As Buybacks Return Can The Market Continue To Rally
隨著回購潮再現，市場能否持續上揚？
Inside This Week’s Bull Bear Report
本週多空報告內容
- Market Musters An October Rally
市場十月反彈 - Buybacks Set To Return 回購潮即將重現
- How We Are Trading It
我們的交易策略 - Research Report – Recession Fatigue
研究報告 – 衰退疲勞 - Youtube – Market Recap With Adam Taggert
YouTube – 市場回顧與 Adam Taggart - Stock Of The Week 本週精選股票
- Daily Commentary Bits 每日評論摘要
- Market Statistics – Will Return Next Week
市場統計資料 – 將於下週恢復 - Stock Screens – Will Return Next Week
股票篩選 – 將於下週恢復 - Portfolio Trades This Week
本週投資組合交易
Administrator Note 管理員備註
Admin Note: I am traveling to see my daughter this weekend for the Texas Tech vs. Baylor football game. This week’s newsletter will be shorter than usual, and most of the analytics will return next week. In the meantime, if you have any questions, do not hesitate to email me.
管理員備註：本週末我將前往觀看德州理工大學對貝勒大學的足球賽，與女兒相聚。本週的通訊將比往常簡短，大部分分析將於下週恢復。在此期間，如有任何疑問，請隨時發郵件給我。
Market Musters An October Rally
市場十月反彈
Last week, we noted that there were some short-term positive developments.
上週，我們注意到有一些短期正面發展。
The market bounced off the 20-dma, turning that previous resistance level into support. That bounce came on rumors from the “Fed Whisperer,” Nick Timaros of the WSJ, the Fed may be considering slowing the pace of rate hikes in December. Such was a welcome relief for the beaten-up bulls, and stocks rallied sharply to close the week.
市場從 20 日均線反彈，將先前的阻力位轉變為支撐。此反彈源於《華爾街日報》的「聯準會耳語者」Nick Timaros 傳出的消息，聯準會可能在 12 月考慮放緩升息步伐。這對受挫的多頭來說是個好消息，股市因此強勁反彈，以高點結束本週。It will be necessary for the market to rally some more next week and ideally rises above 3800 to confirm another “bear market” rally is underway. Furthermore, the positive divergences of the MACD and RSI indicators also support the short-term bullish outlook.
下周市場有必要進一步反彈，理想情況下升破 3800 點，以確認另一波“熊市”反彈正在進行。此外，MACD 和 RSI 指標的正向背離也支持短期看漲前景。
Such was the case this past week. The market rallied above the 3800 level, retested it Thursday, and then rocketed higher on Friday, breaking above the 50-dma and touching the 100-dma. Such confirms the bear market rally remains intact.
上週情況便是如此。市場反彈超過 3800 點水平，週四再次測試該點位，週五則大幅上漲，突破 50 日均線並觸及 100 日均線。此舉確認了熊市反彈仍持續中。
Over the last several weeks, we have repeatedly made the case why this market rally was likely, and all that we needed was some news flow to spark a buying panic. Of course, the rise in market chatter about a Fed’ pause’, ‘mini-pivot,’ or ‘step-down’ in its hawkishness provided the narrative to send shorts scurrying to cover.
過去數週，我們一再闡述為何此市場反彈可能發生，所需僅為一些新聞動態引發買進恐慌。當然，市場對於聯準會可能「暫停」、「小幅轉向」或「減緩鷹派立場」的討論升溫，提供了促使空頭急於回補的敘事。
For some context, the Dow is on pace for its best month since 1976. It is also close to its best month since 1938. So far, the Dow is up four straight weeks (+14%) and is posting its biggest 4-week gain since April 2020. Despite dismal FANG earnings, the Nasdaq is ‘only’ up 5% on the month.
就背景而言，道瓊指數正迎來自 1976 年以來表現最佳的月份，亦接近 1938 年以來的最佳月份。至今，道瓊已連續四周上漲（+14%），創下自 2020 年 4 月以來最大的四周漲幅。儘管 FANG 企業的財報黯淡，那斯達克指數本月僅上漲 5%。
With those gains, it was not surprising to see articles flipping bullish. To wit:
隨著這些收益，看到文章轉向看漲並不令人驚訝。換句話說：
“Here’s a little news flash. Tech stocks have entered a brand-new bull market that could be the start of a massive 50%-plus melt-up. And certain tech plays could see a 10X surge higher!“
這裡有個小新聞快報。科技股已進入一個全新的牛市，這可能是一個超過 50%大漲潮的開始。而某些科技股可能會見證 10 倍的飆升！
While that will likely be the case eventually, it is too soon for that now. We still have an earnings recession to get through and have just started that process. More importantly, the lag effect of rate hikes won’t take hold until the first half of next year.
雖然最終可能會是那樣，但現在還為時過早。我們仍需經歷一段盈利衰退期，且才剛開始這一過程。更重要的是，加息的滯後效應要到明年上半年才會顯現。
However, for now, there is a prime catalyst for pushing stock prices higher near term coming online – buybacks.
然而，目前有一個促使股價短期內上漲的主要催化劑正在啟動——股票回購。
Need Help With Your Investing Strategy?
投資策略需要協助嗎？
Are you looking for complete financial, insurance, and estate planning? Need a risk-managed portfolio management strategy to grow and protect your savings? Whatever your needs are, we are here to help.
您是否正在尋求全面的財務、保險及遺產規劃？需要一套風險管理的投資組合管理策略來增長和保護您的儲蓄？無論您的需求為何，我們都在此為您提供協助。
Buybacks Set To Return 回購潮即將重現
Stock buybacks, or corporate share repurchases, are set to return next week as the “blackout period” that existed in October now expires. With roughly 80% of the S&P 500 having now reported, they can return to the business of buying shares to help bolster their stock price. Also, as I noted earlier this week, there has been a record of over $1 Trillion in buyback announcements made this year, which will potentially equate to roughly $4.5-5 Billion in daily flows into equities through year-end.
股票回購，或稱企業股份回購，預計將於下周恢復，因十月份存在的“封鎖期”現已結束。隨著大約 80%的標普 500 指數公司已公布業績，它們可以重新開始購買股份以支撐其股價。此外，正如我本周早些時候所指出的，今年已宣布超過 1 萬億美元的回購計劃，這可能意味著年底前每天約有 45 至 50 億美元流入股市。
Don’t dismiss the importance of stock buybacks relative to overall market performance. Such was the point article I wrote in October 2021 discussing the net effect of those stock buybacks. To wit:
切勿輕視股票回購對整體市場表現的重要性。這正是我在 2021 年 10 月撰寫的文章中所討論的要點，探討了那些股票回購的淨效應。具體而言：
“The chart below via Pavilion Global Markets shows the impact stock buybacks have had on the market over the last decade. The decomposition of returns for the S&P 500 breaks down as follows:“
「下圖來自 Pavilion Global Markets，顯示了過去十年股票回購對市場的影響。S&P 500 指數回報的分解如下：」
- 21% from multiple expansions,
21%來自多重擴張， - 31.4% from earnings, 31.4%來自收益，
- 7.1% from dividends, and 7.1%來自股息，以及
- 40.5% from share buybacks.
40.5%來自股票回購。
“In other words, in the absence of share repurchases, the stock market would not be pushing record highs of 4600 but instead levels closer to 2700.
換句話說，若無股票回購，股市將不會推升至 4600 的歷史新高，而是更接近 2700 的水平。To put that into context, the high water mark for the S&P 500 in October 2007 was 1556. In October 2021, after 14 years, the market would be 2700 without share buybacks. Such would mean that stocks returned a total of about 3% annually or 42% in total over those 14 years.”
為了提供背景資訊，2007 年 10 月 S&P 500 的高點為 1556。到了 2021 年 10 月，經過 14 年，若無股票回購，市場將達到 2700。這意味著股票的年回報率約為 3%，或 14 年總計回報 42%。
We warned in that report that one of the risks to the market was a contraction in buybacks which removed a “buyer” that had accounted for the majority of share purchases over the last few years. It is no coincidence the market declined this year as those buybacks slowed.
我們在該報告中警告，市場風險之一是回購縮減，這將消除過去幾年佔股票購買大多數的“買家”。今年市場下跌與那些回購放緩並非巧合。
While buybacks by themselves may indeed be somewhat harmless, they become problematic when coupled with accounting gimmicks and massive levels of debt to fund them. Most importantly, the money spent benefitting executives should have been used more productively to boost long-term earnings growth.
儘管股票回購本身可能確實有些無害，但當它們與會計花招和巨額債務相結合以資助這些回購時，就會變得有問題。最重要的是，用於使高管受益的資金本應更有效地用於提升長期收益增長。
As we head into year-end, companies struggling with earnings growth will likely accelerate stock buybacks to boost their bottom line. With a record number of shares authorized for repurchase, such could translate into a continued push higher in stocks through year-end.
隨著年底的臨近，面臨盈餘成長困境的公司可能會加速股票回購以提升其底線。由於獲准回購的股票數量創下紀錄，這可能意味著年底前股市將持續推高。
Another market support may come from the midterm elections.
另一市場支撐可能來自中期選舉。
Midterm Elections And Market Rallies
中期選舉與市場反彈
While garnering less attention than a presidential election, midterm elections are important because they could lead to a change in control of the U.S. Senate and House of Representatives. Such can significantly impact policy, laws, and foreign relations. Historically, markets tend to favor “gridlock” in Washington as it dramatically reduces the risk of an adverse policy change regarding taxation, geopolitical conflict, or substantive changes to spending and debt.
儘管中期選舉不如總統選舉那般引人注目，但它們的重要性在於可能導致美國參議院和眾議院的控制權變更。這種變化能顯著影響政策、法律及外交關係。歷史上，市場傾向於偏好華盛頓的「僵局」，因為這大幅降低了稅收、地緣政治衝突或支出與債務實質變動等不利政策變更的風險。
Since 1950, there have been 18 midterm election cycles, and in the twelve months following each of those cycles, the stock market has had positive returns. Over the subsequent 12 months, stocks delivered an 18.56% average annualized gain compared to just 10.6% over all other years.
自 1950 年以來，共經歷了 18 個中期選舉週期，而在這些週期後的十二個月內，股市均呈現正收益。接下來的 12 個月裡，股票平均年化增長率達到 18.56%，相較於其他年份的 10.6%有顯著提升。
In the two years following the midterm elections, stocks returned an average of 33.7%.
在中期選舉後的兩年內，股票平均回報率為 33.7%。
However, while the data above goes back to 1958, the last time the S&P 500 produced a negative return over the 12 months following a midterm election was 1939. Of course, there was a massive economic contraction and uncertainty at that time as the U.S. battled the Great Depression and World War II began in Europe.
然而，雖然上述數據回溯至 1958 年，但上一次標普 500 指數在中期選舉後的 12 個月內出現負回報是在 1939 年。當然，那時正值美國對抗大蕭條及第二次世界大戰在歐洲爆發，經濟大幅萎縮且充滿不確定性。
Another period of interest is the late 1960s and 1970s, marked by slow economic growth, high unemployment, rising energy prices, and significant inflation. Given the similarities currently, the bearish pre-midterm market returns and an un-accommodative Federal Reserve, the outlook, while bullish, is less clear.
另一個值得關注的時期是 20 世紀 60 年代末至 70 年代，這段時期經濟成長緩慢、失業率高、能源價格上漲及通膨顯著。鑒於當前情況與此相似，加上中期選舉前市場表現悲觀及聯邦儲備系統不寬鬆，雖然前景看漲，但並不明朗。
Breaking Even Isn’t The Goal
盈虧平衡並非目標
There are a couple of caveats to this analysis that one must consider. The first is that while returns tend to be positive post-midterm elections, several times, it coincides with when the midterm elections fell. The chart below shows the S&P 500 with the years of midterm elections marked and significant events.
此分析有幾點需注意的警告。首先，雖然中期選舉後回報傾向於正向，但有幾次恰逢中期選舉年。下圖顯示了標普 500 指數，並標記了中期選舉年份及重大事件。
For example, in 1966, 1970, and 1974 the midterm elections coincided with the bottom of the three recessionary bear market cycles. Coincidence? Probably. More importantly, on a longer-term basis, returns on a “buy-and-hold” basis were negative as the secular bear market continued. We see the same effect between 1998 and 2014, midterm elections yielded positive short-term results, but long-term returns were near zero.
例如，在 1966 年、1970 年和 1974 年，中期選舉恰好與三次衰退熊市週期的底部重合。是巧合嗎？可能吧。更重要的是，從長期來看，在「買入並持有」策略下，回報為負，因為長期熊市持續。我們在 1998 年至 2014 年間也觀察到類似現象，中期選舉帶來了短期的正面結果，但長期回報接近零。
The second caveat to the historical data is the difference between making money and getting back to even. While the mainstream analysis suggests that investors should buy the midterm elections for positive returns over the next 12 months, most individuals are already invested. In a year where the midterm elections fall in the middle of a bear market, like 1974, 2002, or 2022, returns generated over the next 12 months, investors are most likely “getting back to even.”
歷史數據的第二個注意點是賺錢與回本的差異。主流分析認為投資者應購入中期選舉以期待未來 12 個月的正面回報，但大多數人已經持有投資。在如 1974 年、2002 年或 2022 年這樣中期選舉落在熊市中間的年份，接下來 12 個月產生的回報，投資者多半是「回本」。
The chart below shows the S&P 500 for 2022, starting at 4796. It will require a return of 26% over the next 12 months for investors to break even. Notably, that does not include the rate of return necessary to meet their financial goals. For example, if your financial plan requires 6% annualized returns, the 26% advance still leaves you another 12% short of your annual return goals (6% for 2022 and 2023). Given the average yearly return post-midterm elections is 18.6%, investors will end 2023 still well more than 20% of their goals.
下圖顯示 2022 年 S&P 500 指數起始於 4796 點，投資者需在未來 12 個月內獲得 26%的回報才能回本。值得注意的是，這並未包含達成其財務目標所需的回報率。例如，若您的財務計劃要求 6%的年化回報，則 26%的漲幅仍使您距離年度回報目標短缺 12%（2022 年及 2023 年各 6%）。考慮到中期選舉後平均年回報率為 18.6%，投資者在 2023 年底仍將遠離目標超過 20%。
While I am not discouraging you from taking advantage of the potential for a robust post-midterm election return, there is a vast difference between “getting back to even” and “making money.”
雖然我並非阻止您利用中期選舉後可能出現的強勁回報，但「回歸平盤」與「賺錢」之間存在巨大差異。
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How We Are Trading It
我們的交易策略
As noted, there are many reasons the market should rally into year-end, although it could be sloppy. While buybacks could provide a boost, along with most professionals misallocated heading into year-end, we are keeping some exposure for now. However, our goal remains to reduce overall equity exposure to 30-35% of the portfolio heading into 2023.
如前所述，市場年底前應該會出現反彈，儘管可能會有些混亂。雖然股票回購可能會提供助力，加上大多數專業人士在年底前的錯誤配置，我們目前仍保持一定程度的曝險。然而，我們的目標仍然是將整體股票曝險降至投資組合的 30-35%，以迎接 2023 年。
We previously noted that the Top-10 Mega-cap companies in the S&P 500 index were masking the devastation below the surface.
我們先前曾指出，S&P 500 指數中的前十大巨型股公司掩蓋了表面下的破壞。
The top-10 stocks in the S&P 500 index comprise roughly 1/3rd of the entire index. In other words, a 1% gain in the top 10 stocks is the same as a 1% gain in the bottom 90%.
標普 500 指數中排名前 10 的股票約佔整個指數的 1/3。換句話說，前 10 大股票上漲 1%相當於後 90%的股票上漲 1%。
However, while the “Generals” were leading the market earlier this year, they are now under attack. The bad news is that there is still downside risk to these mega-cap companies. The good news is that by the time the leaders finally sell-off, such was typically closer to the end of the bear market cycle.
然而，儘管「巨頭」在今年初引領市場，如今卻遭受攻擊。壞消息是，這些大型股公司仍面臨下行風險。好消息是，當領導者最終出現拋售時，通常意味著熊市週期接近尾聲。
Are we there yet? I don’t think so, as earnings still need to come down more, but those negative revisions are getting made. More importantly, the massively overbought conditions of the index are significantly reduced from where they were earlier this year. While the signal could certainly move lower, and we suspect it will, it is important to note we are grinding our way through this market. Eventually, a terrific buying opportunity will present itself. We have to get there first.
我們到了嗎？我認為還沒有，因為盈利仍需進一步下降，但那些負面修正正在進行中。更重要的是，指數極度超買的狀況已經從今年早些時候顯著減少。雖然信號確實可能進一步下降，我們也預期它會如此，但重要的是要記住，我們正在逐步穿越這個市場。最終，一個極佳的買入機會將會出現。我們首先得到達那裡。
From an allocation standpoint, we remain underweight in stocks and bonds and overweight cash and short-term Treasuries. (The ETF allocation comprises short-duration Treasury bonds and floating rate Treasuries, with a lesser allocation to long-dated Treasuries. You can view our models in real-time at SimpleVisor.com)
從資產配置的角度來看，我們對股票和債券保持低配，對現金和短期國債則超配。（ETF 配置包括短期國債和浮動利率國債，對長期國債的配置較少。您可以在 SimpleVisor.com 上實時查看我們的模型）
We are doing our tax loss harvesting heading into year-end to reduce equity exposure further. However, keep working to rebalance portfolios for now, as this rally will likely end heading into the New Year.
我們正進行年底的稅損收割以進一步減少股票曝險。然而，目前仍需繼續努力重新平衡投資組合，因為這波反彈很可能在新年來臨之際結束。
- Tighten up stop-loss levels to current support levels for each position.
將每個部位的停損水準收緊至當前支撐水準。 - Hedge portfolios against significant market declines.
對沖投資組合以應對重大市場下跌。 - Take profits in positions that have been big winners
將大幅獲利的部位獲利了結 - Sell laggards and losers.
賣出落後股與虧損股。 - Raise cash and rebalance portfolios to target weightings.
籌集現金並重新平衡投資組合以達到目標權重。
See you next week.
下週見。
Research Report 研究報告
Market Recap – With Adam Taggert
市場回顧 – 與亞當·塔格特
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Stock Of The Week In Review
本週精選股票回顧
Utility Stocks For The Coming Bond Rally
迎接債券反彈的公用事業股票
Utility stocks held up well in 2022 until the last two months. While the broader markets were down 15-20% through August, the utility stock ETF XLU was up slightly. XLU’s outperformance reversed on a dime in September as bond yields rose rapidly. The 10-yr Treasury note yield increased by 1% in the last two months. XLU fell in sympathy by nearly 20% over the same period
2022 年公用事業股票表現堅挺，直至最後兩個月。儘管截至八月份，更廣泛的市場下跌了 15-20%，但公用事業股票 ETF XLU 略有上漲。隨著債券收益率在九月迅速上升，XLU 的優異表現急轉直下。過去兩個月，10 年期國債收益率增加了 1%。與此同時，XLU 下跌了近 20%。
The 4%+ bond yields for risk-free Treasury securities and 5-6% for high-rated corporate debt likely tempt traditional investors away from dividend stocks toward less volatile bonds. As such, the price of utilities has fallen, making their dividend yields more competitive with bonds.
無風險國債證券的債券收益率超過 4%，高評級企業債務的收益率在 5-6%之間，這可能會吸引傳統投資者從股息股票轉向波動性較小的債券。因此，公用事業股票的價格已經下跌，使其股息收益率與債券更具競爭力。
If you think bond yields are peaking and likely to decline in the coming months, a bond surrogate like utilities may do very well. Given this outlook, we seek utility companies offering attractive dividends, decent growth potential, lower valuations, and relatively low debt ratios.
若您認為債券收益率已達高峰且未來數月可能下降，則類似公用事業的債券替代品表現可能相當出色。基於此觀點，我們尋求提供吸引人的股息、合理增長潛力、較低估值及相對低負債比的公用事業公司。
Here is one of the stocks from the scan.
此處為掃描中的一檔股票。
Duke Energy (DUK) 杜克能源 (DUK)
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登入 Simplevisor.com 閱讀完整的《5-For-Friday》報告。
Daily Commentary Bits 每日評論摘要
Fed’s Yield Curve Forecasts Recession
聯準會收益率曲線預測經濟衰退
Q3 GDP rose nicely, but the Fed’s preferred yield curve has spoken. It says a recession is imminent. The graph below charts the yield difference between the 3-month Treasury bill and the 10-year Treasury note. The Fed often reminds us that an inversion in the 3m/10yr UST curve is a precursor for recessions. As annotated in red, every time the 10-year yield is lower than the 3-month yield for more than a few days, a recession follows.
第三季度 GDP 增長良好，但聯準會偏好的殖利率曲線已發出警告。它預示著經濟衰退即將來臨。下圖顯示了 3 個月期國庫券與 10 年期國債之間的殖利率差異。聯準會經常提醒我們，3 個月期與 10 年期美國國債曲線的倒掛是經濟衰退的前兆。如紅色標註所示，每當 10 年期殖利率低於 3 個月期殖利率超過數天，隨後便會出現經濟衰退。
When should we expect a recession? As the graph highlights, it has taken between three and thirteen months from the trough of the yield curve inversion until the official NBER recession declaration. Making timing a little tricky is the clock doesn’t start ticking until the yield curve troughs. Based on Fed Funds futures, we expect the three-month yield will rise from 4.05% to 4.80%. Unless the 10-year yield falls by .75% over the coming months, the Fed’s yield curve will invert further. Such a trough in the Fed’s yield curve may take another couple of months to form. Then we can start the recession clock.
我們何時應預期經濟衰退？如圖表所示，從殖利率曲線反轉的谷底到美國國家經濟研究局（NBER）正式宣布經濟衰退，期間需時三至十三個月。由於計時始於殖利率曲線達到谷底，使得時機掌握略顯棘手。根據聯邦基金期貨，預期三個月期殖利率將從 4.05%上升至 4.80%。除非未來數月內十年期殖利率下降 0.75%，否則聯準會的殖利率曲線將進一步反轉。聯準會殖利率曲線的此一谷底可能需再經數月方能形成。屆時，我們方可啟動經濟衰退計時。
Click Here To Read The Latest Daily Market Commentary (Subscribe For Pre-Market Email)
點擊此處閱讀最新每日市場評論（訂閱早市電郵）
SimpleVisor Portfolio Changes
簡易顧問投資組合調整
We post all of our portfolio changes as they occur at SimpleVisor:
我們在 SimpleVisor 上即時發布所有投資組合變動：
October 26th 10 月 26 日
We are starting the process of tax loss selling as we move into year-end. After disappointing earnings from both Microsoft (MSFT) and Google (GOOG), we are trimming those positions back for now, as those positions may struggle for the time being until earnings stabilize. We have taken gains in these stocks earlier this year, so the reduction gives us a tax loss against those gains. While we are reducing those holdings, we also need to maintain our technology exposure for the current rally, so we are picking up a 1% position in Facebook (META), which is trading at a fairly deep discount to fair value. There is earnings risk to the stock after the bell today, but much of that risk is likely priced in already.
我們正開始進行年底稅損賣出程序。在微軟（MSFT）和谷歌（GOOG）的盈利令人失望後，我們目前正在削減這些部位，因為這些部位可能暫時會面臨掙扎，直到盈利穩定。今年早些時候，我們已經在這些股票上實現了收益，因此減持可以讓我們對這些收益進行稅損對沖。雖然我們正在減少這些持股，但我們也需要為當前的反彈維持科技股的曝險，因此我們正在購入 1%的臉書（META）部位，該股票目前以相當大的折扣交易於其公允價值。今日收盤後，該股票面臨盈利風險，但大部分風險可能已經被市場定價。
Equity Model 股權模型
- Sell 0.75% each of MSFT and GOOG in the portfolio for a tax loss harvest.
賣出投資組閤中 0.75%的 MSFT 和 GOOG 以進行稅損收割。 - Add 1% of the portfolio to META
將投資組合的 1%加入 META
October 27th 10 月 27 日
“If I told you about a company that:
如果我告訴你有一家公司，它：
- Generates $33 billion annually in INCOME
每年產生 330 億美元的收入 - Has net REVENUE of 119.41 Billion
淨營收達 1194.1 億美元 - An Operating Margin of 33.4%
營業利潤率為 33.4% - A Profit Margin of 28.2%
利潤率 28.2% - And trades at 10x valuation
且以 10 倍估值交易
That is a company you would want to buy every day. That company is META.
那是您每天都想購買的公司，那家公司就是 META。
While earnings came in slightly weak, it was Zuckerberg’s unyielding bet on the MetaVerse that led to a sharp decline in the stock price. The decline in ad revenue is a reversion to normal ad spending after two years of excess spending as cryptocurrency, and stock trading ad spending boomed. Ad spending should now normalize and begin to grow again over the next couple of years.
雖然盈利略顯疲弱，但導致股價急劇下跌的，是祖克柏對元宇宙的堅定投注。廣告收入的下滑，是經歷了兩年加密貨幣及股票交易廣告支出激增後，回歸正常的廣告開支。目前廣告支出應趨於正常化，並在未來幾年內重新開始增長。
Sometimes the best-laid plans don’t work as anticipated. And such is why we do it in very small steps when we take an initial position.
有時候，最周詳的計劃也可能不如預期。正因如此，我們在建立初步持倉時，總是採取非常小的步驟。
The position took out our stop loss level, so it was sold for the tax loss against the Amazon trade we made earlier this year.
該部位觸發了我們的停損點，因此以稅損對沖今年早些時候進行的亞馬遜交易而出售。
Equity Model 股權模型
- Sell 100% of Facebook (META)
出售 100% 的 Facebook (META)
Lance Roberts, CIO 蘭斯·羅伯茨，首席投資官
Have a great week! 祝您有個美好的一週！
