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Retail investing: Robinhood and the merry mob
零售投資：Robinhood和滿心歡喜的散戶
IT WOULD BE hard for a firm that describes itself as “democratising investing” to go public in any other way. When Robinhood lists on the Nasdaq on July 29th after the Economist goes to press, institutional investors will, as is usual, be able to buy and trade shares on the exchange. Less conventionally, the broker also plans to sell a third of the shares itself to its users.
對于一家自稱“投資民主化”的公司來說，想以任何其他方式上市都會很困難。《經(jīng)濟(jì)學(xué)人》付印后，Robinhood于7月29日在納斯達(dá)克上市，機(jī)構(gòu)投資者將像往常一樣，可以在交易所購買和交易股票。與往常不同的是，Robinhood還打算將三分之一的股票出售給用戶。
Your correspondent felt a frisson of excitement as she took part in an initial public offering (IPO) for the first time, bidding for a single share in Robinhood. The slick graphics explained how IPO shares are allocated, and reassured punters that—as is not the case at other brokers—order size, assets and the age of the account would play no part in whether a bid was accepted or not. Before most firms go public they do a roadshow, which typically involves investment bankers compiling snazzy slideshows, donning their sharpest suits and fanning out to meeting rooms in big cities to canvass support from pension funds, asset managers and other institutional investors. Robinhood instead made its 40-minute pitch online to anyone who wanted to listen, on the Saturday afternoon ahead of its debut.
當(dāng)你的記者第一次參與首次公開募股(IPO)，競拍Robinhood的一份份額時，她興奮到發(fā)抖。這張精美的圖表解釋了IPO股票是如何分配的，并向投資者保證，訂單規(guī)模、資產(chǎn)和賬戶年齡與出價是否被接受無關(guān)——這在其他經(jīng)紀(jì)商那里是沒有的待遇。大多數(shù)公司在上市前都會進(jìn)行路演，投資銀行家們通常會匯集漂亮的幻燈片，穿上最時髦的西裝，在全國各地大城市召開會議，爭取養(yǎng)老基金、資產(chǎn)管理公司和其他機(jī)構(gòu)投資者的支持。相反，Robinhood在上市前的周六下午，向所有想聽的人進(jìn)行了長達(dá)40分鐘的在線宣傳。
The anti-establishment approach is all too fitting. No other company’s fortunes have been as tied to the craze for meme stocks, fuelled by online forums and lockdown-induced spare time. Robinhood, which will go public at a valuation of $32bn, has seen its user base explode during the pandemic. Its prospects are likely to be determined by wherever the retail mania, the subject of much regulatory hand-wringing, goes next.
這種一反常態(tài)的方式非常應(yīng)景。沒有哪家公司的命運(yùn)像它一樣，與網(wǎng)絡(luò)論壇和疫情封鎖產(chǎn)生的空閑時間所引發(fā)的股票熱潮密切相關(guān)。Robinhood將以320億美元的估值上市，它的用戶群在疫情期間激增。它的前景很可能取決于零售狂熱的風(fēng)向，這是許多監(jiān)管機(jī)構(gòu)束手無策的現(xiàn)象。
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