And I’m keeping every single share of…

Cablevision spun off AMC networks today and for every four shares of CVC that we were short, we’re now short 1 share of AMC too.   So if you were short 1000 CVC at $35 ($35,000 worth), you’re now short 1000 shares of CVC at $26 ($26,000 worth) or so and you’re also short 250 shares of AMC at about $40 or so ($9,000 worth).   Either way our net capital exposure to CVC remains the same and though your stock portfolio might indicate that you’ve got some huge gains in the CVC today, that’s not quite the case.

And recall, that we’re short CVC mainly because the cable network model distribution of Hollywood content by bundling 200 channels with 24 hours of content a day 30 days a month isn’t viable in an iPad/smarthphone/hulu/Netflix world.

Distribution is what we want to be short — the actual cable company, which is what is mostly left now that they’ve completed this AMC spin off.  See, AMC Networks is mostly comprised of the cable content creation companies that make shows like Mad Men which are now more than ever, easier for consumers to get.   Because they don’t have to watch Mad Men on cable television more.  So the cable companies like power while the content creation companies get more, cheaper, better distribution.

I am covering the AMC network short.  And I’m keeping every single share of CVC short that I currently have and will look to be shorting more common and maybe even using some puts in this name in coming weeks.