Kenneth736
2021-03-24
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Who's at risk if the SPAC frenzy spins out of control<blockquote>如果 SPAC 狂热失控，谁将面临风险</blockquote>
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That jumpstarted a wave of market euphoria that has since fed a boom in unusual activity, from the irrational hype around GameStop shares to a huge bitcoin rally.</p><p><blockquote><b>伦敦（CNN商业频道）-</b>整整一年前，当世界陷入致命的疫情之中时，华尔街抛开了对 Covid-19 的担忧。这引发了一波市场狂热，此后引发了不寻常的活动，从围绕游戏驿站股票的非理性炒作到比特币的大幅反弹。</blockquote></p><p> Sign of the times: Among the most notable indicators of market mania has been the explosion of special-purpose acquisition companies, or SPACs. So-called \"blank check\" firms, which allow investors to back sponsors that then hunt for a private entity to take public, have raised tens of billions of dollars in 2021, an increase of more than 2,000% compared to 2020.</p><p><blockquote>时代的标志：市场狂热最显著的指标之一是特殊目的收购公司（SPAC）的激增。所谓的“空白支票”公司允许投资者支持保荐人，然后寻找私人实体上市，在2021年筹集了数百亿美元，比2020年增长了2000%以上。</blockquote></p><p> The rich and famous have rushed to get involved, from finance types like Bill Ackman to athletes and celebrities such as Colin Kaepernick and Jay-Z.</p><p><blockquote>从比尔·阿克曼这样的金融人士到科林·卡佩尼克和Jay-Z这样的运动员和名人，富人和名人都争先恐后地参与其中。</blockquote></p><p> \"Anybody who's anybody has one,\" said Peter Atwater, an adjunct professor of economics at William & Mary. He compared SPACs to another hot accessory in the world of finance — a Patagonia vest.</p><p><blockquote>“任何人都有一个，”威廉玛丽学院经济学兼职教授彼得·阿特沃特说。他将 SPAC 比作金融界的另一件热门配饰——巴塔哥尼亚背心。</blockquote></p><p> More and more people are sounding the alarm. US regulators have warned that investors shouldn't back SPACs just because there are celebrities attached. Meanwhile, short seller interest in SPACs has jumped, according to data from S3 Partners, indicating that a growing number of traders think the excitement is overblown and share prices are destined to fall.</p><p><blockquote>越来越多的人敲响警钟。美国监管机构警告称，投资者不应仅仅因为有名人参与就支持 SPAC。与此同时，S3 Partners 的数据显示，卖空者对 SPAC 的兴趣激增，这表明越来越多的交易者认为兴奋被夸大了，股价注定会下跌。</blockquote></p><p> Step back: If the SPAC frenzy has gotten out of hand, who pays the price? Experts caution that not everyone will emerge a winner — and some retail investors swept up in the madness could get hurt.</p><p><blockquote>退后一步：如果 SPAC 热潮已经失控，谁来付出代价？专家警告说，并非每个人都会成为赢家，一些陷入疯狂的散户投资者可能会受到伤害。</blockquote></p><p> \"The time for quick money feels like it's now behind us,\" Atwater said.</p><p><blockquote>“赚快钱的时代似乎已经过去了，”阿特沃特说。</blockquote></p><p> One concern is that there's simply too much SPAC money chasing a limited number of solid takeover targets. That could force owners to consider acquiring less mature companies that may not meet lofty expectations for growth, or to enter into agreements that are less profitable.</p><p><blockquote>一个担忧是，有太多的特殊目的收购公司资金在追逐有限数量的可靠收购目标。这可能会迫使所有者考虑收购不太成熟的公司，这些公司可能无法满足很高的增长预期，或者签订利润较低的协议。</blockquote></p><p> \"There is a tremendous number of SPACs being created every day,\" Will Braeutigam, a partner and SPAC leader at Deloitte, told me. \"With so many SPAC sponsors out there bidding on the same companies, the upside value that you think may be there may not be there.\"</p><p><blockquote>“每天都有大量的 SPAC 创建，”德勤合伙人兼 SPAC 负责人 Will Braeutigam 告诉我。“有这么多 SPAC 发起人竞购同一家公司，你认为可能存在的上行价值可能并不存在。”</blockquote></p><p> Guillermo Baygual, co-head of mergers and acquisitions for Europe, the Middle East and Africa at JPMorgan Chase, notes that not all SPACs are created equal. He believes this corner of the market will \"become a more professional asset class over time,\" as investors distinguish between firms with a proven track records and those created just to take advantage of the moment.</p><p><blockquote>摩根大通欧洲、中东和非洲并购联席主管 Guillermo Baygual 指出，并非所有 SPAC 都是平等的。他相信，随着时间的推移，这个市场角落将“成为一个更专业的资产类别”，因为投资者会区分拥有良好业绩记录的公司和那些只是为了利用时机而创建的公司。</blockquote></p><p> In the meantime, everyday investors that haven't been discerning could be left holding the bag, according to Atwater. He pointed to a rush to buy shares of SPACs before takeover targets are even announced.</p><p><blockquote>与此同时，阿特沃特表示，没有洞察力的日常投资者可能会被留下来。他指出，在收购目标公布之前，就有人急于购买 SPAC 的股票。</blockquote></p><p> \"You would think investors would wait to see what [they] buy,\" Atwater said.</p><p><blockquote>“你可能会认为投资者会等着看他们会买什么，”阿特沃特说。</blockquote></p><p> If a target isn't identified, initial investors will get their standard $10 per share back, Atwater explained. But eager investors that want to get in ahead of a deal and pay $20, $30 or $40 per share on the open market are making bets that are purely speculative.</p><p><blockquote>阿特沃特解释说，如果没有确定目标，初始投资者将获得每股 10 美元的标准收益。但急切的投资者希望在交易之前参与，并在公开市场上支付每股 20、30 或 40 美元，他们所做的赌注纯粹是投机性的。</blockquote></p><p> Some SPACs will end up as success stories. But Baygual cautioned that they're not all a sure bet. \"Investors should make their investment decisions on fundamentals,\" he said.</p><p><blockquote>一些SPAC最终会成为成功的故事。但是贝瓜尔警告说，它们并不都是确定的赌注。“投资者应该根据基本面做出投资决策，”他说。</blockquote></p><p></p>","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>Who's at risk if the SPAC frenzy spins out of control<blockquote>如果 SPAC 狂热失控，谁将面临风险</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\">\nWho's at risk if the SPAC frenzy spins out of control<blockquote>如果 SPAC 狂热失控，谁将面临风险</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN Business</strong><span class=\"h-time small\">2021-03-24 23:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>London (CNN Business) - </b>Exactly one year ago, with the world in the grip of a deadly pandemic, Wall Street put its Covid-19 fears aside. That jumpstarted a wave of market euphoria that has since fed a boom in unusual activity, from the irrational hype around GameStop shares to a huge bitcoin rally.</p><p><blockquote><b>伦敦（CNN商业频道）-</b>整整一年前，当世界陷入致命的疫情之中时，华尔街抛开了对 Covid-19 的担忧。这引发了一波市场狂热，此后引发了不寻常的活动，从围绕游戏驿站股票的非理性炒作到比特币的大幅反弹。</blockquote></p><p> Sign of the times: Among the most notable indicators of market mania has been the explosion of special-purpose acquisition companies, or SPACs. So-called \"blank check\" firms, which allow investors to back sponsors that then hunt for a private entity to take public, have raised tens of billions of dollars in 2021, an increase of more than 2,000% compared to 2020.</p><p><blockquote>时代的标志：市场狂热最显著的指标之一是特殊目的收购公司（SPAC）的激增。所谓的“空白支票”公司允许投资者支持保荐人，然后寻找私人实体上市，在2021年筹集了数百亿美元，比2020年增长了2000%以上。</blockquote></p><p> The rich and famous have rushed to get involved, from finance types like Bill Ackman to athletes and celebrities such as Colin Kaepernick and Jay-Z.</p><p><blockquote>从比尔·阿克曼这样的金融人士到科林·卡佩尼克和Jay-Z这样的运动员和名人，富人和名人都争先恐后地参与其中。</blockquote></p><p> \"Anybody who's anybody has one,\" said Peter Atwater, an adjunct professor of economics at William & Mary. He compared SPACs to another hot accessory in the world of finance — a Patagonia vest.</p><p><blockquote>“任何人都有一个，”威廉玛丽学院经济学兼职教授彼得·阿特沃特说。他将 SPAC 比作金融界的另一件热门配饰——巴塔哥尼亚背心。</blockquote></p><p> More and more people are sounding the alarm. US regulators have warned that investors shouldn't back SPACs just because there are celebrities attached. Meanwhile, short seller interest in SPACs has jumped, according to data from S3 Partners, indicating that a growing number of traders think the excitement is overblown and share prices are destined to fall.</p><p><blockquote>越来越多的人敲响警钟。美国监管机构警告称，投资者不应仅仅因为有名人参与就支持 SPAC。与此同时，S3 Partners 的数据显示，卖空者对 SPAC 的兴趣激增，这表明越来越多的交易者认为兴奋被夸大了，股价注定会下跌。</blockquote></p><p> Step back: If the SPAC frenzy has gotten out of hand, who pays the price? Experts caution that not everyone will emerge a winner — and some retail investors swept up in the madness could get hurt.</p><p><blockquote>退后一步：如果 SPAC 热潮已经失控，谁来付出代价？专家警告说，并非每个人都会成为赢家，一些陷入疯狂的散户投资者可能会受到伤害。</blockquote></p><p> \"The time for quick money feels like it's now behind us,\" Atwater said.</p><p><blockquote>“赚快钱的时代似乎已经过去了，”阿特沃特说。</blockquote></p><p> One concern is that there's simply too much SPAC money chasing a limited number of solid takeover targets. That could force owners to consider acquiring less mature companies that may not meet lofty expectations for growth, or to enter into agreements that are less profitable.</p><p><blockquote>一个担忧是，有太多的特殊目的收购公司资金在追逐有限数量的可靠收购目标。这可能会迫使所有者考虑收购不太成熟的公司，这些公司可能无法满足很高的增长预期，或者签订利润较低的协议。</blockquote></p><p> \"There is a tremendous number of SPACs being created every day,\" Will Braeutigam, a partner and SPAC leader at Deloitte, told me. \"With so many SPAC sponsors out there bidding on the same companies, the upside value that you think may be there may not be there.\"</p><p><blockquote>“每天都有大量的 SPAC 创建，”德勤合伙人兼 SPAC 负责人 Will Braeutigam 告诉我。“有这么多 SPAC 发起人竞购同一家公司，你认为可能存在的上行价值可能并不存在。”</blockquote></p><p> Guillermo Baygual, co-head of mergers and acquisitions for Europe, the Middle East and Africa at JPMorgan Chase, notes that not all SPACs are created equal. He believes this corner of the market will \"become a more professional asset class over time,\" as investors distinguish between firms with a proven track records and those created just to take advantage of the moment.</p><p><blockquote>摩根大通欧洲、中东和非洲并购联席主管 Guillermo Baygual 指出，并非所有 SPAC 都是平等的。他相信，随着时间的推移，这个市场角落将“成为一个更专业的资产类别”，因为投资者会区分拥有良好业绩记录的公司和那些只是为了利用时机而创建的公司。</blockquote></p><p> In the meantime, everyday investors that haven't been discerning could be left holding the bag, according to Atwater. He pointed to a rush to buy shares of SPACs before takeover targets are even announced.</p><p><blockquote>与此同时，阿特沃特表示，没有洞察力的日常投资者可能会被留下来。他指出，在收购目标公布之前，就有人急于购买 SPAC 的股票。</blockquote></p><p> \"You would think investors would wait to see what [they] buy,\" Atwater said.</p><p><blockquote>“你可能会认为投资者会等着看他们会买什么，”阿特沃特说。</blockquote></p><p> If a target isn't identified, initial investors will get their standard $10 per share back, Atwater explained. But eager investors that want to get in ahead of a deal and pay $20, $30 or $40 per share on the open market are making bets that are purely speculative.</p><p><blockquote>阿特沃特解释说，如果没有确定目标，初始投资者将获得每股 10 美元的标准收益。但急切的投资者希望在交易之前参与，并在公开市场上支付每股 20、30 或 40 美元，他们所做的赌注纯粹是投机性的。</blockquote></p><p> Some SPACs will end up as success stories. But Baygual cautioned that they're not all a sure bet. \"Investors should make their investment decisions on fundamentals,\" he said.</p><p><blockquote>一些SPAC最终会成为成功的故事。但是贝瓜尔警告说，它们并不都是确定的赌注。“投资者应该根据基本面做出投资决策，”他说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/03/24/investing/premarket-stocks-trading/index.html\">CNN Business</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://edition.cnn.com/2021/03/24/investing/premarket-stocks-trading/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146861973","content_text":"London (CNN Business) - Exactly one year ago, with the world in the grip of a deadly pandemic, Wall Street put its Covid-19 fears aside. That jumpstarted a wave of market euphoria that has since fed a boom in unusual activity, from the irrational hype around GameStop shares to a huge bitcoin rally.\nSign of the times: Among the most notable indicators of market mania has been the explosion of special-purpose acquisition companies, or SPACs. So-called \"blank check\" firms, which allow investors to back sponsors that then hunt for a private entity to take public, have raised tens of billions of dollars in 2021, an increase of more than 2,000% compared to 2020.\nThe rich and famous have rushed to get involved, from finance types like Bill Ackman to athletes and celebrities such as Colin Kaepernick and Jay-Z.\n\"Anybody who's anybody has one,\" said Peter Atwater, an adjunct professor of economics at William & Mary. He compared SPACs to another hot accessory in the world of finance — a Patagonia vest.\nMore and more people are sounding the alarm. US regulators have warned that investors shouldn't back SPACs just because there are celebrities attached. Meanwhile, short seller interest in SPACs has jumped, according to data from S3 Partners, indicating that a growing number of traders think the excitement is overblown and share prices are destined to fall.\nStep back: If the SPAC frenzy has gotten out of hand, who pays the price? Experts caution that not everyone will emerge a winner — and some retail investors swept up in the madness could get hurt.\n\"The time for quick money feels like it's now behind us,\" Atwater said.\nOne concern is that there's simply too much SPAC money chasing a limited number of solid takeover targets. That could force owners to consider acquiring less mature companies that may not meet lofty expectations for growth, or to enter into agreements that are less profitable.\n\"There is a tremendous number of SPACs being created every day,\" Will Braeutigam, a partner and SPAC leader at Deloitte, told me. \"With so many SPAC sponsors out there bidding on the same companies, the upside value that you think may be there may not be there.\"\nGuillermo Baygual, co-head of mergers and acquisitions for Europe, the Middle East and Africa at JPMorgan Chase, notes that not all SPACs are created equal. He believes this corner of the market will \"become a more professional asset class over time,\" as investors distinguish between firms with a proven track records and those created just to take advantage of the moment.\nIn the meantime, everyday investors that haven't been discerning could be left holding the bag, according to Atwater. He pointed to a rush to buy shares of SPACs before takeover targets are even announced.\n\"You would think investors would wait to see what [they] buy,\" Atwater said.\nIf a target isn't identified, initial investors will get their standard $10 per share back, Atwater explained. But eager investors that want to get in ahead of a deal and pay $20, $30 or $40 per share on the open market are making bets that are purely speculative.\nSome SPACs will end up as success stories. But Baygual cautioned that they're not all a sure bet. \"Investors should make their investment decisions on fundamentals,\" he said.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1017,"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":14,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/351591186"}
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