Hedge fund managers nearly collapsed at the game post, with no time to eat and only three hours of sleep a day

"一切都没有意义，"这位基金经理说，上周三是最糟糕的一天，他押注游戏站的股价会下跌，看着公司股价飙升。在reddit和其他社交媒体有关进军华尔街的言论的刺激下，投资者利用罗宾汉（Robin Hood）等在线交易应用竞购这家实体零售商的股票。在业务前景没有任何变化的情况下，博彩网股价当日上涨135%，整个1月份累计涨幅超过1500%。随着对冲基金争相平仓，它们被迫抛售盈利股票以平衡投资组合，这使得所有行业的交易都变得不可预测。

"Nothing makes sense," said the fund manager, who watched the company's share price soar as he bet that the game station's share price would fall Last Wednesday was the worst day. Investors have used online trading apps such as Robin Hood to bid for shares in the physical retailer, spurred by reddit and other social media talk of marching on Wall Street. Without any change in the business prospects, the stock price of the game post rose 135% on the same day, and the cumulative increase of the whole January was more than 1500%. As hedge funds scramble to close their positions, they are forced to sell profitable stocks to balance their portfolios, making trading in all sectors unpredictable.

"是时候停止了，"这位对冲基金经理告诉他的团队让我们再活一天吧！"这位对冲基金经理和其他一些接受采访的对冲基金经理表示，对他们来说，这比去年历史性大流行引发的抛售更糟糕。由于担心散户的人身威胁，这些基金经理要求接受匿名采访。

"It's time to stop," the hedge fund manager told his team. "Let's live another day!" The hedge fund manager and a number of other hedge fund managers interviewed said it was worse for them than the sell-off triggered by last year's historic pandemic. For fear of personal threats from retail investors, the fund managers asked to be interviewed anonymously.

随着新一周的交易开始，由reddit推动的传统不受欢迎的股市反弹将持续多久，还有待观察。更紧迫的是，如果对冲基金必须继续抛售以满足赎回要求或调整其投资组合，这可能意味着更多的市场损失。从长远来看，他们可能不得不改变策略，以找到立足点，扭转局面，为自己谋利。

It remains to be seen how long the traditional unpopular stock rally driven by reddit will last as the new week of trading begins. More urgently, if hedge funds have to continue selling to meet redemption requirements or adjust their portfolios, it could mean more market losses. In the long run, they may have to change their strategy to find a foothold and turn the tide to their own advantage.

安联首席经济顾问穆罕默德埃里安（Muhammad Erian）表示："目前尚不清楚这场混乱是否会演变成一场市场事故。"。

"It's not clear whether this chaos will turn into a market accident," said Muhammad Erian, Allianz's chief economic adviser.

拥挤的交易

Crowded Trading

损失的程度暴露了华尔街的一大弱点。分析公司S3表示，游戏站的卖空者今年市值损失了近200亿美元。多位对冲基金经理表示，短期游戏驿站长期以来一直是他独家创意食客的最爱。在这种通常只邀请机构客户、销售人员和交易人员的私人宴会中，基金经理交换最佳投资标的。

The extent of the losses exposed a major weakness on Wall Street. S3, an analysis firm, said that short sellers of the game station have lost nearly $20 billion in market value this year. A number of hedge fund managers said that short game Posthouse has long been the favorite of his exclusive idea diners. In this kind of private banquet, which usually only invites institutional clients, sales and trading personnel, fund managers exchange their best investment targets.

基金经理还提到了交易员，他们中的许多人在多家战略基金工作。这些战略基金雇用一组投资组合经理、交易员和分析师，他们通常彼此非常了解，并可能交换意见。加布·普洛特金的对冲基金梅尔文资本（Melvin capital）是受游戏站股价飙升影响最大的对冲基金之一。普罗特金被迫从他的导师史蒂夫·科恩和城堡的肯·格里芬那里得到27.5亿美元的援助。科恩旗下的point72资产管理公司1月份亏损约15%，部分原因是该公司投资了梅尔文资本（Melvin capital）。知情人士称，梅尔文资本的资产本月从约125亿美元降至80亿美元。

Fund managers also mentioned traders, many of whom work in multiple strategic funds. These strategic funds employ a group of portfolio managers, traders and analysts who usually know each other well and may exchange views. Melvin capital, Gabe Plotkin's hedge fund, is one of the hedge funds that has suffered the most from the surge in the share price of the game station. Plotkin was forced to receive $2.75 billion in aid from his mentor, Steve Cohen, and Ken Griffin of citadel. Cohen's point72 asset management company lost about 15% in January, partly because of its investment in Melvin capital. Melvin capital's assets fell to $8 billion this month from about $12.5 billion, according to people familiar with the matter.

据一位熟悉基金收益情况的人士透露，另一家做空博时的对冲基金Maplelane capital今年1月亏损约45%。据知情人士透露，就连全球表现最好的对冲基金之一维京环球投资者（Viking global investors）也下跌了约7%。到目前为止，普洛特金、科恩和格里芬还没有对这份报告发表评论。

Maplelane capital, another hedge fund that shortens the game post, lost about 45% in January, according to a person familiar with fund returns. Even Viking global investors, one of the world's best performing hedge funds, fell about 7%, according to people familiar with the matter. So far, Plotkin, Cohen and Griffin have not commented on the report.

前高盛交易员迪纳卡·辛格（dinakar Singh）表示："做空一致性股票是件坏事。辛格的对冲基金axon capital并未参与做空博彩业。"做空在正常情况下是很好的，但当它不起作用时，一个人的问题会引起每个人的头痛。这将成为一场循环灾难。"

"It's a bad thing to short consensus stocks," says dinakar Singh, a former Goldman Sachs trader. Mr Singh's hedge fund, axon capital, is not involved in shorting the game post. "Shorting is great when it's normal, but when it doesn't work, one person's problem can cause everyone's headache. It becomes a circular disaster. "

投资"疯狂"

Investing in "Crazy"

基金经理表示，上周的经验正在改变他们的投资方式。citron的Andrew left通过公开做空游戏帖子点燃了零售交易热潮。他上周五承认失败，表示已平仓，并表示将停止发布卖空报告。发行短报告的策略曾经让勒福德赚了数亿美元，并在业界声名鹊起。

Fund managers say last week's experience is changing the way they invest. Andrew left of citron ignited the retail trading craze by publicly shorting the game post. He admitted defeat on Friday, said he had closed his position and said he would stop issuing short selling reports. The strategy of issuing short report once made leford earn hundreds of millions of dollars and made him famous in the industry.

一位前对冲基金经理表示，对冲基金今后也会对空头头寸更加谨慎，以免成为"盲目的目标"这在某种程度上违背了对冲基金的目的，"他补充说，传统上，对冲基金通过承诺投资者卖空股票，在股市下跌时赚钱来缓冲市场下跌。此外，对冲基金不太可能使用看跌期权等交易策略。看跌期权是一种必须披露的衍生工具。Maplelane capital和Melvin capital在游戏站中使用了这种衍生工具。

A former hedge fund manager said hedge funds would also be more cautious about short positions in the future, lest they become "blind targets.". "It goes against the purpose of hedge funds to some extent," he added Traditionally, hedge funds cushion market declines by promising investors to sell short and make money when the stock market falls. In addition, hedge funds are unlikely to use trading strategies such as put options. Put option is a kind of derivative that must be disclosed. Maplelane capital and Melvin capital used this kind of derivative in the game station.

但有一件事不会改变：华尔街正在考虑新的赚钱方式。随着罗宾汉（Robin Hood）等在线交易应用程序上周下半年限制数百万散户投资者交易部分股票，对冲基金的趋势在周末开始好转。

But one thing won't change: Wall Street is thinking about new ways to make money. With online trading apps such as Robin Hood restricting millions of retail investors from trading some shares in the second half of last week, the trend for hedge funds began to improve over the weekend.

许多对冲基金仍在做空game station，由于收购了Melvin capital等基金，上周做空game station的股票数量仅下降了8%。一位驻纽约的银行家表示，他的客户正在为零售热潮寻找其他可能的目标，如果reddit将目光转向这一方向，他们将变得富有。"人们花了整整一周的时间来寻找一个游戏帖子。你会看到更多的。"

Many hedge funds are still shorting the game station, and the number of stocks shorting the game station fell only 8% last week due to the buyout of funds such as Melvin capital. One New York based banker said his clients were looking for other possible targets for the retail mania, and that if reddit turned its eyes in that direction, they would be rich. "People spent a whole week looking for a game post," said the banker. You'll see more of that. "

"这不是投资，而是疯狂，"海曼资本管理公司（Hayman capital management）创始人凯尔•巴斯（Kyle bass）表示一两个月后，如果游戏帖的股价不低于100美元，我会大吃一惊。"

"It's not investment, it's madness," says Kyle bass, founder of Hayman capital management. "A month or two from now, if the stock price of the game post is no less than $100, I will be surprised." (compiled by Tencent technology / Wuji)

扩展阅读：

Extended reading:

监管声音

Regulatory voice

纽约证券交易所发言人：我们将利用先进技术监管市场，并配合调查可疑活动

New York Stock Exchange spokesman: we will use advanced technology to supervise the market and cooperate in investigating suspicious activities

散户的下一个目标

Retail investors' next goal

WSB论坛的"新口号"：推出史上最大的白银出版社！

WSB Forum's "new slogan": launch the biggest silver press in history!

散户投资者和机构之间的斗争

The struggle between retail investors and institutions

棱镜：带头大哥揭秘：从小爱捡刮刮牌，现在用烟头股引爆华尔街

Prism: lead big brother to uncover secrets: love to pick up scratch cards since childhood, now use cigarette butt stocks to detonate Wall Street

U、 美股经历：买GME，赚1000万，醒来欠证券公司6000万

U.S. stock experience: buy GME, earn 10 million, wake up and owe 60 million to securities companies

散户和机构应该如何共存？

How should retail investors and institutions coexist?

韭菜和制度应该如何共存？

How should leeks and institutions coexist with each other?

新华社评论：美国散户为何这次联手对付做空机构

Xinhua News Agency comments: why do U.S. retail investors join hands against short institutions this time

Link：https://new.qq.com/omn/20210201/20210201A01GRX00.html

update time：2021-02-01 14:42:55