10 / 14 · The mechanics
The Hedge That Wasn't
A hedge protects you when the two legs disagree. In July 2026 the long book fell as much as 78% and the short leg rose 27%.
From the article Situational Awareness: The $45 Billion Blowup →
Tap to enlarge SourceLong positions per SEC Form 13F. July 2026 moves and the Adobe short are reported (CNBC), not filed; 13Fs do not disclose shorts.