I bought some Live Nation puts that are …

I bought some Live Nation puts that are currently slightly out of the money and will expire in a couple quarters.  That is the stock needs to fall 10% in the next few months for the puts to get “in the money”, but if the stock doesn’t fall like that before the puts expire, I will lose all the money I risked on this position.   But if the stock does fall even to $9 a share, I’ll easily have a double in this position…and if the stock falls to my $5 price target, we’ll be buying beers for everybody that night.

The portfolio’s down on the day, even as the markets are trying to hang in the green although they’re not doing much of a good job of that themselves either.  I’ll talk more about the death of OBL and what it means to us as investors in a bit.