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I don't know how to compare blowups, tbh... What's the relevant metric? All I would say is that, if you ask pretty much any options guy who has been in the mkt more than a year, they would tell you precisely why you don't do these sorts of trades, regardless of what they look like at expiry...

As usual, I am very confused... These places he's referring to are democracies. If we, the electorate, don't want to end up with socialism, we need to change our respective governments, so that they, in turn, change central banks and their policies. If we, the electorate, want to end up with...

Wait, I thought ValueAct wanted to push down guidance (and prevailed) and Ackman wanted to avoid the bloodbath and wanted to be more optimistic? But yeah, I have a hard time imagining a warm and fuzzy resolution to this one.

Flattery will not get you anywhere with botpro :).

Well, I guess it's all OK now then... I'll stop worrying, 'cause everything is gonna be just dandy.

They're quoting him on CNBC now... "We don't use margin leverage." What does that even mean?

Levine aside, one other curious bit, which may or may not be interesting, is Pershing selling a chunk of Mondelez ($834mm proceeds). Now call me a cynic, but I have a sneaky suspicion that it's not all in preparation for possible upcoming redemptions.

It's fine, like I said yesterday, it's all coming back today, slowly but surely...

Yeah, sure, he's just plotting the usual PNL at expiry graph... At any rate, this stuff, frankly, boggles the mind.

Sorry, don't see what's wrong with Levine's PNL graph. One curious thing I also notice is that Ackman did the trade with the two counterparties whose analysts had the two highest VRX price targets. Funny how that works, innit?

Wait, hold on, this wasn't a straight up riskie, it was a seagull... He bought a call spread and sold a put. It just keeps getting better and better.

I didn't look at the PNL graphs, to be honest... I just wanted the dets of the trades and then sorta stopped. Lemme look again.

And in size, too... Frankly, I find it utterly incomprehensible. There is just so much wrong with that, I don't know where to begin.

Oooh la la!

From what he stated, he didn't have the cash to buy outright...

On another note, where is our friend volpunter? I owe him some analysis, if memory serves...

As I am sure so many people have said before, there's no such thing as a "best option strategy". I have said it before, but I'll say it again. Strategies don't kill people, people (and leverage) kill people. In that vein, butterflies are not the best, but could certainly be appropriate for...

It's a cheap way to buy more stock until it ain't... It must have felt pretty horrendous to have been in this massive riskie on the 15th (apart from the delta, as far as I can tell from the closes, the vol on the Jan17 60 strike went from 72 to 88 that day). Maybe, given the losses on the...

5y CDS closed at 904.4bps yest...

Nah, everything is extremely clear to me, indeed...