斯坦霍夫

基本信息

Steinhoff International Holdings，南非家居/家具零售集团（旗下含美国 Mattress Firm）。2017 年底因会计造假爆雷，股价崩塌 90%。Druckenmiller 提前做空，并把它当作”ECB 用 QE 救活的僵尸/欺诈公司”的标本。

德鲁肯米勒的核心观点

提前做空——“有人告诉我这帮可能是骗子”

2017 年 12 月：他承认自己提前做空是因为”有人善意地告诉我这帮人最少是欺诈、最坏是骗子”。这本身是他”有人给你递一个不可持续局面”模式的又一例。

ECB 把它的债买进去——这是”养僵尸”

他的真正攻击对象不是 Steinhoff，是 ECB。Steinhoff 用大滚动并购 + 大量发债驱动，“为什么他们能发出这堆债？因为 ECB 在买。” 街上半数人知道这家公司是欺诈、最终会破产，可这并不妨碍 ECB 间接给它输血。

“央行不在赚不赚——而在养骗子和僵尸”

他的核心论点：Draghi 会辩解 ECB 总组合是赚钱的、亏掉 1.5 亿美元被组合摊掉。Druckenmiller 明确驳斥：“关键不是 ECB 赚不赚——关键是他们在让骗子和僵尸公司活下去。这正是真正阻碍长期增长的东西。这种公司根本就不应该走在路上、还能借到钱。“

原文引用

Legendary Investor Stanley Druckenmiller On The Stock Market, Tax Reform, And His Stock Picks - CNBC (2017-12-14)

“Last week there was a company called Steinhoff — that’s the parent of Mattress Firm in the US. … I was lucky enough to be short from the start, because someone was kind enough to explain to me that these guys might be crooks — there was fraud at best.”

“Guess why they’re able to issue all this debt? Because the ECB is buying it. Of a company that half the Street knew was a fraud, and it’s going to go bankrupt. … The point isn’t whether the ECB is making money. The point is: they are keeping crooks and zombie companies alive. This is exactly what hinders long-term growth.”

来源：Legendary Investor Stanley Druckenmiller On The Stock Market, Tax Reform, And His Stock Picks - CNBC

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首次出现：Legendary Investor Stanley Druckenmiller On The Stock Market, Tax Reform, And His Stock Picks - CNBC