Progressive (PGR) is one of my largest short positions, and I was pleasantly surprised to see it taking a hit this morning.
The long-term potential is huge. Indeed, I almost bought puts on this a few days ago, but the bid/ask spread was as wide as Oprah’s backside, so I passed. What a shame; they’re up 50%, and are likely up hundreds of percent in a few months. Oh, well. At least I’m short.
