roof. Here's how it happened and what it means. On the stock market,

屋頂。這就是它是如何發生的，意味著什麼。在股市上。

you can buy shares in a company and the price can go up or down

你可以買到公司的股票，價格可漲可跌。

depending on how much demand there is for those shares.

取決於這些股票的需求量有多大。

Generally speaking, you hope to buy shares at a low price and

一般來說，你希望在低價位買入股票，並在低價位買入股票。

sell them again when the price is higher so you have made a profit.

等價格高了再賣，這樣你就賺了。

But people can also make money betting that a company's share

但人們也可以通過打賭來賺錢，即公司的股票

price is going to go down. That's called shorting stocks and

價格要下跌。這就是所謂的做空股票和

it played a role in what happened with GameStop. Here's how it works.

它在GameStop的事件中扮演了一個角色。下面是它的工作原理。

Say you own a share of an apple tree, one apple, and you're happy

比如說你擁有一棵蘋果樹的股份，一個蘋果，你就高興了。

to lend it to me in exchange for some commission or interest.

借給我以換取一些佣金或利息。

The value of this apple on the open market is £10.

這個蘋果在公開市場上的價值是10英鎊。

But I think that's going to go down in the next few days.

但我認為這幾天會下降。

So, I immediately sell the apple for £10.

所以，我馬上把蘋果以10英鎊的價格賣掉。

I've made £10, brilliant. But I still owe you an apple.

我賺了10英鎊，太棒了。但我還欠你一個蘋果。

So in a few days' time, when the price has fallen to £5,

所以在幾天後，當價格跌到5英鎊的時候。

I buy an apple back and return it to you with an interest payment.

我買回一個蘋果，連本帶利還給你。

I've made a nice profit. Usually there'd be a third-party

我已經賺了不少錢。通常情況下，會有一個第三方。

broker involved in all this, but this is the basic principle.

經紀人参與這一切，但這是基本原則。

The price drop in that example was big, but it doesn't have to be.

那個例子中的降價幅度很大，但也不必如此。

Multi-million dollar investment companies known as hedge funds can

被稱為對沖基金的幾百萬美元的投資公司可以

do this at scale and make a profit from even a small drop - and by

規模化地開展這項工作，並從哪怕是很小的跌幅中獲利--而且通過

selling large volumes of shares at once they can push the price of

一次賣出大量的股票，他們可以將價格推高。

the shares down, to their benefit.

股價下跌，對其有利。

But if the price of the shares goes up after they've sold them,

但如果他們賣出後股價上漲。

they're still on the hook for those shares. They have to return them.

他們仍然在這些股份的鉤。他們必須歸還他們。

So they may be forced to buy them back at a higher price and can

所以，他們可能被迫以更高的價格回購，並可以。

stand to lose a lot of money. That's what happened with GameStop.

站在失去了很多錢。這就是GameStop的情況。

People on the message board Wall Street Bets had noticed something

華爾街賭局的留言板上的人注意到了一件事。

about GameStop, the high street video games retailer in the

關於GameStop，高街電子遊戲零售商在美國的發展。

US that has been struggling, especially during the pandemic.

一直在掙扎的美國，尤其是在大流行期間。

They saw that hedge funds were betting against GameStop

他們看到對沖基金在押注GameStop公司

in a big way, shorting more shares than even exist. How?

大肆做空，做空的股票甚至比存在的還要多。怎麼做？

Well, say I've borrowed your apple and sold it to somebody else and

好吧，就說我借了你的蘋果，賣給了別人，然後呢？

that person lends the apple to someone else who also sells it.

那個人把蘋果借給別人，別人也賣給他。

Now two of us are on the hook for an apple.

現在我們兩個人都在為一個蘋果而煩惱。

You might have got away with it, but investors on Wall Street Bets

你可能已經逃過了一劫，但華爾街的投資者們卻在Bets

saw the opportunity to buy GameStop shares, hoping it would push

看到了買入GameStop股票的機會，希望它能推動。

the price up and totally mess up the plan up for the hedge funds.

漲價，完全把對沖基金的計劃搞亂了。

And it worked. Now, there was more demand for the shares than supply,

而且它的工作。現在，股票的需求大於供應。

and the hedge funds were forced to buy their shares back

和對沖基金被迫回購他們的股票。

at large prices, losing billions.

以大價錢，損失數十億。

Along the way, some users on Reddit made a fair bit of money

一路上，Reddit上的一些用戶賺了不少錢。

for themselves too. After seeing what happened with GameStop,

為自己也。在看到GameStop的遭遇後。

people turned their attention to other brands like AMC cinemas,

人們把目光轉向了AMC影院等其他品牌。

where the same thing was happening. Some of the platforms and apps

在那裡發生了同樣的事情。一些平臺和應用程序

that let you buy and sell shares, like Robinhood in the US,

讓你買和賣股票，像Robinhood在美國。

then intervened and stopping people from buying GameStop shares,

然後介入，阻止人們購買遊戲機公司的股票。

which really angered a lot of the investors who said Robinhood was

這真的激怒了很多投資人，他們說Robinhood是。

interfering in the open market and protecting the hedge funds.

干預公開市場，保護對沖基金。

For its part, Robinhood said it had limited trading to

Robinhood方面表示，其交易範圍僅限於

protect investors and it had to comply with regulations.

保護投資者，它必須遵守法規。

It has since allowed some trading of GameStop shares,

此後，它又允許遊戲機公司的部分股票交易。

but certainly there is a view that there is one rule for

但肯定有一種觀點認為，有一個規則，即

big corporations and another for independent investors.

大公司和獨立投資者的另一個。

flawed and we are in the wrong. It makes no sense to me.

漏洞百出，我們錯了。這對我來說毫無意義。

- I think Robinhood stopping investors from buying the stock

- 我認為羅賓漢阻止投資者購買股票

is the biggest example of market manipulation and I think...

是操縱市場的最大例子，我認為... ...

go and look at their app reviews. They're getting hounded right now.

去看看他們的應用評論。他們現在被人追捧。

- If they think Wall Street Bets should be investigated by the SEC,

- 如果他們認為華爾街賭局應該被證監會調查。

Robinhood should just as equally be investigated. The fact that they

Robinhood同樣應該被調查。事實上，他們

can pigeonhole and select stocks that we are not allow to trade

可以放鴿子，選擇我們不允許交易的股票。

openly in free market, made by the people with our money, is horrid.

公開在自由市場上，由人民用我們的錢製造，是可怕的。

It makes no sense. - What happens next?

沒道理啊- 接下來會發生什麼？

Well, as with any investment the price could go back down and

好吧，和任何投資一樣，價格可能會回落和

people who bought GameStop shares at a high price could lose money.

高價買入GameStop股票的人可能會賠錢。

But for many of them it was not about making

但對他們中的許多人來說，這並不是為了賺取錢財。

money in the first place. It was about sending a message.

錢在首位。是為了傳遞一個資訊。

Many say this is a turning point for stocks and shares

很多人說這是股票和股票的轉捩點

and it could happen again. - I don't care about the money.

它可能會再次發生。- 我不在乎錢。

I could lose everything. And I'd be so happy because I just love

我可能會失去一切。我會很高興，因為我只是愛。

what's going on. - This could be a trend.

這是怎麼回事。- 這可能是一種趨勢。

I mean, we're playing within the rules

我的意思是，我們是在規則範圍內進行的遊戲

we're not sharing any insider information.

我們不分享任何內幕資訊。

It's just a collective group saying to buy specific stocks.

只是集體說要買特定的股票。

They can't really control this.

他們真的無法控制這個。

Once the internet takes hold of it, there's no stopping it.

一旦被互聯網所控制，就無法阻止。