The Hormuz Shock: SCO Exit, USO Puts & Restructuring the Oil Short
Post-mortem on the Hormuz shock: SCO exposed as the wrong instrument and no true short book in place. Covers the exit from SCO, the case for defined-risk USO puts, FCX's rejection at the highs, the LTM update and a plan for building a real long/short book, plus a macro note on U.S. stagflation risk and why the book stays long B2C software.
SCO · USO · LTM · FCX · MSFT · MACRO
Published Mar 13, 2026. Views and model assumptions reflect the publication date and may have changed.