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If Delta is the holy grail, AI will take over our job already.
Delta is just one thing.
People out there just trade straight from Delta, they're very mechanical, like Cody I opened trade today, I closed tomorrow I opened trade today, I closed today whatever.
But a lot of times they forget to look at there's Black Swan event, there's Donald Trump event, you know, FOMC event.
There's a lot of variables out there that would screw those delta, screw those 75 % within the day, right?
The moment you start getting closer to to your your stock price or your strike price all of a sudden delta is like oh my god like Kody like it dropped really fast and then when below is like okay Kody now is one -to -one now like what's going on?
Right, so like I don't think a probability could be looked that way but there's no formula you can calculate.
A black shor is just a very rigid formula that kinda tells you, but that's not the real probability.
That's why our team are always looking at how do we dodge some of the event?
We're okay leaving a little bit of money on the table.
We look at, for example, liberation day, I was telling my team liberation day, okay, more upside with downside.
Everyone's like downside.
Exactly. So if we have bullpus spread, can we close some of it?
Only leave 25%. You're like, yeah, kind of makes sense because what's the chance that will go up?
is Donald Trump going to say, I have mercy for you guys, but he's like, going to do something innovative, that shocks everyone anyway.
Right? So the chance of the upside, we even staying still, it's so low, so we actually should have some better call spread, more bearish position, not too much, more neutral and less bullish position.
So that's the way we position it, right?
We have a little bit bias.
Just based on, not just based on technical, not based on just Delta.
Be like, based on what Donald Trump is going to do and how people is going to think, react to it.
Right. So that's kind of like, how do you quantify that?
Markets, speculation, and risk.
This is the chat with traders podcast. Welcome to chat with traders, we're in episode 297.
Oh, what a crazy market it's been, huh?
I hope you're all doing okay out there in the markets, whatever you're trading situation, protecting yourself and your psychology, your positions and waiting patiently for the right opportunities to show up again.
This is Tessa your co -host and I happen to also be a developing trader like some of you working diligently every day on my trading.
My trading journey has been rocky for a long time but I have to say for the past year now I have been intentionally learning, gaining experience from every trade so that I can accelerate my trading progress.
What about you? How's your trading going overall?
Are you happy with your progress?
What do you think you're missing and how can you make your trading simpler if possible?
Those are the two exact questions I ask myself a lot now to help me focus and refine and improve my system and process.
I just thought I'd share every so often with you a little bit for my trading journey and hey feel free to share yours.
We may end up reading what you're willing to share in the podcast just like they used to do back on the radio, remember?
Well for those of you who do remember.
What do you think of that idea?
Okay, hold that thought while I get us back to the main part of this episode with my co -host Ian Cox who had the opportunity to chat with Cody Yeh a former engineer turned trader and investor, an entrepreneur whose number one goal is always to preserve his capital first and growing it would come second.
Maybe this might not sound as thrilling as you might hope but as you listen to his story and journey into impressive double -digit returns and how he describes his three main strategies which he calls it his fast medium and slow money diversifying in different strategies and timelines allocating about a third for each strategy the practicality of it all is actually quite remarkable building his edge through teamwork structure clear rules and consistency his approach to the financial market is all about trading less but earning more is that possible how does he do it well let's dive into the conversation now
ladies and gentlemen, we're so pleased to introduce Cody Ye, from our respected neighbour to the north, Toronto, Canada.
Well, Cody, what a day to have an interview.
Market's in turmoil.
Vix's spiking. Great time to do some options?
What opening, yeah.
You know, for people who's listening to this, you know, Apple dropped 9%, you know, since January 2025, it hasn't really dropped much. So, we've seen a lot of opportunity.
I, I have a lot of cash on the side, so I have my target price set and some of the stocks did reach, almost reached that point.
So I have some limiting order to buy.
But in terms of option, it's very tricky because this drop, you know, since the height of all -time high of January, we haven't really seen any rebound and that's usually, you know, for the last two or three drop like it's been kind of like this usually you kind of drop and a rebound and a drop more, but last few times is just pure drop right so it's kind of scary definitely and at same time, my team and myself, this, you know, we've seen different scenario but every time is kind of different.
So we just had a meeting yesterday for about an hour to say, hey how do we, you know always learn from mistakes and moving forward, but we don't really see a bottom yet, right?
I would say the bottom will be when all the corporation come out and announce that every session is really here and I think that'll be another one two months.
I don't have to crystal ball, but I will hang tight and don't over trade because who knows, it can drop the $5 ,200 S &P 500 really, but I don't hope it will go there but, you know, it's very unpredictable.
So definitely tone down your account size and don't do crazy things at this time.
Well, Fantastic Cody, I'd like to welcome you to chat with traders.
Thank you! Yeah! And before we dive into the turmoil going on in the markets, I'd love to dive into your background.
Tell us a little bit about kind of where you grew up.
What did you study in school?
Yeah! So I grew up in Taiwan.
I am a typical kid.
The exception I will say I have is a little bit of athletic talent.
So, since I was a kid, I was playing a lot of sports.
I have a lot of medals, trophies, all in sports, nothing in music, nothing, anything else.
So, you know, there's a saying in Chinese that you're, you're very agile, you're nims, but you know, you're not very developed on your brain, you know, sort of saying.
So I thought I was that person.
So I'm very easy going.
I grew up in Taiwan and you know, at that time, you know, my family's, you know, my dad has a really good job, but he's not very good with finance.
So I think growing up I was injecting a lot of scarcity mindset from my mom because, you know, there's a few calls where there's margin calls, called my mom and my dad need multiple six figure USD in 15 minutes.
So I think my mom was very shocked by it.
And I think that really kind of plenned the seats in a lot of what I do, try to have financial freedom, independence, before I come to Canada at the age of 18.
So what was your family's attitude and and cultural attitude towards risk taking risk and stock market in general I Didn't have the best education for that to be honest with you up until the age of 18 I was that kid grew up in Taiwan went to one of the best school just study study I go to school at 730 in the morning.
I There's not much other than extra curriculum is all math class this and that.
There's no, like, read Warren Buffett's book, read Charlie Munger's biography.
No, nothing like that.
It's really until I come to Canada and then, I guess, the reality sets in, right?
In Asia, I don't have to make any of my decisions.
Because I go to the best school, you have the best job and then we all kind of know that's not the truth.
Right? You don't have any critical thinking.
But really, when I came to Canada is when everything just kind of hit me in the face.
I remember my first day when I went to the U of T, so University of Toronto, considered one of the best schools in Canada with an engineering school.
I remember first night I sat in my dorm, you know, I have a roommate, he's not arrived yet.
I don't have, I never live on my own, really.
I don't have any pillow, I'll bet she used to literally just slip on the bed with any bet she.
And I was thinking, but oh my God, this is for real.
So if I get kicked out, I will be that kid, came from Taiwan and spent all the parents' money.
I'll crawl back there with tails between my legs.
I'm like, Oh my God, I better not do that, right?
So that was like, when reality really sets in for me.
And then how did you get introduced to the financial markets and when did you open up your first trading account?
yeah that was I remember a second year engineer engineers we still learn about accounting and you know some corporate finance and I chose elective to really learn more about how to invest because I chose engineer and not because I have passion engineer to be honest was because stereotypically people from Asia or better train in math.
So I just in that taught 25 % percentile and I hate writing reports right because I was struggling of English first coming to Canada and I couldn't read a math 12 question.
So I chose engineer and I was like okay engineer if I graduate I will get a decent job, maybe pay me 60k, maybe 80k per year, but I know that's not gonna get me rich but I'll be independent.
So I'm like, I'm trying to start learning how do people really get ahead in life, especially when they start kind of from middle -class when nothing, right?
So that's when I'm like, okay, like Warren Buffett learned from stocks.
And that's when I like open my broker account, $1 ,000, $2 ,000, a little bit about putting in boring stocks, the bank stocks.
And I'm like, this is kind of boring.
This is kind of boring.
But that's how I first learned, right?
Learn how to read the financial statement, balance sheets and, you know, going through corporate finance class, but didn't really learn much besides how to derive, how does a formula of a black shore formula for option work, but now that we all have computer.
But back then I was an engineer, we have to derive everything, but kind of helped my math skills, but doesn't really help in the grand scheme of things.
And so you started off with kind of a buy and hold, stocks, what for the longterm?
And did you feel tempted to get into actual trading to make more money after all, right?
Yeah, a very good question.
So, you know, as a second year in a University engineer, like everyone's very competitive, right?
Some of them are getting the best job at McKinsey, some they're getting an oil job.
You like, oh my God, okay, I'm getting a manufacturing job, internship, I'm like, okay, how do I get ahead in life a little bit?
I was working a lot of overtime, but my, you know what, you know, I was doing that for three years, but it's very boring, right?
Banks, okay. 3, 4 % dividend.
Okay. Sometimes it goes up, sometimes it goes down.
$2 ,000 is not gonna be changing your life, right?
So really, I was like trying to learn all this stuff reading the technical, which is like, most people who started reading these books and have all these books in Chinese actually, not English at that time because I was introduced to a friend.
This friend works at the broker, one of the biggest brokers in Taiwan.
And in Taiwan, there was some room back then, in 2015 there's these VIP rooms where a lot of people trade a lot of volume.
They get to be in the VIP room and they can negotiate their rate.
So they introduced me to this young lady, 24 years old.
I really don't know her.
She doesn't have a YouTube channel or anything.
But that was introduced to her and she said, what, you want to invest money with me?
I am kind of managing money.
I'm like, no, I don't have much money, but can I learn from you?
Can I pay you? And she's like, I don't take students.
I mean, I have no time for that, but if you want to shadow me, shadow me, right.
So I was shadowing her for two years, and that's how I got dragged into day trading or really scalping the future options of Taiwan, right.
Kinda like the NASDAQ, kinda like the NQ, kinda the SPX of Taiwan, right.
I didn't know much what I was doing.
I was purely doing technical, and I was trading from Canada.
And the reason why I was doing Taiwan is because there's a 12 hour difference so that I can do it at night while holding a full time job as a project manager.
So that's how I got started for two years.
And yeah, I mean, if you really want to hear about the, the sweat and tears we can get into it.
I seen, how did you do in those early years and, and what did you learn from the first eight months?
Straight out lose money, grinding dow I have to risk management sort of, you You just want to 2 % of your capital by was grinding down, right?
Every time the market pop, right.
And then it blows through my stop loss for something, blow to my stop profit, and I weigh it and you know, all those games are slowly getting grind down and, um, and I was telling my so -called friend coach, she's, I don't call me coach. I'm not your coach, but I'm like, why are you making money one?
Not why am I not making money?
Because I spend the same amount of time as you premarket, two hour.
Trade for two hours.
I write report for two hours." She said, well, you don't have the experience.
And, and you know, starting the first four months, she was losing, right?
So, you know, back then I was just, I thought I have a system.
I thought technical was everything, but I didn't know how to digest all the news as of yet because I was so young, right?
I was like 24, 25. I didn't know, I didn't have a life experience of when someone says something like Donald Trump right now, it might not be real.
It might not be negotiating.
Whatever they say something after should be the opposite.
They're trying to save themselves, right?
So I didn't have those wisdom back then, so I literally just looking at technical analysis and I paid the price for it.
Second year was a lot better.
We make 66%, but $10 ,000, 66%.
I mean, it's not life changing, right?
And then I found that was actually very hard to scale.
So that kind of got me thinking, is can I do this for my whole life?
Because I was giving away a lot of my weekday nights, a lot of my weekends studying, and I had a girlfriend at that time, now my wife, but thank God is she still with me.
But I just wasn't sure if I can do that for 10 years, 20, 30 until I'm 80, right?
Having that mindset of always need to be a top athlete.
Kind of like driving a cockpit all the time, and having eight screening, I only have two at that time, but I just don't think that's the way I want to go with my life.
And so did you switch into a different, uh, strategy on how to handle your money, where do you invest?
The scalping, that side was fun.
But then in the meantime, I was introduced to Option, reading a few books, uh, reading about Warren Buffett's, uh, financial statement.
I found there's one line they talk about derivative contracts.
I'm like, what is that they're making 1 billion, $2 billion per year.
And you know, I started looking into, Oh, Warren buffer actually, you know, sold some option, put options on the SPX back in 2009.
And he'd make a lot of money on it.
So I'm like, what is that?
Like, it seems like he's on the winning side of it.
And that's really when I start going to like options, you know, what is option?
You know, it's a little bit more complicated.
then, then stocks takes a little bit more time, but there's more variable, but you can have more control if you know what you're doing.
Right. That's when I start looking to how can I spend less time and then yield the same result?
Even less results, the return to ROI on time, as stress is a lot more worth it and a lot more sustainable.
All right. So that's why I start getting into option.
yeah many traders and investors are get accustomed to options from the standpoint that with a very limited amount of upfront investment they can have high levels of leverage and make so much more money than they would if they just bought the stock so were you seduced by by the incredible potential profits of buying call options and letting them rip mm -hmm it's very interesting so early on I was never attracted to that I don't know what something's different about my brain I was never that guy that I want to hit big but I was that guy that how how does the rich people keep their money because you
know I'm engineering my background in math keep telling me Cody if you make a hundred percent you know okay let's say you have a hundred dollar you invested you lose fifty percent of it next year you need to use this the remaining $50.
And to even come back to $100, you need to make 100 % now.
So I'm like, the math doesn't work that way.
It's not always about, go, go, go.
And I start seeing a lot of people having a quick success with blow up their account because they have that gambling mentality.
So early on, I keep telling myself, I'm reading all these books, it's like, these rich people don't really buy options.
They actually sell options a lot of them.
whether that's scalping, whether that's wanting to own something to want to own for a cheaper price or just getting into something they want for a for a cheaper price.
Right. So that's why I drawn to.
And, you know, most of the time I buy calls, I bought some bleeps, you know, in 2021 as well.
And those are actually I thought it was, you know what, what could be wrong in two, three years?
And guess what, this and all the stocks, most of the stocks like lottery went down in 2021 and come back in 2023.
So, you know, definitely, you know, a lot of wounds there, but it's a small percentage of my account that I allocate to buy option.
But most of them are more selling and just holding stocks for ETF.
And I've been doing treating me quite well, actually.
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So you opted for more of the income strategy from options, um, kind of a high probability plays.
Is that what you're shooting for?
Yeah. High probability plays.
You know, we, uh, what I call it Warren buffer, cashflow strategy, really just, you know, sell selling options on selling put options or individual stocks.
And I get the owner for a cheaper price.
You know, I get pay, you know, the cashflow, which is what we call the premium, right.
And then I get to own the stocks I want to own for a cheaper price.
And if I do get to own at a cheaper price, I have a downside buffer.
Right. And now I can turn around and sell some cover call as a, you know, at a higher price.
So agreed to sell a higher price and get more cashflow in the meantime, and just wait for the stocks to, to go up or some of the stocks I I really want to hold for a long time.
I never want to give it away then I just hold on to it.
Right. And because the whole idea is that I get a half, for me, I call it the fast, medium and slow money.
I talk about the TD bank interview as well as that, you know, there's inherently different strategy, different strategy, different timeline.
I want strategy with different timeline, our set and done strategy is more fast, you know, like, like, you know, one to two months cycle.
And then, you know, our, our Warren buffet, But cashflow strategy, selling options, or individual stocks, is more like a few months.
Sometimes you can get stuck for a few years after a sale price keep getting depressed, right?
And then buy a whole, you know, has been doing pretty well for the last two years, usually it's kind of five, 10, maybe 20%, but last year was exceptionally well.
And this year, actually our selling option portfolio is doing a lot better because buying holes is hurting, right?
So I always have different timeline and you know just allocate one third one third one third so anytime I feel a lot more prepared and I feel I can maneuver the market a lot better.
What do you believe are the biggest misconceptions new traders have about generating passive income through options?
That's such a good question.
Like, just give people a whole breakdown, right?
Back then, I was doing it by myself.
I was having full -time job.
And I also studied a lot at night, like six hour per night, whether studying the market books and all that.
And I slowly grow into, I have a team at one point - my team was 10 people.
Right. I have some coaches, I have some analysts.
And they were my past client, I picked the best out of them, become my coaches analyst because when I think about launching a hedge fund in one to two years, right?
So what amount of resource we have, the reason why I could be more passive is because my team is doing the work for me and doing the work for my client, but if I'm doing all this on my own, right?
Unless I have the support for a community, I trust I have a basic understanding.
It's not going to be so passive.
Today I was looking at my buying a whole strategy because I'm multiple six figure.
I'm looking at deploying, right?
I was looking at the target price.
I look at a clock again.
Oh my God, that cost me three hours.
I only analyzed five stocks.
Right? I was checking it.
Okay. History is not this much. It's it's it's not passive, right?
Why is that? Did you get a swept up into the emotions of the market?
Watching the, uh, the chart move.
Um, and the time disappeared on you or, or.
Oh, no, it's actually.
Like this morning I was looking at my buy on hold strategy, right?
Cause my team is managing more about the more active strategy.
Like the one buffer strategy and our sudden done.
And for my personal side, this is my personal account.
More buy on hold on my okay at these capital I want to deploy.
I've been waiting for this moment, right?
So I'm looking at, okay, what are some good stocks I can buy.
Right? I don't know if you want me to share some ticker, I never that guy that pump and dump anything, anything I buy, I can't pump it dump anyway, but just Looking at it, I mean, and then looking at, is that a good investment in the long term?
For example, I look at the last five years in terms of net income, their return equity, is that solid?
Has it been only growing 20 % per year, but the stock price 10x?
I'm like, okay, I need to wait a bit longer.
I'd rather miss out that than be part of that, because there's more chance I will pull back, But if it's been growing pretty good, but then get beat up because of certain reason, then those are the companies I'm looking for.
So to weed through that, right?
I don't know if AI can do those jobs, but that's what caused me a lot of time and think objectively.
And most of the time, what I can think objectively is when I don't have too much exposure in that stock, and that's when you're the most objective.
Right? So, that's why I spend quite some time and my team do more of the option day to day supporting a client or the market dropped today.
Of course there's some client panicking, right.
Oh my God. Right. Hey, we already have plan, remember to draw a hundred, two hundred.
This is what we're going to do.
Right. Neutral strategy, they handle that side thing.
So I handle more of the strategy on longterm stuff.
Right. And that's, that's kind of what I handle now.
I'm sure some of the bears are arguing now that, uh, we're in a whole new realm, uh, with the trade wars, uh, that d - haven't occurred in the past, or at any time during our lifetime, and that the looking at past fundamentals don't really matter right now because we don't know our company's going to be able to give future guidance and just what's your take on that?
I mean, isn't that the same thing when COVID happened?
They cannot say the same thing?
Oh, this is a new world, you know, what's COVID gonna take us?
There's no guidelines.
Companies that we don't know where is guiding.
But every time that And this time is really, if you really look at it, it's just really one man's action, and this man, we all know who it is, it's pretty much overpowering the feds, the FOMC, anything else it's just one person, right?
And I talk about this in my new YouTube channel called USA Update, I think he has a four year plan, right?
People can call it a conspiracy theory or whatever, But I think this first year, I called that a month ago, he's trying to reset the market because we had a really good two years and before he came into office.
And he's trying to reset in the first year because he want to, keep asking the feds to drop the rate, but the feds says, I look at all these data, job market is good, inflation is not too bad, why do we need to drop the rate?
Meanwhile, the president is like, we want to drop the rate, we want to drop the rate.
He's like, okay, either if you're not giving it to me, I will force it, right?
So he's kind of forcing it in my opinion.
So first year is kind of like a reset of every market.
And then second year will be, you know, kind of like finally start dropping the race.
So we're going to start seeing that rebound, right?
I don't think rebound be going to secondary.
I think first year I already start seeing the stocks going back up.
I think the second year going to first year and the second years of the presidency, you know, will be start dropping the rate and a third and fourth year will line up perfectly for a really good rebound.
You can say, you know what?
guys. I told you so." So that was my kind of a conviction or you can call it conspiracy theory for the next four years.
So that's why I'm not very, you know, not very worried about it.
It's just more manufacturer, right?
Manufacture. If you look at all the other data has been doing pretty well.
Yeah, there is some, you know, trading deficit from US, but that's been happening, you know, over the years.
So you really, in my opinion, his true agenda is really trying to reset it in every way possible market reset business reset everything reset and then now then he has a lot more room to grow instead of like trying to carry that no momentum no new money at all going to the market right so that's my take on it yeah right right in your videos you've discussed about getting results with just 30 minutes a day of trading what does that time typically look like in practice and what's being done during that 30 minutes.
Yeah. Like I said, early on was a more special day because market draw, even my wife was messaging me, Cody is there anything I can buy?
So that's when, you know, the market is really panicking.
Right? You said I have cash, I have cash.
So, but typically a third, it's actually not 30 minutes per day because I have the team supports 30 minutes per week for me, right.
The last tray we put on wood.
Yeah, it's actually per week.
The last trade our team put on in the options, our said and done strategy was actually two and a half weeks ago.
That was on actually on March 17.
We're filming this on April the third. So like sometimes I don't want to say it's 30 minutes for three weeks.
And people say, are you crazy?
Are you buying a holding?
But a lot of time is when you're selling options and you have a big room for margin of error because we're, you know, we're selling option.
And then our strike price really far away.
We have a lot of room for error and time is on our side.
Every day that goes by, if the market don't move, we're making money.
So we have a lot of luxury on that.
So a typical day for me, to be honest, since I have the team supporting me, they give me all the daily news, giving it to my client, I see the same thing.
At this point, with years of training, I don't even need to see the drawing points.
A lot of times I will look at, okay what's the first standard deviation, second standard deviation?
Things like that, I might look at it and be like, okay, we're within safety zone.
Okay. Cool. Leave it.
I don't need to do much of it, but when the market dropped today, uh, the thing is okay, is our position.
Okay, do we need to adjust a little bit or is there opportunity, right?
Because you know, anyone who has cash on the sideline today can be a good day to kind of, you know, sell some put options, things like that.
Right. But there could be more downside.
I'm more neutral to bearish right now, but Hey, if you can maneuver well, even when, you know, the volatility index do crash tomorrow or after three days, you're gonna make a handsome, handsome sum if you, you know, if you use the right strategy.
Right. So those are the kind of opportunity, like, is our position okay?
Any central thesis change for the last, you know, every week I have a meeting with our analyst as well.
No change. Okay. I guess, let Theta do his thing then.
Then I go work out and I go, you know, build my other business and, and, and, you know, talk to my property manager and, and all that stuff.
Right. So don't, don't try to overdo things.
It's overdoing is not making you more money and it's actually making the brokers, rich, right.
So, you know, um, so that, that just my years of learning and, and pain, sweat and tears, but in the beginning, yeah, of course I'm like, oh my God, okay, everyday learning new things that that could happen.
Right. So anyone who's come into the market now is that holy cow, like, this is crazy.
Right. But, um, but you still going to, you know, be a little bit more composed.
Right. Right, right.
So, uh, break it down a break it down for us kind of your core option strategy.
Uh, what are you doing?
Most Leo, what type of positions?
So our son had done strategy, which is, um, I'll call it more active, like 30 minutes per week, we're selling bullpus spreads or bear calls spreads on the S &P 500 Future Option.
So that ticker is called ES, right?
So we're basically, we are really far away with the bullpus spread, bear call spreads, and then we cap the, we cap the risks, right?
And we know our maximum, how much we could get paid because with spreads, you cap your profit, but you know the most of your downside, right?
And we're very far away in terms of, you know, when people are listening to this, understand what Delta is, we're really far away with Delta.
We're really far away for a Stripe price.
And, you know, we're just targeting.
What does that mean?
Far away? Like give us an example.
For example, if, uh, ES, you know, what's the 6 ,100 our position was our bill plus spread, uh, uh, Stripe price was around 55, so around 10 % sound right.
Or it depends if the VIX is higher, we can go further out.
Right. But, you know, typically a lot further out cause the chance of, you know, S &P 500 drop 10 % maybe happened one to two years, one to two times, you know, one to two times every one to three years, right?
The last time it kind of happened like that, well, I guess now we've seen one.
All right. But it's not even within a month, right?
So we can get away with a lot of things.
Even when we're wrong.
We still right, because time is on our side.
So we want that. So we want more safety, right?
We're not targeting anything crazy, maybe 10, 20 % per year.
And that's kind of what we're targeting.
Or sometimes higher, sometimes less, but that's our cashflow like true cashflow, like income replacing strategy at the moment.
More active, but we don't need to pick any ticker.
We don't have to do any stock analysis, really just macro news.
And what's the technical doing?
And we studied the institutional money and make sense and thinking when they're doing this, why are they doing this?
and we track you know other stuff you know institutional level stuff right as much as we can get on that's our set and done strategy and then the other strategies really I just want to hold stocks and a cheaper price so I go sell put options on individual stocks or even on ETF I got paid premium upfront and I truly want to own it but if I don't get to own it because the stock price didn't drop enough so be I rinse and repeat right so that's our like Warren Buffett strategy, right.
And then of course I have my buy -in -whole, another one -third of my portfolio, which is buy -in -whole and those are kind of like, any good stocks get beat up, right.
I'm watching a few stocks right now is very close to my target price, then I'll just start loading up on them.
I know that sometimes selling options might not cash the movement, so I will go buy with cash, if I'm not selling any options right.
So in, on the subject of risk management, do you use any kind of risk management or is it built in to how you structure your option strategies?
Yes, very good question.
So in terms of buying a whole, as I'm kind of like Warren Buffett, unless something about the stock fundamentally change, I will not get off because, you know, even in 2009 nothing really changed for most of the stock, but it dropped.
Most stocks dropped 50 to 80 percent, right.
so it was actually a good time to buy more instead of just cutting the losses and all that.
So by and whole, I don't do so much of risk management, but in terms of option, yeah.
I mean, for, for the Warren Buffett cashflow strategy, first of all, you got to do your fundamental analysis, really make sure, you know, as far as I'm at the P ratio is not out of whack or companies have only been growing 20 % per year, but the last few years the stock 10 X, those are the things I'm like, I'm not even touching it.
You know, I like to catch an early on thing.
So the risk is lower.
But if I catch one of that and drop, you know, 20 -30%, I'm like, Oh, I make a mistake.
Yeah, I'll take losses, but then I'll have to balance that off.
Right? That doesn't happen very often.
Maybe 5 % of the time that's okay.
I still, you know, bite the bullet 5 % of times.
Okay. Now, what, for a sudden that strategy then, because as you know, there's a active, more active trading of 30 minutes going on, we have to, you know, with market like this, we have to adjust it more frequently.
But the market has been doing really well in 2022, 2023, 2024.
We don't have to do much. And we're actually double the return of S &P 500 with 30 minutes per week.
But this kind of market, because it's so volatile, everything just fly everywhere.
Right? Now, we're spending the most time on our side -end strategy.
Buy and hold, they're already down.
Or hey, if there's cash, I can buy more.
Make sure our portfolio sizing is fine.
I don't put too much money in one stock.
Right. But I don't I don't have more than 10 stocks in my portfolio.
In your videos you mentioned about leaving a good buffer in your trades.
Can you define this for us and have you found an optimum level and does it vary with volatility?
Yeah, very good question.
Leaving a good buffer.
So buffer means different thing for everyone.
Some people might think buffer means higher price, very bullish, right.
But to me, like my whole team, or especially because, you know, I come from engineering background and now have a little bit more asset than 10 years ago.
Right? So for me, it's more about protecting what I have. Preserving capital is the number one goal, continue to grow it.
We're outpacing the market is secondary in my opinion.
Right? So when we say we leave a buffer, there's many ways.
For example, I don't go for stocks that, like I said, 10 X over the last three years, meanwhile, growth only 30%, but everyone talking about it.
Okay. Those are out of this, out of the way.
Right. That's like one risk management slash buffer that we use, but once, before I think about, okay, actual option trade buffer, yeah, I mean, When, whenever the stock or the target ticker pulled back, the more it pulled back, the more, okay, the more it pulled back, the less likely it will pullback more.
Whereas most people think that whenever the stock comes back, oh my God, the company is going bankrupt, it's going to zero.
So people usually think that, oh, if it dropped 20%, oh my God, it would drop 40%.
No, no, no. If it dropped 20%, that means there's less likely to drop it to 30 % if it's a good stock, if it's S &P 500.
But if it's going up like this, oh my God, I'm like sweating.
I'm like, when's that pullback gonna happen, right?
So when it kept going up, my buffer is actually further, but when it started dropping more, my buffer is actually smaller.
And this is when we make a lot of money because, like you said, the volatility goes up, but it's less likely to drop more.
But you know, sometimes when we're more careful, neutral, and bearish, I'm like, hey, I still keep the same buffer, for example, further away from the money, right, from the stock price right now.
But we can make the same amount of money, if not more, because of the high volatility.
So to me, it's like same buffer, even more buffer.
Now I can, high, instead of 10 % away, I can high 15 % away.
You can pay the same percentage, right?
Right, right. So you're talking about, yeah, instead of selling an option, a 10 % out of the money, maybe you go 15 or 20, and you feel comfortable with that because the VIX is higher and volatility is higher.
And so you could be getting the same premium that you were at just a 10%.
So you're encouraged by a big drop Because now you can, um, set your put options even wider, even further away from the current price.
Is that accurate? Exactly.
And also in terms of probability, like I said, most people think the market dropped 20 % or dropped to 40%.
But actually in terms of probability, if the stock always dropped 20 % as less likely to drop another 20 % comparing to stay here would go up, does that kind of make sense to you Ian?
Yeah. yeah so but a lot of people would say well over what timeframe right because um many stocks uh can have slow kind of grinding um you know bear trends that uh you know it drops 20 percent yeah then it has a rally and a relief rally and you think everything's out of the woods but then over the many months uh in the future it starts to grind down again so um what kind of time frame Are you looking at, um, on selling these put options for, um, for income or to acquire the stock at a cheaper price?
Yeah, usually I'll say anywhere between, uh, two weeks to six weeks.
Usually that's what I'm looking at sometimes to go up to two months.
Right. Um, but like right now the market is moving a bit faster.
So we adjust our expiration date shorter.
Cause we want to capitalize more on the, on the data out the decay time decay.
So we're adjusting to it, but typically you want to drag it out a bit longer.
Right. And, um, not just, you know, we make less return and we drag out longer, but.
We sweat less and we're less sensitive to any of the market movement.
But right now it's just very moved too fast. I don't want to sell too far out and everything changed.
Right. So we're shortening our expiration date right now because of that.
And. Mm hmm. When volatility when implied volatility is really high and and thus pushing up the option premiums making them very juicy.
Wouldn't you want to lock in kind of long term prices by going out many, many months because it's like, oh, this is a rare opportunity.
I can lock in. they say the next six months at these high option premiums. And then I don't have to do anything else.
Yeah, you, you could, you could, but for a sun and dust strategy, when we're doing spreads, right, we don't want to do that because what if it dropped another 10 % more and it continued to stay there and you know, our active management strategy in terms of what are we going to adjust to position?
What are we going to roll the position and all of that?
So, you know, we can drag it out on that side, like for the Warren Buffett, you know, selling option strategy and then buy a whole, you know, drag it out was a good idea, right?
Even Warren Buffett did it, right.
2009, he signed a 10 -year contract selling input options on SPX.
He made tons of money as a, I bet in 10 years SPX, won't be.
Right. Wow. That's a really long that's a good operation.
Yeah because he went in, you know, big banks and did a, you know, I wouldn't call under the table, but do a private deal.
Right. Bet against the big banks.
The big banks is that you want to take that?
Yeah. So he took that.
We couldn't do that, right?
For most leaps or anything, we can only go two, three years out, but because of his assets, he can do 10 years off.
Right. So we could do that for more long or medium term like selling put I would.
I don't mind doing it, but then for our more, you know, sudden done strategies as cash flowing cash flowing.
Really. I I'm hesitant to do that because of the reason I mentioned above, less adjustability.
Right. And then, um, yeah, because there's other reasons or other variables, you probably know what I'm talking about.
There's other variables that will lock you in and be like, ah, Right, right, right.
Um, your strategy seems to fit those who already have money.
Um, for those needing to trade for a living, uh, for income, um, Would this work well?
No, I'm not the guy.
You're not the guy.
Let's take it back.
The, um, I will say a lot of my clients who are attracted to me or a lot of my friends were attracted to me, already have $100 ,000 net worth, right?
And then they might start with smaller account, like 30, 50K, but they can scale up the capital faster, right.
but I, I don't have a lot of clients that say, Hey, this is my last $10 ,000, Cody.
I need to flip it to a hundred thousand dollars.
Can you do it for me?
I might, first of all, whether I could do it for you or not, I don't think the time frame is right.
I don't think your mindset is right.
So I'm not the right person.
I don't want to bring that stress onto my team or myself to do that because no one can promise that.
But if you're like, Hey, Cody, I have 1 million.
Can we grow at single digit per year or at least protect my capital and just kind of living a life you're living, traveling everywhere, right to 12 country in 2024, yeah, I can help those people cause it's a lot less stress and it's actually what I'm doing.
Right. So I'm not actually scalping in the market.
I'm always trying to say, how do we dodge all these volatility events, right?
All these liberation there.
Like, can we really close most of our trades before this day?
Right? Like what's the next one I'm literally, we're tracking like Donald Trump's Twitter, anything that's like, is that real?
Is that not real? Did he give a day?
is there anything structured that we can dodge it?
If it is, close our position a few days ahead of that, ride through it, nothing.
Don't have any position through it.
That's kinda like, we have to adapt with what we have, but usually when Donald Trump is not there, then it's more structural, FOMC meeting, CPI, PPI, this and that, but when Donald Trump comes in, he's just swaying everything around.
Right. Mm hmm. How much do annualized option yields vary depending on the volatility ranges and whether it's an ETF, or a big cap stock, or even a smaller cap stock?
Because I've noticed there's a big difference depending on what stock ETF you choose.
Very good question.
I, I, I going to be straight out with you.
I don't trade small cap.
Most of the companies I ever touched is 20 billion plus.
That was the rule I set in 2020.
Now, you know, with all the available money is maybe 40 bill, 50 bill, maybe a hundred bill now.
Right. Only the biggest blue chip I'll touch. Right.
So like if you, like if you look at high volatility stuff, you can look at 4 % per month, But it's not guaranteed per month because market can go up and down.
Sometimes the, you know, stock goes down, right.
And you know, for less volatile, even just S and P 500, if you go sell, put, you make maybe 6 % of that every year, right.
Running those strategy on, right.
So, you know, anywhere between single digit to 50 % per year, but if you go like smaller cap high volatility, so I can go a hundred percent or more.
But how sustainable is that?
Right. The more percentage you go, the less sustainable it is just based on probability -wise.
So how do you stack those probability, right?
So, I hope I don't confuse people, but really I stick to the higher probability trade.
I always focus on how do I preserve capital, how can I be less wrong?
If I'm wrong, it's a small percentage of my portfolio, so it doesn't impact the overall growth.
And as long as I'm beating the market by a little bit, I'm beating 95 % of the fund managers out there.
But even if I am shy of little bit, in a few years, even if the market's down 10 % right now.
Like our send it down strategy is actually break even.
So I'm very proud already.
We're break even. My friends are like, did you dodge it?
And then we're like, no, we didn't dodge it.
We still have 25 % position going into it.
But because we're maneuvering it, right?
So we're already at break even, right?
So, you know, but for by and whole, yeah, of course, since all time high, it was down 10%, some of it's down 20%, right?
That's why I'm putting in more money, right?
So there's always pros and cons.
but I really think the people who are focusing on return at Kodi and what, more than 20%, 40 % of return, I'm just not the guy per year.
I'm not the guy, I don't want to sell false hope.
I don't want that kind of liability or responsibility, but if you're like more boring person, you have bigger amount of money, multiple six figure that, you know, I can potentially, you know, be that person to help you.
You know, making sure you're doing the right thing if this is what you want, right.
So, Mm -hmm. So over the years, both in the kind of the bull years, and then the not so bullish years, like, say 2022, kind of what's been your performance for your different strategies and when does each strategy shine?
And when is it weak?
Very good question.
Very because I get asked that a lot.
And I track it a lot.
That's why I have three strategy set and done.
And then the one buffer cash flow and then buy a whole So buy and hold last two year, it's beauty, right?
Since the drop of the beginning in 2022, right?
Kind of went flat for a year and started going up, so 2023, 2024, anyone is like, oh, Cody, why do you guys do option strategy?
My buy and hold up 30%, I'm like, yeah, mine's at 50.
But that doesn't mean anything, right?
So for the last two years, it's been like that, right?
I don't have anything fancy, even if you just have QQQ, whatever, you know, it stay up a lot, right?
But then, during the flat year of like 2021, at the end it kind of dropped down to 2022 to 2023, it's actually kind of flat going to first half of 2023.
Our son in that strategy was 36%.
I share that with all my clients and all that per year.
Right, so that's when it shine.
So flat market with a bit downward trend, selling options strategy will work better.
Assuming you don't panic, do anything crazy, and you know what you're doing but on the crazy up market selling option strategy will lag the market will lag the benchmark because the VIX is a lot lower and we're not we're not like chasing it we're not like oh my God it's going up so let's go closer to it let's go more aggressive on Delta like we're not we're actually staying more away is when is that drop happening when a drop happening that's the only time we kind of go in and be more aggressive so on the up year like gradually up we'll have a chance of beading the kind of benchmarking but on this more
than like 30 degree it's hard for us to catch it so that buy -in -whole will catch up, one third of our portfolio catch it, right, but I'm doing the flat or downward year right, or just like neutral year, that's where 60 to 70 percent of the time actually, right, and that's more like range balance, slightly going up, then we'll catch that with our options strategy so I hope that answers your question right so with the VIX now at 30 does that mean that selling puts will generate twice the the yield that it did when the VIX was at 15 is actually more than twice oh it's more than twice oh more than twice
mmm yeah um yeah I don't want to you know I'm an engineer I'm a math geek I look at all these based on numbers, I don't have feelings for it right now, make money, lose money.
I don't have feeling for it, but yeah, when we study really into how does, you know, there's three things, right.
VIX, and there's the individual stock imply volatility, right.
And then, you know, there's a stock price and all that, but when VIX really doubling, right, amount of premiums, not just double, it's actually more than double, when it goes from 15 to 32, 60, you think it's 4X, but it's actually more than 4X, right?
because there's, you know, I don't want to bore people.
There's that gamma thing going on and there's that acceleration move.
So it's actually more.
So that's why it gives us more chance to say, Hey, either if want to do the same expiration date strike price, or can we go more, you know, be more conservative, we can make the same amount.
Right. So that's the decision someone could, could make, right.
So that's just my observation, you know, but there's a lot more variables.
People like I'll go to your wrong because I did this, because we're talk of multiple very variable buffer we just talked about straight up VIX difference.
That's what our observation told us.
So when open when looking at options, I noticed that for the different strike prices, they have the probability of being out of the money.
And one can look at that, you know, say Oh, is it, you know, 70 % chance of being out of the money, I should be safe when I sell this option, I have 70 % chance, but doesn't that probability change on a daily basis depending on the volatility itself its own implied volatility yeah we open a very good question order you open a can of warm F F delta because I'm assuming you're talking about Delta right yeah it's Delta as the Holy Grail AI will take over our job already but Because, because Delta just one thing that people I have, there's just trade straight from Delta you're very, they're very mechanical.
Is that Cody, I open trade today, I close tomorrow I open trade today, I close today, whatever.
But a lot of times they forget to look at there's Black Swan event, there's Donald Trump event, there's FOMC event.
There's a lot of variables out there that will screw those Delta, screw those 75 % within the day, right?
And the moment you start getting closer to your stop price or your strike price, all of a sudden Delta is like, oh my God, like Cody, it dropped really fast. And then when below is like, okay, Cody, now is 1 -1, like what's going on?
Right? So, like, I don't think a probability can be looked that way.
But there's no formula you can calculate.
A black short is just a very rigid formula that kind of tells you, but that's not the real probability.
That's why our team are always looking at how do we dodge some of the event.
We're okay. Leaving a little bit money on the table.
We look at, for example, liberation day, I was telling my team liberation day.
Okay. More upside with downside.
Everyone is like downside.
Exactly. So if we have bull push spread, can we close some of it only leave 25 %?
You're like, yeah, kind of makes sense because what's the chance that will go up.
This Donald Trump gonna say, I have mercy for you guys.
But he's going to do something innovative that'll shock everyone anyway.
So the chance of the upside we even staying still, it's so low.
So we actually should have some bear call spread.
More bearish position, not too much. More neutral and less bullish position.
So that's the way we position it.
We have a little bit bias.
Which is based on, not just based on technical, not based on just Delta, be like based on what Donald Trump is going to do and how people's going to think, react to it.
Right? So that's kind of like, how do you quantify that?
I don't know. Do we go from 75 % now to maybe 65 because it's more likely to drop?
I don't know how to quantify that, but we adjust that based on our capital exposure.
We have our limitation in any situation, but all we could do is we just expose less.
How's that? If we miss out, we miss out less.
What's up? If we miss out, fine.
Everything's good now.
Okay, we can put more position.
So we're not trying to maximize on it, But I can't answer that probability question, right?
If anyone thinks the market is efficient, they shouldn't be following me.
I just don't think, if math is a thing that you can win, all these PhD or all these AI would be dominating the market already, right?
But it's not, right?
Why is the old Warren Buffett's still beating everybody with his old brain, everything is manual and still winning?
And there's got to be more than that, right?
Excuse the last interruption here.
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Thank you. Now back to the chat with our guest. I see.
So during the meme stock craze in 2021 when implied volatility is not just on these meme stocks, which seemingly just about every stock shot through the roof, did you take advantage of any of that?
And if so, what kind of positions did you put on to take advantage of those really high volatilities?
No, I didn't take advantage.
I was, uh, I was riding off very happily.
Uh, so like going to first half of 2022, that's I was hit too, right?
Because of the, the, the growth stock or, or what the back growth stock we're pulling back, right.
Some of them, I, I really have to cut losses as well.
Right. You just follow transparency.
Like I know at that time I didn't have enough cash because at that time we're running off 2022 we're like, okay, this is going to be good.
who knows they're gonna raise the rate in the beginning of 2022, right?
And then really shocked the market that way.
And my real estate, same thing.
I have real estate, too.
So I was actually taking a hit in terms of price.
I'm from Toronto, Canada.
Right now it's dropped 30 % since all time high average wise across the major cities.
That much for real estate?
Yeah, yeah, yeah. Wow.
So yeah, that's for example, or a single family home in our core city, right now it's the same price as 2017.
So think about that.
So I can go, because I look at all those transactions, I'm like I can go buy the same house in 2017, and they renovated too.
Wow. So you see a lot of that, right?
So like, a lot of people think, ah, Cody, what do you do to take advantage of it?
I'm like, if I said I'm not gonna touch Meemstar, I'm not gonna touch Meemstar.
I will continue focusing on doing the right thing Even if during certain months or year I lose money, because I know I make money long -term but I do not adjust out of my rules and say, Hey, I think this is a way I can pull a fast one.
I can make money just for the short term.
I don't do that. I rather missed it.
I get that. Then long -term people like Cody, what do you do?
Now you jump from mean stock to gold stock to crypto.
And I'm, no, I'm just a stock option guy on S &P 500 blue chip.
I'm that only guy I'm boring, But that's how I seen the rich people continue to get richer.
But whereas all the other trade retail traders, you know, one of these influencer, if you look at them, right this year, the talking about crypto next year, talking about goal and mining stock, then I don't know, go e -commons now, drop shipping.
Like I'm like, dude, does that mean there's nothing work?
Right. But you have to sit through those years that are not doing well if you have such a strong conviction about your stuff.
Right. Could you go through, yeah.
Could you share a little bit of a, what are your kind of, your core rules if you have them.
Yeah. Core rules, like I said, company less than 20 bill really now is like 50 billion market capital, I don't touch. I don't care how good it is.
And any, any stocks as OTC definitely don't touch. Yeah.
So like I really, like I said, I really try to like rule out a lot of things.
So there's only a small basket of things I can touch. And a lot of time what I like to do is instead of me doing research on this company, I think have a better knowledge.
No, I just look at the most well -known investor, right, Warren Buffett.
Like beginning of today, before this call, I was actually, the reason why I spent three hours, I was looking at Singaporean, Singapore GIC fund.
Their GIC fund. So they have three funds.
They're, you know, like, kind of like their pension fund, right?
Canada pension fund.
US don't have one. Donald Trump was trying to start one, right?
Their pension fund overall is they're making three to 5 % per year true return.
But I was trying to look at how they break down the portfolio and what are the heaviest holding.
Because if they're heaviest holding means that they have the strongest conviction.
So I like to start with, like I said, Warren Buffett's top 10 holding, Charlie Munger's top 10 holding, Bill Gates' top 10 holding, Jeff Bezos' top 10 holding, Elon Musk's top 10 holding.
And say okay, yeah those companies don't work.
No, no, don't fit my criteria.
Okay. I only have 10 left. Okay.
That's the only 10 I can look at.
I like to look at from that standpoint so that everyone do the work for me.
And I pick, I, in my opinion, picked the best out of the best, to sell options.
If I'm wrong, chances are a lot lower than thinking I have the resource.
I have the vision that these people don't see.
I'm like, what's the chance of that?
Right? So I really just try to stand on John's shoulder and my client sent out John's shoulder, John shoulder.
Right? So I want to stack all the odds in my favor.
And I don't want to do more work.
I try to do less work, less work makes me more money and give me a better lifestyle.
I'm happy with it. Right.
So I noticed when I look to put on a trade for example, shorting puts and the amount of buying power required to short the puts is almost always considerably less than the all in cash required for acquiring the shares.
Do you use this additional leverage for some of your positions?
Never. Okay. For a sign -and -done strategy, we don't even deploy more than 50 % of our capital.
For example, if you have $100 ,000, I never, we calculate in a way, for example, the maximum amount of loss between our spreads, we don't use more than 50 % of our capital.
So that way, if market drops 30 % like COVID, we're never going to get margin call.
And a lot of time, it's zero to 50 percent.
And with that, we start targeting, you know, like 10, 20 percent per year.
So I mean, what else?
Cause I, like, I don't want to fly so close to the sun, right?
And that's the way I look at it, right?
And you know, if we take a step back and say, Cody, I was asking you just about selling options, your one -buffer strategy, selling put options, that I want to own, and stocks I want to own at a cheaper price.
Yeah, still, I don't.
Um, like your broker would give you to use the ability to use three times of your cash money.
Doesn't mean you should use it.
All right. So really set on that.
It's kind of like, you know, I don't know how to put this right.
Like broker has a different agenda, don't you?
They want you to trade.
They want you to take action.
They want you to day trade.
They want you to second trade almost not day trade.
They want you to hour trade, minute trade, second trade.
The more transaction the better.
So how do we, how do we do that?
That's why a casino will give you a chip.
You don't feel the money.
They give you a chip, they give you a credit card to try to distend yourself from that feeling of money.
But that is when you, you go to casino. Okay, I'm a billionaire, but I'm only gonna spend a hundred dollars today.
Everyone's laughing at me, like, Cody, come on, 1 ,000.
I mean, I know it's just a hundred.
I know I'm gonna lose it.
It's for fun, and I got to tip really well so everyone's happy.
Hey, Taylor, if I make money, I'll always tip you, right?
So like you gotta have those mindsets, what is that limitation?
If you only have $100 ,000, that's a maximum you will use.
I don't use leverage because leverage is a double -edged sword. You're laughing, you think you're genius when a market goes up, but whenever the market turns, you're that first one to go, right?
So I was actually looking at, you know, like some wealthy people, they suggested me to look at, you know, asset -based lending, or security -based lending.
For example, if I own, let's say a $100 ,000 at Microsoft, they will go two to one, to let me 50 ,000 out.
But when I reall the fine print, they're like, oh by the way, it's just like margin call.
If it goes down more than 50%, we're gonna call you, you better have money in one day.
Or we're gonna sell it at your zero, your zero.
I'm like, hold up, Microsoft, okay, and last time I went to Holy Cow in 2000, it took them 13 years to come back.
Holy cow, I'm gonna drop more than 50%.
Okay, what's the chance of that happening?
Low, but who knows?
So anytime I see those kind of probability happening, I'm not looking at how much more money I can make.
What's the point of doubling your $100 to 200, 200 to 400, but then all of a sudden you lose 90 % of it.
You lose 90 % of 400, you back down to $40.
That's less than $100 when you start it, right?
So, I don't want that.
So I hope people can learn from, from this kind of thinking as like, what's the worst case if there's a chance, you know, kind of like what Charlie Munger set, right.
If you know how you're going to die, just don't go there.
And I even shot GPT, I asked does Charlie Munger one buffer use security based landing and leverage?
I asked so many times in so many different ways.
The question, answer's always no. That's why they never, you never heard them blow up their account.
Meanwhile, all these hedge funds blow up their account averaging once every four years, they blow up their account.
Right. So, uh, when they try to get the alpha, they always forget to look at the downside, right?
Everyone's looking at this workout, that workout, this workout then this.
Yeah. I was like, most of the time it doesn't work out that way.
So how can you say if this doesn't work out, this doesn't work out.
This doesn't work out.
Hey, time is still on our side.
Stock's on change. We still make money.
Okay. I'm like signing up for that.
Right. So pretty different mentality than, than right.
Then a trader and you know, gambler and all that, right.
Right. So to wrap things up, uh, what do you struggle with most as a trader?
Um, I will say every day is a new learning experience with, um, I was just having this meeting on my team.
How do we identify the next risks that we can dodge?
I will say that's what we struggle the most. We're not looking at, Oh, what's the next event that we can capitalize on.
we're looking at, when's the next time Donald Trump is gonna say something crazy, right?
I hope he's not on his toilet tweeting too much. But like, when's the next time?
If there's anything structured, we need to have a calendar that put in and say, okay, what's the impact of that?
Are we bearish, bullish?
Okay, we will adjust your position before those days.
That's what we, I wouldn't say struggle, but we spend the most time on.
Otherwise, most things, like we said, more said and done.
But with a wild card of a U .S. President and we trade S &P 500.
Obviously, that's our biggest struggle because all the nuance of the probability of figuring out what's the maximum capital we could use, what's the strike price.
We already have those figure out but it's that most wildest car that I can't call Donald Trump, right?
And Donald Trump might tell me something that he would change tomorrow.
So what's the point?
But it's like, okay, how can we identify those events if we dodge 90 % of it and there's only 10 % left?
We're okay with it.
We put in our best effort.
That's what we struggle.
I wouldn't say struggle, but spend the most time on.
Well, Cody, I'd like to thank you for coming on chat with traders.
Yeah, thanks for having me.
Yeah. And how can our listeners reach you?
Oh yeah. I mean, if you guys are interested in learning more about stocks, investing with stock options investing, I have a YouTube channel about 32 ,000 subscribers.
That'd be my first name, last name investing.
So that's Cody A C O D Y and last name Y E H investing.
You can find me. And if you're interested more like the general economical geopolitical stuff, I opened a new YouTube channel.
It's only one month old with like 64 subscriber.
It's called the USA update.
If you can't find it, type in Cody A behind it.
So the algorithm will help you find me and um, yeah, you can find me there.
Fantastic. Thanks for coming on the show.
Thanks for having me.
you
