创业与商业radian.org
保时捷如何钻金融体系的空子并大赚一笔
How Porsche hacked the financial system and made a killing (2009)
2009 — 2011，它一次次回到首页
黑点是上首页（≥ 50 分）的那次投稿，空心点是没冲上去的投稿，点越大分数越高。
导读
这篇文章讲述保时捷在2008年通过悄悄囤积大众汽车股票和期权，引发史上最剧烈的轧空之一，令做空大众的对冲基金被迫以任意价格回补，账面获利数百亿欧元，被称为'金融史上最精妙的黑客式操作'之一。但评论普遍指出，保时捷为这场收购背上巨额债务，最终反被大众收购，结局并非'大赚一笔'。
为什么经久不衰：它用一个戏剧性案例揭示了轧空和市场结构的极端风险，多年后仍是理解金融'黑客行为'及其代价的经典教材。
HN 评论精选
补充结局：保时捷因债务缠身最终被大众反向收购。
也值得注意，这件事的后果让保时捷付出了惨重代价：为收购大众多数股权，保时捷背负巨额债务，又因大众期权产生的巨额纸面利润需缴税而雪上加霜。到2009年7月，保时捷债务超过100亿欧元，最终监事会同意由卡塔尔投资局注资，并将保时捷并入大众集团。
eftpotrm查看英文原文
It's also worth noting, though, that the fall-out of this cost Porsche dearly: In its efforts to acquire a majority holding in Volkswagen AG, Porsche built up a large debt burden, aggravated by taxes due on very large paper profits from Volkswagen AG options. By July 2009, Porsche was faced with debts exceeding 10 billion euros. The supervisory board of Porsche finally agreed to a number of arrangements whereby the Qatar Investment Authority would inject a large amount of capital, and Porsche would be merged with Volkswagen Group. On 23 July 2009, Michael Macht was appointed CEO, to replace Wendelin Wiedeking, who is expected to receive a compensation package of 50 million euros. http://en.wikipedia.org/wiki/Porsche#Corporate_restructuring
批评文章标题误导，保时捷其实是输家。
这篇文章写得很糟糕。它没有指出保时捷为这场'黑客行动'背负了沉重债务，最后被救助并被大众买下。说保时捷'黑了金融系统还大赚一笔'很荒谬，他们实际上因此把自己搞破产了。
steve8918查看英文原文
Ummmmmmm, this is a terrible article. They failed to point out that Porsche went heavily in debt in order to finance this "hack", and ended up getting bailed out and bought by VW. It's ridiculous to say that Porsche "hacked the financial system and made a killing" when they essentially bankrupted themselves by doing so.
解释'无限轧空'机制及其市场危害。
关键词是'无限轧空'——空头被迫按持股方开出的任意价格买入。这是金融市场最糟糕的状态：一类投资者可以不受限制地操纵价格（我记得德国当局后来介入以避免灾难）。
mynameishere查看英文原文
The key phrase is "infinite squeeze" which is a condition where shorts are forced to buy at any price determined by owners, http://www.economist.com/displaystory.cfm?story_id=12523898&fsrc=nwl ...this is the worst possible condition of a financial market, in which a class of investors can literally dictate prices without limit (IIRC, German authorities stepped in at some point to prevent catastrophe).
感叹金融游戏收益超过实体制造，反映经济扭曲。
'保时捷账面获利300-400亿欧元，最终实际利润约60-120亿，而其2006年全年营收才70多亿。'这恰恰说明整个经济有多失衡——保时捷靠玩金融游戏比实际制造产品给股东赚的钱还多。
Guatejon查看英文原文
"On paper, Porsche made between €30-40 billion in the affair. Once all is said and done, the actual profit is closer to some €6-12 billion. To put those numbers in perspective, Porsche’s revenue for the whole year of 2006 was a bit over €7 billion." Just shows how out of whack the whole economy is in that Porsche could make more money for their shareholders by playing financial games then actually manufacturing products.
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