應該是跟Icahn和其他hedge fund對作，才可以這麼久。Icahn long HLF
包括 short put ，從2013年初開始，2015年初到期，共2年。
You know the Herbalife story by now, right?
Cliff notes: Well known hedge fund manager (Bill Ackman) announces a monstrous short position in $HLF (no positions here) and presents a 300+ slide presentation on his thesis. Stock gets annihilated, then bounces hard and continues to rally as others, including another well known hedge fund manager (Dan Loeb), come to the defense of Herbalife. Drama seems to culminate for the time being with a one-for-the-ages CNBC call-in showdown between the hedge fund short and another even more well known hedge fund manager (Carl Icahn) who is long.
And then there was tonight: Icahn files his 13D showing a massive synthetic stake in Herbalife, and throws in the little tidbit:
“The Reporting Persons intend to have discussions with management of the Issuer regarding the business and strategic alternatives to enhance shareholder value, such as a recapitalization or a going-private transaction.”*gulp*. It’s ON like Donkey Kong. Anyone who doubted Carl Icahn’s penchant for vendettas severely underestimated him: the data shows that Icahn accumulated the vast majority of his position AFTER the CNBC showdown with Ackman. He did it through options combos: Icahn bought calls and sold puts. From the filing, he owns a total economic interest in 14,015,151 shares, which is about 13% of Herbalife’s outstanding shares. But Icahn doesn’t own all stock – he owns:
-combos (equivalent to a long stock position: long calls, short puts, Jan 28th 2015 expiration) on 8,311,738 shares
-combos (equivalent to a long stock position: long calls, short puts, May 10th 2013 expiration) on 3,230,606shares
which leaves 2,472,807 shares of HLF common stock.
If you read the 13D, you can see the dates of the transactions, and the complicated mess of entities Icahn controls.* According to my wicked quick spreadsheet math, his cost basis on the common is $34.69, and he bought 1,672,807 of the shares in the days before Christmas, 2012, with the remaining 800k shares being bought on Jan 28th/29th 2013, AFTER the CNBC showdown with Ackman. All of the options trades were done after the Ackman CNBC battle – from Jan 28th through Feb 14th (today).
So are you with me so far? Can you picture Icahn hanging up the phone after that CNBC tete-a-tete and screaming, Rambo-esque: NOTHING IS OVER!