Stock price when the opinion was issued
He did a put spread on May 2, the 500-520 end of July put spread. He wasn't concerned about NVDA or tech, but to the market's reaction broadly to Nividia's earnings. Rally broadening in the S&P had not happened. You're limiting your downside with a spread. He bought back the 500 put, which leads him long only the 599 outs.
People were thinking there was going to be volatility in 2017, but markets literally went straight up. Now the forecast for 2018 is higher volatility, and we’ll have to see what happens. This is based on the entire market, but you have to remember the market is not just made up of one thing, it is made out of other pieces of businesses. She runs a very concentrated portfolio, which allows her to cherry pick the parts of the market that she thinks will do well, so she is not just in the broad market. Doesn't see how people can do well by owning a broad market.