<p>作者：Barbara Kollmeyer</p>
<p>日常投资者尚未感到恐慌，斯蒂芬妮·吉尔德表示</p>
<p>Robinhood 的斯蒂芬妮·吉尔德自九月份以来一直在削减投资组合中的科技股，并表示目前保持观望可能是投资者能做的最佳选择。</p>
<p>尽管如此，周三的乐观局面开始显现，但对英伟达的财报施加了压力，可能会对近期的股市抛售起到制止作用。</p>
<p>零售投资者最近是否保持冷静？Robinhood Markets（HOOD）的首席投资官斯蒂芬妮·吉尔德表示，她最近没有看到太多恐慌或保证金追缴的情况。</p>
<p>吉尔德的职责包括帮助管理为 180,000 名她称之为 “日常投资者” 的客户管理 10 亿美元，负责 Robinhood Strategies 的长期财富管理，并撰写每周博客。</p>
<p>她称最近的市场回调为 “健康”，但更希望在九月底或十月初看到这种情况。</p>
<p>“我对某些股票的拥挤程度有点紧张，比如英伟达和整体人工智能交易，如果我们能在这里进行一次修正，我认为这实际上可以让这个领域的牛市更加健康，” 吉尔德说，她在摩根大通的投资银行经验长达 21 年。</p>
<p>“但如果短期内对此采取了临时措施，或者我们被某些所谓的 ‘好消息’ 分散了注意力，我担心未来可能会变得很糟。我认为我们必须在此之间进行一些小的调整，而不是系统性灾难性的调整，” 她说。</p>
<p>她对科技股的担忧促使她在十月份减少了投资组合中的科技股敞口，增加了医疗保健等其他投资。“我们感到紧张，并在九月份将国债的配置提高了一些，上周又进一步增加了，” 她说。</p>
<p>历史上，股市在大幅修正之前通常会发出两到三次警告，比如一天的抛售后紧接着大幅反弹，吉尔德表示。周五的走势感觉像是第三次警告，因此他们再次在科技股上获利了结，并将资金投入国债。</p>
<p>投资者可能正面临瓶颈。</p>
<p>“我在和我的团队讨论，我在想，‘我们应该投资什么。’ 但没有人能提出一个高信念的投资建议，因为我们已经拥有医疗保健，” 她说。她的结论是，如果没有好的投资机会，投资者应该保持耐心，比如在国债中等待时机。</p>
<p>吉尔德关注 “有前景的投资”，例如当前被低估的中国科技股，这些股票将挑战美国科技行业。“你越是限制他们（中国）获得芯片等东西，他们就会想出自己的解决方案。”</p>
<p>此外，她喜欢工业和国防公司，因为她认为这些公司将受益于由于《一项伟大的美丽法案》而激励的资本支出。</p>
<p>至于美国科技股，这并不是黑白分明的。“我认为我们也处于一个选股市场，你不能仅仅购买那七只（Magnificent）股票，而是要更挑剔地选择一家公司与另一家公司。”</p>
<p>他们在 Alphabet（GOOGL）上有 “合理” 的配置，因为他们认为这家公司有很多优势，并在九月份对苹果（AAPL）持更积极的态度，因为它有足够的资金来寻找创新的方法。吉尔德认为 Gap（GAP）是一个不错的零售避风港，如果消费者收紧开支。</p>
<p>吉尔德表示，这些日常投资者比人们想象的更聪明，在股票下跌时买入，在上涨时减持，而不是全盘抛售。“我认为他们真的是价值投资者，” 她说。“他们寻找那些经历过波折的公司，并愿意投资于它们。”</p>
<p>这些投资者押注于他们看到的 “非常光明的未来”，并能看到长期发展路径的股票，例如 Opendoor Technologies（OPEN）。</p>
<p>吉尔德在市场上工作数十年，经历过重大危机，她担心市场可能没有足够关注当前市场的一个令人不安的角落。</p>
<p>“私人信贷市场真的让我感到紧张，” 吉尔德说，呼应了本周早些时候 DoubleLine 首席执行官杰弗里·冈拉赫的担忧。“问题在于它是如此不透明，我们不知道它将如何显现。”</p>
<p>她的担忧包括缺乏对哪些金融机构将受到影响的可见性，以及公司借贷能力可能受到的影响。</p>
<p>“我当时正坐在摩根大通私人银行的座位上，当我们首次向人们展示这些私人信贷基金时。起初这听起来非常合理，因为利率为零，人们在寻找收益。这是一种在不承担相同风险的情况下获得类似股权回报的方式，或者当时感觉是这样的。”</p>
<p>市场</p>
<p>美国股指期货（ES00）（YM00）（NQ00）在标准普尔 500 指数 SPX 和道琼斯工业平均指数 DJIA 连续四天下跌后小幅上涨。国债收益率 BX:TMUBMUSD10Y BX:TMUBMUSD30Y 小幅上升，比特币（BTCUSD）徘徊在 90,000 美元以上。</p>
<p>热点</p>
<p>分析师预计英伟达（NVDA）在收盘后将发布强劲业绩。</p>
<p>塔吉特（TGT）股票在折扣零售商下调盈利预期后小幅下跌。</p>
<p>Lowe's（LOW）股票在家居改善零售商的业绩好于预期后上涨 5%，而就在一天前，家得宝（HD）发出了警告。</p>
<p>费城联邦储备银行制造业调查将在上午 8:30 发布，同时发布八月份美国贸易赤字。美联储理事斯蒂芬·米兰将在上午 10 点发言，美联储十月份会议的纪要将在下午 2 点发布。</p>
<p>网络最佳</p>
<p>DJT 股票暴跌，抹去了超过 50 亿美元的特朗普家族财富。</p>
<p>“土耳其的劳斯莱斯” 即将进入美国市场。</p>
<p>从 GPT-3 到 Gemini 3 的三年</p>
<p>图表</p>
<p>高盛的这张图表显示，围绕人工智能资本支出回报的投资者辩论正在推动公司回报之间的差异化。像甲骨文（Oracle，ORCL）和 CoreWeave（CRWV）这样的高杠杆公司，以及面临运营收益增长压力的 Meta（META），正受到冷落。&#34;大型公共人工智能超大规模公司的平均股票价格相关性已从 6 月份的 80% 下降至今天的仅 20%，&#34;由 Ryan Hammond 领导的股票策略师团队表示。</p>
<p>热门股票代码</p>
<p>截至东部时间早上 6 点，MarketWatch 上搜索最多的股票市场代码如下：</p>
<p>随机阅读</p>
<p>1.1 亿年前的呕吐物揭示了前所未见的恐龙。</p>
<p>澳大利亚囚犯因其维吉麦酱三明治提起诉讼。</p>
<p>第一次接吻大约发生在 2100 万年前。</p>
<p>-Barbara Kollmeyer</p>
<p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻通讯</p>
<p>11-19-25 0657ET</p>

HOOD

<p>Robinhood 的首席投资官 Stephanie Guild 建议投资者在市场抛售期间保持耐心，建议从科技股转向国债和医疗保健。她对人工智能和 Nvidia 的拥挤交易表示担忧，并强调被低估的中国科技股、工业和国防领域的潜力。Guild 还警告关于不透明的私人信贷市场，呼应了 DoubleLine 首席执行官的担忧。她强调了挑选股票的重要性，并指出普通投资者在应对市场波动时的聪明才智</p>

<p>By Barbara Kollmeyer</p>
<div class="lb-trans"><p>作者：Barbara Kollmeyer</p>
</div><p>Everyday investors are not panicking yet, says Stephanie Guild</p>
<div class="lb-trans"><p>日常投资者尚未感到恐慌，斯蒂芬妮·吉尔德表示</p>
</div><p>Robinhood's Stephanie Guild has been trimming tech in portfolios since September and says sitting tight may be the best move investors can make right now.</p>
<div class="lb-trans"><p>Robinhood 的斯蒂芬妮·吉尔德自九月份以来一直在削减投资组合中的科技股，并表示目前保持观望可能是投资者能做的最佳选择。</p>
</div><p>An optimistic setup is starting to take hold for Wednesday, though the pressure is on for Nvidia earnings to put a pin in the recent selloff for stocks.</p>
<div class="lb-trans"><p>尽管如此，周三的乐观局面开始显现，但对英伟达的财报施加了压力，可能会对近期的股市抛售起到制止作用。</p>
</div><p>Has the retail crowd been keeping its cool lately? Stephanie Guild, chief investment officer for Robinhood Markets (HOOD), which boasts 27.1 million users on its platform, says she hasn't seen too much panic lately or margin calls popping off.</p>
<div class="lb-trans"><p>零售投资者最近是否保持冷静？Robinhood Markets（HOOD）的首席投资官斯蒂芬妮·吉尔德表示，她最近没有看到太多恐慌或保证金追缴的情况。</p>
</div><p>Guild's many hats include helping manage $1 billion for 180,000 &#34;everyday investors&#34; as she calls them, looking after Robinhood Strategies long-term wealth management for clients, and penning a weekly blog.</p>
<div class="lb-trans"><p>吉尔德的职责包括帮助管理为 180,000 名她称之为 “日常投资者” 的客户管理 10 亿美元，负责 Robinhood Strategies 的长期财富管理，并撰写每周博客。</p>
</div><p>She calls the recent market pullback &#34;healthy,&#34; but would have preferred to see that in late September/early October.</p>
<div class="lb-trans"><p>她称最近的市场回调为 “健康”，但更希望在九月底或十月初看到这种情况。</p>
</div><p>&#34;I am a little bit nervous about the crowded nature of certain names, things like Nvidia and just the AI trade overall, and if we can get a correction there, I think it can actually be a healthier bull market in that space,&#34; said Guild, whose investment banking experience includes 21 years at JPMorgan.</p>
<div class="lb-trans"><p>“我对某些股票的拥挤程度有点紧张，比如英伟达和整体人工智能交易，如果我们能在这里进行一次修正，我认为这实际上可以让这个领域的牛市更加健康，” 吉尔德说，她在摩根大通的投资银行经验长达 21 年。</p>
</div><p>&#34;But if there's a Band-Aid put on it in the short term or we get distracted by something so-called 'good,' it worries me for how bad it could be in the future. I think we have to have some reckonings in between, smaller ones that aren't systematically catastrophic,&#34; she said.</p>
<div class="lb-trans"><p>“但如果短期内对此采取了临时措施，或者我们被某些所谓的 ‘好消息’ 分散了注意力，我担心未来可能会变得很糟。我认为我们必须在此之间进行一些小的调整，而不是系统性灾难性的调整，” 她说。</p>
</div><p>Her tech concerns moved her to reduce that exposure for portfolios in October, adding healthcare, among other moves. &#34;We were nervous and had a little higher T-bill allocation from September, and we increased it more last week,&#34; she said.</p>
<div class="lb-trans"><p>她对科技股的担忧促使她在十月份减少了投资组合中的科技股敞口，增加了医疗保健等其他投资。“我们感到紧张，并在九月份将国债的配置提高了一些，上周又进一步增加了，” 她说。</p>
</div><p>Historically, the stock market has often shot off two or three warnings before a big correction, like a one-day selloff followed by a big rebound, says Guild. Friday's action felt like the third warning, so they again took profit on tech names and put that into T-bills.</p>
<div class="lb-trans"><p>历史上，股市在大幅修正之前通常会发出两到三次警告，比如一天的抛售后紧接着大幅反弹，吉尔德表示。周五的走势感觉像是第三次警告，因此他们再次在科技股上获利了结，并将资金投入国债。</p>
</div><p>Investors may be hitting a wall.</p>
<div class="lb-trans"><p>投资者可能正面临瓶颈。</p>
</div><p>&#34;I was talking to my team and I'm like, 'What should we invest in.' And no one could come up with a high conviction thing because we already own healthcare,&#34; she said. The message to her is that if there isn't anything good out there to buy, investors should just sit tight and be patient- such as bide time in T-bills.</p>
<div class="lb-trans"><p>“我在和我的团队讨论，我在想，‘我们应该投资什么。’ 但没有人能提出一个高信念的投资建议，因为我们已经拥有医疗保健，” 她说。她的结论是，如果没有好的投资机会，投资者应该保持耐心，比如在国债中等待时机。</p>
</div><p>Guild is eyeing &#34;promising plays,&#34; such as Chinese tech stocks that are currently undervalued and will challenge the U.S. tech industry. &#34;The longer you starve them [China] for chips and stuff, they're just going to come up with their own solutions.&#34;</p>
<div class="lb-trans"><p>吉尔德关注 “有前景的投资”，例如当前被低估的中国科技股，这些股票将挑战美国科技行业。“你越是限制他们（中国）获得芯片等东西，他们就会想出自己的解决方案。”</p>
</div><p>Also, she likes industrials and defense companies that she sees benefiting from incentivized capex spending because of the One Big Beautiful Bill.</p>
<div class="lb-trans"><p>此外，她喜欢工业和国防公司，因为她认为这些公司将受益于由于《一项伟大的美丽法案》而激励的资本支出。</p>
</div><p>As for U.S. tech, it's not black and white. &#34;I think we're also secularly in a stock-pickers market where you don't just buy that [Magnificent] Seven,&#34; but be more discerning about one company versus another.</p>
<div class="lb-trans"><p>至于美国科技股，这并不是黑白分明的。“我认为我们也处于一个选股市场，你不能仅仅购买那七只（Magnificent）股票，而是要更挑剔地选择一家公司与另一家公司。”</p>
</div><p>They have a &#34;decent&#34; allocation in Alphabet (GOOGL), because they feel it has so much going for it, and got more positive on Apple (AAPL) in September because it has enough money to figure out how to innovate. Guild sees Gap (GAP) as a good retail shelter if consumers tighten belts.</p>
<div class="lb-trans"><p>他们在 Alphabet（GOOGL）上有 “合理” 的配置，因为他们认为这家公司有很多优势，并在九月份对苹果（AAPL）持更积极的态度，因为它有足够的资金来寻找创新的方法。吉尔德认为 Gap（GAP）是一个不错的零售避风港，如果消费者收紧开支。</p>
</div><p>Guild says those everyday investors, are more savvy than given credit for, buying when those stocks dip and trimming when they climb, and not dumping entire positions. &#34;I think they're really value investors,&#34; she says. &#34;They look for companies that have been through it and like to invest in them.&#34;</p>
<div class="lb-trans"><p>吉尔德表示，这些日常投资者比人们想象的更聪明，在股票下跌时买入，在上涨时减持，而不是全盘抛售。“我认为他们真的是价值投资者，” 她说。“他们寻找那些经历过波折的公司，并愿意投资于它们。”</p>
</div><p>Those investors are betting on stocks where they see a &#34;really bright future that is underappreciated,&#34; and can see long-term paths, such as Opendoor Technologies (OPEN).</p>
<div class="lb-trans"><p>这些投资者押注于他们看到的 “非常光明的未来”，并能看到长期发展路径的股票，例如 Opendoor Technologies（OPEN）。</p>
</div><p>Guild, whose decades in markets mean she was present during major crises, worries markets might not be paying enough attention to a troubling corner of the market right now.</p>
<div class="lb-trans"><p>吉尔德在市场上工作数十年，经历过重大危机，她担心市场可能没有足够关注当前市场的一个令人不安的角落。</p>
</div><p>&#34;The private credit market really does make me nervous,&#34; said Guild, echoing concerns heard earlier this week by DoubleLine's CEO Jeffery Gunlach. &#34;The thing is it's so opaque, that we don't know how it's going to show up.&#34;</p>
<div class="lb-trans"><p>“私人信贷市场真的让我感到紧张，” 吉尔德说，呼应了本周早些时候 DoubleLine 首席执行官杰弗里·冈拉赫的担忧。“问题在于它是如此不透明，我们不知道它将如何显现。”</p>
</div><p>Among her concerns are the lack of visibility on which financial institutions will be caught up, as well as how companies' ability to borrow may be affected.</p>
<div class="lb-trans"><p>她的担忧包括缺乏对哪些金融机构将受到影响的可见性，以及公司借贷能力可能受到的影响。</p>
</div><p>&#34;I was just sitting in my seat at J.P. Morgan Private Bank when we first started showing people these private-credit funds. It made so much sense in the beginning because rates were zero and people were looking for yield. And this was a way to get equity-like returns without taking the same amount of risk or it felt like it at the time.&#34;</p>
<div class="lb-trans"><p>“我当时正坐在摩根大通私人银行的座位上，当我们首次向人们展示这些私人信贷基金时。起初这听起来非常合理，因为利率为零，人们在寻找收益。这是一种在不承担相同风险的情况下获得类似股权回报的方式，或者当时感觉是这样的。”</p>
</div><p>The markets</p>
<div class="lb-trans"><p>市场</p>
</div><p>U.S. stock futures (ES00) (YM00) (NQ00) are inching up after four straight losses for the S&amp;P 500 SPX and Dow industrials DJIA. Treasury yields BX:TMUBMUSD10Y BX:TMUBMUSD30Y are inching up, and bitcoin (BTCUSD) is hovering above $90,000.</p>
<div class="lb-trans"><p>美国股指期货（ES00）（YM00）（NQ00）在标准普尔 500 指数 SPX 和道琼斯工业平均指数 DJIA 连续四天下跌后小幅上涨。国债收益率 BX:TMUBMUSD10Y BX:TMUBMUSD30Y 小幅上升，比特币（BTCUSD）徘徊在 90,000 美元以上。</p>
</div><p>The buzz</p>
<div class="lb-trans"><p>热点</p>
</div><p>Analysts are expecting strong results from Nvidia (NVDA) due after the close.</p>
<div class="lb-trans"><p>分析师预计英伟达（NVDA）在收盘后将发布强劲业绩。</p>
</div><p>Target (TGT) stock fell slightly after the discount retailer cut its profit outlook.</p>
<div class="lb-trans"><p>塔吉特（TGT）股票在折扣零售商下调盈利预期后小幅下跌。</p>
</div><p>Lowe's shares (LOW) climbed 5% after the home-improvement retailer's better-than-forecast results, a day after a Home Depot (HD) warning.</p>
<div class="lb-trans"><p>Lowe's（LOW）股票在家居改善零售商的业绩好于预期后上涨 5%，而就在一天前，家得宝（HD）发出了警告。</p>
</div><p>The Philly Fed manufacturing survey is due at 8:30 a.m., alongside the August U.S. trade deficit. Fed Reserve governor Stephan Miran speaks at 10 a.m. and the minutes of the Fed's October meeting are due at 2 p.m.</p>
<div class="lb-trans"><p>费城联邦储备银行制造业调查将在上午 8:30 发布，同时发布八月份美国贸易赤字。美联储理事斯蒂芬·米兰将在上午 10 点发言，美联储十月份会议的纪要将在下午 2 点发布。</p>
</div><p>Best of the web</p>
<div class="lb-trans"><p>网络最佳</p>
</div><p>DJT stock has cratered, wiping out more than $5 billion in Trump family wealth.</p>
<div class="lb-trans"><p>DJT 股票暴跌，抹去了超过 50 亿美元的特朗普家族财富。</p>
</div><p>The 'Rolls-Royce of Turkey' is coming to America.</p>
<div class="lb-trans"><p>“土耳其的劳斯莱斯” 即将进入美国市场。</p>
</div><p>Three years from GPT-3 to Gemini 3</p>
<div class="lb-trans"><p>从 GPT-3 到 Gemini 3 的三年</p>
</div><p>The chart</p>
<div class="lb-trans"><p>图表</p>
</div><p>This Goldman Sachs chart shows how the investor debate surrounding how much AI capex spending will pay off is driving differentiation between company returns. Those with elevated leverage such as Oracle (ORCL) and CoreWeave (CRWV), and Meta (META), whose operating earnings growth is seeing pressure, are getting shunned. &#34;The average stock price correlation across the large public AI hyperscalers has declined from 80% in June to just 20% today,&#34; says a team of equity strategists led by Ryan Hammond.</p>
<div class="lb-trans"><p>高盛的这张图表显示，围绕人工智能资本支出回报的投资者辩论正在推动公司回报之间的差异化。像甲骨文（Oracle，ORCL）和 CoreWeave（CRWV）这样的高杠杆公司，以及面临运营收益增长压力的 Meta（META），正受到冷落。&#34;大型公共人工智能超大规模公司的平均股票价格相关性已从 6 月份的 80% 下降至今天的仅 20%，&#34;由 Ryan Hammond 领导的股票策略师团队表示。</p>
</div><p>Top tickers</p>
<div class="lb-trans"><p>热门股票代码</p>
</div><p>These were the top-searched stock-market tickers on MarketWatch as of 6 a.m. Eastern:</p>
<div class="lb-trans"><p>截至东部时间早上 6 点，MarketWatch 上搜索最多的股票市场代码如下：</p>
</div><p>Random reads</p>
<div class="lb-trans"><p>随机阅读</p>
</div><p>110-million year old puke reveals never-before-seen dinosaur.</p>
<div class="lb-trans"><p>1.1 亿年前的呕吐物揭示了前所未见的恐龙。</p>
</div><p>Aussie prisoner sues for his Vegemite sandwich.</p>
<div class="lb-trans"><p>澳大利亚囚犯因其维吉麦酱三明治提起诉讼。</p>
</div><p>The first smooch was roughly 21 million years ago.</p>
<div class="lb-trans"><p>第一次接吻大约发生在 2100 万年前。</p>
</div><p>-Barbara Kollmeyer</p>
<div class="lb-trans"><p>-Barbara Kollmeyer</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>11-19-25 0657ET</p>
<div class="lb-trans"><p>11-19-25 0657ET</p>
</div>

T-bill 和放松：Robinhood 首席信息官谈抛售后的应对策略及市场忽视的风险