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2021-06-07

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GameStop’s Most Loyal Shareholders Are in It for the Long Haul, Not the Memes<blockquote>游戏驿站最忠诚的股东是长期参与其中的，而不是迷因</blockquote>

By the time Robert Misener heard about GameStop Corp.’s frenzied rally in January, the meme stock wa

GameStop’s Most Loyal Shareholders Are in It for the Long Haul, Not the Memes<blockquote>游戏驿站最忠诚的股东是长期参与其中的，而不是迷因</blockquote>

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For the 50-year-old Florida resident, it was a signal to buy.<blockquote>当Robert Misener在一月份听说游戏驿站公司的疯狂上涨时，这只meme股票已经在全国范围内引起轰动。对于这位50岁的佛罗里达居民来说，这是一个买入的信号。</blockquote>Mr. Misener, who in the past had largely invested in blue-chip companies, was gripped by a fear of missing out andexcited by talk of squeezing hedge funds. He pulled the trigger, near the top, buying as high $349.48 a share.<blockquote>米塞纳过去主要投资于蓝筹股公司，他担心错过机会，并对挤压对冲基金的言论感到兴奋。他在接近顶部时扣动了扳机，买入了高达每股349.48美元的价格。</blockquote>Then, the videogame retailer’sstock crashed—and crashed hard. Within days, it appeared Mr. Misener’s hopes for big gains had evaporated.<blockquote>然后，这家视频游戏零售商的股票暴跌——而且暴跌得很厉害。几天之内，米塞纳先生获得巨额收益的希望似乎破灭了。</blockquote>Mr. Misener’s story could have ended there. Instead, in February, as GameStop’s stock careened toward $40, Mr. Misener did what at the time seemed unthinkable: He kept buying. Amid the wreckage, he started discovering there was a lot to like about GameStop, he said. He bought in again, and again—seeing it as an investment in the company’s future.<blockquote>米塞纳先生的故事本可以就此结束。相反，今年2月，当游戏驿站股价飙升至40美元时，米塞纳先生做了当时似乎不可想象的事情：他继续买入。他说，在废墟中，他开始发现游戏驿站有很多值得喜欢的地方。他一次又一次地买入——将其视为对公司未来的投资。</blockquote>Today, Mr. Misener has earned more than $18,500 in paper profits from his GameStop position, buoyed in part by a surprise resurgence in meme stocks over the past two weeks. GameStop,AMC Entertainment HoldingsInc.&nbsp;and other stockspopular with individual investors on social mediahave soared and swung wildly in recent sessions, even as the broader stock market has been stuck in place.<blockquote>如今，米塞纳先生从其游戏驿站头寸中赚取了超过18,500美元的账面利润，部分原因是过去两周meme股票意外复苏。游戏驿站、AMC院线控股公司和其他在社交媒体上受到个人投资者欢迎的股票在最近几个交易日飙升并大幅波动，尽管整体股市一直停滞不前。</blockquote>The S&amp;P 500 logged a modest 0.6% advance last week, while GameStop climbed 12%, building on the previous week’s 26% rally. With an outperformance like that, many individual traders say, it is hard not to be loyal.<blockquote>标普500上周小幅上涨0.6%，而游戏驿站在前一周上涨26%的基础上上涨12%。许多个人交易者说，有了这样的优异表现，很难不忠诚。</blockquote>Mr. Misener is one of several traders who have transformed into GameStop true believers, amassing large positions in the stock, with no intention of selling soon. Some, like Mr. Misener, had never stepped foot in a GameStop store or spent much time playing videogames. Now, hardly a day goes by when GameStop isn’t on their minds.<blockquote>米塞纳先生是几位转变为游戏驿站忠实信徒的交易员之一，他们在该股积累了大量头寸，无意很快出售。有些人，比如米塞纳先生，从未踏进过游戏驿站商店，也没有花太多时间玩电子游戏。现在，他们几乎没有一天不想着游戏驿站。</blockquote>Individual investors’ gamble on GameStop earlier this year has often been framed as an impulsive, adrenaline-fueled bet, led byhordes of online traders on Reddit’s WallStreetBets forum. Many don’t deny at least some of that’s true. But many say they have also turned their positions into an opportunity to get in early on a company that they expect will look drastically different in a year’s time.<blockquote>今年早些时候，个人投资者对游戏驿站的押注常常被认为是一场冲动的、肾上腺素刺激的赌注，由Reddit WallStreetBets论坛上的成群结队的在线交易员带头。许多人不否认至少有些是真的。但许多人表示，他们也将自己的职位转化为早期进入一家公司的机会，他们预计这家公司在一年后看起来会截然不同。</blockquote>“Tesla had naysayers andAmazonhad people who were against it, but it’s those two companies, and now GameStop, that are transforming a whole mind-set and methodology for how to do business,” said Mr. Misener, a manager at a technology-services company. “This could be huge.”<blockquote>“特斯拉有反对者，亚马逊也有人反对，但正是这两家公司，以及现在的游戏驿站，正在改变做生意的整个心态和方法，”一家技术服务公司的经理米塞纳先生说。公司。“这可能是巨大的。”</blockquote>Driving that theory for many individual traders is one man who has climbed quickly through GameStop’s ranks: Ryan Cohen, the co-founder of pet-supply retailer Chewy Inc., who has ascended within months from GameStop’s activist investor to the company’s nominee for chairman. Though only in his 30s, Mr. Cohen has been called an e-commerce wunderkind afterselling Chewyto PetSmart Inc. for $3.35 billion—the largest-ever e-commerce deal at the time.<blockquote>对于许多个人交易员来说，推动这一理论的是一个人，他在游戏驿站的队伍中迅速晋升：宠物用品零售商Chewy Inc.的联合创始人瑞恩·科恩(Ryan Cohen)，他在几个月内从游戏驿站的激进投资者晋升为该公司的董事长提名人。尽管只有30多岁，科恩先生在以33.5亿美元的价格出售Chewyto PetSmart Inc.后被称为电子商务神童——这是当时有史以来最大的电子商务交易。</blockquote>Many individual investors are betting Mr. Cohen can replicate that success at GameStop by steering the company into the digital age and away from years of declining revenue and failed experiments. As evidence, some point to GameStop’s recent hires with ties to e-commerce, as well as Mr. Cohen’sNovember letterto GameStop’s board. In that, he emphasized the need for GameStop to become a “technology-driven business” that offers competitive pricing, broad gaming selection, fast shipping and strong customer service.<blockquote>许多个人投资者押注科恩先生可以复制游戏驿站的成功，带领公司进入数字时代，摆脱多年来收入下降和实验失败的局面。作为证据，一些人指出游戏驿站最近与电子商务有关的招聘，以及科恩先生11月写给游戏驿站董事会的信。在其中，他强调游戏驿站需要成为一家“技术驱动型企业”，提供有竞争力的定价、广泛的游戏选择、快速运输和强大的客户服务。</blockquote>In a recent securities filing, GameStop acknowledged the need to respond to the shifting landscape. Making the transition, however, won’t be easy, especially in an industry that is growing increasingly competitive.<blockquote>在最近的一份证券备案文件中，游戏驿站承认需要应对不断变化的形势。然而，实现转型并不容易，尤其是在一个竞争日益激烈的行业。</blockquote>Like other companies, including its meme-stock companion AMC, GameStop is emerging from the challenges of the Covid-19 pandemic with a loyal band of shareholders that it didn’t have a year ago—some of whom could transform into customers. AMC in particular has tried to capitalize on that, announcing last week it would reward investors with a free large popcorn when they attend their first movie at an AMC theater this summer. A day later, however, the movie-theater chain warned investors of the potential for big losses due to the volatility of its stock.<blockquote>与包括其模因股票伙伴AMC在内的其他公司一样，游戏驿站正在摆脱Covid-19大流行的挑战，拥有一群一年前没有的忠诚股东，其中一些人可能会转变为客户。AMC尤其试图利用这一点，上周宣布，当投资者今年夏天在AMC影院观看第一部电影时，将免费奖励他们一份大爆米花。然而一天后，这家连锁电影院警告投资者，由于其股票的波动，可能会遭受巨大损失。</blockquote>Both companies have taken advantage of the meme-stock mania by selling more stock to strengthen their balance sheets. GameStop also announced recently it had taken steps to eliminate its long-term debt.<blockquote>两家公司都利用了模因股票热潮，出售更多股票来增强资产负债表。游戏驿站最近还宣布已采取措施消除长期债务。</blockquote>Many skeptics in the market have warned that a meaningful transformation will take time and that the company has yet to reveal much about specific next steps for how it will reinvent itself. They also have cautioned that GameStop, on a fundamental basis, isn’t worth its current stock price. GameStop shares closed Friday at $248.36, a more than 1,200% increase in 2021 that gives it a market value of roughly $17.5 billion. In contrast, Michael Pachter, a research analyst at Wedbush Securities, has a $39 price target and a sell rating on the stock.<blockquote>市场上的许多怀疑论者警告说，有意义的转型需要时间，而且该公司尚未透露太多有关如何重塑自我的具体后续步骤。他们还警告说，从基本面来看，游戏驿站不值得目前的股价。游戏驿站股价周五收于248.36美元，2021年上涨超过1,200%，市值约为175亿美元。相比之下，Wedbush Securities研究分析师Michael Pachter对该股的目标价为39美元，评级为卖出。</blockquote>“There is a disconnect between fundamentals and valuation,” Mr. Pachter said. “And Ryan Cohen still hasn’t told us what his strategy is. This business is completely different than dog food.”<blockquote>“基本面和估值之间存在脱节，”帕切特先生说。“而且Ryan Cohen仍然没有告诉我们他的策略是什么。这个生意和狗粮完全不同。”</blockquote>Unlike pet supplies, which are typically recurring purchases, Mr. Pachter said, videogame customers don’t tend to buy with as much regularity. Plus, he noted, GameStop still has a vast network of roughly 4,800 stores—and recently announced thecoming departureof Chief Executive George Sherman, who came from a background at other retailers with bricks-and-mortar businesses. Its chief financial officer and other executives also departed this year.<blockquote>帕切特先生说，与通常经常购买的宠物用品不同，电子游戏客户往往不会经常购买。此外，他指出，游戏驿站仍然拥有约4,800家商店的庞大网络，并且最近宣布首席执行官George Sherman即将离职，George Sherman曾在其他拥有实体业务的零售商工作过。其首席财务官和其他高管也于今年离职。</blockquote>Many individual investors say Mr. Cohen’s bold approach with GameStop leadership is what earned their trust. It also simultaneously thrust him to celebrity status on forums like WallStreetBets. There, users frequently call him “Daddy Cohen,” while swapping ideas on the meaning behindhis cryptic tweets. One late February tweet, of a frog emoji and a picture of an ice cream cone fromMcDonald’sCorp., sent individual investors into a frenzy andcoincided with a 104% one-day jumpin GameStop shares.<blockquote>许多个人投资者表示，科恩对游戏驿站领导层的大胆做法赢得了他们的信任。这也同时让他在WallStreetBets等论坛上成为名人。在那里，用户经常在看涨期权上称他为“科恩爸爸”，同时就他神秘的推文背后的含义交换想法。2月底，麦当劳公司发布的一条青蛙表情符号和蛋卷冰淇淋图片的推文让个人投资者陷入疯狂，恰逢游戏驿站股价单日上涨104%。</blockquote>“It’s obvious that he’s been on the Reddit pages, he’s posted stuff on social media, which shows he’s engaging with investors and what they want,” said Thushira Kumarage, a 21-year-old student in Edinburgh who bought GameStop stock in January at the recommendation of friends. He holds about 180 GameStop shares in his brokerage account, steadily adding more from time to time.<blockquote>爱丁堡21岁的学生图希拉·库马拉奇(Thushira Kumarage)表示：“很明显，他一直在Reddit页面上，他在社交媒体上发布内容，这表明他正在与投资者以及他们想要什么。”一月份在朋友的推荐下购买了游戏驿站股票。他的经纪账户中持有约180股游戏驿站股票，并不时稳步增加。</blockquote>Individual investors say they will be closely watching Wednesday’s first-quarter earnings report in which GameStop is expected to report higher sales from a year earlier, thanks, in part, to the release of new gaming consoles late last year. Many say they will also be watching for any clues out of the company’s annual shareholders meeting the same day.<blockquote>个人投资者表示，他们将密切关注周三发布的第一季度财报，预计游戏驿站将公布比去年同期更高的销售额，这在一定程度上要归功于去年年底新游戏机的发布。许多人表示，他们还将关注同一天公司年度股东大会的任何线索。</blockquote>Some investors said they anticipate that GameStop’s share price could be volatile around Wednesday’s events, especially after last week, when it swung in a range between roughly $227 and $294.<blockquote>一些投资者表示，他们预计游戏驿站股价可能会围绕周三的事件波动，特别是在上周之后，当时股价在大约227美元至294美元之间波动。</blockquote>“My thoughts are incredibly unwavering—I like the company,” said John Evans, 21, who first bought GameStop shares around $14 in December at the recommendation of classmates at the University of California, Santa Barbara. He has since added to his position, including on the stock’s volatile days and expects to hold a few shares—potentially forever—for sentimental value.<blockquote>“我的想法非常坚定——我喜欢这家公司，”21岁的John Evans说。去年12月，在加州大学圣塔芭芭拉分校同学的推荐下，他首次以14美元左右的价格购买了游戏驿站股票。此后，他增加了自己的头寸，包括在该股波动的日子里，并预计将持有一些股票——可能是永远——以获得情感价值。</blockquote>After all, he said, it has been a wild ride—and he is up nearly $40,000 on his GameStop positions.<blockquote>他说，毕竟，这是一次疯狂的旅程——他的游戏驿站头寸增加了近40,000美元。</blockquote>“I’m definitely going to hold,” said Mr. Evans. “I think you can say that to a reasonable degree, this captain will go down with this ship.”<blockquote>“我肯定会坚持下去，”埃文斯先生说。“我想你可以说，在合理的程度上，这位船长将与这艘船一起沉没。”</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>GameStop’s Most Loyal Shareholders Are in It for the Long Haul, Not the Memes<blockquote>游戏驿站最忠诚的股东是长期参与其中的，而不是迷因</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\">\nGameStop’s Most Loyal Shareholders Are in It for the Long Haul, Not the Memes<blockquote>游戏驿站最忠诚的股东是长期参与其中的，而不是迷因</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nwsj2021-06-07 15:38\n\n</h4>\n</header>\n<article>\nBy the time Robert Misener heard about&nbsp;GameStop&nbsp;Corp.’s&nbsp;frenzied rally in January, the meme stock was already well on its way tobecoming a national sensation. For the 50-year-old Florida resident, it was a signal to buy.<blockquote>当Robert Misener在一月份听说游戏驿站公司的疯狂上涨时，这只meme股票已经在全国范围内引起轰动。对于这位50岁的佛罗里达居民来说，这是一个买入的信号。</blockquote>Mr. Misener, who in the past had largely invested in blue-chip companies, was gripped by a fear of missing out andexcited by talk of squeezing hedge funds. He pulled the trigger, near the top, buying as high $349.48 a share.<blockquote>米塞纳过去主要投资于蓝筹股公司，他担心错过机会，并对挤压对冲基金的言论感到兴奋。他在接近顶部时扣动了扳机，买入了高达每股349.48美元的价格。</blockquote>Then, the videogame retailer’sstock crashed—and crashed hard. Within days, it appeared Mr. Misener’s hopes for big gains had evaporated.<blockquote>然后，这家视频游戏零售商的股票暴跌——而且暴跌得很厉害。几天之内，米塞纳先生获得巨额收益的希望似乎破灭了。</blockquote>Mr. Misener’s story could have ended there. Instead, in February, as GameStop’s stock careened toward $40, Mr. Misener did what at the time seemed unthinkable: He kept buying. Amid the wreckage, he started discovering there was a lot to like about GameStop, he said. He bought in again, and again—seeing it as an investment in the company’s future.<blockquote>米塞纳先生的故事本可以就此结束。相反，今年2月，当游戏驿站股价飙升至40美元时，米塞纳先生做了当时似乎不可想象的事情：他继续买入。他说，在废墟中，他开始发现游戏驿站有很多值得喜欢的地方。他一次又一次地买入——将其视为对公司未来的投资。</blockquote>Today, Mr. Misener has earned more than $18,500 in paper profits from his GameStop position, buoyed in part by a surprise resurgence in meme stocks over the past two weeks. GameStop,AMC Entertainment HoldingsInc.&nbsp;and other stockspopular with individual investors on social mediahave soared and swung wildly in recent sessions, even as the broader stock market has been stuck in place.<blockquote>如今，米塞纳先生从其游戏驿站头寸中赚取了超过18,500美元的账面利润，部分原因是过去两周meme股票意外复苏。游戏驿站、AMC院线控股公司和其他在社交媒体上受到个人投资者欢迎的股票在最近几个交易日飙升并大幅波动，尽管整体股市一直停滞不前。</blockquote>The S&amp;P 500 logged a modest 0.6% advance last week, while GameStop climbed 12%, building on the previous week’s 26% rally. With an outperformance like that, many individual traders say, it is hard not to be loyal.<blockquote>标普500上周小幅上涨0.6%，而游戏驿站在前一周上涨26%的基础上上涨12%。许多个人交易者说，有了这样的优异表现，很难不忠诚。</blockquote>Mr. Misener is one of several traders who have transformed into GameStop true believers, amassing large positions in the stock, with no intention of selling soon. Some, like Mr. Misener, had never stepped foot in a GameStop store or spent much time playing videogames. Now, hardly a day goes by when GameStop isn’t on their minds.<blockquote>米塞纳先生是几位转变为游戏驿站忠实信徒的交易员之一，他们在该股积累了大量头寸，无意很快出售。有些人，比如米塞纳先生，从未踏进过游戏驿站商店，也没有花太多时间玩电子游戏。现在，他们几乎没有一天不想着游戏驿站。</blockquote>Individual investors’ gamble on GameStop earlier this year has often been framed as an impulsive, adrenaline-fueled bet, led byhordes of online traders on Reddit’s WallStreetBets forum. Many don’t deny at least some of that’s true. But many say they have also turned their positions into an opportunity to get in early on a company that they expect will look drastically different in a year’s time.<blockquote>今年早些时候，个人投资者对游戏驿站的押注常常被认为是一场冲动的、肾上腺素刺激的赌注，由Reddit WallStreetBets论坛上的成群结队的在线交易员带头。许多人不否认至少有些是真的。但许多人表示，他们也将自己的职位转化为早期进入一家公司的机会，他们预计这家公司在一年后看起来会截然不同。</blockquote>“Tesla had naysayers andAmazonhad people who were against it, but it’s those two companies, and now GameStop, that are transforming a whole mind-set and methodology for how to do business,” said Mr. Misener, a manager at a technology-services company. “This could be huge.”<blockquote>“特斯拉有反对者，亚马逊也有人反对，但正是这两家公司，以及现在的游戏驿站，正在改变做生意的整个心态和方法，”一家技术服务公司的经理米塞纳先生说。公司。“这可能是巨大的。”</blockquote>Driving that theory for many individual traders is one man who has climbed quickly through GameStop’s ranks: Ryan Cohen, the co-founder of pet-supply retailer Chewy Inc., who has ascended within months from GameStop’s activist investor to the company’s nominee for chairman. Though only in his 30s, Mr. Cohen has been called an e-commerce wunderkind afterselling Chewyto PetSmart Inc. for $3.35 billion—the largest-ever e-commerce deal at the time.<blockquote>对于许多个人交易员来说，推动这一理论的是一个人，他在游戏驿站的队伍中迅速晋升：宠物用品零售商Chewy Inc.的联合创始人瑞恩·科恩(Ryan Cohen)，他在几个月内从游戏驿站的激进投资者晋升为该公司的董事长提名人。尽管只有30多岁，科恩先生在以33.5亿美元的价格出售Chewyto PetSmart Inc.后被称为电子商务神童——这是当时有史以来最大的电子商务交易。</blockquote>Many individual investors are betting Mr. Cohen can replicate that success at GameStop by steering the company into the digital age and away from years of declining revenue and failed experiments. As evidence, some point to GameStop’s recent hires with ties to e-commerce, as well as Mr. Cohen’sNovember letterto GameStop’s board. In that, he emphasized the need for GameStop to become a “technology-driven business” that offers competitive pricing, broad gaming selection, fast shipping and strong customer service.<blockquote>许多个人投资者押注科恩先生可以复制游戏驿站的成功，带领公司进入数字时代，摆脱多年来收入下降和实验失败的局面。作为证据，一些人指出游戏驿站最近与电子商务有关的招聘，以及科恩先生11月写给游戏驿站董事会的信。在其中，他强调游戏驿站需要成为一家“技术驱动型企业”，提供有竞争力的定价、广泛的游戏选择、快速运输和强大的客户服务。</blockquote>In a recent securities filing, GameStop acknowledged the need to respond to the shifting landscape. Making the transition, however, won’t be easy, especially in an industry that is growing increasingly competitive.<blockquote>在最近的一份证券备案文件中，游戏驿站承认需要应对不断变化的形势。然而，实现转型并不容易，尤其是在一个竞争日益激烈的行业。</blockquote>Like other companies, including its meme-stock companion AMC, GameStop is emerging from the challenges of the Covid-19 pandemic with a loyal band of shareholders that it didn’t have a year ago—some of whom could transform into customers. AMC in particular has tried to capitalize on that, announcing last week it would reward investors with a free large popcorn when they attend their first movie at an AMC theater this summer. A day later, however, the movie-theater chain warned investors of the potential for big losses due to the volatility of its stock.<blockquote>与包括其模因股票伙伴AMC在内的其他公司一样，游戏驿站正在摆脱Covid-19大流行的挑战，拥有一群一年前没有的忠诚股东，其中一些人可能会转变为客户。AMC尤其试图利用这一点，上周宣布，当投资者今年夏天在AMC影院观看第一部电影时，将免费奖励他们一份大爆米花。然而一天后，这家连锁电影院警告投资者，由于其股票的波动，可能会遭受巨大损失。</blockquote>Both companies have taken advantage of the meme-stock mania by selling more stock to strengthen their balance sheets. GameStop also announced recently it had taken steps to eliminate its long-term debt.<blockquote>两家公司都利用了模因股票热潮，出售更多股票来增强资产负债表。游戏驿站最近还宣布已采取措施消除长期债务。</blockquote>Many skeptics in the market have warned that a meaningful transformation will take time and that the company has yet to reveal much about specific next steps for how it will reinvent itself. They also have cautioned that GameStop, on a fundamental basis, isn’t worth its current stock price. GameStop shares closed Friday at $248.36, a more than 1,200% increase in 2021 that gives it a market value of roughly $17.5 billion. In contrast, Michael Pachter, a research analyst at Wedbush Securities, has a $39 price target and a sell rating on the stock.<blockquote>市场上的许多怀疑论者警告说，有意义的转型需要时间，而且该公司尚未透露太多有关如何重塑自我的具体后续步骤。他们还警告说，从基本面来看，游戏驿站不值得目前的股价。游戏驿站股价周五收于248.36美元，2021年上涨超过1,200%，市值约为175亿美元。相比之下，Wedbush Securities研究分析师Michael Pachter对该股的目标价为39美元，评级为卖出。</blockquote>“There is a disconnect between fundamentals and valuation,” Mr. Pachter said. “And Ryan Cohen still hasn’t told us what his strategy is. This business is completely different than dog food.”<blockquote>“基本面和估值之间存在脱节，”帕切特先生说。“而且Ryan Cohen仍然没有告诉我们他的策略是什么。这个生意和狗粮完全不同。”</blockquote>Unlike pet supplies, which are typically recurring purchases, Mr. Pachter said, videogame customers don’t tend to buy with as much regularity. Plus, he noted, GameStop still has a vast network of roughly 4,800 stores—and recently announced thecoming departureof Chief Executive George Sherman, who came from a background at other retailers with bricks-and-mortar businesses. Its chief financial officer and other executives also departed this year.<blockquote>帕切特先生说，与通常经常购买的宠物用品不同，电子游戏客户往往不会经常购买。此外，他指出，游戏驿站仍然拥有约4,800家商店的庞大网络，并且最近宣布首席执行官George Sherman即将离职，George Sherman曾在其他拥有实体业务的零售商工作过。其首席财务官和其他高管也于今年离职。</blockquote>Many individual investors say Mr. Cohen’s bold approach with GameStop leadership is what earned their trust. It also simultaneously thrust him to celebrity status on forums like WallStreetBets. There, users frequently call him “Daddy Cohen,” while swapping ideas on the meaning behindhis cryptic tweets. One late February tweet, of a frog emoji and a picture of an ice cream cone fromMcDonald’sCorp., sent individual investors into a frenzy andcoincided with a 104% one-day jumpin GameStop shares.<blockquote>许多个人投资者表示，科恩对游戏驿站领导层的大胆做法赢得了他们的信任。这也同时让他在WallStreetBets等论坛上成为名人。在那里，用户经常在看涨期权上称他为“科恩爸爸”，同时就他神秘的推文背后的含义交换想法。2月底，麦当劳公司发布的一条青蛙表情符号和蛋卷冰淇淋图片的推文让个人投资者陷入疯狂，恰逢游戏驿站股价单日上涨104%。</blockquote>“It’s obvious that he’s been on the Reddit pages, he’s posted stuff on social media, which shows he’s engaging with investors and what they want,” said Thushira Kumarage, a 21-year-old student in Edinburgh who bought GameStop stock in January at the recommendation of friends. He holds about 180 GameStop shares in his brokerage account, steadily adding more from time to time.<blockquote>爱丁堡21岁的学生图希拉·库马拉奇(Thushira Kumarage)表示：“很明显，他一直在Reddit页面上，他在社交媒体上发布内容，这表明他正在与投资者以及他们想要什么。”一月份在朋友的推荐下购买了游戏驿站股票。他的经纪账户中持有约180股游戏驿站股票，并不时稳步增加。</blockquote>Individual investors say they will be closely watching Wednesday’s first-quarter earnings report in which GameStop is expected to report higher sales from a year earlier, thanks, in part, to the release of new gaming consoles late last year. Many say they will also be watching for any clues out of the company’s annual shareholders meeting the same day.<blockquote>个人投资者表示，他们将密切关注周三发布的第一季度财报，预计游戏驿站将公布比去年同期更高的销售额，这在一定程度上要归功于去年年底新游戏机的发布。许多人表示，他们还将关注同一天公司年度股东大会的任何线索。</blockquote>Some investors said they anticipate that GameStop’s share price could be volatile around Wednesday’s events, especially after last week, when it swung in a range between roughly $227 and $294.<blockquote>一些投资者表示，他们预计游戏驿站股价可能会围绕周三的事件波动，特别是在上周之后，当时股价在大约227美元至294美元之间波动。</blockquote>“My thoughts are incredibly unwavering—I like the company,” said John Evans, 21, who first bought GameStop shares around $14 in December at the recommendation of classmates at the University of California, Santa Barbara. He has since added to his position, including on the stock’s volatile days and expects to hold a few shares—potentially forever—for sentimental value.<blockquote>“我的想法非常坚定——我喜欢这家公司，”21岁的John Evans说。去年12月，在加州大学圣塔芭芭拉分校同学的推荐下，他首次以14美元左右的价格购买了游戏驿站股票。此后，他增加了自己的头寸，包括在该股波动的日子里，并预计将持有一些股票——可能是永远——以获得情感价值。</blockquote>After all, he said, it has been a wild ride—and he is up nearly $40,000 on his GameStop positions.<blockquote>他说，毕竟，这是一次疯狂的旅程——他的游戏驿站头寸增加了近40,000美元。</blockquote>“I’m definitely going to hold,” said Mr. Evans. “I think you can say that to a reasonable degree, this captain will go down with this ship.”<blockquote>“我肯定会坚持下去，”埃文斯先生说。“我想你可以说，在合理的程度上，这位船长将与这艘船一起沉没。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/gamestops-most-loyal-shareholders-are-in-it-for-the-long-haul-not-the-memes-11622971801?mod=hp_lead_pos2\">wsj</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":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.wsj.com/articles/gamestops-most-loyal-shareholders-are-in-it-for-the-long-haul-not-the-memes-11622971801?mod=hp_lead_pos2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184303837","content_text":"By the time Robert Misener heard about GameStop Corp.’s frenzied rally in January, the meme stock was already well on its way tobecoming a national sensation. For the 50-year-old Florida resident, it was a signal to buy.Mr. Misener, who in the past had largely invested in blue-chip companies, was gripped by a fear of missing out andexcited by talk of squeezing hedge funds. He pulled the trigger, near the top, buying as high $349.48 a share.Then, the videogame retailer’sstock crashed—and crashed hard. Within days, it appeared Mr. Misener’s hopes for big gains had evaporated.Mr. Misener’s story could have ended there. Instead, in February, as GameStop’s stock careened toward $40, Mr. Misener did what at the time seemed unthinkable: He kept buying. Amid the wreckage, he started discovering there was a lot to like about GameStop, he said. He bought in again, and again—seeing it as an investment in the company’s future.Today, Mr. Misener has earned more than $18,500 in paper profits from his GameStop position, buoyed in part by a surprise resurgence in meme stocks over the past two weeks. GameStop,AMC Entertainment HoldingsInc. and other stockspopular with individual investors on social mediahave soared and swung wildly in recent sessions, even as the broader stock market has been stuck in place.The S&P 500 logged a modest 0.6% advance last week, while GameStop climbed 12%, building on the previous week’s 26% rally. With an outperformance like that, many individual traders say, it is hard not to be loyal.Mr. Misener is one of several traders who have transformed into GameStop true believers, amassing large positions in the stock, with no intention of selling soon. Some, like Mr. Misener, had never stepped foot in a GameStop store or spent much time playing videogames. Now, hardly a day goes by when GameStop isn’t on their minds.Individual investors’ gamble on GameStop earlier this year has often been framed as an impulsive, adrenaline-fueled bet, led byhordes of online traders on Reddit’s WallStreetBets forum. Many don’t deny at least some of that’s true. But many say they have also turned their positions into an opportunity to get in early on a company that they expect will look drastically different in a year’s time.“Tesla had naysayers andAmazonhad people who were against it, but it’s those two companies, and now GameStop, that are transforming a whole mind-set and methodology for how to do business,” said Mr. Misener, a manager at a technology-services company. “This could be huge.”Driving that theory for many individual traders is one man who has climbed quickly through GameStop’s ranks: Ryan Cohen, the co-founder of pet-supply retailer Chewy Inc., who has ascended within months from GameStop’s activist investor to the company’s nominee for chairman. Though only in his 30s, Mr. Cohen has been called an e-commerce wunderkind afterselling Chewyto PetSmart Inc. for $3.35 billion—the largest-ever e-commerce deal at the time.Many individual investors are betting Mr. Cohen can replicate that success at GameStop by steering the company into the digital age and away from years of declining revenue and failed experiments. As evidence, some point to GameStop’s recent hires with ties to e-commerce, as well as Mr. Cohen’sNovember letterto GameStop’s board. In that, he emphasized the need for GameStop to become a “technology-driven business” that offers competitive pricing, broad gaming selection, fast shipping and strong customer service.In a recent securities filing, GameStop acknowledged the need to respond to the shifting landscape. Making the transition, however, won’t be easy, especially in an industry that is growing increasingly competitive.Like other companies, including its meme-stock companion AMC, GameStop is emerging from the challenges of the Covid-19 pandemic with a loyal band of shareholders that it didn’t have a year ago—some of whom could transform into customers. AMC in particular has tried to capitalize on that, announcing last week it would reward investors with a free large popcorn when they attend their first movie at an AMC theater this summer. A day later, however, the movie-theater chain warned investors of the potential for big losses due to the volatility of its stock.Both companies have taken advantage of the meme-stock mania by selling more stock to strengthen their balance sheets. GameStop also announced recently it had taken steps to eliminate its long-term debt.Many skeptics in the market have warned that a meaningful transformation will take time and that the company has yet to reveal much about specific next steps for how it will reinvent itself. They also have cautioned that GameStop, on a fundamental basis, isn’t worth its current stock price. GameStop shares closed Friday at $248.36, a more than 1,200% increase in 2021 that gives it a market value of roughly $17.5 billion. In contrast, Michael Pachter, a research analyst at Wedbush Securities, has a $39 price target and a sell rating on the stock.“There is a disconnect between fundamentals and valuation,” Mr. Pachter said. “And Ryan Cohen still hasn’t told us what his strategy is. This business is completely different than dog food.”Unlike pet supplies, which are typically recurring purchases, Mr. Pachter said, videogame customers don’t tend to buy with as much regularity. Plus, he noted, GameStop still has a vast network of roughly 4,800 stores—and recently announced thecoming departureof Chief Executive George Sherman, who came from a background at other retailers with bricks-and-mortar businesses. Its chief financial officer and other executives also departed this year.Many individual investors say Mr. Cohen’s bold approach with GameStop leadership is what earned their trust. It also simultaneously thrust him to celebrity status on forums like WallStreetBets. There, users frequently call him “Daddy Cohen,” while swapping ideas on the meaning behindhis cryptic tweets. One late February tweet, of a frog emoji and a picture of an ice cream cone fromMcDonald’sCorp., sent individual investors into a frenzy andcoincided with a 104% one-day jumpin GameStop shares.“It’s obvious that he’s been on the Reddit pages, he’s posted stuff on social media, which shows he’s engaging with investors and what they want,” said Thushira Kumarage, a 21-year-old student in Edinburgh who bought GameStop stock in January at the recommendation of friends. He holds about 180 GameStop shares in his brokerage account, steadily adding more from time to time.Individual investors say they will be closely watching Wednesday’s first-quarter earnings report in which GameStop is expected to report higher sales from a year earlier, thanks, in part, to the release of new gaming consoles late last year. Many say they will also be watching for any clues out of the company’s annual shareholders meeting the same day.Some investors said they anticipate that GameStop’s share price could be volatile around Wednesday’s events, especially after last week, when it swung in a range between roughly $227 and $294.“My thoughts are incredibly unwavering—I like the company,” said John Evans, 21, who first bought GameStop shares around $14 in December at the recommendation of classmates at the University of California, Santa Barbara. He has since added to his position, including on the stock’s volatile days and expects to hold a few shares—potentially forever—for sentimental value.After all, he said, it has been a wild ride—and he is up nearly $40,000 on his GameStop positions.“I’m definitely going to hold,” said Mr. Evans. “I think you can say that to a reasonable degree, this captain will go down with this ship.”","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":1683,"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":8,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}