And this here is the absolute height of idiocy: http://www.businessinsider.com/vix-...to-reap-gains-he-made-from-stock-chaos-2018-2 Apparently, being left naked short 250k+ March 25 calls is considered to be "taking profit". In fact, the Mammoth or the Elephant or whatever would have realized a loss on the structure, if he/she unwound the whole thing. Instead they chose to sell the 15-25 1x1 call spread, rather than the original 1x2. Since they just did the roll on Friday and the unwind on Tuesday, this, in fact, is nothing other than a stop (with a bit of a prayer thrown in).
Not the elephant, but 50 cent update: https://www.bloomberg.com/news/arti...rade-just-paid-off-to-the-tune-of-200-million
This too is kinda dumb... The guy runs a $20bn long only fund. He probably drew down arnd $2bn during the recent dump, but he's supposed to get excited over the $200mm VIX payoff?