George Soros Places Another Big Bearish Bet Against the S&P 500

george-sorosAccording to his fund’s latest regulatory filing, billionaire investing legend George Soros has gotten very bearish on the S&P 500.

As of June 30, Soros now owns put options on about 4 million shares of the S&P 500 index. That’s nearly double the number of SPX puts he owned at the end of March, which counted 2.1 million shares.

From the Wall Street Journal:

Put options give the buyer the right to sell stock at a set price within a specified time. They generally rise in value as the price of the underlying stock falls relative to the strike price. Call options, meanwhile, grant the buyer the right to buy the stock at a target price within a specified time.

Mr. Soros hasn’t specified when those positions were placed or at what “strike” price and expiration date.

Soros joins several other billionaires that have gotten bearish on U.S. equities lately. Investing legends like Carl Icahn, Jeff Gundlach, and Bill Gross, among others, have all publicly stated their qualms with the valuation of U.S. stocks, which currently sit near all-time highs despite tepid global economic growth.

The SPDR S&P 500 ETF Trust (NYSE:SPY) fell $0.71 (-0.32%) to $218.38 per share in Tuesday morning trading. The SPY has risen about 7% since the start of 2016.


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