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2021-08-26

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MicroStrategy Has a High Stock Price, a Fat Premium, and Bitcoin. Here’s a High-Risk Way to Play It.<blockquote>MicroStrategy 股价高、溢价大、比特币大。这里有一个高风险的玩法。</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":810876441,"tweetId":"810876441","gmtCreate":1629967507983,"gmtModify":1631893821093,"author":{"id":3581507913921607,"idStr":"3581507913921607","authorId":3581507913921607,"authorIdStr":"3581507913921607","name":"WuM","avatar":"https://static.tigerbbs.com/95d411ee34efb9c1c7d37e68493e105c","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":26,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>Like and comment pls!</body></html>","htmlText":"<html><head></head><body>Like and comment pls!</body></html>","text":"Like and comment pls!","highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/810876441","repostId":1106530593,"repostType":4,"repost":{"id":"1106530593","kind":"news","pubTimestamp":1629967333,"share":"https://www.laohunote.com/m/news/1106530593?lang=zh_CN&edition=full","pubTime":"2021-08-26 16:42","market":"us","language":"en","title":"MicroStrategy Has a High Stock Price, a Fat Premium, and Bitcoin. Here’s a High-Risk Way to Play It.<blockquote>MicroStrategy 股价高、溢价大、比特币大。这里有一个高风险的玩法。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106530593","media":"Barrons","summary":"If the perpetually record-high stock market excites you, and you believe that buy-the-dip is a legit","content":"If the perpetually record-high stock market excites you, and you believe that buy-the-dip is a legitimate investment strategy that will always drive prices, say hello to MicroStrategy. The stock has everything that extremely aggressive investors like. The price is so high that it seems to levitate above the market. Part of the magic is that the company is a quasi-proxy for Bitcoin, which excites people eager for cryptocurrency opportunities.<blockquote>如果永远创下历史新高的股市让你兴奋不已，并且你相信逢低买入是一种合法的投资策略，它将永远推动价格，请向 MicroStrategy 问好。该股拥有极其激进的投资者喜欢的一切。价格如此之高，似乎悬浮在市场之上。部分神奇之处在于，该公司是比特币的准代理人，这让渴望加密货币机会的人们兴奋不已。</blockquote> The stock has everything that extremely aggressive investors like. The price is so high that it seems to levitate above the market. Part of the magic is that the company is a quasi-proxy for Bitcoin, which excites people eager for cryptocurrency opportunities.<blockquote>该股拥有极其激进的投资者喜欢的一切。价格如此之高，似乎悬浮在市场之上。部分神奇之处在于，该公司是比特币的准代理人，这让渴望加密货币机会的人们兴奋不已。</blockquote> MicroStrategy’s(ticker: MSTR) executives seem to understand the market zeitgeist. The company, which provides business software and cloud services, recently said that it will sell $400 million in bonds to institutional investors to buy more Bitcoin.<blockquote>MicroStrategy（股票代码：MSTR）的高管似乎了解市场时代精神。这家提供商业软件和云服务的公司最近表示，将向机构投资者出售4亿美元债券，以购买更多比特币。</blockquote> MicroStrategy already owns 92,079 Bitcoins, worth more than $4.6 billion with Bitcoin at $50,000.<blockquote>MicroStrategy 已经拥有 92,079 个比特币，价值超过 46 亿美元，比特币价值 5 万美元。</blockquote> MicroStrategy is not the type of stock that normally appears in this column, and it may annoy regular readers who prefer more strategic investments with less risk.<blockquote>MicroStrategy 不是本专栏中通常出现的股票类型，它可能会惹恼喜欢风险较小的更具战略性投资的普通读者。</blockquote> But MicroStrategy’s options have something worth considering for aggressive investors: big premiums. In fact, MicroStrategy’s September $660 put that expires on Sept. 3, was recently trading around $17.74. In other words, anyone willing to buy the stock at a lower price can get paid a hefty sum for selling cash-secured puts and agreeing to buy the stock at a lower price.<blockquote>但对于激进的投资者来说，MicroStrategy 的期权有一些值得考虑的地方：高溢价。事实上，MicroStrategy 将于 9 月 3 日到期的 9 月份 660 美元看跌期权最近的交易价格约为 17.74 美元。换句话说，任何愿意以较低价格购买股票的人都可以因出售现金担保的看跌期权并同意以较低价格购买股票而获得巨额报酬。</blockquote> Is this trade risky? Absolutely. It might be one of the riskiest trades in this column in years. But the potential to pocket such a large premium over a short period will probably appeal to aggressive traders.<blockquote>这个交易有风险吗？绝对地。这可能是多年来本专栏中风险最大的交易之一。但在短时间内获得如此巨额溢价的潜力可能会吸引激进的交易者。</blockquote> The risk is that something happens that pushes the stock price far below the put strike price. If that happens, investors can buy the stock at the put strike price, or try to adjust the put in the options market to avoid assignment. Regardless, the drama will be high if the trade sputters.<blockquote>风险在于发生一些事情，导致股价远低于看跌期权执行价格。如果发生这种情况，投资者可以以看跌期权执行价格购买股票，或者尝试在期权市场上调整看跌期权以避免转让。无论如何，如果贸易出现问题，戏剧性将会很高。</blockquote> A way to minimize the downside risk of the cash-secured put trade is to seek puts that are dramatically less than the security price and 30% or 40% below the stock price.<blockquote>最大限度地降低现金担保看跌期权交易下行风险的一种方法是寻找远低于证券价格且比股票价格低 30% 或 40% 的看跌期权。</blockquote> The money received for selling the put can be sharply less in those situations, but many institutional investors use this so-called “teeny” strategy on index options, and other securities, to raise cash. The strategy works great as long as the security price does not experience an extraordinary decline. If the index collapses, “teeny” investors are in the tough spot of having to buy back positions at losses.<blockquote>在这种情况下，出售看跌期权所获得的资金可能会大大减少，但许多机构投资者会在指数期权和其他证券上使用这种所谓的 “微小 ”策略来筹集现金。只要证券价格没有出现异常下跌，这种策略就很有效。如果指数暴跌，“小 ”投资者将陷入困境，不得不亏本回购头寸。</blockquote> During the past 52 weeks, MicroStrategy’s stock has ranged from $136.89 to $1,315. The stock is up 85% in 2021 and 389% over the past year.<blockquote>在过去 52 周内，MicroStrategy 的股价在 136.89 美元到 1315 美元之间波动。该股在 2021 年上涨了 85%，在过去一年上涨了 389%。</blockquote> Despite those gains, many institutional investors are skeptical of MicroStrategy.<blockquote>尽管取得了这些收益，但许多机构投资者对微观策略持怀疑态度。</blockquote> Investors have shorted about 25% of the stock, betting that it will sink. They have borrowed shares held by long investors, and sold them in anticipation that something will happen that will allow them to cover the stock at lower prices.<blockquote>投资者已做空约 25% 的股票，押注该股将下跌。他们借入了多头投资者持有的股票，并出售这些股票，因为他们预期会发生一些事情，使他们能够以更低的价格买入股票。</blockquote> On the surface, stocks with high short interest can seem like they are poised to decline. But high short interest can be a double-edged sword.<blockquote>从表面上看，空头利息高的股票似乎即将下跌。但高空头利息可能是一把双刃剑。</blockquote> Should anything happen that pushes the stock price higher—say, surging Bitcoin prices, good earnings, or favorable news—the shorts often rush to buy stock and limit their losses, which can push shares higher.<blockquote>如果发生任何推高股价的事情——例如，比特币价格飙升、良好的盈利或有利的消息——空头通常会急于购买股票并限制损失，这可能会推高股价。</blockquote> The put-sale idea expresses a view that MicroStrategy stock will advance or remain in a holding period over the next few weeks. If that happens, this trade will be like taking candy from a baby. On the other hand, if it doesn’t happen, well, at least you’ll have a Bitcoin proxy.<blockquote>卖出想法表达了这样一种观点，即 MicroStrategy 股票将在未来几周内上涨或保持持有期。如果发生这种情况，这笔交易就像从婴儿手中夺走糖果一样。另一方面，如果没有发生，至少你会有一个比特币代理人。</blockquote>","source":"lsy1601382232898","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>MicroStrategy Has a High Stock Price, a Fat Premium, and Bitcoin. Here’s a High-Risk Way to Play It.<blockquote>MicroStrategy 股价高、溢价大、比特币大。这里有一个高风险的玩法。</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\">\nMicroStrategy Has a High Stock Price, a Fat Premium, and Bitcoin. Here’s a High-Risk Way to Play It.<blockquote>MicroStrategy 股价高、溢价大、比特币大。这里有一个高风险的玩法。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-26 16:42\n\n</h4>\n</header>\n<article>\nIf the perpetually record-high stock market excites you, and you believe that buy-the-dip is a legitimate investment strategy that will always drive prices, say hello to MicroStrategy. The stock has everything that extremely aggressive investors like. The price is so high that it seems to levitate above the market. Part of the magic is that the company is a quasi-proxy for Bitcoin, which excites people eager for cryptocurrency opportunities.<blockquote>如果永远创下历史新高的股市让你兴奋不已，并且你相信逢低买入是一种合法的投资策略，它将永远推动价格，请向 MicroStrategy 问好。该股拥有极其激进的投资者喜欢的一切。价格如此之高，似乎悬浮在市场之上。部分神奇之处在于，该公司是比特币的准代理人，这让渴望加密货币机会的人们兴奋不已。</blockquote> The stock has everything that extremely aggressive investors like. The price is so high that it seems to levitate above the market. Part of the magic is that the company is a quasi-proxy for Bitcoin, which excites people eager for cryptocurrency opportunities.<blockquote>该股拥有极其激进的投资者喜欢的一切。价格如此之高，似乎悬浮在市场之上。部分神奇之处在于，该公司是比特币的准代理人，这让渴望加密货币机会的人们兴奋不已。</blockquote> MicroStrategy’s(ticker: MSTR) executives seem to understand the market zeitgeist. The company, which provides business software and cloud services, recently said that it will sell $400 million in bonds to institutional investors to buy more Bitcoin.<blockquote>MicroStrategy（股票代码：MSTR）的高管似乎了解市场时代精神。这家提供商业软件和云服务的公司最近表示，将向机构投资者出售4亿美元债券，以购买更多比特币。</blockquote> MicroStrategy already owns 92,079 Bitcoins, worth more than $4.6 billion with Bitcoin at $50,000.<blockquote>MicroStrategy 已经拥有 92,079 个比特币，价值超过 46 亿美元，比特币价值 5 万美元。</blockquote> MicroStrategy is not the type of stock that normally appears in this column, and it may annoy regular readers who prefer more strategic investments with less risk.<blockquote>MicroStrategy 不是本专栏中通常出现的股票类型，它可能会惹恼喜欢风险较小的更具战略性投资的普通读者。</blockquote> But MicroStrategy’s options have something worth considering for aggressive investors: big premiums. In fact, MicroStrategy’s September $660 put that expires on Sept. 3, was recently trading around $17.74. In other words, anyone willing to buy the stock at a lower price can get paid a hefty sum for selling cash-secured puts and agreeing to buy the stock at a lower price.<blockquote>但对于激进的投资者来说，MicroStrategy 的期权有一些值得考虑的地方：高溢价。事实上，MicroStrategy 将于 9 月 3 日到期的 9 月份 660 美元看跌期权最近的交易价格约为 17.74 美元。换句话说，任何愿意以较低价格购买股票的人都可以因出售现金担保的看跌期权并同意以较低价格购买股票而获得巨额报酬。</blockquote> Is this trade risky? Absolutely. It might be one of the riskiest trades in this column in years. But the potential to pocket such a large premium over a short period will probably appeal to aggressive traders.<blockquote>这个交易有风险吗？绝对地。这可能是多年来本专栏中风险最大的交易之一。但在短时间内获得如此巨额溢价的潜力可能会吸引激进的交易者。</blockquote> The risk is that something happens that pushes the stock price far below the put strike price. If that happens, investors can buy the stock at the put strike price, or try to adjust the put in the options market to avoid assignment. Regardless, the drama will be high if the trade sputters.<blockquote>风险在于发生一些事情，导致股价远低于看跌期权执行价格。如果发生这种情况，投资者可以以看跌期权执行价格购买股票，或者尝试在期权市场上调整看跌期权以避免转让。无论如何，如果贸易出现问题，戏剧性将会很高。</blockquote> A way to minimize the downside risk of the cash-secured put trade is to seek puts that are dramatically less than the security price and 30% or 40% below the stock price.<blockquote>最大限度地降低现金担保看跌期权交易下行风险的一种方法是寻找远低于证券价格且比股票价格低 30% 或 40% 的看跌期权。</blockquote> The money received for selling the put can be sharply less in those situations, but many institutional investors use this so-called “teeny” strategy on index options, and other securities, to raise cash. The strategy works great as long as the security price does not experience an extraordinary decline. If the index collapses, “teeny” investors are in the tough spot of having to buy back positions at losses.<blockquote>在这种情况下，出售看跌期权所获得的资金可能会大大减少，但许多机构投资者会在指数期权和其他证券上使用这种所谓的 “微小 ”策略来筹集现金。只要证券价格没有出现异常下跌，这种策略就很有效。如果指数暴跌，“小 ”投资者将陷入困境，不得不亏本回购头寸。</blockquote> During the past 52 weeks, MicroStrategy’s stock has ranged from $136.89 to $1,315. The stock is up 85% in 2021 and 389% over the past year.<blockquote>在过去 52 周内，MicroStrategy 的股价在 136.89 美元到 1315 美元之间波动。该股在 2021 年上涨了 85%，在过去一年上涨了 389%。</blockquote> Despite those gains, many institutional investors are skeptical of MicroStrategy.<blockquote>尽管取得了这些收益，但许多机构投资者对微观策略持怀疑态度。</blockquote> Investors have shorted about 25% of the stock, betting that it will sink. They have borrowed shares held by long investors, and sold them in anticipation that something will happen that will allow them to cover the stock at lower prices.<blockquote>投资者已做空约 25% 的股票，押注该股将下跌。他们借入了多头投资者持有的股票，并出售这些股票，因为他们预期会发生一些事情，使他们能够以更低的价格买入股票。</blockquote> On the surface, stocks with high short interest can seem like they are poised to decline. But high short interest can be a double-edged sword.<blockquote>从表面上看，空头利息高的股票似乎即将下跌。但高空头利息可能是一把双刃剑。</blockquote> Should anything happen that pushes the stock price higher—say, surging Bitcoin prices, good earnings, or favorable news—the shorts often rush to buy stock and limit their losses, which can push shares higher.<blockquote>如果发生任何推高股价的事情——例如，比特币价格飙升、良好的盈利或有利的消息——空头通常会急于购买股票并限制损失，这可能会推高股价。</blockquote> The put-sale idea expresses a view that MicroStrategy stock will advance or remain in a holding period over the next few weeks. If that happens, this trade will be like taking candy from a baby. On the other hand, if it doesn’t happen, well, at least you’ll have a Bitcoin proxy.<blockquote>卖出想法表达了这样一种观点，即 MicroStrategy 股票将在未来几周内上涨或保持持有期。如果发生这种情况，这笔交易就像从婴儿手中夺走糖果一样。另一方面，如果没有发生，至少你会有一个比特币代理人。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/microstrategy-has-a-high-stock-price-a-fat-premium-and-bitcoin-heres-how-to-play-it-51629965701?mod=hp_LATEST\">Barrons</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":{"MSTR":"Strategy"},"source_url":"https://www.barrons.com/articles/microstrategy-has-a-high-stock-price-a-fat-premium-and-bitcoin-heres-how-to-play-it-51629965701?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106530593","content_text":"If the perpetually record-high stock market excites you, and you believe that buy-the-dip is a legitimate investment strategy that will always drive prices, say hello to MicroStrategy. The stock has everything that extremely aggressive investors like. The price is so high that it seems to levitate above the market. Part of the magic is that the company is a quasi-proxy for Bitcoin, which excites people eager for cryptocurrency opportunities.\nThe stock has everything that extremely aggressive investors like. The price is so high that it seems to levitate above the market. Part of the magic is that the company is a quasi-proxy for Bitcoin, which excites people eager for cryptocurrency opportunities.\nMicroStrategy’s(ticker: MSTR) executives seem to understand the market zeitgeist. The company, which provides business software and cloud services, recently said that it will sell $400 million in bonds to institutional investors to buy more Bitcoin.\nMicroStrategy already owns 92,079 Bitcoins, worth more than $4.6 billion with Bitcoin at $50,000.\nMicroStrategy is not the type of stock that normally appears in this column, and it may annoy regular readers who prefer more strategic investments with less risk.\nBut MicroStrategy’s options have something worth considering for aggressive investors: big premiums. In fact, MicroStrategy’s September $660 put that expires on Sept. 3, was recently trading around $17.74. In other words, anyone willing to buy the stock at a lower price can get paid a hefty sum for selling cash-secured puts and agreeing to buy the stock at a lower price.\nIs this trade risky? Absolutely. It might be one of the riskiest trades in this column in years. But the potential to pocket such a large premium over a short period will probably appeal to aggressive traders.\nThe risk is that something happens that pushes the stock price far below the put strike price. If that happens, investors can buy the stock at the put strike price, or try to adjust the put in the options market to avoid assignment. Regardless, the drama will be high if the trade sputters.\nA way to minimize the downside risk of the cash-secured put trade is to seek puts that are dramatically less than the security price and 30% or 40% below the stock price.\nThe money received for selling the put can be sharply less in those situations, but many institutional investors use this so-called “teeny” strategy on index options, and other securities, to raise cash. The strategy works great as long as the security price does not experience an extraordinary decline. If the index collapses, “teeny” investors are in the tough spot of having to buy back positions at losses.\nDuring the past 52 weeks, MicroStrategy’s stock has ranged from $136.89 to $1,315. The stock is up 85% in 2021 and 389% over the past year.\nDespite those gains, many institutional investors are skeptical of MicroStrategy.\nInvestors have shorted about 25% of the stock, betting that it will sink. They have borrowed shares held by long investors, and sold them in anticipation that something will happen that will allow them to cover the stock at lower prices.\nOn the surface, stocks with high short interest can seem like they are poised to decline. But high short interest can be a double-edged sword.\nShould anything happen that pushes the stock price higher—say, surging Bitcoin prices, good earnings, or favorable news—the shorts often rush to buy stock and limit their losses, which can push shares higher.\nThe put-sale idea expresses a view that MicroStrategy stock will advance or remain in a holding period over the next few weeks. If that happens, this trade will be like taking candy from a baby. On the other hand, if it doesn’t happen, well, at least you’ll have a Bitcoin proxy.","news_type":1,"symbols_score_info":{"MSTR":0.9}},"isVote":1,"tweetType":1,"viewCount":576,"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":18,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/810876441"}