错了那么多次为啥非_老虎社区_美港股上老虎 - 老虎社区

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08-27 18:32

错了那么多次为啥非要继续报道

“大空头”Michael Burry买入英伟达看涨期权“对冲”，同时加码做空

Burry在社交平台Substack中披露，英伟达财报前买入12月到期、行权价200美元中高区间的看涨期权（占组合3.5%-4%），但强调这仅用于“对冲其空头敞口”而非看多。他认为英伟达垄断优势难持久且AI资本开支将挤压回报，目前其做空英伟达、甲骨文等多只股票的空头仓位已超投资组合的21%。

“大空头”Michael Burry买入英伟达看涨期权“对冲”，同时加码做空

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

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圆头蝴蝶
·08-27 21:20
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style=\"text-align: justify;\">他将英伟达AI扩张与安然的融资结构相提并论，并此前在Substack发文指出，当前AI基础设施投资热潮中，大量资本开支并未对应真实终端需求，而是通过不透明融资结构自我循环，存在系统性高估风险。</p><h2 id=\"21\">空头仓位全面扩张，超过组合21%</h2><p style=\"text-align: justify;\"><strong>Burry本周加码做空了英伟达、甲骨文、Palantir、Nebius和卡特彼勒。其空头股票仓位（不含看跌期权）目前已超过整体投资组合的21%。</strong></p><p style=\"text-align: justify;\">与此同时，他也在多头方向积累仓位。他以30美元中段价格加仓Birkenstock（BIRK），称已建成完整仓位；以5美元中段加仓房地美（Freddie Mac，FMCC），并表示在房利美（Fannie Mae）持有大额仓位。</p><p style=\"text-align: justify;\">从更长周期看，Burry今年的多空策略承受着明显的市场压力。截至目前，他做空的英伟达年内累计上涨逾12%，Nebius更飙涨逾150%；而他做多的Palantir年内下跌近5%，甲骨文跌逾23%。</p><p style=\"text-align: justify;\">在交易层面持续承压的背景下，其Substack付费订阅通讯&#34;Cassandra Unchained&#34;上线231天已突破30万订阅者，按年费379美元测算，理论年收入约1.137亿美元，成为其另一条引人关注的收益线。</p></body></html>","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\" 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style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-08-27 16:30</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><p>Michael Burry在Substack披露，他在财报前买入了英伟达12月到期的看涨期权（行权价200多美元中高段，占组合3.5%-4%），但强调这仅为“对冲”而非看多。同时，他目前做空英伟达、甲骨文等多只股票的空头仓位已超组合的21%，因其认为英伟达垄断难持久、资本开支将挤压回报。</p></blockquote><p style=\"text-align: justify;\">英伟达财报前夕，长期看空者Michael Burry罕见出手买入该股看涨期权，但他明确表示这不过是一次&#34;对冲&#34;，其看空立场依然未变。</p><p style=\"text-align: justify;\">据StockTwits 27日报道，Burry在社交平台Substack中披露，<strong>已买入12月到期、行权价位于200美元中高区间的英伟达看涨期权，并将该仓位定性为对冲其庞大空头敞口的工具。</strong></p><p style=\"text-align: justify;\">与此同时，<strong>他进一步加码做空英伟达、甲骨文（Oracle）、Palantir、Nebius和卡特彼勒（Caterpillar），目前其空头股票仓位（不含看跌期权）已超过整体投资组合的21%。</strong></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0064e6fee69bedad1c0a7a4ab36141d9\" tg-width=\"1024\" tg-height=\"1039\"/></p><p style=\"text-align: justify;\"><strong>面对这种“一边加码做空、一边买看涨期权”的操作，Burry特别澄清这并非看好股价：</strong>“我做这笔交易并不是为了靠上涨获利。”他表示，如果不是自己手中握有庞大的做空和看跌期权（Put）头寸，他根本不会买入看涨期权。买看涨期权虽然支付了权利金，但已被其做空头寸的收益完全抵消。目前这笔涨期权仓位约占其投资组合的3.5%至4%。</p><p style=\"text-align: justify;\">而这种&#34;Buying Calls as Hedge against a massive Short&#34;的期权组合策略，本质上是在&#34;扩大做空规模&#34;的同时，花了一小笔钱买了一份&#34;防暴涨保险&#34;，其整体的实际空头头寸（Short Position）反而是在增加的。</p><p style=\"text-align: justify;\">他坦言，历史上他在财报前围绕空头仓位使用此类策略，但承认&#34;过往记录并不出色&#34;。他同时指出，英伟达近期财报后的股价走势&#34;跌多涨少&#34;，而即将公布的财报结果&#34;不过是一次掷硬币&#34;。&#34;市场并不相信，&#34;他写道，&#34;今天或许会暂时重建信心，但也只是暂时的。&#34;</p><h2 id=\"c4b9bca\">估值逻辑：垄断优势将尽，盈利面临冲击</h2><p style=\"text-align: justify;\">尽管Burry承认英伟达表面上市盈率偏低、且坐拥垄断定价权，看似&#34;明显低估&#34;，但他认为这一表象具有误导性。</p><p style=\"text-align: justify;\">他的核心论点在于：<strong>英伟达的垄断地位存续时间将短于市场预期，盈利利润率随之下滑；公司&#34;不会向股东分配足够的回报&#34;，资本将更多流向资本开支和多元化投资；而其在&#34;泡沫顶部附近及穿越顶部&#34;的持续投入，可能在&#34;并不遥远的未来&#34;导致盈利出现&#34;惊人的下滑&#34;。</strong></p><p style=\"text-align: justify;\">他将英伟达AI扩张与安然的融资结构相提并论，并此前在Substack发文指出，当前AI基础设施投资热潮中，大量资本开支并未对应真实终端需求，而是通过不透明融资结构自我循环，存在系统性高估风险。</p><h2 id=\"21\">空头仓位全面扩张，超过组合21%</h2><p style=\"text-align: justify;\"><strong>Burry本周加码做空了英伟达、甲骨文、Palantir、Nebius和卡特彼勒。其空头股票仓位（不含看跌期权）目前已超过整体投资组合的21%。</strong></p><p style=\"text-align: justify;\">与此同时，他也在多头方向积累仓位。他以30美元中段价格加仓Birkenstock（BIRK），称已建成完整仓位；以5美元中段加仓房地美（Freddie Mac，FMCC），并表示在房利美（Fannie Mae）持有大额仓位。</p><p style=\"text-align: justify;\">从更长周期看，Burry今年的多空策略承受着明显的市场压力。截至目前，他做空的英伟达年内累计上涨逾12%，Nebius更飙涨逾150%；而他做多的Palantir年内下跌近5%，甲骨文跌逾23%。</p><p style=\"text-align: justify;\">在交易层面持续承压的背景下，其Substack付费订阅通讯&#34;Cassandra Unchained&#34;上线231天已突破30万订阅者，按年费379美元测算，理论年收入约1.137亿美元，成为其另一条引人关注的收益线。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/71cd54827eeee4802f0d242902de8bb3","relate_stocks":{"CHAT":"ROUNDHILL GENERATIVE AI & TECHNOLOGY ETF","NVDG":"2倍做多NVDA ETF- Leverage Shares","NVDL":"2倍做多NVDA 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27日报道，Burry在社交平台Substack中披露，已买入12月到期、行权价位于200美元中高区间的英伟达看涨期权，并将该仓位定性为对冲其庞大空头敞口的工具。与此同时，他进一步加码做空英伟达、甲骨文（Oracle）、Palantir、Nebius和卡特彼勒（Caterpillar），目前其空头股票仓位（不含看跌期权）已超过整体投资组合的21%。面对这种“一边加码做空、一边买看涨期权”的操作，Burry特别澄清这并非看好股价：“我做这笔交易并不是为了靠上涨获利。”他表示，如果不是自己手中握有庞大的做空和看跌期权（Put）头寸，他根本不会买入看涨期权。买看涨期权虽然支付了权利金，但已被其做空头寸的收益完全抵消。目前这笔涨期权仓位约占其投资组合的3.5%至4%。而这种\"Buying Calls as Hedge against a massive Short\"的期权组合策略，本质上是在\"扩大做空规模\"的同时，花了一小笔钱买了一份\"防暴涨保险\"，其整体的实际空头头寸（Short Position）反而是在增加的。他坦言，历史上他在财报前围绕空头仓位使用此类策略，但承认\"过往记录并不出色\"。他同时指出，英伟达近期财报后的股价走势\"跌多涨少\"，而即将公布的财报结果\"不过是一次掷硬币\"。\"市场并不相信，\"他写道，\"今天或许会暂时重建信心，但也只是暂时的。\"估值逻辑：垄断优势将尽，盈利面临冲击尽管Burry承认英伟达表面上市盈率偏低、且坐拥垄断定价权，看似\"明显低估\"，但他认为这一表象具有误导性。他的核心论点在于：英伟达的垄断地位存续时间将短于市场预期，盈利利润率随之下滑；公司\"不会向股东分配足够的回报\"，资本将更多流向资本开支和多元化投资；而其在\"泡沫顶部附近及穿越顶部\"的持续投入，可能在\"并不遥远的未来\"导致盈利出现\"惊人的下滑\"。他将英伟达AI扩张与安然的融资结构相提并论，并此前在Substack发文指出，当前AI基础设施投资热潮中，大量资本开支并未对应真实终端需求，而是通过不透明融资结构自我循环，存在系统性高估风险。空头仓位全面扩张，超过组合21%Burry本周加码做空了英伟达、甲骨文、Palantir、Nebius和卡特彼勒。其空头股票仓位（不含看跌期权）目前已超过整体投资组合的21%。与此同时，他也在多头方向积累仓位。他以30美元中段价格加仓Birkenstock（BIRK），称已建成完整仓位；以5美元中段加仓房地美（Freddie Mac，FMCC），并表示在房利美（Fannie Mae）持有大额仓位。从更长周期看，Burry今年的多空策略承受着明显的市场压力。截至目前，他做空的英伟达年内累计上涨逾12%，Nebius更飙涨逾150%；而他做多的Palantir年内下跌近5%，甲骨文跌逾23%。在交易层面持续承压的背景下，其Substack付费订阅通讯\"Cassandra 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