Hardly chaos_老虎社区_美港股上老虎

2021-03-30

Hardly chaos

A little-known hedge fund caused widespread chaos on Wall Street<blockquote>一家鲜为人知的对冲基金在华尔街引起了广泛的混乱</blockquote>

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The spec","content":"New York (CNN Business)The names of the key players are different, but the lessons similar. The spectacular implosion of hedge fund Archegos Capital Management, much like the GameStop saga earlier this year, serves as a reminder of the dangers posed by extreme leverage, secret derivatives and rock-bottom interest rates.<blockquote>纽约（CNN Business）关键人物的名字不同，但教训相似。对冲基金 Archegos Capital Management 的惊人内爆，就像今年早些时候的游戏驿站事件一样，提醒人们极端杠杆、秘密衍生品和最低利率带来的危险。</blockquote> ViacomCBS (VIACA), Discovery (DISCA) and other media titans' stocks crashed Friday as Wall Street banks that lent to Archegos forced the firm to unwind its bets. The epic firesale wiped out more than half of Viacom's value last week alone.<blockquote>维亚康姆哥伦比亚广播公司 (VIACA)、探索频道 (DISCA) 和其他媒体巨头的股票周五暴跌，因为向 Archegos 提供贷款的华尔街银行迫使该公司撤销押注。仅上周，这场史诗般的拍卖就抹去了维亚康姆一半以上的价值。</blockquote> Major banks face billions of dollars in losses from their exposure to Archegos. Both Credit Suisse (CS) and Nomura tumbled Monday after warning of significant hits to their earnings.<blockquote>各大银行因接触 Archegos 而面临数十亿美元的损失。瑞士信贷 (CS) 和野村证券 (Nomura) 在警告其盈利将遭受重大打击后，周一双双暴跌。</blockquote> The most startling part about the tale of Archegos is that it is a firm that few people had ever heard of before this weekend. And yet in this era of easy money, Archegos was able to borrow so much that its failure created shockwaves large enough to ripple across Wall Street — and impact everyday Americans' retirement accounts.<blockquote>Archegos的故事最令人惊讶的部分是，这是一家在本周末之前很少有人听说过的公司。然而，在这个货币宽松的时代，Archegos 能够借到如此多的钱，以至于它的失败产生了足以波及整个华尔街的冲击波，并影响了美国人的日常退休账户。</blockquote> \"It's a wake-up call. With leverage, comes risk,\" said Art Hogan, chief market strategist at National Securities Corporation. \"This is the second time we've learned a lesson this year about leverage.\"<blockquote>美国国家证券公司（National Securities Corporation）首席市场策略师阿特·霍根（Art Hogan）表示：“这是一个觉醒的看涨期权。有了杠杆，就有了风险。”“这是我们今年第二次吸取有关杠杆的教训。”</blockquote> In January, another hedge fund, Melvin Capital Management, nearly collapsed after its massive bets against GameStop (GME) were blown up by an army of traders on Reddit. Investors were surprised to learn about the sheer size of the short positions anticipating the video game retailer's stock price would fall.<blockquote>一月份，另一家对冲基金 Melvin Capital Management 在做空游戏驿站 (GME) 的巨额押注被 Reddit 上的大批交易员爆仓后险些倒闭。投资者惊讶地得知空头头寸的巨大规模，预计这家视频游戏零售商的股价将下跌。</blockquote> When GameStop shares instead went to the moon, Melvin Capital suffered staggering losses and was forced to reach a $2.8 billion bailout with larger rivals.<blockquote>当游戏驿站股价反而登上月球时，Melvin Capital 遭受了惊人的损失，并被迫与更大的竞争对手达成 28 亿美元的救助协议。</blockquote> \"We saw it on the short side when GameStop blew up. Now we are seeing it on the long side,\" Hogan said.<blockquote>“当游戏驿站爆炸时，我们从空头看到了这一点。现在我们从长头看到了这一点，”霍根说。</blockquote> Opaque financial instruments<blockquote>不透明金融工具</blockquote> Archegos Capital was using borrowed money — apparently a ton of it — to make outsized bets that propped up media stocks. This type excessive leverage is made possible by extremely low interest rates from the Federal Reserve.<blockquote>Archegos Capital 正在使用借来的钱——显然是一大笔钱——进行巨额押注，支撑媒体股。美联储极低的利率使得这种过度杠杆成为可能。</blockquote> The full scale of these bets wasn't clear until now.<blockquote>直到现在，这些赌注的全部规模还不清楚。</blockquote> Perhaps in an effort to avoid making public disclosure filings, Archegos reportedly used derivatives known as total return swaps to mask some of its large investment positions. Investors using these swaps receive the total return of a stock from a dealer and those returns are typically amplified by leverage.<blockquote>据报道，Archegos 可能是为了避免提交公开披露文件，使用了被称为总回报掉期的衍生品来掩盖其一些大型投资头寸。使用这些掉期的投资者从交易商那里获得股票的总回报，这些回报通常会因杠杆而放大。</blockquote> Archegos could not be reached for comment on Monday.<blockquote>周一未能联系到 Archegos 置评。</blockquote> Typically, investors who own more than 5% of a stock are required to report that stake with the SEC. These filings do not appear to have been made this time.<blockquote>通常情况下，拥有超过 5% 股票的投资者需要向 SEC 报告该股份。这次似乎没有提交这些文件。</blockquote> \"Anytime a derivative is involved, you don't really know how deep the tentacles go,\" said Joe Saluzzi, co-head of trading at Themis Trading.<blockquote>Themis Trading 交易联席主管 Joe Saluzzi 表示：“每当涉及衍生品时，你都不知道触角有多深。”</blockquote> The share sale that broke the camel's back<blockquote>压垮骆驼的股票出售</blockquote> This complex strategy backfired last week.<blockquote>这一复杂策略上周适得其反。</blockquote> Seeking to capitalize on its skyrocketing stock price, ViacomCBS announced plans for a $3 billion share sale. Up until that point, ViacomCBS shares had nearly tripled on the year. But the share sale appeared to be too much for the market to handle and the media boom morphed into a rout.<blockquote>为了利用其飙升的股价，维亚康姆哥伦比亚广播公司宣布计划出售 30 亿美元的股票。在此之前，维亚康姆哥伦比亚广播公司 (ViacomCBS) 的股价今年已上涨近两倍。但股票出售似乎让市场难以承受，媒体热潮演变成一场溃败。</blockquote> Archegos faced margin calls from its Wall Street lenders. A margin call by a broker requires a client to add funds to its account if the value of an asset drops below a specified level. If the client can't pay up — and in this case Archegos apparently couldn't — the broker can step in and dump the shares on the client's behalf.<blockquote>Archegos 面临华尔街贷款机构的保证金评级。如果资产价值低于指定水平，经纪人的保证金看涨期权要求客户向其账户添加资金。如果客户无法付款——在这种情况下，Archegos 显然无法——经纪人可以介入并代表客户抛售股票。</blockquote> Goldman Sachs, one of Archegos' lenders, seized collateral and sold shares on Friday, a person familiar with the matter told CNN Business. This so-called forced liquidation set off a bloodbath Friday that drove down shares of ViacomCBS and Discovery more than 25% apiece.<blockquote>一位知情人士告诉 CNN Business，Archegos 的贷款人之一高盛周五扣押了抵押品并出售了股票。这次所谓的强制清算引发了周五的大屠杀，导致维亚康姆哥伦比亚广播公司 (ViacomCBS) 和 Discovery 的股价分别下跌超过 25%。</blockquote> Credit Suisse said that the default by a \"significant US-based hedge fund\" would cause a major hit to its earnings. A person familiar with the matter told CNN Business that Archegos was the firm causing the losses for Credit Suisse.<blockquote>瑞士信贷表示，“一家重要的美国对冲基金”违约将对其盈利造成重大打击。一位知情人士告诉 CNN Business，Archegos 是造成瑞士信贷损失的公司。</blockquote> Nomura said its losses could be as much as $2 billion from \"transactions with a US client.\"<blockquote>野村证券表示，“与美国客户的交易”造成的损失可能高达 20 亿美元。</blockquote> Founder of hedge fund involved in insider trading scandal<blockquote>对冲基金创始人卷入内幕交易丑闻</blockquote> The episode demonstrates the intricate web linking firms across Wall Street — and the risks to the banks providing large amounts of leverage.<blockquote>这一集展示了连接华尔街各公司的错综复杂的网络，以及提供大量杠杆的银行所面临的风险。</blockquote> \"Systemic risk from secret and interconnected leverage, trading and derivatives in astronomical undisclosed amounts continue to permeate the shadow banking system,\" Better Markets CEO Dennis Kelleher said in a statement.<blockquote>Better Markets 首席执行官丹尼斯·凯莱赫 (Dennis Kelleher) 在一份声明中表示：“来自秘密和相互关联的杠杆、交易和衍生品的系统性风险，数量巨大，未公开，继续渗透到影子银行系统中。”</blockquote> Hogan said investors must remember the inherent risks involved in the business lines of banks.<blockquote>霍根表示，投资者必须记住银行业务线所涉及的固有风险。</blockquote> \"They watch the creditworthiness of clients, but it's now always perfect,\" he said.<blockquote>“他们关注客户的信用度，但现在总是完美的，”他说。</blockquote> The creditworthiness of Archegos is a central question here. Bill Hwang, the firm's founder and a protégé of hedge fund pioneer Julian Robertson, was previously enmeshed in an insider trading scandal at Tiger Asia Management, a hedge fund he founded.<blockquote>Archegos的可信度是这里的一个核心问题。该公司创始人、对冲基金先驱朱利安·罗伯逊 (Julian Robertson) 的门徒比尔·黄 (Bill Hwang) 此前曾卷入他创立的对冲基金老虎亚洲管理公司 (Tiger Asia Management) 的内幕交易丑闻。</blockquote> In 2012, the SEC alleged Tiger Asia made nearly $17 million in illegal profits in a scheme involving Chinese bank stocks. Hwang pleaded guilty that year on behalf of Tiger Asia to one count of wire fraud. Tiger Asia was sentenced to one year of probation and ordered to forfeit more than $16 million.<blockquote>2012年，美国证券交易委员会指控老虎亚洲在一项涉及中国银行股票的计划中非法获利近1700万美元。当年，Hwang代表Tiger Asia承认了一项电信欺诈罪。虎亚洲被判缓刑一年，并被责令没收1600多万美元。</blockquote> In the wake of the insider trading scandal, Goldman Sachs (GS) stopped doing business with Hwang for a period of time, a person familiar with the matter told CNN Business. However, Goldman Sachs later resumed a relationship with Hwang, serving as one of his firm's lenders.<blockquote>一位知情人士告诉 CNN Business，内幕交易丑闻发生后，高盛 (GS) 一段时间内停止了与黄的业务往来。然而，高盛后来与黄恢复了关系，担任黄公司的贷款人之一。</blockquote> Repeat of Long-Term Capital Management?<blockquote>长期资金管理的重复？</blockquote> The blow-up of Archegos Capital brings back bad memories of Long-Term Capital Management. That massive hedge fund's collapse in 1998 threatened the financial system, forcing the federal government to intervene.<blockquote>Archegos Capital 的爆炸事件勾起了人们对长期资本管理的不好回忆。1998年那家大型对冲基金的倒闭威胁到了金融体系，迫使联邦政府进行干预。</blockquote> \"This is likely not Long-Term Capital,\" Hogan said, citing reforms that mean banks hold less risk than before the 2008 crisis. \"I don't think this is the tip of the iceberg.\"<blockquote>霍根表示：“这可能不是长期资本。”他引用的改革意味着银行承担的风险低于 2008 年危机前。“我不认为这只是冰山一角。”</blockquote> Saluzzi, the Themis Trading executive, is not sure yet, pointing to how markets initially shrugged off the collapse of Bear Stearns hedge funds in the summer of 2007.<blockquote>Themis 交易主管 Saluzzi 还不确定，他指出市场最初是如何对 2007 年夏天贝尔斯登对冲基金的倒闭置之不理的。</blockquote> \"We don't know how far the tentacles go,\" Saluzzi said. \"Early in the Bear Stearns crisis, the market was fine — until it wasn't.\"<blockquote>“我们不知道触手能走多远，”萨卢齐说。“在贝尔斯登危机初期，市场状况良好——直到它消失了。”</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>A little-known hedge fund caused widespread chaos on Wall Street<blockquote>一家鲜为人知的对冲基金在华尔街引起了广泛的混乱</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\">\nA little-known hedge fund caused widespread chaos on Wall Street<blockquote>一家鲜为人知的对冲基金在华尔街引起了广泛的混乱</blockquote>\n</h2>\n<h4 class=\"meta\">\n\ncnn2021-03-30 16:09\n\n</h4>\n</header>\n<article>\nNew York (CNN Business)The names of the key players are different, but the lessons similar. The spectacular implosion of hedge fund Archegos Capital Management, much like the GameStop saga earlier this year, serves as a reminder of the dangers posed by extreme leverage, secret derivatives and rock-bottom interest rates.<blockquote>纽约（CNN Business）关键人物的名字不同，但教训相似。对冲基金 Archegos Capital Management 的惊人内爆，就像今年早些时候的游戏驿站事件一样，提醒人们极端杠杆、秘密衍生品和最低利率带来的危险。</blockquote> ViacomCBS (VIACA), Discovery (DISCA) and other media titans' stocks crashed Friday as Wall Street banks that lent to Archegos forced the firm to unwind its bets. The epic firesale wiped out more than half of Viacom's value last week alone.<blockquote>维亚康姆哥伦比亚广播公司 (VIACA)、探索频道 (DISCA) 和其他媒体巨头的股票周五暴跌，因为向 Archegos 提供贷款的华尔街银行迫使该公司撤销押注。仅上周，这场史诗般的拍卖就抹去了维亚康姆一半以上的价值。</blockquote> Major banks face billions of dollars in losses from their exposure to Archegos. Both Credit Suisse (CS) and Nomura tumbled Monday after warning of significant hits to their earnings.<blockquote>各大银行因接触 Archegos 而面临数十亿美元的损失。瑞士信贷 (CS) 和野村证券 (Nomura) 在警告其盈利将遭受重大打击后，周一双双暴跌。</blockquote> The most startling part about the tale of Archegos is that it is a firm that few people had ever heard of before this weekend. And yet in this era of easy money, Archegos was able to borrow so much that its failure created shockwaves large enough to ripple across Wall Street — and impact everyday Americans' retirement accounts.<blockquote>Archegos的故事最令人惊讶的部分是，这是一家在本周末之前很少有人听说过的公司。然而，在这个货币宽松的时代，Archegos 能够借到如此多的钱，以至于它的失败产生了足以波及整个华尔街的冲击波，并影响了美国人的日常退休账户。</blockquote> \"It's a wake-up call. With leverage, comes risk,\" said Art Hogan, chief market strategist at National Securities Corporation. \"This is the second time we've learned a lesson this year about leverage.\"<blockquote>美国国家证券公司（National Securities Corporation）首席市场策略师阿特·霍根（Art Hogan）表示：“这是一个觉醒的看涨期权。有了杠杆，就有了风险。”“这是我们今年第二次吸取有关杠杆的教训。”</blockquote> In January, another hedge fund, Melvin Capital Management, nearly collapsed after its massive bets against GameStop (GME) were blown up by an army of traders on Reddit. Investors were surprised to learn about the sheer size of the short positions anticipating the video game retailer's stock price would fall.<blockquote>一月份，另一家对冲基金 Melvin Capital Management 在做空游戏驿站 (GME) 的巨额押注被 Reddit 上的大批交易员爆仓后险些倒闭。投资者惊讶地得知空头头寸的巨大规模，预计这家视频游戏零售商的股价将下跌。</blockquote> When GameStop shares instead went to the moon, Melvin Capital suffered staggering losses and was forced to reach a $2.8 billion bailout with larger rivals.<blockquote>当游戏驿站股价反而登上月球时，Melvin Capital 遭受了惊人的损失，并被迫与更大的竞争对手达成 28 亿美元的救助协议。</blockquote> \"We saw it on the short side when GameStop blew up. Now we are seeing it on the long side,\" Hogan said.<blockquote>“当游戏驿站爆炸时，我们从空头看到了这一点。现在我们从长头看到了这一点，”霍根说。</blockquote> Opaque financial instruments<blockquote>不透明金融工具</blockquote> Archegos Capital was using borrowed money — apparently a ton of it — to make outsized bets that propped up media stocks. This type excessive leverage is made possible by extremely low interest rates from the Federal Reserve.<blockquote>Archegos Capital 正在使用借来的钱——显然是一大笔钱——进行巨额押注，支撑媒体股。美联储极低的利率使得这种过度杠杆成为可能。</blockquote> The full scale of these bets wasn't clear until now.<blockquote>直到现在，这些赌注的全部规模还不清楚。</blockquote> Perhaps in an effort to avoid making public disclosure filings, Archegos reportedly used derivatives known as total return swaps to mask some of its large investment positions. Investors using these swaps receive the total return of a stock from a dealer and those returns are typically amplified by leverage.<blockquote>据报道，Archegos 可能是为了避免提交公开披露文件，使用了被称为总回报掉期的衍生品来掩盖其一些大型投资头寸。使用这些掉期的投资者从交易商那里获得股票的总回报，这些回报通常会因杠杆而放大。</blockquote> Archegos could not be reached for comment on Monday.<blockquote>周一未能联系到 Archegos 置评。</blockquote> Typically, investors who own more than 5% of a stock are required to report that stake with the SEC. These filings do not appear to have been made this time.<blockquote>通常情况下，拥有超过 5% 股票的投资者需要向 SEC 报告该股份。这次似乎没有提交这些文件。</blockquote> \"Anytime a derivative is involved, you don't really know how deep the tentacles go,\" said Joe Saluzzi, co-head of trading at Themis Trading.<blockquote>Themis Trading 交易联席主管 Joe Saluzzi 表示：“每当涉及衍生品时，你都不知道触角有多深。”</blockquote> The share sale that broke the camel's back<blockquote>压垮骆驼的股票出售</blockquote> This complex strategy backfired last week.<blockquote>这一复杂策略上周适得其反。</blockquote> Seeking to capitalize on its skyrocketing stock price, ViacomCBS announced plans for a $3 billion share sale. Up until that point, ViacomCBS shares had nearly tripled on the year. But the share sale appeared to be too much for the market to handle and the media boom morphed into a rout.<blockquote>为了利用其飙升的股价，维亚康姆哥伦比亚广播公司宣布计划出售 30 亿美元的股票。在此之前，维亚康姆哥伦比亚广播公司 (ViacomCBS) 的股价今年已上涨近两倍。但股票出售似乎让市场难以承受，媒体热潮演变成一场溃败。</blockquote> Archegos faced margin calls from its Wall Street lenders. A margin call by a broker requires a client to add funds to its account if the value of an asset drops below a specified level. If the client can't pay up — and in this case Archegos apparently couldn't — the broker can step in and dump the shares on the client's behalf.<blockquote>Archegos 面临华尔街贷款机构的保证金评级。如果资产价值低于指定水平，经纪人的保证金看涨期权要求客户向其账户添加资金。如果客户无法付款——在这种情况下，Archegos 显然无法——经纪人可以介入并代表客户抛售股票。</blockquote> Goldman Sachs, one of Archegos' lenders, seized collateral and sold shares on Friday, a person familiar with the matter told CNN Business. This so-called forced liquidation set off a bloodbath Friday that drove down shares of ViacomCBS and Discovery more than 25% apiece.<blockquote>一位知情人士告诉 CNN Business，Archegos 的贷款人之一高盛周五扣押了抵押品并出售了股票。这次所谓的强制清算引发了周五的大屠杀，导致维亚康姆哥伦比亚广播公司 (ViacomCBS) 和 Discovery 的股价分别下跌超过 25%。</blockquote> Credit Suisse said that the default by a \"significant US-based hedge fund\" would cause a major hit to its earnings. A person familiar with the matter told CNN Business that Archegos was the firm causing the losses for Credit Suisse.<blockquote>瑞士信贷表示，“一家重要的美国对冲基金”违约将对其盈利造成重大打击。一位知情人士告诉 CNN Business，Archegos 是造成瑞士信贷损失的公司。</blockquote> Nomura said its losses could be as much as $2 billion from \"transactions with a US client.\"<blockquote>野村证券表示，“与美国客户的交易”造成的损失可能高达 20 亿美元。</blockquote> Founder of hedge fund involved in insider trading scandal<blockquote>对冲基金创始人卷入内幕交易丑闻</blockquote> The episode demonstrates the intricate web linking firms across Wall Street — and the risks to the banks providing large amounts of leverage.<blockquote>这一集展示了连接华尔街各公司的错综复杂的网络，以及提供大量杠杆的银行所面临的风险。</blockquote> \"Systemic risk from secret and interconnected leverage, trading and derivatives in astronomical undisclosed amounts continue to permeate the shadow banking system,\" Better Markets CEO Dennis Kelleher said in a statement.<blockquote>Better Markets 首席执行官丹尼斯·凯莱赫 (Dennis Kelleher) 在一份声明中表示：“来自秘密和相互关联的杠杆、交易和衍生品的系统性风险，数量巨大，未公开，继续渗透到影子银行系统中。”</blockquote> Hogan said investors must remember the inherent risks involved in the business lines of banks.<blockquote>霍根表示，投资者必须记住银行业务线所涉及的固有风险。</blockquote> \"They watch the creditworthiness of clients, but it's now always perfect,\" he said.<blockquote>“他们关注客户的信用度，但现在总是完美的，”他说。</blockquote> The creditworthiness of Archegos is a central question here. Bill Hwang, the firm's founder and a protégé of hedge fund pioneer Julian Robertson, was previously enmeshed in an insider trading scandal at Tiger Asia Management, a hedge fund he founded.<blockquote>Archegos的可信度是这里的一个核心问题。该公司创始人、对冲基金先驱朱利安·罗伯逊 (Julian Robertson) 的门徒比尔·黄 (Bill Hwang) 此前曾卷入他创立的对冲基金老虎亚洲管理公司 (Tiger Asia Management) 的内幕交易丑闻。</blockquote> In 2012, the SEC alleged Tiger Asia made nearly $17 million in illegal profits in a scheme involving Chinese bank stocks. Hwang pleaded guilty that year on behalf of Tiger Asia to one count of wire fraud. Tiger Asia was sentenced to one year of probation and ordered to forfeit more than $16 million.<blockquote>2012年，美国证券交易委员会指控老虎亚洲在一项涉及中国银行股票的计划中非法获利近1700万美元。当年，Hwang代表Tiger Asia承认了一项电信欺诈罪。虎亚洲被判缓刑一年，并被责令没收1600多万美元。</blockquote> In the wake of the insider trading scandal, Goldman Sachs (GS) stopped doing business with Hwang for a period of time, a person familiar with the matter told CNN Business. However, Goldman Sachs later resumed a relationship with Hwang, serving as one of his firm's lenders.<blockquote>一位知情人士告诉 CNN Business，内幕交易丑闻发生后，高盛 (GS) 一段时间内停止了与黄的业务往来。然而，高盛后来与黄恢复了关系，担任黄公司的贷款人之一。</blockquote> Repeat of Long-Term Capital Management?<blockquote>长期资金管理的重复？</blockquote> The blow-up of Archegos Capital brings back bad memories of Long-Term Capital Management. That massive hedge fund's collapse in 1998 threatened the financial system, forcing the federal government to intervene.<blockquote>Archegos Capital 的爆炸事件勾起了人们对长期资本管理的不好回忆。1998年那家大型对冲基金的倒闭威胁到了金融体系，迫使联邦政府进行干预。</blockquote> \"This is likely not Long-Term Capital,\" Hogan said, citing reforms that mean banks hold less risk than before the 2008 crisis. \"I don't think this is the tip of the iceberg.\"<blockquote>霍根表示：“这可能不是长期资本。”他引用的改革意味着银行承担的风险低于 2008 年危机前。“我不认为这只是冰山一角。”</blockquote> Saluzzi, the Themis Trading executive, is not sure yet, pointing to how markets initially shrugged off the collapse of Bear Stearns hedge funds in the summer of 2007.<blockquote>Themis 交易主管 Saluzzi 还不确定，他指出市场最初是如何对 2007 年夏天贝尔斯登对冲基金的倒闭置之不理的。</blockquote> \"We don't know how far the tentacles go,\" Saluzzi said. \"Early in the Bear Stearns crisis, the market was fine — until it wasn't.\"<blockquote>“我们不知道触手能走多远，”萨卢齐说。“在贝尔斯登危机初期，市场状况良好——直到它消失了。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://edition.cnn.com/2021/03/29/investing/wall-street-hedge-fund-archegos/index.html\">cnn</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":"https://static.tigerbbs.com/31992235e2d733c9c23402f8622ffd51","relate_stocks":{},"source_url":"https://edition.cnn.com/2021/03/29/investing/wall-street-hedge-fund-archegos/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154060329","content_text":"New York (CNN Business)The names of the key players are different, but the lessons similar. The spectacular implosion of hedge fund Archegos Capital Management, much like the GameStop saga earlier this year, serves as a reminder of the dangers posed by extreme leverage, secret derivatives and rock-bottom interest rates.\nViacomCBS (VIACA), Discovery (DISCA) and other media titans' stocks crashed Friday as Wall Street banks that lent to Archegos forced the firm to unwind its bets. The epic firesale wiped out more than half of Viacom's value last week alone.\nMajor banks face billions of dollars in losses from their exposure to Archegos. Both Credit Suisse (CS) and Nomura tumbled Monday after warning of significant hits to their earnings.\nThe most startling part about the tale of Archegos is that it is a firm that few people had ever heard of before this weekend. And yet in this era of easy money, Archegos was able to borrow so much that its failure created shockwaves large enough to ripple across Wall Street — and impact everyday Americans' retirement accounts.\n\"It's a wake-up call. With leverage, comes risk,\" said Art Hogan, chief market strategist at National Securities Corporation. \"This is the second time we've learned a lesson this year about leverage.\"\nIn January, another hedge fund, Melvin Capital Management, nearly collapsed after its massive bets against GameStop (GME) were blown up by an army of traders on Reddit. Investors were surprised to learn about the sheer size of the short positions anticipating the video game retailer's stock price would fall.\nWhen GameStop shares instead went to the moon, Melvin Capital suffered staggering losses and was forced to reach a $2.8 billion bailout with larger rivals.\n\"We saw it on the short side when GameStop blew up. Now we are seeing it on the long side,\" Hogan said.\nOpaque financial instruments\nArchegos Capital was using borrowed money — apparently a ton of it — to make outsized bets that propped up media stocks. This type excessive leverage is made possible by extremely low interest rates from the Federal Reserve.\nThe full scale of these bets wasn't clear until now.\nPerhaps in an effort to avoid making public disclosure filings, Archegos reportedly used derivatives known as total return swaps to mask some of its large investment positions. Investors using these swaps receive the total return of a stock from a dealer and those returns are typically amplified by leverage.\nArchegos could not be reached for comment on Monday.\nTypically, investors who own more than 5% of a stock are required to report that stake with the SEC. These filings do not appear to have been made this time.\n\"Anytime a derivative is involved, you don't really know how deep the tentacles go,\" said Joe Saluzzi, co-head of trading at Themis Trading.\nThe share sale that broke the camel's back\nThis complex strategy backfired last week.\nSeeking to capitalize on its skyrocketing stock price, ViacomCBS announced plans for a $3 billion share sale. Up until that point, ViacomCBS shares had nearly tripled on the year. But the share sale appeared to be too much for the market to handle and the media boom morphed into a rout.\nArchegos faced margin calls from its Wall Street lenders. A margin call by a broker requires a client to add funds to its account if the value of an asset drops below a specified level. If the client can't pay up — and in this case Archegos apparently couldn't — the broker can step in and dump the shares on the client's behalf.\nGoldman Sachs, one of Archegos' lenders, seized collateral and sold shares on Friday, a person familiar with the matter told CNN Business. This so-called forced liquidation set off a bloodbath Friday that drove down shares of ViacomCBS and Discovery more than 25% apiece.\nCredit Suisse said that the default by a \"significant US-based hedge fund\" would cause a major hit to its earnings. A person familiar with the matter told CNN Business that Archegos was the firm causing the losses for Credit Suisse.\nNomura said its losses could be as much as $2 billion from \"transactions with a US client.\"\nFounder of hedge fund involved in insider trading scandal\nThe episode demonstrates the intricate web linking firms across Wall Street — and the risks to the banks providing large amounts of leverage.\n\"Systemic risk from secret and interconnected leverage, trading and derivatives in astronomical undisclosed amounts continue to permeate the shadow banking system,\" Better Markets CEO Dennis Kelleher said in a statement.\nHogan said investors must remember the inherent risks involved in the business lines of banks.\n\"They watch the creditworthiness of clients, but it's now always perfect,\" he said.\nThe creditworthiness of Archegos is a central question here. Bill Hwang, the firm's founder and a protégé of hedge fund pioneer Julian Robertson, was previously enmeshed in an insider trading scandal at Tiger Asia Management, a hedge fund he founded.\nIn 2012, the SEC alleged Tiger Asia made nearly $17 million in illegal profits in a scheme involving Chinese bank stocks. Hwang pleaded guilty that year on behalf of Tiger Asia to one count of wire fraud. Tiger Asia was sentenced to one year of probation and ordered to forfeit more than $16 million.\nIn the wake of the insider trading scandal, Goldman Sachs (GS) stopped doing business with Hwang for a period of time, a person familiar with the matter told CNN Business. However, Goldman Sachs later resumed a relationship with Hwang, serving as one of his firm's lenders.\nRepeat of Long-Term Capital Management?\nThe blow-up of Archegos Capital brings back bad memories of Long-Term Capital Management. That massive hedge fund's collapse in 1998 threatened the financial system, forcing the federal government to intervene.\n\"This is likely not Long-Term Capital,\" Hogan said, citing reforms that mean banks hold less risk than before the 2008 crisis. \"I don't think this is the tip of the iceberg.\"\nSaluzzi, the Themis Trading executive, is not sure yet, pointing to how markets initially shrugged off the collapse of Bear Stearns hedge funds in the summer of 2007.\n\"We don't know how far the tentacles go,\" Saluzzi said. \"Early in the Bear Stearns crisis, the market was fine — until it wasn't.\"","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2457,"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":11,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/355492141"}