Short Norwegian

Norwegian was a classic perfect-storm short: a pressured consumer, a large debt pile, and a sudden spike in fuel costs after the war. The market was still leaning on the travel recovery narrative, but the setup pointed to margin compression and limited balance-sheet flexibility. The stock fell more than 30% in roughly one month, while the put options captured a much larger convex payoff.

This belongs in the track record because it reflects the core Avian Capital process: identify where the market is extrapolating the wrong environment, structure the trade with defined risk, and use shorts to offset long exposure when macro conditions warrant it.