The research. The trade. The record.
A trading record that shows its working.
Every options trade since 2022. Winners and losers, published alongside the research behind them.
Realised P&L
2022 — 2026+$25,373
From a $10,000 starting base
Data as of 28 Sep 2026 · Open positions excluded from realised P&L.
- Total return
- +254%
- Win rate
- 71.3%
- Trades logged
- 424
- Profit factor
- 2.08
Since 2022
Closed trades
Every win. Every loss.
Gross profit / gross loss
Latest research
All notesAn inline quarter, and a roadmap to $230 billion
A record quarter that the market read as merely inline, followed across two sessions by a stock down over two per cent despite AI semiconductor revenue guided to double in FY27 and double again in FY28 — $58bn to $115bn to $230bn — with demand already ahead of that number. Buying the pullback with defined risk, on a name still down more than a quarter from its June high.
Recently closed
Trade log- COSTBull Put Spread+$188
- MRVLCustom+$440
- RKLBCustom+$137
- AVGOCustom+$64
- GOOGLCustom+$54
- AAPLCustom+$565
2026 realised P&L +$8,931
A record quarter, and a downgrade about next year's margins
Apple's strongest June quarter ever, then a Jefferies cut to Underperform three weeks later. The two are not in conflict: the quarter was about the installed base, the downgrade is about what a sixfold rise in memory prices does to iPhone margins from here. A higher-risk buy — long on momentum and a level, not on conviction about the next five years.
13 Aug 2026 · 3 min readBookings up 24%, and a $10bn down payment on autonomy
Bookings up 24%, margins widening, trailing free cash flow through $10bn — and one of the few large names still well off its highs, held back by an AV threat that is currently under 0.5% of trips. Uber also put a number on autonomy for the first time: $10bn and roughly 120,000 vehicles.
7 Aug 2026 · 6 min readAzure accelerates to 43%, and the capex bill arrives with it
Azure at 43% and an 11.8% EPS beat, landing in the name that had been the laggard of the Mag 7 — which is exactly why it moved sentiment as much as it did. The business is in good shape. After a run from the $350s to a shade under $500, the entry price no longer is. Moving to Hold.
4 Aug 2026 · 4 min readNewsletter
Research notes, by email
Each note covers an earnings report or a market event and ends in a Buy, Hold or Sell, with the trades behind it published in full here. When one goes up, the summary comes to your inbox with a link to the whole thing. Every week or two.
I started trading at university in 1998, and joined a prop desk in 2005 running interest rate futures spreads. Equities came later, and for some years now it has been primarily options — mainly selling puts, combined with calls or spreads.
Market junkie, fundamentally. I have traded through plenty of difficult stretches and plenty of good ones, and I am still standing — which in this business counts for rather more than any single year’s return.
Which is why the record here is complete rather than curated. Every trade, winners and losers, and the reasoning behind the ones worth writing up.