Journal/No. 003
NAV 8,385,101.94, up 1.7% week-on-week. TWR YTD 29.49% versus NASDAQ 14.14%. Overlay week — TWLO held and balanced with options. SOFI selling more premium for time. NVDA/GOOG covered calls to exit. CRWV calls about to assign, rotating into NBIS puts. NU repairing with calls.
NAV 8,385,101.94, up 1.7% from last week's 8,248,539.30.
Dashboard TWR YTD 29.49% versus NASDAQ 14.14%. Ahead by 15.4pp. Grid not in this snapshot; last grid YTD 27.77% kept.
18 equities, 57 short listed options, 75 lines. Residual cash HKD 1,412,740.
What changed
TWLO still hold. Largest winner in the book: 400 shares, last 301.80, cost 219.29, unrealized +33,010 USD. Not adding stock. The overlay is the balance: Oct 02 242.5 call is deep ITM (close 50.23) and will likely take 100 shares off; Oct 09 285 put is the pullback sleeve. Net exposure stays large. Options do the rebalance, not a stock sale.
SOFI 8,500 shares held, 16.77 → 15.86, cost 18.31, unrealized −20,790 USD. Not looking down. Not adding stock. Sold more premium to buy time: Oct 02/09/16 calls now at 16 / 16.5 / 17.5 / 18, plus Oct 16 16 puts (−5). The stock can sit. The overlay pays the wait.
NVDA 600 → 500. Last 231.68. Covered calls are the exit, not a market order. Strikes lifted 220 → 225/230 (Oct 05/09/12/16). One 100-lot came off; the remaining 500 is being called out on a grind. Same for GOOG: 600 → 500, last 336.61. Oct 02 340 and 352.5 calls expire nearly worthless (premium kept). Rolled one 340 call to Oct 23. Both names: sell calls, plan to exit, do not add.
CRWV 700 → 600, last 88.60. Short calls rolled 90 → 81. Stock is through the strike — Oct 09/16 81 calls are close to assignment. Will let them execute and exit the name. The replacement is NBIS via short puts (Oct 02 205/235, Oct 09 230, Oct 16 235, Oct 23 245). No NBIS stock yet. Puts are the add.
NU 2,600 → 3,500, last 13.28, cost 16.91. Price went the wrong way. The extra 900 is the Oct 02 15-put working (10 contracts last week, 1 left). Not a new buy. Exit path is now sell calls: Oct 09 14C (−20) and 15C (−6), Oct 23 12.5C (−10). Work it out with premium. Do not add more stock.
Adds via puts, not stock: BE (Oct 02 270P, Oct 16 265P, Oct 23 290P), SKHY (Oct 02 177.5P, Oct 16 190P), SMTC (Oct 16 175/177.5P, Oct 23 180P), FLEX (Oct 16 115P against the existing 600 shares), BOX (Oct 16 34P). These are the planned adds. Assignment is accepted; chasing the stock is not.
Akeso (9926.HK) 1,000 held, 92.75 → 105.30, still below cost 123.12. HKBN unchanged. TQQQ 1,300 held, 73.23 → 79.47 — overlay rolled to Oct 16 80 call/put, no add to the levered line.
One hold thesis
TWLO stays the core long. 400 shares is a large line and that is intended. The Q3 beat is still in the price. Balance is the options book: let the deep 242.5 call take a slice if assigned, keep the 285 put for a pullback, do not sell the residual because the name ran. Stock holds. Overlay trims and reloads.
One scratch
NU. Print 002 marked it for exit on a bounce above 16. The name went 14.83 → 13.28. Short 15-puts assigned ~900 shares on the way down, so the book is now more long a name it was trying to leave. Repair is sell calls (14/15/12.5), not another stock add and not a panic sale. The mistake was leaving size on the 15-puts after the exit thesis was already written. Next week: calls only. No more puts on NU.
One share line for X
NAV 8.39M, TWR YTD 29.49% vs NASDAQ 14.14%. TWLO held, balanced with options. SOFI selling premium for time. CRWV exiting into NBIS puts. Print 003.
Later notes on this entry
Second thoughts stay attached to the original fill. The post is not rewritten.
No later notes yet. The first thought still stands.