But a put option on an index is a very different animal from a long position in actual stocks. The put provides tremendous leverage, but for a limited time before it expires worthless.
Soros is probably holding a mixture of durations and strike prices. Some of them may be ‘in the money’. But if the market keeps going up, or stays even, he will lose more on the puts than he gains on the stock.
I know. But if he were planning some catastrophic event to tank our markets, he'd be selling his stocks, not keeping 5/6ths of his fund betting to the upside.