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How Mark Cuban survived last week's market meltdown

CNBC logo CNBC 2018-02-13 Matthew J. Belvedere

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Billionaire Mark Cuban told CNBC on Tuesday that he saw the recent stock market swings as a buying opportunity.

Cuban, owner of the NBA's Dallas Mavericks, said he decided to hedge his moves after he saw investors get wiped out on the short volatility trade.

"I took a couple occasions to jump in. There was blood in the street with the VIX, and everybody got leveled out of short the VIX," said Cuban, also a "Shank Tank" investor. "So what did I do, I bought puts on the VIX. Not huge positions, but enough to be interesting. I also bought some VIRT, Virtu [Financial], because they do HFT, high-frequency trading. And they make money off volatility."

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