We've mused previously on the deceptively hefty wealth of Caledonia's chief investment officer Will Vicars, who is without a doubt, conservatively, worth hundreds of millions of bucks. And that was before Caledonia absolutely brained FY17, its returns an enviable 28.4 per cent – particularly thanks to US real estate portal Zillow. Zillow stock traded as low as US$33.81 in March before tearing over US$50 in June. Caledonia owns 14 per cent of the US$5.45 billion company. Rumour has it the bonus of Vicars' co-CIO Mike Messara was equivalent to the GNP of a central American middle power.

According to a substantial shareholder filing this month by UBS, Vicars' personal investment vehicles are short sellers in another fund manager, Perpetual. As a nominee and beneficial shareholder (take note Andrew Leigh), UBS is over 5 per cent of Perps' register (coincidentally, about how much of Perps' register is short), so has to disclose its counterparties to the ASX. Hence why we can see Vicars' CJH Holdings and Manderrah Pty Ltd both borrowers of PPT stock. The UBS filing doesn't tell us the value of each client's holding, but the Swiss investment house local borrow is at least 664,000 units, which, at Friday's close, is a position of around $36.8 million. Willy's borrow could be all of that (or a mere $55 of it). With one broker!