从专业风控的角度：GameStop 的现实波动率再过去1个月持续大幅上升，现在30天已实现的波动率大于 200%，期权合约隐含的波动率大于300%，是美国股票指数和普通股票的10倍。在有专业风控的情况下，随着证券的波动率的大幅上升，无论组合，还是单个头寸的VAR(value at risk)的风险控制，都要求基金经理持续大幅降低这一持仓的规模，在最近2天之前，早就应该降到之前的1/10的水平。
(Bloomberg) -- Hedge fund titans Ken Griffin and Steve Cohen boosted Gabe Plotkin’s Melvin Capital, injecting a total of $2.75 billion into the firm after it lost about 30% this year.
Citadel funds and firm partners will invest $2 billion, while Point72 Asset Management’s investment will be $750 million, the firms said Monday. In return, the investors will get a non-controlling revenue share in the six-year-old hedge fund. Melvin Capital may receive an additional $1 billion infusion from other investors on Feb. 1, according to a person familiar with the plans.
The capital infusion comes after Melvin Capital, which started the year with about $12.5 billion in assets, has seen its short bets, including GameStop Corp., go awry, spurring the losses, people familiar with the firm said.
This year’s stumble is rare for Plotkin. His firm has returned an average 30% a year since it was started in December 2014 after nearly a decade working for Cohen.
Short-selling has been a perilous business this year. The most-shorted stocks in the Russell 1000 index have climbed about 12% so far in January, while the index overall has risen 2.9% year-to-date.
Unlike some managers who have nearly given up on shorting in recent years as stock indexes marched ever higher, Plotkin has continued to make bets on falling stocks. At the end of the third quarter, for example, the firm had puts -- or bets that prices would fall -- on 17 U.S.-listed companies, according to a regulatory filing.
“Gabe Plotkin and team have delivered exceptional results over the history of Melvin,” Citadel founder Ken Griffin said in a statement. “We have great confidence in Gabe and his team.”
In a statement, Cohen said he has known Plotkin since 2006 and “he is an exceptional investor and leader.”
Plotkin spent eight years at Cohen’s predecessor firm, SAC Capital Advisors, and his firm has been one of that shop’s most successful spin-outs. Cohen previously invested about $1 billion in Melvin.
“I am incredibly proud to partner with Ken Griffin and Steve Cohen,” Plotkin said. “The team at Melvin is eager to get to work and reward the confidence of these two great investment icons.
(Updates with January loss in first paragraph.)
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在Reddit引起的GameStop价格暴涨之后，包括RobinHood在内的交易平台已经开始禁止该证券的交易，GameStop是一家被Melvin Capital Management大量做空的公司。此举很可能会降低该股的价格，或许，有助于纠正梅尔文资本（ Melvin Capital’）的巨大损失。
此举被广泛认为是在 "出卖 "股市韭菜们的同时，保护了耶伦从中赚取数百万美元话费的华尔街对冲基金。
据《华尔街日报》报道，Citadel最近向Melvin Capital Management输送了数十亿资金。
Citadel LLC和Point72资产管理公司正在向对冲基金Melvin Capital Management投资27.5亿美元，这是一笔紧急涌入的现金，预计将稳定一直是华尔街表现最好的基金之一。Citadel及其合作伙伴将投资20亿美元，而截至2019年已经在Melvin投资超过10亿美元的Point72将追加投资7.5亿美元，这些基金周一表示。
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