Billionaire Hedge Fund Manager David Einhorn Says Stock Market Is Fundamentally Broken: Here's Why
Billionaire Hedge Fund Manager David Einhorn Says Stock Market Is Fundamentally Broken: Here's Why
Billionaire hedge fund manager David Einhorn explained in a CNBC interview why he sees the current market as "fundamentally broken" and the potential ramifications
億萬富翁對沖基金經理大衛·艾因霍恩在CNBC接受採訪時解釋了爲什麼他認爲當前市場「基本上破裂」以及可能的後果。
In the interview a few months ago with CNBC's Scott Wapner, Einhorn asserted that investors are not rewarding opportunistic smaller companies with capital, instead overinflating large companies that comprise the biggest ETFs.
在幾個月前與CNBC的斯科特·瓦普納進行的採訪中，艾因霍恩斷言，投資者沒有給予從容的小公司資金，而是過分誇大了最大的etf所包括的大公司。
"When I say that the market is broken, what I'm saying is there is not enough money that is being dedicated to investing, trying to identify undervalued companies and reward companies with new capital that have good opportunities for growth," Einhorn said.
艾因霍恩表示：「當我說市場破裂時，我的意思是沒有足夠的資金用於投資，尋找被低估的公司，爲具有良好增長機會的公司提供新的資本。」
The effect of this, Einhorn explained, is that wealth managers end up buying overvalued assets causing valuations to move further away from their fair value rather than moving closer to it.
Einhorn, who founded and runs Greenlight Capital, also argued that the largest ETF issuers, like Vanguard and BlackRock, deny shareholders the ability to improve the conditions of companies or request changes. This is because the ETF issuers have become the largest stakeholders of many mega-cap companies, but remain passive on shareholder votes and meetings.
艾因霍恩解釋說，這導致财富管理人士不得不購買過高估值的資產，導致估值與其公正價值相距愈來愈遠，而不是更接近。
創立並經營Greenlight Capital的艾因霍恩還表示，像Vanguard和貝萊德（BlackRock）這樣的最大etf發行商拒絕股東改善公司狀況或提出變革要求。這是因爲etf發行商已成爲許多超大市值公司的最大股東，但在股東投票和會議上保持被動。
"Once you have the largest shareholder in every major important company be a passive fund, shareholder activism becomes merely impossible to improve corporate governance," Einhorn said.
Another issue Einhorn pointed out was the lack of IPOs, despite favorable market conditions.
Einhorn's biggest positions, according to Greenlight's latest 13F filing, are Green Brick Partners Inc (NYSE:GRBK), Consol Energy (NYSE:CEIX), Brighthouse Financial (NYSE:BHF) and Tenet Healthcare Corp (NYSE:THC), according to HedgeFollow.
艾因霍恩說：「一旦每個重要公司的最大股東都是被動基金，股東激活機制就無法改善公司治理。」
艾因霍恩指出的另一個問題是儘管市場條件有利，但IPO數量缺乏。
根據Greenlight最新的13F報告，艾因霍恩最大的持倉包括Green Brick Partners Inc（NYSE:GRBK），Consol Energy（NYSE:CEIX），Brighthouse Financial（NYSE:BHF）和Tenet Healthcare Corp（NYSE:THC）。
The image was created using artificial intelligence MidJourney.
該圖像是使用人工智能MidJourney創建的。
譯文內容由第三人軟體翻譯。