UPDATE: The last time this 'clear danger sign' flashed in the stock market was in 1999, and we all know what happened next
UPDATE: The last time this 'clear danger sign' flashed in the stock market was in 1999, and we all know what happened next
MW UPDATE: The last time this 'clear danger sign' flashed in the stock market was in 1999, and we all know what happened next
最新消息：股市上一次出現這種“明確的危險信號”是在1999年，我們都知道接下來會發生什麼。
By Shawn Langlois, MarketWatch
作者：肖恩·朗格洛斯(Shawn Langlois)，MarketWatch
"When pigs squeal, feed them."
“當豬叫的時候，餵它們。”
Brad Lamensdorf, portfolio manager for AdvisorShares Ranger Equity Bear ETF(HDGE) , used that expression to describe what he sees in his "Chart of the Week (https://www.lmtr.com/near-record-proportion-of-ipos-losing-money-is-sign-of-trouble-for-stock-market/)," which, he says, should give investors cause for concern.
AdvisorShares Ranger Equity Bear ETF的投資組合經理布拉德·拉門斯多夫(Brad Lamensdorf)用這句話來形容他在“本週圖表(https://www.lmtr.com/near-record-proportion-of-ipos-losing-money-is-sign-of-trouble-for-stock-market/)，”中看到的情況，他説，這應該讓投資者感到擔憂。
The chart, pulled from a recent Wall Street Journal story (https://www.wsj.com/articles/money-losing-companies-mushroom-even-as-stocks-hit-new-highs-11578608209), essentially shows how much red ink is spilling in the IPO market. As you can see, the last time this "clear danger sign" popped up was on the brink of the dot-com implosion in 1999.
這張圖表摘自《華爾街日報》(Wall Street Journal)最近的一篇報道(https://www.wsj.com/articles/money-losing-companies-mushroom-even-as-stocks-hit-new-highs-11578608209)，，從本質上講，它顯示了新股發行市場上有多少赤字。正如你所看到的，上一次出現這種“明確的危險信號”是在1999年，當時網絡公司正處於崩潰的邊緣。
As the Journal pointed out, 42% of these money-losers come from the health-care sector, where investors look to make a killing on smaller biotech stocks with big upside. Another 17% come from the technology sector.
正如《華爾街日報》所指出的那樣，這些賠錢的股票中有42%來自醫療保健板塊，該板塊的投資者希望從規模較小、漲幅較大的生物科技股中大賺一筆。另有17%來自科技行業。
"Over-priced IPOs usually occur toward the end of a long bull run when stocks in general become very overpriced," Lamensdorf wrote. "Why does this happen? Generally because investors have lost their sense of reality. They are willing to buy stocks on hyped stories instead of the facts."
拉門斯多夫寫道：“價格過高的IPO通常發生在長期牛市行情接近尾聲的時候，那時股票價格總體上會變得非常過高。”“為什麼會出現這種情況？通常是因為投資者已經失去了現實感。他們願意根據炒作的故事而不是事實買入股票。”
In other words, investment bankers, he explained, pounce on the opportunity to stuff the stock market -- or, as the expression goes, feed the pigs -- with overpriced companies as long as the public has an appetite for risk.
他解釋説，換句話説，只要公眾對風險有胃口，投資銀行家就會抓住機會，用估值過高的公司充斥股市--或者，正如俗語所説，用高價的公司來餵豬。
Investors showed some risk appetite in Wednesday's trading session, with the Dow Jones Industrial Average , S&P 500and Nasdaq Compositeall moving nicely higher.
投資者在週三的交易時段表現出一些風險偏好，道瓊斯工業平均指數(Dow Jones Industrial Average)、標準普爾500指數(S&P500)和納斯達克綜合指數(Nasdaq Composite)都出現了不錯的上漲。
-Shawn Langlois; 415-439-6400; AskNewswires@dowjones.com
-肖恩·朗格洛斯(Shawn Langlois)；電話：415-439-6400；電子郵件：AskNewswres@dowjones.com
(END) Dow Jones Newswires
(完)道瓊通訊社
January 18, 2020 08:44 ET (13:44 GMT)
2020年1月18日東部時間08：44(格林尼治標準時間13：44)
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