this is one that could be very vuler inable and we get a sense of what global growth looks like. >> he is buying a put spread. always good to review the play book. this is a bearish strategy. so, how do you make money? you want that stock to fall to the short put strikes where you make the most money and where your profits are capped. >> i looked out to august, going to catch their second quarter or their calendar year earnings. this is really a macro play. it is a little bit out of the money. i paid 85 cents for that. i bought one of the august 50 puts for 1.30. if the stock is 45 or lower. >>> this is a well loved cult following. >> when they start falling down, people never believe how far they can go. it actually is almost behaving like a single option. there is a lot of leverage in this trade. he is paying less than 20%. that is pretty unusual. i think basically what is happening here is you make a cheap bet. the spots where you would be willing to get back into it. >> you make a great point this costs less than 20% of the spread. >> i think what starbucks is doing, most of the in