Been a while! Recent Life and Recent Trades

Been a while since I posted, but I guess that’s nothing new. Trading has been extremely boring this year because it’s become very systematic and mechanical in nature. The year to date return is approaching 34% and expectation is 40-45% by EOY given the theta levels in the account. Ideally, this huge up move slows down and gets back towards our tent. On the research side, I’m looking at a BSH factory type setup that’s utilising our core structures as an income to compensate along with several types of bearish flies. Along with that, a responsive IVTS (VIX/VIX3m) based system for opportunistic black swan hedges. Along with that, moved back on to the LTI research and trying to incorporate that into things as well.

Today, with IV so inflated on TSLA calls, I put on a few call BWBs when TSLA hit 1098 and they’re already at profit target so I am working on removing those. Easy money for a “still laying in bed” trade (I’m on the west coast now so yeah, it was 7:30 am :)). Pays for the upcoming WSOP tournaments, including the main event so that was a positive. I spend Nov 1-Nov 16 or so just smashing out tournaments daily. Been studying like mad to get prepped. Got a 66th out of about 750 in the WSOP 3k about 3 weeks ago and busted the rest with horrific luck (3 4% run outs to bust)

I’ve put up both my houses for sale in Cayman and Canada as we start to integrate our life more in LA. If one sells, I’ll probably remove the other from listing and go from there. Both of the houses are applying for the governor’s general award (one in Cayman and one in Canada). They’re at the Canada house photographing now. It’s so fucking sweet, I really hate that our lives changed so much that we’re not able to properly use it. But at least I spent a ton of time there this year.

The Cayman house had a ton of renovations put into it recently and it’s the one I hope sells first. It’s sweet as well but we’d just not be able to get down there often enough. Maybe when I get a plane upgrade but meh, market is hot in both places, need to take advantage of that. Nice architecture.

We’re going to gut the place we’re in now in hidden hills (it’s the most uncapped neighbourhood in CA so the potential for return is insane). We’ll redesign it in the same type of smart architecture but integrated with the neighbourhood increase it to about 8,300 square feet which should command the best return. We have plans for our final swan song house but we need to find the right tear down within the hood. We’re in love with Hidden Hills so we aren’t going to leave this neighbourhood…but finding a good place to build it will be a real challenge. There’s just not much left, and the prices have increased so much that I have fixation issues on what they were in 2020. At least while we are looking and even while it’s being constructed, we can stay in the current place. That’s the idea.

We’re not used to the sense of community that we find here, it’s like we finally found where we want to be. Awesome events consistently and a great sense of belonging. We had just attended the fair and the halloween party. My wife has made tons of new friends so all in all a great start. A few pics from that:

The rest of my year is basically WSOP, finalising my check-ride and starting IFR training. We just got back from Necker Island (got to spend a lot time with Richard Branson which was super cool). That will be the next post!

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5 thoughts on “Been a while! Recent Life and Recent Trades”

  1. Patrick I am thinking about joining the The PMTT Mastermind Group but before doing so I am trying to get some idea about the forum.
    Do members freely share their ideas/back tests/strategy details and reply to questions and try to build a community?
    Or is it primarily compensated presenters and/or sales people selling products/services?
    I believe you shared some of your trade details with The PMTT Mastermind Group on 2/17/2021. Are you compensated by PMTT?
    Do you try to answer questions directed to you in the _pmtt-mastermind slack group or do you no longer monitor that group/forum?
    Do you hold back sharing details that you feel are proprietary when presenting or answering questions?
    What is the primary value you get from being a PMTT member?

    Many Thanks
    Steven

    1. It’s a literal mastermind type group. No compensation to any members. It’s just a hashing out of ideas and people are expected to participate. I’ve given 4-5 masterminds presentations in the 4 years. Others do the same. That sort of thing. We’re furthering the OTM options space and have each others backs.

  2. Hi Steven –

    I am a MM member and have been for a little over a year. I can answer these questions. No presentation or forum post is compensated, ever. This is a collaboration where ideas are freely shared within the group. The group culture is one of rigor and integrity. You find the usual dogmas and politics, but it is the *best* I have found. By far. And it has helped me to trade better. I now trade full time because of this group.

    If Patrick doesn’t have time, there are at least five legitimately experienced people trading real size who can assist you in developing / refining your ideas. Of course there will be proprietary details that traders will want to keep to themselves, but these details are easily worked out if you put in the work. I incorporated several ideas from Patrick’s 2/17 presentation into my core model and kicked my annualized PnL up a few %…

    Get on it and good luck.

    J

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