Andy Constan: Update shows loss on SPX and NDX puts, gains in bonds

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Losses on SPX, NDX puts, bond gains

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Mikhail Vnuchkov

31.05.2026

Andy Constan: Update shows loss on SPX and NDX puts, gains in bonds — Losses on SPX, NDX puts, bond gains

Andy Constan, founder and strategist at Damped Spring Macro, provides an update on current investment positions. Constan reports being "dead wrong" on SPX and NDX puts, noting that 4% of assets under management were used to buy these puts expiring in June and September, which are now valued at 1.4%—with June puts now worthless and September declining. He adds that bond positions are currently profitable and overall portfolio risk is very low.

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Constan has previously discussed how asset price rallies are linked with declines in savings rates. He has also highlighted that U.S. national debt grew from $1 trillion to $39 trillion over 46 years. These observations reflect his ongoing focus on macroeconomic trends.

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