Gotcha Still a losing trade if only long IMO... June VIX is at 14, July at 14.4 and Aug just below 15... and he's losing theta. We're all still talking about hypothetical shit anyways... so basically nobody has a clue what's happening except 50 himself. Probably isn't just long, so this is really nothing more than the media thinking they have a great story that's actually not there...
It's reasonably clear that this is a hedge... You can argue about how viable it is as a hedge, but only Fitty knows this. If it is indeed the Ruffer guy who has been around and has $20bn AUM, it's hard to imagine that they're doing something really stupid. Point is that nobody knows and speculating breathlessly about daily PNL like the article does is dumb.