Need a little help from someone with experience reading a 13F-HR. Similar questions were posted before: http://elitetrader.com/vb/showthread.php?s=&threadid=112638&highlight=13FHR But no answer came out. I figured I could start a fresh thread. If I see this in a 13F: APPLE INC COM 037833100 2,069 18,200 SH SOLE 18,200 APPLE INC COM 037833100 1,005 27,400 PUT SOLE 27,400 I usually figure that's a straight up married put. So the manager is (or was at the time or purchase) long Apple with restraints since he spent on the put contracts. This one confuses me: BLOCKBUSTER INC CL A 093679108 2,921 1,425,096 SH SOLE 1,425,096 BLOCKBUSTER INC CL A 093679108 59 1,186,100 CALL SOLE 1,186,100 BLOCKBUSTER INC CL A 093679108 11 151,000 CALL SOLE 151,000 BLOCKBUSTER INC CL A 093679108 6 250,000 CALL SOLE 250,000 The 13F won't cover if the manager "wrote" calls right? So he's long BBI but why the three sets of calls? Is he just long the stock and has a long call position on top? Or is there no real way to tell what's going on? Thanks.