The man who made $1 billion on a single trade shorting the British Pound back in 1992 is now wagering that U.S. stocks will experience a sharp correction in 2014. According to the latest 13F filed by Soros Fund Management, LLC made available last Friday, George Soros has dramatically increased his “put” position on the S&P 500 ETF (SPY) in the fourth quarter of 2013. In fact, the negative bet by Soros last quarter represents a huge 150%+ increase from his position in the third quarter. (A “put” option is bought by investors who believe that a particular security is going to decline in price, and gives the investor the right, but not the obligation, to sell a security at a set price during a specified time.)
According to MarketWatch:
“The value of that holding, the biggest position in the fund, has risen to $1.3 billion from around $470 million. It now makes up a 11.13% chunk of all reported holdings. It had been cut to 5.14% in the third quarter, from 13.54% in the second quarter, which itself marked another dramatic lift on the bearish call.”
(Source: Bullion Baron)
The S&P 500 is overdue for a major correction as the last serious movement to the downside in the index occurred back in the Summer of 2011. The question for investors is “when”, not “if”, the next major downturn in U.S. stocks will begin…
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