华尔街对冲基金与散户再掀AMC多空对峙_老虎社区_美港股上老虎

华尔街对冲基金与散户再掀AMC多空对峙

21世纪经济报道2021-06-09

随着Meme股票持续飙涨，华尔街对冲基金与散户之间的多空对峙再度升级。所谓Meme股票，主要是指散户在社交媒体疯狂评论的美股，以AMC院线（AMC.US）、黑莓（BB.US）、Bed Bath & Beyond（BBBY.US）、游戏驿站（GME.US）为代表，其中AMC院线股价涨幅最大，今年以来累计涨幅已超过25倍。面对持续飙涨的AMC院线，越来越多对冲基金正通过复杂的期权交易押注股价大幅...

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CJing
·2021-06-09
散户的力量不可小觑[冷漠]
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YuenXYZ
·2021-06-09
天才对天才
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1
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反卡
·2021-06-09
没完没了
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2
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收起
- 反卡:
  都是套路
  2021-06-09
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- 53570b80:
  哎套路
  2021-06-09
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keanloong
·2021-06-09
好
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伙计办大事
·2021-06-09
厉害👍🏻
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Beyond（BBBY.US）、游戏驿站（GME.US）为代表，其中AMC院线股价涨幅最大，今年以来累计涨幅已超过25倍。\n面对持续飙涨的AMC院线，越来越多对冲基金正通过复杂的期权交易押注股价大幅回调。\n具体而言，他们采取了叫卖权空头价差（Bear Put Spread）的期权策略，即卖出一手执行价格偏低的股票沽空期权同时，买入一手执行价格高的股票沽空期权。此举有两大好处，一是通过期权杠杆效应，可以在AMC院线股价下跌期间获得更丰厚的沽空回报，二是防范意外风险——即便散户继续推高AMC院线股价，对冲基金也可以通过买入执行价格高的股票沽空期权，避免遭遇巨大亏损风险。\n“这背后，是多数对冲基金汲取了年初机构沽空Gamestop股价失利的教训。”一位华尔街多策略对冲基金经理向记者直言。\n这场对冲基金与散户之间的多空对峙，再度震惊美国金融监管部门。\n周一美国证券交易委员会（SEC）表示，正在密切关注AMC院线等Meme股票的疯狂交易，以确保市场稳定。\n记者多方了解到，受此影响，部分华尔街大型银行已限制对冲基金沽空Meme股票。\n此外，TD Ameritrade等券商采取行动，将AMC院线和游戏驿站等股票的交易保证金比例提高至100%，这意味着无论是买涨还是沽空，投资机构与投资者都无法使用杠杆。\n“显然，这场对冲基金与散户的多空对峙，因加入了诸多监管因素正变得扑朔迷离。”这位多策略对冲基金经理向记者直言。目前没人知道散户的Meme股票买涨潮何时降温，华尔街多数对冲基金也不知道自己是否拥有足够沽空资金赢得这种多空博弈。\n值得注意的是，随着Meme股价持续飙涨，越来越多对冲基金正加入沽空阵营。\n期权分析公司Trade 发布的最新数据显示，卖权空头价差策略正受到越来越多华尔街对冲基金机构青睐，其占据上周AMC院线股票期权交易量的22%，较5月平均水平13%出现明显上升。\n在多位华尔街对冲基金经理看来，近期AMC院线股价之所以持续飙涨，很大程度受到其一项营销计划影响。\n上周，AMC院线推出了一项营销方案，即在今年夏天向前往公司影院观影的每个散户股东提供一份大号爆米花。\n此举一下子令公司逾320万散户股东备受“鼓舞”，纷纷在Reddit等社交媒体大力推荐这只股票，触发其股价持续飙涨——即便上周AMC原先公布了出售1150万股票筹资计划，其股价仍在当周上涨逾83%。\nAMC股价飙涨所带来的财富效应，还吸引韩国、印度等众多散户蜂拥入场。\n据韩国证券托管处公布的最新数据显示，仅上周前四个交易日，韩国投资者抢购逾2.25亿美元的AMC院线股票，比排名第二的特斯拉高出约3倍。\n孟买Vested公司首席执行官Viram Shah则向媒体表示，疫情导致越来越多印度散户热衷居家在线炒股，当他们看到AMC院线股价持续飙涨，都希望从中分得一杯羹。\n面对全球散户的高昂投资热情，越来越多华尔街对冲基金决心与之针锋相对。\n一位参与沽空AMC院线的华尔街对冲基金经理向记者直言，一只年内累计涨幅超过25倍的个股，很难想象其股价还没大幅偏离业务基本面。\n在他看来，众多迹象显示这只股票已被严重高估。比如AMC院线2025年到期、息票率5.75%的债券价格较票面价格折让约20%，表明债券市场投资者不看好这家公司未来发展前景。\n美国银行股票和量化策略师Jill Carey Hall近日发布报告指出，无论是股价、股票交易量、股价波动性，还是看涨/看跌交易量比率走低，都表明AMC院线的涨幅已接近尾声。\n然而，对冲基金此次沽空AMC院线，显得格外谨慎小心。相比年初多家对冲基金大举裸沽空Gamestop，此次他们采取了卖权空头价差（Bear Put Spread）的期权策略，一面博取股价回调的超额回报，一面又防范自己沦为散户狙击的对象。\n上述参与沽空AMC院线的华尔街对冲基金经理指出，多数参与沽空AMC院线的对冲基金认为散户此番热捧买涨AMC院线的算盘并不复杂——他们通过大举买涨AMC院线等Meme股票，令罗素公司在6月25日将这些股票移出罗素2000指数，纳入罗素1000指数，从而吸引更多指数投资机构被动高价配置Meme股票，便于散户获利退出。但现在他们最担心的是，沽空举措再度激发散户“敌意”，令原本正常的多空博弈一下子变成新的狙击机构空头行为。\n记者获悉，散户持续炒高AMC院线股价，已令不少空头铩羽而归——由于其股价年内涨幅超过25倍，沽空累计损失高达逾40亿美元。\n华尔街对冲基金与散户围绕Meme股票的多空对峙，再度引发美国金融监管部门的密切关注。\n美国SEC人士表示：“鉴于某些股票的持续波动，美国证券交易委员会的工作人员继续监测市场，以确定是否有任何扰乱市场、操纵性交易或其他不当行为，如果发现有违反联邦证券法的行为，我们将采取行动保护散户投资者。”\n值得注意的是，美国银行调研发现，在过去一周期间，在Reddit等社交媒体被提及次数最多的美股，其做空比例明显高于标普500指数5%的平均值。比如在Reddit等社交媒体被广泛热烈讨论的GameStop和AMC院线两只股票，其流通股被沽空的比例高达21%，远远高于美股平均5%的空头比例。\n“这可能触发相关部门开展调查，对冲基金等机构投资者是否根据个股在Reddit等社交媒体的被提及次数，合谋沽空这些股票获利。”一位熟悉SEC监管的投行人士表示。\n他透露，部分华尔街投行已开始采取行动“明哲保身”。比如他们开始限制对冲基金建立更高的AMC院线空头头寸，以避免自己与对冲基金合谋沽空狙击散户，此外部分经纪商业开始对参与沽空Meme股票的对冲基金提出更高的保证金要求与杠杆融资限制。\n记者多方了解到，个别美国券商与投行还要求对冲基金需尽快削减Meme沽空持仓，避免自己受到牵连被SEC调查。\n眼看散户似乎占据上风，不少对冲基金仍坚守沽空立场。\n前述参与沽空AMC院线的华尔街对冲基金经理向记者透露，他们已在收集整理自己所有的沽空AMC院线持仓数据与投资决策逻辑，以应对SEC的调查，并证明对冲基金沽空AMC院线并非“合谋”，而是基于其股价高估所形成的“反向投资”。\n在他看来，尽管华尔街投行开始“避嫌”，但对冲基金仍握有此番多空对峙的“胜负手”——随着越来越多对冲基金开始加入沽空阵营，其资本力量将很快超过散户。\n“我们发现散户阵营已出现分化，一些在Reddit等社交媒体曾力挺AMC院线股价的个人投资者，很可能是抱着拉高股价先行获利离场的目的。”他指出。","kind":null,"is_publish_news":false,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":180660916,"gmtCreate":1623202000635,"gmtModify":1631890652411,"author":{"id":"3572352972777887","authorId":"3572352972777887","name":"CJing","avatar":"https://static.tigerbbs.com/a8eb08c61d4d490633fceeafe3f28fa2","vip":1,"crmLevel":4,"crmLevelSwitch":0},"htmlText":"散户的力量不可小觑[冷漠]&nbsp;","listText":"散户的力量不可小觑[冷漠]&nbsp;","text":"散户的力量不可小觑[冷漠]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/180660916","repostId":2142298197,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":180601061,"gmtCreate":1623200375253,"gmtModify":1631894016239,"author":{"id":"3582850567868758","authorId":"3582850567868758","name":"YuenXYZ","avatar":"https://static.tigerbbs.com/08e2f4c62a5aa23dfc5f5a72d7e4cd98","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"天才对天才","listText":"天才对天才","text":"天才对天才","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/180601061","repostId":2142298197,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":180803858,"gmtCreate":1623196945374,"gmtModify":1634035994508,"author":{"id":"3580275814541024","authorId":"3580275814541024","name":"反卡","avatar":"https://static.tigerbbs.com/23b44616759354d7ac0127233867d9b9","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"没完没了","listText":"没完没了","text":"没完没了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/180803858","repostId":2142298197,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4640247,"gmtCreate":1623196963204,"gmtModify":1635331621568,"authorId":3580275814541024,"author":{"id":3580275814541024,"authorId":3580275814541024,"name":"反卡","avatar":"https://static.tigerbbs.com/23b44616759354d7ac0127233867d9b9","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":180803858,"type":1,"supId":0,"prevId":0,"content":"都是套路","text":"都是套路","html":"都是套路"},{"id":4640380,"gmtCreate":1623197425102,"gmtModify":1635331608629,"authorId":3577397803511360,"author":{"id":3577397803511360,"authorId":3577397803511360,"name":"53570b80","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":180803858,"type":1,"supId":0,"prevId":0,"content":"哎 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