The 13F notional value calculations are horrendous. There is simply no way of knowing how big of a bet it is, but I can all but guarantee that it isn’t remotely close to 80% of his portfolio.
This reminds me of the Litecoin / Walmart news where someone paid a journalist to report a bs headline. But at a larger scale.
The market does seem overpriced at the moment, particularly stocks like Nvidia undergoing some kind of correction, but it seems that the medium term trajectory is on the rise. I'm not sure what kind of huge downturn the market isn't going to be able to account for when phenomenal, unprecedented shocks like COVID are something it took in its stride even though prices are still recovering due to the debt so many companies took on. The bullish run of the past 6 months seems to have taken analysts by surprise so to be expected that some of them are now betting against its turn in the other direction.
What doesn't have to be reported are shorts, so he could very well be long put spreads but the short leg would never be reported.
There is really very little point in trying to read the 13F tea leaves.