Portfolio 2 — Active | Trade Alert - Risk Reset
April 14, 2026 — Risk Reset: Unit Size Cut ~80%, Tail Risk Removed
TonyB Commentary:
Today we made a significant shift in positioning by reducing our unit size by approximately 80%. At the same time, we removed essentially all tail risk from the portfolio, eliminating exposure to black swan-type events.
The trade-off is clear: in doing so, we are unlikely to fully participate in any sustained upside rally from here. However, this is intentional. At this stage, capital preservation and flexibility take priority over chasing returns.
Looking ahead, our plan is to stay disciplined and patient. If the market continues to grind higher, we will begin to reintroduce risk gradually through small unit positions with long delta exposure.
On the other hand, any meaningful pullback or volatility event will present a more attractive opportunity. In that scenario, we will look to scale more aggressively — expanding unit size, increasing tail risk exposure, and leaning further into long delta positioning from a place of strength rather than necessity.
Note to subscribers: We have now reduced risk significantly in BOTH P1 and P2. The current market location is not a favorable one to add more risk here. This is a patience window — dry powder preserved, optionality maximized, waiting for a better setup.
The Trades:
