Journal/No. 006
NAV 6,914,925.59, down 8.4% week-on-week. TWR YTD 2.42% versus NASDAQ 9.90%. The short puts from the retreat became stock. Cash is now negative. Still sitting the storm.
NAV 6,914,925.59, down 8.4% from last week's 7,547,535.38.
Dashboard TWR YTD 2.42% versus NASDAQ 9.90% through the 23 October US close. Behind by 7.48pp. Grid not in this snapshot; last grid YTD 27.77% kept.
17 equities, 36 short listed options, 53 lines. IB cash −294,697 HKD. The register is the current broker snapshot; prices are marked values, not guaranteed live quotes.
What changed
Print 005 said the short puts were not a free wait. This week they became stock.
NBIS 100 → 500. NVDA 400 → 600. TWLO 300 → 500. SOFI 8,500 → 9,000. FLEX 600 → 900. TQQQ 1,100 → 1,300. BE, SMMT and SMTC now sit as shares. NOW stock is gone; two October 30 puts remain. BRZE and NU left the register.
The overlay rolled with the assignment. Oct 16 is off the book. The new lines are collars and leftover puts on the names that just arrived: NBIS 175 and 210, NVDA 220/230, TWLO 260/280/290, FLEX 90/120, SMTC 145, BE 235, SKHY 142.
CRWV is still 300, 68.45 → 52.08. The exit that was supposed to finish in print 003 is still open.
I am still betting this is a margin reset, not the end of the cycle. The difference is that the book is no longer waiting in cash. It is waiting in the names.
One hold thesis
TWLO is still the line that has not broken. 500 shares, last 261.79, still above cost. The AI-agent-needs-a-phone argument did not depend on one CPI print, and it does not depend on this one either.
The overlay is both sides again: Nov 06 260 call and 290 put, Oct 30 280 calls. Premium pays the wait. The stock stays.
One mistake or risk
Cash went negative. The add sleeve did what short puts do in a second down week: it delivered the stock.
That was disclosed last week. Disclosed is not the same as cheap. PENG 80 puts, AEIS 300 puts and FLEX 120 puts are still open and still deep. If scenario one is right, the assigned names can fall further with no cash buffer left to average.
CRWV remaining 300 is the leftover of an exit that did not finish. Do not market-sell it to fund the new stock. Do not pretend the cash is still there.
Current holdings
View the live holdings register
NAV and positions are a dated personal record, not investment advice.
One share line for X
NAV 6.91M, TWR YTD 2.42% vs NASDAQ 9.90%. Puts became stock. Still sitting the storm. Print 006.
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.