Buy Protection When You CAN — Not When You MUST!
October 27, 2026 · Portfolio 1 (Growth) · Tony Rihan
We bought insurance this morning. With the market rallying and the Fed meeting this week, Portfolio 1 picked up four layers of SPY put protection across three expiries, from this Friday out to late November. All in, it cost $340.00 on a book of about $1 million, and $340.00 is also the most it can cost us.
Tony Rihan used the Long Vega Builder in the GYP Member Portal to help pick the strikes and the size. He’s also clear he doesn’t want these to pay off. If they do, it probably means something ugly happened in the markets.
Our own account, gross of commissions and fees. Not advice; the full disclaimer is below.
Paid subscribers: every strike, fill and contract count below, the Greeks before and after, and Tony Rihan’s full commentary. Not a member yet? Join at growyourpile.com.
