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Ed McCormick's avatar

Just a quick comment on the timing of the filing. To be crystal clear, the 13F filing is an end of quarter report for regulated investment entities. Those puts (however many were purchased) were accumulated from 4/1 to 6/30.

Second, the screen shot doesn't give us any of the critical details of the put - the strike price and the expiration dates being most important. If these were deep, out of the money puts, then the effective shares short is much smaller than if these were at the money or in the money puts (option deltas describe the sensitivity of an option price to a change in the underlying and for money managers. Out of the money options are less sensitive than in the money, all else equal).

Finally, I can't tell from the screenshot whether this purchase was to hedge a long position (i.e. the fund bought insurance to protect an investment) or was in some way a derivative play on some other risk factor.

In short, from the solo screen shot, it is impossible to suss out a motive with any confidence

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Lenny's avatar

Majority of Austin Private Wealth LLC, is held by George Soros’ Vanguard and BlackRock. Same characters bet against the 2 airlines day before 911. The world is waking up.

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