It seems like we have developed a tradition where  every year starts with a financial disaster.  

似乎我們已經形成了一個傳統，每年都是以財政災難開始。

2020 started with a massive stock market crash.  2021 with retail investors pushing hedge funds  

2020年以大規模股災開始。 2021年以散戶推崇對沖基金為標誌

to lose billions of dollars and  putting the entire financial system  

損失數十億美元，並把整個金融系統

upside down. I am just curious  what 2022 is holding for us! 

顛倒了。我只是好奇2022年我們會怎樣!

The fed is going to announce that it's  going to launch its own crypto currency?  

美聯儲將宣佈要推出自己的加密貨幣？

I wouldn't be surprised.

我不會感到驚訝。

GameStop's stock price surged more than 1,700%  instantly, driven by a group of amateur investors  

在一群業餘投資者的推動下，GameStop的股價瞬間暴漲超過1700%。

on Reddit who organized a revolt against  hedge funds that bet against the company.  

在Reddit上，他組織了一場反抗對沖基金對公司進行押注的活動。

The best part is that these hedge funds that  seemed like no one can beat them at their game  

最棒的是，這些看似無人能敵的對沖基金，在他們的遊戲中

lost billions of dollars. A bunch of  Reddit users destroyed multi-billion  

損失了數十億美元。一群Reddit用戶毀掉了數十億美元的

dollar hedge funds that spend millions on  the latest softwares, best accountants,  

美元的對沖基金，花費數百萬美元在最新的軟件，最好的會計師。

and analysts to predict the market. They even  caught the eye of the White House in the process.

和分析師來預測市場。在這個過程中，他們甚至吸引了白宮的目光。

Melvin Capital, one of the hedge funds that  shorted GameStop, lost 53%. It started the  

做空GameStop的對沖基金之一Melvin Capital損失了53%。它開始了

year with 12.5 billion dollars and ended  January with just 8 billion dollars.  

年的125億美元，1月末只有80億美元。

It's estimated that short-sellers lost nearly  $13 billion on GameStop alone so far this year.  

據估計，今年以來，僅在GameStop上，做空者就損失了近130億美元。

I guess these hedge funds will think  twice before shorting another stock.

我想這些對沖基金在做空另一隻股票之前會三思而行。

However, most retail investors who purchased  the stock at 300 or 400 dollars or above  

不過，大部分散戶在三四百元以上的價格買入該股

ended up losing most of their money since  platforms like Robinhood restricted trading.

由於Robinhood等平臺限制交易，最終損失了大部分資金。

To understand what really happened with GameStop,  

要想了解GameStop的真實情況。

we have to understand why hedge funds  shorted game stop in the first place?  

我們首先要明白為什麼對沖基金做空遊戲停止？

How is it possible to short more stocks than the  number of stocks that exist? Should you trust  

怎麼可能做空的股票比存在的股票數量還多？你是否應該相信

WallStreetBets? and how to avoid the biggest  financial mistake that most investors make?

WallStreetBets嗎，以及如何避免大多數投資者所犯的最大金融錯誤？

We will answer all of these questions and many  more, but before we do that, here is a little  

我們將回答所有這些問題和更多的問題，但在這之前，這裡有一個小的

disclaimer - this is not financial advice, and  everything that's said in this video is for  

免責聲明--這不是理財建議，在這個視頻中所說的一切，都是為了讓你的生活更美好。

educational purposes. In order to make the best  financial decision that suits your own needs,  

教育目的。為了做出適合自己的最佳理財決策。

you must conduct your own research and seek  the advice of a licensed financial advisor. 

你必須進行自己的研究，並尋求持牌財務顧問的建議。

And now, give this video a thumbs up for the  youtube algorithm, and let's get right into it.

而現在，為這個視頻的youtube算法豎起大拇指，讓我們直接進入。


 1. shorting - a tool for the Ultra-Rich

1.做空----超級富豪的工具。

You probably heard about hedge funds,  but you don't know for sure what they do  

你可能聽說過對沖基金，但你並不清楚他們是做什麼的。

because they are not allowed to market  themselves since they are not regulated.  

因為他們不被允許推銷自己，因為他們不受監管。

That's why very few people know how hedge work.  

這就是為什麼很少有人知道如何對沖的原因。

Hedge funds are made by the rich for the  rich to make rich people richer and avoid  

對沖基金是富人為富人做的，讓富人更富，避免了

taxes - that's all that you need to know. If you  have never invested through a hedge fund before,  

稅--這就是你需要知道的一切。如果你從來沒有通過對沖基金投資過。

that's alright because you need a net worth  of a least a few hundred million dollars.  

這沒關係，因為你需要一個淨資產 至少幾億美元。

Unlike ETFs, they take a percentage  of the profit besides a percentage  

與ETF不同的是，他們除了抽取一定比例的利潤外，還抽取一定比例的利潤

of the total assets you invest in. That's why  they try to maximize profits for their clients.

的總資產。這就是為什麼他們會努力為客戶爭取最大的利潤。

The most common investing strategy you probably  heard is - buy low and sell high. That's how you  

最常見的投資策略你可能聽說過--低買高賣。這是你如何

and I invest, but the ultra-rich like hedge  funds invest by reversing this strategy.  

和我投資，但像對沖基金這樣的超級富豪卻通過顛覆這種策略進行投資。

They buy high and sell low. That doesn't  make sense at first glance, but it's simple.

他們高買低賣。乍一看沒道理，但很簡單。

Let's say you expect a certain stock to  decline like Intel because you know that  

比方說，你預期某隻股票會下跌，比如英特爾，因為你知道

Apple who is their biggest client, will announce  next week that they will no longer buy Intel chips  

作為其最大客戶的蘋果公司將在下週宣佈不再購買英特爾的芯片

and make their chips in-house. So you  pick up your phone and call your broker.  

並讓他們的芯片內部。所以你拿起電話，給你的經紀人打電話。

You borrow from him a single intel stock that  costs 100 dollars and instantly sell it in the  

你從他那裡借到一隻成本為100美元的英特爾股票，並立即在中賣出。

open market for 100 dollars.  Congrats!  

公開市場100美元。 恭喜你

Now you have 100 dollars in your pocket, but  you still owe your broker one intel stock.

現在你口袋裡有100塊錢，但你還欠你的經紀人一隻英特爾股票。

Let's say you are right, and Next  week intel's stock price drops to  

假設你是對的，下週英特爾的股價就會跌到。

70 dollars. You use that 100 dollars to buy  one intel stock for 70 dollars since the  

70美元。你用這100塊錢買一隻英特爾的股票，70塊錢自

price dropped and return it to your  broker and pocket the difference. 

價格下降，並將其返還給你的經紀人，並將差額收入囊中。

Congrats! You have made 30  dollars out of a fall of stock!

恭喜你啊!跌停的股票，你已經賺了30元!

It sounds simple in theory, but it's  extremely difficult and risky in practice. 

理論上聽起來很簡單，但實際操作起來卻非常困難，風險很大。

What happens if you are wrong? What  if the price doubles overnight?  

如果你錯了怎麼辦？如果一夜之間價格翻倍怎麼辦？

You still have to return that  single intel stock to your broker?  

你還得把那單英特爾股票退給你的經紀人？

Now you have to buy that stock back for  200 dollars to return it to your broker.

現在你要用200塊錢把那隻股票買回來，還給你的經紀人。

When you buy a stock and try  to sell it when it rises,  

當你買入一隻股票，並試圖在它上漲時賣出它。

the maximum that you can lose is the amount you  invested in, but not in the case of shorting.  

你能失去的最大限度是你投資的金額，但不是在做空的情況下。

If the price keeps rising, your losses  keep rising. Theoretically, you can make  

如果價格不斷上漲，你的損失就會不斷增加。理論上，你可以讓

unlimited losses since, theoretically,  the stock price can rise indefinitely. 

無限的損失，因為從理論上講，股價可以無限的上漲。

So when hedge funds realized  that GameStop is struggling,  

所以，當對沖基金意識到GameStop正在掙扎。

they decided to play around with its stock and  bet against it, and shorted 114% of its stock.  

他們決定玩弄它的股票，並與它打賭，並做空114％的股票。

What? Wait a second!

什麼？ - 等一下！等一下！

How can you short more stocks than  the number of stocks that exist? 

怎麼能做空的股票數量超過現有的股票數量呢？

It's complicated, but here  is the simplified version.

這很複雜，但這裡是簡化版。

Let's say Elon owns 1 GameStop stock. His  broker lends his (Elon's) one share to a  

比方說，埃隆擁有1只GameStop股票。他的經紀人把他的（埃隆的）1股借給了一個。

short seller Jeff. Jeff borrows that stock  and sells it in the open market to Warren.  

賣空者傑夫。傑夫借了那隻股票，在公開市場上賣給沃倫。

Warren doesn't know that Jeff actually borrowed  that stock, so Warren's broker lends his share  

沃倫不知道傑夫其實是借了那隻股票，所以沃倫的經紀人把他的股票借給了他。

to another short-seller Bill who then goes  and sells that share to another investor. The  

給另一個賣空者比爾，然後他再去把該股賣給另一個投資者。該

exact same share now has been shorted twice. This  scenario shouldn't have happened, but it happens. 

同樣的股票現在已經被做空兩次。這種情況不應該發生，但它發生了。

So the Reddit user who was investing in  GameStop since the fall of 2020 realized that  

於是，從2020年秋季開始投資GameStop的Reddit用戶意識到

all of these hedge funds shorted  over 100% of GameStop shares,  

這些對沖基金都做空了超過100%的GameStop股票。

which means if everyone starts buying GameStop,  the sock will keep rising, and hedge funds  

這意味著如果大家都開始買入GameStop，襪子會不斷上漲，而對沖基金

will have to buy these shares no matter how  expensive they get to exist their position.

將不得不購買這些股票，無論他們得到存在他們的位置多麼昂貴。

But that will drive the price higher, which  will attract more investors, which will again  

但這將推動價格上漲，從而吸引更多的投資者，這將再次

drive the price higher to the point where  these hedge funds will either go bankrupt  

將價格推高，以至於這些對沖基金要麼破產

or at least buy back these shares at an  unbelievably high price. So GameStop's  

或者至少以不可思議的高價回購這些股份。所以GameStop的

stock price surged more than 1,700% instantly. Theoretically, it made sense to buy GameStop  

股價瞬間暴漲1700%以上。從理論上講，買入GameStop是合理的。

because short-sellers had to pay  interest on the borrowed stocks.  

因為賣空者必須支付借入股票的利息。

If everyone held their position and didn't sell,  hedge funds would have kept proposing higher and  

如果大家都持倉不賣，對沖基金就會不斷提出更高的和

higher price. Gamestop could have easily crossed  a thousand dollars, but something went wrong.  

更高的價格。Gamestop本來可以輕鬆突破千元，但出了問題。

Platforms such as Robinhood and others restricted  retail investors from buying more GameStop shares.

羅賓漢等平臺限制散戶買入更多的GameStop股票。

That's insane!

這是瘋了！

Of course, they explained their actions by  saying that they were protecting their clients,  

當然，他們解釋自己的行為時說是在保護客戶。

but I don't personally buy that.  That could be the reason partly,  

但我個人並不買賬。 這可能是部分原因。

but I think there is a lot more to this than we  know. Who knows, maybe one day we will find out. 

但我認為有很多東西比我們知道的更多。誰知道呢，也許有一天我們會發現。

Trading - another form of gambling

交易 -- -- 另一種形式的賭博

Here is what I don't like about these  kinds of investments. First of all,  

以下是我不喜歡這類投資的原因。首先是。

it's not investing - it's trading. And  it's not based on any data or logic.  

這不是投資 - 這是交易。而且它不基於任何數據或邏輯。

The people who invested in GameStop and similar  companies are not investing because they did  

投資GameStop和類似公司的人並不是因為他們投資了

not do fundamental analysis and expect the  business to grow, it was pure Pump and dump.

不做基本面分析，指望企業發展，那是純粹的Pump and dump。

The problem with that is that, no matter how high  the stock price will rise, it will crash and fall  

問題是，無論股價漲得多高，都會崩盤下跌

back to where it started because the company  didn't change or grow. At some point when the  

回到最初的地方，因為公司沒有改變或成長。在某些時候，當

price reaches a certain point, early buyers  will sell which will drive the price down,  

價格達到一定程度，早期買家就會賣出，從而推動價格下降。

which will force other investors to panic and  sell which will further drive the price down,  

這將迫使其他投資者恐慌性拋售，這將進一步推動價格下跌。

which will force more investors to panic and  sell and so on until most people who purchased  

這將迫使更多的投資者恐慌性拋售，如此下去，直到大多數購買了

the stock after the hype will lose at  least some of their money if not all.

炒作後的股票至少會失去一些他們的錢，如果不是全部。

You could be lucky, you could be one of the  early buyers, but chances that you will lose  

你可能是幸運的，你可能是一個早期的買家，但機會，你會失去。

money especially if you invested once it was  already all over the news are way higher.

錢，尤其是如果你投資了，一旦它已經是所有的新聞都是高的方式。

When something like that happens,  when everyone is making money,  

當這樣的事情發生的時候，當大家都在賺錢的時候。

when it's all over the news, it's  really difficult to control yourself.  

當它的所有新聞， 它真的很難控制自己。

The feeling of missing out will push you to invest  even if its too late. I have had that feeling  

錯過的感覺會促使你去投資，即使為時已晚。我也有過這種感覺

multiple times, but I try my best to control  myself because if I feel like I am missing out,  

多次，但我儘量控制自己，因為如果我覺得自己錯過了。

chances that I have missed out are already 90  percent. So even if it's a great opportunity,  

錯過的機率已經達到90%。所以就算是一個很好的機會。

I would rather miss it than lose the money  I have earned with my blood and sweat.

寧願錯過，也不願失去自己用血汗賺來的錢。

I am not saying you shouldn't take risks  or invest. Investing is great. I do invest  

我不是說你不應該承擔風險或投資。投資是偉大的。我確實在投資

myself. This channel is about investing. But when  investing is based on facts and data, Chances  

我自己。這個頻道是關於投資的。但是，當投資是基於事實和數據的時候，機緣

you will make money are way higher and most  importantly, you can sleep peacefully at night. 

你會賺錢的方式更高，最重要的是，你可以在晚上安然入睡。

If you have enjoyed this video, you will most  definitely enjoy this custom playlist that I  

如果你喜歡這段視頻，你一定會喜歡我的這個自定義播放列表。

have created specifically for you that  has our most popular videos on business,  

專門為您創建了我們最受歡迎的商業視頻。

investing, and the stock market that  can potentially change your life. 

投資，和股市，有可能改變你的生活。

And now give this video the thumbs  up that it deserves and make sure to  

現在給這個視頻豎起大拇指，它應該得到，並確保

subscribe if you haven't done that yet. Thanks for watching and until next.

訂閱，如果你還沒有這樣做。感謝您的觀看，直到下一次。