His fund bought AIG 25 puts for $1.30 and sold it over $21. I guess that was good timing... "Five weeks ago when the S&P 500 was trading around 1200, Universa bought S&P 500 Index put options with a strike price of 850, due to expire late October. They were betting an âunlikelyâ drop would occur. They paid around 90 cents for those options. By Oct. 10, the S&P had dropped 300 points in a month. The options Universa purchased for 90 cents were now trading for $60 each. Universa cashed out of its position around $50, good for a gain of 5455%. Universa also paid $1.29 for a put option on the insurance company AIG. Theyâd be in the money if AIG dipped below $25 a share by September. AIG imploded in a tangle of bad debt and Universa sold the AIG put options for $21 apiece." http://seekingalpha.com/article/104974-nassim-taleb-renegade-trader-with-renegade-ideas-that-work