阿克曼“補刀”老對頭伊坎 暗示會發生Archegos式爆倉
美國對衝基金大鱷比爾·阿克曼週三對卡爾·伊坎的旗艦公司的估值提出質疑，再次抨擊了他的老對手，後者的公司最近成爲做空機構興登堡研究公司的目標。
阿克曼週三發了一條長推文，稱伊坎企業的情況讓他想起了2021年投資基金Archegos的爆倉事件。
阿克曼表示，他對做空機構和伊坎企業（IEP）之間發生的事情感到“着迷”，同時指出，伊坎企業的溢價一直是由高股息收益率維持的。
阿克曼說：“收益是通過向外部股東返還資本產生的，而這些資金反過來又來自公司向投資者出售股票。”他補充說，該體系高度依賴於“維持溢價和伊坎保證金貸款機構的平靜”。
阿克曼說，這家或多家保證金貸款機構“肯定對形勢極爲關注”，尤其是在IEP披露了一項針對其業務和公司治理的聯邦調查之後。
阿克曼將這種情況與破產的投資基金Archegos進行了比較，“當時互換交易對手都因各自相對較小的風險敞口而感到寬慰。”
“問題在於，多家貸款機構造成了更混亂的局面。只需要一家貸款機構在房子倒塌之前打破常規，清算股票或嘗試對衝。在這里，替罪羊是最後一個清算的貸款人。”
阿克曼表示：“IEP的業績歷史和治理結構不足以證明溢價是合理的；相反，它們暗示對其資產淨值進行大幅折讓是合適的，”他補充稱，他對該股既不做多也不做空。
興登堡在本月初發布的報告中指責伊坎企業高估其所持股份的價值，並依靠“龐氏騙局”式的結構來支付股息。伊坎對此予以否認。自興登堡發佈做空報告以來，伊坎企業的市值已蒸發了逾60億美元。
伊坎和阿克曼之間的恩怨要追溯到2003年兩人在霍爾伍德房地產公司（Hallwood Realty）的一筆交易中發生的商業糾紛。他們之間的訴訟持續了數年。
2013年，阿克曼公開發起了一場針對康寶萊的10億美元賣空運動，而伊坎察覺到了阿克曼押注的弱點，於是做多了康寶萊的股票，從而加劇了阿克曼在這筆交易中的損失。這使兩人之間的敵意達到了頂峯。
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