We talked in November about Hunterbrook, a hedge fund that is also a newspaper. These are mostly tough economic times for the news industry, and Hunterbrook hit upon a differentiated media business model:

美國東部時間 2024 年 4 月 2 日下午 2:19 馬特·萊文 (Matt Levine) 馬特·萊文 (Matt Levine) 是彭博社觀點專欄作家。曾任高盛投資銀行家，曾任 Wachtell, Lipton, Rosen & Katz 併購律師；美國第三巡迴上訴法院的書記官；和 Dealbreaker 的編輯。FacebookTwitterLinkedInEmailLinkGiftGift 這篇文章在發布之前先在彭博終端機上發布。了解更多FacebookTwitterLinkedInEmailLinkGift 我們在 11 月談論了 Hunterbrook，這是一家對沖基金，同時也是一家報紙。對於新聞業來說，現在大多是艱難的經濟時期，亨特布魯克想出了一種差異化的媒體商業模式：

One way to think of this business model is that Hunterbrook is essentially an activist short-selling hedge fund, like Hindenburg Research: It investigates companies, finds problems, shorts the companies, and then noisily publishes its investigation to draw attention to the problems. But whereas Hindenburg is straightforwardly a short-selling firm, Hunterbrook’s news site is at least theoretically independent of its hedge fund, and if it publishes enough good general news then perhaps it can become more widely read and trusted — and have more stock-price impact — than a pure hedge fund.

思考這種商業模式的一種方式是，Hunterbrook 本質上是一家激進的賣空對沖基金，就像Hindenburg Research 一樣：它調查公司，發現問題，做空公司，然後大聲發布其調查結果以引起人們對問題的關注。但興登堡顯然是一家賣空公司，而亨特布魯克的新聞網站至少在理論上獨立於其對沖基金，如果它發布足夠多的好消息，那麼也許它可以被更廣泛的閱讀和信任——並對股價產生更大的影響——比純粹的對沖基金。