GLG Partners LP, the hedge-fund firm partly owned by Lehman Brothers Holdings Inc., bought stock options that would profit from a decline in Lehman and other brokerage-company shares. GLG, based in London, acquired put options on $476 million in shares of Lehman, Goldman Sachs Group Inc. and Morgan Stanley in the second quarter, according to an Aug. 14 regulatory filing.[...]GLG, Europe's third-largest hedge-fund manager, purchased put options on 1.23 million Goldman shares, 1.84 million Lehman shares and 1.03 million Morgan Stanley shares in the second quarter, according to the Securities and Exchange Commission filing. The combined value of those shares now equals about $388 million, down almost 19 percent from $476 million on June 30. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aAoTmZEVwFXw The question is : GLG hedging positions or taking directional bets ? But they will profit anyway...