摩根大通“唱空”ARK：泡沫，速空

华尔街见闻2021-07-16

去年风光无限的ARK遭摩根大通做空，旗下基金产品被指有严重泡沫。该行股票衍生品策略分析师Shawn Quigg周四发布研报称，ARK旗舰ETF ARKK当前呈现出的“泡沫特征”，已与2000年互联网泡沫破灭前夕，许多成长型基金所表现出的相类似，并呼吁投资者买入ARK看跌期权以对冲风险。这与摩根大通逾半年来不看好科技股，偏爱周期和价值型股票的倾向相一致。作为科技股的“标杆”，ARKK以重仓特斯拉...

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Youn7276
2021-07-17
Youn7276
阅！
招财虎牙子
2021-07-16
招财虎牙子
[流泪]

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href=https://wallstreetcn.com/articles/3635574><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>去年风光无限的ARK遭摩根大通做空，旗下基金产品被指有严重泡沫。\n该行股票衍生品策略分析师Shawn Quigg周四发布研报称，ARK旗舰ETF ARKK当前呈现出的“泡沫特征”，已与2000年互联网泡沫破灭前夕，许多成长型基金所表现出的相类似，并呼吁投资者买入ARK看跌期权以对冲风险。\n这与摩根大通逾半年来不看好科技股，偏爱周期和价值型股票的倾向相一致。作为科技股的“标杆”，ARKK以重仓特斯拉...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3635574\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ARKK","symbol_name":"ARK Innovation 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天移动平均线）。\n近期国债收益率下行、伴随着对Delta变异毒株的担忧，才使得科技股和ARKK有所反弹。\n可能跌入“牛市陷阱”\n根据摩根大通的说法，上述情形都构成“牛市陷阱”的条件或背景，而美债收益率回升可能很快成为泡沫破裂的催化剂。\n该行认为，近期美债收益率的回落是技术性的，并不表明投资者对经济复苏的健康状况、通胀前景的减弱存在更广泛的担忧，因而收益率很快会回归上行轨道。\n支持这一点的因素是：美国十年期通胀保值债券（TIPS）未缩减盈亏平衡（图 3），通胀数据（CPI、PPI）继续高于预期，以及近期拍卖的30年期美国国债逊于预期。\n此外摩根大通认为，大型科技股的表现将持续所谓的“颠覆式创新”型科技股（图4），这也是看空ARKK的因素之一。\n\n因此，摩根大通建议投资者买入10月105美元的ARKK看跌期权，行权价较该ETF周三收盘价低约11%，以利用接近年度低点的隐含波动率获利，尽管泡沫破裂幅度可能远甚于此。","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":179033754,"gmtCreate":1626470636178,"gmtModify":1633926544648,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"阅！","listText":"阅！","text":"阅！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/179033754","repostId":2151571134,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":170300640,"gmtCreate":1626402124680,"gmtModify":1633927067089,"author":{"id":"3559203586405956","authorId":"3559203586405956","name":"招财虎牙子","avatar":"https://static.tigerbbs.com/cf4636bdbaec7258e284fb2c8ca2cfe3","vip":1,"crmLevel":4,"crmLevelSwitch":0},"htmlText":"[流泪]&nbsp;","listText":"[流泪]&nbsp;","text":"[流泪]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/170300640","repostId":2151571134,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":34,"commentSize":2,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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