Day Traders as ‘Dumb Money’? The Pros Are Now Paying Attention_老虎社区_美港股上老虎

Day Traders as ‘Dumb Money’? The Pros Are Now Paying Attention

The Wall Street Journal2022-01-17

Last year, amateur investors took financial markets by storm. This year, Wall Street professionals are watching them closely.Fund managers who might have once derided small-time day traders as “dumb ...

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The Pros Are Now Paying Attention\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-01-17 07:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/fund-managers-pay-attention-to-retail-day-traders-11642132135?mod=hp_lead_pos7>The Wall Street Journal</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nLast year, amateur investors took financial markets by storm. This year, Wall Street professionals are watching them closely.Fund managers who might have once derided small-time day traders as “dumb ...\n\n<a href=\"https://www.wsj.com/articles/fund-managers-pay-attention-to-retail-day-traders-11642132135?mod=hp_lead_pos7\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":".IXIC","symbol_name":"NASDAQ Composite","start_time":0,"source_url":"https://www.wsj.com/articles/fund-managers-pay-attention-to-retail-day-traders-11642132135?mod=hp_lead_pos7","article_id":"1115241947","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1115241947","pubTimestamp":1642376164,"columns":[],"sourceInfo":null,"weMediaInfo":null,"summary":"Last year, amateur investors took financial markets by storm. This year, Wall Street professionals a","collect":0,"end_time":0,"defaultTopTitle":"wsj.com","property":[],"viewcount":null,"language":"en","relate_stocks":{".IXIC":"NASDAQ Composite","GME":"游戏驿站"},"translate_title":"日内交易者是“哑巴钱”？专业人士现在正在关注","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GME":0.9,".IXIC":0.9},"content_text":"Last year, amateur investors took financial markets by storm. This year, Wall Street professionals are watching them closely.Fund managers who might have once derided small-time day traders as “dumb money” are scouring social-media posts for clues about where the herd might veer next. Some 85% of hedge funds and 42% of asset managers are now tracking retail-trading message boards, according to a survey by Bloomberg Intelligence.JPMorgan Chase & Co. in September introduced a new data product that includes information on which securities individual investors are likely buying and selling, as well as which sectors and stocks are being talked about on social media. About 50 clients, including some of the largest asset and quant managers, are testing the product, the bank says. JPMorgan equity traders are also using it to help manage their own risk.“The flow from retail is not something you can ignore if you are a professional investor,” says Chris Berthe, JPMorgan’s global co-head of cash equities trading. “It’s a whole new investor class that has emerged, and it’s an investor class that’s actually getting themes right.”The shift illustrates just how much the rookies have changed the investing landscape. A year ago, market observers were questioning if the retail revolution would continue. Now many are asking what it will look like this year.After shying away from active investing for much of the past decade, millions of Americans, hunkered down at home because of Covid-19, became day traders in 2020. Enticed by volatile markets and phone apps that made it free to trade stocks, they flocked to social media for investing ideas. That year, they piled into stocks like Hertz Global Holdings Inc. (and ultimately were rewarded when the car-rental company exited bankruptcy). It is estimated that more than 10 million individual investors opened new brokerage accounts in 2020, according to Devin Ryan, director of financial-technology research at JMP Securities.Avoiding CrowdsThe total number of stocks with at least $10 million in short interest rose last year, but the number of the most heavily shorted stocks declined.Last year the trends from 2020 accelerated. JMP Securities estimates that a further 15 million Americans signed up for brokerage accounts in 2021. Social-media forums became increasingly used for trading. Some individual investors used their growing numbers to send stocks including GameStop Corp. and AMC Entertainment Holdings Inc. flying. Many newbies relished in inflicting steep losses on some hedge funds and demonstrating that traditional playbooks aren’t the only way to win.Investments that made little sense on paper became valuable in 2021 because day traders declared them so. Joke cryptocurrencies such as dogecoin—up more than 1,900% in the past year based on late Friday levels—minted self-proclaimed millionaires. A market for nonfungible tokens (NFTs), or digital images of items such as bored-ape avatars, exploded.JPMorgan estimates that individual investors accounted for more than a third of daily trading activity several times over the past 18 months, reaching nearly 40% of shares traded on peak days.To be sure, many of the newbies lost money. Some took on debt without understanding what they were doing, leaving them vulnerable to steep losses when stock prices fell. Riskier investing strategies, including options trading, exploded. Many amateur investors bought into buzzy shares near the top of rallies, only to watch the prices rapidly plummet.Individual traders in 2021 purchased a net $292 billion of U.S. stocks and exchange-traded funds, according to Vanda Research’s VandaTrack platform, which tracks and sells data on the purchases of U.S. equities by individual investors. That is more than seven times the amount in 2019. Individual investors so far appear poised to continue similar levels of buying activity in 2022.Analysts expect a bumpier road ahead for U.S. stocks this year, and some money managers believe that any prolonged volatility could wash individual investors out of the market. Many say that today’s activity resembles the late 1990s, when individual investors piled into trading only to flee when the dot-com bubble burst.So far, individual investors have shown a strong stomach for bumpy days. Last year, the group’s eight largest buying days by dollar volume occurred when the S&P 500 sank 1.3% or more, VandaTrack data show. Several academic papers have found that individual investors have at times helped stabilize markets, providing liquidity in times of volatility.The big names noticeBy some accounts, the newbie investors have already altered some professional investors’ trading strategies. One way in particular: the way some make bearish bets.Meme stocks like GameStop had high levels of short interest before they caught the attention of Reddit traders. That means that other investors—usually professionals, like hedge funds—were betting those stocks would fall. When shorting a stock, an investor borrows shares of a company and sells them, hoping to buy them back later at a lower price.When the amateurs sent GameStop and other stocks soaring, the short sellers were sometimes forced to buy back shares, often at much higher prices.These days, investors are avoiding taking big chances with their short-selling plays, according to an analysis by Ihor Dusaniwsky. He is head of predictive analytics at S3 Partners, a technology and data analytics firm that closely tracks activity by short sellers.Just seven stocks in the U.S. market had short interest of 40% or more at the end of 2021, according to his analysis of stocks where at least $10 million of shares had been sold short. That was down from 40 stocks at the beginning of January 2020 and 19 stocks in January 2021. And unlike the previous periods, no stocks in his analysis had short interest of 70% or more at the end of 2021.Last year, S3 started offering new tools that tell clients which stocks have crowded levels of short interest and which could leave them vulnerable to sudden losses if individual investors pile in.“In the back of every hedge fund’s mind is, ‘I don’t want to be on the wrong side of a meme-stock play,’ ” Mr. Dusaniwsky says. “It’s a full-time job to make sure you don’t get hit by a bus.”","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":697121059,"gmtCreate":1642379402392,"gmtModify":1642379402504,"author":{"id":"3575188860884045","authorId":"3575188860884045","name":"Zasper","avatar":"https://static.tigerbbs.com/647533310e84099eea8515d90e6e2f94","vip":1,"crmLevel":12,"crmLevelSwitch":0,"idStr":"3575188860884045","authorIdStr":"3575188860884045"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/697121059","repostId":1115241947,"repostType":4,"repost":{"id":"1115241947","kind":"news","pubTimestamp":1642376164,"share":"https://www.laohu8.com/m/news/1115241947?lang=zh_CN&edition=full","pubTime":"2022-01-17 07:36","market":"us","language":"en","title":"Day Traders as ‘Dumb Money’? The Pros Are Now Paying Attention<blockquote>日内交易者是“笨钱”？专业人士现在正在关注</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115241947","media":"The Wall Street Journal","summary":"Last year, amateur investors took financial markets by storm. This year, Wall Street professionals a","content":"<html><head></head><body>Last year, amateur investors took financial markets by storm. This year, Wall Street professionals are watching them closely.<blockquote><html><head></head><body>去年，业余投资者席卷了金融市场。今年，华尔街的专业人士正在密切关注他们。</body></html></blockquote>Fund managers who might have once derided small-time day traders as “dumb money” are scouring social-media posts for clues about where the herd might veer next. Some 85% of hedge funds and 42% of asset managers are now tracking retail-trading message boards, according to a survey by Bloomberg Intelligence.<blockquote>曾经嘲笑小规模日内交易者为“愚蠢的钱”的基金经理正在社交媒体帖子中寻找有关这群人下一步可能转向何处的线索。彭博资讯(Bloomberg Intelligence)的一项调查显示，约85%的对冲基金和42%的资产管理公司目前正在跟踪零售交易留言板。</blockquote>JPMorgan Chase &amp; Co. in September introduced a new data product that includes information on which securities individual investors are likely buying and selling, as well as which sectors and stocks are being talked about on social media. About 50 clients, including some of the largest asset and quant managers, are testing the product, the bank says. JPMorgan equity traders are also using it to help manage their own risk.<blockquote>摩根大通公司(JPMorgan Chase&amp;Co.)在9月份推出了一种新的数据产品，其中包括个人投资者可能买卖哪些证券，以及社交媒体上正在谈论哪些行业和股票的信息。该银行表示，大约50名客户正在测试该产品，其中包括一些最大的资产和量化管理公司。摩根大通股票交易员也用它来帮助管理自己的风险。</blockquote>“The flow from retail is not something you can ignore if you are a professional investor,” says Chris Berthe, JPMorgan’s global co-head of cash equities trading. “It’s a whole new investor class that has emerged, and it’s an investor class that’s actually getting themes right.”<blockquote>摩根大通现金股票交易全球联席主管克里斯·贝尔特(Chris Berthe)表示：“如果你是专业投资者，你就不能忽视来自散户的资金。”“这是一个全新的投资者类别，而且是一个实际上抓住了正确主题的投资者类别。”</blockquote>The shift illustrates just how much the rookies have changed the investing landscape. A year ago, market observers were questioning if the retail revolution would continue. Now many are asking what it will look like this year.<blockquote>这种转变说明了新秀们对投资格局的改变有多大。一年前，市场观察人士质疑零售革命是否会继续。现在许多人都在问今年会是什么样子。</blockquote>After shying away from active investing for much of the past decade, millions of Americans, hunkered down at home because of Covid-19, became day traders in 2020. Enticed by volatile markets and phone apps that made it free to trade stocks, they flocked to social media for investing ideas. That year, they piled into stocks like Hertz Global Holdings Inc. (and ultimately were rewarded when the car-rental company exited bankruptcy). It is estimated that more than 10 million individual investors opened new brokerage accounts in 2020, according to Devin Ryan, director of financial-technology research at JMP Securities.<blockquote>在过去十年的大部分时间里回避积极投资之后，数百万美国人因为Covid-19而呆在家里，在2020年成为了日内交易者。受动荡的市场和免费股票交易的手机应用程序的诱惑，他们涌向社交媒体寻求投资想法。那一年，他们大量买入赫兹全球控股公司等股票（最终在这家汽车租赁公司退出破产时获得了回报）。JMP证券金融科技研究总监Devin Ryan表示，预计2020年有超过1000万个人投资者开设了新的经纪账户。</blockquote>Avoiding Crowds<blockquote>避开人群</blockquote>The total number of stocks with at least $10 million in short interest rose last year, but the number of the most heavily shorted stocks declined.<blockquote>去年拥有至少1000万美元空头利息的股票总数有所上升，但被做空最严重的股票数量有所下降。</blockquote>Last year the trends from 2020 accelerated. JMP Securities estimates that a further 15 million Americans signed up for brokerage accounts in 2021. Social-media forums became increasingly used for trading. Some individual investors used their growing numbers to send stocks including GameStop Corp. and AMC Entertainment Holdings Inc. flying. Many newbies relished in inflicting steep losses on some hedge funds and demonstrating that traditional playbooks aren’t the only way to win.<blockquote>去年，2020年的趋势加速。JMP证券估计，2021年将有1500万美国人注册经纪账户。社交媒体论坛越来越多地被用于交易。一些个人投资者利用他们不断增长的数量推动游戏驿站公司和AMC院线控股公司等股票飙升。许多新手喜欢给一些对冲基金造成巨大损失，并证明传统的剧本并不是获胜的唯一途径。</blockquote>Investments that made little sense on paper became valuable in 2021 because day traders declared them so. Joke cryptocurrencies such as dogecoin—up more than 1,900% in the past year based on late Friday levels—minted self-proclaimed millionaires. A market for nonfungible tokens (NFTs), or digital images of items such as bored-ape avatars, exploded.<blockquote>纸面上毫无意义的投资在2021年变得有价值，因为日内交易者宣称它们是有价值的。像狗狗币这样的笑话加密货币——根据周五晚些时候的水平，过去一年上涨了1900%以上——造就了自称的百万富翁。不可伪造代币（NFT）或无聊猿头像等物品的数字图像市场爆炸式增长。</blockquote>JPMorgan estimates that individual investors accounted for more than a third of daily trading activity several times over the past 18 months, reaching nearly 40% of shares traded on peak days.<blockquote>摩根大通估计，在过去18个月中，个人投资者多次占据每日交易活动的三分之一以上，在高峰日交易的股票中达到近40%。</blockquote>To be sure, many of the newbies lost money. Some took on debt without understanding what they were doing, leaving them vulnerable to steep losses when stock prices fell. Riskier investing strategies, including options trading, exploded. Many amateur investors bought into buzzy shares near the top of rallies, only to watch the prices rapidly plummet.<blockquote>可以肯定的是，许多新手都赔了钱。一些人在不了解自己在做什么的情况下承担了债务，这使得他们在股价下跌时很容易遭受巨大损失。包括期权交易在内的风险较高的投资策略激增。许多业余投资者在接近反弹顶部时买入热门股票，却眼睁睁地看着价格迅速暴跌。</blockquote>Individual traders in 2021 purchased a net $292 billion of U.S. stocks and exchange-traded funds, according to Vanda Research’s VandaTrack platform, which tracks and sells data on the purchases of U.S. equities by individual investors. That is more than seven times the amount in 2019. Individual investors so far appear poised to continue similar levels of buying activity in 2022.<blockquote>根据Vanda Research的VandaTrack平台的数据，2021年个人交易者净购买了2920亿美元的美国股票和交易所交易基金，该平台跟踪和销售个人投资者购买美国股票的数据。这是2019年的七倍多。到目前为止，个人投资者似乎准备在2022年继续类似水平的购买活动。</blockquote>Analysts expect a bumpier road ahead for U.S. stocks this year, and some money managers believe that any prolonged volatility could wash individual investors out of the market. Many say that today’s activity resembles the late 1990s, when individual investors piled into trading only to flee when the dot-com bubble burst.<blockquote>分析师预计，今年美国股市的前路将更加坎坷，一些基金经理认为，任何长期的波动都可能将个人投资者挤出市场。许多人说，今天的活动类似于20世纪90年代末，当时个人投资者涌入交易，却在互联网泡沫破裂时逃离。</blockquote>So far, individual investors have shown a strong stomach for bumpy days. Last year, the group’s eight largest buying days by dollar volume occurred when the S&amp;P 500 sank 1.3% or more, VandaTrack data show. Several academic papers have found that individual investors have at times helped stabilize markets, providing liquidity in times of volatility.<blockquote>到目前为止，个人投资者对坎坷的日子表现出了强烈的胃口。VandaTrack数据显示，去年，该集团美元交易量最大的八个买入日发生在标普500下跌1.3%或更多的时候。一些学术论文发现，个人投资者有时有助于稳定市场，在波动时期提供流动性。</blockquote>The big names notice<blockquote>大牌通知</blockquote>By some accounts, the newbie investors have already altered some professional investors’ trading strategies. One way in particular: the way some make bearish bets.<blockquote>根据一些说法，新手投资者已经改变了一些专业投资者的交易策略。特别是一种方式：一些人进行看跌押注的方式。</blockquote>Meme stocks like GameStop had high levels of short interest before they caught the attention of Reddit traders. That means that other investors—usually professionals, like hedge funds—were betting those stocks would fall. When shorting a stock, an investor borrows shares of a company and sells them, hoping to buy them back later at a lower price.<blockquote>像游戏驿站这样的模因股票在引起Reddit交易员的注意之前就有很高的空头兴趣。这意味着其他投资者——通常是对冲基金等专业人士——押注这些股票将会下跌。做空股票时，投资者借入一家公司的股票并出售，希望以后以更低的价格回购。</blockquote>When the amateurs sent GameStop and other stocks soaring, the short sellers were sometimes forced to buy back shares, often at much higher prices.<blockquote>当业余爱好者推动游戏驿站和其他股票飙升时，卖空者有时被迫回购股票，通常价格要高得多。</blockquote>These days, investors are avoiding taking big chances with their short-selling plays, according to an analysis by Ihor Dusaniwsky. He is head of predictive analytics at S3 Partners, a technology and data analytics firm that closely tracks activity by short sellers.<blockquote>伊霍尔·杜萨尼夫斯基(Ihor Dusaniwsky)的分析显示，如今，投资者正在避免在卖空交易中冒太大的风险。他是S3 Partners的预测分析主管，这是一家技术和数据分析公司，密切跟踪卖空者的活动。</blockquote>Just seven stocks in the U.S. market had short interest of 40% or more at the end of 2021, according to his analysis of stocks where at least $10 million of shares had been sold short. That was down from 40 stocks at the beginning of January 2020 and 19 stocks in January 2021. And unlike the previous periods, no stocks in his analysis had short interest of 70% or more at the end of 2021.<blockquote>根据他对至少有1000万美元股票被卖空的股票的分析，截至2021年底，美国市场上只有7只股票的空头兴趣达到或超过40%。这低于2020年1月初的40只股票和2021年1月的19只股票。与前几个时期不同的是，在他的分析中，没有一只股票在2021年底拥有70%或以上的空头利息。</blockquote>Last year, S3 started offering new tools that tell clients which stocks have crowded levels of short interest and which could leave them vulnerable to sudden losses if individual investors pile in.<blockquote>去年，S3开始提供新工具，告诉客户哪些股票的空头兴趣水平很高，如果个人投资者蜂拥而至，哪些股票可能会让他们容易遭受突然损失。</blockquote>“In the back of every hedge fund’s mind is, ‘I don’t want to be on the wrong side of a meme-stock play,’ ” Mr. Dusaniwsky says. “It’s a full-time job to make sure you don’t get hit by a bus.”<blockquote>“每个对冲基金的内心深处都是，‘我不想在模因股票游戏中站在错误的一边，’”杜萨尼夫斯基先生说。“这是一份全职工作，确保你不会被公交车撞到。”</blockquote></body></html><blockquote></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>Day Traders as ‘Dumb Money’? The Pros Are Now Paying Attention<blockquote>日内交易者是“笨钱”？专业人士现在正在关注</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\">\nDay Traders as ‘Dumb Money’? The Pros Are Now Paying Attention<blockquote>日内交易者是“笨钱”？专业人士现在正在关注</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2022-01-17 07:36\n\n</h4>\n</header>\n<article>\n<html><head></head><body>Last year, amateur investors took financial markets by storm. This year, Wall Street professionals are watching them closely.<blockquote><html><head></head><body>去年，业余投资者席卷了金融市场。今年，华尔街的专业人士正在密切关注他们。</body></html></blockquote>Fund managers who might have once derided small-time day traders as “dumb money” are scouring social-media posts for clues about where the herd might veer next. Some 85% of hedge funds and 42% of asset managers are now tracking retail-trading message boards, according to a survey by Bloomberg Intelligence.<blockquote>曾经嘲笑小规模日内交易者为“愚蠢的钱”的基金经理正在社交媒体帖子中寻找有关这群人下一步可能转向何处的线索。彭博资讯(Bloomberg Intelligence)的一项调查显示，约85%的对冲基金和42%的资产管理公司目前正在跟踪零售交易留言板。</blockquote>JPMorgan Chase &amp; Co. in September introduced a new data product that includes information on which securities individual investors are likely buying and selling, as well as which sectors and stocks are being talked about on social media. About 50 clients, including some of the largest asset and quant managers, are testing the product, the bank says. JPMorgan equity traders are also using it to help manage their own risk.<blockquote>摩根大通公司(JPMorgan Chase&amp;Co.)在9月份推出了一种新的数据产品，其中包括个人投资者可能买卖哪些证券，以及社交媒体上正在谈论哪些行业和股票的信息。该银行表示，大约50名客户正在测试该产品，其中包括一些最大的资产和量化管理公司。摩根大通股票交易员也用它来帮助管理自己的风险。</blockquote>“The flow from retail is not something you can ignore if you are a professional investor,” says Chris Berthe, JPMorgan’s global co-head of cash equities trading. “It’s a whole new investor class that has emerged, and it’s an investor class that’s actually getting themes right.”<blockquote>摩根大通现金股票交易全球联席主管克里斯·贝尔特(Chris Berthe)表示：“如果你是专业投资者，你就不能忽视来自散户的资金。”“这是一个全新的投资者类别，而且是一个实际上抓住了正确主题的投资者类别。”</blockquote>The shift illustrates just how much the rookies have changed the investing landscape. A year ago, market observers were questioning if the retail revolution would continue. Now many are asking what it will look like this year.<blockquote>这种转变说明了新秀们对投资格局的改变有多大。一年前，市场观察人士质疑零售革命是否会继续。现在许多人都在问今年会是什么样子。</blockquote>After shying away from active investing for much of the past decade, millions of Americans, hunkered down at home because of Covid-19, became day traders in 2020. Enticed by volatile markets and phone apps that made it free to trade stocks, they flocked to social media for investing ideas. That year, they piled into stocks like Hertz Global Holdings Inc. (and ultimately were rewarded when the car-rental company exited bankruptcy). It is estimated that more than 10 million individual investors opened new brokerage accounts in 2020, according to Devin Ryan, director of financial-technology research at JMP Securities.<blockquote>在过去十年的大部分时间里回避积极投资之后，数百万美国人因为Covid-19而呆在家里，在2020年成为了日内交易者。受动荡的市场和免费股票交易的手机应用程序的诱惑，他们涌向社交媒体寻求投资想法。那一年，他们大量买入赫兹全球控股公司等股票（最终在这家汽车租赁公司退出破产时获得了回报）。JMP证券金融科技研究总监Devin Ryan表示，预计2020年有超过1000万个人投资者开设了新的经纪账户。</blockquote>Avoiding Crowds<blockquote>避开人群</blockquote>The total number of stocks with at least $10 million in short interest rose last year, but the number of the most heavily shorted stocks declined.<blockquote>去年拥有至少1000万美元空头利息的股票总数有所上升，但被做空最严重的股票数量有所下降。</blockquote>Last year the trends from 2020 accelerated. JMP Securities estimates that a further 15 million Americans signed up for brokerage accounts in 2021. Social-media forums became increasingly used for trading. Some individual investors used their growing numbers to send stocks including GameStop Corp. and AMC Entertainment Holdings Inc. flying. Many newbies relished in inflicting steep losses on some hedge funds and demonstrating that traditional playbooks aren’t the only way to win.<blockquote>去年，2020年的趋势加速。JMP证券估计，2021年将有1500万美国人注册经纪账户。社交媒体论坛越来越多地被用于交易。一些个人投资者利用他们不断增长的数量推动游戏驿站公司和AMC院线控股公司等股票飙升。许多新手喜欢给一些对冲基金造成巨大损失，并证明传统的剧本并不是获胜的唯一途径。</blockquote>Investments that made little sense on paper became valuable in 2021 because day traders declared them so. Joke cryptocurrencies such as dogecoin—up more than 1,900% in the past year based on late Friday levels—minted self-proclaimed millionaires. A market for nonfungible tokens (NFTs), or digital images of items such as bored-ape avatars, exploded.<blockquote>纸面上毫无意义的投资在2021年变得有价值，因为日内交易者宣称它们是有价值的。像狗狗币这样的笑话加密货币——根据周五晚些时候的水平，过去一年上涨了1900%以上——造就了自称的百万富翁。不可伪造代币（NFT）或无聊猿头像等物品的数字图像市场爆炸式增长。</blockquote>JPMorgan estimates that individual investors accounted for more than a third of daily trading activity several times over the past 18 months, reaching nearly 40% of shares traded on peak days.<blockquote>摩根大通估计，在过去18个月中，个人投资者多次占据每日交易活动的三分之一以上，在高峰日交易的股票中达到近40%。</blockquote>To be sure, many of the newbies lost money. Some took on debt without understanding what they were doing, leaving them vulnerable to steep losses when stock prices fell. Riskier investing strategies, including options trading, exploded. Many amateur investors bought into buzzy shares near the top of rallies, only to watch the prices rapidly plummet.<blockquote>可以肯定的是，许多新手都赔了钱。一些人在不了解自己在做什么的情况下承担了债务，这使得他们在股价下跌时很容易遭受巨大损失。包括期权交易在内的风险较高的投资策略激增。许多业余投资者在接近反弹顶部时买入热门股票，却眼睁睁地看着价格迅速暴跌。</blockquote>Individual traders in 2021 purchased a net $292 billion of U.S. stocks and exchange-traded funds, according to Vanda Research’s VandaTrack platform, which tracks and sells data on the purchases of U.S. equities by individual investors. That is more than seven times the amount in 2019. Individual investors so far appear poised to continue similar levels of buying activity in 2022.<blockquote>根据Vanda Research的VandaTrack平台的数据，2021年个人交易者净购买了2920亿美元的美国股票和交易所交易基金，该平台跟踪和销售个人投资者购买美国股票的数据。这是2019年的七倍多。到目前为止，个人投资者似乎准备在2022年继续类似水平的购买活动。</blockquote>Analysts expect a bumpier road ahead for U.S. stocks this year, and some money managers believe that any prolonged volatility could wash individual investors out of the market. Many say that today’s activity resembles the late 1990s, when individual investors piled into trading only to flee when the dot-com bubble burst.<blockquote>分析师预计，今年美国股市的前路将更加坎坷，一些基金经理认为，任何长期的波动都可能将个人投资者挤出市场。许多人说，今天的活动类似于20世纪90年代末，当时个人投资者涌入交易，却在互联网泡沫破裂时逃离。</blockquote>So far, individual investors have shown a strong stomach for bumpy days. Last year, the group’s eight largest buying days by dollar volume occurred when the S&amp;P 500 sank 1.3% or more, VandaTrack data show. Several academic papers have found that individual investors have at times helped stabilize markets, providing liquidity in times of volatility.<blockquote>到目前为止，个人投资者对坎坷的日子表现出了强烈的胃口。VandaTrack数据显示，去年，该集团美元交易量最大的八个买入日发生在标普500下跌1.3%或更多的时候。一些学术论文发现，个人投资者有时有助于稳定市场，在波动时期提供流动性。</blockquote>The big names notice<blockquote>大牌通知</blockquote>By some accounts, the newbie investors have already altered some professional investors’ trading strategies. One way in particular: the way some make bearish bets.<blockquote>根据一些说法，新手投资者已经改变了一些专业投资者的交易策略。特别是一种方式：一些人进行看跌押注的方式。</blockquote>Meme stocks like GameStop had high levels of short interest before they caught the attention of Reddit traders. That means that other investors—usually professionals, like hedge funds—were betting those stocks would fall. When shorting a stock, an investor borrows shares of a company and sells them, hoping to buy them back later at a lower price.<blockquote>像游戏驿站这样的模因股票在引起Reddit交易员的注意之前就有很高的空头兴趣。这意味着其他投资者——通常是对冲基金等专业人士——押注这些股票将会下跌。做空股票时，投资者借入一家公司的股票并出售，希望以后以更低的价格回购。</blockquote>When the amateurs sent GameStop and other stocks soaring, the short sellers were sometimes forced to buy back shares, often at much higher prices.<blockquote>当业余爱好者推动游戏驿站和其他股票飙升时，卖空者有时被迫回购股票，通常价格要高得多。</blockquote>These days, investors are avoiding taking big chances with their short-selling plays, according to an analysis by Ihor Dusaniwsky. He is head of predictive analytics at S3 Partners, a technology and data analytics firm that closely tracks activity by short sellers.<blockquote>伊霍尔·杜萨尼夫斯基(Ihor Dusaniwsky)的分析显示，如今，投资者正在避免在卖空交易中冒太大的风险。他是S3 Partners的预测分析主管，这是一家技术和数据分析公司，密切跟踪卖空者的活动。</blockquote>Just seven stocks in the U.S. market had short interest of 40% or more at the end of 2021, according to his analysis of stocks where at least $10 million of shares had been sold short. That was down from 40 stocks at the beginning of January 2020 and 19 stocks in January 2021. And unlike the previous periods, no stocks in his analysis had short interest of 70% or more at the end of 2021.<blockquote>根据他对至少有1000万美元股票被卖空的股票的分析，截至2021年底，美国市场上只有7只股票的空头兴趣达到或超过40%。这低于2020年1月初的40只股票和2021年1月的19只股票。与前几个时期不同的是，在他的分析中，没有一只股票在2021年底拥有70%或以上的空头利息。</blockquote>Last year, S3 started offering new tools that tell clients which stocks have crowded levels of short interest and which could leave them vulnerable to sudden losses if individual investors pile in.<blockquote>去年，S3开始提供新工具，告诉客户哪些股票的空头兴趣水平很高，如果个人投资者蜂拥而至，哪些股票可能会让他们容易遭受突然损失。</blockquote>“In the back of every hedge fund’s mind is, ‘I don’t want to be on the wrong side of a meme-stock play,’ ” Mr. Dusaniwsky says. “It’s a full-time job to make sure you don’t get hit by a bus.”<blockquote>“每个对冲基金的内心深处都是，‘我不想在模因股票游戏中站在错误的一边，’”杜萨尼夫斯基先生说。“这是一份全职工作，确保你不会被公交车撞到。”</blockquote></body></html><blockquote></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/fund-managers-pay-attention-to-retail-day-traders-11642132135?mod=hp_lead_pos7\">The Wall Street Journal</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":{".IXIC":"NASDAQ Composite","GME":"游戏驿站"},"source_url":"https://www.wsj.com/articles/fund-managers-pay-attention-to-retail-day-traders-11642132135?mod=hp_lead_pos7","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115241947","content_text":"Last year, amateur investors took financial markets by storm. This year, Wall Street professionals are watching them closely.Fund managers who might have once derided small-time day traders as “dumb money” are scouring social-media posts for clues about where the herd might veer next. Some 85% of hedge funds and 42% of asset managers are now tracking retail-trading message boards, according to a survey by Bloomberg Intelligence.JPMorgan Chase & Co. in September introduced a new data product that includes information on which securities individual investors are likely buying and selling, as well as which sectors and stocks are being talked about on social media. About 50 clients, including some of the largest asset and quant managers, are testing the product, the bank says. JPMorgan equity traders are also using it to help manage their own risk.“The flow from retail is not something you can ignore if you are a professional investor,” says Chris Berthe, JPMorgan’s global co-head of cash equities trading. “It’s a whole new investor class that has emerged, and it’s an investor class that’s actually getting themes right.”The shift illustrates just how much the rookies have changed the investing landscape. A year ago, market observers were questioning if the retail revolution would continue. Now many are asking what it will look like this year.After shying away from active investing for much of the past decade, millions of Americans, hunkered down at home because of Covid-19, became day traders in 2020. Enticed by volatile markets and phone apps that made it free to trade stocks, they flocked to social media for investing ideas. That year, they piled into stocks like Hertz Global Holdings Inc. (and ultimately were rewarded when the car-rental company exited bankruptcy). It is estimated that more than 10 million individual investors opened new brokerage accounts in 2020, according to Devin Ryan, director of financial-technology research at JMP Securities.Avoiding CrowdsThe total number of stocks with at least $10 million in short interest rose last year, but the number of the most heavily shorted stocks declined.Last year the trends from 2020 accelerated. JMP Securities estimates that a further 15 million Americans signed up for brokerage accounts in 2021. Social-media forums became increasingly used for trading. Some individual investors used their growing numbers to send stocks including GameStop Corp. and AMC Entertainment Holdings Inc. flying. Many newbies relished in inflicting steep losses on some hedge funds and demonstrating that traditional playbooks aren’t the only way to win.Investments that made little sense on paper became valuable in 2021 because day traders declared them so. Joke cryptocurrencies such as dogecoin—up more than 1,900% in the past year based on late Friday levels—minted self-proclaimed millionaires. A market for nonfungible tokens (NFTs), or digital images of items such as bored-ape avatars, exploded.JPMorgan estimates that individual investors accounted for more than a third of daily trading activity several times over the past 18 months, reaching nearly 40% of shares traded on peak days.To be sure, many of the newbies lost money. Some took on debt without understanding what they were doing, leaving them vulnerable to steep losses when stock prices fell. Riskier investing strategies, including options trading, exploded. Many amateur investors bought into buzzy shares near the top of rallies, only to watch the prices rapidly plummet.Individual traders in 2021 purchased a net $292 billion of U.S. stocks and exchange-traded funds, according to Vanda Research’s VandaTrack platform, which tracks and sells data on the purchases of U.S. equities by individual investors. That is more than seven times the amount in 2019. Individual investors so far appear poised to continue similar levels of buying activity in 2022.Analysts expect a bumpier road ahead for U.S. stocks this year, and some money managers believe that any prolonged volatility could wash individual investors out of the market. Many say that today’s activity resembles the late 1990s, when individual investors piled into trading only to flee when the dot-com bubble burst.So far, individual investors have shown a strong stomach for bumpy days. Last year, the group’s eight largest buying days by dollar volume occurred when the S&P 500 sank 1.3% or more, VandaTrack data show. Several academic papers have found that individual investors have at times helped stabilize markets, providing liquidity in times of volatility.The big names noticeBy some accounts, the newbie investors have already altered some professional investors’ trading strategies. One way in particular: the way some make bearish bets.Meme stocks like GameStop had high levels of short interest before they caught the attention of Reddit traders. That means that other investors—usually professionals, like hedge funds—were betting those stocks would fall. When shorting a stock, an investor borrows shares of a company and sells them, hoping to buy them back later at a lower price.When the amateurs sent GameStop and other stocks soaring, the short sellers were sometimes forced to buy back shares, often at much higher prices.These days, investors are avoiding taking big chances with their short-selling plays, according to an analysis by Ihor Dusaniwsky. He is head of predictive analytics at S3 Partners, a technology and data analytics firm that closely tracks activity by short sellers.Just seven stocks in the U.S. market had short interest of 40% or more at the end of 2021, according to his analysis of stocks where at least $10 million of shares had been sold short. That was down from 40 stocks at the beginning of January 2020 and 19 stocks in January 2021. And unlike the previous periods, no stocks in his analysis had short interest of 70% or more at the end of 2021.Last year, S3 started offering new tools that tell clients which stocks have crowded levels of short interest and which could leave them vulnerable to sudden losses if individual investors pile in.“In the back of every hedge fund’s mind is, ‘I don’t want to be on the wrong side of a meme-stock play,’ ” Mr. Dusaniwsky says. “It’s a full-time job to make sure you don’t get hit by a bus.”","news_type":1,"symbols_score_info":{"GME":0.9,".IXIC":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":28,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}