Sunday, January 31, 2021

Wall Street Week - Full Show (01/29/2021)

Jan. 31, 2021

Here is the link. 

Jan.29 -- One of the most iconic brands in financial television returns for today's issues and today's world. This week's Wall Street Week features David Westin's interviews with Former Treasury Secretary Lawrence H. Summers, Bank of America CEO Brian Moynihan, Related Companies CEO Jeff Blau, Council of Economic Advisers Member Jared Bernstein, Goldman Sachs Wealth Management CIO Sharmin Mossavar-Rahmani, and Financial Insyghts President Peter Atwater. The conversations highlight the sentiment that led to the retail trading GameStop frenzy, the democratization of market access, and the role of regulation in individual investor behavior.


Short interest: Business opportunity | Chinese | build wealth from short sale squeeze

Jan. 31, 2021

Here is the article. 

My notes:

  1. GME接近90%的流通股都掌握在机构手中,这一轮GME可能接近百倍的股价涨幅
  2. 公开交易的投资基金Senvest Capital,10月份的时候购买了GameStop(GME)5.54%的股权。作为一家十亿美元的基金,这一笔操纵很有可能让他们过去两个月基金的整体收益超过了100%。- Look up Senvest capital
  3. 摩根大通,去年第三季度末的时候,它就持有368196份看涨期权。在2020年9月30日的时候,这些看涨头寸差不多价值是280万美元,当时GME的股价是10.2美元。现在GME的股价一度逼近500美元,如果在最高点摩根大通卖出了,那收益将超过2亿美元。
  4. GME现在的期权交易量经常一天10亿美元,未平仓的看涨期权超过150亿美元,经常每天都有动辄一笔超过5000万美刀的看涨期权大单,我相信没有散户可以拿出单笔超过5000万美元的资金,还跑去买看涨期权。
  5. 多头这个时候会怎么做?一个方法,让GME这些公司增发股票,空头就可以购买足够多的流通股,止损离场。另一个方法,多头卖出GME接近90%的流通股,瞬间市场上流通股多了几十倍,GME遭遇踩踏,空头低价平仓。无论哪种情况,受伤的一定是在高位追进去的散户。

大盘为什么暴跌?背后的逻辑不用我多说,对冲基金被WSB的散户轧空,被迫要卖出多头仓位,以便可以用流动性去进行平仓垃圾股。所以我们就看到了,过去一周的诡异现象。


越是好公司,可能会越跌的越多。因为好公司往往都是对冲基金的重点持仓,它们被抛售的也就最厉害。面对这种诡异的局面,其实没必要大惊小怪的,因为风险往往与机遇并存,这可能是我们千载难逢的机会。


我们必须要明白一个问题,这一轮轧空真是散户在收割机构吗?相信很多被蒙在鼓里的人,肯定会相当认可这个观点,但实际上GME接近90%的流通股都掌握在机构手中,这一轮GME可能接近百倍的股价涨幅,谁是最大的获益者其实基本一目了然。


举个最简单的例子,公开交易的投资基金Senvest Capital,10月份的时候购买了GameStop(GME)5.54%的股权。作为一家十亿美元的基金,这一笔操纵很有可能让他们过去两个月基金的整体收益超过了100%。


再好比摩根大通,去年第三季度末的时候,它就持有368196份看涨期权。在2020年9月30日的时候,这些看涨头寸差不多价值是280万美元,当时GME的股价是10.2美元。现在GME的股价一度逼近500美元,如果在最高点摩根大通卖出了,那收益将超过2亿美元。


还有个证据,那就是GME现在的期权交易量经常一天10亿美元,未平仓的看涨期权超过150亿美元,经常每天都有动辄一笔超过5000万美刀的看涨期权大单,我相信没有散户可以拿出单笔超过5000万美元的资金,还跑去买看涨期权。


所以结论非常明确,这一轮的史诗级逼空,实际上就是机构之间的较量,投机的散户确实在这个过程中喝到了汤,但最后的结局其实已经基本注定,那就是当多空双方达成和解,他们会一起来收割散户。


最后这次事件会怎么收场,背后策划此次时间的真正获利者或许已经逐步的离开,大概率最后都会因为流动性的问题出现向下的反身反馈,最后市场会由于缺少看涨期权卖出者而丧失流动性,随着之前买入看涨期权的投资者获利平仓离场,同样也会形成卖出正股的反馈,最后入场的社交媒体里的热血散户也会仓皇出逃甚至踩踏。


明白了这次并不是因为散户,那接下来美股要怎么布局就一目了然了。短期内,空头因为需要平仓GME,还在被迫卖出多头仓位,大盘可能还会继续暴跌;多头则赚的盆满钵满,但大家都是机构,没有人希望大盘出现系统性危机,所以和解只是时间问题。


多头这个时候会怎么做?一个方法,让GME这些公司增发股票,空头就可以购买足够多的流通股,止损离场。另一个方法,多头卖出GME接近90%的流通股,瞬间市场上流通股多了几十倍,GME遭遇踩踏,空头低价平仓。无论哪种情况,受伤的一定是在高位追进去的散户。


当GME的逼空大战不再,大盘很可能已经跌了很多,好公司都在这个过程中顺势进行了回调,赚了很多钱的多头这个时候会干嘛,自然是去抄底FAAMG这些好公司,他们总不至于继续持有GME这些没有基本面的公司。更多的资金流向FAAMG,那大盘自然就会涨的更多,所以这一次跌下来,那绝对将会是非常好的抄底机会。


系统性危机没人愿意看到,毕竟多头虽然在GME上赚了不少钱,但这些相比他们在资本市场投入的钱,那其实就毛毛雨。如果彻底掀掉桌子,那赚到的钱肯定是弥补不了崩盘造成的巨大损失。


再拿摩根大通来举例,GME即使涨到了1000美元,它的看涨期权顶多也就赚了5亿美元,但摩根大通管理着超过3000亿美元的资产,如果大盘暴跌20%,它将会损失600亿美元,这笔账其实很容易算。


至于我敢肯定不会发生系统性危机,最重要的因素是因为这次的危机级别还不够。我觉得让标普500或者道琼斯指数真正出现像去年3月份大跌30%,只能是出现黑天鹅,也就是我们意料之外的事情,或者是政策面、整个货币政策等等出现急剧转向,这种情况才有可能会出现系统性风险。现在的轧空,连我们这些小散户都能预测结果,所以你懂的。


在前几周的文章,我一直强调一个观点,那就是美股今年是一个不太容易赚钱的牛市,但这仍然会是牛市,因为流动性实在太泛滥了。


原本机构预测标普今年能涨10%,如果按照前几周的走势,下半年都没什么可涨的了,但现在大盘如果真有机会被砸下来,那是不是意味着接下来10个月大盘可以有更大的上涨空间,这对我们来说是不是机会?


所以,从现在开始,大家没必要过于惊慌,短期可能会在逼空大战的影响下继续暴跌,毕竟现在GME仍然有超过80%的流通股被做空,没有监管机构出手的前提下,多空双方暂时不会罢手,但下跌的越多,后续我们盈利的空间也就越大。


风险与危机总是并存的,如果去年3月没有那连续数次的熔断,大盘也不会在接下来半年表现那么强劲,这一次如果真能引发短时间内的恐慌性抛售,对我们何尝不是一个机遇。做好风险对冲,然后找准机会抄底,下半年赚钱就是如此简单。


当然,在当前这样的市场,并不是什么股都可以去抄底,我们一定要擦亮自己的眼睛。如果大盘出现无差别的恐慌性抛售,你应该仔细审查下自己的持仓,当好公司和差公司一起暴跌的时候,你唯一应该做的那就是调仓。


想象一下这样一种心态,很多人之前都想抄底台积电,但过去一个月涨的实在太多了,彻底没法下手,这个时候终于跌了下来,终于有机会抄底了。很多机构可能把差公司的仓位割掉,迅速换到台积电。


周五的ARK其实也就是类似的操作,它卖出了PINS、ROKU、PYPL等公司仓位,然后基本全部用来去加仓特斯拉去了。这个行为对不对,我不去评判。只想说一个事实,那就是机构正在借这次调整的机会,积极的进行调仓,把仓位集中到更看好的公司上去。


最终的结果就有一个,当大盘反弹回到历史新高的时候,好公司因为有更多的资金流入,会不断创历史新高,并且比暴跌之前还要涨的更高,而差公司可能仍然会在低位趴着。美股终究会强者恒强,所以珍惜这次机会。


那么我们要抄底哪些板块?其实这个财报季已经明确告诉我们答案了。


1、社交媒体广告。Facebook的财报远超预期,预示着全球数字经济实现了强劲的复苏,那么同样在这条赛道的谷歌、Twitter、Pins、SNAP等公司,大概率业绩是相当不错的。


2、苹果产业链。苹果的业绩远超市场预期,iPhone销量恢复强劲增长,SWKS的业绩炸裂,台积电订单也是爆发增长,这一切都预示着苹果产业链和5G芯片赛道业绩很好。


3、电商支付。MA和Visa的财报告诉我们,四季度美国电商增速超过40%,Facebook的财报也告诉我们线上电商广告增长喜人,所以电商也是相对比较确定的机会。


4、网络安全。微软的财报说四季度安全需求增长远超预期,俄罗斯的黑客和太阳风事件也在促进企业加大安全方面的支出,这也是相对确定的机会。


Fox business: Dave Portnoy slams Robinhood: Restricting trades was ‘flat out criminal’

Jan. 31, 2021

Here is the link. 

Barstool Sports founder and President Dave Portnoy weighs in on the GameStop stock price stock surge and how Robinhood and Wall Street have reacted to the short squeeze.

Equity research: The market plunges amid the Reddit rebellion

Jan. 31, 2021

Here is the link. 

Market plunge as speculative names get continually bid higher. With CNBC's Brian Sullivan and the Fast Money traders, Steve Grasso, Bonawyn Eison and Barbara Ann Bernard.

My notes:

  1. Short, long, sell long - Apple or other brand name - hedge fund
  2. Whack hedge fund - 130% short interest - raise money, sell what they can - Robinhood - limit 1 share / AMD, Starbuck, ...
  3. Regulation - not a fan - markets are speculating process - what the reason it is, regulate get-in/ get-out
  4. Apple - 140 -> 130, average Joe gets hurt - pension fund, and other fund
  5. Regulation - cost of borrowing - 120% annualized, return 100% for short, risk and reward - retail guy nailed this
  6. Long short fund is done - billion dollar fund - crowd those names - long volatility
  7. Save people when they hurting, not when they making money

 

CTRM stock: Jan. 31, 2021 - restriction is removed - 5000 shares hold

Yahoo -> Finance -> Conversations 

 The short volume ratio of CTRM is 23%.

• Given that Robinhood is playing a central role in retail investors pumping dark horse stocks and given that $CTRM is now a stonk, it’s a rare stock under $1.00 that fits the category.
• Average daily volume of $CTRM heading into February is still 2x normal levels.
• The anti-short position of the Wallstreetbets will now take on an anti-restriction movement and CTRM is likely a huge winner in that game.
• Castor Maritime saw a increase in short interest in the month of January. As of January 15th, there was short interest totaling 25,790,000 shares, an increase of 5,150.4% from the previous total of 491,200 shares.
• In terms of fundamentals, revenue has been increasing each year and the company is acquiring more ships.
• With a 52-week range of $0.11 to $2.60, it’s volatility is very appealing to invest in. One year ago the stock was $1.38, more than twice the current price.

Short interest - 120%

Hedge fund - 

Massachusetts secretary of state and Kevin O'Leary debate Reddit short squeeze

 Here is the link. 

The surge is shares of GameStop and moves Thursday by retail brokerages like Robinhood to restrict trading as a result is dominating the headlines this week. Both Interactive Brokers and Robinhood are planning to ease trading curbs Friday. This comes after Robinhood said Thursday it was raising more than a billion dollars from existing investors. It also drew at least $500 million on a line of credit from a group of banks in order to meet lending requirements from its central clearing house. William Galvin, Massachusetts secretary of state, and Kevin O’Leary, chairman of O’Shares ETFs and co-host of “Shark Tank," joined "Squawk Box" on Friday to debate whether Robinhood was right to take that move. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi Kevin O’Leary on Friday defended the right of retail investors to continue trading shares of GameStop, AMC Entertainment and other stocks that have been hyped online. In an interview on CNBC’s “Squawk Box,” the O’Shares ETFs co-founder said investors should be allowed to speculate freely — regardless of whether they end up losing their own money and regardless of whether hedge funds and other short sellers get slammed. “They’re learning about the risks of the market. ... We forgot to educate them in high school, so let them learn in the real world, which is even better,” said O’Leary, a businessman and investor on “Shark Tank.” “I think this is fantastic what’s going on. Leave it alone. It’s a great thing that’s happening here.” The Reddit-sparked frenzy in GameStop and other stocks, which has consumed Wall Street in recent days, delivers lessons for people on both sides of the trade, O’Leary contended. He said he hopes hedge funds and anyone who shorts stocks will think twice about doing so, knowing they could be vulnerable to an epic squeeze like the one with GameStop. Shares of the embattled video-game retailer surged as high as $483 apiece this month; as recently as September, they traded around $6 each. “You now run a new risk: that these effective social media vigilantes are going to come after you and squeeze you as a short,” O’Leary said, a reference to the popular Reddit forum WallStreetBets. “That’s going to make a lot of hedge funds think a second time before they try and go short stocks, which I think is great.” Short selling is a strategy in which an investor sells borrowed shares in hopes of buying them back at a lower price in the future. They return the borrowed number of shares and pocket the price difference, if the stock actually falls. When the opposite happens, a short seller may try limiting their potential losses by purchasing the stock at its current higher prices. Perhaps more importantly, O’Leary said, the virality of the GameStop trade — aided partly by zero-commission brokerage apps such as Robinhood — has sparked an interest in investing that might not otherwise have been there. Some critics of the recent action have argued that better protection needs to be in place to prevent novice investors from being burned if the stock price collapses. O’Leary acknowledged newcomers to the market who join the speculative party may end up losing money, but he said “every investor loses money.” “The bottom line is, when you put money in harm’s way in the market, you risk it. That will always be the way” the market works, said O’Leary. “The definition of the market is speculation. When you buy and stay long a stock, you’re speculating the profits you hope are going to come finally appear, and you take that risk,” he added.

Take my notes:
  1. Millions people learn how to invest - starting from 20s;
  2. Let market do that, capital market is the market;
  3. Hedge fund manager - speculation - live under speculation
  4. Gamestop executive - pivot - Netflix - You have ideas - raise capital now


O'Leary: Kevin O'Leary DESTROYS Mainstream Media on WallStreetBets

Jan. 31, 2021

Here is the link. 

Kevin O'Leary DESTROYS Mainstream Media on WallStreetBets

Nok stock: Feb. 4 earning day | 2000 share/ person Robinhood - restriction relaxed | 4.6/ share -> 10/ share

Jan. 31, 2021


Yahoo -> Finance -> Conversation 

If u compare to Qualcomm its very interesting...around the same revenue, Nokia Balance Sheet is much better, Nokia has more valuable patents, Nokia is more diversified n Qcom has more profits..Nokia is in a turn around phase n I expect a huge increase in profits upon great execution...the Market Caps of each are Nokia $25B n Qcom $147B...this is def where AMD market cap was $15B n Intel $300B...now the Market Caps are AMD $100B n Intel $240B!!! Nokia has so much upside potential...Wallstreet is missing the boat!!!!!

Correction Qcom market cap is $177B!!!!

BlackRock Inc. ownership in NOK / Nokia Corp.
2021-01-29 - BlackRock Inc. has filed an SC 13G/A form with the Securities and Exchange Commission (SEC) disclosing ownership of 333,048,530 shares of Nokia Corp. (US:NOK). This represents 5.9 percent ownership of the company. In their previous filing dated 2020-02-05, BlackRock Inc. had reported owning 311,907,753 shares, indicating an increase of 6.78 percent.

Reddit

Here is the link. 

NOK PLAY:

Here’s how it works. YOU DECIDE if you want to take part.

1.It’s not a short squeeze like GME. Get that out of your head.

2.It’s a value/momentum play. The value part is just normal granny&grampa investing. See a good company going cheap, buy and hold. Tell your mom, dad, granny and grampa, cousins, relatives, friends.

3.The momentum part is the crazy part, and if it works the share will SKYROCKET as long as YOU DON’T SELL. GME is the biggest short squeeze in history, the NOK play could be the biggest value buy in history.

4. The beauty of it is that it works because Wall St is dumping NOK irrationally. That’s why the price is going down (slowly). They think they’re attacking us and slowly winning, but they’re giving us a value share cheap = their money, our pockets. By the time they realize what we did, it will be too late.

5. Don’t panic, and keep buying the dumps (if you think the company has value), and if we hold the line you could see a miracle.

The company is healthy, has good financials, it’s a market leader in 5G (it’s main competitors are Huawei and Ericsson, they have about the same market share share of 5G) a lot of potential to be the company that builds 5G for a large part of the world. NOK is currently trading at a standard price for the value it holds. It is not a bubble.

Here’s Nokia’s 5G contracts: https://www.nokia.com/networks/5g/5g-contracts/

Here’s Bloomberg shitting bricks that we’ve realized that Nokia is a value bet: https://www.bloomberg.com/opinion/articles/2021-01-28/gamestop-may-be-a-reddit-wallstreetbets-game-but-nokia-sure-isn-t

Nokia also just unveiled new 1tb tech, the thing AFTER 5G. First on the world. They have it, they’re showing the world it works. Here is their press release from Wednesday: https://www.nasdaq.com/press-release/nokia-and-elisa-push-network-boundaries-with-worlds-first-1t-deployment-2021-01-27

They are so trusted that NASA got them to build a cell network on the MOON. Literally. If you’re NASA, would you hire your retard uncle Earl to build cell towers on the moon? No, you hire someone who CAN ACTUALLY DO IT. Imagine what it takes to build something really big and complicated on the moon? Now imagine who’s the likely guy who can do it. That’s right, NOKIA. Here they are, going to the moon: https://www.nokia.com/about-us/news/releases/2020/10/19/nokia-selected-by-nasa-to-build-first-ever-cellular-network-on-the-moon/

If the Huawei 5G war continues, who do you think US and Europe is going to back, especially since NOK already has the next tech, owns a bunch of patents, is from FINLAND that has never tried to take over the world and has a brand that EVERYONE who lived in 2000s remembers?

CNBC: GME-CNBC | Chamath | Interview | Chinese translation

 Jan. 31, 2021

Here is the link. 

  1. Hedge fund analyst - retail investor can do the same work
  2. 120 million - social chat - 
  3. 140% short interest on gmo stock - get the table of stocks with percentage short interest 
  4. Momentum - hedge fund - analyst research - actually they do the research - distribution - one end - fundamental - dirty secret - packing order - Melvin capital
  5. Melvin capital - sort of giant in my era - trade copied by all other funds - organized - wall street bet
  6. Distinguish - no edge - bag holder of wall street - retail - bag holder ? 
  7. Responsible - tweet about it - get involved in yourself 
  8. Trades - get hurt - long gone - message 2008 - joke - 
  9. TESLA - retail investor - every single hedge fund - innovation, growth, fundamental world - try to organize to against it 
  10. Mechanics - market netural - 10 billion - 100 billion notion of exposure - not fair to retail investor 
  11. 2008 - government bailout - retail investors - baby and take guns out of baby 
  12. Elon Mark - twitter - gamestop - 350/ share - 
  13. Put positions - 125,000 dollars position - used to learn - modern trading era - setup mathematical sense
  14. 120% shares - way to allow it happen
  15. Allow hedge fund manage - hedge fund manager -> broker -> trade in retail billion - hedge fund trillion dollars 
  16. Wall street journal - wallstreetbets - Melvin - interesting bet 
  17. twitter - Follow Chamath - get some tips about stock market 
  18. Organize capital - defend - against loss - 
  19. Made money to pay student loans - They try to come out to pay off student loans
  20. Well-known hedge fund manager - went along - fundamental case - take the trade - hurt short - 
  21. Different - ideal dinner - people get together - collaborate together 
  22. Courage - it is wrong - what is difference - modern way about dynamic ...
  23. People follow the trade - what should we do? Do not allow retail investor to participate 
  24. ETF, passive fund, do not allow hedge fund - about poverty 
  25. Wall street casino - example - massive over-sell the company, 40% does not exist - squeeze - retail - pay the price 

Saturday, January 30, 2021

Leetcode discuss: 259. 3Sum Smaller

Jan. 30, 2021

Here is the link. 

C# | Sorting | two pointer sliding window

Jan. 30, 2021
It is easy to write a brute force solution using O(N^3), N is the length of the array.

In order to lower the time complexity to O(N^2), I thought about a few minutes, and it is hard to figure out any given two numbers in the array, how many numbers are available for k - twoSum starting from given index in the array, whereas twoSum is the sum of the first two numbers. It is hard to come out O(1). One of ideas is to preprocess the array and try to explore the absolute value's upper bound value 100 in the array.

I think that it is better to sort the array, and then the problem should be easier to come out.

Case study
Input: nums = [-2,0,1,3], target = 2
Output: 2
Sort the array, so the sorted array is [-2, 0, 1, 3].
Work on three numbers, first number index's variable first = 0, second variable = 1, third = 3, since 0 + 3 = 3 < target - (-2) = 4, so second = 1, there are two options for the third number. Add two to count variable.

Next move second variable to 2. Skip rest of steps. 


public class Solution {
    public int ThreeSumSmaller(int[] nums, int target) 
    {
        int count = 0;
        Array.Sort(nums);
        var length = nums.Length;
    
        for(int first = 0; first < length - 2; first++) 
        {
            var second = first  + 1;
            var third  = length - 1;
            
            while(second < third) 
            {
                if(nums[first] + nums[second] + nums[third] < target) 
                {
                    count += third - second;
                    second++;
                } 
                else 
                {
                    third--;
                }
            }
        }
        
        return count;
    }
}

Leetcode discuss: Longest Palindromic Substring

 Here is the link. 

First practice | 2015-6-15 | C# | Dynamic programming

Jan. 30, 2021
I am working on preparation of Microsoft online assessment, and then work on a list algorithms on leetcode (5, 15, 23, 34, 38, 46, 49, 124, 127, 218, 240, 259). I had chance to review my own code written back in 2015 June 15.

Case study
It is hard to define a smart subproblem to avoid redundant calculation. The dynamic programming algorithm should be easy to write after the subproblem is clearly defined.

I thought about using two dimension array to market start and end position. But how to work on another subproblem? I could not figure out using length of the substring as a variable, and start from substring's length from 1 to length of the array.

Facts to review:

  1. All substrings with one char is palindromic;
  2. Any substring with length 2 should be easily checked if it is palindromic;
  3. Any length after 2 should be easily defined by checking two ends of substring and then a subproblem.

Highlights of my code review:

  1. I thought about how to solve the problem using two dimension array, but I could not figure out the idea in detail;
  2. The idea is simple, two dimension array one is start position, and second one is end position of substring.
  3. The challenge part is to start from length of substring, from 1 to n whereas n is the length of the string.

Time complexity:
Linear time O(N) - N is the length of the array

The following code was my practice back in 2015 June 15. I just could not believe that the algorithm is still challenge for me to figure out in less than 15 minutes.

public class Solution {
    public string LongestPalindrome(string s) {
        if (s == null)
		        return null;
 
	        if(s.Length <=1)
		        return s;
 
	        int maxLen = 0;
	        String longestStr = null;
 
	        int length = s.Length;
 
	        int[][] table = new int[length][];
            for (int i = 0; i < length; i++)
                table[i] = new int[length]; 

            //every single letter is palindrome
            for (int i = 0; i < length; i++)
            {
                table[i][i] = 1;
            }

	        //printTable(table);
 
	        //e.g. bcba
	        //two consecutive same letters are palindrome
	        for (int i = 0; i <= length - 2; i++) {
		        if (s[i] == s[i + 1]){
			        table[i][i + 1] = 1;
			        longestStr = s.Substring(i, 2);
		        }	
	        }

	        //printTable(table);

	        //condition for calculate whole table
	        for (int l = 3; l <= length; l++) {
		        for (int i = 0; i <= length-l; i++) {
			        int j = i + l - 1;

			        if (s[i] == s[j]) {
				        // how to ensure that table[i+1][j-1] is calculated before table[i][j] because the first one's length is j-i-2 whereas the second one is j-i. So, it is in the order. 
                        table[i][j] = table[i + 1][j - 1];

                        if (table[i][j] == 1 && l > maxLen)
                        {
                            longestStr = s.Substring(i, j + 1 - i);
                            maxLen = j + 1 - i; 
                        }
			        } else {
				        table[i][j] = 0;
			        }
			    
                   // printTable(table);
		        }
	        }
 
	        return longestStr;
    }      
}

Weekend: Algorithms to review - Jan. 30, 31, 2021

Leetcode 

5, 15, 23, 34, 38, 46, 49, 124, 127, 218, 240, 259

Here is the link. 




Short sale squeeze: Chinese | How to read chart? | short sale

Jan. 30, 2021

I like to take some notes from the following article:

  1. Fact to review:
  2. 散户被剥夺了(买入)交易的权利,只能卖出已有的仓位,但华尔街机构却依然可以做空、平仓、买入、卖出等等,没有任何限制。这就好比两个拳击选手上台比赛,当一方快要输的时候,裁判突然冲了出来,把即将取胜一方的双手捆上,理由是 " 拳击是危险运动,为了你好,我把你的双手捆上 "
  3. 已经没有买入的能力了,能买的只有机构。难道是机构在看好这个股票,觉得 $100 多的股票有价值?当然不是,机构只是在平他们的空仓而已。也就是说,在一路多空大战中,机构们根本就没有停止过建他们的空仓,只是一路被散户打得落花流水,不停止损开新的空仓。最后趁着散户们逃跑的时候,终于割了韭菜 $450 空仓,平均 $225 平仓,收益 50%

-----------------

到了美股时间,全世界又把目光聚焦在美股散户大战华尔街的事件上。

昨夜,散户们被围剿,包括美国最大在线券商盈透证券在内的多家交易平台,对散户报团的个股交易作出了限制,这导致游戏驿站、AMC 影院的股价分别大幅收跌 44% 和 57%,报 193.6 美元和 8.63 美元。

这一举措引发了更广泛的争议,盈透证券的创始人彼得菲表示,限制部分股票交易是为了保护市场,而美国众议院民主党成员亚历山大则认为,这种限制措施让人无法接受。

29 日晚间,最新消息是,鼎鼎大名的做空机构,香橼停止做空研究!而散户抱团股恢复正常交易后再次集体暴涨!

2021 年 1 月 19 日,在游戏驿站暴力拉升之后,华尔街机构香橼在社交媒体上表示,游戏驿站的买家 " 是这场游戏中的傻子 ",预测股价将 " 很快 " 回到 20 美元的水平。这里的 " 傻子 ",可以被理解为一场比赛中的失败方,也可被理解成 " 不经骗的毛头小子 "。香橼曾经先后狙击过 20 余家中国概念股公司, 7 家已经退市,是华尔街知名的空头代表。

散户抱团,最终让空头安德鲁举白旗休战。安德鲁在社交网站上表示,香橼已经卖出做空仓位,但并未透露亏损多少。

" 我尊重市场。" 安德鲁通过视频表示," 我同样也尊重那些‘华尔街赌局’论坛里的人。早在这个论坛诞生前,早在 Instagram 或是脸书诞生之前,香橼也曾经是散户的代言人。我知道你们都叫我‘婴儿潮一代’,但我真的知道市场已经发生变化。" 此外,安德鲁还以 " 过来人 " 的姿态继续 " 教育 " 新手。" 记得锁定部分利润用于交税,你现在的利润,还不全都是你的钱。"

网友笑称:打不过就选择加入!

游戏驿站又涨到熔断!

散户抱团股又沸腾了

而恢复正常交易的散户抱团股们,又继续沸腾。

一开盘,游戏驿站(GME)触发熔断,熔断前涨幅为 83.03%。高斯电子触发熔断,熔断前涨幅为 63.73%。Express 触发熔断,熔断前涨幅为 40.64%。

截至记者发稿,游戏驿站(GME)仍涨超 60%,股价在 310 美元左右,市值近 220 亿美元。而一周前,该股市值不足 50 亿美元。

拔网线删代码,券商惹众怒

昨夜,美国证券交易平台罗宾汉(Robinhood)当地时间 1 月 28 日实施了限制措施,以阻止其应用程序的用户购买游戏驿站(GEM, GameStop)、AMC 娱乐和其他 Reddit 论坛的散户所针对的股票。

罗宾汉表示,将只允许用户卖出这些股票,不再允许买入。据社交媒体的用户反映,无法在 Robinhood 上找到 AMC、GME 和诺基亚的股票代码,即已无法交易。

罗宾汉采取上述限制行动后,愤怒的散户也将券商视作 " 协助空头 " 的 " 帮凶 "。在罗宾汉的官推下大量投资人炮轰交易平台的这一决定,同时亦有消息称已经有散户发起了针对罗宾汉证券的集体诉讼。

来自马萨诸塞州的 Robinhood 用户 Brendon Nelson 表示,Robinhood 在这场 " 史无前例的大涨 " 中,限制最受欢迎的游戏驿站的交易,剥夺了个人投资者的投资能力并操纵了市场。申诉书称,这一决定违反了其客户协议,也违反了金融行业规则。

除了长期关注股市的投资者,美国券商的行为也引起了立法机构的担忧。

民主党议员、众议院金融服务委员会成员 Alexandria Ocasio-Cortez 表示,罗宾汉证券此举 " 完全不可接受 ",这家券商需要解释为何限制散户交易那些对冲基金可以随意交易的股票,并呼吁召开相应的听证会。这条消息也获得了共和党大佬泰德 · 科鲁兹的赞同。

代表硅谷选区的国会议员 Ro Khanna 也发表声明称,国会正在纵容对冲基金的亿万富翁们将股市当作他们的私家花园,并在他们输钱的时候出手救济。在罗宾汉证券的散户们被限制交易的同时,对冲基金仍然能够交易同样的标的。这个市场需要更多的监管和公平。

受此影响,多家券商解除对游戏驿站及 AMC 院线的交易限制!

经常听到这样一句话,牌品见人品,华尔街这是打麻将输了,就掀桌子不让玩了?

海通国际分析点评称

这是华尔街丑陋的一天!

丑陋点一:散户被剥夺了(买入)交易的权利,只能卖出已有的仓位,但华尔街机构却依然可以做空、平仓、买入、卖出等等,没有任何限制。这就好比两个拳击选手上台比赛,当一方快要输的时候,裁判突然冲了出来,把即将取胜一方的双手捆上,理由是 " 拳击是危险运动,为了你好,我把你的双手捆上 "。

丑陋点二:限制散户进行买入交易的 Robinhood,和华尔街对冲基金们有着千丝万缕的联系。首先, Robinhood 后面的投资人 D(管理 $200 亿,向 Robinhood 投资了 $2 亿),本月也是巨亏 20%。华尔街日报并没有说巨亏的原因,只是说 D 的巨亏是由于最近市场混乱造成的。但最近除了几个股票被散户拱到天上以外,市场还有什么混乱吗?其次, Robinhood 和其它电子券商,会把散户的交易单发给 C,换取现金。也就是说,C 是源源不断给 Robinhood 和其它电子券商提供现金的金主。在这次逼空事件中,C 又是站在后面支持 M 的金主。我不知道向 Robinhood 关闭散户买入交易有没有得到两位金主 C 和 D 的暗示,我没法做判断,我只是把一些事实摆出来。

丑陋点三:华尔街的空头们,在散户限制交易买入交易之前,最后还不忘割散户非菜一把(这是我认为最丑陋的一点)。我们看下图。


 红色的那一段,就是电子券商集体限制散户买入之后的股价变化,价格瞬间从 $483 跌到了 $112。我相信这一个多小时的时间,散户们是绝望的,夺门而逃,股价经历了多次暂停。但是股价在到达低点 $112 之后,却一路上扬到 $300 多(绿色线段)。注意:散户们这时候已经没有买入的能力了,能买的只有机构。难道是机构在看好这个股票,觉得 $100 多的股票有价值?当然不是,机构只是在平他们的空仓而已。也就是说,在一路多空大战中,机构们根本就没有停止过建他们的空仓,只是一路被散户打得落花流水,不停止损开新的空仓。最后趁着散户们逃跑的时候,终于割了韭菜 $450 空仓,平均 $225 平仓,收益 50%。我不知道机构最后开空仓之前,事先知道了电子券商要对散户下手。同样,我不做有罪推断,我只是摆事实。

华尔街这丑陋一幕,远远胜过 2008 年金融危机卖方找政府要了救援计划,转手给高管发巨额奖金。民意,至少是散户的民意,异常愤怒,参议院立刻表示要召开听证会。我专门去查了一下 2015 年中国股灾出台的所有政策,最激进的就是限制公司出售自己的股票,但没有一条是针对散户的。要是 2015 年出台政策说散户们不准卖股票,或者直接让券商封了散户,只能买不能卖,那会招来什么样的口诛笔伐?是不是觉得参议院召开听证会,民意或者正义就会得到伸张了?想多了,参议院的听证会向来就是给民众揉揉伤口,告诉民众你们的冤屈我们听到了,我们以后会进一步监管。真要有动作,美国情报局应该马上宣布调查电子券商封禁散户买单的动机,以及大跌之前都有谁建了空仓,其实一点不难,但不会有人去做。我不觉得散户们把一个濒临破产的公司炒到天上,就有道理。但终结这场闹剧的手段,真的是丑陋。


Short sale squeeze: Wall street | Chinese | how to invest as a retail investor | case study: GameStop

Jan. 30, 2021

  1. 本来将退市的垃圾股游戏驿站,股价从3美元一路拉到300美元,一年涨了100倍,1月27日当天股价大涨超130%,近一个月来该股累计涨幅超过1700%。此外,全球最大的连锁院线AMC院线暴涨超300%。
  2. 对冲基金梅尔文资本(Melvin Capital)基金经理加布·普洛特金(Gabe Plotkin)表示,已于当地时间1月26日下午平仓了游戏驿站(GameStop)的空头头寸。该对冲基金惨遭散户逼空而损失惨重,传闻巨亏30%,不得不接受另外两家对冲基金Citadel和Point72联手向其提供合计27.5亿美元的资金。
  3. 逆袭的重要推手是社交媒体。吉俊礼指出,社交媒体制造了投资的新生力量,一群散户抱团行动,而且这样的现象以后还会出现。散户的股票市场最火的社交媒体是类似于贴吧的Reddit,上面的WallStreetBets是热门股票论坛。
  4. 2020年4月13日,据Reddit的用户elder Hedgehog的帖子所说,游戏驿站84%的股票都被卖空了,揭露用户持有该股票正被经纪商出借给空头。于是,Reddit的用户开始向做空者开战。
  5. 美股散户的代表、被称为“金融界的特朗普”的社交资本公司CEO、Chamath Palihapitiya接受媒体采访时表示,华尔街机构利用散户不能用的工具,有些根本就不看基本面来买卖,所以没有机构和散户谁高谁低,何况从特斯拉股价的历史来看,所有的对冲基金都错,所有的散户都对;而散户的研究水平可能与对冲基金的研究水平相当,所以散户不应被另眼相看。

 “血洗”华尔街不能归功于散户


美国当地时间1月27日,美国金融市场的重量级事件很多,最终却被名不见经传的上市公司游戏驿站(GME)抢去风头,针对这家公司股票的多空对决,在散户和机构投资者之间公开化,散户罕见逼空机构,成为全球各大财经媒体的头条。

在疫情之下,在空头对华尔街发起一轮又一轮攻击的同时,游戏驿站的暴涨叙述了全新的故事:通过使用期权,短线散户如何抱团推动个别公司股价大幅走高,使股价走势与基本面脱节,并成功击退投资机构,使华尔街的力量平衡发生引人关注的变化。

不过多位华尔街人士对《财经》记者表示,不论多空双方如何对战,目前还没有达到影响金融市场正常运转的程度。

1月27日这一周是美国企业季度财报密集发布的一周。得益于首款5G设备iPhone 12的强劲假期销售,苹果公司报告的季度营收首次突破1000亿美元,特斯拉和脸谱公司等也将公布财报。截至1月27日收盘,苹果公司股价在过去一年中上涨了84%。

不过对股市估值上升、新冠肺炎病例增多以及疫苗配送分配不均的担忧,令投资者担心美国股市近期将回调,波动性因此增加。美股三大指数27日均跌超2%,纳指、标普500一度跌逾3%。截至当天收盘,道指跌2.05%,纳指跌2.61%,标普500指数跌2.50%。

有恐慌指数之称的芝加哥期权交易所(CBOE)波动率指数VIX,1月27日上涨61.64%,收报37.21点,为2020年11月2日以来最高,单日涨幅创近三年来最大。

本来将退市的垃圾股游戏驿站,股价从3美元一路拉到300美元,一年涨了100倍,1月27日当天股价大涨超130%,近一个月来该股累计涨幅超过1700%。此外,全球最大的连锁院线AMC院线暴涨超300%。

此前一天,对冲基金梅尔文资本(Melvin Capital)基金经理加布·普洛特金(Gabe Plotkin)表示,已于当地时间1月26日下午平仓了游戏驿站(GameStop)的空头头寸。该对冲基金惨遭散户逼空而损失惨重,传闻巨亏30%,不得不接受另外两家对冲基金Citadel和Point72联手向其提供合计27.5亿美元的资金。

在华尔街从业二十余年的贝瑞研究CEO吉俊礼(James Early) 对《财经》记者说,个别股票处于泡沫的顶部,散户通过社交媒体联合起来逼空机构,并赢得胜利,这是前所未见的。在投资领域,散户投资者正在创造他们自己的现实。

白宫新闻秘书帕莎其(Jen Psaki)表示,由财长耶伦领导的拜登政府经济团队正在“监察游戏驿站的情况”。纳斯达克交易所首席执行官阿德娜·弗里德曼(Adena Friedman)当天表示,“我们会监控社交媒体上的言论,如果发现言论与股票的异常表现相关,就会暂停股票交易”。另外,美国得美利证券亦开始限制用户交易股票。

散户暂时压制机构

在特朗普卸任之时,在政治上推动特朗普崛起的元素,如社交媒体等,正在金融界和华尔街推动其独有的、对建制派的逆袭。在经济界看来,这种逆袭的载体是实体经济。

游戏驿站是美国一家拥有37年历史的老牌游戏产品零售商,主要以线下零售为主。受线上游戏的冲击,游戏驿站近几年来连年亏损,其股价从2016年的28美元一路跌到2019年底的3美元。受新冠疫情影响,2020年截至三季度的净销售额更是同比下降30%。

在此背景下,游戏驿站成为2020年华尔街被卖空最多的股票之一。看空它的理由包括估值过高,其股价是远期EBITDA的40倍;去年12月其整体营收销售下降了9%,它的市场份额正在输给沃尔玛和亚马逊等竞争者。

疫情之下,由于居家隔离使打游戏变成热门的消遣方式,游戏行业的股票纷纷大涨,再加上公司调整,游戏驿站也逐渐受到大量散户的追捧,股价逐步攀升。到1月14日,其股价已达40美元以上,几乎重返2013年的水平。

逆袭的重要推手是社交媒体。吉俊礼指出,社交媒体制造了投资的新生力量,一群散户抱团行动,而且这样的现象以后还会出现。散户的股票市场最火的社交媒体是类似于贴吧的Reddit,上面的WallStreetBets是热门股票论坛。

2020年4月13日,据Reddit的用户elder Hedgehog的帖子所说,游戏驿站84%的股票都被卖空了,揭露用户持有该股票正被经纪商出借给空头。于是,Reddit的用户开始向做空者开战。

据说用户DFV(DeepFxxingValue)在股价最低点买入了五万美金的看涨期权,并在reddit上第一次发帖发表自己的看法和预测。

吉俊礼认为,散户投资者利用做空的规则限制,即空头们最终会迫于压力回购股票,形成逼空、轧空(short squeeze),反而促使股价飙升。事实上空头们一度买入游戏驿站股票止损,使其股价在两天内从20美元涨到14日的40美元。

WallStreetBets论坛成员大多为年轻人,不信奉理性和价值投资的理念,信奉YOLO主义(只活一次不要白活,You only live once)。他们宣称“要么发财,要么穷死”。论坛成员曾多次发布“动员书”,动员论坛内散户抱团打爆空头。DFV的这笔投资已上涨至1100万美金,收益率超200倍。

随着越来越多的Reddit散户加入到DFV的多头大军,他们的行为守则是:永不出售,永不投降。

散户的热情也反映在成交热度上,Downdetector.com的数据显示,热门交易网站Robinhood、Ameritrade、E*Trade、富达投资和嘉信理财都在27日出现了宕机现象。

根据S3 Partners编制的数据,做空该股的投资者今年已经损失了17.4亿美元。不过游戏驿站的股价在27日盘后一度下跌28%,之后有所回升,盘后的跌幅收窄至16%。

WallStreetBets的用户早年只有几千名,随着券商削减在线交易佣金,刺激零售交易活动大规模增长,该论坛参与者队伍随之膨胀,后来呈爆炸式增长,越来越多的人加入、浏览并参与到关于游戏驿站等股票的讨论中。随着游戏驿站股价一路走高,WallStreetBets用户一整周都在涌向这个网络社区发布相关帖子,该论坛用户数一月至今超过了300万。

是否涉嫌操纵市场?

WallStreetBets在1月27日晚间一度瘫痪,一开始该论坛登录页面显示消息称,WallStreetBets已被版主改为非公开论坛,原因是近来用户对该论坛的热情导致流量达到空前水平,带来了技术困难。大约一个小时后,该论坛再度向公众开放。

吉俊礼对《财经》记者说,那些不被机构看好的小市值股票,有足够的散户加入,其购买力就可以与华尔街投资机构抗衡。

虽然散户有机会利用衍生品、杠杆等交易机制掀起市场波动,但他们能否主宰市场?吉俊礼认为,很难想象散户同时卖出某些股票压垮股市,但他们有足够的影响力来引发连锁反应,散户投资者集中出售股票压低股价,引发更多投资者加入,促使投资者从共同基金撤资,从而推动共同基金卖出股票,引发更多市场恐慌。

多家机构已经对散户联手逼空机构的现象发出警告。路通资本市场(Loop Capital Markets)分析师安东尼-楚昆巴(Anthony Chukumba)对游戏驿站的散户投资者发出警告:如果想赌博就去赌,股市不是赌博的地方。加拿大金融公司Purpose Investments的首席投资官格雷格·泰勒也认为“逼空大戏模糊了赌博和投资之间的界限”。

吉俊礼指出,现在股市发生的现象已经完全与实体经济的游戏驿站公司无关,股价再高也挡不住这个公司倒闭的命运,但是它已经成为一个像赛马一样的赌,所有各方都认为自己必须赢。散户的这种非理性行为不可持续,如果发展到一定程度,就变成了操纵市场,就会引来监管。

美股散户的代表、被称为“金融界的特朗普”的社交资本公司CEO、Chamath Palihapitiya接受媒体采访时表示,华尔街机构利用散户不能用的工具,有些根本就不看基本面来买卖,所以没有机构和散户谁高谁低,何况从特斯拉股价的历史来看,所有的对冲基金都错,所有的散户都对;而散户的研究水平可能与对冲基金的研究水平相当,所以散户不应被另眼相看。

摩根大通一个不具名的经济学家对《财经》记者指出,现在市场本该应对疫情、拜登政府政策,疫苗和企业赢收,但取而代之的,是散户逼宫空头,这实际上是华尔街代表的虚拟经济与实体经济间的争夺,当炒作变成主体,赚钱变得如此轻松,大量的杠杆充斥,就说明市场面临着修正和调整,如果不是更坏的结果的话。

国际货币基金组织(IMF)1月27日发布《全球金融稳定报告》更新内容,表达了相关的警告。IMF指出,金融市场与实体经济脱节仍在延续,一旦投资者重新评估全球经济增长前景或政策展望,全球资产价格或将面临回调风险。

IMF表示,尽管全球新冠确诊病例数量不断攀升、世界经济前景仍面临不确定性,但随着疫苗研发和推广,市场对经济复苏的预期得以改善,推高风险资产价格。不过,在疫苗广泛普及前,金融市场回暖和经济复苏仍依赖政策支持。