I continue to see lower corporate profits in 2013, which remains very much an outlier and variant view. At the time of publication, Kass had no positions in securities mentioned.Let Me Explain Originally published on Thursday, Jan. 17 at 9:43 a.m. EST.Here's how I'm positioned on my bond trade. Apparently a lot of subscribers don't understand my small short bond position. Let me explain. I am short ProShares UltraShort 20+ Year Treasury ( TBT) common, but against it, I am short more TBT puts. This creates a net delta equivalent long TBT position. What I am doing is taking in premium on my TBT put shorts -- that's equivalent to a long TBT position -- against the TBT common short. Capiche? At the time of publication, Kass was short TBT common and puts.