It's like he has a $5 bet that the market will go up, versus a $1 bet it will go down.
BFD.
But a put option on an index is a very different animal from a long position in actual stocks. The put provides tremendous leverage, but for a limited time before it expires worthless.
Soros is probably holding a mixture of durations and strike prices. Some of them may be ‘in the money’. But if the market keeps going up, or stays even, he will lose more on the puts than he gains on the stock.
It hurts other posters' self-esteem.
--and it's all right there in the 13-F filing with the Securities and Exchange Commission; nobody cares because the preferred belief is that the evil capitalist is out to get you. That $1 bet he made on a falling S&P, it's no different from the bet we make with the life insurance salesman where we're so glad when he wins and we "lose".