And here’s the important part: “The buyer of a put option estimates that the underlying asset will drop below the exercise price before the expiration date.”

Soros in Q2 bought a put on 1,248,643 SPY units (“SPY,” also known as “SPDR” or “spiders,” is an abbreviation for a Standard & Poor’s depositary receipt. “Each share of spider contains one-tenth of the S&P index and trades at roughly one-tenth of the dollar-value level of the S&P 500,” Investopedia explains).

The 13F filing also show that Soros is hot for Apple stocks and not all that interested in Citigroup or Netflix stocks — and he’s definitely not interested in gold.