Silverharp, we can't say for certain that he didn't hedge. In all likelihood he did, perhaps even went short on some positions to hedge his otherwise long plays that he could not get out of without losing his shirt.

If you own 40 million shares of a company that often trades 100,000 shares, you're pretty much screwed if you want to sell in a market that is fast deleveraging!

On the other hand, these positions will come back in time and he can wait it out. At some point we will see many of these plays back up to a reasonable price. It might not be for a few years... who knows. I doubt JP will be selling his yaught in the main time.

If there is one thing that is certain though... JP has never advised hedging or selling lest his flock start unloading his book, making his nightmare even worse. You think he's going to tell you to lighten up on Tyhee? Not in your wildest dreams.... Nope Back up the Truck!!! that's all you'll hear from him.