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bkloh1981
2021-07-08

BEYOND IMAGINATION! More than 3.7 trillion yuan of funds rushed into the stock market in half a year. What is the signal?

美股牛市正酣，资金正疯狂涌入。全球股市正疯狂吸纳市场资金，据高盛的最新数据显示，2021年上半年流入全球股票基金的资金规模达到5800亿美元（约合人民币37470亿元），刷新历史纪录，直接令从业1

BEYOND IMAGINATION! More than 3.7 trillion yuan of funds rushed into the stock market in half a year. What is the signal?

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bkloh1981
·2021-07-16
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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":149169575,"tweetId":"149169575","gmtCreate":1625709624697,"gmtModify":1703746842774,"author":{"id":4087300083147710,"idStr":"4087300083147710","authorId":4087300083147710,"authorIdStr":"4087300083147710","name":"bkloh1981","avatar":"https://static.tigerbbs.com/cb66730db127d226356e0dcabc7aa977","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":5,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>ok</body></html>","htmlText":"<html><head></head><body>ok</body></html>","text":"ok","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/149169575","repostId":1124799487,"repostType":4,"repost":{"id":"1124799487","kind":"news","weMediaInfo":{"introduction":"致力于提供最及时的财经资讯，最专业的解读分析，覆盖宏观经济、金融机构、A股市场、上市公司、投资理财等财经领域。","home_visible":1,"media_name":"券商中国","id":"9","head_image":"https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f"},"pubTimestamp":1625704041,"share":"https://ttm.financial/m/news/1124799487?lang=en_US&edition=fundamental","pubTime":"2021-07-08 08:27","market":"us","language":"zh","title":"BEYOND IMAGINATION! More than 3.7 trillion yuan of funds rushed into the stock market in half a year. What is the signal?","url":"https://stock-news.laohu8.com/highlight/detail?id=1124799487","media":"券商中国","summary":"美股牛市正酣，资金正疯狂涌入。\n\n全球股市正疯狂吸纳市场资金，据高盛的最新数据显示，2021年上半年流入全球股票基金的资金规模达到5800亿美元（约合人民币37470亿元），刷新历史纪录，直接令从业1","content":"The bull market in U.S. stocks is in full swing, and funds are pouring in like crazy. Global stock markets are frantically absorbing market funds, according to<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>The latest data shows that in the first half of 2021, the scale of funds flowing into global stock funds reached US $580 billion (approximately RMB 3,747 billion), setting a new historical record and directly shocking Goldman Sachs traders who have been in the business for 18 years: they could never imagine such a huge number.In the face of this epic bull market in U.S. stocks, U.S. retail investors are also crazy. According to data from Wall Street institutions, from January to June this year, more than 10 million new securities accounts have been opened in the U.S. stock market, which has exceeded the level of the whole of 2020. The net purchase of stocks and funds by U.S. retail investors in June reached US $28 billion (approximately RMB 180.8 billion), setting a new monthly high since 2014.The surge of funds is closely related to the crazy release of water by the Federal Reserve. In the past 15 months, the Federal Reserve has added another $3.75 trillion in assets to its existing assets. At the same time, the U.S. government has also launched six rounds of fiscal plans of about $3.4 trillion on a large scale, making the funds in the hands of the American people very abundant.RECORD! More than 3.7 trillion funds are pouring into the stock marketMoney is pouring into stock markets worldwide at an unprecedented rate.According to the latest data from Goldman Sachs, the scale of funds flowing into global equity funds in the first half of 2021 reached US $580 billion (approximately RMB 3,747 billion), the highest in history and 2.6 times that of the same period in 2017.<img src=\"https://static.tigerbbs.com/aaff21b95273cd661d08c30397203583\" tg-width=\"641\" tg-height=\"402\" referrerpolicy=\"no-referrer\">Among them, the scale of funds flowing into global equity funds in the first quarter of 2021 was US $348 billion, and the scale in the second quarter was still as high as US $169 billion.<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>According to the analysis, if the rate of capital inflows remains unchanged for the rest of this year, the scale of global equity fund inflows in 2021 will exceed US $1.035 billion, which will exceed the sum of the past 20 years.<img src=\"https://static.tigerbbs.com/fb7f9a5dbbe27fce90700025ca864b9f\" tg-width=\"661\" tg-height=\"389\" referrerpolicy=\"no-referrer\">Faced with such a huge inflow, Scott Rubner, a Goldman Sachs trader who has been working on Wall Street for 18 years, was very shocked. He said that in the 18 years of tracking market capital flows, he could never imagine such a huge number. The past weekend was the busiest ever, and it was also the one with the most questions from customers.The continuous inflow of funds is driving the global stock indexes to continue to rise. The world's major stock indexes have climbed one after another in the past week, and some stock indexes have set new record highs. On July 7, local time, the S&P 500 index once again set a new record high in intraday trading, setting a new historical record for nine consecutive trading days. This situation has only happened four times since 1928, and the cumulative increase this year has exceeded 16%.<img src=\"https://static.tigerbbs.com/1c6a3309b81629f15c10f492f8ac6472\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">In addition, the Nasdaq index is constantly setting new record highs. On July 7, it once again hit a record high of 14,755.33 points. The cumulative increase this year has reached 13.79%. Compared with the low point in March 2020, the increase is even higher. As high as 121%.In fact, this wave of funds entering the market crazily is closely related to the epic release of water by global central banks. Among them, the \"faucet\" of the Federal Reserve is particularly fierce. Since the outbreak of the epidemic, the Federal Reserve has acted quickly. In addition to reactivating the zero interest rate and asset purchase program during the financial crisis, it has also created new policy tools, such as the Primary Dealer Credit Facility (PDCF) and the Commercial Paper Financing Facility (CPFF), etc., injecting a large amount of liquidity into the market.According to data, in the past 15 months, the Federal Reserve has added another $3.75 trillion in assets to its existing assets. Since the repo market broke out in September 2019 and triggered a large-scale bail-out, its asset growth rate has more than doubled.In addition, in response to the COVID-19 epidemic and the economic recession, the U.S. government has launched six rounds of fiscal plans of approximately US $3.4 trillion on a large scale. In fiscal year 2020, the U.S. federal deficit expanded by US $3.1 trillion, with a deficit ratio of 15.2%. At the end of 2020, the U.S. Treasury Bond The balance hit a record high of US $26.9 trillion.Currently, the Federal Reserve's continued quantitative easing is still injecting liquidity into the market. Some Wall Street institutions predict that in the next two months, $250 billion of funds will flood into the market through QE.Some Wall Street analysts believe that as long as U.S. stocks continue to maintain an upward trajectory, it will still be a high probability event that a large amount of funds will continue to pour into index stock funds. The reason is that some large asset management institutions are recently withdrawing funds from the commodity market and switching to index stock funds.The net purchase in a single month was 180 billion! American retail investors are crazy, tooThe profit-making effect of the epic bull market in U.S. stocks is stimulating individual U.S. investors to enter the market frantically, and U.S. retail investors have also contributed to the global capital inflow into the stock market.According to data from JPM Securities, a Wall Street financial services company, from January to June this year, more than 10 million new securities accounts have been opened in the U.S. stock market, which has exceeded the level of the whole of 2020.In addition, according to data from Vanda Research, an independent research organization, in June this year, U.S. retail investors bought a net purchase of approximately US $28 billion (approximately RMB 180.8 billion) in stocks and equity funds, setting a new monthly inflow high since 2014, even exceeding the epic short squeeze of \"retail investors VS Wall Street institutions\" in January this year.U.S. retail investors have net poured nearly $140 billion into the stock market this year, more than six times that of the same period in 2019, according to data from VandaTrack through mid-June.At the same time, most U.S. retail investors are very optimistic about every market correction, and are keen to \"buy on dips\" and \"buy bottoms with full positions.\" According to data from Vanda Research, when the U.S. stock market collectively plummeted on June 18, U.S. retail investors bought more than US $2 billion in stocks that day. Then the three major U.S. stock indexes collectively counterattacked and continued to set new record highs, further increasing the confidence of retail investors.Jason Goepfert, president of Sundial Capital Research, which studies the public psychology of financial markets, said that the current sentiment in the U.S. stock market is still very optimistic. More than 70% of retail investors expect U.S. stocks to continue to rise in the next three months, but professional traders with the same view only about 44%.Because of the ubiquity of social media, retail investors tend to gather together to trade, whether it is individual stocks or the broader market, and buy quickly after reaching an agreement, pushing up the stock price within hours or days. Previous market conditions showed that U.S. retail investors withdrew from buying and selling almost as quickly, and then turned to the next trading target.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, GME, Dogecoin, and AMC are all targets of retail investors in different periods.Another characteristic of American retail investors is that they prefer to chase high volatility stocks, even some little-known small-cap stocks. In the past two weeks, small-cap stocks such as Alfi, Marin Software, and IKONICS in the US stock market have soared by more than 100%.Compared with the enthusiasm of retail investors, professional fund managers have more doubts about the prospects of the US stock market. So far this year, the Dow and Nasdaq have both risen by more than 13%. Due to concerns about inflation and high valuations, quite a few fund managers believe that the future returns of the stock market are unclear, and the market heat is approaching its peak. Reflecting the market, the current total leverage level of the U.S. stock market is continuing to decline and is already at the lowest level since October last year.Made a lot of money! \"U.S. Retail Investor Base Camp\" officially impacts IPOAmerican retail investors are frantically entering the market, and Internet brokerages are making a lot of money. Among them, Robinhood, an Internet brokerage firm known as the \"retail investor base camp\" in the United States, has submitted a prospectus to the US Securities and Exchange Commission relying on this trend and plans to list on Nasdaq.In the prospectus, Robinhood disclosed its operating performance and user data for two natural years (2019-2020). Its revenue has increased from US $278 million in 2019 to US $959 million in 2020 (approximately RMB 6.19 billion), a year-on-year increase of more than 245%. In 2020, it recorded a net profit of US $7 million, while it was still in 2019. In a state of loss, the loss amount exceeded US $100 million.With the crazy entry of American retail investors into the market, the number of active users of Robinhood is also growing rapidly. According to the prospectus, the number of monthly active users on the platform increased from 4.3 million at the end of 2019 to 12.5 million at the end of 2020, an increase of nearly 200%.In addition, according to Robinhood, from January 1, 2015 to March 31, 2021, more than half of the customer capital accounts on the Robinhood platform said that they had opened their first trading account on the platform. Nearly half of the newly opened individual investor accounts in the United States came from the Robinhood platform.As the \"base camp\" of retail investors in the United States, Robin Hood is not only involved in stocks, but also cryptocurrencies. According to the prospectus, as of the end of the first quarter of 2021, Robinhood supports transactions in 7 different cryptocurrencies, including Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic and Litecoin, with more than 9.5 million customers traded approximately US $88 billion in cryptocurrencies at Robinhood. As of March 31, 2021, Robinhood held approximately US $12 billion in custodial cryptocurrency assets, an increase of 23 times over the same period in 2020.It is obvious from the prospectus that Robinhood mainly engages in retail business, and most of its income comes from the trading income of individual investors, accounting for more than 75%.In fact, Robin Hood's money-making model has been questioned, because under the banner of \"0 commission\", Robin Hood cannot earn handling fees, making its main revenue come from user transactions. Robinhood described in the prospectus that most of the revenue is generated based on transactions, because the platform sends users' stock, options, and cryptocurrency trading orders to market makers for execution, thereby obtaining consideration, and the platform will receive the publicly quoted price when the transaction is executed. A fixed percentage difference between the bid price and the ask price.For this profit model, \"stock gods\" Buffett and Charlie Munger have always called it a \"dirty way to make money.\" Munger once bluntly said that \"zero commission\" is a \"big lie\", which makes customers mistakenly think that they are trading for free, but actually charges more fees. This is a very shameful and low-level way.","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>BEYOND IMAGINATION! More than 3.7 trillion yuan of funds rushed into the stock market in half a year. What is the signal?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBEYOND IMAGINATION! More than 3.7 trillion yuan of funds rushed into the stock market in half a year. What is the signal?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/9\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n券商中国 \n2021-07-08 08:27\n</div>\n</a>\n</h4>\n</header>\n<article>\nThe bull market in U.S. stocks is in full swing, and funds are pouring in like crazy. Global stock markets are frantically absorbing market funds, according to<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>The latest data shows that in the first half of 2021, the scale of funds flowing into global stock funds reached US $580 billion (approximately RMB 3,747 billion), setting a new historical record and directly shocking Goldman Sachs traders who have been in the business for 18 years: they could never imagine such a huge number.In the face of this epic bull market in U.S. stocks, U.S. retail investors are also crazy. According to data from Wall Street institutions, from January to June this year, more than 10 million new securities accounts have been opened in the U.S. stock market, which has exceeded the level of the whole of 2020. The net purchase of stocks and funds by U.S. retail investors in June reached US $28 billion (approximately RMB 180.8 billion), setting a new monthly high since 2014.The surge of funds is closely related to the crazy release of water by the Federal Reserve. In the past 15 months, the Federal Reserve has added another $3.75 trillion in assets to its existing assets. At the same time, the U.S. government has also launched six rounds of fiscal plans of about $3.4 trillion on a large scale, making the funds in the hands of the American people very abundant.RECORD! More than 3.7 trillion funds are pouring into the stock marketMoney is pouring into stock markets worldwide at an unprecedented rate.According to the latest data from Goldman Sachs, the scale of funds flowing into global equity funds in the first half of 2021 reached US $580 billion (approximately RMB 3,747 billion), the highest in history and 2.6 times that of the same period in 2017.<img src=\"https://static.tigerbbs.com/aaff21b95273cd661d08c30397203583\" tg-width=\"641\" tg-height=\"402\" referrerpolicy=\"no-referrer\">Among them, the scale of funds flowing into global equity funds in the first quarter of 2021 was US $348 billion, and the scale in the second quarter was still as high as US $169 billion.<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>According to the analysis, if the rate of capital inflows remains unchanged for the rest of this year, the scale of global equity fund inflows in 2021 will exceed US $1.035 billion, which will exceed the sum of the past 20 years.<img src=\"https://static.tigerbbs.com/fb7f9a5dbbe27fce90700025ca864b9f\" tg-width=\"661\" tg-height=\"389\" referrerpolicy=\"no-referrer\">Faced with such a huge inflow, Scott Rubner, a Goldman Sachs trader who has been working on Wall Street for 18 years, was very shocked. He said that in the 18 years of tracking market capital flows, he could never imagine such a huge number. The past weekend was the busiest ever, and it was also the one with the most questions from customers.The continuous inflow of funds is driving the global stock indexes to continue to rise. The world's major stock indexes have climbed one after another in the past week, and some stock indexes have set new record highs. On July 7, local time, the S&P 500 index once again set a new record high in intraday trading, setting a new historical record for nine consecutive trading days. This situation has only happened four times since 1928, and the cumulative increase this year has exceeded 16%.<img src=\"https://static.tigerbbs.com/1c6a3309b81629f15c10f492f8ac6472\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">In addition, the Nasdaq index is constantly setting new record highs. On July 7, it once again hit a record high of 14,755.33 points. The cumulative increase this year has reached 13.79%. Compared with the low point in March 2020, the increase is even higher. As high as 121%.In fact, this wave of funds entering the market crazily is closely related to the epic release of water by global central banks. Among them, the \"faucet\" of the Federal Reserve is particularly fierce. Since the outbreak of the epidemic, the Federal Reserve has acted quickly. In addition to reactivating the zero interest rate and asset purchase program during the financial crisis, it has also created new policy tools, such as the Primary Dealer Credit Facility (PDCF) and the Commercial Paper Financing Facility (CPFF), etc., injecting a large amount of liquidity into the market.According to data, in the past 15 months, the Federal Reserve has added another $3.75 trillion in assets to its existing assets. Since the repo market broke out in September 2019 and triggered a large-scale bail-out, its asset growth rate has more than doubled.In addition, in response to the COVID-19 epidemic and the economic recession, the U.S. government has launched six rounds of fiscal plans of approximately US $3.4 trillion on a large scale. In fiscal year 2020, the U.S. federal deficit expanded by US $3.1 trillion, with a deficit ratio of 15.2%. At the end of 2020, the U.S. Treasury Bond The balance hit a record high of US $26.9 trillion.Currently, the Federal Reserve's continued quantitative easing is still injecting liquidity into the market. Some Wall Street institutions predict that in the next two months, $250 billion of funds will flood into the market through QE.Some Wall Street analysts believe that as long as U.S. stocks continue to maintain an upward trajectory, it will still be a high probability event that a large amount of funds will continue to pour into index stock funds. The reason is that some large asset management institutions are recently withdrawing funds from the commodity market and switching to index stock funds.The net purchase in a single month was 180 billion! American retail investors are crazy, tooThe profit-making effect of the epic bull market in U.S. stocks is stimulating individual U.S. investors to enter the market frantically, and U.S. retail investors have also contributed to the global capital inflow into the stock market.According to data from JPM Securities, a Wall Street financial services company, from January to June this year, more than 10 million new securities accounts have been opened in the U.S. stock market, which has exceeded the level of the whole of 2020.In addition, according to data from Vanda Research, an independent research organization, in June this year, U.S. retail investors bought a net purchase of approximately US $28 billion (approximately RMB 180.8 billion) in stocks and equity funds, setting a new monthly inflow high since 2014, even exceeding the epic short squeeze of \"retail investors VS Wall Street institutions\" in January this year.U.S. retail investors have net poured nearly $140 billion into the stock market this year, more than six times that of the same period in 2019, according to data from VandaTrack through mid-June.At the same time, most U.S. retail investors are very optimistic about every market correction, and are keen to \"buy on dips\" and \"buy bottoms with full positions.\" According to data from Vanda Research, when the U.S. stock market collectively plummeted on June 18, U.S. retail investors bought more than US $2 billion in stocks that day. Then the three major U.S. stock indexes collectively counterattacked and continued to set new record highs, further increasing the confidence of retail investors.Jason Goepfert, president of Sundial Capital Research, which studies the public psychology of financial markets, said that the current sentiment in the U.S. stock market is still very optimistic. More than 70% of retail investors expect U.S. stocks to continue to rise in the next three months, but professional traders with the same view only about 44%.Because of the ubiquity of social media, retail investors tend to gather together to trade, whether it is individual stocks or the broader market, and buy quickly after reaching an agreement, pushing up the stock price within hours or days. Previous market conditions showed that U.S. retail investors withdrew from buying and selling almost as quickly, and then turned to the next trading target.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, GME, Dogecoin, and AMC are all targets of retail investors in different periods.Another characteristic of American retail investors is that they prefer to chase high volatility stocks, even some little-known small-cap stocks. In the past two weeks, small-cap stocks such as Alfi, Marin Software, and IKONICS in the US stock market have soared by more than 100%.Compared with the enthusiasm of retail investors, professional fund managers have more doubts about the prospects of the US stock market. So far this year, the Dow and Nasdaq have both risen by more than 13%. Due to concerns about inflation and high valuations, quite a few fund managers believe that the future returns of the stock market are unclear, and the market heat is approaching its peak. Reflecting the market, the current total leverage level of the U.S. stock market is continuing to decline and is already at the lowest level since October last year.Made a lot of money! \"U.S. Retail Investor Base Camp\" officially impacts IPOAmerican retail investors are frantically entering the market, and Internet brokerages are making a lot of money. Among them, Robinhood, an Internet brokerage firm known as the \"retail investor base camp\" in the United States, has submitted a prospectus to the US Securities and Exchange Commission relying on this trend and plans to list on Nasdaq.In the prospectus, Robinhood disclosed its operating performance and user data for two natural years (2019-2020). Its revenue has increased from US $278 million in 2019 to US $959 million in 2020 (approximately RMB 6.19 billion), a year-on-year increase of more than 245%. In 2020, it recorded a net profit of US $7 million, while it was still in 2019. In a state of loss, the loss amount exceeded US $100 million.With the crazy entry of American retail investors into the market, the number of active users of Robinhood is also growing rapidly. According to the prospectus, the number of monthly active users on the platform increased from 4.3 million at the end of 2019 to 12.5 million at the end of 2020, an increase of nearly 200%.In addition, according to Robinhood, from January 1, 2015 to March 31, 2021, more than half of the customer capital accounts on the Robinhood platform said that they had opened their first trading account on the platform. Nearly half of the newly opened individual investor accounts in the United States came from the Robinhood platform.As the \"base camp\" of retail investors in the United States, Robin Hood is not only involved in stocks, but also cryptocurrencies. According to the prospectus, as of the end of the first quarter of 2021, Robinhood supports transactions in 7 different cryptocurrencies, including Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic and Litecoin, with more than 9.5 million customers traded approximately US $88 billion in cryptocurrencies at Robinhood. As of March 31, 2021, Robinhood held approximately US $12 billion in custodial cryptocurrency assets, an increase of 23 times over the same period in 2020.It is obvious from the prospectus that Robinhood mainly engages in retail business, and most of its income comes from the trading income of individual investors, accounting for more than 75%.In fact, Robin Hood's money-making model has been questioned, because under the banner of \"0 commission\", Robin Hood cannot earn handling fees, making its main revenue come from user transactions. Robinhood described in the prospectus that most of the revenue is generated based on transactions, because the platform sends users' stock, options, and cryptocurrency trading orders to market makers for execution, thereby obtaining consideration, and the platform will receive the publicly quoted price when the transaction is executed. A fixed percentage difference between the bid price and the ask price.For this profit model, \"stock gods\" Buffett and Charlie Munger have always called it a \"dirty way to make money.\" Munger once bluntly said that \"zero commission\" is a \"big lie\", which makes customers mistakenly think that they are trading for free, but actually charges more fees. This is a very shameful and low-level way.\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9397c1d762c75a661436dbf516b20b24","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124799487","content_text":"美股牛市正酣，资金正疯狂涌入。\n\n全球股市正疯狂吸纳市场资金，据高盛的最新数据显示，2021年上半年流入全球股票基金的资金规模达到5800亿美元（约合人民币37470亿元），刷新历史纪录，直接令从业18年的高盛交易员感到震惊：从来都无法想象如此庞大的数字。\n面对这轮史诗级的美股大牛市，美国散户也疯狂。据华尔街机构的数据显示，今年1-6月，美股市场已经新开设了超过1000万的证券账户，已经超过2020年全年的水平。美国散户6月的净买入股票和基金的规模达到280亿美元（约合人民币1808亿元），创下自2014以来的单月新高。\n资金狂涌，与美联储的疯狂放水密切相关，在过去的15个月内，美联储在现有资产基础上又增加了3.75万亿美元的资产。与此同时，美国政府也大规模推出了六轮约3.4万亿美元的财政计划，使得美国民众手中的资金非常充裕。\n创纪录！超37000亿资金疯狂涌入股市\n资金正在以前所未有的速度涌入全球股票市场。\n据高盛的最新数据显示，2021年上半年流入全球股票基金的资金规模达到5800亿美元（约合人民币37470亿元），为历史最高，是2017年同期的2.6倍。\n\n其中，2021年第一季度流入全球股票基金的资金规模为3480亿美元，第二季度的规模仍高达1690亿美元。\n美国银行分析表示，如果今年剩余时间里资金流入速度保持不变，2021年全年全球股票基金流入规模将超过10350亿美元，将超过过去20年的总和。\n\n面对如此庞大的流入规模，在华尔街从业18年之久的高盛交易员Scott Rubner都感到非常震惊，他表示，在跟踪市场资金流动的18年里，从来都无法想象如此庞大的数字，刚刚过去的周末是有史以来最忙碌的，也是收到客户问题最多的一个周末。\n持续流入的资金正在推动着全球股指持续上涨，全球主要股指在过去一周内接连攀升，部分股指都刷新了历史纪录高位。当地时间7月7日，标普500指数盘中再次刷新了历史新高，连续9个交易日刷新历史纪录，这种情况自1928年以来仅发生过4次，今年以来的累计涨幅超过16%。\n\n另外，纳斯达克指数也正在不断刷新历史新高，7月7日盘中，再度创出历史新高14755.33点，今年以来累计涨幅已达到13.79%，相比2020年3月的低点，涨幅更是高达121%。\n其实，这一波资金疯狂入市，与全球央行的史诗级放水密切相关。其中，美联储的“水龙头”开得尤为凶猛。自疫情爆发以来，美联储便迅速行动，除了重新启用金融危机时期的零利率和资产购买计划外，还创设了新的政策工具，如一级交易商信贷工具（PDCF）、商业票据融资工具（CPFF）等，向市场注入了大量的流动性。\n据数据显示，在过去的15个月内，美联储在现有资产基础上又增加了3.75万亿美元的资产，自2019年9月回购市场爆发并引发大规模纾困以来，其资产增长幅度已经超过一倍。\n另外，为应对新冠疫情和经济衰退，美国政府大规模推出了六轮约3.4万亿美元的财政计划，2020财年美国联邦赤字扩张了3.1万亿美元，赤字率15.2%，2020年末美国国债余额创下26.9万亿美元的历史新高。\n当前，美联储持续的量化宽松仍在向市场注入流动性。有华尔街机构预计，未来2个月内，将有2500亿美元资金通过QE涌入市场。\n有华尔街分析机构认为，只要美股持续保持上涨轨迹，大量资金继续涌入指数型股票基金仍将是大概率事件，原因是近期一些大型资管机构正将资金从大宗商品市场撤出，转投指数型股票基金。\n单月净买入1800亿！美国散户也疯狂\n美股史诗级大牛市的赚钱效应正在刺激着美国个人投资者疯狂入市，美国散户们也为全球资金流入股市贡献了一部分力量。\n据华尔街金融服务公司JPM Securities的数据显示，今年1-6月期间，美股市场已经新开设了超过1000万的证券账户，已经超过2020年全年的水平。\n另外，据独立研究机构Vanda Research数据，今年6月，美国散户净买入约280亿美元（约合人民币1808亿元）的股票和股票类基金，创下自2014以来的月度流入新高，甚至超过了今年1月的“散户VS华尔街机构”的史诗级逼空大战。\n万达研究公司(VandaTrack)截至6月中旬的数据显示，美国散户投资者今年向股市净投入资金接近1400亿美元，是2019年同期的六倍多。\n与此同时，大部分美国散户对每一次的市场回调都感到非常乐观，并且热衷于“逢低买入”、“满仓抄底”。Vanda Research的数据显示，6月18日美股集体大跌之时，美国的散户投资者当日净买入超过20亿美元的股票，随后美股三大指数集体反扑，继续刷新历史新高，进一步增添了散户们的信心。\n研究金融市场大众心理的Sundial Capital Research总裁Jason Goepfert表示，当前美股市场的情绪依然十分乐观，超过70%的散户投资者预期美股将在未来3月内继续上涨，但同样观点的专业交易员则只有约44%。\n由于社交媒体的无所不在，散户投资者往往会聚集在一起进行交易，无论是个股还是大盘，达成一致后便迅速买进，在数小时或数天内推高股价。此前的行情显示，美国散户投资者几乎同样迅速地撤出买入、卖出，再转向下一个交易目标，特斯拉、GME、狗狗币、AMC都是不同时期散户爆炒的目标。\n美国散户的另一个特点是，更爱追逐高波动性股票，即使是一些名不经传的小盘股。近两周以来，美股的Alfi 、Marin Software、IKONICS等小市值个股都迅速飙升超过100%。\n相比于散户投资者们的狂热，专业基金经理们对美股市场前景则抱有更多怀疑。今年迄今，道指和纳指涨幅均超过13%，出于对通胀和高估值的担忧，相当多的基金经理认为，未来的股市的回报不明朗，市场热度正在逼近峰值。反应到市场上，目前美股市场的总杠杆水平正在持续下降，已经处于去年10月以来的最低水平。\n赚翻了！“美国散户大本营”正式冲击IPO\n美国散户疯狂入市，互联网券商赚得盆满钵满。其中，号称为美国“散户大本营”的互联网券商Robinhood（罗宾汉）靠着这波风口，已经向美国证监会提交了招股书，计划在纳斯达克挂牌上市。\n在招股书中，罗宾汉披露了两个自然年（2019-2020年）的经营业绩和用户数据。其营收从2019年的2.78亿美元，增长至2020年的9.59亿美元（约合人民币达61.9亿元），同比增幅超245%，2020年录得700万美元净利润，而2019年还处于亏损状态，亏损金额超1亿美元。\n借着美国散户疯狂入市的潮流，罗宾汉的活跃用户数也在高速增长。据招股书显示，平台上的月活跃用户数从2019年末的430万户，增至2020年末的1250万户，增幅接近200%。\n另外，据罗宾汉透露，从2015年1月1日到2021年3月31日，罗宾汉平台上超过一半的客户资金账户称其在该平台上开设了第一个交易账户，仅看过去五年间全美国新开立的个人投资者账户，其中近半数账户来自罗宾汉平台。\n罗宾汉作为美国散户“大本营”，并非仅涉及股票，加密货币也是重点。据招股书显示，截至2021年一季度末，罗宾汉支持7种不同加密货币的交易，包括比特币、比特币现金、比特币SV、狗狗币、以太坊、以太坊经典和莱特币，超过950万客户在罗宾汉交易了约880亿美元的加密货币，截至2021年3月31日，罗宾汉持有约120亿美元规模的托管加密货币资产，比2020年同期增加23倍。\n从招股书很明显可以看出，罗宾汉主要是做散户的生意，其收入的绝大部分来自于个人投资者的交易性收入，占比超过75%。\n其实，罗宾汉的赚钱模式一直饱受质疑，因为打着“0佣金”的旗号，罗宾汉便不能赚取手续费，使得其主要的营收来自于用户的交易。罗宾汉在招股书描述，大部分收入都是基于交易产生，因为平台将用户的股票、期权、加密货币交易订单发送给做市商执行，从而获得对价，平台会收到交易执行时公开报价的买入价和卖出价之间的固定百分比差额。\n对于这种盈利模式，“股神”巴菲特和查理·芒格一直称之为“肮脏的赚钱方式”。芒格曾直言，“零佣金”就是一个“天大的谎言”，让客户误以为是在免费交易，实则却收取了更多费用，这是一种非常可耻的、低级的方式。","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2326,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[{"id":5234670,"commentId":"5234670","gmtCreate":1626397045540,"gmtModify":1663231037051,"authorId":4087300083147710,"author":{"id":4087300083147710,"idStr":"4087300083147710","authorId":4087300083147710,"name":"bkloh1981","avatar":"https://static.tigerbbs.com/cb66730db127d226356e0dcabc7aa977","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":149169575,"objectIdStr":"149169575","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"ok 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