Billionaire Investor George Soros Bets $1.3 Billion on U.S. Stock Market Crash
February 18, 2014
SOROS DOUBLES DOWN ON BEARISH BET
Billionaire Investor George Soros Bets $1.3 Billion on U.S. Stock Market Crash
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.)
“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.”
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…
Iran’s ambassador to Moscow on Monday said Russia could build the Islamic republic a second nuclear power reactor under a proposed oil-for-goods swap that has raised grave concern in Washington.
An ambitious project known as Outernet is aiming to launch hundreds of miniature satellites into low Earth orbit by June 2015, which will broadcast the Internet to phones and computers giving billions of people across the globe free online access.
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