$2,152,773!
As I predicted in last month's review, we now need 2 Dr. Evils to sum up our LTP/STP balance as we've gained $185,448 since April 16th as both our Long and Short-Term Portfolios gained ground in this cycle.
Since we started with $500,000 + $100,000 back on 10/01/19 for our paired portfolios, I would say it's time to cash out but we're already 50% in cash and we LOVE our positions. In fact, in the last LTP review, we didn't change a thing and we've added a few new plays since. We have been on a bit of a buying spree the last couple of months – looking to squeeze every last drop out of this rally but I'll say the same thing now that I said back in Sept of 2019 – it's ridiculous to keep playing aggressively when you are up over 200%. Back then, we cashed in $1.4M+ and put the other $600,000 back to work and, because we played aggressively with our winnings – we're back over 200% yet again and again we should put $1.4M into something sensible and have fun with the rest.
We love our positions, you know that already. I have tried and tried and tried to cash out our positions so the ones that are left are our most dearly beloved – the ones we simply can't quit. In the last 3 months, however, we've sold puts against 12 stocks – these are the ones we are planning to buy on the next dip. We collected $87,450 in exhange for our pomise to buy, for example, AKAM for net $75, BA for net $177, DISCA for net $29, etc…
The last time we did position projections was back in March and, at the time, we had $671,000 in projected gains. Next month we'll do a full review but the LTP was at $1.7M on March 18th and it's $1.9M now so +$200,000 is well ahead of projections for 2 months, which is why we bumped up our hedges. As a rule of thumb, 25-33% of your unrealized gains should be going into hedges to lock them in.
We added short puts on HMY, LABU, RIO, TD as well as full positions on PHM, UBS and we…
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