Harry Stebbings

So I look at it and I go, oh my God, it's roughly 20%.

So I look at it and I go, oh my God, it's roughly 20%.

If you wanted to buy it at the money put, it's going to be, based on the estimates yesterday, and I haven't seen the updates today, stocks just, auctions just started trading, 20% of the share price.

If you wanted to buy it at the money put, it's going to be, based on the estimates yesterday, and I haven't seen the updates today, stocks just, auctions just started trading, 20% of the share price.

So if the share price is at $200, it would be $40 just to buy the right to sell the stock back at par, which means if it goes down to $160, you want to break even.

So if the share price is at $200, it would be $40 just to buy the right to sell the stock back at par, which means if it goes down to $160, you want to break even.

So you've got to get right down to $120 to make a 2X.

So you've got to get right down to $120 to make a 2X.

And that's a 2X on a security where you could lose all your money.

And that's a 2X on a security where you could lose all your money.

So I'm looking at it and going, I might have these opinions about the SpaceX price going down.

So I'm looking at it and going, I might have these opinions about the SpaceX price going down.

Do I have the nuts to put a million bucks on the line and say, I believe it's going down and buy those options?

Do I have the nuts to put a million bucks on the line and say, I believe it's going down and buy those options?

Decided I didn't have that just yet.

Decided I didn't have that just yet.

For a price equal to one third of the variability of stock between yesterday and today.

For a price equal to one third of the variability of stock between yesterday and today.

Exactly.

Exactly.