The Builder’s High

You’re fucking swimming in everyone else’s moments, likes, and tweets and during these moments of consumption you are coming to believe that their brief interestingness to others makes it somehow relevant to you and worth your time.

The fact that the frequency of these interesting moments appears to be ever-growing and increasingly easy to find does not change the fact that your attention is finite. Each one you experience, each one you consume, is a moment of your life that you’ve spent forever.

These are other people’s moments.

The Builder’s High – Rands in Repose.

Create. Build something. Add value your own way. Don’t just consume. You’ll be instantly rewarded, if only chemically.

Jeff Miller Interview on Scutify

Describe your trading/investment strategies and why it works for you?

[Jeff] We currently have five different investment strategies with a range of risk/reward profiles. Our bond ladder is much better than a bond mutual fund. Our Felix ETF model trades pretty frequently, and can get out of the market or short if needed. We have two long only stock programs. Our Great Stocks method emphasizes value on an adjusted P/E basis and changes regularly according to my ideas about the best current themes. The process goes from theme to sector to stocks, with strict screening. Our new Aggressive Stock Program includes ideas that have high risk and even higher reward. You would not bet the ranch on any one of them, but a basket makes sense. Finally, our Enhanced Yield program targets an annual 9% return with much lower risk than stocks. We do this by choosing relatively safe dividend paying stocks and writing near-term calls against the positions. This has beaten the target for two years, mostly from the call sales. It does not rely on a climbing market. This is a good anchor for most portfolios.

Jeff Miller Interview on Scutify.

Un hedge fund cu cateva strategii separate, in care investitorii isi aleg ce procente din portofoliu sa aloce pentru fiecare din strategii, in functie de obiectivul propriu? Asta ar trebui sa facem si noi, de indata ce „graduam”.

Cine si-ar investi banii cu noi? Taxam doar o parte (rezonabila) din profituri, si nimic in caz de nereusita.

Cook eats, Icahn tweets, AAPL pops, I trim

Apple Inc. (AAPL): Carl Icahn Pushes For $150 Billion Buyback.

Apple are in derulare cel mai mare program de share buyback din istorie, in valoare de 60bn. Icahn a cinat aseara cu Tim Cook si a insistat ca Apple ar trebui sa mareasca programul la 150 bn pentru a duce cursul actiunii inapoi peste $700. Au stabilit sa discute din nou in cam 3 saptamani.

Asa ca actiunea a urcat frumos azi, si eu am facut trim la pozitiile de octombrie, astfel:

  • Trim 50% AAPL 2013.10 Bull Call Spread 440/480 @$32 (+158%)
  • Sell AAPL 2013.10 Bull Call Spread 470/480 @$6.65 (+71%)
  • Sell AAPL 2013.10 Bull Call Spread 490/505 @$5.38 (-11%)
  • Sell AAPL 2013.10 Bull Call Spread 500/505 @$1.11 (+11%).

Dupa government shutdown, care a inceput azi, urmeaza ca politicienii iresponsabili din DC sa dea cu capul de debt ceiling, in cateva saptamani. Cu cash-ul obtinut imi propun sa mai cumpar niste call-uri de VIX si sa re-intru pe spread-uri de AAPL ceva mai lungi (probabil de ianuarie) cand sperietura cu debt ceiling-ul e in toi. Si, cum propunea Cosmin, voi incerca sa speculez earnings season, pe titluri care s-au umflat peste masura in ultimele luni, precum FB si TSLA, dar si pe AAPL si MSFT.

Raman cu urmatoarele pozitii mari, pe termen lung (cu ponderea lor relativa, costul si unrealized profit/loss):

  • (49%) AAPL 2015.01 Call 400 (@101.72) +7%
  • (35%) AAPL 2015.01 Call 450 (@79.22) +0%

si cu urmatoarele pozitii speculative:

  • (9%) GBU.TO (@CAD1.66) -49%
  • (3%) AAPL 2013.10 Bull Call Spread 440/465 (@$11.99) +83%
  • (1%) CPN.TO (@CAD0.16) -14%
  • (1%) VIX 2013.11 Call 15 (@$2.67) -12%
  • (1%) AAPL 2013.10 Bull Call Spread 440/480 (@$12.39) +164%
  • (<1%) AAPL 2014.01 Bull Call Spread 600/610 (@$96.03) -99%
  • (<1%) MSFT 2013.11 PUT 32 (@$0.51) +6%



Portfolio management app

As vrea sa am o modalitate de a imi tine portofoliul de optiuni pe site.

As vrea sa pot introduce toate pozitiile curente, cantitatile si preturile de achizitie, precum si brokerul la care le am, si as vrea sa imi arate actualizat (accept 20 min delay daca trebuie) care e starea fiecarei optiuni separat si/sau in spread si ce procent din portofoliu este investit acolo.

As vrea sa pot vinde/rascumpara optiuni, separat si/sau in spread, dandu-i preturile si cantitatile (nu neaparat toata cantitatea) si as vrea sa imi calculeze randamentul la fiecare tranzactie, indiferent de metoda de calcul al costului (FIFO, LIFO, weighted average…), dar cel mai probabil FIFO.

As vrea sa poata tine cont si de pozitiile pe credit (de pilda bear call spread, la care am primit bani inca de cand am deschis pozitia si sper sa nu mai dau nimic inapoi la expirare dar as putea sa o si rascumpar, separat sau impreuna, pe parcurs).

As vrea sa se afiseze public fiecare pozitie si proportia din portofoliu, iar privat sa pot vedea si cantitatile. As vrea sa pot vedea separat optiunile trecute si randamentele la ele.

As vrea sa am acces la un raport periodic cu evolutia portofoliului, alcatuit din momentele in care l-am accesat sau din valorile zilnice de dupa inchidere.

Si as vrea sa am optiunea sa definesc mai multe portofolii – ca sa ne definim fiecare cate unul.

Ce vreau de la voi:
1. Alte cerinte/idei fata de cele de mai sus, daca aveti;
2. Daca stiti vreun soft/plugin/app etc care face asa ceva.

Daca nu, ma apuc eu sa fac unul. Datele (cotatiile optiunilor) sunt disponibile fara probleme prin Google Finance API, iar baza de date si codul (php) imi sunt la indemana. Insa as prefera o dezbatere solida in etapa asta de proiectare, pentru a nu fi nevoit sa modific functionalitatea dupa ce incep.