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:

美国东部时间 2024 年 4 月 2 日下午 2:19 马特·莱文 (Matt Levine) 马特·莱文 (Matt Levine) 是彭博社观点专栏作家。曾任高盛投资银行家，曾任 Wachtell, Lipton, Rosen & Katz 并购律师；美国第三巡回上诉法院的书记员；和 Dealbreaker 的编辑。FacebookTwitterLinkedInEmailLinkGiftGift 这篇文章在发布之前先在彭博终端上发布。了解更多FacebookTwitterLinkedInEmailLinkGift 我们在 11 月份谈论了 Hunterbrook，这是一家对冲基金，同时也是一家报纸。对于新闻行业来说，现在大多是艰难的经济时期，亨特布鲁克想出了一种差异化的媒体商业模式：

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.

思考这种商业模式的一种方式是，Hunterbrook 本质上是一家激进的卖空对冲基金，就像 Hindenburg Research 一样：它调查公司，发现问题，做空公司，然后大声发布其调查结果以引起人们对问题的关注。但兴登堡显然是一家卖空公司，而亨特布鲁克的新闻网站至少在理论上独立于其对冲基金，如果它发布足够多的好消息，那么也许它可以被更广泛的阅读和信任——并对股价产生更大的影响——比纯粹的对冲基金。