An equity long-short strategy is an investing strategy, used primarily by hedge funds, that involves taking long positions in stocks that are expected to increase in value and short positions in stocks that are expected to decrease in value.
股票多空策略是被對沖基金主要使用的一種投資策略，這包括使用多頭部位來期望增加持有股票的價值，以及使用空頭部位來降低持有股票的價值。
You may know that taking a long position in a stock simply means buying it: If the stock increases in value, you will make money. On the other hand, taking a short position in a stock means borrowing a stock you don’t own (usually from your broker), selling it, then hoping it declines in value, at which time you can buy it back at a lower price than you paid for it and return the borrowed shares.
你可能知道，持有多頭部位意謂著買進股票。如果股票的價值上漲，你將會轉錢。換句話說，持有空頭股票，意味著借一張你不擁有的股票，賣出它，然後期望股票的價格下跌，此時您可以用比你買入更低的價格買回來，然後將借的股票還回去，留下最後的獲利。
Hedge funds using equity long-short strategies simply do this on a grander scale. At its most basic level, an equity long-short strategy consists of buying an undervalued stock and shorting an overvalued stock. Ideally, the long position will increase in value, and the short position will decline in value. If this happens, and the positions are of equal size, the hedge fund will benefit. That said, the strategy will work even if the long position declines in value, provided that the long position outperforms the short position. Thus, the goal of any equity long-short strategy is to minimize exposure to the market in general, and profit from a change in the difference, or spread, between two stocks.
對沖基金採用股票多空策略在巨大的規模下達成這一點。在最基礎的層面上，股票多空策略包括買入被低估的股票和賣空高估的股票。理想情況下，多頭部位的價值會增加，而空頭部位的價值會下降。如果發生這種情況，而多空部位的大小是相等的，對沖基金將從中獲利。這就是說，這個策略仍然有效，即使多頭部位面臨下跌，但只要多頭部位的獲利大於空頭部位的獲利。也就是說，股票多空策略的目標是最小化暴露在市場上的風險，獲利則是來自於兩檔股票間出現不同的變動或擴張(價差交易)中。
That may sound complicated, so let’s look at a hypothetical example. Let’s say a hedge fund takes a $1 million long position in Pfizer and a $1 million short position in Wyeth, both large pharmaceutical companies. With these positions, any event that causes all pharmaceutical stocks to fall will lead to a loss on the Pfizer position and a profit on the Wyeth position. Similarly, an event that causes both stocks to rise will have little effect, since the positions balance each other out. So, the market risk is minimal. Why, then, would a portfolio manager take such a position? Because he or she thinks Pfizer will perform better than Wyeth.
這可能聽起來很複雜，所以讓我們來看看一個假設的例子。比方說，對沖基金在輝瑞大藥廠取得一個100萬美元的多頭部位，以及一百萬美元在惠氏藥廠的空頭部位，同時持有兩個大製藥公司。類似的，同樣，一個事件，導致兩隻股票同時上漲，就沒有什麼效益，因為這些位置相互平衡的。所以，市場風險是極小的。那麼，為什麼會投資組合經理採取這樣的立場呢？因為他或她認為輝瑞將超過惠氏更好的表現。
Equity long-short strategies such as the one described, which hold equal dollar amounts of long and short positions, are called market neutral strategies. But not all equity long-short strategies are market neutral. Some hedge fund managers will maintain a long bias, as is the case with so-called “130/30” strategies. With these strategies, hedge funds have 130% exposure to long positions and 30% exposure to short positions. Other structures are also used, such as 120% long and 20% short. (Few hedge funds have a long-term short bias, since the equity markets tend to move up over time.)
股票多空策略，如所描述的，持有多頭和空頭部位相等的金額，都堪稱市場中性策略。但並不是所有的股票多空策略是市場中性的。有些對沖基金經理會保持很長的偏見，就像一種策略叫做 130/30 策略。使用這個策略的對沖基金有130% 在多頭曝險，30% 在空頭曝險。類似其他的結構也被使用，像是 120% 多頭和 20% 的空頭。（很少有對沖基金有一個長期的看空，因為股市往往會隨著時間的推移向上移動。）
Equity long-short managers can also be distinguished by the geographic market in which they invest, the sector in which they invest (financial, health care or technology, for example) or their investment style (value or quantitative, for example). Buying and selling two related stocks—for example, two stocks in the same region or industry—is called a “paired trade” model. It may limit risk to a specific subset of the market instead of the market in general.
股票多空管理者也可以通過所投資的地域市場區分，所投資（金融，醫療保健或技術，例如）的部門或自己的投資風格 (價值投資或量化投資)。買入和賣出兩種相關的股票，例如，兩隻股票在同一地區或同一行業被稱為“配對交易”的模型。這樣得投資，可以限定它的風險
，利用特定市場來取代一般市場的風險。
Equity long-short strategies have been used by sophisticated investors, such as institutions, for years. They became increasingly popular among individual investors as traditional strategies struggled in the most recent bear market, highlighting the need for investors to consider expanding their portfolios into innovative financial solutions.
股票多空策略已經被成熟的投資者使用許多年，如機構。他們成為個人投資者中越來越受歡迎，因為傳統的策略在最近幾年的熊市中掙扎，強調需要為投資者考慮擴大其投資組合為創新的金融解決方案。
Equity long-short strategies are not without risks. These strategies have all the generic hedge fund risks: For example, hedge funds are typically not as liquid as mutual funds, meaning it is more difficult to sell shares; the strategies they use could lead to significant losses; and they can have high fees. Additionally, equity long-short strategies have some unique risks. The main one is that the portfolio manager must correctly predict the relative performance of two stocks, which can be difficult. Another risk results from what is referred to in the industry as “beta mismatch.” While this is more complicated that we can explain in detail here, essentially, it means that when the stock market declines sharply, long positions could lose more than short positions.
股票多空策略並非沒有風險。這些策略都通用的對沖基金的風險：例如，對沖基金通常不像共同基金一樣的流動性，這意謂著很困難去賣出股票，這策略可能引發嚴重的損失以及他們有高額的費用。此外，股票多空策略，有一些獨特的風險。最主要的是，投資組合經理必須正確預測的兩隻股票，這是很困難的。從什麼是指在被業界稱為“beta mismatch。”雖然這是比較複雜的，我們可以詳細介紹一下這另一種風險的結果，本質上，這意味著 當股市大幅下降，多頭可能會損失超過空頭頭寸。
In summary, equity long-short strategies may help increase returns in difficult market environments, but also involve some risk. As a result, investors considering these strategies may want to ensure that their hedge funds follow strict rules to evaluate market risks and find good investment opportunities.
綜上所述，股票多空策略可能有助於提高在艱難的市場環境下的回報，同時也涉及一些風險。因此，投資者在考慮這些策略，可能希望確保他們的對沖基金遵循嚴格的規則，以評估市場風險，並尋找良好的投資機會。
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