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is 34 in abc company it's 34 of what they have in stocks invested in stocks and and um calls puts whatever they've got it's 34 of that number not including cash amazingly the great flaw in all this uh analysis is they don't include cash as an investment of course it is an investment but they don't include it and as a result right now although berry has 639 million dollars our website shows that he has a portfolio value of 135 million oh okay because the sec filings don't show any percentages we do them ourselves because it's super important that we understand what percentage of the portfolio is invested in certain things right i mean it's one thing to have somebody have one percent of the portfolio in a stock it's another thing entirely if they've got 15 in it yeah totally like the level of commitment is huge hugely different it's a second level calculation though so our our website is showing that brewery has a portfolio of 135 million we know he's got a portfolio of 639 million what that means is that if we don't if we exclude the puts and calls all the options that we're going to talk about in a minute that brewery is sitting on a gigantic pile of cash it appears from where we're sitting right in other words if his portfolio is 639 million he has 135 million invested in stuff in stocks then there's 500 million dollars that he doesn't have anywhere at least as far as our website is concerned so that's an error and and we need to get better at showing that number one and number two it'd be a really big error if you looked at 135 million and you assumed that oh yeah the guy has let's see eight and a half percent of his money invested in core civic well no he doesn't have eight and a half percent of his money invested in core civic at all not even remotely close if he's got he's got eight percent of 135 million invested in core civic you following me here yeah absolutely it's such a gigantic difference i mean he's got like seven or eight million dollars in core civic seven or eight million as opposed to what would be eight percent of 600 million to be you know 50 million dollars do just gigantically different so you're saying that the the the value themself the values themselves only really understandable by putting together what percentage of that portfolio it really is because for a different example let's say something's worth 8 million at berkshire it's nothing it's like less than nothing well i'm glad you brought that up because berkshire is a great example buffett invests very rarely yeah true and when he does he invests billions of dollars meanwhile he's got uh ted and todd who are handling like 10 billion each and they're often investing in you know relatively small amounts it would be rounding errors at berkshire yeah they'd be just drowning errors you wouldn't even consider them or just buff it putting a toe in the water nothing committed i mean they don't say that those are their investments that's an assumption but i think it's a reasonable assumption yeah it is i mean look at apple um one of those guys started into apple back when it was at 95 or 100 pre-split and then talked to warren about it and he got excited about the idea that apple is no longer a technology company it's no longer all about creative destruction it's actually i think warren said that when he realized that a friend of his who had a private jet said he'd let go of the private jet before he'd let go of his iphone there was something going on here right so um sort of back to bury that so we've got we've got some interesting stuff here when we go and look this up apart from you know or going out to the sec we see something else we see that at whale wisdom for example they're showing that brewery's portfolio is actually one almost 1.4 billion dollars not 639 million it's one point he has 1.4 billion invested is the way they're saying it here and this is also completely screwed up yeah that's not right it's because they have a computer doing that and it it must have included the option filings it does and here's the crazy thing when you do an option filing what they what what they do what they what you just said they they take the value of the underlying as an obligation for you whether you're obligated or whether you have a right right these are the two sides of any options trade one one side is when you sell an option you're now obligated to do something and when you buy an option you have a right to do something well the sec doesn't seem to distinguish between the two at all it's just let's look at the underlying stock and determine the total amount of the investment based on the shares of stock times the underlying price and you end up with these massive numbers that aren't real right um they're especially not real because the put options and the call options do different things depending on whether you buy them or sell them and they do very different things between each other so a put is very different than a call and a sold put or a short put is very different than a long put i mean i don't know if we want to get in the weeds here but they're they're they're very very different than just saying oh the underlying stock shares are what really count here right let me let me give an example but i don't think that they would show on here a sold put or a sold call i think they would only show ones that have been bought and therefore are owned by the fund no no no no um they're not gonna distinguish they're not gonna distinguish when you push the sold button when you push sell whether and you have to file that you've sold something whether you owned it or not yeah that's true okay so now i could be wrong but and and we we can check that's something i should look up yeah yeah but when they say that that the top buys for burri in the in q1 the number one top buy was tesla right he he not only didn't buy tesla which would indicate he's really excited about tesla right which was yeah which was my initial thought upon seeing this like a hundred percent wrong it it's a put option that he bought and a option or sold if what we're saying is that maybe this means sold well there's very unlikely that he well if he sold it it would have said sell yeah i mean so so when it says buy he's buying a put option and the difference between buying a put option and selling a put option are night and day it's like the difference between buying a stock and selling a stock in this in the sense that one is saying one thing and the other is saying the exact opposite right um so when you when you buy a put option what you've done when you buy any option is you've bought a right for something you've got a right okay so he bought a right on tesla and when he bought a put option his right is to sell tesla at a set price over some period of time like he's got a certain number of days it might be you know 700 days it might be 30 days i don't know how many days this thing is lasting but he has a right to sell tesla so imagine if you wanted to ensure a position that made money so far one of the ways you could do it is you can marry a put option to your stock and sell or rather buy a put option in which case if the stock price goes down you will be able to force someone to buy that stock from you at that higher price whatever that price is that you set so it becomes an insurance policy to get out right it's a way of of saying oh i want to be insured yeah for the next year that i can get out of this company and and retain my profits yeah now you're going to pay for that and sometimes it makes sense and a lot of times it doesn't where where options get used mostly is in gambling and my my guess here is that i don't even have to guess yeah it's not a guest because we know that he doesn't own underlying tesla yeah exactly so if he doesn't own the underlying tesla and he bought a tesla put then he is spending money with a bet that tesla is going to go down like a brick you guys if you enjoyed this 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