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1/ A lot of people are curious about what Goldman meant by this. Let me break it down for you.
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2/ Most investors are naturally bullish on stocks, so they buy put options on the SPX to protect against a market downturn. To finance these puts, they often sell call options. Both of these positions are bearish in nature.
3/ The market makers they trade against, on the other hand, have bullish positions or positive delta (positions that benefit from price increases).
