This Hedge Fund Made $700 Million on GameStop
This Hedge Fund Made $700 Million on GameStop
*DJ New York Hedge Fund Senvest Booked Profit of Nearly $700 Million on GameStop
*DJ紐約對衝基金Senvest在GameStop上錄得近7億美元的利潤
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February 03, 2021 17:18 ET (22:18 GMT)
2021年2月3日17：18美國東部時間(格林尼治標準時間22：18)
*DJ Senvest Started Buying GameStop in September
*DJ Senvest於9月份開始收購GameStop
(MORE TO FOLLOW) Dow Jones Newswires
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February 03, 2021 17:18 ET (22:18 GMT)
2021年2月3日17：18美國東部時間(格林尼治標準時間22：18)
DJ This Hedge Fund Made $700 Million on GameStop
DJ這家對衝基金在GameStop上賺了7億美元
By Juliet Chung
朱麗葉·鍾(Juliet Chung)著
Richard Mashaal and Brian Gonick started buying GameStop Corp. shares in September.
理查德·馬沙爾(Richard Mashaal)和布萊恩·岡尼克(Brian Gonick)9月份開始購買GameStop Corp.的股票。
They aren't Reddit day traders or Discord users. They are hedge-fund managers in New York. And when the stock surged from less than $10 a share to above $400, they were sitting on a profit of nearly $700 million, one of the great fortunes of the January market mania.
他們不是Reddit的日內交易者，也不是不和諧的用户。他們是紐約的對衝基金經理。當股價從每股不到10美元飆升至400美元以上時，他們坐擁近7億美元的利潤，這是1月份市場狂熱中最大的財富之一。
The GameStop surge is often cast as a triumph of amateurs over professionals. Which it was, to a degree. But it also was a trade that pitted professionals against other professionals -- and few have made more money than Senvest Management LLC, Messrs. Mashaal's and Gonick's firm.
GameStop的激增通常被認為是業餘選手對專業選手的勝利。在某種程度上確實如此。但這也是一種讓專業人士與其他專業人士競爭的交易，很少有人能比Senvest Management LLC、馬沙爾和貢尼克的公司賺得更多。
"When it started its march, we thought, something's percolating here," said Mr. Mashaal, 55 years old. "But we had no idea how crazy this thing was going to get."
55歲的馬沙爾説，“當它開始進軍時，我們認為，這裏有什麼東西在滲入。”“但我們不知道這件事會變得多麼瘋狂。”
Senvest's interest in the videogame retailer was piqued by a presentation from the new GameStop chief executive at a consumer investment conference last January.
去年1月，GameStop新任首席執行官在一次消費者投資會議上的一次演講激起了Senvest對這家視頻遊戲零售商的興趣。
At the time, most Wall Street analysts had rated the videogame retailer at "hold" or "sell." The stock also was heavily shorted. Messrs. Mashaal and Gonick would come to know some of the top-returning hedge funds on Wall Street, including Melvin Capital Management, were bearish on the stock from regulatory disclosures.
當時，大多數華爾街分析師對這家視頻遊戲零售商的評級為“持有”或“賣出”。該股也被大量做空。馬沙爾和岡尼克會從監管披露的信息中瞭解到，華爾街一些回報率最高的對衝基金，包括梅爾文資本管理公司(Melvin Capital Management)，都看空該股。
But as they spoke with management, sussed out competitors and noted the involvement of activists in the stock, including Chewy Inc. co-founder Ryan Cohen, they eventually started buying. By the end of October, Senvest owned more than 5% of the company, paying under $10 a share for the bulk of the stock.
但隨着他們與管理層交談，找出競爭對手，並注意到包括Chewy Inc.聯合創始人瑞安·科恩(Ryan Cohen)在內的維權人士參與了這隻股票，他們最終開始買入。截至10月底，Senvest持有該公司5%以上的股份，以每股不到10美元的價格收購了大部分股票。
They thought that if GameStop could hold on until the next generation of videogame consoles came out and stoked demand for games and accessories, the company would get a boost. And they reasoned that if Mr. Cohen could help transform GameStop from a largely bricks-and-mortar operation into an online gaming destination, the company could be worth far more.
他們認為，如果GameStop能夠堅持到下一代視頻遊戲機問世，並刺激對遊戲和配件的需求，公司將得到提振。他們的理由是，如果科恩能夠幫助GameStop從一家主要是實體店的公司轉變為一個在線遊戲目的地，該公司的價值可能會高得多。
Messrs. Mashaal and Gonick had been on the wrong end of short squeezes before at Senvest. One case was with opioid maker Insys Therapeutics Inc., though they ultimately made money on their short position. GameStop's stock could soar if it got caught up in a situation in which its rising price forced bearish investors to start buying back shares to curb their losses, they thought.
馬沙爾和貢尼克此前在Senvest曾遭遇過空頭擠壓。其中一個案例是阿片製造商Insys治療公司，儘管他們最終通過空頭頭寸賺錢。他們認為，如果GameStop的股價上漲，迫使看跌的投資者開始回購股票，以遏制他們的損失，那麼GameStop的股價可能會飆升。
GameStop is now Senvest's most profitable investment by dollars earned and by its internal rate of return -- a performance metric that takes into account the length of an investment. It has propelled the firm's flagship stock-picking fund from running $1.6 billion at the end of 2020 to $2.4 billion. For the month of January, the fund returned 38.4% after fees.
GameStop現在是Senvest最有利可圖的投資，無論是從賺取的美元還是從內部回報率來看--這是一項考慮投資期限的業績指標。這推動該公司的旗艦選股基金從2020年底的16億美元增至24億美元。1月份，該基金扣除費用後的回報率為38.4%。
The dominant narrative coming out of January so far has been the flipping on its head of the natural pecking order on Wall Street, with hedge funds dealing with sizable losses and individual investors flush with victory after banding together to drive up the price on a handful of stocks once left for dead. But even before this week's weakinging in the rally, the reality was more nuanced.
到目前為止，1月份傳出的主要敍事是華爾街的自然權勢順序發生了顛覆，對衝基金面臨着鉅額虧損，個人投資者在聯合起來推高了少數幾隻曾經等待死亡的股票的價格後，對勝利感到欣喜若狂。但即使在本週漲勢減弱之前，現實情況就更加微妙了。
Mudrick Capital Management LP, a $3 billion-plus New York hedge fund that provided a lifeline to AMC Entertainment Holdings Inc. in December, made almost $200 million largely on AMC in January. The movie-theater chain, which had been fighting off bankruptcy, had been one of the retail crowd's darlings recently.
Mudrick Capital Management LP是一家規模超過30億美元的紐約對衝基金，去年12月為AMC娛樂控股公司(AMC Entertainment Holdings Inc.)提供了一條救命稻草。今年1月，該公司主要依靠AMC賺取了近2億美元。這家影院連鎖店一直在與破產作鬥爭，最近成了零售業人羣的寵兒之一。
Mudrick's gains come mostly from its holdings in AMC debt, which rallied last week as AMC's share price soared. The fund also made about $50 million writing and selling call options on AMC and GameStop shares it owned.
Mudrick的收益主要來自其持有的AMC債務，上週隨着AMC股價飆升，AMC債務出現反彈。該基金還為其持有的AMC和GameStop股票買入和出售看漲期權，賺取了約5,000萬美元。
PlusTick Management in Charlottesville, Va., which runs a stock- and bond-picking hedge fund that manages about $120 million, gained 20% in January, said an investor. Part of its gains came from existing stakes in companies including BlackBerry Ltd. and beleaguered shopping-center owner Macerich Co. Both companies have been touted on message boards recently.
一位投資者説，弗吉尼亞州夏洛茨維爾(Charlottesville)的PlusTick Management在1月份上漲了20%。該公司經營着一隻選擇股票和債券的對衝基金，管理着約1.2億美元的資產。部分收益來自黑莓公司(BlackBerry Ltd.)和四面楚歌的購物中心所有者Macerich Co.等公司的現有股份。這兩家公司最近都在留言板上受到吹捧。
"You always pinch yourself until the last day of the month as to whether it's going to hold," said partner Adrian Keevil.
合夥人阿德里安·基維爾(Adrian Keevil)説：“在這個月的最後一天，你總是會捏自己，看它是否能堅持下去。”
Other funds jumped into trading in the weekly call options for GameStop and profited in some cases, traders said. Given the volume of stock and options traded in GameStop and other names, they say, individual investors drove only part of the activity.
交易員表示，其他基金紛紛進入GameStop每週看漲期權的交易，並在某些情況下獲利。他們説，考慮到GameStop和其他公司的股票和期權交易量，個人投資者只推動了部分活動。
"It is not just little people on the long side here. There are huge players playing both sides of GameStop," said Thomas Peterffy, chairman of Interactive Brokers Group Inc.
互動經紀集團(Interactive Brokers Group Inc.)董事長托馬斯·彼得菲(Thomas Peterffy)表示：“這裏不僅僅是小人物在做多。在GameStop的兩邊都有大玩家在玩。”
Senvest Management was founded in 1997 by Mr. Mashaal with an investment from Montreal-based Senvest Capital, his father's investment firm. Mr. Gonick, his former college roommate, joined as co-chief investment officer in 2008.
Senvest Management是由馬沙爾於1997年創立的，他父親的投資公司Senvest Capital在蒙特利爾投資了Senvest Capital。他以前的大學室友貢尼克於2008年加入，擔任聯席首席投資官。
Senvest invests in 25 to 30 companies at a time. The pair describe the fund as a contrarian investor focused on value investing, or the discipline of buying cheap stocks they think will eventually deliver superior returns. They say they actively discourage their team from attending idea dinners and socializing with others in the industry, which they say leads to groupthink and crowded positions.
Senvest一次投資25到30家公司。兩人將該基金描述為專注於價值投資的反向投資者，即購買他們認為最終將帶來優異回報的廉價股票的紀律。他們説，他們積極勸阻他們的團隊參加創意晚宴和與業內其他人進行社交活動，他們説這會導致集體思維和擁擠的職位。
The main hedge fund has averaged about 18.3% a year for investors through January, according to a person familiar with the fund. It also is highly volatile. It lost 24.1% in 2018, but made 18% the following year, according to an investor document.
據一位知情人士透露，截至今年1月，這家主要對衝基金對投資者的年均回報率約為18.3%。它也是高度不穩定的。一份投資者文件顯示，該公司2018年虧損24.1%，但次年盈利18%。
Senvest's approach doesn't mean they are above speaking with others about investment ideas when it works to their advantage.
Senvest的做法並不意味着，當投資想法對他們有利時，他們不會高高在上地與他人談論投資想法。
Brian McGough and Jeremy McLean are analysts at Hedgeye Risk Management, a Stamford, Conn., company that sells independent research to institutional and individual investors.
布萊恩·麥高夫(Brian McGough)和傑里米·麥克萊恩(Jeremy McLean)是Hedgeye Risk Management的分析師，Hedgeye Risk Management位於康涅狄格州斯坦福德，向機構和個人投資者出售獨立研究。
On Dec. 17, when GameStop stock closed at $14.83, the pair announced they were adding GameStop to their long list of "Best Ideas." The next week, they held an hour-long presentation explaining why they thought the stock could be worth $100.
12月17日，當GameStop的股票收於14.83美元時，兩人宣佈將把GameStop添加到他們長長的“最佳點子”名單中。接下來的一週，他們進行了長達一小時的陳述，解釋了為什麼他們認為這隻股票可能價值100美元。
Unbeknown to Hedgeeye's clients, Senvest had recently pitched GameStop to Hedgeye, laying out its thesis for the stock.
在Hedgeye的客户不知情的情況下，Senvest最近向Hedgeye推銷GameStop，為該股闡述了自己的論點。
A person familiar with Senvest said Hedgeye made an independent call to recommend GameStop. Still, in doing so, Senvest likely played a role in pushing some individual investors into GameStop.
一位熟悉Senvest的人士説，Hedgeye打了一個獨立電話推薦GameStop。儘管如此，Senvest可能在推動一些個人投資者進入GameStop方面發揮了作用。
"I respect Senvest a lot," said Mr. McGough. "We vetted it independently and we came up with a similar conclusion." He said it is "not terribly common" to be pitched ideas.
“我非常尊重森維斯特，”麥高夫説。“我們進行了獨立審查，得出了類似的結論。”他説，被推銷的想法“並不是很常見”。
Once the rally in GameStop started, a steady drumbeat of developments made Messrs. Mashaal and Gonick start to think about bailing out of the stock. The two men were glued to their screens tracking the action. They surfed or snowshoed to let off steam.
一旦GameStop的漲勢開始，穩定的事態發展讓Mashaal和Gonick開始考慮出脱該股。這兩個人緊盯着屏幕，追蹤着這一行動。他們衝浪或穿雪鞋來宣泄蒸汽。
When Citadel LLC, Citadel Partners and Point72 Asset Management last Monday invested $2.75 billion into Melvin Capital, which was taking steep losses, Messrs. Mashaal and Gonick suspected Melvin had gotten out of its GameStop position and wondered about how much momentum from shorts covering could be left.
上週一，當Citadel LLC、Citadel Partners和Point72 Asset Management向蒙受鉅額虧損的Melvin Capital投資27.5億美元時，馬沙爾和岡尼克懷疑Melvin已經擺脱了GameStop的頭寸，並想知道空頭回補還能留下多少動力。
After the market's close on Jan. 26, Tesla Chief Executive Elon Musk tweeted "GameStonk!!" a rallying cry to users of Reddit's WallStreetBets forum, who had put their support behind GameStop.
1月26日收盤後，特斯拉首席執行官埃隆·馬斯克(Elon Musk)在推特上寫道：“GameStonk！”這是向Reddit的WallStreetBets論壇的用户發出的戰鬥口號，他們支持GameStop。
Senvest, which had slowly been trimming its position, decided to get out completely.
一直在緩慢削減頭寸的Senvest決定完全退出。
"Given what was going on, it was hard to imagine it getting crazier," Mr. Mashaal said.
馬沙爾説，“考慮到目前的情況，很難想象會變得更瘋狂。”
On Wednesday afternoon, the firm shared the news of its robust GameStop profit with their clients.
週三下午，該公司與他們的客户分享了其強勁的GameStop利潤的消息。
Despite the rally's fade this week, Senvest said the GameStop story will change one part of how they do business: The firm will pay close attention to whether individual investors are discussing a stock on message boards before they bet on or against it.
儘管本週漲勢有所減弱，但Senvest表示，GameStop的故事將在一定程度上改變他們的業務方式：該公司將密切關注個人投資者在押注或做空一隻股票之前是否在留言板上討論這隻股票。
"I wouldn't expect that impact to be over," Mr. Gonick said.
“我認為這種影響不會結束，”貢尼克説。
--Geoffrey Rogow contributed to this article.
--傑弗裏·羅戈(Geoffrey Rogow)對這篇文章也有貢獻。
Write to Juliet Chung at juliet.chung@wsj.com
寫信給Juliet Chung，電子郵件：juliet.chung@wsj.com
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February 03, 2021 17:18 ET (22:18 GMT)
2021年2月3日17：18美國東部時間(格林尼治標準時間22：18)
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