OK so I buy forty 620 SPY puts dated March 20th (gives around -$2.4M stock exposure if stocks are down 10%. It doesn't fully hedge but it's close). It costs $29K every 4 months ($87K a year). It's around a 3.8% drag per year and I've only hedged a third of my portfolio. Sorry, I don't see the appeal. Maybe I am messing something up.

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So you think we might have put a few people out of business today. That it's all for naught. You've been doing that everyday for almost forty years Sam. And if this is all for naught then so is everything out there. It's just money; it's made up. Pieces of paper with pictures on it so we don't have to kill each other just to get something to eat. It's not wrong. And it's certainly no different today than it's ever been. 1637, 1797, 1819, 37, 57, 84, 1901, 07, 29, 1937, 1974, 1987-Jesus, didn't that fuck up me up good-92, 97, 2000 and whatever we want to call this. It's all just the same thing over and over; we can't help ourselves. And you and I can't control it, or stop it, or even slow it. Or even ever-so-slightly alter it. We just react. And we make a lot money if we get it right. And we get left by the side of the side of the road if we get it wrong. And there have always been and there always will be the same percentage of winners and losers. Happy fucks and sad sacks. Fat cats and starving dogs in this world. Yeah, there may be more of us today than there's ever been. But the percentages-they stay exactly the same.

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