Knowing that the markets are massively distorted and unsustainable gets you nothing. Knowing the next wave of irrational distortion gets you good long-term returns. Good timing is either pure luck, insider information, or outright manipulation.
Back out the 13F SPY value: $886mm/2mm = ~$443
He owns 20k SPY puts (2mm/100) likely worth $10's of millions
I don't know the details in real life, but in the movie he was mildly early and losing money for a long time before the move started realizing. I and heard rumors that there were other players that were even earlier and had to close their positions before it realized in order to avoid going bankrupt.
BRB buying the book.
Source: I was there (working as a strat for Goldman in mortgages during the crisis).
Anyone know what strike price / expiration date on the puts?
The 13F notional value calculations are horrendous. There is simply no way of knowing how big of a bet it is, but I can all but guarantee that it isn’t remotely close to 80% of his portfolio.
This reminds me of the Litecoin / Walmart news where someone paid a journalist to report a bs headline. But at a larger scale.
