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Michael Burry Reportedly Controlled $912 Million With $9 Million.
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ticker lesson
Breakdown
0:00lesson
Options math check — short vs long positions
- Short positions vs long puts discussed
- Implied volatility skew as key factor
- Focus on call/put premium dynamics
1:54lesson
Call vs put premium mechanics
- Higher stock price = higher options premium
- Put premium diminishes with stock decline
- Call gains outpace put gains for same move
3:38MU· ticker
Micron (MU) — put premium vs call premium
- 1200 strike call premium rose 3x
- 820 strike put premium gained 50%
- 200 point downside move = 50% gain
5:52lesson
Volatility impact on long puts
- High IV = expensive put premiums
- Near-term spreads reduce cost basis
- Time decay favors longer-dated options
7:49MU· ticker
Micron (MU) — spread strategies
- Diagonal spreads reduce extrinsic cost
- 700 strike put sold against 750 buy
- 30% cost reduction via spreads
9:35lesson
Time decay vs volatility tradeoff
- Longer-dated options = lower IV cost
- Earnings events impact volatility
- Avoid holding OTM options to expiration
11:19META· ticker
Meta (META) — low IV vs high IV
- 40% IV = better downside multiple
- Put premium doubled on 100 point move
- Lower IV = higher reward potential
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