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2021-06-12

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AMC Bet by Hedge Fund Unravels Thanks to Meme-Stock Traders<blockquote>由于模因股票交易员，对冲基金的 AMC 押注瓦解</blockquote>

Losses by Mudrick Capital show the risks of exposure to meme stocks. A multipronged bet onAMC Enter

AMC Bet by Hedge Fund Unravels Thanks to Meme-Stock Traders<blockquote>由于模因股票交易员，对冲基金的 AMC 押注瓦解</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":186296675,"tweetId":"186296675","gmtCreate":1623499474597,"gmtModify":1634032341404,"author":{"id":3577964356427075,"idStr":"3577964356427075","authorId":3577964356427075,"authorIdStr":"3577964356427075","name":"GCSoh","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":1,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>Tell me your opinion about this news...</body></html>","htmlText":"<html><head></head><body>Tell me your opinion about this news...</body></html>","text":"Tell me your opinion about this news...","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/186296675","repostId":1104635261,"repostType":4,"repost":{"id":"1104635261","kind":"news","pubTimestamp":1623470020,"share":"https://www.laohunote.com/m/news/1104635261?lang=zh_CN&edition=full","pubTime":"2021-06-12 11:53","market":"us","language":"en","title":"AMC Bet by Hedge Fund Unravels Thanks to Meme-Stock Traders<blockquote>由于模因股票交易员，对冲基金的 AMC 押注瓦解</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104635261","media":"The Wall Street Journal","summary":"Losses by Mudrick Capital show the risks of exposure to meme stocks.\n\nA multipronged bet onAMC Enter","content":" Losses by Mudrick Capital show the risks of exposure to meme stocks. A multipronged bet onAMC Entertainment HoldingsInc.AMC15.39%boomeranged this month on Mudrick Capital Management LP, the latest hedge fund to fall victim to swarming day traders.<blockquote>Mudrick Capital 的亏损显示了投资模因股票的风险。多管齐下的赌注 onAMC Entertainment HoldingsInc.AMC15.39% 本月对 Mudrick Capital Management LP 进行了回旋镖，Mudrick Capital Management LP 是最新一家成为日内交易者受害者的对冲基金。</blockquote> Mudrick’s flagship fund lost about 10% in just a few days as a jump in AMC’s stock price unexpectedly triggered changes in the value of derivatives the fund held as part of a complex trading strategy, people familiar with the matter said.<blockquote>知情人士称，穆德里克的旗舰基金在短短几天内损失了约 10%，原因是 AMC 股价的飙升意外引发了该基金作为复杂交易策略一部分持有的衍生品价值的变化。</blockquote> The setback comes months after a group of traders organizing on social media helped send the price ofGameStopCorp.GME5.88%and other stocks soaring in January, well beyond many investors’ views of underlying fundamentals.<blockquote>几个月前，一群在社交媒体上组织的交易员帮助 GameStopCorp.GME5.88% 和其他股票的价格在 1 月份飙升，远远超出了许多投资者对基本面的看法。</blockquote> The development prompted many hedge funds to slash their exposure to meme stocks. Mudrick Capital’s losses highlight how risky retaining significant exposure to such companies can be—even backfiring on a hedge-fund manager who was mostly in sync with the bullishness of individual investors.<blockquote>这一事态发展促使许多对冲基金削减了对模因股票的投资。穆德里克资本（Mudrick Capital）的亏损凸显了保留对此类公司的大量投资风险有多大--甚至会对一家与个人投资者的看涨情绪基本同步的对冲基金经理产生适得其反的效果。</blockquote> Jason Mudrick, the firm’s founder, had been trading AMC stock, options and bonds for months, surfing a surge of enthusiasm for the theater chain among individual investors. But he also sold call options, derivative contracts meant to hedge the fund’s exposure to AMC should the stock price founder. Those derivative contracts, which gave its buyers the right to buy AMC stock from Mudrick at roughly $40 in the future, ballooned into liabilities when a resurgence ofReddit-fueled buyingrecently pushed AMC’s stock to new records, the people said.<blockquote>该公司创始人杰森-穆德里克（Jason Mudrick）几个月来一直在交易 AMC 的股票、期权和债券，这激发了个人投资者对这家连锁影院的热情。但他也出售了看涨期权期权，这是一种衍生品合约，旨在对冲该基金对 AMC 的风险敞口。这些知情人士说，这些衍生品合约赋予买家未来以约 40 美元的价格从穆德里克手中购买 AMC 股票的权利，但最近 Reddit 推动的购买活动卷土重来，将 AMC 的股价推向了新纪录，这些衍生品合约却膨胀成了负债。</blockquote> As part of the broader AMC strategy, executives at Mudrick Capital were in talks with AMC to buy additional shares from the company in late May. On June 1, AMC disclosed that Mudrick Capital had agreed to buy $230.5 million of new stock directly from the company at $27.12 apiece, a premium over where it was then trading.<blockquote>作为更广泛的 AMC 战略的一部分，Mudrick Capital 的高管正在与 AMC 进行谈判，计划于 5 月下旬从该公司购买更多股票。 6 月 1 日，AMC 披露，Mudrick Capital 已同意以每股 27.12 美元的价格直接从该公司购买 2.305 亿美元的新股，高于当时的交易价格。</blockquote> Mudrick immediately sold the stock at a profit, a quick flip that was reported by Bloomberg News and that sparked backlash on social media.<blockquote>穆德里克立即出售了这只股票获利，彭博新闻社报道了这一快速转变，并在社交媒体上引发了强烈反对。</blockquote> “Mudrick didn’t stab AMC in the back…They shot themselves in the foot,” read one post on Reddit’s Wall Street Bets forum on June 1. Other posts around that time referenced Mudrick as “losers,” “scum bags” and “a large waving pile of s—t with no future.” Members of the forum urged each other to buy and hold.<blockquote>6 月 1 日，Reddit 华尔街投注论坛上的一篇帖子写道：“穆德里克没有在背后捅AMC一刀.他们搬起石头砸了自己的脚。”当时的其他帖子将穆德里克称为 “失败者”、“人渣袋”和 “一大堆没有未来的 S-T”。论坛成员互相敦促买入并持有。</blockquote> Inside Mudrick, executives were growing apprehensive as the AMC rally gained steam. The firm’s risk committee met on the evening of June 1 after the stock closed at $32 and decided to exit all debt and derivative positions the following day.<blockquote>在穆德里克内部，随着 AMC 反弹势头的增强，高管们越来越担心。6 月 1 日晚，该公司的风险委员会在股价收于 32 美元后召开会议，决定在第二天退出所有债务和衍生品头寸。</blockquote> It was a day too late.<blockquote>已经晚了一天。</blockquote> AMC’s stock price blew past $40in a matter of hours June 2, hitting an intraday high of $72.62.Call option prices soaredamid a frenzy of trading that Mudrick Capital contributed to and, by the end of the week, the winning trade had turned into a bust, costing the fund hundreds of millions of dollars in losses. Mudrick Capital made a roughly 5% return on the debt it sold but after accounting for its options trade, the fund took a net loss of about 5.4% on AMC.<blockquote>6 月 2 日，AMC 的股价在几个小时内就突破了 40 美元，盘中最高触及 72.62 美元。看涨期权期权价格在穆德里克资本推动的交易狂潮中飙升，到本周末，获胜的交易变成了破产，该基金损失了数亿美元。Mudrick Capital 出售的债务回报率约为 5%，但在考虑其期权交易后，该基金在 AMC 上净亏损约 5.4%。</blockquote> Mr. Mudrick’s fund is still up about 12% for the year, one of the people said. Meanwhile, investors who bought AMC stock at the start of the year and held on have gained about 2000%.<blockquote>其中一位人士说，穆德里克先生的基金今年仍上涨了约 12%。与此同时，年初购买 AMC 股票并持有的投资者上涨了约 2000%。</blockquote> The impact of social media-fueled day traders has become a defining market development this year, costing top hedge funds billions of dollars in losses, sparking a congressional hearing anddrawing scrutinyfrom the U.S. Securities and Exchange Commission. More hedge funds now track individual investors’ sentiment on social media and pay greater attention to companies with smaller market values whose stock price may be more susceptible to the enthusiasms of individual investors.<blockquote>社交媒体推动的日内交易者的影响已成为今年市场的一个决定性发展，导致顶级对冲基金损失数十亿美元，引发了国会听证会，并引起了美国证券交易委员会的审查。现在，越来越多的对冲基金在社交媒体上追踪个人投资者的情绪，并更加关注市值较小的公司，这些公司的股价可能更容易受到个人投资者热情的影响。</blockquote> Mr. Mudrick specializes in distressed debt investing, often lending to troubled companies at high interest rates or swapping their existing debt for equity in bankruptcy court. Mudrick manages about $3.5 billion in investments firmwide and holds large, illiquid stakes in E-cigarette maker NJOY Holdings Inc. and satellite communications companyGlobalstarInc.from such exchanges. The flagship fund reported returns of about 17% annually from 2018 to 2020, according to data from HSBC Alternative Investment Group.<blockquote>穆德里克专门从事不良债务投资，经常以高利率贷款给陷入困境的公司，或者在破产法庭上将现有债务换成股权。穆德里克管理着全公司约 35 亿美元的投资，并持有电子烟制造商 NJOY Holdings Inc. 和卫星通信公司 GlobalStarInc. 的大量非流动性股份。根据汇丰另类投资集团的数据，该旗舰基金报告称，从2018年到2020年，年回报率约为17%。</blockquote> But distressed investing opportunities have grownharder to findas easy money from the Federal Reserve has given even struggling companies open access to debt markets. Mr. Mudrick has explored other strategies, launching several special-purpose acquisition companiesand, in the case of AMC, ultimately buying stock in block trades.<blockquote>但陷入困境的投资机会让 findas 变得更加困难。美联储提供的宽松资金甚至让陷入困境的公司也可以进入债务市场。穆德里克先生还探索了其他策略，推出了几家特殊目的收购公司，就 AMC 而言，最终通过大宗交易购买股票。</blockquote> Mr. Mudrick initially applied his typical playbook to AMC, buying bonds for as little as 20 cents on the dollar,lending the company $100 millionin December and swapping some bonds into new shares. Theater attendance, already under pressure, had disappeared almost entirely amid Covid-19 pandemic lockdowns, and AMC stock traded as low as $2. He reasoned that consumers would regain their appetite for big-screen entertainment this year as more Americans got vaccinated.<blockquote>穆德里克最初将他的典型策略应用于 AMC，以每美元 20 美分的价格购买债券，在 12 月份借给该公司 1 亿美元，并将部分债券交换为新股。在 Covid-19 大流行封锁期间，本已面临压力的影院上座率几乎完全消失，AMC 股价低至 2 美元。他推断，随着越来越多的美国人接种疫苗，消费者今年将重新对大屏幕娱乐产生兴趣。</blockquote> Day traders took theirfirst run at AMC in late January, urging each other on with the social-media rallying cry of #SaveAMC and briefly lifting the stock to around $20. AMC’s rising equity value boosted debt prices—one bond Mudrick Capital owned doubled within a week—quickly rewarding Mr. Mudrick’s bullishness. AMC capitalized on its surging stock priceto raise nearly $1 billion in new financingin late January, enabling it to ward off a previously expected bankruptcy filing.<blockquote>1 月下旬，日内交易者首次涌入 AMC，在社交媒体上互相敦促#SaveAMC，并短暂地将股价提升至 20 美元左右。AMC 股权价值的上升推高了债券价格--穆德里克资本持有的一只债券在一周内翻了一番--很快就回报了穆德里克先生的乐观情绪。AMC 利用其飙升的股价，在 1 月下旬筹集了近 10 亿美元的新融资，使其能够避免此前预期的破产申请。</blockquote> Around that time, Mr. Mudrick sold call options on AMC stock, producing immediate income to offset potential losses if the theater chain did face problems. The derivatives gave buyers the option to buy AMC shares from Mudrick Capital for about $40—viewed as a seeming improbability when the stock was trading below $10.<blockquote>大约在那个时候，穆德里克出售了 AMC 股票的看涨期权期权，产生了即时收入，以抵消连锁影院确实面临问题时的潜在损失。这些衍生品让买家可以选择以约 40 美元的价格从 Mudrick Capital 购买 AMC 股票——当股价低于 10 美元时，这似乎不太可能。</blockquote> Mr. Mudrick remained in contact with AMC Chief Executive Adam Aron about providing additional funding, leading to his recent share purchase. But he kept the derivative contracts outstanding as an insurance policy, one of the people familiar with the matter said.<blockquote>穆德里克先生与 AMC 首席执行官亚当·阿伦 (Adam Aron) 就提供额外资金事宜保持联系，导致他最近购买了股票。但一位知情人士表示，他将衍生品合约作为保险单保留。</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>AMC Bet by Hedge Fund Unravels Thanks to Meme-Stock Traders<blockquote>由于模因股票交易员，对冲基金的 AMC 押注瓦解</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\">\nAMC Bet by Hedge Fund Unravels Thanks to Meme-Stock Traders<blockquote>由于模因股票交易员，对冲基金的 AMC 押注瓦解</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-06-12 11:53\n\n</h4>\n</header>\n<article>\n Losses by Mudrick Capital show the risks of exposure to meme stocks. A multipronged bet onAMC Entertainment HoldingsInc.AMC15.39%boomeranged this month on Mudrick Capital Management LP, the latest hedge fund to fall victim to swarming day traders.<blockquote>Mudrick Capital 的亏损显示了投资模因股票的风险。多管齐下的赌注 onAMC Entertainment HoldingsInc.AMC15.39% 本月对 Mudrick Capital Management LP 进行了回旋镖，Mudrick Capital Management LP 是最新一家成为日内交易者受害者的对冲基金。</blockquote> Mudrick’s flagship fund lost about 10% in just a few days as a jump in AMC’s stock price unexpectedly triggered changes in the value of derivatives the fund held as part of a complex trading strategy, people familiar with the matter said.<blockquote>知情人士称，穆德里克的旗舰基金在短短几天内损失了约 10%，原因是 AMC 股价的飙升意外引发了该基金作为复杂交易策略一部分持有的衍生品价值的变化。</blockquote> The setback comes months after a group of traders organizing on social media helped send the price ofGameStopCorp.GME5.88%and other stocks soaring in January, well beyond many investors’ views of underlying fundamentals.<blockquote>几个月前，一群在社交媒体上组织的交易员帮助 GameStopCorp.GME5.88% 和其他股票的价格在 1 月份飙升，远远超出了许多投资者对基本面的看法。</blockquote> The development prompted many hedge funds to slash their exposure to meme stocks. Mudrick Capital’s losses highlight how risky retaining significant exposure to such companies can be—even backfiring on a hedge-fund manager who was mostly in sync with the bullishness of individual investors.<blockquote>这一事态发展促使许多对冲基金削减了对模因股票的投资。穆德里克资本（Mudrick Capital）的亏损凸显了保留对此类公司的大量投资风险有多大--甚至会对一家与个人投资者的看涨情绪基本同步的对冲基金经理产生适得其反的效果。</blockquote> Jason Mudrick, the firm’s founder, had been trading AMC stock, options and bonds for months, surfing a surge of enthusiasm for the theater chain among individual investors. But he also sold call options, derivative contracts meant to hedge the fund’s exposure to AMC should the stock price founder. Those derivative contracts, which gave its buyers the right to buy AMC stock from Mudrick at roughly $40 in the future, ballooned into liabilities when a resurgence ofReddit-fueled buyingrecently pushed AMC’s stock to new records, the people said.<blockquote>该公司创始人杰森-穆德里克（Jason Mudrick）几个月来一直在交易 AMC 的股票、期权和债券，这激发了个人投资者对这家连锁影院的热情。但他也出售了看涨期权期权，这是一种衍生品合约，旨在对冲该基金对 AMC 的风险敞口。这些知情人士说，这些衍生品合约赋予买家未来以约 40 美元的价格从穆德里克手中购买 AMC 股票的权利，但最近 Reddit 推动的购买活动卷土重来，将 AMC 的股价推向了新纪录，这些衍生品合约却膨胀成了负债。</blockquote> As part of the broader AMC strategy, executives at Mudrick Capital were in talks with AMC to buy additional shares from the company in late May. On June 1, AMC disclosed that Mudrick Capital had agreed to buy $230.5 million of new stock directly from the company at $27.12 apiece, a premium over where it was then trading.<blockquote>作为更广泛的 AMC 战略的一部分，Mudrick Capital 的高管正在与 AMC 进行谈判，计划于 5 月下旬从该公司购买更多股票。 6 月 1 日，AMC 披露，Mudrick Capital 已同意以每股 27.12 美元的价格直接从该公司购买 2.305 亿美元的新股，高于当时的交易价格。</blockquote> Mudrick immediately sold the stock at a profit, a quick flip that was reported by Bloomberg News and that sparked backlash on social media.<blockquote>穆德里克立即出售了这只股票获利，彭博新闻社报道了这一快速转变，并在社交媒体上引发了强烈反对。</blockquote> “Mudrick didn’t stab AMC in the back…They shot themselves in the foot,” read one post on Reddit’s Wall Street Bets forum on June 1. Other posts around that time referenced Mudrick as “losers,” “scum bags” and “a large waving pile of s—t with no future.” Members of the forum urged each other to buy and hold.<blockquote>6 月 1 日，Reddit 华尔街投注论坛上的一篇帖子写道：“穆德里克没有在背后捅AMC一刀.他们搬起石头砸了自己的脚。”当时的其他帖子将穆德里克称为 “失败者”、“人渣袋”和 “一大堆没有未来的 S-T”。论坛成员互相敦促买入并持有。</blockquote> Inside Mudrick, executives were growing apprehensive as the AMC rally gained steam. The firm’s risk committee met on the evening of June 1 after the stock closed at $32 and decided to exit all debt and derivative positions the following day.<blockquote>在穆德里克内部，随着 AMC 反弹势头的增强，高管们越来越担心。6 月 1 日晚，该公司的风险委员会在股价收于 32 美元后召开会议，决定在第二天退出所有债务和衍生品头寸。</blockquote> It was a day too late.<blockquote>已经晚了一天。</blockquote> AMC’s stock price blew past $40in a matter of hours June 2, hitting an intraday high of $72.62.Call option prices soaredamid a frenzy of trading that Mudrick Capital contributed to and, by the end of the week, the winning trade had turned into a bust, costing the fund hundreds of millions of dollars in losses. Mudrick Capital made a roughly 5% return on the debt it sold but after accounting for its options trade, the fund took a net loss of about 5.4% on AMC.<blockquote>6 月 2 日，AMC 的股价在几个小时内就突破了 40 美元，盘中最高触及 72.62 美元。看涨期权期权价格在穆德里克资本推动的交易狂潮中飙升，到本周末，获胜的交易变成了破产，该基金损失了数亿美元。Mudrick Capital 出售的债务回报率约为 5%，但在考虑其期权交易后，该基金在 AMC 上净亏损约 5.4%。</blockquote> Mr. Mudrick’s fund is still up about 12% for the year, one of the people said. Meanwhile, investors who bought AMC stock at the start of the year and held on have gained about 2000%.<blockquote>其中一位人士说，穆德里克先生的基金今年仍上涨了约 12%。与此同时，年初购买 AMC 股票并持有的投资者上涨了约 2000%。</blockquote> The impact of social media-fueled day traders has become a defining market development this year, costing top hedge funds billions of dollars in losses, sparking a congressional hearing anddrawing scrutinyfrom the U.S. Securities and Exchange Commission. More hedge funds now track individual investors’ sentiment on social media and pay greater attention to companies with smaller market values whose stock price may be more susceptible to the enthusiasms of individual investors.<blockquote>社交媒体推动的日内交易者的影响已成为今年市场的一个决定性发展，导致顶级对冲基金损失数十亿美元，引发了国会听证会，并引起了美国证券交易委员会的审查。现在，越来越多的对冲基金在社交媒体上追踪个人投资者的情绪，并更加关注市值较小的公司，这些公司的股价可能更容易受到个人投资者热情的影响。</blockquote> Mr. Mudrick specializes in distressed debt investing, often lending to troubled companies at high interest rates or swapping their existing debt for equity in bankruptcy court. Mudrick manages about $3.5 billion in investments firmwide and holds large, illiquid stakes in E-cigarette maker NJOY Holdings Inc. and satellite communications companyGlobalstarInc.from such exchanges. The flagship fund reported returns of about 17% annually from 2018 to 2020, according to data from HSBC Alternative Investment Group.<blockquote>穆德里克专门从事不良债务投资，经常以高利率贷款给陷入困境的公司，或者在破产法庭上将现有债务换成股权。穆德里克管理着全公司约 35 亿美元的投资，并持有电子烟制造商 NJOY Holdings Inc. 和卫星通信公司 GlobalStarInc. 的大量非流动性股份。根据汇丰另类投资集团的数据，该旗舰基金报告称，从2018年到2020年，年回报率约为17%。</blockquote> But distressed investing opportunities have grownharder to findas easy money from the Federal Reserve has given even struggling companies open access to debt markets. Mr. Mudrick has explored other strategies, launching several special-purpose acquisition companiesand, in the case of AMC, ultimately buying stock in block trades.<blockquote>但陷入困境的投资机会让 findas 变得更加困难。美联储提供的宽松资金甚至让陷入困境的公司也可以进入债务市场。穆德里克先生还探索了其他策略，推出了几家特殊目的收购公司，就 AMC 而言，最终通过大宗交易购买股票。</blockquote> Mr. Mudrick initially applied his typical playbook to AMC, buying bonds for as little as 20 cents on the dollar,lending the company $100 millionin December and swapping some bonds into new shares. Theater attendance, already under pressure, had disappeared almost entirely amid Covid-19 pandemic lockdowns, and AMC stock traded as low as $2. He reasoned that consumers would regain their appetite for big-screen entertainment this year as more Americans got vaccinated.<blockquote>穆德里克最初将他的典型策略应用于 AMC，以每美元 20 美分的价格购买债券，在 12 月份借给该公司 1 亿美元，并将部分债券交换为新股。在 Covid-19 大流行封锁期间，本已面临压力的影院上座率几乎完全消失，AMC 股价低至 2 美元。他推断，随着越来越多的美国人接种疫苗，消费者今年将重新对大屏幕娱乐产生兴趣。</blockquote> Day traders took theirfirst run at AMC in late January, urging each other on with the social-media rallying cry of #SaveAMC and briefly lifting the stock to around $20. AMC’s rising equity value boosted debt prices—one bond Mudrick Capital owned doubled within a week—quickly rewarding Mr. Mudrick’s bullishness. AMC capitalized on its surging stock priceto raise nearly $1 billion in new financingin late January, enabling it to ward off a previously expected bankruptcy filing.<blockquote>1 月下旬，日内交易者首次涌入 AMC，在社交媒体上互相敦促#SaveAMC，并短暂地将股价提升至 20 美元左右。AMC 股权价值的上升推高了债券价格--穆德里克资本持有的一只债券在一周内翻了一番--很快就回报了穆德里克先生的乐观情绪。AMC 利用其飙升的股价，在 1 月下旬筹集了近 10 亿美元的新融资，使其能够避免此前预期的破产申请。</blockquote> Around that time, Mr. Mudrick sold call options on AMC stock, producing immediate income to offset potential losses if the theater chain did face problems. The derivatives gave buyers the option to buy AMC shares from Mudrick Capital for about $40—viewed as a seeming improbability when the stock was trading below $10.<blockquote>大约在那个时候，穆德里克出售了 AMC 股票的看涨期权期权，产生了即时收入，以抵消连锁影院确实面临问题时的潜在损失。这些衍生品让买家可以选择以约 40 美元的价格从 Mudrick Capital 购买 AMC 股票——当股价低于 10 美元时，这似乎不太可能。</blockquote> Mr. Mudrick remained in contact with AMC Chief Executive Adam Aron about providing additional funding, leading to his recent share purchase. But he kept the derivative contracts outstanding as an insurance policy, one of the people familiar with the matter said.<blockquote>穆德里克先生与 AMC 首席执行官亚当·阿伦 (Adam Aron) 就提供额外资金事宜保持联系，导致他最近购买了股票。但一位知情人士表示，他将衍生品合约作为保险单保留。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/amc-bet-by-hedge-fund-unravels-thanks-to-meme-stock-traders-11623431320?mod=markets_lead_pos2\">The Wall Street Journal</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":{"AMC":"AMC院线"},"source_url":"https://www.wsj.com/articles/amc-bet-by-hedge-fund-unravels-thanks-to-meme-stock-traders-11623431320?mod=markets_lead_pos2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104635261","content_text":"Losses by Mudrick Capital show the risks of exposure to meme stocks.\n\nA multipronged bet onAMC Entertainment HoldingsInc.AMC15.39%boomeranged this month on Mudrick Capital Management LP, the latest hedge fund to fall victim to swarming day traders.\nMudrick’s flagship fund lost about 10% in just a few days as a jump in AMC’s stock price unexpectedly triggered changes in the value of derivatives the fund held as part of a complex trading strategy, people familiar with the matter said.\nThe setback comes months after a group of traders organizing on social media helped send the price ofGameStopCorp.GME5.88%and other stocks soaring in January, well beyond many investors’ views of underlying fundamentals.\nThe development prompted many hedge funds to slash their exposure to meme stocks. Mudrick Capital’s losses highlight how risky retaining significant exposure to such companies can be—even backfiring on a hedge-fund manager who was mostly in sync with the bullishness of individual investors.\nJason Mudrick, the firm’s founder, had been trading AMC stock, options and bonds for months, surfing a surge of enthusiasm for the theater chain among individual investors. But he also sold call options, derivative contracts meant to hedge the fund’s exposure to AMC should the stock price founder. Those derivative contracts, which gave its buyers the right to buy AMC stock from Mudrick at roughly $40 in the future, ballooned into liabilities when a resurgence ofReddit-fueled buyingrecently pushed AMC’s stock to new records, the people said.\nAs part of the broader AMC strategy, executives at Mudrick Capital were in talks with AMC to buy additional shares from the company in late May. On June 1, AMC disclosed that Mudrick Capital had agreed to buy $230.5 million of new stock directly from the company at $27.12 apiece, a premium over where it was then trading.\nMudrick immediately sold the stock at a profit, a quick flip that was reported by Bloomberg News and that sparked backlash on social media.\n“Mudrick didn’t stab AMC in the back…They shot themselves in the foot,” read one post on Reddit’s Wall Street Bets forum on June 1. Other posts around that time referenced Mudrick as “losers,” “scum bags” and “a large waving pile of s—t with no future.” Members of the forum urged each other to buy and hold.\nInside Mudrick, executives were growing apprehensive as the AMC rally gained steam. The firm’s risk committee met on the evening of June 1 after the stock closed at $32 and decided to exit all debt and derivative positions the following day.\nIt was a day too late.\nAMC’s stock price blew past $40in a matter of hours June 2, hitting an intraday high of $72.62.Call option prices soaredamid a frenzy of trading that Mudrick Capital contributed to and, by the end of the week, the winning trade had turned into a bust, costing the fund hundreds of millions of dollars in losses. Mudrick Capital made a roughly 5% return on the debt it sold but after accounting for its options trade, the fund took a net loss of about 5.4% on AMC.\nMr. Mudrick’s fund is still up about 12% for the year, one of the people said. Meanwhile, investors who bought AMC stock at the start of the year and held on have gained about 2000%.\nThe impact of social media-fueled day traders has become a defining market development this year, costing top hedge funds billions of dollars in losses, sparking a congressional hearing anddrawing scrutinyfrom the U.S. Securities and Exchange Commission. More hedge funds now track individual investors’ sentiment on social media and pay greater attention to companies with smaller market values whose stock price may be more susceptible to the enthusiasms of individual investors.\nMr. Mudrick specializes in distressed debt investing, often lending to troubled companies at high interest rates or swapping their existing debt for equity in bankruptcy court. Mudrick manages about $3.5 billion in investments firmwide and holds large, illiquid stakes in E-cigarette maker NJOY Holdings Inc. and satellite communications companyGlobalstarInc.from such exchanges. The flagship fund reported returns of about 17% annually from 2018 to 2020, according to data from HSBC Alternative Investment Group.\nBut distressed investing opportunities have grownharder to findas easy money from the Federal Reserve has given even struggling companies open access to debt markets. Mr. Mudrick has explored other strategies, launching several special-purpose acquisition companiesand, in the case of AMC, ultimately buying stock in block trades.\nMr. Mudrick initially applied his typical playbook to AMC, buying bonds for as little as 20 cents on the dollar,lending the company $100 millionin December and swapping some bonds into new shares. Theater attendance, already under pressure, had disappeared almost entirely amid Covid-19 pandemic lockdowns, and AMC stock traded as low as $2. He reasoned that consumers would regain their appetite for big-screen entertainment this year as more Americans got vaccinated.\nDay traders took theirfirst run at AMC in late January, urging each other on with the social-media rallying cry of #SaveAMC and briefly lifting the stock to around $20. AMC’s rising equity value boosted debt prices—one bond Mudrick Capital owned doubled within a week—quickly rewarding Mr. Mudrick’s bullishness. AMC capitalized on its surging stock priceto raise nearly $1 billion in new financingin late January, enabling it to ward off a previously expected bankruptcy filing.\nAround that time, Mr. Mudrick sold call options on AMC stock, producing immediate income to offset potential losses if the theater chain did face problems. The derivatives gave buyers the option to buy AMC shares from Mudrick Capital for about $40—viewed as a seeming improbability when the stock was trading below $10.\nMr. Mudrick remained in contact with AMC Chief Executive Adam Aron about providing additional funding, leading to his recent share purchase. But he kept the derivative contracts outstanding as an insurance policy, one of the people familiar with the matter said.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":1318,"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":33,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}

AMC Bet by Hedge Fund Unravels Thanks to Meme-Stock Traders<blockquote>由于模因股票交易员，对冲基金的 AMC 押注瓦解</blockquote>

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