Soros Nearly Doubles Down Bearish Bet Against S&P 500
August 16th, 2016Via: Market Watch:
Billionaire investor George Soros, who rose to fame and fortune by betting against sterling in 1992, on Monday showed his latest hand: nearly doubling down on his bearish bet against the market.
The 86-year-old’s fund, Soros Fund Management LLC, disclosed in a regulatory filing it had increased its bet against the S&P 500, the main index used to measure big-stock performance in the U.S., and holds put options on roughly four million shares in an exchange-traded fund that tracks the index. That is up from “puts” on 2.1 million shares as of March 31.
Meanwhile, Soros’s fund also cut sharply its position in gold, selling off the bulk of the shares it had bought last quarter in Barrick Gold Corp., the world’s largest gold producer, and cutting sharply its position in a gold-backed ETF set up by the World Gold Council.
