The author bought a BHP put option expecting a pullback after a strong one-month rally and sub-4% forward yield.
Unpriced research observations (excluded from Calls and Returns):
BHP.AX — SHORT The author argues BHP's valuation is uncompelling because the forward yield is below 4% after shares rose 8% in a month. This momentum makes a continuation to all-time highs unlikely, so the author bought a put option to position for drops and volatility. No specific timeframe or downside target is stated. ambiguous_option_contract
Just bought a put option on BHP. The forward yield is below 4%. Up 8% in a month. Hard to see momentum continue to all time highs.