美股庞氏骗局？一边是高管减持潮，一边是公司拼命回购

华尔街见闻2021-12-13

此前华尔街见闻提到，美国高管们正以创纪录的速度集体抛售持股。有分析称，税收新规和估值高企可能是引发此次风潮的主要原因。从最新的分析看来，真实情况远不仅如此。一边拼命抛，一边拼命买《华尔街日报》对调研公司InsiderScore的数据进行了分析，结果表明到目前为止，今年有48位高管的股票销售额超过2亿美元，约为2016年至2020年平均水平的四倍。此次抛售大军中，不仅有化妆品亿万富翁...

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Helloworldt
2021-12-13
Helloworldt
[微笑]
- Nibatry:
  不可相信美国集团。。。
- jiann85:
  [微笑]

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On the one hand, it is the tide of executives' reduction, and on the other hand, the company desperately","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/1f5e22a57c1ba5fed641f436d05b4f4b","symbols_score_info":{},"content_text":"此前华尔街见闻提到，美国高管们正以创纪录的速度集体抛售持股。有分析称，税收新规和估值高企可能是引发此次风潮的主要原因。\n从最新的分析看来，真实情况远不仅如此。\n一边拼命抛，一边拼命买\n《华尔街日报》对调研公司InsiderScore的数据进行了分析，结果表明到目前为止，今年有48位高管的股票销售额超过2亿美元，约为2016年至2020年平均水平的四倍 。\n\n此次抛售大军中，不仅有化妆品亿万富翁罗纳德·劳德（Ronald Lauder）、谷歌联合创始人拉里·佩奇（Larry Page）、谢尔盖·布林（Sergey Brin）、沃尔玛的缔造者沃尔顿家族，还有Meta Platforms首席执行官马克·扎克伯格（Mark Elliot Zuckerberg）。他们中的许多人正在加速股票抛售。\nInsiderScore 数据显示，截至11月，企业内部人士出售了令人难以置信的635亿美元股票，与2020年全年相比增长了50%。\n\n然而，与此同时，公司们纷纷拼命回购股票。值得一提的是，在抛售潮发生的时候，主要股指还维持在高位水平。\n宾夕法尼亚大学沃顿商学院会计学教授丹尼尔·泰勒（Daniel Taylor）对此表示，此次的大规模抛售是“前所未有”的，有可能是近十年来最多的一次。他还说：\n\n “ \n 内部人士在顶部卖出和底部买入的时机无可挑剔。”\n\n谁在回购股票？\n高盛指出，今年已经执行的股票回购数量惊人，在8850至9250亿美元之间，而去年只有5770亿美元。这表明内部人士正在二级市场上向他们自己的公司倾销股票。\n\n如果不是股票回购，企业内部人士永远无法轻易在估值较高的水平抛售股票。彭博社援引研究机构pavilion global market数据显示，当前牛市中的40%完全是因为回购。\n\n换句话说，由于流动性问题，在没有股票回购的情况下，企业内部人士将难以出售股票。\n例如，特斯拉首席执行官埃隆马斯克在上个月出售了价值超过100亿美元的股票，以支付行使期权的税费，导致特斯拉股票下跌18%。值得注意的是，特斯拉不参与股票回购计划。\n实际上，今年一月份，美股就开始出现了内部人士狂抛售，企业回购却在大增的现象。\n施罗德投资集团的投资策略师比尔·卡拉翰（Bill Callahan）曾表示：“回购是一种用别人的钱来进行资本配置的决定，但如果要投入自己的钱，那必须得真的十分看好股市前景。高管们知道他们公司的估值已经很高，他们不会急于投入更多的钱。”\n金融博客Zerohedge称，公司内部人士参与这种类似“庞氏骗局”的计划，增加股票回购，以便他们出售股票，这是一种大规模资本分配不合理的现象。这笔钱本可以用于激发未来增长的新投资，而不是金融精英的恐慌性囤积。\n“庞氏骗局”，简言之就是利用新投资人的钱来向老投资者支付利息和短期回报，以制造赚钱的假象，进而骗取更多的投资，俗称“空手套白狼“。","kind":"highlight","is_publish_news":false,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":604350387,"gmtCreate":1639353553951,"gmtModify":1639353553951,"author":{"id":"3456357894193358","authorId":"3456357894193358","name":"Helloworldt","avatar":"https://static.tigerbbs.com/ffe03370d6fe1e4ee627f681cd9e3428","vip":1,"crmLevel":7,"crmLevelSwitch":1,"idStr":"3456357894193358","authorIdStr":"3456357894193358"},"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/604350387","repostId":2190867261,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":7132031,"gmtCreate":1640741277510,"gmtModify":1640742621320,"authorId":3571957575491723,"author":{"id":3571957575491723,"idStr":"3571957575491723","authorId":3571957575491723,"name":"Nibatry","avatar":"https://static.tigerbbs.com/e5d7ae5d90c54730a52a5f03263a015c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":604350387,"type":1,"supId":0,"prevId":0,"content":"不可相信美国集团。。。","text":"不可相信美国集团。。。","html":"不可相信美国集团。。。"},{"id":6959000,"gmtCreate":1639361087742,"gmtModify":1639361087775,"authorId":3517706790212686,"author":{"id":3517706790212686,"idStr":"3517706790212686","authorId":3517706790212686,"name":"jiann85","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":604350387,"type":1,"supId":0,"prevId":0,"content":"[微笑]","text":"[微笑]","html":"[微笑]"}],"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":15,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2190867261"}