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Milnai
Milnai
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2021-02-06
[呆住]
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Milnai
Milnai
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2021-02-06
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Milnai
Milnai
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2021-02-05
GG
The dark side of the GameStop bubble: Driving stock prices to the moon can hurt America<blockquote>游戏驿站泡沫的阴暗面：将股价推上月球会伤害美国</blockquote>
Shares of GameStop and other companies or assets that shot upin value in recent weeks are now droppi
The dark side of the GameStop bubble: Driving stock prices to the moon can hurt America<blockquote>游戏驿站泡沫的阴暗面：将股价推上月球会伤害美国</blockquote>
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Milnai
Milnai
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2021-02-04
@BabyGuinness
hi
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Milnai
Milnai
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2021-02-04
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Milnai
Milnai
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2021-02-04
[暗中观察]
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Milnai
Milnai
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2021-02-03
Can someone say hi to me?
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Milnai
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2021-02-03
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Milnai
Milnai
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2021-02-02
Hi
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Milnai
Milnai
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2021-02-02
Okie
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13:13","market":"us","language":"en","title":"The dark side of the GameStop bubble: Driving stock prices to the moon can hurt America<blockquote>游戏驿站泡沫的阴暗面：将股价推上月球会伤害美国</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180970570","media":"marketwatch","summary":"Shares of GameStop and other companies or assets that shot upin value in recent weeks are now droppi","content":"<p>Shares of GameStop and other companies or assets that shot upin value in recent weeks are now dropping like stones. While I feel sorry for the many investors who will likely lose a lot of money, the stocks’ return to Earth is actually a good thing — if you want to avoid financial meltdown to the long list of crises the U.S. is facing.</p><p><blockquote>游戏驿站和其他最近几周价值飙升的公司或资产的股价现在像石头一样下跌。虽然我为许多可能会损失很多钱的投资者感到难过，但如果你想避免金融崩溃成为美国面临的一长串危机，股票回归地球实际上是一件好事。</blockquote></p><p>The reason has to do with what financial markets are — and what they are not — as well as what happens when prices of stocks and other securities become untethered from the fundamental value of the assets they’re meant to represent.</p><p><blockquote>原因与金融市场是什么以及它们不是什么有关，以及当股票和其他证券的价格脱离它们所代表的资产的基本价值时会发生什么有关。</blockquote></p><p>As a finance professor who does research on how markets respond to new information, I believe it is important to maintain a close link between security prices and fundamentals. When that stops happening, a market collapse may be not far behind.</p><p><blockquote>作为一名研究市场如何对新信息做出反应的金融学教授，我认为保持证券价格和基本面之间的密切联系非常重要。当这种情况停止发生时，市场崩溃可能就在不远处。</blockquote></p><p>Capital markets aren’t casinos</p><p><blockquote>资本市场不是赌场</blockquote></p><p>Some have portrayed GameStopGME,-42.11%as a David vs. Goliath story. According to that narrative, the big guys on Wall Street have been getting rich gambling on the stock marketSPX,+1.09%for years. What’s the problem when the little guy gets a chance?</p><p><blockquote>有些人将GameStopGME(-42.11%)描绘成大卫与歌利亚的故事。根据这种说法，华尔街的大佬们多年来一直在股市SPX上赌博致富，+1.09%。小家伙一有机会有什么问题？</blockquote></p><p>The first thing to keep in mind is that markets aren’t a big casino, as some seem to believe. Their core purpose is to efficiently connect investors with companies and other organizations that will make the most productive use of their cash.</p><p><blockquote>首先要记住的是，市场并不像一些人认为的那样是一个大赌场。他们的核心目的是有效地将投资者与公司和其他组织联系起来，最有效地利用他们的现金。</blockquote></p><p>Accurate market prices, meant to reflect a company’s expected profits and overall risk level, provide an important signal to investors whether they should hand over their money and what they should get in return. Companies like AppleAAPL,+2.58%and AmazonAMZN,+0.56%simply would not exist as we know them today without access to capital markets.</p><p><blockquote>准确的市场价格旨在反映公司的预期利润和整体风险水平，为投资者提供了一个重要信号，即他们是否应该交出资金以及应该获得什么回报。如果没有资本市场，像AppleAAPL(+2.58%)和AmazonAMZN(+0.56%)这样的公司就不会像我们今天所知的那样存在。</blockquote></p><p>The more jaundiced view of markets focuses on episodes when markets seemingly go crazy and on the speculative gambling behavior of some traders, such as hedge funds. The GameStop saga feeds into this storyline.</p><p><blockquote>对市场更有偏见的看法集中在市场似乎变得疯狂的时候，以及一些交易者（如对冲基金）的投机赌博行为。游戏驿站传奇融入了这个故事情节。</blockquote></p><p>But GameStop also illustrates what happens when stock prices don’t reflect reality.</p><p><blockquote>但游戏驿站也说明了当股价不能反映现实时会发生什么。</blockquote></p><p>The GameStop bubble</p><p><blockquote>游戏驿站泡沫</blockquote></p><p>GameStop fundamentals are, to put it mildly, lackluster.</p><p><blockquote>委婉地说，游戏驿站的基本面黯淡无光。</blockquote></p><p>The company is a brick-and-mortar chain of video game stores. Most video game sales now take place as digital downloads. GameStop has been slow to adapt to this new reality. Its revenue peaked in 2012 at US$9.55 billion and had dropped by a third as of 2019. It hasn’t earned a profit since 2017. Put simply, it is a money-losing company in a competitive and quickly changing industry.</p><p><blockquote>该公司是一家实体视频游戏连锁店。现在大多数视频游戏销售都是以数字下载的形式进行的。游戏驿站在适应这一新现实方面进展缓慢。其收入在2012年达到95.5亿美元的峰值，截至2019年下降了三分之一。自2017年以来，它就没有盈利过。简单来说，就是在竞争激烈、瞬息万变的行业中，它是一家亏损的公司。</blockquote></p><p>The recent speculative frenzy, however, increased the GameStop stock price from under $20 in early January to as high as $483 in a little over two weeks, driven by retail investors on Reddit who coordinated their buying to harm hedge funds, costing the professionals billions of dollars.</p><p><blockquote>然而，最近的投机狂潮使游戏驿站股价在两周多一点的时间内从1月初的不到20美元上涨至483美元，这是由Reddit上的散户投资者推动的，他们协调购买以损害对冲基金，使专业人士损失了数十亿美元。</blockquote></p><p>It is clearly a speculative price bubble and has some characteristics of a Ponzi scheme. Many small investors who “get on the train” late and buy at the inflated prices — especially those attracted by the extreme price moves and media coverage — will be left holding the bag.</p><p><blockquote>这显然是一个投机性的价格泡沫，具有庞氏骗局的一些特征。许多晚“上车”并以虚高的价格买入的小投资者——尤其是那些被极端价格走势和媒体报道吸引的小投资者——将背黑锅。</blockquote></p><p>And sooner or later, the stock price will likely come back to Earth to a level that can be supported by the fundamentals of the company. Before midday on Feb. 4, shares were trading near $70for the first time since Jan. 25.</p><p><blockquote>股价迟早会回到能够得到公司基本面支撑的水平。2月4日中午之前，股价自1月25日以来首次接近70美元。</blockquote></p><p>The problems begin when that doesn’t happen until too late.</p><p><blockquote>当为时已晚时，问题就开始了。</blockquote></p><p>Bubbles are made to pop</p><p><blockquote>泡泡被制造出来</blockquote></p><p>Financial markets are made up of people. People are imperfect, and so are markets. This means market prices are not always “right” — and it’s often hard to know what the “right” price is.</p><p><blockquote>金融市场是由人组成的。人是不完美的，市场也是。这意味着市场价格并不总是“正确”的——而且通常很难知道什么是“正确”的价格。</blockquote></p><p>That is true when it comes to the price bubbles in individual stocks like GameStop. But it’s also true on a much bigger scale, when it comes to a market as a whole.</p><p><blockquote>当涉及到游戏驿站等个股的价格泡沫时，情况确实如此。但当涉及到整个市场时，在更大的范围内也是如此。</blockquote></p><p>Price bubbles and crashes are good for neither Wall Street nor Main Street. When the dot-com bubble popped in 2000 — after prices of dozens of tech stocks soared exponentially in the late 1990s — an economic recession followed soon after. The bursting of a housing bubble in 2008 triggered a global financial crisis and the Great Recession.</p><p><blockquote>价格泡沫和崩盘对华尔街和大街都没有好处。当2000年互联网泡沫破裂时——在20世纪90年代末数十只科技股的价格呈指数级飙升——经济衰退随之而来。2008年房地产泡沫的破裂引发了全球金融危机和大衰退。</blockquote></p><p>Too much momentum</p><p><blockquote>动力太大</blockquote></p><p>So markets fail sometimes, and we need sensible regulation and enforcement to make such failures less likely.</p><p><blockquote>因此，市场有时会失灵，我们需要明智的监管和执法来减少这种失灵的可能性。</blockquote></p><p>Taken in isolation, the GameStop craze is unlikely to trigger a disruption to the overall stock market, especially if its price continues to fall more in line with the company’s fundamental value. Unfortunately, this was not an isolated case. Nor was GameStop the first sign of problems.</p><p><blockquote>孤立地看，游戏驿站热潮不太可能引发整体股市的混乱，特别是如果其价格继续下跌，更符合公司的基本价值。不幸的是，这不是一个孤立的案例。游戏驿站也不是问题的第一个迹象。</blockquote></p><p>In recent days, Reddit users have also driven up the prices of silverSI00,0.61% and companies such as BlackBerryBB,+1.25%and movie theater giant AMC EntertainmentAMC,-20.96%.Popular trading apps like Robinhood have made trading easy, fun and basically free.</p><p><blockquote>最近几天，Reddit用户还推高了silverSI00(0.61%)以及BlackBerryBB(+1.25%)和电影院巨头AMC EntertainmentAMC(-20.96%)等公司的价格。Robinhood等流行的交易应用程序使交易变得轻松、有趣且基本上免费。</blockquote></p><p></p><p>The share price of TeslaTSLA,-0.55%,for example, skyrocketed 720% last year, in large part when investors bought the stock because it was already rising. This is called momentum investing, a trading strategy in which investors buy securities because they are going up — selling them only when they think the price has peaked.</p><p><blockquote>例如，特斯拉TSLA(-0.55%)的股价去年飙升了720%，很大程度上是因为投资者买入该股是因为该股已经在上涨。这被称为动量投资，这是一种交易策略，投资者购买证券是因为他们正在上涨，只有当他们认为价格已经见顶时才出售。</blockquote></p><p>If this continues, it will likely lead to more financial bubbles and crashes that could make it harder for companies to raise capital, posing a threat to the already limping U.S. economic recovery. Even if the worst doesn’t happen, large price movements and allegations of price manipulation could hurt public confidence in financial markets, which would make people more reluctant to invest in retirement and other programs.</p><p><blockquote>如果这种情况持续下去，可能会导致更多的金融泡沫和崩溃，使企业更难筹集资金，对本已步履蹒跚的美国经济复苏构成威胁。即使最坏的情况没有发生，价格大幅波动和价格操纵指控也可能损害公众对金融市场的信心，这将使人们更不愿意投资于退休和其他项目。</blockquote></p><p>Warren Buffett once said about stock market behavior: “The light can at any time go from green to red without pausing at yellow.”</p><p><blockquote>沃伦·巴菲特曾经谈到股市行为时说过：“灯可以随时从绿色变成红色，而不会在黄色时暂停。”</blockquote></p><p>What he meant was that markets can turn on a dime and plunge. He saw these moments as opportunities to find deals in the market, but for most people they result in panic, heavy losses and economic consequences like mass unemployment — as we saw in 1929, 2000 and 2008.</p><p><blockquote>他的意思是，市场可能会突然转向并暴跌。他认为这些时刻是在市场上寻找交易的机会，但对大多数人来说，它们会导致恐慌、重大损失和大规模失业等经济后果——就像我们在1929年、2000年和2008年看到的那样。</blockquote></p><p>There’s no particular reason it won’t happen again.</p><p><blockquote>没有什么特别的理由不会再发生。</blockquote></p><p><i>Alexander Kurov is a professor of finance and holds the Fred T. Tattersall Research Chair in Finance at West Virginia University In Morgantown. This was first published byThe Conversation— “Wall Street isn’t just a casino where traders can bet on GameStop and other stocks – it’s essential to keeping capitalism from crashing“.</i></p><p><blockquote><i>亚历山大·库罗夫是摩根敦西弗吉尼亚大学金融学教授，并担任弗雷德·T·塔特索尔金融学研究主席。这篇文章最初由The Conversation发表——“华尔街不仅仅是交易者可以押注游戏驿站和其他股票的赌场——它对于防止资本主义崩溃至关重要”。</i></blockquote></p><p></p>","source":"lsy1603348471595","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>The dark side of the GameStop bubble: Driving stock prices to the moon can hurt America<blockquote>游戏驿站泡沫的阴暗面：将股价推上月球会伤害美国</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\">\nThe dark side of the GameStop bubble: Driving stock prices to the moon can hurt America<blockquote>游戏驿站泡沫的阴暗面：将股价推上月球会伤害美国</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-02-05 13:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Shares of GameStop and other companies or assets that shot upin value in recent weeks are now dropping like stones. While I feel sorry for the many investors who will likely lose a lot of money, the stocks’ return to Earth is actually a good thing — if you want to avoid financial meltdown to the long list of crises the U.S. is facing.</p><p><blockquote>游戏驿站和其他最近几周价值飙升的公司或资产的股价现在像石头一样下跌。虽然我为许多可能会损失很多钱的投资者感到难过，但如果你想避免金融崩溃成为美国面临的一长串危机，股票回归地球实际上是一件好事。</blockquote></p><p>The reason has to do with what financial markets are — and what they are not — as well as what happens when prices of stocks and other securities become untethered from the fundamental value of the assets they’re meant to represent.</p><p><blockquote>原因与金融市场是什么以及它们不是什么有关，以及当股票和其他证券的价格脱离它们所代表的资产的基本价值时会发生什么有关。</blockquote></p><p>As a finance professor who does research on how markets respond to new information, I believe it is important to maintain a close link between security prices and fundamentals. When that stops happening, a market collapse may be not far behind.</p><p><blockquote>作为一名研究市场如何对新信息做出反应的金融学教授，我认为保持证券价格和基本面之间的密切联系非常重要。当这种情况停止发生时，市场崩溃可能就在不远处。</blockquote></p><p>Capital markets aren’t casinos</p><p><blockquote>资本市场不是赌场</blockquote></p><p>Some have portrayed GameStopGME,-42.11%as a David vs. Goliath story. According to that narrative, the big guys on Wall Street have been getting rich gambling on the stock marketSPX,+1.09%for years. What’s the problem when the little guy gets a chance?</p><p><blockquote>有些人将GameStopGME(-42.11%)描绘成大卫与歌利亚的故事。根据这种说法，华尔街的大佬们多年来一直在股市SPX上赌博致富，+1.09%。小家伙一有机会有什么问题？</blockquote></p><p>The first thing to keep in mind is that markets aren’t a big casino, as some seem to believe. Their core purpose is to efficiently connect investors with companies and other organizations that will make the most productive use of their cash.</p><p><blockquote>首先要记住的是，市场并不像一些人认为的那样是一个大赌场。他们的核心目的是有效地将投资者与公司和其他组织联系起来，最有效地利用他们的现金。</blockquote></p><p>Accurate market prices, meant to reflect a company’s expected profits and overall risk level, provide an important signal to investors whether they should hand over their money and what they should get in return. Companies like AppleAAPL,+2.58%and AmazonAMZN,+0.56%simply would not exist as we know them today without access to capital markets.</p><p><blockquote>准确的市场价格旨在反映公司的预期利润和整体风险水平，为投资者提供了一个重要信号，即他们是否应该交出资金以及应该获得什么回报。如果没有资本市场，像AppleAAPL(+2.58%)和AmazonAMZN(+0.56%)这样的公司就不会像我们今天所知的那样存在。</blockquote></p><p>The more jaundiced view of markets focuses on episodes when markets seemingly go crazy and on the speculative gambling behavior of some traders, such as hedge funds. The GameStop saga feeds into this storyline.</p><p><blockquote>对市场更有偏见的看法集中在市场似乎变得疯狂的时候，以及一些交易者（如对冲基金）的投机赌博行为。游戏驿站传奇融入了这个故事情节。</blockquote></p><p>But GameStop also illustrates what happens when stock prices don’t reflect reality.</p><p><blockquote>但游戏驿站也说明了当股价不能反映现实时会发生什么。</blockquote></p><p>The GameStop bubble</p><p><blockquote>游戏驿站泡沫</blockquote></p><p>GameStop fundamentals are, to put it mildly, lackluster.</p><p><blockquote>委婉地说，游戏驿站的基本面黯淡无光。</blockquote></p><p>The company is a brick-and-mortar chain of video game stores. Most video game sales now take place as digital downloads. GameStop has been slow to adapt to this new reality. Its revenue peaked in 2012 at US$9.55 billion and had dropped by a third as of 2019. It hasn’t earned a profit since 2017. Put simply, it is a money-losing company in a competitive and quickly changing industry.</p><p><blockquote>该公司是一家实体视频游戏连锁店。现在大多数视频游戏销售都是以数字下载的形式进行的。游戏驿站在适应这一新现实方面进展缓慢。其收入在2012年达到95.5亿美元的峰值，截至2019年下降了三分之一。自2017年以来，它就没有盈利过。简单来说，就是在竞争激烈、瞬息万变的行业中，它是一家亏损的公司。</blockquote></p><p>The recent speculative frenzy, however, increased the GameStop stock price from under $20 in early January to as high as $483 in a little over two weeks, driven by retail investors on Reddit who coordinated their buying to harm hedge funds, costing the professionals billions of dollars.</p><p><blockquote>然而，最近的投机狂潮使游戏驿站股价在两周多一点的时间内从1月初的不到20美元上涨至483美元，这是由Reddit上的散户投资者推动的，他们协调购买以损害对冲基金，使专业人士损失了数十亿美元。</blockquote></p><p>It is clearly a speculative price bubble and has some characteristics of a Ponzi scheme. Many small investors who “get on the train” late and buy at the inflated prices — especially those attracted by the extreme price moves and media coverage — will be left holding the bag.</p><p><blockquote>这显然是一个投机性的价格泡沫，具有庞氏骗局的一些特征。许多晚“上车”并以虚高的价格买入的小投资者——尤其是那些被极端价格走势和媒体报道吸引的小投资者——将背黑锅。</blockquote></p><p>And sooner or later, the stock price will likely come back to Earth to a level that can be supported by the fundamentals of the company. Before midday on Feb. 4, shares were trading near $70for the first time since Jan. 25.</p><p><blockquote>股价迟早会回到能够得到公司基本面支撑的水平。2月4日中午之前，股价自1月25日以来首次接近70美元。</blockquote></p><p>The problems begin when that doesn’t happen until too late.</p><p><blockquote>当为时已晚时，问题就开始了。</blockquote></p><p>Bubbles are made to pop</p><p><blockquote>泡泡被制造出来</blockquote></p><p>Financial markets are made up of people. People are imperfect, and so are markets. This means market prices are not always “right” — and it’s often hard to know what the “right” price is.</p><p><blockquote>金融市场是由人组成的。人是不完美的，市场也是。这意味着市场价格并不总是“正确”的——而且通常很难知道什么是“正确”的价格。</blockquote></p><p>That is true when it comes to the price bubbles in individual stocks like GameStop. But it’s also true on a much bigger scale, when it comes to a market as a whole.</p><p><blockquote>当涉及到游戏驿站等个股的价格泡沫时，情况确实如此。但当涉及到整个市场时，在更大的范围内也是如此。</blockquote></p><p>Price bubbles and crashes are good for neither Wall Street nor Main Street. When the dot-com bubble popped in 2000 — after prices of dozens of tech stocks soared exponentially in the late 1990s — an economic recession followed soon after. The bursting of a housing bubble in 2008 triggered a global financial crisis and the Great Recession.</p><p><blockquote>价格泡沫和崩盘对华尔街和大街都没有好处。当2000年互联网泡沫破裂时——在20世纪90年代末数十只科技股的价格呈指数级飙升——经济衰退随之而来。2008年房地产泡沫的破裂引发了全球金融危机和大衰退。</blockquote></p><p>Too much momentum</p><p><blockquote>动力太大</blockquote></p><p>So markets fail sometimes, and we need sensible regulation and enforcement to make such failures less likely.</p><p><blockquote>因此，市场有时会失灵，我们需要明智的监管和执法来减少这种失灵的可能性。</blockquote></p><p>Taken in isolation, the GameStop craze is unlikely to trigger a disruption to the overall stock market, especially if its price continues to fall more in line with the company’s fundamental value. Unfortunately, this was not an isolated case. Nor was GameStop the first sign of problems.</p><p><blockquote>孤立地看，游戏驿站热潮不太可能引发整体股市的混乱，特别是如果其价格继续下跌，更符合公司的基本价值。不幸的是，这不是一个孤立的案例。游戏驿站也不是问题的第一个迹象。</blockquote></p><p>In recent days, Reddit users have also driven up the prices of silverSI00,0.61% and companies such as BlackBerryBB,+1.25%and movie theater giant AMC EntertainmentAMC,-20.96%.Popular trading apps like Robinhood have made trading easy, fun and basically free.</p><p><blockquote>最近几天，Reddit用户还推高了silverSI00(0.61%)以及BlackBerryBB(+1.25%)和电影院巨头AMC EntertainmentAMC(-20.96%)等公司的价格。Robinhood等流行的交易应用程序使交易变得轻松、有趣且基本上免费。</blockquote></p><p></p><p>The share price of TeslaTSLA,-0.55%,for example, skyrocketed 720% last year, in large part when investors bought the stock because it was already rising. This is called momentum investing, a trading strategy in which investors buy securities because they are going up — selling them only when they think the price has peaked.</p><p><blockquote>例如，特斯拉TSLA(-0.55%)的股价去年飙升了720%，很大程度上是因为投资者买入该股是因为该股已经在上涨。这被称为动量投资，这是一种交易策略，投资者购买证券是因为他们正在上涨，只有当他们认为价格已经见顶时才出售。</blockquote></p><p>If this continues, it will likely lead to more financial bubbles and crashes that could make it harder for companies to raise capital, posing a threat to the already limping U.S. economic recovery. Even if the worst doesn’t happen, large price movements and allegations of price manipulation could hurt public confidence in financial markets, which would make people more reluctant to invest in retirement and other programs.</p><p><blockquote>如果这种情况持续下去，可能会导致更多的金融泡沫和崩溃，使企业更难筹集资金，对本已步履蹒跚的美国经济复苏构成威胁。即使最坏的情况没有发生，价格大幅波动和价格操纵指控也可能损害公众对金融市场的信心，这将使人们更不愿意投资于退休和其他项目。</blockquote></p><p>Warren Buffett once said about stock market behavior: “The light can at any time go from green to red without pausing at yellow.”</p><p><blockquote>沃伦·巴菲特曾经谈到股市行为时说过：“灯可以随时从绿色变成红色，而不会在黄色时暂停。”</blockquote></p><p>What he meant was that markets can turn on a dime and plunge. He saw these moments as opportunities to find deals in the market, but for most people they result in panic, heavy losses and economic consequences like mass unemployment — as we saw in 1929, 2000 and 2008.</p><p><blockquote>他的意思是，市场可能会突然转向并暴跌。他认为这些时刻是在市场上寻找交易的机会，但对大多数人来说，它们会导致恐慌、重大损失和大规模失业等经济后果——就像我们在1929年、2000年和2008年看到的那样。</blockquote></p><p>There’s no particular reason it won’t happen again.</p><p><blockquote>没有什么特别的理由不会再发生。</blockquote></p><p><i>Alexander Kurov is a professor of finance and holds the Fred T. Tattersall Research Chair in Finance at West Virginia University In Morgantown. This was first published byThe Conversation— “Wall Street isn’t just a casino where traders can bet on GameStop and other stocks – it’s essential to keeping capitalism from crashing“.</i></p><p><blockquote><i>亚历山大·库罗夫是摩根敦西弗吉尼亚大学金融学教授，并担任弗雷德·T·塔特索尔金融学研究主席。这篇文章最初由The Conversation发表——“华尔街不仅仅是交易者可以押注游戏驿站和其他股票的赌场——它对于防止资本主义崩溃至关重要”。</i></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/the-dark-side-of-the-gamestop-bubble-driving-stock-prices-to-the-moon-can-hurt-america-11612457839?mod=home-page\">marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b72bab52a7d49e9d26088350ab4826c1","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.marketwatch.com/story/the-dark-side-of-the-gamestop-bubble-driving-stock-prices-to-the-moon-can-hurt-america-11612457839?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180970570","content_text":"Shares of GameStop and other companies or assets that shot upin value in recent weeks are now dropping like stones. While I feel sorry for the many investors who will likely lose a lot of money, the stocks’ return to Earth is actually a good thing — if you want to avoid financial meltdown to the long list of crises the U.S. is facing.The reason has to do with what financial markets are — and what they are not — as well as what happens when prices of stocks and other securities become untethered from the fundamental value of the assets they’re meant to represent.As a finance professor who does research on how markets respond to new information, I believe it is important to maintain a close link between security prices and fundamentals. When that stops happening, a market collapse may be not far behind.Capital markets aren’t casinosSome have portrayed GameStopGME,-42.11%as a David vs. Goliath story. According to that narrative, the big guys on Wall Street have been getting rich gambling on the stock marketSPX,+1.09%for years. What’s the problem when the little guy gets a chance?The first thing to keep in mind is that markets aren’t a big casino, as some seem to believe. Their core purpose is to efficiently connect investors with companies and other organizations that will make the most productive use of their cash.Accurate market prices, meant to reflect a company’s expected profits and overall risk level, provide an important signal to investors whether they should hand over their money and what they should get in return. Companies like AppleAAPL,+2.58%and AmazonAMZN,+0.56%simply would not exist as we know them today without access to capital markets.The more jaundiced view of markets focuses on episodes when markets seemingly go crazy and on the speculative gambling behavior of some traders, such as hedge funds. The GameStop saga feeds into this storyline.But GameStop also illustrates what happens when stock prices don’t reflect reality.The GameStop bubbleGameStop fundamentals are, to put it mildly, lackluster.The company is a brick-and-mortar chain of video game stores. Most video game sales now take place as digital downloads. GameStop has been slow to adapt to this new reality. Its revenue peaked in 2012 at US$9.55 billion and had dropped by a third as of 2019. It hasn’t earned a profit since 2017. Put simply, it is a money-losing company in a competitive and quickly changing industry.The recent speculative frenzy, however, increased the GameStop stock price from under $20 in early January to as high as $483 in a little over two weeks, driven by retail investors on Reddit who coordinated their buying to harm hedge funds, costing the professionals billions of dollars.It is clearly a speculative price bubble and has some characteristics of a Ponzi scheme. Many small investors who “get on the train” late and buy at the inflated prices — especially those attracted by the extreme price moves and media coverage — will be left holding the bag.And sooner or later, the stock price will likely come back to Earth to a level that can be supported by the fundamentals of the company. Before midday on Feb. 4, shares were trading near $70for the first time since Jan. 25.The problems begin when that doesn’t happen until too late.Bubbles are made to popFinancial markets are made up of people. People are imperfect, and so are markets. This means market prices are not always “right” — and it’s often hard to know what the “right” price is.That is true when it comes to the price bubbles in individual stocks like GameStop. But it’s also true on a much bigger scale, when it comes to a market as a whole.Price bubbles and crashes are good for neither Wall Street nor Main Street. When the dot-com bubble popped in 2000 — after prices of dozens of tech stocks soared exponentially in the late 1990s — an economic recession followed soon after. The bursting of a housing bubble in 2008 triggered a global financial crisis and the Great Recession.Too much momentumSo markets fail sometimes, and we need sensible regulation and enforcement to make such failures less likely.Taken in isolation, the GameStop craze is unlikely to trigger a disruption to the overall stock market, especially if its price continues to fall more in line with the company’s fundamental value. Unfortunately, this was not an isolated case. Nor was GameStop the first sign of problems.In recent days, Reddit users have also driven up the prices of silverSI00,0.61% and companies such as BlackBerryBB,+1.25%and movie theater giant AMC EntertainmentAMC,-20.96%.Popular trading apps like Robinhood have made trading easy, fun and basically free.The share price of TeslaTSLA,-0.55%,for example, skyrocketed 720% last year, in large part when investors bought the stock because it was already rising. This is called momentum investing, a trading strategy in which investors buy securities because they are going up — selling them only when they think the price has peaked.If this continues, it will likely lead to more financial bubbles and crashes that could make it harder for companies to raise capital, posing a threat to the already limping U.S. economic recovery. Even if the worst doesn’t happen, large price movements and allegations of price manipulation could hurt public confidence in financial markets, which would make people more reluctant to invest in retirement and other programs.Warren Buffett once said about stock market behavior: “The light can at any time go from green to red without pausing at yellow.”What he meant was that markets can turn on a dime and plunge. He saw these moments as opportunities to find deals in the market, but for most people they result in panic, heavy losses and economic consequences like mass unemployment — as we saw in 1929, 2000 and 2008.There’s no particular reason it won’t happen again.Alexander Kurov is a professor of finance and holds the Fred T. Tattersall Research Chair in Finance at West Virginia University In Morgantown. This was first published byThe Conversation— “Wall Street isn’t just a casino where traders can bet on GameStop and other stocks – it’s essential to keeping capitalism from crashing“.","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":1604,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":317603804,"gmtCreate":1612441397408,"gmtModify":1703761913350,"author":{"id":"3555049525951664","authorId":"3555049525951664","name":"Milnai","avatar":"https://static.tigerbbs.com/956207d88a1abbd8c4774d92e7a77229","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555049525951664","idStr":"3555049525951664"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/U/3566430460623704\">@BabyGuinness</a>hi","listText":"<a 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