Don’t forget to grab your ticket to the Rule Symposium below.
May 2, 2026
Since inception - Jan 1st 2026 - the portfolio is sitting at a 47.56% total return on capital in combined realized and unrealized gains. Of that, 17% has already been locked in — closed, done, cash in hand. I want to walk through where each position stands and what I’m doing next.
The short version: things are going to plan. The only thing that can derail this is a lack of patience leading to rash trading. I’ll explain what I mean by that and what I’m doing to avoid it.
The Short Book: Reducing Exposure
The vol-harvesting side has been a strong source of capital. The decay thesis has played out well. But with so much potential catalyst for a broad downside re-rating sitting unpriced by the market, I'm starting to feel like the short book's risk profile has shifted.
The market’s current disposition feels almost blasé. And that’s exactly when defined-risk structures start to make more sense than open-ended shorts.
So I’m rotating: closing out some short positions, and replacing them with long put options on the same instruments. Same directional view, but with a hard floor on what I can lose during a sharp, short-lived volatility spike. There are already several examples of this in the portfolio and all of them so far have been extremely profitable in quick time.
Below I review each trade I have that’s live and in-play — line by line, sharing my screen— and talk premium members through what I’m thinking along with new trades I’m making this week.
If you’d like access to this over-the-shoulder view, consider joining the ranks of the premium members today. To give you a taste, here’s a small sample of trades discussed in the video:
Burford Capital
The at-the-money calls I’m long are tracking well. I paid $1.43; they’re now at $1.75. Really pleased with how Burford is progressing. My original plan was to buy the long leg first, then sell short strikes once the stock had recovered and effectively getting better prices on the short leg. That plan is intact. I’m in no hurry as my multi-bagger thesis is intact.
Fermi
A pre-revenue data center company operating out of Texas on what I think is genuinely exceptional land for the use case. IPO'd above $30, got sold down hard as the market digested the reality: they won't sign a tenant for 18–24 months, and until then they're burning cash. But if they do sign — and I believe the asset quality gives them a real shot — the re-rate will be significant. Long-term leases into a high-quality power-generation facility command serious multiples. Bought calls rather than the stock outright. A small, well-structured bet on an optionality-rich situation.
GLD Call Spreads
Gold needs to be above roughly $5,000 spot by end of 2028 for these to land in the money. Small position - multi-bagger in success mode.. Great risk/reward if we get there; not a loss that matters if we don't.
Gold Royalty
When the market sold off in March, I sold the $3-strike call, which was ITM and locked in a 21.3% spread, meaning that was my profit margin the moment I entered the trade. If GROY drops below $3, my effective average entry comes out to around $2.45 and at that level I’d be adding, not worrying.
