02-26-2016, 06:10 AM
The ELLI short certainly isn't a bet against the company, which is run magnificently, it simply has gone up too much too fast. Stocks rarely go up forever in a straight line.
The biggest risk at this stage would be tailwind from a general market rally, but we still have shorted two September VIX futures (as well as some other long stuff) so we have some protection, and we could increase our short position if that happened.

