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Philstockworld January Portfolio Review

Image result for one million dollars animated gif$1,609,027! 

Our combined portfolios are up over $1M (166%) in just over a year and the best thing is our Long-Term Portfolio (LTP) is back to about 50% CASH!!! – and you know I love my CASH!!!  In fact, we only made a couple of adjustments but let's please consider what happened to the 21 remaining positions since our Dec 16th review, where I said:  

We have 33% less positions, so it's easier to adjust if we do have a correction and we have 33% less longs for our Short-Term Portfolio to protect – lowering our insurance costs as well.  Those are the "consequences" we've suffered from "missing out" on a fantastic rally.  Certainly it's been a lot more relaxing and I aim to keep it that way into the New Year – just in case.  

So next time you feel compelled to trade due to a Fear of Missing Out (FOMO) – keep in mind – missing out on what?  We already made FANTASTIC returns for the year – why risk it just to make a tiny bit more?  

Did we miss out by cutting our positions?  No!  A month later the EXACT same positions are at $1,513,928 – gaining $113,643 (8.1%) in 27 days – and that's from a half CASH!!! position!  People say why don't we do a lot of new trades and I keep saying what trades could possibly be better than the ones we already have?  These are the remaining positions that ran the gauntlet of 2020 and were the best of the best of a portfolio that's now up 202.8% in 14 months.  Making gains like this with conservative plays in a toppy market is as much as we could ever hope for at this stage of the rally.

And that's not including the $300,000 we took off the table when we closed down our old Short-Term Portfolio (STP) and our new STP is down 52.8% but, fortunately, that's "only" down $105,555 against the $1,013,928 gained in the LTP it is sworn to protect.  We did our STP review yesterday and determined we have $293,000 of downside protection against a 20% market drop and we'll have to think carefully as we look over our LTP as to whether we feel that's adequate to ride out a potential dip in style?

HMY – We expect to make the remaining $2,625, still good for a new trade.

PAA – We will be called away on 1/2 at $5 for $20,000 but we do want to keep the stock so we can sell 40 of the 2022 $10 puts for $2.15 ($8,600) as a promise to buy 4,000 more shares for net $7.85.  We can also sell 40 of the 2023 $7 calls for $4 ($16,000) which will drop our net from $75,000 to $50,400 and assuming we get half called at $20,000, that will leave us with 4,000 shares for $30,400, called away at $7 for $28,000 so our cost of ownership is net $2,400 (we already cashed in other shorts and collected dividends) and PAA paid us $1,440 on 11/17 and we expect to collect $5,760 in dividends in 2021 and half again ($2,880) in 2022 but now it's a net credit position so we can play around with it for years to come and just keep collecting those dividends.  

  • BRK.B – We need to roll the short Jan $220 calls ($14.70) to the Short March $225 calls $14.70 even as we're in the money on our spread so this is just protection.  If all goes well into June, we'll buy a 2023 spread and continue to roll the short calls.  For now, it's net $32,074 on the $50,000 spread so another $17,926 left to gain if BRK.B holds $200.  
  • CHL – They've been delisted so there's no pricing on our position but we still own it.  We'll have to wait and see how this plays out.
  • FL – Net $24,000 on a $37,500 spread leaves $13,500 left to gain and we're deep in the money.  
  • GILD – One of two we added in the past month.  Still good for a new trade at net $4,337 on the $15,000 spread so $10,663 (245%) left to gain. This is just an intial entry, we hope GILD has disappointing earnings so we can add more.  
  • GILD – Our older trade is at net $48,697 out of a potential $75,000 so $26,303 left to gain if GILD makes $65 in two years.  

  • GOLD – The reboot of our 2020 Trade of the Year is at net $875 out of a potential $21,000 so $20,125 (2,300%) left to gain if GOLD can get back over $27 in two years.  Great for a new trade!  

  • GS – Net $22,050 out of a potential $40,000 means $17,950 left to gain if GS doesn't fall 30%.  Chance of success is far too high to take it off the table – even though it's boring now.
  • IBM – Another former Trade of the Year and this one is net $5,350 on the $30,000 spread so $24,650 (460%) left to gain on this one and all IBM has to do is hold $125.

  • IMAX – Deep in the money now at net $11,100 on the $10,000 spread but it's not really $10,000 as we will roll the short June $12 calls at $6.65 to the 2023 $15 calls at $6.50 and then we're in a $35,000 spread for net $11,850 that's still 100% in the money with $23,150 left to gain.  
  • INTC – Net $41,455 on the $75,000 spread leaves us with $33,545 to gain.
  • M – Kind of greedy not to take a profit here so let's cash this one out (leave the short puts).

  • MJ – Net $34,550 is not worth keeping on the table so let's cash out.
  • MMM – Net $27,963 on the $45,000 spread is worth keeping with $17,037 left to gain.  
  • MO – Net $43,990 on the $52,500 spread is not worth keeping so let's cash out but we'll make a new one.

  • PFE – I love this one.  Just net $9,587 on the net $35,000 spread that's in the money is GREAT for a new trade with $25,413 (265%) left to gain.
  • SKT – Despite the fantastic gains, this one is only on track for what we expect.  Would have been our Trade of the Year except it jumped up too high into Thanksgiving.  Fortunately, we have been accumulating this one since February and we stayed faithful.  We're buying back the short $13 calls about even and now we can sell 40 (1/2) of the 2023 $10 calls for $3.65 ($14,600) so we drop our net to $71,680 ($8.96) with plenty to gain and, hopefully, they re-instate the dividends.  

  • SPG – This $50,000 spread is net $41,485 so we have better things to do with the money than wait a year to make 25% – kill it.
  • SPWR – Trade of the year runner-up for 2020 and this is a $56,000 spread at net $45,460 but, in this case, there is NO WAY we're not going to make the additional $10,540 (23%) in the next 12 months and we don't need the cash for anything else at the moment so may as well leave it in play.  

  • T – I think we should buy back the 2022 $33 calls at 0.95 (don't pay more) as it's a nice, quick profit ($3,375) and then we'll see how earnings go on the 27th.  Another dividend payment is coming on the 8th of $5,200 and we expect 4 of those ($20,800) and if the stock is at $32.50 that will be another $25,000 in profit so call it an expected $45,800 gain.

  • WBA – Another favorite finally getting some recognition.  This was our runner-up for Trade of the Year this year as well and also popped too soon for our Thankgiving pick but it's not like I wasn't banging the table on WBA all year.  Currently we have a $75,000 spread but only half covered and 100% in the money at net $66,912 but we can pull $25,000 off the table selling 25 2023 $45 calls for $10 – so let's do that.  That leaves us at net $41,912 and still a $75,000 spread so $33,088 upside potential if they just hold $45.  

So that's $328,075 of anticipated gains on $500,000(ish) remaining positions.  We cashed out another $171,175 which brings us very close to $1M in cash with $500,000 worth of positions that are covered by $293,000 worth of potential gains in the STP so we are in a perfect position this earnings season to re-establish put positions as step one in our 2021 round of new positions.

Butterfly Portfolio Review: We have not touched the Butterfly Portfolio since October 16th, when it was "only" up 45.7% at $291,336 and staying aggressive paid off as we closed the day at $527,772 (up 163.9%) without doing a thing for 3 months!  When you have a sensible, well-balanced portfolio, you don't need to constantly play with it to make good money.

The Butterfly Portfolio is the epitomy of our "Be the House, NOT the Gambler" concept of playing the market.  We relentlessly sell premium because the only sure thing in the market is that ALL premium will expire worthless.  As we hit Jan expiration – many of our short positions have now shedded all their premium and the cash drops to our bottom line.

  • AAPL – Unlike the LTP, the Butterfly Portfolio isn't about what we expect to make on the spread but how much premium we expect to sell against the long spreads.  The short puts are expiring worthless – so we get to sell more.  The short calls are expring in the money, but not a big hit while the spread is net $282,400 on a $320,000 spread so still $40,000 of additional upside and it's kind of a sure thing, but we are tying up a lot of cash.   On the other hand, we'd have to also cash out the short calls so we'd only get $140,000 off the table vs. $119,800 we sold in October so I think we'll keep this going.  
  • The 60 short Jan $105 calls at $24 ($144,000) can be rolled to 100 short April $125 calls at $14 ($140,000) but then we want better protection so we're going to roll our net $282,400 2022 $75/100 spread to 200 of the 2023 $120 ($31.25)/150 ($20) bull call spreads at $11.25 ($225,000) so we're taking net $53,400 off the table and we have two years left to sell premium.  
  • Let's also sell 30 April $120 puts for $6 ($18,000) simply because it would be wrong not to take $18,000 when it's massively over-covered by the short calls.

  • AMZN – Massive winner as they finally calmed down.   The $180,000 spread is net $162,330 so there's no point to that (kill) and there's no point to the short 2022 $1,000 puts (kill).  Do we want to keep gambling on AMZN?  Well we have to do something with the $65,550 we owe on the Jan $3,000 calls though that is after a profit of $116,950 already. 
  • But people are still way overpaying for AMZN options so who are we to deny them their fun?  The April $3,300 calls are $156.50 so we can sell just 4 of those for $62,600 and now we need to cover them so let's pick up 6 of the 2023 $3,300 ($560)/3,800 ($400) bull call spreads at $160 ($96,000) to cover them and we may as well sell 2 April $2,600 puts for $47.50 ($9,500) – just because we can.  
  • So we're taking $72,270 off the table and this spread was a net $116,600 credit so we're miles ahead already and this is just the bonus round.  

  • DIS – The Jan $120 calls are deep in the money but, fortunately, it was a 1/3 cover and isn't killing our profits (much).  The bull call spread at net $150,750 out of $175,000 potential is no longer useful so let's cash that out and pick up 75 of the 2023 $170 ($35)/200 ($24) bull call spreads at $11 ($82,500) and roll the 15 short Jan $120 calls at $53.50 ($80,250) to 30 short April $160s at $19.50 ($58,500) and sell 10 of the April $150 puts for $3.40 ($3,400).   That's net $49,900 off the table.

  • F – We got burned by the short Jan $7 calls but we're well-covered and again not worth keeping a spread that's net $13,000 out of $15,000 so we'll cash the 2022 $4/7 spread for net $12,875 and buy back the useless short puts ($450) and roll the 15 short Jan $7 calls at $4,763 to 30 short June $10 calls at $1.25 ($3,750).  Our new long position will be 75 of the 2023 $10 ($2.70)/15 ($1.30) bull call spreads at $1.40 ($10,500).  $1,362 off the table

  • KO – Wow, right on the money with our short put and call target ($50) and we sold $3,000 in September and now we're paying back $410 for a $2,590 profit against a position that was net $525 to set up!  Aren't options fun?  This spread is still in the middle so no need to adjust it but we will, of course, sell 5 April $47.50 calls for $3.20 ($1,600) and 5 April $47.50 puts for $1.70 ($850).

  • MDLZ – The short calls are expiring at less than we sold them for and we're happy with the win.  We'll roll the short Jan $55 calls at $2.33 ($3,495) to 15 short June $55 calls at $4.60 ($6,900) as I've had no reason to raise our target and I'd rather protect our spread.  

  • MJ – It's the huge premiums to sell that make this attractive.  Unfortunately, we got burned on the short Jan $12 calls, taking a massive loss but we had an aggressive long position, so we're fine overall.  
  • We'll cash in the 60 long 2022 $10 calls at $10.70 (they are popping overnight on Biden's stimulus bill) for $64,200 and then we have to deal with the 20 short Jan $12 calls at $8.50ish ($17,000) and we'll roll those to 40 of the July $17 calls at $5 ($20,000) and we'll buy 100 2023 $15 ($8)/$25 ($5) bull call spreads at $3 ($30,000) so we're taking net $37,200 off the table

  •   WHR – Right on track, nothing to adjust.

So, without making a single move in our Butterfly Portfolio for 3 months, we gained $236,436 (81%) and now we're taking $214,132 (almost all of it) off the table to reduce our risk and bring our cash up to a healthy almost $350,000.  

Dividend Portfolio Review:  Like the Butterfly, we rarely touch the Dividend Portfolio (11/20 was the last review).  It ran into trouble back in March and was down 50% at $50,000 and we took advantage and added another $100,000 and now we're up 58% at $315,959.  This is why it's always good to have sideline cash (see our Strategy Section) – the difference between taking advantage of a dip and not is tremendous.  

Not that we used all the cash – we still have $78,084 on the sidelines – but we did commit our entire initial $100,000 and a bit exra and that's why we are miles ahead of our planned 30% gain for the year in this very conservative portfolio.

Since CHL does not show up in PowerOptions, I took the position as a loss at $27.50 (current price) to clean it up (it was showing $0).

  • GILD – Just a short put to remind us we're interested.
  • EPD – Way over target already. 
  • ET – Right on track and we collected $306 on 11/5.  Good for a new trade. 
  • IVZ – Well over target and we collected $310 on 11/10.
  • MO – A bit below target and we collected $430 on 12/24.  Good for a new trade.

  • SPG – Blew past our targets and paid us $650 on 12/23.  What we can do here is promise to double down at net $57.20 by selling 5 of the 2023 $70 puts for $12.80 ($6,400) and then we can roll the 5 short 2022 $65 calls at $32.63 ($16,313) to 5 short 2023 $85 calls at $25 ($12.500).  So we're taking $3,813 off the table while adding $10,000 to our call-away price.

  • TWO – Well over our target and we collected $170 on 12/29.
  • F – Miles over target.  Dividend on hold.
  • M – Miles over target.  Dividend on hold.
  • PETS – Just about to pop, I think.  

  • SIG – Exploded higher.  Dividend on hold. 

  • SKT – Exploded higher but we should be happy and cover now.  Dividend is on hold but we can pay ourselves by selling 20 of the 2023 $10 calls for $4.50 ($9,000) and 10 of the March $12 calls for $1.80 ($1,800).  That drops our net to $8,340 on 3,000 shares ($2.78/share) so not worried about being called away at $10 and it's good protection while we wait for the dividends to re-start.  Meanwhile, if we can sell $1,800 10 more times – that's $18,000 we can collect while we wait for our dividends.   Aren't options fun?  

  • T – Around $32.50 I'll want to cover.  Just paid us $520 on 1/8.  

Even with half our dividends on hold, we collected $1,736 in the last cycle and that's $6,944/year on a $200,000 portfolio is 3.4%.  That's a nice bonus and, as you can see, we're very conservative in our positions so this portfolio does exactly what it's supposed to do – it grinds our those 20-30% annual returns.

Earnings Portfolio Review:  As with our other small portfolios, we had good positions so we just left them alone and we went from $202,148 (up 102.1%) on 11/20 to $260,343 (up 160.3%) as of this morning and that's completely untouched so, if you want to know how to make 60% in two months – that's how!   We only have 10 positions but they are good ones and we left them alone (and we were playing with 50% CASH!!!). 

  • SBUX – This is a leftover leg of a spread we cashed in.  We're waiting for SBUX to correct but, for now, we can roll the 5 short Jan $90 calls at $11.93 to 5 short April $92.50s at $11.70.  

  • HRB – Not worried.
  • IRBT – Net $55,000 out of a potential $70,000 – may as well keep it with $15,000 left to gain.
  • PETS – On track.
  • ACB – Oh sure, NOW they take off.  We kind of lost interest – let's kill this one.  

  • GILD – A net $50 credit on the $15,000 spread will give you a profit of $15,050 (30,100%) if GILD gets to $75 at the end of the year.  We like GILD so much we have 2 in the LTP so I'd say this is good for a new trade.  
  • HBI – Net $4,650 on the $10,000 spread that's 100% in the money.  Do you like making over 100% in 12 months if a consumer staple company can stay at 13 times earnings?  If so, this may be a nice, new trade idea for you!  

See, this is why we don't have to do anything.  When you have blue-chip picks that make 100% and 3,100% in a year – you don't need to spend a lot of time worrying over your portfolio – do you?  

  • INTC – Yikes, another boring trade that will make a lot of money.  If INTC holds $55 this year, we get $25,000 back and, currently, the spread is at $11,562 so $13,438 (116%) coming to us if we just do nothing for 12 months.  And we're already up $8,812 from our initial entry in the first 6 months.  

  • M – I'm very happy with this one so let's kill it.  Very simply, it's no longer a bargain and the idea is to own a portfolio filled with bargains and just wait.  If you never cash out, you lose the point of your original trading strategy.  

  • SQQQ – How cute, we have a hedge!  A very clever one that made money despite SQQQ going way against us.  Why?  Because we sold much more premium than we bought…   The short calls are expiring worthless and the $15s are OK protection at $5.18 but the $10s are only $6.20 so we HAVE to roll to those for about $10,000 and we'll offset that cost by selling 50 March $20 calls for $1.15 ($5,750) and we're half-way to paying for our roll with 3 more quarters to sell!  So the next cost of insurance this quarter is $4,250 to protect our $60,000 gain.  Seems fair.

Once you make the initial investment in a good hedge, maintaining it is fairly inexpensive.  

  • WBA – Another stock I love.  Blew over our target and it's a $25,000 spread at net $12,428 so yet another 100% gainer ahead of us if WBA manages not to fall more than 20%.  

So we're looking at about $70,000 of upside here and we started with $100,000 so that's another 70% already planned for 2021 if we do nothing but we have a ton of cash and good protection with SQQQ so we'll be doing some serious bargain-hunting this earnings cycle.  


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  1. Good Morning.

  2. Sleepy morning….

  3. Any way to increase the legibility of the portfolio list or another location to get to them?

  4. SKT is bustin a move.  They did reinstate the dividend :)

  5. Any suggestions on the UPRO play? Jan 21, 50's expire very soon. Roll over to next month?

  6. Phil/IBM – Reminder on the roll for IBM 120 Short call expiring Jan 15th

    ps: Didn't see any adjustment in the portfolio review and hence the reminder.

  7. Good morning!

    Yet another chance to short /NQ at 13,000.  /RTY 2,150 also attractive for shorting.

    Portfolio/Deep – Yes, I will break it up, that seems to help.

    SKT/Willsons – They just released a good update.

    Tanger Provides Liquidity And Operational Updates

    • Cash on Hand Grows to More Than $80 Million
    • Collections Exceed 90% of Fourth Quarter Rents Billed & More Than 40% of Deferred Rents Prepaid in December
    • Traffic at 90% of Prior Year Levels During Fourth Quarter

    I know – investing in companies just because the fundamentals are stronger than they are being given credit for is so 1980s….

    UPRO/Deep – That was killed months ago in the old STP.  We had sold 50 of the Jan $50 puts for $4.10 ($20,500) and those are now worthless so the net cost of the 2022 $70 puts is $179,500 ($17.90) and they are down to $14.37 so about $30,000 down on that hedge and now we can sell 50 of the March $70 puts for $4.10 ($20,500) und use that money to roll the 2022 $70 puts ($143,370) to the 2023 $100 ($37)/$60 ($16) bear put spread at $21 ($210,000) so investing $46,130, which will be made up in future sales but now the 100 puts are $20 ($200,000) in the money with another $200,000 to make if the S&P tanks and the initial cost was $179,500 + $46,130 is $225,630 with 8 quarters to sell $20,000 so that's $160,000 back over 2 years. 

    IBM/Ravi – See above.  We don't have a $120 short call in the LTP and, if we did, it would be expiring at $7 and the April $130 calls are $6 so that's a good roll.  

  8. Phil / INTC – going from a CEO with a finance Background to a CEO with an Engineering background does wonders for a technology company….  Who'd of thought….   Do you think new CEO will kitchen sink this he takes over in Feb…

  9. Phil I am just looking at your rolling strategy especial on BRK/B and just above on IBM. BRK/B trading at 234.40 you roll to Mar.21 225 and IBM trading at 130 to roll to Apr 130. Obviously you do not have much confidence in these stocks even holding their present positions.

    I have about 120 options due tomorrow, mostly OTM but about 15 to 20 still ITM and I am waiting till the last drop of blood is out of the premium. 

    As a conservative trader I will roll my 125 IBM call possible to Feb. 135, buy with my roll 5$ of intrinsic and 5$ of expected premium for a cost to me for 2.50. You might say rolling to Feb, 130 will cost you nothing, yes this is the view of a bear player. This is very much shown in your roll of BRK/B. Is this you view of the future market development?

  10. has been completely down for me all morning

  11. Etrade was down most of the morning too.  2nd time this week.

  12. biodieselchris

    you buying to many bit coins.

  13. yodi, I haven't done that in 6 years

  14. etrade worked fine for me all day

  15. I periodically mention the esoteric metal rhodium. I've never invested in it but it's subject to wild price swings which makes it something of a traders dream (for those brave enough to take it on). It bubbled up during the last asset bubble in 2005-7 ($1k to 10k), was back into the low 1000's for a long stretch in 2015-17 and now, back to almost $20k again. Yet another good idea I totally missed out on.

    80% of rhodium is used in catalytic converters for cars, so a terrible investment from that perspective, given the coming penetration of EV's (that don't require CC's). It's worth noting too that the last time rhodium bubbled up, the market crashed in massively spectacular fashion immediately thereafter (June 2008 Rh peak and Sept 2008 it was all over for Mr. Market). I'd give this Irrationally Exuberant Market 2.0 about 4 months. SPY puts accordingly….

  16. GILD provides an upbeat outlook at JPM conference, near-term sell-off unlikely unless with the market

  17. I place an order to sell DKNG 2/19 60c in the middle of the bid/ask (2.86) at 2.83 / 2.88. I update the order status, the bid/ask is now 3 cents lower, so I replace it the order at 2.83, then it drops 5 cents and I do it again at 2.78. The order clears and the bid/ask is 2.83 / 2.88. 

    They just stole 0.075 from me per share, for $15. I mean I gotta give these guys some kuddos, that's a lot of work to make $15, pretty scrappy, but that's HFT taking my "real" order before reposting their fake orders and then stealing the money and reposting their fake orders. That's pretty fucking annoying.

  18. OK, I think I improved the portfolio resolution if you refresh.  Right-click on it and "Open image in a new tab" if you can – that should also make it bigger.

    INTC/Batman – What a concept, let the people who understand the product run the company…  He might not tank the quarter because he doesn't have that kind of attitude.  If he does, I'll just add to the position.

    Confidence/Yodi – No, at the moment, I'd rather have the protection.  We can always buy more longs and roll if they go higher but, for now, it's "free" protection.  I agree on bleeding the premium.  If it goes down, better for you, flat is fine and, if it goes higher, the premium you roll to will increase.  Hard to regret not waiting.  You are dead right on my strategy – I don't want to spend more protecting the positions so may as well hold steady until we get more data from earnings.

    Down/BDC, EMike – In Florida we had a massive internet outage yesterday.  I think the Big Hack is coming soon.

    Rhodium/BDC – Way too scary for me.

    GILD/Hwt – That's why we have it twice in the LTP!  

    HFT/BDC – Doesn't seem like much but they do it millions of times per day.  

    After we got that nice pop to $2.90, NG has been pulling back.  $2.60 would be a great buy line fort at least a bounce back to $2.65 (weak) or $2.70 (strong).  

    On TOS, the NGJ21 (April) are $2.63 so about 0.045 below the front-month.  I'd play those when the front-month begins to bounce.

  19. /CL is an absolute beast this week, I shorted this morning and then forgot to set a stop before my meetings started so my position is looking ugly right now. When will this thing stop?

  20. Rhodium – the criminal activity around here is sawing catalytic converters off cleaner cars like Priuses. I assumed it was for the platinum, but my mechanic says it's more for the rhodium – much more valuable. Fortunately, I drive an elderly Civic and an even more elderly Miata.

  21. Bitcoin destroying US Democracy. Maybe time to rename it Anti-America coin.

  22. snow – I've recently heard about Priuses getting sawed off around here in Seattle. It's big right now.

  23. prius might be more about accessibility. Older and larger cars have more value (as would be expected if they have more exhaust volume to process):

  24. Got my vaccine today, in Texas.  I guess being in a republican state helps, as our local allocation of vaccines has been quite robust.   I didn't see many minorities in line, probably because the best way to sign up was online.   Unfortunately too many people have already died unnecessarily. 

  25. Wheee, nice little sell-off to end the day.  Not enough stimulus talk from Biden I guess.  

    President-elect Joe Biden is expected later Thursday to unveil details on his proposed spending package to support households and businesses. Many investors are counting on additional stimulus to help the economy recoup wide-ranging losses stemming from the coronavirus pandemic and restrictions put in place to fight it.

    The increase to nearly one million new weekly unemployment claims added to evidence that the rapid rise in Covid-19 cases and fresh business restrictions are weighing on the labor market.6 minutes ago

    World-wide deaths are running far beyond what would have been expected without the pandemic, a Wall Street Journal analysis shows—and many of those excess deaths aren’t accounted for in official Covid records.266

    The investment company’s quarterly profit rose 19% as investors turned to the money-management giant’s funds through November’s election uncertainty, vaccine breakthroughs and a year-end rally.

  26. Minority vaccines/Stock – Yes, a new shipment just arrived. 

    Placebo-Unblinding Should Be Uniform Across COVID Vaccine Trials, Advisory  Committee Says :: Pink Sheet

  27. $1,543,700 to end the day (no changes logged yet).  Not bad for a down day – I think we're positioned right.

  28. Comment content omitted because it is too long.