Whew_老虎社区_美港股上老虎

2021-03-30

Whew

A little-known hedge fund caused widespread chaos on Wall Street<blockquote>一家名不见经传的对冲基金在华尔街引发了广泛的混乱</blockquote>

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":355400522,"tweetId":"355400522","gmtCreate":1617092037766,"gmtModify":1634522705887,"author":{"id":3574089975947711,"idStr":"3574089975947711","authorId":3574089975947711,"authorIdStr":"3574089975947711","name":"NGBROStonks","avatar":"https://static.tigerbbs.com/ee6fc1f4273c191b67a896515806b0f1","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":5,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Whew</body></html>","htmlText":"<html><head></head><body>Whew</body></html>","text":"Whew","highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/355400522","repostId":1154060329,"repostType":4,"repost":{"id":"1154060329","kind":"news","pubTimestamp":1617091759,"share":"https://www.laohu8.com/m/news/1154060329?lang=zh_CN&edition=full","pubTime":"2021-03-30 16:09","market":"us","language":"en","title":"A little-known hedge fund caused widespread chaos on Wall Street<blockquote>一家名不见经传的对冲基金在华尔街引发了广泛的混乱</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154060329","media":"cnn","summary":"New York (CNN Business)The names of the key players are different, but the lessons similar. The spec","content":"New York (CNN Business)The names of the key players are different, but the lessons similar. The spectacular implosion of hedge fund Archegos Capital Management, much like the GameStop saga earlier this year, serves as a reminder of the dangers posed by extreme leverage, secret derivatives and rock-bottom interest rates.<blockquote>纽约（CNN Business）关键人物的名字不同，但教训相似。对冲基金Archegos Capital Management的惊人内爆，就像今年早些时候的游戏驿站传奇一样，提醒人们极端杠杆、秘密衍生品和最低利率所带来的危险。</blockquote> ViacomCBS (VIACA), Discovery (DISCA) and other media titans' stocks crashed Friday as Wall Street banks that lent to Archegos forced the firm to unwind its bets. The epic firesale wiped out more than half of Viacom's value last week alone.<blockquote>维亚康姆哥伦比亚广播公司(VIACA)、Discovery(DISCA)和其他媒体巨头的股价周五暴跌，因为向Archegos提供贷款的华尔街银行迫使该公司解除押注。仅上周，这场史诗般的大甩卖就让维亚康姆的市值蒸发了一半以上。</blockquote> Major banks face billions of dollars in losses from their exposure to Archegos. Both Credit Suisse (CS) and Nomura tumbled Monday after warning of significant hits to their earnings.<blockquote>各大银行因Archegos敞口而面临数十亿美元的损失。瑞士信贷(CS)和野村证券在警告其盈利将受到重大打击后，周一双双暴跌。</blockquote> The most startling part about the tale of Archegos is that it is a firm that few people had ever heard of before this weekend. And yet in this era of easy money, Archegos was able to borrow so much that its failure created shockwaves large enough to ripple across Wall Street — and impact everyday Americans' retirement accounts.<blockquote>Archegos的故事最令人震惊的部分是，这是一家在本周末之前很少有人听说过的公司。然而，在这个资金宽松的时代，Archegos能够借到如此多的钱，以至于它的失败引起了足够大的冲击波，波及整个华尔街，并影响到普通美国人的退休账户。</blockquote> \"It's a wake-up call. With leverage, comes risk,\" said Art Hogan, chief market strategist at National Securities Corporation. \"This is the second time we've learned a lesson this year about leverage.\"<blockquote>National Securities Corporation首席市场策略师Art Hogan表示：“这是一个令人警醒的看涨期权。杠杆带来了风险。”“这是我们今年第二次吸取有关杠杆的教训。”</blockquote> In January, another hedge fund, Melvin Capital Management, nearly collapsed after its massive bets against GameStop (GME) were blown up by an army of traders on Reddit. Investors were surprised to learn about the sheer size of the short positions anticipating the video game retailer's stock price would fall.<blockquote>今年1月，另一家对冲基金Melvin Capital Management在Reddit上对游戏驿站(GME)的大量押注被大批交易员炸毁后，几乎崩溃。投资者惊讶地发现，预计这家视频游戏零售商股价将下跌的空头头寸规模如此之大。</blockquote> When GameStop shares instead went to the moon, Melvin Capital suffered staggering losses and was forced to reach a $2.8 billion bailout with larger rivals.<blockquote>当游戏驿站股价上涨时，Melvin Capital遭受了惊人的损失，并被迫与规模更大的竞争对手达成28亿美元的救助协议。</blockquote> \"We saw it on the short side when GameStop blew up. Now we are seeing it on the long side,\" Hogan said.<blockquote>“当游戏驿站爆炸时，我们在空头方面看到了这一点。现在我们在多头方面看到了这一点，”霍根说。</blockquote> Opaque financial instruments<blockquote>不透明金融工具</blockquote> Archegos Capital was using borrowed money — apparently a ton of it — to make outsized bets that propped up media stocks. This type excessive leverage is made possible by extremely low interest rates from the Federal Reserve.<blockquote>Archegos Capital正在利用借来的钱——显然是大量借来的钱——进行巨额押注，支撑媒体股。美联储极低的利率使这种过度杠杆成为可能。</blockquote> The full scale of these bets wasn't clear until now.<blockquote>这些赌注的全部规模直到现在还不清楚。</blockquote> Perhaps in an effort to avoid making public disclosure filings, Archegos reportedly used derivatives known as total return swaps to mask some of its large investment positions. Investors using these swaps receive the total return of a stock from a dealer and those returns are typically amplified by leverage.<blockquote>据报道，也许是为了避免公开披露文件，Archegos使用了被称为总回报掉期的衍生品来掩盖其一些大型投资头寸。使用这些掉期的投资者从交易商那里获得股票的总回报，这些回报通常会通过杠杆放大。</blockquote> Archegos could not be reached for comment on Monday.<blockquote>周一无法联系到Archegos置评。</blockquote> Typically, investors who own more than 5% of a stock are required to report that stake with the SEC. These filings do not appear to have been made this time.<blockquote>通常，持有股票5%以上的投资者需要向SEC报告该股份。这次似乎没有提交这些文件。</blockquote> \"Anytime a derivative is involved, you don't really know how deep the tentacles go,\" said Joe Saluzzi, co-head of trading at Themis Trading.<blockquote>Themis Trading交易联席主管Joe Saluzzi表示：“每当涉及衍生品时，你都不知道触角有多深。”</blockquote> The share sale that broke the camel's back<blockquote>压垮骆驼的股票出售</blockquote> This complex strategy backfired last week.<blockquote>这一复杂策略上周适得其反。</blockquote> Seeking to capitalize on its skyrocketing stock price, ViacomCBS announced plans for a $3 billion share sale. Up until that point, ViacomCBS shares had nearly tripled on the year. But the share sale appeared to be too much for the market to handle and the media boom morphed into a rout.<blockquote>为了利用其飙升的股价，维亚康姆哥伦比亚广播公司宣布了30亿美元的股票出售计划。在此之前，维亚康姆哥伦比亚广播公司的股价同比上涨了近两倍。但股票出售似乎让市场难以承受，媒体繁荣演变成了溃败。</blockquote> Archegos faced margin calls from its Wall Street lenders. A margin call by a broker requires a client to add funds to its account if the value of an asset drops below a specified level. If the client can't pay up — and in this case Archegos apparently couldn't — the broker can step in and dump the shares on the client's behalf.<blockquote>Archegos面临来自华尔街银行的保证金评级。如果资产价值低于指定水平，经纪商的保证金看涨期权要求客户向其账户添加资金。如果客户无法支付——在这种情况下，Archegos显然无法支付——经纪人可以介入并代表客户抛售股票。</blockquote> Goldman Sachs, one of Archegos' lenders, seized collateral and sold shares on Friday, a person familiar with the matter told CNN Business. This so-called forced liquidation set off a bloodbath Friday that drove down shares of ViacomCBS and Discovery more than 25% apiece.<blockquote>一位知情人士告诉CNN Business，Archegos的贷款人之一高盛周五扣押了抵押品并出售了股票。这场所谓的强制清算周五引发了一场大屠杀，导致维亚康姆哥伦比亚广播公司和探索频道的股价分别下跌了25%以上。</blockquote> Credit Suisse said that the default by a \"significant US-based hedge fund\" would cause a major hit to its earnings. A person familiar with the matter told CNN Business that Archegos was the firm causing the losses for Credit Suisse.<blockquote>瑞士信贷表示，“一家大型美国对冲基金”的违约将对其盈利造成重大打击。一位知情人士告诉CNN Business，Archegos是给瑞士信贷造成损失的公司。</blockquote> Nomura said its losses could be as much as $2 billion from \"transactions with a US client.\"<blockquote>野村证券表示，“与美国客户的交易”造成的损失可能高达20亿美元。</blockquote> Founder of hedge fund involved in insider trading scandal<blockquote>对冲基金创始人卷入内幕交易丑闻</blockquote> The episode demonstrates the intricate web linking firms across Wall Street — and the risks to the banks providing large amounts of leverage.<blockquote>这一事件展示了连接华尔街公司的错综复杂的网络，以及提供大量杠杆的银行面临的风险。</blockquote> \"Systemic risk from secret and interconnected leverage, trading and derivatives in astronomical undisclosed amounts continue to permeate the shadow banking system,\" Better Markets CEO Dennis Kelleher said in a statement.<blockquote>Better Markets首席执行官丹尼斯·凯莱赫(Dennis Kelleher)在一份声明中表示：“秘密且相互关联的杠杆、交易和衍生品带来的系统性风险继续渗透到影子银行系统中，金额高达未披露的天文数字。”</blockquote> Hogan said investors must remember the inherent risks involved in the business lines of banks.<blockquote>霍根表示，投资者必须记住银行业务线所涉及的固有风险。</blockquote> \"They watch the creditworthiness of clients, but it's now always perfect,\" he said.<blockquote>“他们关注客户的信誉，但现在总是完美的，”他说。</blockquote> The creditworthiness of Archegos is a central question here. Bill Hwang, the firm's founder and a protégé of hedge fund pioneer Julian Robertson, was previously enmeshed in an insider trading scandal at Tiger Asia Management, a hedge fund he founded.<blockquote>Archegos的信誉是这里的一个核心问题。该公司创始人、对冲基金先驱朱利安·罗伯逊(Julian Robertson)的门生比尔·黄(Bill Hwang)此前曾卷入他创立的对冲基金老虎亚洲管理公司(Tiger Asia Management)的内幕交易丑闻。</blockquote> In 2012, the SEC alleged Tiger Asia made nearly $17 million in illegal profits in a scheme involving Chinese bank stocks. Hwang pleaded guilty that year on behalf of Tiger Asia to one count of wire fraud. Tiger Asia was sentenced to one year of probation and ordered to forfeit more than $16 million.<blockquote>2012年，美国证券交易委员会指控老虎亚洲在一项涉及中国银行股的计划中非法获利近1700万美元。当年，Hwang代表Tiger Asia承认了一项电信欺诈罪。Tiger Asia被判处一年缓刑，并被勒令没收超过1600万美元。</blockquote> In the wake of the insider trading scandal, Goldman Sachs (GS) stopped doing business with Hwang for a period of time, a person familiar with the matter told CNN Business. However, Goldman Sachs later resumed a relationship with Hwang, serving as one of his firm's lenders.<blockquote>一位知情人士告诉CNN Business，内幕交易丑闻发生后，高盛(GS)在一段时间内停止了与Hwang的业务往来。然而，高盛后来恢复了与黄的关系，成为其公司的贷款人之一。</blockquote> Repeat of Long-Term Capital Management?<blockquote>长期资本管理的重演？</blockquote> The blow-up of Archegos Capital brings back bad memories of Long-Term Capital Management. That massive hedge fund's collapse in 1998 threatened the financial system, forcing the federal government to intervene.<blockquote>Archegos Capital的爆仓勾起了人们对长期资本管理的糟糕回忆。1998年这家大型对冲基金的倒闭威胁到了金融体系，迫使联邦政府进行干预。</blockquote> \"This is likely not Long-Term Capital,\" Hogan said, citing reforms that mean banks hold less risk than before the 2008 crisis. \"I don't think this is the tip of the iceberg.\"<blockquote>霍根表示：“这可能不是长期资本。”他引用的改革意味着银行的风险低于2008年危机之前。“我不认为这只是冰山一角。”</blockquote> Saluzzi, the Themis Trading executive, is not sure yet, pointing to how markets initially shrugged off the collapse of Bear Stearns hedge funds in the summer of 2007.<blockquote>Themis交易主管Saluzzi还不确定，他指出市场最初是如何对2007年夏天贝尔斯登对冲基金的崩溃不屑一顾的。</blockquote> \"We don't know how far the tentacles go,\" Saluzzi said. \"Early in the Bear Stearns crisis, the market was fine — until it wasn't.\"<blockquote>“我们不知道触手能走多远，”萨卢齐说。“在贝尔斯登危机初期，市场表现良好——直到情况并非如此。”</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>A little-known hedge fund caused widespread chaos on Wall Street<blockquote>一家名不见经传的对冲基金在华尔街引发了广泛的混乱</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA little-known hedge fund caused widespread chaos on Wall Street<blockquote>一家名不见经传的对冲基金在华尔街引发了广泛的混乱</blockquote>\n</h2>\n<h4 class=\"meta\">\n\ncnn2021-03-30 16:09\n\n</h4>\n</header>\n<article>\nNew York (CNN Business)The names of the key players are different, but the lessons similar. The spectacular implosion of hedge fund Archegos Capital Management, much like the GameStop saga earlier this year, serves as a reminder of the dangers posed by extreme leverage, secret derivatives and rock-bottom interest rates.<blockquote>纽约（CNN Business）关键人物的名字不同，但教训相似。对冲基金Archegos Capital Management的惊人内爆，就像今年早些时候的游戏驿站传奇一样，提醒人们极端杠杆、秘密衍生品和最低利率所带来的危险。</blockquote> ViacomCBS (VIACA), Discovery (DISCA) and other media titans' stocks crashed Friday as Wall Street banks that lent to Archegos forced the firm to unwind its bets. The epic firesale wiped out more than half of Viacom's value last week alone.<blockquote>维亚康姆哥伦比亚广播公司(VIACA)、Discovery(DISCA)和其他媒体巨头的股价周五暴跌，因为向Archegos提供贷款的华尔街银行迫使该公司解除押注。仅上周，这场史诗般的大甩卖就让维亚康姆的市值蒸发了一半以上。</blockquote> Major banks face billions of dollars in losses from their exposure to Archegos. Both Credit Suisse (CS) and Nomura tumbled Monday after warning of significant hits to their earnings.<blockquote>各大银行因Archegos敞口而面临数十亿美元的损失。瑞士信贷(CS)和野村证券在警告其盈利将受到重大打击后，周一双双暴跌。</blockquote> The most startling part about the tale of Archegos is that it is a firm that few people had ever heard of before this weekend. And yet in this era of easy money, Archegos was able to borrow so much that its failure created shockwaves large enough to ripple across Wall Street — and impact everyday Americans' retirement accounts.<blockquote>Archegos的故事最令人震惊的部分是，这是一家在本周末之前很少有人听说过的公司。然而，在这个资金宽松的时代，Archegos能够借到如此多的钱，以至于它的失败引起了足够大的冲击波，波及整个华尔街，并影响到普通美国人的退休账户。</blockquote> \"It's a wake-up call. With leverage, comes risk,\" said Art Hogan, chief market strategist at National Securities Corporation. \"This is the second time we've learned a lesson this year about leverage.\"<blockquote>National Securities Corporation首席市场策略师Art Hogan表示：“这是一个令人警醒的看涨期权。杠杆带来了风险。”“这是我们今年第二次吸取有关杠杆的教训。”</blockquote> In January, another hedge fund, Melvin Capital Management, nearly collapsed after its massive bets against GameStop (GME) were blown up by an army of traders on Reddit. Investors were surprised to learn about the sheer size of the short positions anticipating the video game retailer's stock price would fall.<blockquote>今年1月，另一家对冲基金Melvin Capital Management在Reddit上对游戏驿站(GME)的大量押注被大批交易员炸毁后，几乎崩溃。投资者惊讶地发现，预计这家视频游戏零售商股价将下跌的空头头寸规模如此之大。</blockquote> When GameStop shares instead went to the moon, Melvin Capital suffered staggering losses and was forced to reach a $2.8 billion bailout with larger rivals.<blockquote>当游戏驿站股价上涨时，Melvin Capital遭受了惊人的损失，并被迫与规模更大的竞争对手达成28亿美元的救助协议。</blockquote> \"We saw it on the short side when GameStop blew up. Now we are seeing it on the long side,\" Hogan said.<blockquote>“当游戏驿站爆炸时，我们在空头方面看到了这一点。现在我们在多头方面看到了这一点，”霍根说。</blockquote> Opaque financial instruments<blockquote>不透明金融工具</blockquote> Archegos Capital was using borrowed money — apparently a ton of it — to make outsized bets that propped up media stocks. This type excessive leverage is made possible by extremely low interest rates from the Federal Reserve.<blockquote>Archegos Capital正在利用借来的钱——显然是大量借来的钱——进行巨额押注，支撑媒体股。美联储极低的利率使这种过度杠杆成为可能。</blockquote> The full scale of these bets wasn't clear until now.<blockquote>这些赌注的全部规模直到现在还不清楚。</blockquote> Perhaps in an effort to avoid making public disclosure filings, Archegos reportedly used derivatives known as total return swaps to mask some of its large investment positions. Investors using these swaps receive the total return of a stock from a dealer and those returns are typically amplified by leverage.<blockquote>据报道，也许是为了避免公开披露文件，Archegos使用了被称为总回报掉期的衍生品来掩盖其一些大型投资头寸。使用这些掉期的投资者从交易商那里获得股票的总回报，这些回报通常会通过杠杆放大。</blockquote> Archegos could not be reached for comment on Monday.<blockquote>周一无法联系到Archegos置评。</blockquote> Typically, investors who own more than 5% of a stock are required to report that stake with the SEC. These filings do not appear to have been made this time.<blockquote>通常，持有股票5%以上的投资者需要向SEC报告该股份。这次似乎没有提交这些文件。</blockquote> \"Anytime a derivative is involved, you don't really know how deep the tentacles go,\" said Joe Saluzzi, co-head of trading at Themis Trading.<blockquote>Themis Trading交易联席主管Joe Saluzzi表示：“每当涉及衍生品时，你都不知道触角有多深。”</blockquote> The share sale that broke the camel's back<blockquote>压垮骆驼的股票出售</blockquote> This complex strategy backfired last week.<blockquote>这一复杂策略上周适得其反。</blockquote> Seeking to capitalize on its skyrocketing stock price, ViacomCBS announced plans for a $3 billion share sale. Up until that point, ViacomCBS shares had nearly tripled on the year. But the share sale appeared to be too much for the market to handle and the media boom morphed into a rout.<blockquote>为了利用其飙升的股价，维亚康姆哥伦比亚广播公司宣布了30亿美元的股票出售计划。在此之前，维亚康姆哥伦比亚广播公司的股价同比上涨了近两倍。但股票出售似乎让市场难以承受，媒体繁荣演变成了溃败。</blockquote> Archegos faced margin calls from its Wall Street lenders. A margin call by a broker requires a client to add funds to its account if the value of an asset drops below a specified level. If the client can't pay up — and in this case Archegos apparently couldn't — the broker can step in and dump the shares on the client's behalf.<blockquote>Archegos面临来自华尔街银行的保证金评级。如果资产价值低于指定水平，经纪商的保证金看涨期权要求客户向其账户添加资金。如果客户无法支付——在这种情况下，Archegos显然无法支付——经纪人可以介入并代表客户抛售股票。</blockquote> Goldman Sachs, one of Archegos' lenders, seized collateral and sold shares on Friday, a person familiar with the matter told CNN Business. This so-called forced liquidation set off a bloodbath Friday that drove down shares of ViacomCBS and Discovery more than 25% apiece.<blockquote>一位知情人士告诉CNN Business，Archegos的贷款人之一高盛周五扣押了抵押品并出售了股票。这场所谓的强制清算周五引发了一场大屠杀，导致维亚康姆哥伦比亚广播公司和探索频道的股价分别下跌了25%以上。</blockquote> Credit Suisse said that the default by a \"significant US-based hedge fund\" would cause a major hit to its earnings. A person familiar with the matter told CNN Business that Archegos was the firm causing the losses for Credit Suisse.<blockquote>瑞士信贷表示，“一家大型美国对冲基金”的违约将对其盈利造成重大打击。一位知情人士告诉CNN Business，Archegos是给瑞士信贷造成损失的公司。</blockquote> Nomura said its losses could be as much as $2 billion from \"transactions with a US client.\"<blockquote>野村证券表示，“与美国客户的交易”造成的损失可能高达20亿美元。</blockquote> Founder of hedge fund involved in insider trading scandal<blockquote>对冲基金创始人卷入内幕交易丑闻</blockquote> The episode demonstrates the intricate web linking firms across Wall Street — and the risks to the banks providing large amounts of leverage.<blockquote>这一事件展示了连接华尔街公司的错综复杂的网络，以及提供大量杠杆的银行面临的风险。</blockquote> \"Systemic risk from secret and interconnected leverage, trading and derivatives in astronomical undisclosed amounts continue to permeate the shadow banking system,\" Better Markets CEO Dennis Kelleher said in a statement.<blockquote>Better Markets首席执行官丹尼斯·凯莱赫(Dennis Kelleher)在一份声明中表示：“秘密且相互关联的杠杆、交易和衍生品带来的系统性风险继续渗透到影子银行系统中，金额高达未披露的天文数字。”</blockquote> Hogan said investors must remember the inherent risks involved in the business lines of banks.<blockquote>霍根表示，投资者必须记住银行业务线所涉及的固有风险。</blockquote> \"They watch the creditworthiness of clients, but it's now always perfect,\" he said.<blockquote>“他们关注客户的信誉，但现在总是完美的，”他说。</blockquote> The creditworthiness of Archegos is a central question here. Bill Hwang, the firm's founder and a protégé of hedge fund pioneer Julian Robertson, was previously enmeshed in an insider trading scandal at Tiger Asia Management, a hedge fund he founded.<blockquote>Archegos的信誉是这里的一个核心问题。该公司创始人、对冲基金先驱朱利安·罗伯逊(Julian Robertson)的门生比尔·黄(Bill Hwang)此前曾卷入他创立的对冲基金老虎亚洲管理公司(Tiger Asia Management)的内幕交易丑闻。</blockquote> In 2012, the SEC alleged Tiger Asia made nearly $17 million in illegal profits in a scheme involving Chinese bank stocks. Hwang pleaded guilty that year on behalf of Tiger Asia to one count of wire fraud. Tiger Asia was sentenced to one year of probation and ordered to forfeit more than $16 million.<blockquote>2012年，美国证券交易委员会指控老虎亚洲在一项涉及中国银行股的计划中非法获利近1700万美元。当年，Hwang代表Tiger Asia承认了一项电信欺诈罪。Tiger Asia被判处一年缓刑，并被勒令没收超过1600万美元。</blockquote> In the wake of the insider trading scandal, Goldman Sachs (GS) stopped doing business with Hwang for a period of time, a person familiar with the matter told CNN Business. However, Goldman Sachs later resumed a relationship with Hwang, serving as one of his firm's lenders.<blockquote>一位知情人士告诉CNN Business，内幕交易丑闻发生后，高盛(GS)在一段时间内停止了与Hwang的业务往来。然而，高盛后来恢复了与黄的关系，成为其公司的贷款人之一。</blockquote> Repeat of Long-Term Capital Management?<blockquote>长期资本管理的重演？</blockquote> The blow-up of Archegos Capital brings back bad memories of Long-Term Capital Management. That massive hedge fund's collapse in 1998 threatened the financial system, forcing the federal government to intervene.<blockquote>Archegos Capital的爆仓勾起了人们对长期资本管理的糟糕回忆。1998年这家大型对冲基金的倒闭威胁到了金融体系，迫使联邦政府进行干预。</blockquote> \"This is likely not Long-Term Capital,\" Hogan said, citing reforms that mean banks hold less risk than before the 2008 crisis. \"I don't think this is the tip of the iceberg.\"<blockquote>霍根表示：“这可能不是长期资本。”他引用的改革意味着银行的风险低于2008年危机之前。“我不认为这只是冰山一角。”</blockquote> Saluzzi, the Themis Trading executive, is not sure yet, pointing to how markets initially shrugged off the collapse of Bear Stearns hedge funds in the summer of 2007.<blockquote>Themis交易主管Saluzzi还不确定，他指出市场最初是如何对2007年夏天贝尔斯登对冲基金的崩溃不屑一顾的。</blockquote> \"We don't know how far the tentacles go,\" Saluzzi said. \"Early in the Bear Stearns crisis, the market was fine — until it wasn't.\"<blockquote>“我们不知道触手能走多远，”萨卢齐说。“在贝尔斯登危机初期，市场表现良好——直到情况并非如此。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://edition.cnn.com/2021/03/29/investing/wall-street-hedge-fund-archegos/index.html\">cnn</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/31992235e2d733c9c23402f8622ffd51","relate_stocks":{},"source_url":"https://edition.cnn.com/2021/03/29/investing/wall-street-hedge-fund-archegos/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154060329","content_text":"New York (CNN Business)The names of the key players are different, but the lessons similar. The spectacular implosion of hedge fund Archegos Capital Management, much like the GameStop saga earlier this year, serves as a reminder of the dangers posed by extreme leverage, secret derivatives and rock-bottom interest rates.\nViacomCBS (VIACA), Discovery (DISCA) and other media titans' stocks crashed Friday as Wall Street banks that lent to Archegos forced the firm to unwind its bets. The epic firesale wiped out more than half of Viacom's value last week alone.\nMajor banks face billions of dollars in losses from their exposure to Archegos. Both Credit Suisse (CS) and Nomura tumbled Monday after warning of significant hits to their earnings.\nThe most startling part about the tale of Archegos is that it is a firm that few people had ever heard of before this weekend. And yet in this era of easy money, Archegos was able to borrow so much that its failure created shockwaves large enough to ripple across Wall Street — and impact everyday Americans' retirement accounts.\n\"It's a wake-up call. With leverage, comes risk,\" said Art Hogan, chief market strategist at National Securities Corporation. \"This is the second time we've learned a lesson this year about leverage.\"\nIn January, another hedge fund, Melvin Capital Management, nearly collapsed after its massive bets against GameStop (GME) were blown up by an army of traders on Reddit. Investors were surprised to learn about the sheer size of the short positions anticipating the video game retailer's stock price would fall.\nWhen GameStop shares instead went to the moon, Melvin Capital suffered staggering losses and was forced to reach a $2.8 billion bailout with larger rivals.\n\"We saw it on the short side when GameStop blew up. Now we are seeing it on the long side,\" Hogan said.\nOpaque financial instruments\nArchegos Capital was using borrowed money — apparently a ton of it — to make outsized bets that propped up media stocks. This type excessive leverage is made possible by extremely low interest rates from the Federal Reserve.\nThe full scale of these bets wasn't clear until now.\nPerhaps in an effort to avoid making public disclosure filings, Archegos reportedly used derivatives known as total return swaps to mask some of its large investment positions. Investors using these swaps receive the total return of a stock from a dealer and those returns are typically amplified by leverage.\nArchegos could not be reached for comment on Monday.\nTypically, investors who own more than 5% of a stock are required to report that stake with the SEC. These filings do not appear to have been made this time.\n\"Anytime a derivative is involved, you don't really know how deep the tentacles go,\" said Joe Saluzzi, co-head of trading at Themis Trading.\nThe share sale that broke the camel's back\nThis complex strategy backfired last week.\nSeeking to capitalize on its skyrocketing stock price, ViacomCBS announced plans for a $3 billion share sale. Up until that point, ViacomCBS shares had nearly tripled on the year. But the share sale appeared to be too much for the market to handle and the media boom morphed into a rout.\nArchegos faced margin calls from its Wall Street lenders. A margin call by a broker requires a client to add funds to its account if the value of an asset drops below a specified level. If the client can't pay up — and in this case Archegos apparently couldn't — the broker can step in and dump the shares on the client's behalf.\nGoldman Sachs, one of Archegos' lenders, seized collateral and sold shares on Friday, a person familiar with the matter told CNN Business. This so-called forced liquidation set off a bloodbath Friday that drove down shares of ViacomCBS and Discovery more than 25% apiece.\nCredit Suisse said that the default by a \"significant US-based hedge fund\" would cause a major hit to its earnings. A person familiar with the matter told CNN Business that Archegos was the firm causing the losses for Credit Suisse.\nNomura said its losses could be as much as $2 billion from \"transactions with a US client.\"\nFounder of hedge fund involved in insider trading scandal\nThe episode demonstrates the intricate web linking firms across Wall Street — and the risks to the banks providing large amounts of leverage.\n\"Systemic risk from secret and interconnected leverage, trading and derivatives in astronomical undisclosed amounts continue to permeate the shadow banking system,\" Better Markets CEO Dennis Kelleher said in a statement.\nHogan said investors must remember the inherent risks involved in the business lines of banks.\n\"They watch the creditworthiness of clients, but it's now always perfect,\" he said.\nThe creditworthiness of Archegos is a central question here. Bill Hwang, the firm's founder and a protégé of hedge fund pioneer Julian Robertson, was previously enmeshed in an insider trading scandal at Tiger Asia Management, a hedge fund he founded.\nIn 2012, the SEC alleged Tiger Asia made nearly $17 million in illegal profits in a scheme involving Chinese bank stocks. Hwang pleaded guilty that year on behalf of Tiger Asia to one count of wire fraud. Tiger Asia was sentenced to one year of probation and ordered to forfeit more than $16 million.\nIn the wake of the insider trading scandal, Goldman Sachs (GS) stopped doing business with Hwang for a period of time, a person familiar with the matter told CNN Business. However, Goldman Sachs later resumed a relationship with Hwang, serving as one of his firm's lenders.\nRepeat of Long-Term Capital Management?\nThe blow-up of Archegos Capital brings back bad memories of Long-Term Capital Management. That massive hedge fund's collapse in 1998 threatened the financial system, forcing the federal government to intervene.\n\"This is likely not Long-Term Capital,\" Hogan said, citing reforms that mean banks hold less risk than before the 2008 crisis. \"I don't think this is the tip of the iceberg.\"\nSaluzzi, the Themis Trading executive, is not sure yet, pointing to how markets initially shrugged off the collapse of Bear Stearns hedge funds in the summer of 2007.\n\"We don't know how far the tentacles go,\" Saluzzi said. \"Early in the Bear Stearns crisis, the market was fine — until it wasn't.\"","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":458,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/355400522"}