Then to get in the mood for Easter, you can follow the events at the most dramatic seder ever held in the Last Supper scene from Jesus Christ Superstar. Judas explains why he decided to betray Jesus in Heaven on Their Minds, the opening song of the musical. And the whole story of Holy Week was told perfectly in Bach's St John Passion, as conducted by the great Nikolaus Harnoncourt.","news_type":1},"isVote":1,"tweetType":1,"viewCount":459,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":315029284,"gmtCreate":1612190778148,"gmtModify":1704868022063,"author":{"id":"3574038616307025","authorId":"3574038616307025","name":"baemax","avatar":"https://static.tigerbbs.com/3c886f072aeca9f03209ace9bc5ae3c1","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574038616307025","idStr":"3574038616307025"},"themes":[],"htmlText":"Good potential","listText":"Good potential","text":"Good potential","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/315029284","repostId":"2108271761","repostType":2,"repost":{"id":"2108271761","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1612177200,"share":"https://ttm.financial/m/news/2108271761?lang=&edition=fundamental","pubTime":"2021-02-01 19:00","market":"us","language":"en","title":"ANALYSIS-GameStop saga may provide early test of Biden administration ethics pledges","url":"https://stock-news.laohu8.com/highlight/detail?id=2108271761","media":"Reuters","summary":"By Trevor Hunnicutt and David Lawder   WASHINGTON, Feb 1 (Reuters) - Arguably the last thing new U.S","content":"<html><body><p>By Trevor Hunnicutt and David Lawder</p><p>   WASHINGTON, Feb 1 (Reuters) - Arguably the last thing new U.S. Treasury Secretary Janet Yellen wants to take up during her first days in office is a financial market imbroglio involving <a href=\"https://laohu8.com/S/AONE\">one</a> of her last private sector business relationships.</p><p>   But as hedge fund Citadel LLC emerges as <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the key actors in the trading frenzy last week involving GameStop Corp - and questions arise over whether the activity exposes deeper risks for the financial system - Yellen could find herself pulled into the fray.</p><p>   Citadel, together with another fund, extended a $2.75 billion financial lifeline to hedge fund Melvin Capital Management, which had suffered heavy losses by betting against GameStop   . Citadel also pays for the right to process Robinhood users' trades, a practice that has drawn some concern from investor advocates. </p><p>   The White House has said Yellen is among a handful of officials monitoring the fracas. As head of the Financial Stability Oversight Council (FSOC), Yellen is broadly responsible for the health of the entire trading and investing system.</p><p>   A sticking point for her to clear, though, may be $700,000 in speaking fees she accepted from Citadel, as recently as last fall. Yellen has pledged not to involve herself in an official capacity in matters involving the firm without first seeking a written waiver from Treasury ethics officials.</p><p>   Ethics experts say that pledge is not a hard wall for her to scale should the need arise. After ethics violations dogged the Trump administration, some groups are urging Yellen to pre-emptively seek a waiver, and set a precedent.</p><p>   \"This example is a good test of Biden's ethics executive order and the transparency that follows, but it also highlights the revolving door and why restrictions are necessary to protect the integrity of government missions, policies, and programs,\" said Scott Amey, general counsel at Project On Government Oversight, a nonpartisan government watchdog group.    </p><p>   The Treasury secretary normally does not get involved in matters involving individual stocks and concentrates instead on broad systemic risks to the financial system, which the department monitors through daily market surveillance.</p><p>   \"Secretary Yellen of course will abide by her ethics agreement and ethics pledge in all instances,\" Treasury spokesman Calvin Mitchell said. He did not indicate how she would approach the specific Citadel issue. </p><p>    SPEAKING FEES </p><p>   Like many former government officials, including </p><p>her Federal Reserve chair predecessor Ben Bernanke, Yellen took speaking fees from private companies after she left government.</p><p>   Yellen filed an ethics agreement $FILE/Yellen,%20Janet%20L.%20final%20EA.pdf</p><p>with the Office of Government Ethics in December saying she would \"seek written authorization to participate personally and substantially in any particular matter\" related to any companies that paid her speaking fees prior to joining President Joe Biden's administration - for a year after her last speech to each firm. </p><p>   Yellen spoke several times at Citadel, most recently on an Oct. 27 webinar, according to the filing. She was paid at least $700,000 in speaking fees by the Citadel while she was in private practice at the Brookings Institution think tank, another disclosure $FILE/Yellen,%20Janet%20L.%20AMENDEDfinal%20278.pdf</p><p>shows.</p><p>   These speaking engagements, which also include financial heavyweights such as Barclays, Citigroup, and Goldman Sachs,  are not likely to impact her ability to give Biden broad advice on the stock trading matter, government ethics experts say.</p><p>   \"If this becomes a situation where regulators are considering new rulemaking with Citadel as the poster-child, that's different,\" said Lisa Gilbert, executive vice president of Public Citizen, a group pushing for stronger financial regulation. </p><p>   SYSTEMIC RISK </p><p>   A major question is whether volatility from Gamestop and similar retail investor revolts against short-squeezes boil over into a systemic event that sends markets crashing broadly.</p><p>   Typically a matter involving an individual stock or equity market trading and brokerages would fall to the Securities and Exchange Commission, which has said it is examining the matter.</p><p>   On Friday, SEC commissioners including acting chair Allison Herren Lee said in a statement </p><p>they were closely monitoring the extreme volatility in certain stocks and warned market participants to \"uphold their obligations to protect investors and to identify and pursue potential wrongdoing.\"</p><p>   Extreme stock price volatility \"has the potential to expose investors to rapid and severe losses and undermine market confidence,\" they added.</p><p>   Biden's choice to run the SEC, Gary Gensler, awaits Senate hearings.</p><p>   The FSOC that Yellen chairs is charged with identifying risks and responding to emerging threats to financial stability. It includes the heads of the Federal Reserve and other major U.S. financial regulatory agencies.</p><p>   It has the authority to designate non-bank financial institutions for consolidated supervision to minimize risk to the financial system or to break up firms that pose a \"grave threat.\" </p><p>   Distress in individual companies rarely rises to such a level. Treasury maintains daily market surveillance, but it is looking for orderly market functioning and broad systemic threats.</p><p>   Thus far, the situation looks contained, Barclays said in a note to clients on Friday. Short positions in stocks favored on the Reddit social media site total about $40 billion, which would limit the pain to a handful of hedge funds.</p><p>   \"The ongoing short squeeze in a few stocks by retail investors has raised concerns of a broader contagion. While we believe there is more pain to come, we remain optimistic that it is likely to remain localized,\" Barclays said.</p><p>   YELLEN HAS FEW WALL STREET TIES</p><p>   Unlike many previous Treasury secretaries, Yellen has only worked as an academic and for the government, not at a bank or trading firm. </p><p>   Richard Painter, a former top ethics lawyer to President George W. Bush, said many Treasury secretaries had a great deal more entanglements that would raise conflict of interest concerns than Yellen.</p><p>   Henry Paulson, a Republican who was U.S. Treasury secretary during the 2008 financial meltdown, sold half a billion dollars in stock from his former employer Goldman Sachs Group Inc    to satisfy ethics concerns. Paulson later forced Goldman and other major banks to take billions of dollars in taxpayer capital at the depth of the financial crisis.</p><p>   Steven Mnuchin, Yellen's immediate predecessor, pledged </p><p>after he was nominated to divest $94 million in investments, and refrain from any decisions involving CIT Group until August 2018, when he was due a payment of $5 million from the company. </p><p>   \"Yellen is going to be about as clean as you can get on this stuff,\" Painter said. </p><p>    &lt;^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ EXPLAINER-Why regulators may scrutinize GameStop's Reddit-driven retail stock surge      TIMELINE-GameStop's 1,600% surge in retail investor vs hedge fund battle      BREAKINGVIEWS-Short squeezers could end up strangling themselves</p><p>  The big short: GameStop effect puts global bets worth billions at risk      Hedge fund Melvin Capital has closed GameStop position -spokesman      GRAPHIC: GameStock surge timeline     GRAPHIC-GameStop 'long the shorts' trade goes mainstream    </p><p> Bernanke enjoys fruits of free market with first post-Fed speech</p><p>  Mnuchin pledges to divest assets worth millions     </p><p>   ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^&gt;</p><p>(Reporting by Trevor Hunnicutt and David Lawder; Additional reporting by Nandita Bose; Editing by Heather Timmons, Dan Burns, Edward Tobin and Diane Craft)</p><p>((trevor.hunnicutt@tr.com; +1 646 223 7914; twitter.com/trhunnicutt; Reuters Messaging: trevor.hunnicutt.thomsonreuters.com@reuters.net))</p></body></html>","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>ANALYSIS-GameStop saga may provide early test of Biden administration ethics pledges</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; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nANALYSIS-GameStop saga may provide early test of Biden administration ethics pledges\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-02-01 19:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>By Trevor Hunnicutt and David Lawder</p><p>   WASHINGTON, Feb 1 (Reuters) - Arguably the last thing new U.S. Treasury Secretary Janet Yellen wants to take up during her first days in office is a financial market imbroglio involving <a href=\"https://laohu8.com/S/AONE\">one</a> of her last private sector business relationships.</p><p>   But as hedge fund Citadel LLC emerges as <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the key actors in the trading frenzy last week involving GameStop Corp - and questions arise over whether the activity exposes deeper risks for the financial system - Yellen could find herself pulled into the fray.</p><p>   Citadel, together with another fund, extended a $2.75 billion financial lifeline to hedge fund Melvin Capital Management, which had suffered heavy losses by betting against GameStop   . Citadel also pays for the right to process Robinhood users' trades, a practice that has drawn some concern from investor advocates. </p><p>   The White House has said Yellen is among a handful of officials monitoring the fracas. As head of the Financial Stability Oversight Council (FSOC), Yellen is broadly responsible for the health of the entire trading and investing system.</p><p>   A sticking point for her to clear, though, may be $700,000 in speaking fees she accepted from Citadel, as recently as last fall. Yellen has pledged not to involve herself in an official capacity in matters involving the firm without first seeking a written waiver from Treasury ethics officials.</p><p>   Ethics experts say that pledge is not a hard wall for her to scale should the need arise. After ethics violations dogged the Trump administration, some groups are urging Yellen to pre-emptively seek a waiver, and set a precedent.</p><p>   \"This example is a good test of Biden's ethics executive order and the transparency that follows, but it also highlights the revolving door and why restrictions are necessary to protect the integrity of government missions, policies, and programs,\" said Scott Amey, general counsel at Project On Government Oversight, a nonpartisan government watchdog group.    </p><p>   The Treasury secretary normally does not get involved in matters involving individual stocks and concentrates instead on broad systemic risks to the financial system, which the department monitors through daily market surveillance.</p><p>   \"Secretary Yellen of course will abide by her ethics agreement and ethics pledge in all instances,\" Treasury spokesman Calvin Mitchell said. He did not indicate how she would approach the specific Citadel issue. </p><p>    SPEAKING FEES </p><p>   Like many former government officials, including </p><p>her Federal Reserve chair predecessor Ben Bernanke, Yellen took speaking fees from private companies after she left government.</p><p>   Yellen filed an ethics agreement $FILE/Yellen,%20Janet%20L.%20final%20EA.pdf</p><p>with the Office of Government Ethics in December saying she would \"seek written authorization to participate personally and substantially in any particular matter\" related to any companies that paid her speaking fees prior to joining President Joe Biden's administration - for a year after her last speech to each firm. </p><p>   Yellen spoke several times at Citadel, most recently on an Oct. 27 webinar, according to the filing. She was paid at least $700,000 in speaking fees by the Citadel while she was in private practice at the Brookings Institution think tank, another disclosure $FILE/Yellen,%20Janet%20L.%20AMENDEDfinal%20278.pdf</p><p>shows.</p><p>   These speaking engagements, which also include financial heavyweights such as Barclays, Citigroup, and Goldman Sachs,  are not likely to impact her ability to give Biden broad advice on the stock trading matter, government ethics experts say.</p><p>   \"If this becomes a situation where regulators are considering new rulemaking with Citadel as the poster-child, that's different,\" said Lisa Gilbert, executive vice president of Public Citizen, a group pushing for stronger financial regulation. </p><p>   SYSTEMIC RISK </p><p>   A major question is whether volatility from Gamestop and similar retail investor revolts against short-squeezes boil over into a systemic event that sends markets crashing broadly.</p><p>   Typically a matter involving an individual stock or equity market trading and brokerages would fall to the Securities and Exchange Commission, which has said it is examining the matter.</p><p>   On Friday, SEC commissioners including acting chair Allison Herren Lee said in a statement </p><p>they were closely monitoring the extreme volatility in certain stocks and warned market participants to \"uphold their obligations to protect investors and to identify and pursue potential wrongdoing.\"</p><p>   Extreme stock price volatility \"has the potential to expose investors to rapid and severe losses and undermine market confidence,\" they added.</p><p>   Biden's choice to run the SEC, Gary Gensler, awaits Senate hearings.</p><p>   The FSOC that Yellen chairs is charged with identifying risks and responding to emerging threats to financial stability. It includes the heads of the Federal Reserve and other major U.S. financial regulatory agencies.</p><p>   It has the authority to designate non-bank financial institutions for consolidated supervision to minimize risk to the financial system or to break up firms that pose a \"grave threat.\" </p><p>   Distress in individual companies rarely rises to such a level. Treasury maintains daily market surveillance, but it is looking for orderly market functioning and broad systemic threats.</p><p>   Thus far, the situation looks contained, Barclays said in a note to clients on Friday. Short positions in stocks favored on the Reddit social media site total about $40 billion, which would limit the pain to a handful of hedge funds.</p><p>   \"The ongoing short squeeze in a few stocks by retail investors has raised concerns of a broader contagion. While we believe there is more pain to come, we remain optimistic that it is likely to remain localized,\" Barclays said.</p><p>   YELLEN HAS FEW WALL STREET TIES</p><p>   Unlike many previous Treasury secretaries, Yellen has only worked as an academic and for the government, not at a bank or trading firm. </p><p>   Richard Painter, a former top ethics lawyer to President George W. Bush, said many Treasury secretaries had a great deal more entanglements that would raise conflict of interest concerns than Yellen.</p><p>   Henry Paulson, a Republican who was U.S. Treasury secretary during the 2008 financial meltdown, sold half a billion dollars in stock from his former employer Goldman Sachs Group Inc    to satisfy ethics concerns. Paulson later forced Goldman and other major banks to take billions of dollars in taxpayer capital at the depth of the financial crisis.</p><p>   Steven Mnuchin, Yellen's immediate predecessor, pledged </p><p>after he was nominated to divest $94 million in investments, and refrain from any decisions involving CIT Group until August 2018, when he was due a payment of $5 million from the company. </p><p>   \"Yellen is going to be about as clean as you can get on this stuff,\" Painter said. </p><p>    &lt;^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ EXPLAINER-Why regulators may scrutinize GameStop's Reddit-driven retail stock surge      TIMELINE-GameStop's 1,600% surge in retail investor vs hedge fund battle      BREAKINGVIEWS-Short squeezers could end up strangling themselves</p><p>  The big short: GameStop effect puts global bets worth billions at risk      Hedge fund Melvin Capital has closed GameStop position -spokesman      GRAPHIC: GameStock surge timeline     GRAPHIC-GameStop 'long the shorts' trade goes mainstream    </p><p> Bernanke enjoys fruits of free market with first post-Fed speech</p><p>  Mnuchin pledges to divest assets worth millions     </p><p>   ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^&gt;</p><p>(Reporting by Trevor Hunnicutt and David Lawder; Additional reporting by Nandita Bose; Editing by Heather Timmons, Dan Burns, Edward Tobin and Diane Craft)</p><p>((trevor.hunnicutt@tr.com; +1 646 223 7914; twitter.com/trhunnicutt; Reuters Messaging: trevor.hunnicutt.thomsonreuters.com@reuters.net))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站","GS":"高盛","WIW":"Western Asset/Claymore Inf-Lkd O","ARES":"Ares Management L.P.","CIT":"CIT Group Inc","AMC":"AMC院线","C":"花旗"},"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2108271761","content_text":"By Trevor Hunnicutt and David Lawder   WASHINGTON, Feb 1 (Reuters) - Arguably the last thing new U.S. Treasury Secretary Janet Yellen wants to take up during her first days in office is a financial market imbroglio involving one of her last private sector business relationships.   But as hedge fund Citadel LLC emerges as one of the key actors in the trading frenzy last week involving GameStop Corp - and questions arise over whether the activity exposes deeper risks for the financial system - Yellen could find herself pulled into the fray.   Citadel, together with another fund, extended a $2.75 billion financial lifeline to hedge fund Melvin Capital Management, which had suffered heavy losses by betting against GameStop   . Citadel also pays for the right to process Robinhood users' trades, a practice that has drawn some concern from investor advocates.    The White House has said Yellen is among a handful of officials monitoring the fracas. As head of the Financial Stability Oversight Council (FSOC), Yellen is broadly responsible for the health of the entire trading and investing system.   A sticking point for her to clear, though, may be $700,000 in speaking fees she accepted from Citadel, as recently as last fall. Yellen has pledged not to involve herself in an official capacity in matters involving the firm without first seeking a written waiver from Treasury ethics officials.   Ethics experts say that pledge is not a hard wall for her to scale should the need arise. After ethics violations dogged the Trump administration, some groups are urging Yellen to pre-emptively seek a waiver, and set a precedent.   \"This example is a good test of Biden's ethics executive order and the transparency that follows, but it also highlights the revolving door and why restrictions are necessary to protect the integrity of government missions, policies, and programs,\" said Scott Amey, general counsel at Project On Government Oversight, a nonpartisan government watchdog group.       The Treasury secretary normally does not get involved in matters involving individual stocks and concentrates instead on broad systemic risks to the financial system, which the department monitors through daily market surveillance.   \"Secretary Yellen of course will abide by her ethics agreement and ethics pledge in all instances,\" Treasury spokesman Calvin Mitchell said. He did not indicate how she would approach the specific Citadel issue.     SPEAKING FEES    Like many former government officials, including her Federal Reserve chair predecessor Ben Bernanke, Yellen took speaking fees from private companies after she left government.   Yellen filed an ethics agreement $FILE/Yellen,%20Janet%20L.%20final%20EA.pdfwith the Office of Government Ethics in December saying she would \"seek written authorization to participate personally and substantially in any particular matter\" related to any companies that paid her speaking fees prior to joining President Joe Biden's administration - for a year after her last speech to each firm.    Yellen spoke several times at Citadel, most recently on an Oct. 27 webinar, according to the filing. She was paid at least $700,000 in speaking fees by the Citadel while she was in private practice at the Brookings Institution think tank, another disclosure $FILE/Yellen,%20Janet%20L.%20AMENDEDfinal%20278.pdfshows.   These speaking engagements, which also include financial heavyweights such as Barclays, Citigroup, and Goldman Sachs,  are not likely to impact her ability to give Biden broad advice on the stock trading matter, government ethics experts say.   \"If this becomes a situation where regulators are considering new rulemaking with Citadel as the poster-child, that's different,\" said Lisa Gilbert, executive vice president of Public Citizen, a group pushing for stronger financial regulation.    SYSTEMIC RISK    A major question is whether volatility from Gamestop and similar retail investor revolts against short-squeezes boil over into a systemic event that sends markets crashing broadly.   Typically a matter involving an individual stock or equity market trading and brokerages would fall to the Securities and Exchange Commission, which has said it is examining the matter.   On Friday, SEC commissioners including acting chair Allison Herren Lee said in a statement they were closely monitoring the extreme volatility in certain stocks and warned market participants to \"uphold their obligations to protect investors and to identify and pursue potential wrongdoing.\"   Extreme stock price volatility \"has the potential to expose investors to rapid and severe losses and undermine market confidence,\" they added.   Biden's choice to run the SEC, Gary Gensler, awaits Senate hearings.   The FSOC that Yellen chairs is charged with identifying risks and responding to emerging threats to financial stability. It includes the heads of the Federal Reserve and other major U.S. financial regulatory agencies.   It has the authority to designate non-bank financial institutions for consolidated supervision to minimize risk to the financial system or to break up firms that pose a \"grave threat.\"    Distress in individual companies rarely rises to such a level. Treasury maintains daily market surveillance, but it is looking for orderly market functioning and broad systemic threats.   Thus far, the situation looks contained, Barclays said in a note to clients on Friday. Short positions in stocks favored on the Reddit social media site total about $40 billion, which would limit the pain to a handful of hedge funds.   \"The ongoing short squeeze in a few stocks by retail investors has raised concerns of a broader contagion. While we believe there is more pain to come, we remain optimistic that it is likely to remain localized,\" Barclays said.   YELLEN HAS FEW WALL STREET TIES   Unlike many previous Treasury secretaries, Yellen has only worked as an academic and for the government, not at a bank or trading firm.    Richard Painter, a former top ethics lawyer to President George W. Bush, said many Treasury secretaries had a great deal more entanglements that would raise conflict of interest concerns than Yellen.   Henry Paulson, a Republican who was U.S. Treasury secretary during the 2008 financial meltdown, sold half a billion dollars in stock from his former employer Goldman Sachs Group Inc    to satisfy ethics concerns. Paulson later forced Goldman and other major banks to take billions of dollars in taxpayer capital at the depth of the financial crisis.   Steven Mnuchin, Yellen's immediate predecessor, pledged after he was nominated to divest $94 million in investments, and refrain from any decisions involving CIT Group until August 2018, when he was due a payment of $5 million from the company.    \"Yellen is going to be about as clean as you can get on this stuff,\" Painter said.     <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ EXPLAINER-Why regulators may scrutinize GameStop's Reddit-driven retail stock surge      TIMELINE-GameStop's 1,600% surge in retail investor vs hedge fund battle      BREAKINGVIEWS-Short squeezers could end up strangling themselves  The big short: GameStop effect puts global bets worth billions at risk      Hedge fund Melvin Capital has closed GameStop position -spokesman      GRAPHIC: GameStock surge timeline     GRAPHIC-GameStop 'long the shorts' trade goes mainstream     Bernanke enjoys fruits of free market with first post-Fed speech  Mnuchin pledges to divest assets worth millions        ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>(Reporting by Trevor Hunnicutt and David Lawder; Additional reporting by Nandita Bose; Editing by Heather Timmons, Dan Burns, Edward Tobin and Diane Craft)((trevor.hunnicutt@tr.com; +1 646 223 7914; twitter.com/trhunnicutt; Reuters Messaging: trevor.hunnicutt.thomsonreuters.com@reuters.net))","news_type":1},"isVote":1,"tweetType":1,"viewCount":467,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":315067905,"gmtCreate":1612190641007,"gmtModify":1704868018808,"author":{"id":"3574038616307025","authorId":"3574038616307025","name":"baemax","avatar":"https://static.tigerbbs.com/3c886f072aeca9f03209ace9bc5ae3c1","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574038616307025","idStr":"3574038616307025"},"themes":[],"htmlText":"Huge potential!&nbsp;","listText":"Huge potential!&nbsp;","text":"Huge potential!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/315067905","repostId":"2108270412","repostType":2,"isVote":1,"tweetType":1,"viewCount":624,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}