The XRT Index of Retailers Has Returned 11% in 2019
2019年XRT零售商指数的回报率为11％
It’s well short of the broader S&P 500’s 26% return this year. Now, this isn’t a new trend.
For years, brick-and-mortar stores have been hurt by the rise of online retailers. That situation has been further complicated by tariffs and an economy that is potentially slowing in 2019.
这一水平远远低于标准普尔500指数今年26％的回报率。而且在当下而言，这并不是一股新趋势。多年来，实体店一直受到在线零售商的兴起的不利影响，关税问题和2019年经济可能放缓导致情况更加复杂。
We’ll hear from a bevy of retailers when they report earnings this week.
本周将有一系列零售商公布财报。
Home Depot (HD), Kohl’s (KSS), and TJX (TJX) release their third-quarter results on Tuesday. They’re followed by Lowe’s (LOW), Target (TGT), and L Brands (LB) on Wednesday. And on Thursday, we’ll hear from Macy’s (M), Nordstrom (JWN), Ross Stores (ROST), and Gap (GPS).
家得宝(Home Depot, HD)、Kohl's (KSS)和TJX (TJX)将在周二（11月19日）公布第三季度财报。周三公布财报的有Lowe's (LOW)、塔吉特(Target,TGT)和L Brands (LB)。周四公布财报的有梅西百货(Macy's, M)、Nordstrom (JWN)、Ross Stores (ROST)和Gap (GPS)。
Only 3 of the Top 20 Actively Managed Mutual Funds are Beating the Market
2019年20大积极管理型共同基金只有3只表现好于大盘
—in 2019. In other words: It’s another lackluster year for stockpickers.
换句话说：对于自己选股的投资者来说，这又是一个表现平平的一年。
The market beaters are the Fidelity Growth Company (ticker: FDGRX), Vanguard Dividend Growth (VDIGX), and T. Rowe Price Mid-Cap Growth (RPMGX) funds. Each benefits from having long-tenured portfolio managers, but they all take different approaches to investing.
表现好于大盘的三只基金分别是：Fidelity Growth Company (FDGRX)、Vanguard Dividend Growth (VDIGX)和T. Rowe Price Mid-Cap Growth (RPMGX)。这三只基金均得益于长期以来没有更换基金经理，但每只基金的投资方法并不相同。
Fidelity Growth has ridden gains in technology giants. T. Rowe Price Mid-Cap Growth has scored by investing in lesser-known health-care stocks. And Vanguard Dividend Growth may be the only large mutual fund whose top holding is Coca-Cola (KO). That’s a growth stock of yesteryear.
Fidelity Growth的法宝是投资科技巨头；T. Rowe Price Mid-Cap Growth得益于投资知名度并没有那么大的医疗保健股；Vanguard Dividend Growth可能是唯一一只对可口可乐(Coca-Cola, Ko)持仓量最大的大型共同基金，而可口可乐已是昔日的成长股。
Apple Stock Has Returned 71% This Year
苹果股价今年已上涨71％
The tech giant’s rally has been unstoppable, and that’s even as its market valuation approaches a whopping $1.2 trillion.
这家科技巨头的反弹势不可挡，尽管市值已接近1.2万亿美元。
Valuations of that magnitude are rare. The coming initial public offering of the oil company Saudi Aramco has raised eyebrows for its potential $1.5 trillion valuation. But even that might not be enough to top Apple. Because the highest analyst price target for Apple stock (AAPL) would value the iPhone-maker in the same neighborhood.
如此大的市值非常罕见。石油公司沙特阿美(Saudi Aramco)即将进行的首次公开募股(IPO)因其估值可能达到1.5万亿美元而引发质疑，但这也不足以超越苹果(Apple, AAPL)，因为根据分析师给出的最高目标价计算，苹果的估值也在1.5万亿美元左右。
Next year will bring new 5G iPhones and a chance for the company to continue growing its services revenues. It could be what Apple stock needs to reach that next level.
苹果明年将推出新的5G iPhone手机，该公司还有机会继续推动服务业务的收入增长。这可能是苹果股价要想达到更高水平所需要的。
翻译 | Anqi
版权声明：
《巴伦》(barronschina) 原创文章，未经许可，不得转载。英文版见2019年11月18日报道“A 71% Return For Apple, and Two More Numbers to Know
”。
（本文内容仅供参考，投资建议不代表《巴伦》倾向；市场有风险，投资须谨慎。）
