@Rip_Van_Winkle OK, let me put it another way. Companies only do secondaries for two basic reasons. One, they’re in financial trouble and they need money desperately to survive (NIO) or Two, they know their shares are overvalued and they’re going to the public market to take advantage of the fact to shore up the balance sheet. You can take your pick which one, but both reasons tell me the shares will soon be lower. So a guy like me can either wait for it to pull back or sell Puts to pocket some money while I wait (my strategies don’t allow me to buy options). With premiums high, the choice for me is a no brainer. But I could be wrong.