Group 1 - David Einhorn is a prominent figure in the financial world, known for his remarkable courage and success as a hedge fund manager and a "dragon slayer" who challenges corporate giants [3][4][20] - Einhorn founded Greenlight Capital in 1996 with a modest initial investment of $900,000, achieving an impressive annualized return of over 25% over the next decade [6][8][23] - His investment strategy combines value investing with short selling, allowing him to thrive in both bull and bear markets [9][11] Group 2 - Despite a strong long-term annualized return, many investors who entered at the wrong time faced significant losses, highlighting the paradox that high returns do not equate to high profits [24][26][50] - Greenlight Capital's assets under management peaked at approximately $12 billion in 2014, just before entering a challenging period for the firm [29][31] Group 3 - Einhorn's downfall over the past decade is attributed to a combination of macroeconomic changes, ineffective strategy, and poor risk management [52][90] - He identified three emerging forces in the market that undermined traditional value investing: passive index funds, quantitative trading, and retail speculation [56][58][59] Group 4 - In 2015, Greenlight Capital experienced a significant decline, with a 20.2% drop in net value, primarily due to poor performance in major holdings [63][66] - The firm faced substantial losses from concentrated positions in companies like SunEdison, Consol Energy, and Micron Technology, which saw stock price declines of 74%, 77%, and 59% respectively [66][67] Group 5 - Einhorn's long battle with Tesla, which he viewed as overvalued, resulted in significant losses for Greenlight Capital, particularly in 2018 when the firm lost 34% [71][76] - The market's shift towards narrative-driven investments left Einhorn's traditional valuation methods ineffective, leading to a prolonged struggle for the firm [86][88] Group 6 - The evolution of market dynamics post-2008, characterized by low interest rates and the rise of growth stocks, further complicated Einhorn's investment approach [88][90] - Einhorn's story serves as a cautionary tale about the challenges of investing, emphasizing the need for risk management and adaptability in changing market conditions [90][92]

Group 1 - The core viewpoint of the article discusses whether retail investors can short-sell using over-the-counter (OTC) options, highlighting that while theoretically possible, practical barriers exist for retail participation [1][4]. Group 2 - OTC options are characterized by non-standardized contracts negotiated directly between parties, offering high flexibility but also high entry barriers primarily aimed at institutional investors [4][7]. - Retail investors can theoretically short-sell by buying put options or selling call options, but face significant practical limitations such as qualification requirements and high transaction costs [7][8]. Group 3 - Qualification requirements for retail investors include having a net asset of at least 50 million yuan and financial assets of at least 20 million yuan, along with three years of investment experience [8]. - Domestic regulations impose additional restrictions, with retail investors needing to meet the "532 criteria," while overseas platforms may offer OTC options but come with regulatory and currency risks [8]. Group 4 - Alternative methods for retail investors to short-sell include margin trading, index futures, standardized exchange options, and short-selling ETFs or funds, each with its own set of requirements and risks [8].

以下文章来源于思想钢印 ，作者思想钢印 思想钢印 . 雪球2020年度十大影响力用户，私募基金经理 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：思想钢印9999 来源：雪球 01 924后的 " 分手 " 上半年的股市可谓有惊无险 ， 赚钱机会多多 ， 但隔壁的商品市场就是完全两样的风景 ， 大部 分工业品都是 " 一路南下派 " ， 几乎被空头力量主导 ， 偶尔借停产检修或宏观利好反弹一把 ， 也成为 " 每涨卖机 " 。 国内上市的67个商品期货品种中 ， 主力合约价格年初以来下跌的有39个 ， 看上去没有那么惨 ？ 你再看上涨的28个品种中 ， 几乎都是金银和农产品 ， 工业品只有铜 、 铝 、 锡三个国际定 价的有色品种和尿素这个严格出口管制的农化产品 。 像焦煤 、 玻璃 、 甲醇 、 塑料 、 橡胶 、 纯碱 、 螺纹钢这一类重要的大宗商品 ， 都是跌幅巨大 。 上半年这一轮工业品的下跌 ， 实际上是在延续21年以来的商品熊市 ： 焦煤主力合约上半年跌了34% ， 从21年最高点跌了80% ； 玻璃主力合约上半年跌了25% ， 从21年最高点跌了68 ...

作 者 | Max Molter 编译 | 华尔街大事件 长期以来， 特斯拉公司 （NASDAQ: TSLA ）一直是投资者的最爱。如今，由于首席执行官埃 隆·马斯克的一些动作，该公司失去了许多支持者和销量。在欧洲销量下滑的情况下，特斯拉在 华为 Model Y 提供 免息贷款的举动 是特斯拉品牌衰落的下一个迹象。 几个月来，马斯克在欧洲的人气下降了。从数据上看， 特斯拉 在法国和瑞典的同比销量分别 下降了 36.83% 和 63.9%。在同一时期内，该公司在法国的市场份额从 2.55% 下降到 1.63%。 如图 1 所示，就整个欧洲而言，其股价甚至比其他任何汽车制造商的股价下降幅度都高出 42.6%。这凸显出，尽管一些下滑可能是由于经济形势所致，但特斯拉的情况仍有其特殊性。 高、不妨购买非电动汽车的客户。此外，他们不太可能关心免息贷款。国内还生产了许多看起 来像特斯拉、感觉像特斯拉但价格低得多的电动汽车，这降低了特斯拉汽车作为欧洲市场经常 提到的体验的价值。比亚迪就是其中一家汽车制造商，其销量同比增长 58%。 特斯拉的估值一直很高。目前，该公司的 EV/EBITDA 比率为 57.42，比行业平均水平高 ...