11/22/2024, 05:00 PM UTC
微策略：反馈循环也可以反向运作MicroStrategy: Feedback Loops Also Work In Reverse
1. 杠杆ETF的每日再平衡、与大量看涨期权购买相关的对冲以及空头回补的压力共同创造了一个强大的自我增强反馈循环，它忽略了基本面和估值。2. 作者回顾了2018年的市场事件“Volmageddon”，并强调了在最大化行动影响时时机的重要性。3. 考虑到当前市场的单边定位，作者建议为描述的动态的反转做好准备。1. The daily rebalancing of leveraged ETFs, the hedging associated with heavy call buying, and the pressure from short coverings create a powerful self-reinforcing feedback loop that ignores fundamentals and valuation. 2. The author reflects on the 2018 market event 'Volmageddon' and emphasizes the importance of timing in maximizing the impact of actions. 3. The author suggests preparing for the reversal of the described dynamics, considering the current one-sided market positioning.
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