I think T2-P is a little bearish :)

[valuecfa]

I don't know their AUM, but they seem to be betting the farm. Take a look at the size of the put option they have on the SPY. Yikes! That is half their non-cash equity portfolio.

 

http://sec.gov/Archives/edgar/data/1327388/000139834410001467/fp0002250_13fhr.txt

[Parsad]

That can't be right!  Must be a typo.  Cheers!

[valuecfa]

That can't be right!  Must be a typo.  Cheers!

 

It doesn't sound like their style, but that's what is in the filing. Will keep an eye out for an Amendment

[Rabbitisrich]

The reported value is notional. Hopefully Tilson will go into the pricing and term on the next call.

[Parsad]

Yup, that is notional value of out of the money puts.  The actual dollar amount is nowhere near that amount.  Cheers! 

[valuecfa]

The reported value is notional. Hopefully Tilson will go into the pricing and term on the next call.

 

Ah, yes. The market value (as well as the share count) is based on the underlying in the put contract, and not based on the  premium value for the contract. Thanks for catching that.