2023年经济学人 当幻想在华尔街遇到现实（2）（在线收听）

    The stage is therefore set for the triumph of those the meme-stock lot profess to hate most of all: short-sellers, who try to sniff out this sort of stuff.

    因此，胜利舞台已经准备好，迎接那些meme股票支持者声称最讨厌的人：试图嗅出蛛丝马迹的做空者。

    Nathan Anderson, founder of Hindenburg Research and a famed short-seller, has already made quite a splash with an investigation into what he alleges is widespread fraud and market manipulation at the Adani Group, an enormous Indian conglomerate, which strongly denies the claims.

    兴登堡研究公司创始人、著名卖空者内森·安德森对印度大型企业集团阿达尼集团存在的大规模欺诈和市场操纵行为展开了调查，引起了不小的轰动。阿达尼集团对这些指控表示强烈否认。

    What, then, is left of the retail era?

    那么，零售时代还剩下什么呢？

    Individual traders are more important than they used to be, even if they are far from the peak of their powers.

    散户投资者比以往更加重要，尽管他们距离权力的巅峰还很远。

    In 2019 the retail share of stock-trading volumes hovered at around 15%.

    2019年，散户投资者在股票交易量中的份额是15%左右。

    Then, in the first quarter of 2021, it peaked at 24%.

    在2021年第一季度，这一比例达到了24%，创下历史新高。

    This figure understated the true power of retail investors.

    这一数字低估了散户投资者的真正力量。

    Exclude marketmakers, who stand in the middle of most trades, and retail traders made up about half of volumes, with institutional investors accounting for the rest.

    除去参与大多数交易的做市商，散户投资者参与的交易约占总成交量的一半，其余的是机构投资者。

    Although retail traders' share fell to an average of 18% in 2022, or around one-third excluding marketmakers, this is still above where things started.

    尽管散户投资者的交易份额在2022年降至平均18%，剔除做市商后约占三分之一，但这仍高于其初始水平。

    When the stockmarket rallies, it is faddish favourites, like GameStop and Tesla, leading the charge.

    当股市出现反弹，像游戏驿站和特斯拉这样的“流行宠儿”才是领头羊。

    Perhaps what will endure longest, though, is the levity.

    不过，持续时间最长的或许是轻率。

    Investing is normally a serious business.

    投资通常是一项严肃的业务。

    But even as the hold-on-for-dear-life gang let go of their treasures and rethink their old grudges, their influence is still felt.

    但是，尽管“不管涨跌都稳稳拿住”的一伙人放弃了他们的宝藏，开始重新思考过去的积怨，他们依然具有很大的影响力。

    There are already plenty of Hindenburg versus Adani memes on r/WallStreetBets, the Reddit forum where it all began.

    在一切得以发生的Reddit论坛上，讨论又开始了。在“华尔街赌注”板块上，已经有大量兴登堡对阿达尼的meme。

    These echo the ones made about Melvin versus GameStop two years ago, with a small difference.

    这与两年前梅尔文资本对游戏驿站的情况如出一辙，只是略有不同。

    This time Mr. Anderson, the short-seller, is the hero.

    这一次，做空者安德森先生是个英雄。