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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>游戏驿站最忠实的股东将长期参与其中，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 听说游戏驿站公司 1 月份的疯狂反弹时，这只备忘录股票已经在全国范围内引起了轰动。对于这位 50 岁的佛罗里达州居民来说，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，他担心错失良机，并对挤压对冲基金的说法感到兴奋。他在顶部附近扣动了扳机，买入了每股 349.48 美元的高价。</blockquote>Then, the videogame retailer’sstock crashed—and crashed hard. Within days, it appeared Mr. Misener’s hopes for big gains had evaporated.<blockquote>随后，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利润的希望似乎破灭了。</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>米塞纳先生的故事可能就此结束。相反，今年 2 月，当游戏驿站的股价飙升至 40 美元时，米塞纳先生做了一件在当时看来不可思议的事情：他继续买入。他说，在残骸中，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--认为这是对公司未来的投资。</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，米塞纳先生从他的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模因股票意外复苏。GameStop、AMC Entertainment HoldingsInc. 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疯狂波动，尽管大盘股市仍停滞不前。</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%，游戏驿站在前一周 26% 的涨幅基础上上涨了 12%。许多个人交易者表示，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真正信徒的交易员之一，他在该股中积累了大量头寸，但无意很快出售。有些人，比如米塞纳先生，从未踏足过游戏驿站商店，也没有花很多时间玩电子游戏。现在，他们几乎每天都在想着游戏驿站。</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，个人投资者在游戏驿站上的赌博往往被认为是一场冲动、肾上腺素激增的赌注，由 Reddit 华尔街投注论坛上的大批在线交易者主导。许多人并不否认其中至少有一部分是真的。但许多人表示，他们也把自己的职位变成了一个机会，可以提前进入一家他们预计一年后会有很大不同的公司。</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>“一家技术服务公司的经理米塞纳先生说：”特斯拉曾有反对者，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，正在改变人们对如何做生意的整个思维模式和方法。“这可能会很大。”</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>推动许多个人交易员这一理论的是一个人，他在游戏驿站的行列中迅速晋升： 瑞恩-科恩（Ryan Cohen）是宠物用品零售商 Chewy Inc.尽管科恩只有 30 多岁，但他已被称为电子商务神童，以 33.5 亿美元的价格将 Chewyto PetSmart Inc. 出售，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，科恩可以带领公司进入数字时代，摆脱多年来收入下降和失败的实验，从而复制游戏驿站的成功。作为证据，一些人指出游戏驿站最近招聘的与电子商务有关的员工，以及科恩先生 11 月写给游戏驿站董事会的信。在这方面，他强调游戏驿站需要成为一家 “技术驱动型企业”，提供有竞争力的价格、广泛的游戏选择、快速的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>在最近的一份证券文件中，游戏驿站承认需要应对不断变化的形势。然而，实现这一转变并不容易，尤其是在一个竞争日益激烈的行业中。</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>与包括其备忘录股票伴侣 AMC 在内的其他公司一样，游戏驿站正在摆脱 Covid-19 大流行病的挑战，拥有一年前还没有的忠实股东群体--其中一些人可能会转化为客户。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，将奖励他们一份免费的大爆米花。然而，一天后，这家连锁影院警告投资者，由于其股票波动，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关于如何重塑自我的具体步骤。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 的研究分析师 Michael Pachter 将该股的目标价定为 39 美元，并给予卖出评级。</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>“Pachter 先生说：”基本面和估值之间存在脱节。“莱恩-科恩还没有告诉我们他的策略是什么。这个行业和狗粮完全不同。”</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>Pachter 先生说，与宠物用品通常是经常性购买不同，电子游戏顾客往往不会经常购买。此外，他指出，游戏驿站仍然拥有约 4,800 家门店的庞大网络，并且最近宣布首席执行官 George Sherman 即将离职，George Sherman 曾在其他实体零售商工作过。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，科恩先生对游戏驿站领导层的大胆态度赢得了他们的信任。这也同时将他推向了华尔街投注等论坛的名人地位。在那里，用户们经常称他为 “科恩爸爸”，同时就这些神秘的推文背后的含义交换意见。2 月底，麦当劳公司（McDonald's Corp.</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-库马拉格（Thushira Kumarage）说：”很明显，他一直在 Reddit 页面上，在社交媒体上发布内容，这表明他正在与投资者互动，以及他们想要的东西。他在经纪账户中持有约 180 股游戏驿站股票，并不时稳步增加更多股票。</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公布的第一季度财报，预计游戏驿站的销售额将比去年同期有所增长，这在一定程度上要归功于去年年底发布的新游戏机。许多人表示，他们还将关注同一天召开的公司年度股东大会上的任何线索。</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，他们预计游戏驿站的股价可能会在周三的事件前后波动，尤其是在上周之后，当时股价在大约 227 美元到 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>21 岁的 John Evans 说：“我的想法非常坚定--我喜欢这家公司。”他在加州大学圣巴巴拉分校同学的推荐下，于 12 月首次以 14 美元左右的价格购买了游戏驿站的股票。此后，他增加了仓位，包括在股票波动的日子里，并希望持有几只股票--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>“埃文斯先生说：”我一定会坚持住。“我想你可以说，在合理的程度上，这位船长会和这艘船一起沉没。”</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>游戏驿站最忠实的股东将长期参与其中，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>游戏驿站最忠实的股东将长期参与其中，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 听说游戏驿站公司 1 月份的疯狂反弹时，这只备忘录股票已经在全国范围内引起了轰动。对于这位 50 岁的佛罗里达州居民来说，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，他担心错失良机，并对挤压对冲基金的说法感到兴奋。他在顶部附近扣动了扳机，买入了每股 349.48 美元的高价。</blockquote>Then, the videogame retailer’sstock crashed—and crashed hard. Within days, it appeared Mr. Misener’s hopes for big gains had evaporated.<blockquote>随后，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利润的希望似乎破灭了。</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>米塞纳先生的故事可能就此结束。相反，今年 2 月，当游戏驿站的股价飙升至 40 美元时，米塞纳先生做了一件在当时看来不可思议的事情：他继续买入。他说，在残骸中，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--认为这是对公司未来的投资。</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，米塞纳先生从他的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模因股票意外复苏。GameStop、AMC Entertainment HoldingsInc. 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疯狂波动，尽管大盘股市仍停滞不前。</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%，游戏驿站在前一周 26% 的涨幅基础上上涨了 12%。许多个人交易者表示，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真正信徒的交易员之一，他在该股中积累了大量头寸，但无意很快出售。有些人，比如米塞纳先生，从未踏足过游戏驿站商店，也没有花很多时间玩电子游戏。现在，他们几乎每天都在想着游戏驿站。</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，个人投资者在游戏驿站上的赌博往往被认为是一场冲动、肾上腺素激增的赌注，由 Reddit 华尔街投注论坛上的大批在线交易者主导。许多人并不否认其中至少有一部分是真的。但许多人表示，他们也把自己的职位变成了一个机会，可以提前进入一家他们预计一年后会有很大不同的公司。</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>“一家技术服务公司的经理米塞纳先生说：”特斯拉曾有反对者，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，正在改变人们对如何做生意的整个思维模式和方法。“这可能会很大。”</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>推动许多个人交易员这一理论的是一个人，他在游戏驿站的行列中迅速晋升： 瑞恩-科恩（Ryan Cohen）是宠物用品零售商 Chewy Inc.尽管科恩只有 30 多岁，但他已被称为电子商务神童，以 33.5 亿美元的价格将 Chewyto PetSmart Inc. 出售，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，科恩可以带领公司进入数字时代，摆脱多年来收入下降和失败的实验，从而复制游戏驿站的成功。作为证据，一些人指出游戏驿站最近招聘的与电子商务有关的员工，以及科恩先生 11 月写给游戏驿站董事会的信。在这方面，他强调游戏驿站需要成为一家 “技术驱动型企业”，提供有竞争力的价格、广泛的游戏选择、快速的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>在最近的一份证券文件中，游戏驿站承认需要应对不断变化的形势。然而，实现这一转变并不容易，尤其是在一个竞争日益激烈的行业中。</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>与包括其备忘录股票伴侣 AMC 在内的其他公司一样，游戏驿站正在摆脱 Covid-19 大流行病的挑战，拥有一年前还没有的忠实股东群体--其中一些人可能会转化为客户。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，将奖励他们一份免费的大爆米花。然而，一天后，这家连锁影院警告投资者，由于其股票波动，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关于如何重塑自我的具体步骤。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 的研究分析师 Michael Pachter 将该股的目标价定为 39 美元，并给予卖出评级。</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>“Pachter 先生说：”基本面和估值之间存在脱节。“莱恩-科恩还没有告诉我们他的策略是什么。这个行业和狗粮完全不同。”</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>Pachter 先生说，与宠物用品通常是经常性购买不同，电子游戏顾客往往不会经常购买。此外，他指出，游戏驿站仍然拥有约 4,800 家门店的庞大网络，并且最近宣布首席执行官 George Sherman 即将离职，George Sherman 曾在其他实体零售商工作过。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，科恩先生对游戏驿站领导层的大胆态度赢得了他们的信任。这也同时将他推向了华尔街投注等论坛的名人地位。在那里，用户们经常称他为 “科恩爸爸”，同时就这些神秘的推文背后的含义交换意见。2 月底，麦当劳公司（McDonald's Corp.</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-库马拉格（Thushira Kumarage）说：”很明显，他一直在 Reddit 页面上，在社交媒体上发布内容，这表明他正在与投资者互动，以及他们想要的东西。他在经纪账户中持有约 180 股游戏驿站股票，并不时稳步增加更多股票。</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公布的第一季度财报，预计游戏驿站的销售额将比去年同期有所增长，这在一定程度上要归功于去年年底发布的新游戏机。许多人表示，他们还将关注同一天召开的公司年度股东大会上的任何线索。</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，他们预计游戏驿站的股价可能会在周三的事件前后波动，尤其是在上周之后，当时股价在大约 227 美元到 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>21 岁的 John Evans 说：“我的想法非常坚定--我喜欢这家公司。”他在加州大学圣巴巴拉分校同学的推荐下，于 12 月首次以 14 美元左右的价格购买了游戏驿站的股票。此后，他增加了仓位，包括在股票波动的日子里，并希望持有几只股票--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>“埃文斯先生说：”我一定会坚持住。“我想你可以说，在合理的程度上，这位船长会和这艘船一起沉没。”</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":710,"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":20,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/114365220"}