Dividend Portfolio Review:   $194,202 is down 2.9% and that's a 7.2% improvement from last month so nice comeback – especially for a portfolio without any internal hedges.  We rode out a downturn once and I hope we don't have to do it again but, like the Butterfly Portfolio, these are super-solid, battle-tested positions I would hate to part with.

• PFE – Up too much to leave it on so we'll close this one.
• CHL – Just paid us a very fat dividend so no reason to sell them and they are even on track with the short puts and calls.

• ET – Also right where we want them.
• MO – A bit lower than we hoped but on track and paying our dividends so it's fine.  
• SPG – Right on track.  This one makes for a good bullish bet at this price.

• TWO – On track.
• F – Suspended the dividend but we still love them at 1/13th TSLA's price.  
• M – Also no dividends being paid but I'm still hopeful on the recovery.

• SIG – Suspended dividends.  We're aggressively long and hopefully they are consolidating for a move up.

• SKT – Suspended dividends and we're aggressively long.

• T – Still paying a dividend.  We have been buying T at $30 or less ever since PSW started and it's still a great thing to do.  They paid us 0.52 on July 9th, that's $4.08/yr on a $29.74 share – that's 7% dividend AND you get to own T at $29.74.  How can you people say there aren't things to buy when there are things like this to buy?

For the T-less LTP, let's add the following:

• Sell 25 T 2022 $28 puts for $3.25 ($8,125) 
• Buy 75 T 2022 $28 calls for $3.40 ($25,500) 
• Sell 75 T 2022 $33 calls for $1.40 ($10,500) 

That's net $6,875 on $37,500 spread so there's $30,625 (445%) of upside potential if T can simply move up 10% over the next 18 months and, since our worst case is owning 2,500 shares of T for $28 ($70,000) + $6,875 if we're wiped out on the spread, that's about $30, which is the current price so our worst case is owning T and collecting 7% dividends – not a bad worst case.