Toddo has been leaning into the wind of this bull market in terms of his "relative conviction" level but he doesn't really correlate that to the funds' positioning, so it is hard to know what they are actually doing. He has been long index puts, but he never discloses how long or short the fund is. I think it is fair to say that he misread this rally, at least on the basis of his published comments.
I have complained to him a few times that he is being too general and that people are not going to pay to be told to watch the SOX and the BKX and respect price but don't defer to it. He has said he will be "more granular" when the real site opens. We'll see.
