The bearish investment in Whole Foods Market (WFM) that we detailed in an IOI Tear Sheet 
dated December 30, 2015 expired last Friday, generating realized returns of 22% over its 142-day duration. Those of you interested in our valuation analysis at the time can access our Valuation Report .
Our investment expressed the opinion that the shares were overvalued or very close to being so at the time. We essentially risked $11 of capital per share in the hope of generating a cash inflow of $2.50 / share (an implied return of 22%).
During this period, the S&P 500 Index decreased in value slightly from 2,063.36 to 2,052.32, so our period return of 22% handily beat the market while also providing bearish exposure and acting as a hedge.
The stock price has risen over the last several days, so we will look for another opportunity to open a bearish investment position.
Selling 10 contracts of this position would have just about paid for the IOI 100-Series Course and three months of web-based learning support!