Today’s piece is an overview of what’s on my mind currently and some ways I’m continuing to earn yield which I think might come in handy over 2026 should we experience a decent draw down in markets.

A huge thank you to the new subscribers - I’ll keep my thoughts concise and provide links to the ideas mentioned should you wish to get up to speed with the thematics mentioned.

Staying Nimble: Why I’m Focusing on High-ROC, Defined-Risk Trades

Approximately 6 weeks ago I became cautious on the equity side.

With broad equity valuations stretched, liquidity tightening and macro signals get noisy, I prefer to stay nimble, liquid, and opportunistic rather leading into 2026.

Before you panic, relax - I still hold all my main royalty and streamers, I just stopped adding to equities and lightened up insignificant positions around the edges.

My most recent breakdown stands thusly:

My uncle Rick taught me to think of gold as volatile cash, ergo you could say I’m actually sitting now at over two thirds in cash. People’s main gripe with cash is that it holds a negative real yield, yet for those who read my October piece you’ll know how I am earning a real yield on my gold/cash balance to the tune of 1.5% per month.

I have also looked at my equity portfolio and decided to fully insure it over 2026 by buying put options, which were really quite cheap. In fact, they are self-funded by the yield earned from the above tactic and dividends.

So, despite my ostensible bearish posture, I’m actually quite excited to enter 2026 as I I’m in a ‘heads I win’ ‘tails I can’t lose’ position.

If the market tanks, my puts win big and provide a cash injection precisely when it’s most valuable. If it soars, my positions likely do fine.

All the while I get to sit back and observe, completely relaxed and getting paid a real yield to wait.

In conditions like this, my objective is simple:

Maximise return on capital. Eliminate tail risk. Stay flexible.

That naturally draws me to defined-risk premium structures and right now, the most capital-efficient tool in that category is one I haven’t used for ages: the Iron butterfly.

Why the Iron Fly Fits This Market

The iron fly is the cleanest expression of disciplined premium selling.

It’s built for moments when:

• implied volatility (IV) is overstated

• realised volatility (HV) stays muted

• the market narrative is panicked

• but the underlying isn’t actually moving as much

The structure provides:

• Defined risk

• High ROC (commonly 30–150%+)

• Accelerating theta

• Neutral directional exposure

• Capital efficiency without uncovered risk

It’s a way of getting paid when the market is emotional.

How The Iron Fly Works

1. Sell the at-the-money (ATM) call + put

2. Buy wings above and below to cap risk

3. Premium received = max profit

4. Wing width − credit = max loss

5. You win if realised movement < implied movement i.e the asset stays range-bound

It’s extremely negative vega (short-volatility) with guard rails.

The Royalty King’s Rules for Iron Flies

Don’t try this at home - you will lose money!

Enter 30–37 days to expiration (DTE)

The sweet spot for maximum theta for ATM options. Exit before 7 DTE

Enter on a down day (Ideally)

Down days = elevated IV → richer credit, cheaper wings.

Initial profit target: 15–20% of planned capital

Planned capital = 2 × initial capital at risk
A simple, disciplined framework for harvesting gains.

Max loss: 20% of planned capital

Cut losers early. Survive to sell premium again.

Probability of Profit ≥ 50%

These rules keep the strategy methodical and effective.

If you’d like me to take you through two real life examples of this tactic with trades I am putting on as you read this, become a premium reader today and gain full access.

Read more

Here you can see these magnificent birds - who do not hunt but scavenge - circling la mirada del doctor on a hike I did in May.

I want you to keep this metaphor in mind whilst I outline a time-tested market-neutral strategy that is one of the lowest maintenance, yet highest probability income tactics I use - The options trade known as the Iron Condor.

Before continuing, it’s a good idea to read through my run down on credit spreads as they are essentially the foundation of an Iron Condor.

If you’ve got time, patience and a bit of capital and you also like the idea of a trade which requires very little maintenance - only a little monitoring - then Iron Condors are worth studying.

Iron Condors: A Simple, High-Win-Rate Income Strategy

Most people think options trading has to be aggressive or directional.
In reality, one of the most consistent, low-stress ways to generate income from the market is surprisingly simple:

Sell premium away from the spot price… and let time decay pay you.

Like the condor, you don’t go hunting too aggressively, you set your parameters and keep an eye out, circling until it’s time to scavenge profit and move on to the next.

What Is an Iron Condor?

An iron condor combines two credit spreads:

• A bear call spread (selling an OTM call and hedging with a further OTM call)

• A bull put spread (selling an OTM put and hedging with a further OTM put)

The short strikes are closest to the money and the long strikes - which are called wings - are further out.

Together, they create a wide profit zone, usually far away from spot.

If price stays anywhere inside that zone, you keep the premium!

This is why condors are ideal for traders who want consistent, probability-based income.

Why Iron Condors Work for Income

1. High Probability of Profit

Depending on where I set my short strikes, I can set up an iron condor such that it statistically provides:

• 80–90% win rates (I alternate between the two tactics)

• A very generous safety buffer

• Smoother month-to-month results then other tactics.

The goal isn’t to hit home runs but rather collect reliable premium again and again.

2. Fixed, Defined Risk

Every leg is hedged.

You always know:

• Your max profit

• Your max loss

• Your probability profile upfront

No surprises. No huge directional call required.

3. Works in Almost Any Market Condition

Uptrend → put side wins
Downtrend → call side wins
Sideways → both sides win
Choppy → the wings absorb the noise

Iron condors are market neutral and don’t depend on predicting direction.
They depend on theta (time decay) and staying within a range

How I Structure High-Win-Rate Condors

Here I’ll leave A typical template.

• Short Put: 10–15 delta

• Long Put: 3–7 delta

• Short Call: 10–15 delta

• Long Call: 3–7 delta

• 30–45 DTE

• Take profits around 40–60%

• Avoid holding through expiry if you don’t need to

• Why the Strategy Is So Effective

  Because it removes the hardest part of trading, predicting direction,
  and replaces it with:

  • Probability

  • Position sizing

  • Time decay

  • Risk limits

  • Repeatability

  I’m no longer trying to guess what the market will do rather I’m building trades around what it usually doesn’t do.

The Greeks & Risks

Greeks and risk go hand in hand (for so many reasons..)

Iron condors are theta-positive (you get paid as time passes) and vega-negative, which means rising volatility hurts you while falling volatility helps you.

Ergo the best macro environment for condors is stable or declining volatility, not a market bracing for shocks. You’re also short gamma, which means fast, sharp moves in either direction can push price toward your short strikes quicker than expected. For this very reason I almost never hold an income trade through to the last week of expiry as the gamma shock can disproportionately affect what had previously looked like a nice income trade.

Delta risk is small at entry (because you’re selling far OTM), but as price approaches either side of the condor, delta and gamma can accelerate against you. The key risk is simple: volatility expansion (vega) or sudden directional moves. The key advantage is also simple:Understand - this tactic is short volatility, betting it will decline over the contract maturity, when volatility compresses and price stays calm, you win.

Condors thrive in markets where fear is fading, not where fear is rising.

Caveat Vendor.

You may be asking why I am so generous in laying out these tools?

Well, because this alone isn’t enough.

Frankly, someone trying this on their own after reading this article will inevitably lose money eventually, if not immediately.

So if you’re interested in enter this world in more depth - you need to get on the waitlist for my private mastermind.

The Mastermind will show you how I build borderless income, multiple passports, and a sovereign life without bosses, clients, or permission.

I’ll also bring in the brightest minds in international living to showcase how I’ve acquired multiple passports and residencies across 3 continents and share the mistakes I’ve made along the way.

👉 Join the Waitlist Now and make money flow wherever you are 🌍

Generating Location-Independent Income in order to live:

• Where you want

• When you want

• With whom you want

• Doing what you want

Until then, take care.

Benjamin.

Disclaimer: This publication is intended solely for documenting my personal journey with trading and investments for income and travel purposes. I am not a certified financial advisor nor am I a financial professional and none of the content provided should be construed as investment advice. It is essential to conduct your own thorough research and consult a registered financial service provider for appropriate guidance. I cannot guarantee the accuracy or completeness of the information presented. Any actions taken based on the information shared in any of my work are done at your own risk and discretion.

— Jorge Luis Borges.

What’s the difference between an hour in New York Vs 60 minutes in Lisbon?

Is life more enjoyable working 60 hours a week in London for 6 figures a year or are you better off working 20 hours per week in Rio De Janeiro?

Should you believe the X accounts promising that “zero taxes” in Asunción or Panamá City beats an honest living in Sydney?

I have spent time thinking about these very questions.

We treat time as uniform - but it isn’t.
Every hour has a different ‘yield’ depending on where, how, and why you spend it the way you do.

In today’s short essay I explore these topics and present two tools which I’ve created in order to reduce the complexity faced when comparing apples to oranges - or more like a fruit salad if you will - considering the many and varied factors that go into comparing lifestyle opportunities around this wonderful world we live in.

Good news - you can swipe these tools for free and apply them to your own situation.

The first key variable it may be helpful to standardise is: time units spent (measured in hours) and their yield, or what those units produce for you beyond just the monetary remuneration.

The Yield on Time: Freedom Yield (FY)

We often obsess over various forms of capital at our disposal except the one that governs all others: time.

Calculating your capital accumulation involves more than your salary, portfolio return, or marginal tax rate as they only tell part of the story. What matters is how efficiently each hour of your life converts into freedom, which might be thought of as further units of time capital at your disposal to be spent how you wish.

Think of it as the hourly profit margin of your life.
It tells you how much disposable freedom you create for every hour you sell/invest.

The below Freedom Yield or ratio if you prefer, is my attempt to make that invisible yield visible.
It measures how much real life each hour of work buys you as well as calibrates the quality of your life units spent in various parts of the world. Think of it as the hourly profit margin of your life. It tells you how much disposable freedom you produce for every hour sold.

Think of it as the hourly profit margin of your life.

Two people can earn identical incomes yet live in completely different worlds.
One might make $200,000 in New York, work seventy-hour weeks, and spend nearly everything on rent, transport, and convenience. Another might make $70,000 in Lisbon, work thirty-five hours, and spend a third as much. On paper, the first looks more successful. In reality, the second owns more life per unit of time.

Here’s a simple illustration:

A New Yorker earning $10,000 a month after tax, spending $7,000 to survive, and working 240 hours has a Freedom Yield of $12.50/hour.
A Lisboeta earning $6,000, spending $2,500, and working 160 hours achieves $21.90.

Here I’ve provided an example for Sydney, using the median value for Monthly net income, expenses and hours worked according to the statistics bureau.

The FY calibrates these key financial values to allow comparison between various economic opportunities around the world and how much relative freedom they provide.

You can use sites like Numbeo or your LLM of choice to get estimates of the cost of living in most places around the world and plug it into the formula to give you an idea of whether that big move is going to add or subtract from your economic and time freedom.

But that is only part of the equation..

The Quality Factor (QF)

But not every hour of “free” time feels the same.

One might gain a lot more economic and time freedom working from Playa Venao, Panamá, for example, but those surplus hours and dollars may not be as enjoyable to spend in the same place.

That’s where the Quality Factor comes in: a simple way to measure how much life or enjoyment a given location adds to your freedom yield.
It’s the bridge between numbers and experience.

It is also impossible to objectify, however the QF is my attempt to calibrate - as best one might - the difference in quality between the time spent in various locations.

Interpretation

• FY tells you how much time freedom you buy.

• QF tells you how enjoyable that time is likely to be.

In my model I weight the scores evenly and you can search most places around the world and get a consensus number using sites such as: Numbeo etc.

Putting the two together, you can have a crude, but useful tool in evaluating options of where may be best for you in this ever changing world.

Feel free to swipe it and adapt it to your own needs and form your own database here
(Just make a copy and get to work)

Hopefully this essay was helpful and resonated with you.

If you like these short, left-field takes, please do leave a comment.

And if you’re serious about levelling up your freedom you must check out my mastermind waitlist below!

Until next time - All the best and due your own due diligence.

Benjamin

Disclaimer: This publication is intended solely for documenting my personal journey with trading and investments for income and travel purposes. I am not a certified financial advisor nor am I a financial professional and none of the content provided should be construed as investment advice. It is essential to conduct your own thorough research and consult a registered financial service provider for appropriate guidance. I cannot guarantee the accuracy or completeness of the information presented. Any actions taken based on the information shared in any of my work are done at your own risk and discretion

Ready to Take Your Freedom To The Next Level?

Upgrade to premium membership and gain exclusive access to:

• The Royalty King: Dedicated to the art of Return On Investment

  • My investment research that has delivered multi-baggers returns.

• Special Offer For: Borderless Cashflow Mastermind: Generating Location-Independent Income in order to live:

  • Where you want

  • When you want

  • With whom you want

  • Doing what you want

It involves taking a certain amount of my fiat income and ‘turn it into gold’.

Well, as it turns out, I now find myself holding a decent stack of gold which I don’t know what to do with. It has grown in value organically thanks to its blistering rate of price appreciation over 2025.

I’ve outlined in several pieces how I view gold as my investing hurdle rate (and maybe Bitcoin if I’m feeling contentious) and that I’m skeptical of almost any opportunity outside of Crypto, Royalty & Streamers being able to outperform gold over the intermediate term with the macro economic background being what it is today.

I won’t re-iterate my reasoning here and instead encourage you to read through the archives. Broadly speaking, markets look frothy with the SPX showing an earnings yield of 3% . Nothing outside the index except the land, energy and water assets I already own seems attractive enough for me to want to trade my gold for shares of stock.

Uncle Rick was right when he said that it’s psychologically tough to seperate yourself from your gold holdings.

So, what do you do when you own a stack of gold, which is scarce, valuable, physical property, and you want to monetise it, but you don’t want to sell it or take any kind of counter-party risk?

Today I’m letting you in on my solution to the problem which, in success mode, provides me a cash yield of c11% annually. What’s even more attractive to me is that even if the trade loses 100% of its value I end up with a wonderful net profit overall.

Put differently, it’s an income overlay on a long-term inflation hedge a way to earn yield on stored purchasing power without compromising upside of gold itself.

And the best part: at no time whatsoever am I risking my gold bullion.

Sounds impossible?

I assure you it’s not and I will show how.

Let’s take a look

Read more

My most solicited theme by far has been income generation via the options market and I’ve been impressed by the number of people who’ve joined the waiting list.

There’s a critical mass now in terms of interest and so this weekend I gave the go ahead to my developer to advance the project by starting work on the website.

Here’s a snippet of the feedback so far in terms of goals and working capital:

There’s also a decent cohort that is starting out with <$25K working capital so I decided to start there and show how that might look, then document the process as I scale it up.

I’ll keep you updated with regards to progress, but I want the mastermind to be exclusive and hosted off sub-stack and under a domain I own and control.

My goal is to document what I call borderless cashflow: income I can generate anywhere in the world, without employees, clients, or products.

👉 Join the Waitlist Now and make money flow wherever you are 🌍

For the more visual crew - I break it down in this video:

🌾 September’s Harvest

The idea is to start small with a relatable-amount of capital for the newer cohort and scale up both the size and frequency of the trades.

Here’s the breakdown in USD:

• Total Cash Profit: $988.76 (includes commissions)

• Capital at Risk: $16,571.62

• Return on Capital: 5.92%

• Ave Days Held: 11

• Normalised Annualised Return: 192%

• Profit/Day: $89

I know this might not seem impressive on the surface, but remember - I only traded 11 days with a small amount and took the rest of the month off.

Scaling the System

If the same approach were repeated consistently over a 30-day trading cycle, the projected profit would be roughly $2,696 USD recycling that same $16.5 K working capital base.

That’s an impressive use of capital which I could compound without further capital requirements by trading the whole month. The drawback here is the time zone difference which is a killer for managing trade orders.

Scaling to $100 K of working capital at similar monthly returns implies a gross monthly cashflow of ~$16 K per month. A I emphasise in the video however, this is conceptual math, not a promise nor an expectation. In reality, to trade professionally you wouldn’t allocate the entire capital stack into live trades as you may need to adjust or ‘roll’ your positions when they go against you (and they will from time to time). Additionally, other variables such as taxes and market movements will obviously affect the final tally.

My focus today isn’t on the percentage return but rather the concept of establishing a one man insurance company as one pillar of my income streams and designing life around it.

A reader can simply take the concept and run with it.

Context - Cost Of Living

To see what that means in practice, I compared normalised trading income to average monthly costs of living worldwide (single person) according to LLM search:

Before we get carried away with visions of living large, we need our basic needs met. Using the above (very rough guide obviously) it appears that I could survive in most places if I were ever reduced to my laptop, a brokerage account and less than $20k working capital.

*Note - I spent 3 days in San Francisco and have precisely zero desire to return, so no need to outpace the cost of living there!

Case Study 1 – OpenDoor Technologies

OpenDoor was volatile this month which is a dream for options sellers.
I sold the $6.50 put for $1.23 per share across 5 contracts.

• Cash received: $615

• Collateral: $6,150

• Closed at: $0.33 per share

• Net profit: ~10.8 % ROI in 10 days

Simple trade, solid yield, limited exposure.

*Side note:I have a monster position in 2028 options on which I’m too ashamed to share.

Case Study 2 – iBit 16.5 Δ Credit Spread

Sold a $55/50 put credit spread at 16.5 delta.

• Premium collected: $510 net (15 lots)

• Bought back: $165

• Profit: $345 over 10 days

Probability of profit was ~83.5 %. Defined risk, capped loss and low capital requirements.

Building Borderless Cashflow

At the risk of repeating myself, I’m not promising results.

I’m documenting my journey what I’ve learned about using the options market to fund freedom and mobility.

The mission is to build a location-independent income engine that can outpace the ever-increasing cost of living in order to achieve self-actualisation, living life truly on my terms.

That’s The Maverick Life.

👉 Join the waitlist for The Maverick Life Mastermind and learn the framework behind these case studies.

In 2 months I’ll be back in South America for hiking season and will likely be trading weekly or even daily options.

Until next time - take care.

Benji.

Argentina is not for the faint hearted. Its political landscape is always buzzing with intrigue and scandal. Here's a quick look at the latest developments:

• Election Scandals: A dwarf was arrested for ballot tampering, adding a bizarre twist to the Buenos Aires elections. (That’s not a typo)

• Political Dynamics: The alliance between Milei's party and the PRO faction is under strain, with corruption scandals and strategic missteps causing a 15% point loss in the recent provincial election.

• Upcoming Elections: With national midterms approaching, the political climate is tense, and voter turnout is expected to rise.

So what does all this mean from an investor’s or nomad perspective?

Subscribe now

Inflation and Currency Devaluation

Argentina's inflation rate has been a persistent issue, with recent figures showing a decrease from 20% per month to around 2% and the peso has appreciated so strongly against the USD that the dodgy broke-mads who were posting about how cheap the cost of living was have scuttled off to other places.

Despite this improvement, the peso's devaluation after the mid terms remains a significant concern. As BowTiedMara noted, "The central bank has stopped intervening in the FX markets, but the peso is still touching the upper band of currency bands."

Choosing Your Base

Choosing a home base is a crucial decision for those seeking sovereignty. As the Mara suggests, "I would just go somewhere that I would like to live, not so much because it would be cheap or tax advantageous." And he’s spot on here. The focus should be on finding a location that aligns with your values and lifestyle preferences.

Financial Independence

I would add that financial independence is a cornerstone of sovereignty. Generating more income streams from different sources is key and Mara has shared his story in the past about the pitfalls of starting a boots on the ground operation in a country where you aren’t familiar with the local employment laws and culture.

Having a location independent income source is the cornerstone of building your own personal sovereignty and if you’re interested in learning about my secret income engine you’ll definitely want to check out:

Crypto Markets

Another key facet of international living is having access to capital which can be easily transportable across borders and can’t simply be confiscated on a whim.

Cryptocurrencies have seen significant fluctuations, with Bitcoin leading the charge. BowTiedMara predicts "Bitcoin can probably run up to around 125K by the end of the year." This prediction is based on the power law and liquidity trends, suggesting a potential surge in Q4.

My own income generation currently revolves heavily around options strategies I’ll be sharing in the mastermind. In terms of investing I continue my usual tactic of monthly alchemy which you I outlined in this piece:

Markets broadly seem disconnected from the consumer economy and any retraction in liquidity next year might provide more interesting longer term investments on the long side. I’ll continue to monitor my favourite investments and provide updates here.

Until then, take care.

Benjamin.

Disclaimer: This publication is intended solely for documenting my personal journey with trading and investments for income and travel purposes. I am not a certified financial advisor nor am I a financial professional and none of the content provided should be construed as investment advice. It is essential to conduct your own thorough research and consult a registered financial service provider for appropriate guidance. I cannot guarantee the accuracy or completeness of the information presented. Any actions taken based on the information shared in any of my work are done at your own risk and discretion.

Ready to Take Your ROI to the Next Level?

Upgrade to premium membership and gain exclusive access to:

• The ROI Club: Dedicated to the art of Return On Investment

  • My investment research that has delivered multi-baggers returns.

• Generating Location-Independent Income in order to live:

  • Where you want

  • When you want

  • With whom you want

  • Doing what you want

Ahh, Las Vegas.

I’ve had the mis/fortune of visiting more than once back in my sports medicine days, whenever one of my athletes was fighting on a UFC card.

It’s a surreal place and not one I love: neon nights and slot machines etc

When you stroll back to your room at 5:30 a.m., and you see the same person is still at the slot machine they were playing when you went out the night before..

However, no matter how wild the night gets (and as I was in my 20’s - I have plenty of stories) it’s the casino or the house that always wins in the long run.

That lesson became fundamental to my options trading: I don’t want to be the gambler chasing a payout, I want to be the house, running a system where probability and discipline quietly stack the odds in my favour - I want to have the edge.

In my last piece, I wrote about the Wheel Strategy, a way to use short puts and covered calls to generate income. Most ‘lifestyle’ content creators out there would have you believe that selling covered calls on sh*tcos with high volatility premiums is enough to have you leave your job.

In reality, it’s all they know and in all likelihood it’s not enough on its own.

There’s so much more to what I do than simply selling puts and calls. Today I believe you’ll gain an insight into what separates the legit players from the chumps.

The wheel strategy works, but it can tie up a lot of capital and your chance of assignment can run over 50%. That’s fine if you want to own the stock longer term - but what if your focus is purely and simply cashflow?

For this purpose one of my favourite instruments is the credit spread.

This is where things get interesting..

What’s a Credit Spread?

A credit spread involves:

• Selling an option` and buying another option further out of the money on the same side and same expiration date to cap your downside.

EG: I might believe a stock will be below $50 at expiration.

I could then sell a $50 call option and buy a $55 call option. If this results in a $1.00 credit (determined by market pricing), my max profit is $100 - realised if the stock closes below $50 at expiration. The maximum potential loss is $400 - realised if the stock closes above $55 at expiration.

I liken it to selling insurance and then buying protection on that insurance (re-insurance as it’s known).

I collect a net credit upfront - the maximum profit is the premium received, while the maximum loss is the width of the spread minus that premium.

Unlike the Wheel, I never take possession of the asset. It doesn’t matter whether the underlying asset is “cheap” or “expensive” — valuation is irrelevant here.

I’m not investing, I’m engaging in statistical arbitrage for a profit.

And with experience, I’ve learned how to tilt these bets so the probabilities are stacked massively in my favour.
What I’m sharing with you today is worth its weight in gold

However, first we need to understand a few concepts.

Expected Value (EV)

Expected Value (EV) is the average outcome you can expect from a trade if you repeated it over and over. It accounts for both the probability of winning/losing and the size of those wins/losses.

This is where many traders go wrong: they focus on “probability of profit” (POP) (e.g. 90% win rate) but ignore the payout magnitude. EV is what actually tells you whether a strategy is profitable in the long run.

So in our above example, let’s say the $55 call strike had a POP of 30. That implies the market is pricing in a 30% chance of the call finishing in the money (ITM) or 70% probability of finishing out of the money (OTM) and hence worthless. Since I sold the call I hope it finishes OTM below the $55 strike and hence I have a 70% probability of winning.

BUT - that’s not enough, that’s gambling. As the casino owner or house, I need to calculate the expected value of the trade, in this case expressed as

P(max profit) if Stock < $50 ≈ 70% → +$100

• P(max loss) if S > $55 ≈ 15% → –$400

• P(between $50 and $55) ≈ 15% → payoff declines linearly from +$100 → –$400
  • average payoff in this band ≈ –$150 (since it’s linear and breakeven at $51)

EV=0.70($100)+0.15(−$400)+0.15(−$150)=$70−$60−$22.5= −$12.50

Although the odds were in my favour - the EV is negative, meaning over time and on average I’d expect to lose -$12.50 per spread traded!!

No good!

So, what can I do? (apart from choose a different trade, because the market is generally efficient here and will usually give you a negative EV unless you’re trading volatile sh*tcos). I need an edge.

The Trader’s Edge

Edge is the positive expectancy you create when your rules, discipline, and execution tilt the odds in your favour. Without an edge, you’re just gambling.

I think of edge as the expected return per dollar risked.

This is important when assessing the repeatability, durability and scalability of any strategy I might want to run.

It protects against blow ups. (I can have a positive EV in a trade and still blow up if I hit an unlikely, but not impossible, run of losing trades.)

Edge can be created and significantly enhanced through tools like stop losses (SL), pre-determined take profits (TP). In fact, on occasion I have turned a trade with a negative EV into a positive EV though my understanding of edge.

Today, I’ll walk you through a real SPY trade I’ve used, show you how I think about stop-losses and expected value (EV) — and explain why this is the Royalty King’s Casino.

The Trade: SPY 607/602 Put Credit Spread

• Structure: Sell the 607 put, buy the 602 put (30 DTE).

• Size: 100 contracts.

• Premium received: $26 per contract = $2,600 gross credit.

• Max risk (spread width – credit): $47,400.

• Probability of profit (Black Scholes): 97.5%.

• Gross return on risk (per month): 5.49%.

At first glance, it looks asymmetric: risking $47K to make $2.6K. But watch what happens when we bring EV and discipline into the picture.

Step 1: EV Without Rules = Gambling

Most traders stop here. They think: 97.5% chance of winning? I’ll take it.

But let’s run the math without any stop-loss:

• Max win = +$2,600.

• Max loss = –$47,400.

• Win rate = 97.5%.

EV = (0.975 × 2,600) – (0.025 × 47,400)
EV = 2,535 – 1,185 = +$1,350.

Sure, the EV is technically positive. But here’s the problem: one loss wipes out 18 wins. You could spend months grinding small profits, only to give them all back in a single bad week.

This is why most traders blow up. They’re not losing because they’re “wrong” — they’re losing because they never managed the asymmetry.

Step 2: Tilting EV in My Favour

Here’s where I do things differently. I use a stop-loss discipline:

• Rule = stop out if losses = 100% of premium received.

• That transforms the max risk from –$47,400 to –$2,600.

Now add commissions (which vary)

• 200 legs × $0.65 = $130 round trip.

• Net win = +$2,470.

• Net loss = –$2,730.

EV = (0.975 × 2,470) – (0.025 × 2,730)
EV = 2,407 – 68 = +$2,339 per trade.

This is a now a completely different game. Instead of one loser erasing 18 winners, I gain an edge.

Step 3: Annualised Expectation

Twelve trades per year = 12 × 2,339 ≈ $28,100/year net EV.

That’s 59% Return on working capital (ROC). Obviously the end result may vary as you can have various streaks of being stopped out etc.

Step 4: Safe Capital Requirement

We no longer think in terms of the scary $47K “max risk.” With stop-losses, the real question is: what drawdowns can you handle?

• Worst case (1 loser): –$2,730.

• Two losers in a row: –$5,460.

• On a ~$50K account, that’s ~10–12% drawdown. Manageable if you’ve planned for it.

The Royalty King’s Casino

This is the heart of the approach:

• Without rules, you’re gambling — fragile EV, no edge, one loss nukes months of gains.

• With rules, you’re the house — positive EV, capped drawdowns, repeatable income.

One trade might lose. Two might lose. But over dozens, the edge is on my side. That’s what it means to stop being the gambler and start being the casino.

What’s Next

This was a primer. In my premium white paper, I’ll run full Monte Carlo simulations on this tactic — showing how streaks of winners and losers play out in practice, what equity curves look like across hundreds of trades.

For now, I’m sure that’s a lot to digest so I’ll leave with some footage of the afterparty to which I alluded.. Memories for life!

Until then, take care.

Benjamin.

Disclaimer: This publication is intended solely for documenting my personal journey with trading and investments for income and travel purposes. I am not a certified financial advisor nor am I a financial professional and none of the content provided should be construed as investment advice. It is essential to conduct your own thorough research and consult a registered financial service provider for appropriate guidance. I cannot guarantee the accuracy or completeness of the information presented. Any actions taken based on the information shared in any of my work are done at your own risk and discretion.

Ready to Take Your ROI to the Next Level?

Upgrade to premium membership and gain exclusive access to:

• The ROI Club: Dedicated to the art of Return On Investment

  • My investment research that has delivered multi-baggers returns.

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  • Doing what you want

But options, when used correctly, IMHO can be one of the most conservative income strategies available.

Today’s piece outlines possibly the simplest strategy available and whilst you’ll likely need a large account to make enough income from using it alone, I’ll outline how it works and some of the tactics I’ve used to really enhance its effectiveness.

Share

A warning before we get going - this strategy requires patience, tenacity and typically a fairly large capital stack to make it viable as a sole options selling tactic. However, it does nicely illustrate the two basic fundamental pillars of options contracts: puts and calls in a way that is easy to grasp.

Therefore it’s a logical place for me to start this series and although it now only forms a small arm of my options income business it’ll lend itself nicely for later when we look at some more advanced strategies that can really juice some yield from a relatively smaller capital stack.

I will be speaking simply and abstractly rather than technically in this article, hopefully this is understood by the reader - more technical explanations can be found in the archives.

***Most people lose money trading options - even if they pretend otherwise on X. For the love of God do not take what I say as advice - it’s me sharing my thoughts. Caveat Lector***

Step 1: Understanding Puts and Calls

A put option gives the buyer the right to sell stock at a set price. So when I sell puts, I’m basically saying:

“I’ll take on the obligation to buy the stock at the agreed price if it falls below it over the contract period — for a fee, hence I’ll get paid to wait.”

*Key detail: When I do this for stocks I want to simply accumulate I often sell them at a much lower price than where they’re currently trading and usually over a longer time-period. I’ll enter into these agreements for assets I like and would love to own more of at lower prices on occasions where the premium over the capital needed to be set aside returns double-digits or allows me to add stock at steep discounts. This isn’t so much an income strategy as much as a pure insurance company move.

** When I’m more interested in generating cash-income I enter into shorter dated contracts covering 7-90 days at prices closer to the current trading price with the intention of recycling capital, continuously earning a premium.

A call option gives the buyer the right to buy stock at a set price. When I sell calls, I only do so on stock I already own or I purchase re-insurance by buying calls on that which I sold further out of the money (OTM).

Essentially saying “I’ll sell my stock at this price if it rallies there — and I’ll get paid for offering that deal.”

Both are about taking in premium upfront in exchange for committing to a potential future trade.

Armed with this understanding, it’s time for us to enter the wheel.

Step 2: Selling Puts for Entry

The Wheel begins with cash-secured puts. I choose a stock I’d be happy to own (ideally with strong fundamentals or dividends).

**Stop right there - this means I better have done some work beforehand to arrive at an opinion as to its intrinsic value**

What? You thought this was all easy?

My outcomes after selling a put are:

• If the stock stays above the strike → I keep the premium.

• If it dips below → I buy it at the strike, effectively at a discount

I liken it to getting paid to place a limit order.

Step 3: Selling Covered Calls

Once shares are assigned, I flip the script and immediately sell what are now covered calls since I own the stock:

My outcomes here:

• If the stock rises and gets called away → you sell at a profit plus keep the option premium.

• If it stays flat or drifts → you keep stacking premium each month by selling again and again.

Now I’ve created an income stream while holding shares. I call this ‘renting out my stock’. Where you place the call is up to you - usually I place it ATM - it is sensible to only sell calls at a strike price at or above your breakeven cost or else you will be crystallising a capital loss if the shares are assigned away.

Step 4: The Wheel Keeps Turning

When the shares are called away, it’s back to Step 2: selling puts again.

Puts → Shares → Covered Calls → Back to Puts.
Premium → Premium → Premium.

That repeatable cycle is what makes it a cashflow machine.

The idea is simple enough but like most things, the application is more involved than you’d think. In fact, I’d be willing to wager that most who rush off to try this end up having their underlying assets eventually selling off hard and finding themselves stuck underwater in a trade with no income nor equity upside for a potentially long time.

I’ve certainly learned this the hard way when I was starting out.

I’d like to stress the best mindset in using the wheel strategy is to think of it as a yearly or even 6-month campaign.

Here are some details I’ve found very helpful when undertaking a wheel campaign.

Avoiding the Biggest Trap: Dead Money in a Selloff

The danger comes when you buy stock in a selloff and get stuck. The stock is way below your entry, covered calls at your strike are worthless, and you can’t generate income.

My pearls of wisdom:

• Start with half your capital. Sell puts Using only half your planned capital.

• If assigned, deploy the other half by selling another lot of puts ATM/OTM + an ATM covered call - Turning the trade into a covered strangle. This guarantees that you receive the full premium on either side of the trades as the underlying price obviously cannot simultaneously finish above the call strike and below the put strike at the same time. THIS IS HUGE!

  • This also allows for lowering the average entry price over time which prevents a situation where I’d otherwise be stuck in a stock too far away from my entry to sell covered calls.

• Lastly - whilst ATM puts carry the juiciest premium, if you’re happy to accept lower rates of return you could sell puts further OTM (20 delta, or even 10 if your book is large enough).

Why Dividend Stocks Supercharge the Wheel

Running the Wheel on dividend-paying stocks adds another safety net:

• Dividends provide cashflow even in downturns.

• Dividend stocks are often more range bound, keeping option premiums steady.

• In big drawdowns, dividends help offset the “dead money” risk.

This gives my campaign three cashflow cylinders:
Premiums + Dividends + Capital Gains.

The Wheel in Action – PBR Example

To make this concrete, here’s how I recently applied the Wheel on Petrobras (PBR):

Step 1: Selling Cash-Secured Puts

• Stock: PBR - A stock I know well, expecting 10% + divvy

• RSI ~35 (oversold), MACD turned positive

• Stock price: ~$12.20

• Trade: Sell the $12 strike put, 30 DTE

  • Premium: ~$0.20 per share - $20 per lot (100 shares).

  • Collateral: $1,200 per lot -

I scale up according to my goals I.e: If I want $200 income from this strategy I sell 10x lots and hence require $12,000. For $2,000 income → $120,000 etc.

Outcomes:

If PBR stays ≥ $12 → keep $0.20 (≈ 1.7% in a month, ~20% annualised).

If assigned → effective cost basis = $11.80.

Step 2: Selling Covered Calls (Assuming Assignment)

• Entry price: $12.00 (or $11.80 effective after put premium)

• Strike: $12.50 call, 30 DTE

• Premium: ~$0.26 (unchanged)

Outcome:

A/ If PBR stays ≤ $12.50→ keep $0.26. Return on Capital ($26/$1,200) ≈ 2.2% in a month. I repeat the process next month.

B/ If PBR moves up ≥ $12.50→ The stock will be called away and I am obliged to sell for $12.50 per share.

• Call premium collected = $0.26 per share = $26 per lot

• Capital gain = $12.50 – $12.00 = $0.50 per share or $50 per lot

For the all-in profit from start to finish on this round trip adventure using the wheel strategy:

• Put premium = $20

• Call premium = $26

• Capital gain = $50

• Total = $96 per lot

Return on Collateral

• Collateral required = $1,200 per lot

• Return = $96 ÷ $1,200 = 8.0% over ~2 months

• Annualised ≈ 48% (if repeated consistently)

Notes:

• If I am holding the stock on the ex-dividend dates throughout the year I will receive those dividends - good idea to sell the calls at a higher price around those times to qualify for the dividends but I will sacrifice option premium as they are further OTM.

• Asset selection here is important as the tactic isn’t so much about buying and holding for appreciation- I’m after a range bound stock that’s not prone to huge yearly moves so I can keep writing fairly close to the money to juice the yield.

• Very different mindset to long term investing - this is a cash generating business where’ I’m trying to recycle as many options contracts + dividends through the same capital outlay as possible. (Analogous to owning a short term rental on airbnb - I want cash generating turnover).

• RSI & MACD can help time entries/exits → sell puts when oversold, sell calls when overbought.

• Dividend timing is critical → high-yield names often get early assignment near ex-dividend dates. Adjust strikes 5–7% OTM or skip that week to avoid surprises.

En Fin..

The Wheel is simple, but when you add:

• Technical timing

• Dividend awareness

• Tactics like covered strangles

I can use it as a scalable digital income strategy - One cylinder in my options income engine.

In future pieces, I’ll break down strike selection, risk management, and scaling the Wheel across multiple tickers.

Until next time - All the best and due your own due diligence.

Benjamin

Disclaimer: This publication is intended solely for documenting my personal journey with trading and investments for income and travel purposes. I am not a certified financial advisor nor am I a financial professional and none of the content provided should be construed as investment advice. It is essential to conduct your own thorough research and consult a registered financial service provider for appropriate guidance. I cannot guarantee the accuracy or completeness of the information presented. Any actions taken based on the information shared in any of my work are done at your own risk and discretion.

Ready to Take Your ROI to the Next Level?

Upgrade to premium membership and gain exclusive access to:

• The ROI Club: Dedicated to the art of Return On Investment

  • My investment research that has delivered multi-baggers returns.

• The Options Income Engine: Generating Location-Independent Income in order to live:

  • Where you want

  • When you want

  • With whom you want

  • Doing what you want

The Mastermind is finally ready - Join where you get full access to my trades and how I operate my own portable income machine to generate borderless cashflow

You asked for more of this - so here it is.
Today’s piece is an intro to an entire segment I’m building dedicated to building and scaling a digital income stream through publicly traded stocks + options.

Many of you have followed my adventures for a while now - which were mainly covered in my old publication - The Maverick Life and it seems you fancy building a Maverick life of your own, or at least an extra income stream in today’s economic environment.

Now that’s all totally fine except I have to say that the Maverick life isn’t all it’s made out to be by the, quite frankly insufferable fugazis on X who boast about how great their lifestyle is whilst being unable to pay their internet bill in a $500 per month 1 Bedroom apartment..anyway I digress..

The focus in this segment is on building an income engine designed to generate consistent cash flow, protect downside, and still leave upside potential intact.

Think of it like building an engine – it needs all the cylinders firing in harmony. In this section of the publication I’ll be showing you the cylinders of this options income engine and the philosophy that makes it work. These are free to learn, and you can apply some ideas right away. The application of the techniques will be for premium members.

Philosophy & Foundations (The Why & Mindset)

Why Options for Income?

I started my journey using options during the COVID era. I had just sold my first real business and was suffering the lockdowns in Victoria, Australia.

There’s nothing like being isolated to make you want to travel and nothing like having your freedom ‘revoked’ to make you realise the importance of diversification geographically, politically and financially.

Or as the great Doug Casey would say:

“Have your assets in one country, your citizenship in another, and your ass in a third. That way no one government has too much control over your life.”

I went down the rabbit-hole of becoming a truly sovereign individual - I began the process of obtaining multiple citizenships and residencies, opened global brokerage accounts and payment carriers, bank accounts etc. Therefore I speak from a place of actual experience - please be careful listening to the spruikers out there, they may have a large following as a result of selling controversy and hopium but I caution being very selective about who you may choose to do busienss with.

Anyone reading thinking about who to trust can drop me a DM and if I have nay knowledge I’ll share it.

I sold down my Australian real estate portfolio and began to move my capital into more liquid, public markets - keeping my capital-light business interests, yet remaining nimble enough to move at a moments notice if needed.

The final piece of the puzzle was always building an income source that had no geographic ties - one I could scale and take with me wherever and whenever I want.

This is where options made the most sense for me.

I thought about doing the whole e-commerce thing, but I never liked the management side of running my own business, I always preferred the creative aspects of entrepreneurship.

Selling options for me is about building a digital source of income that I control. Not so much about speculations with large payoffs - although they can be used for that also. This is an income stream that, if you’re good, you can run from anywhere with an internet connection, without employees, inventory, or overhead.

It’s flexible—you can trade more when you want to increase income or scale back when life gets busy. It can fit alongside your existing job, business, or travel schedule, making it perfect for anyone who values freedom and autonomy. Whether you want to work from home, a beach café, or on a mini-retirement adventure, options income can give you control over both time and cash flow.

However, I never said this was easy - especially if you try to go it alone. There’s a learning curve to it, just like anything else in life.

Why I Like Options for Income

• Digital & Portable – Can be done from anywhere with an internet connection.

• No Employees or Overhead – No staff to manage, no office, no physical inventory.

• Flexible Workload – Trade more when you want higher income or scale back when life gets busy.

• Pairs With Other Income Sources – Works alongside a job, business, or investments.

• Scalable – Start small and grow as you build confidence and capital.

• Mini-Retirement Friendly – The system allows for travel and time off without shutting down your income stream.

• Leverage - I can gain100x leverage and pre-define the risk before entering into a trade. No debt nor interest applicable.

Philosophy of Selling Options

I seperate my portfolios according to their purpose and respective goals.

I have a long term wealth portfolio for my favourite capital light compounders which you’ll read about in the . They’re mainly Royalties or similar type business models - I’m always raving about their superiority and hence that earned me my nickname ‘ The Royalty King’.

I am also building and scaling an income portfolio. Where the goal is not just to collect a great portfolio of assets and maybe sell an option here and there- but rather to take a stack of capital, generate enormous yield through options + dividends and recycle that capital as often as I want in order to turn it into an income machine.

There are two main approaches I use depending on my goals:

• The Insurance model: Think like the house, not the gambler. By shorting puts or using credit spreads, you take the consistent side of the trade. This is how I started and in my long term portfolio I still use this to accumulate my favourite stocks.

  • Note: Not as easy to generate consistent income if you’re going to rely on the income from premium sales to pay your bills. Great for lowering average entry price over time.

• The Renting/capital re-cycle model: Recycling capital by buying or controlling stock and then “renting” it for yield. This can turn a portfolio into a monthly pay check machine. I’ll be going into detail with this and providing real-life example trades to premium members to help it sink in.

So that this piece doesn’t become too long, let’s take an overview of the main tools or types of options tactics I use for this and I’ll be going into detail with each one over the rest of the modules of this course which will be uploaded onto sub stack.

I call these the cylinders, because they are the basic components of the engine.

The Cylinders of the Engine

Cylinder 1: The Covered Call

You own stock. You sell a call option against it. Simple, reliable, and pays you cash every month while you wait. If the stock trades flat or rises slowly, you win twice: dividends + option premium.

Eg: This ATM Covered call I sold on RIG in Feb of ‘23 whilst celebrating Carnival in Bocas Del Toro, Panamá.

Capital: $6,630 Premium sold: $370

ROI: 5.59% in <4 days!!

The Maverick Life

A Simple yield play offering a potential 5.59% Weekly ROI

*Disclaimer: The purpose of this publication (Options Mavericks) is to document my journey with options trading for income and traveling. I am not qualified to give any financial advice and nothing I say or do is to be interpreted as investment advice…

Read more

3 years ago · 4 likes · The ROI Club

Cylinder 2: The Cash-Secured Put

Instead of waiting for a dip to buy a stock, you get paid to wait. You sell a put option at the price you want to own it, and if the stock drops, you own it cheaper. If not, you keep the premium. Like in this example where I made $4,080 using just $43,920 capital in 40 days selling puts on .

The Maverick Life

Options Mavericks Trade Alert

In this video Ben walks you through a trade he’s making to generate income…

Read more

3 years ago · The ROI Club

Cylinder 3: The Protective Collar

You own a dividend stock, sell a call for income, and buy a cheap out-of-the-money put for protection. Think of it as generating yield while building a floor under your portfolio. (Video here)

Cylinder 4: The Poor Man’s Covered Call

For when you don’t have the capital for a classic covered call. Instead of tying up tens or hundreds of thousands of dollars, you use a long-dated call (LEAP) as your stock replacement, then sell short-term calls against it. This frees up capital for other opportunities while still generating monthly income. The return on capital can be insane!

Cylinder 5: Dividends + Yield Boosters.

This cylinder uses quality, dividend-paying companies – think pipelines, royalties, midstreams, and utilities. These stocks already generate a natural yield. The options strategy is simply the turbocharger. You’re long the stock (or a synthetic stock position like a PMCC) and you sell an out-of-the-money call and an out-of-the-money put at the same time. It’s like running a covered call and a cash-secured put together, pulling in premium from both sides plus enjoying the dividend.

Cylinder 6: Credit Spreads

A defined-risk, stat-arb income play. Instead of selling a naked call or put, you pair it with another option further out of the money, capping your risk. You still collect premium, but your downside is locked in from the start. Perfect when you want that sweet premium income without the “blow up” risk that naked options can carry.

Cylinder 7: Butterfly

A precision income tool for tightly ranged assets like bond or gold ETFS. You sell two options at the same strike and buy one option above and one option below. It’s cheap to put on, has defined risk, and can deliver a great return if the stock pins near your middle strike at expiry. Perfect when you expect a stock to stay in a price range and you want to get paid.

Cylinder 8: Iron Condor

The neutral, balanced cashflow machine. You sell an out-of-the-money call spread and an out-of-the-money put spread at the same time, creating a range where you keep the full premium as long as the stock stays in your lane. Your risk and reward are both capped, but often can provide an expected profit 90% of the time.

Repeatable income without surprises.

Past performance is not indicative of future results. All investing involves risk, including the potential loss of principal. There is no guarantee that any investment strategy, including those discussed here, will achieve its objectives or generate profits. You should carefully consider your investment objectives, risk tolerance, and financial situation before making any investment decisions.

This is just the blueprint.
These are the parts, but the real magic is learning how to assemble them into one coherent income machine.

We’re heading into the second half of 2026 and I plan to make 2026 my highest cash flow year yet.

Premium memberships will be going up next year - those purchased in 2025 will keep the same rate.

Until next time - All the best and due your own due diligence.

Benjamin

Disclaimer: This publication is intended solely for documenting my personal journey with trading and investments for income and travel purposes. I am not a certified financial advisor nor am I a financial professional and none of the content provided should be construed as investment advice. It is essential to conduct your own thorough research and consult a registered financial service provider for appropriate guidance. I cannot guarantee the accuracy or completeness of the information presented. Any actions taken based on the information shared in any of my work are done at your own risk and discretion.

Ready to Take Your ROI to the Next Level?

Upgrade to premium membership and gain exclusive access to:

• The ROI Club: Dedicated to the art of Return On Investment

  • My investment research that has delivered multi-baggers returns.

• The Options Income Engine: Generating Location-Independent Income in order to live:

  • Where you want

  • When you want

  • With whom you want

  • Doing what you want

“I don’t write music out of silence, I merely punctuate the music with periods of silence”

-David Steindl‑Rast (paraphrased)

Similarly, under a fiat standard, we don’t experience break out periods of inflation but rather some periods of inflation are tempered by interruptions (silence).

I hope someone quotes me on that one day…

My focus this year has mainly been finding ways to outpace the debasement of global fiat money which appears to be decaying at an annualised rate of 7-8% since 2000.

I see that some of my friends who have only know the Anglo-speaking world of (relatively) slowly decaying currencies are slowly starting to realise they’ve spent their entire lives inside a bubble of false security as they see their cash eroding with evermore ease, at an ever faster rate thanks to their central banks and governments providing ever more liquidity injections.

One day they soon may experience the fun of weighing their fiat notes in order to transact (hopefully not).

My (unpopular) take has been that much of successful investing will simply come down to keeping pace with this and that is something that many investors and speculators likely won’t achieve, regardless of the noise they make online.

They’d simply be better off systematising their fiat earnings into gold which has historically shown to, at a minimum, keep pace with the expansion of the money supply. Something I outlined in my January piece here:

In fact, since 2000 gold has outperformed the global M2 expansion AND the S&P500 even with the dividends re-invested.

But if you’ve been reading my musings for a while you’ll already be on top of this.

The question today is if ‘digital gold’ aka Bitcoin, might provide an alternative way to outpace inflation and if that is indeed the case, can I find some ways to outperform even Bitcoin?

So far we’ve seen BTC more than keeping pace with the global liquidity injected into fiat currencies since 2013.

The thing is that BTC’s growth does depend on the adoption of its network, however that very adoption is likely to be encourage by the continued debasement of fiat currencies as individuals and institutions look to it as a better store of value due to its fixed supply. As I outline in my last piece, this doesn’t require that those individuals and institutions move all of their capital into BTC, merely a 2.1% of global nominal wealth moved across to BTC would bring us to ~$480K per coin by 2036.

This is not a certainty, but I do believe it’s highly likely and provides the basis for an attractive asymmetric speculation. In the text below I provide premium members with some derivative trades that both increase the potential payoff AND decrease the risk - yes it’s possible.

But first let’s examine some of the things that may derail Bitcoin, however unlikely they may be.

1. Governments around the world stop inflating the fiat currencies…. LOL.

I won’t go through the whole thesis again here but safe to say that even if a sovereign wanted to constrain their power and popularity (which they hate) by defaulting (which they won’t), then backing their currency with hard money, the debt load is such that it’s not even clear that it would be possible. Particularly in the USA - the world’s reserve fiat currency, where since 2007/8 the soft nationalisation of banking institutions like Fanny Mae and Freddie Mac is such that the sovereign debt and private debt are now inextricably linked.

Not to mention a default would likely trigger a civil war...

So, safe to take that one off the table.

2. Rising interest rates

This IMHO is the short term threat to bitcoin and we have seen BTC struggle in such an environment on two prior occasions:

• 2016–2018 cycle:

  • Fed raised rates from 0.5% → 2.5%.

  • Bitcoin still surged in 2017 (adoption + halving), then corrected in 2018 during peak tightening and balance sheet runoff.

  • My take: BTC can rise in early hike phases if liquidity is still strong but tends to struggle when real liquidity drains.

• 2022–2023 cycle:

  • Fed hiked aggressively (0.25% → 5.5%) to ‘combat inflation’.

  • Bitcoin dropped from ~$68k (Nov 2021 peak) → ~$16k (Nov 2022 trough).

  • As the Fed slowed hikes and liquidity stabilised in 2023, BTC mooned.

As you can see, in the short term the FED can scare the price of BTC down, however given that the US government is now due to pay over $1.3 Trillion in debt interest alone in 2025 and that figure continues to grow as a % of debt/GDP, sustained increases in interest rates are not viable as the US would need to go ‘full Zimbabwe’ in a higher rate environment by injecting an Argentina-esque amount of liquidity into the system to service higher debt costs.

So, without making this article too long, the question for me is not whether BTC succeeds in cracking Hayek’s code as a form of private money (I’m doubtful will).

The only thing I care about is does it outperform increases in liquidity relative to gold?

If you’ve read my content you’ll know that I invest in gold royalties for sustainable long-term alpha on over the gold price.

But how do you do that in BTC?

Let me share some ideas..

Read more

I won’t reveal his name, but each and every one of you has seen his threads on X and articles on sub stack.

He messages me at random times, sometimes after periods of radio silence. The interesting thing is that I’ve developed an intuition around when I’ll hear from him as it often eerily coincides with global macro events.

For instance, he correctly told me he had good reason to believe that Israel would strike Iran back in December last year. Months later he was proven correct.

This text just said “How are u? Free to talk?”

We then proceeded to have one of our chats, comparing notes over various events and the likelihood of their various macro outcomes. After 20 minutes or so of discussion, he asked the question I knew was coming - because he always asks it towards the end of our discussions:

“So, what’s the trade?”

I outlined what has been on my mind for nearly 9 months: we’re in the midst of a macro-monetary reset coinciding with the most significant geo-political regime shift seen in many decades.

Ergo, no matter which angle I view the world from, no matter the lens through which I size up any given investment idea, the cash everyone is ‘discounting’ in their DCF models will be revalued against gold or, if enough people consider it digital gold, Bitcoin.

For those like my friend ‘M’ who are trying to allocate 10’s if not 100’s of millions of dollars to preserve and grow wealth, macro, liquidity and geopolitics matter.

Fundamentals alone won’t help much if a president crushes your investment theme with the stroke of a pen, nor can my friend afford to leave millions tied up in any given investment for a decade if a war breaks out.

There are levels to this game.

Which is why he is always asking me to find ideas and run them through a filter that reduces the risk of any one government crushing a given industry or asset class.

Therefore, as I argue in the piece below, gold is the new hurdle rate. For alpha on the gold price performance, choose an asymmetric derivative on gold itself with no theta, or time decay (translation = Gold Royalties)

In my mind I visualise it thusly:

Fiat purchasing power in USD continues to decay at >7% per year on average and looking at the US fiscal situation I see them needing more than one year of double-digit inflation over the next decade to restore the debt/GDP ratio (nominal GDP). Inverting that and drawing a mental graph should illustrate the base case for the gold price re-rating higher at the same rate in an ‘upwards and to the right’ linear fashion.

Various other commodities prices when measured relative to gold will exhibit various out/under performance over certain timeframes as illustrated by the synovial wave pattern above.

This is why I see most people messing up a good opportunity as the temptation to try to time the oscillations by trading other commodities will be too much for most.

When gold is sloping upward at 7-10% PA it, not the US 10 year at 4%, is one hurdle rate I use.

So what about the other hurdle rate I mentioned, Bitcoin?

I’m glad you asked - let me share my thoughts with you.

Read more

Imagine running a business where you collect steady premiums like an insurance company, without the need for employees, office space, or complex infrastructure. That’s exactly what selling options feels like to me—a highly portable, capital-light business that lets me earn money from anywhere in the world.

For premium members - in today’s update I share a video covering the portfolio of assets I own and the insurance contracts (put options) I’ve sold. These contracts are yielding me approximately 23% on my portfolio value without my having to contributed any further cash - truly a capital light business indeed.

Announcement: Attending The Rule Investing Symposium

I’m excited to share that I’ll be attending Uncle Rick Rule’s (TM) Investing Symposium in Boca Raton, Florida—a must-attend event for anyone IMHO.

If you’re interested in attending, whether in person or from the comfort of your home via live stream, I highly recommend it. From my previous attendance I discovered/invested in the likes of GROY, UROY, WPM.

Use my affiliate link here: it’s an event you don’t want to miss.

And if you’ll be there in person, let me know!

I’d love to connect, exchange ideas, and hear about your journey.

Now, back to running a 1-man Insurance Co.

Selling put options is like insuring someone else’s portfolio: I get paid to take on the risk of buying stocks in the event their prices drop below certain strike prices.

So then, obviously, I choose very carefully the stocks I underwrite.

Why would anyone pay me for this?

Institutional capital and large hedge funds often pay for this insurance as they need their portfolios to remain above certain thresholds due to their way they operate; institutions often need to make payouts and some hedge funds often use an ungodly amount of leverage and therefore can’t afford their books to drop in value and trigger margin calls.

Selling put options is my way of being the insurance company rather than the insured.

Using Options to Fund My Lifestyle.

One of the things I love about selling options is how it aligns perfectly with my lifestyle. Whenever I have a lot of travel coming up - this year it looks like I’ve got 4 big overseas trips in the calendar - I often use this strategy to cover my expenses.

Tickets, accommodation, meals, and even a few indulgences along the way can all be funded by the premiums I earn. When done successfully, it’s like turning the markets into a personal ATM, but it’s NOT for beginners and one must have a disciplined approach.

For my premium subscribers, I dive deeper into how I structure these trades, the criteria I use to select stocks, and the risks you need to manage.

The premiums I collect upfront are mine to keep and if the stock doesn’t hit my target, I simply move on to the next trade. If it does, I buy the stock at a discount and can even sell options on that same stock if I choose.

Want to learn more?

Consider becoming a premium member. I’ll walk you through the exact trades I make and give you exclusive access to:

• The ROI Club: Dedicated to the art of Return On Investment

  • My investment research and analysis.

• The Maverick Life: How I Generate Location-Independent Income so you can live:

  • Where you want

  • When you want

  • With whom you want

  • Doing what you want

Become A Premium Member Of The ROI Club Today.

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As someone who has traveled extensively and explored multiple residency options worldwide, I’ve come to appreciate Paraguay as a standout destination for those seeking financial freedom, personal sovereignty, and a welcoming environment for innovation. I'm looking to add it to my list of residency options and after having had bad experiences with lawyers etc during different citizenships and residency processes let me share why Paraguay might be your next move, with insights from my recent podcast featuring Paul and the team at Plan B Paraguay.

In case you missed it check out our first conversation here:

1. Tax Advantages

Paraguay’s territorial tax system only taxes income generated within the country. Foreign income? Completely tax-free. For digital nomads, investors, and crypto enthusiasts, this can translate into massive savings. Low corporate tax rates sweeten the deal for entrepreneurs.

*Note: you must obtain and MAINTAIN LEGAL TAX RESIDENCY in Paraguay to qualify or your country of origin may look to claim taxation even in the event you've moved.

** US citizens - you're not so lucky and this doesn't apply.

2. Political Stability and Freedom

With a stable government and minimal regulatory interference, Paraguay provides a consistent and secure environment. Personal freedoms are prioritized, giving you the space to live and work on your terms.

3. Crypto-Friendly Atmosphere

Abundant, affordable electricity and a lenient regulatory stance make Paraguay an emerging hub for crypto mining and investments. It’s an ideal choice for those deeply involved in the crypto world.

4. Effortless Residency Process

Securing residency is refreshingly simple. A bank deposit of around $5,000 USD can set you on the path to permanent residency, with potential citizenship after just three years. *Talk to Paul and the team because there are changes occurring here*

5. Cost of Living and Lifestyle

Paraguay offers a high quality of life at a fraction of the cost of many Western countries. Its warm climate, rich landscapes, and community-focused culture make it a delightful place to call home.

In the podcast above, Paul estimates that you'd want an income of at least $20,000 USD per year to make it worthwhile. Easy as.

6. Regional Access

Located in the heart of South America, Paraguay is a strategic base for exploring the continent’s economic and cultural hubs, including Brazil and Argentina.

In my podcast with Paul we dive into what makes Paraguay a compelling choice for living the maverick life.

What do you think? Could Paraguay be the right fit for you?

If you'd like to learn more, feel free to book in for a chat with Paul and the team below, be sure to tell them I sent you.

Get in touch with Paul Here:

https://calendly.com/planbparaguay/plan-b-paraguay-residency-maverick

Stay adventurous Maverick,
Benjamin.

- Brazil is the country of the future, always has been and always will be.

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Welcome back to the ROI club.

Brazil’s currency, the real (BRL) is down 20% this year and sits at historic lows against the USD as seen below.

In a nutshell: The market hates Lula and is basically afraid he’s going to ‘pull a Chavez’ and turn Brazil into Venezuela.

Spoiler alert: Not likely to happen.

My take: Latest announcements that the national budget won’t deliver a surplus but rather a 1% deficit has resulted in stocks sold off like a Brazilian baby with the bathwater and provide a nice entry point for patient investors who understand yield.

Aside from war, hyperinflation or societal collapse, a yearly move that big is simply not suppose to happen in the world’s 8th largest economy.

Argentines, who prior to Milei, are used to their peso devaluing by 100%+ year on year, are celebrating the fact that it’s now much cheaper to holiday in Brazil than inside Argentina - below.

After years of being on the other end of this type of ribbing, Argentines are relishing ‘hinchando las pelotas’ of their neighbouring big brother.

I myself am organising a trip to Brazil in 2025.

Vacation plans aside, Brazilian stocks have been such a disaster that even my good friend is de-gringoing and looking for big, fat, round, juicy, Brazilian… bargain stocks. Listen to our latest chat as we discuss why the US dollar’s recent strength may roll over in 2025 and provide a big tailwind for foreign stocks, which would benefit Brazil.

The BOVESPA is down 23% YTD with the equities I care about as follows:

• PBR -0.65%

• Vale - 31%

• PAGS - 37%

• BAK - 40%

I own PBR and PAGS currently and am most familiar with those names having owned them in various sizes over the last 2-3 years. You can find my takes on each in this sub stack’s archives and on my youtube channel.

My take on all of the above is coming over the next few weeks, including some options trades offering riDONKulous income opportunities for those looking to generate some extra cash.

Starting with the crown jewel of Brazil, Petrobras, today I leave you my updated take on what I think it’s worth and how I’m positioning my investment, along with an option trade that offers me a 39% cash return up front.

Let’s dig in.

Investment Idea: Petróleo Brasileiro S.A. NYSE: PBR or PBR.A

Executive Summary:

Petrobras explores, produces, and sells oil and gas in Brazil and internationally. The company operates through Exploration and Production; Refining, Transportation and Marketing; and Gas and Power.

Petrobras dominates offshore E&P and is proud of their hydrocarbon business stating their aim to be in the top 5 producers worldwide by 2030

Investment Thesis:

The king of offshore growth. CAPEX and shareholder returns. Ample reserves insitu with an organic replacement rate of 168% LTM provides return of profits to investors without compromising the future. Dividend yield of ~10% expected with overall break even rate of $35/BBL implying limited downside. Investors can conceivably use the high yield + options market to conceivable lock in 15%+ returns over the next 2 years.

Reserves:

11 Billion BOE = 10x years of stay flat production Vs Current MC/FCF <5x

i.e: Today’s price implies an investor makes their money back in roughly 5 years and enjoys the rest of the profits from production for free.

My Notes:

Fears over ‘nationalisation’ abound. Actually, the Brazilian government already owns the majority of the shares and relies on the dividend to fund its social rents (effectively it already is nationalised).

PBR increased 11x during Lula’s previous presidency and yes, that was on the back of an epic bull run where oil rose 400%. The point is more that not even Lula can ruin PBR (At least not yet).

Valuation:

To value a super major like this one it’s easy to get lost so I’ll keep it elegantly simple with the aim of getting it ‘roughly right’ as opposed to 'precisely wrong’.

The key components are: how much product can PBR produce, at what price, how much will it cost to produce and operate the business and how much of the profits will be returned to shareholders?

USD will be kept constant throughout and any favourable change back to a ‘normal’ BRL/USD cross rate will be considered a bonus.

Production in 2024 has been steadily around 2.7 MBOED and is expected to grow at 3% over the next 5 years thanks to their exploration in their offshore pre-salt territories.

An overall price of $85 BOE is analysts estimate for 2024.

Their EBIT and free cashflow (FCF) margins have averaged 23% and 14% respectively over the prior 2 decades and impressively, their ROE track record is 17.11% over the same period. Despite the fact that this business model is usually way too capital intensive for my liking, management have racked up ROE numbers slightly ahead of the best-in-class, XOM (16.07%).

Putting together a sketch of my estimates of the next 5 years I think that in a flat, base case, PBR can easily ave 3 MBOE at $85 BOE realised. Using 14% FCF margin that’s approximately $13.4 Billion in free cash on today’s MC of $87.5 Billion or a 15% FCF yield.

The company’s target is 3.2 MBOE and at $95 BOE. This implies:

The company earns back its entire market cap in less than 6 years and dividends of $1.12 per year on average per ADR or ~8.8% yield.

Whilst perhaps decent for some, this alone is not enough for me to buy the straight equity. However, PBR is a nice options vehicle and I see some plays that offer me a way to juice that yield up to as high as 39% and significantly reduce downside.

This is the sort of play I’ve been milking for years and allows me to live The Maverick Life of adventure with geographically independent income stream.

To earn a peek over my shoulder on this one, become a premium member today.

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In today’s Maverick Life segment I’m commenting on financial market action YTD and providing commentary where I think I can add some value.

In the premium section you’ll find my portoflio overview, along with trades I’m putting on next month.

Make sure you check out my latest podcast with Don Durrett where we discuss the recent stock market action plus a solid 30 mins of commentary on crypto in the aftermath of the US election.

An Important chart that has (almost) everyone confused it seems is the below, showing gold rising in tandem with the US 10 year bond yield during the first half of the year. Most run-of-the-mill economists expect gold to sell off in the face of rising yields as investors view the opportunity cost as more attractive and hence captial chases the higher yield.

This theory only holds true in economies where the government can raise real interest rates i.e interest rates above that of the rate of inflation. However, with the US government debt/GDP sitting around 122% and approximately 20% of all tax receipts going towards servicing the interest alone by 2025 there’s simply no way I can see real interest rates shooting upwards anytime soon.

People will point to the TIPS market and CPI to make the case for inflation holding steady, with CPI expected to annualise at 2.9% in the USA for 2024.

The TIPS currently show market expectations of inflation sit at 2.1% yearly average over the next decade see here.

I will definitely take the over on that.

My Central Investment Thesis - How’s it working out?

Whilst I’m still a deep value degen at heart, I’m completely sold on keeping those plays to 20-25% of my portfolios and allocating towards capital-light, high quality compounders for the remainder.

My time studying Murray Stahl and conversing with James Davolos from Horizon Kinetics has evolved my thinking and capital allocation. I feel very comfortable passing on so many opportunities and allocating more of my investment capital towards fewer, higher quality business models which, unlike the turn-arounds, do not have to be ‘re-allocated’ nor ‘rotated’ over time. Rather these businesses can compound away through virtually any type of macro economic environment and over multiple cycles.

Much easier to win with this playbook and far less stressful.

Here’s an example from the oil space illustrating the difference between the higher quality business models (Royalties) vs the main producer and two service indices in the sector.

Indexed to 100, the chart shows how a $100 allocation to each of the names has performed YTD.

Now you might be thinking, ok Benji but that’s only YTD and LB only IPO’d in July. Over time that might revert or somehow look different, right?

Well, let’s take a look over the last 5 years, I’ll take out LB due to it being such a new company.

What about a longer timeframe then?

So there you have it.

Hopefully you’re starting to appreciate why I’ve been dropping everything else and moving more and more towards these types of businesses.

They are simply superior models and better stores of value.

The only thing I could find that matches TPL’s performance is Bitcoin.

But that’s a subject for another day..

If you’re interested in learning about the trades I’m putting on this week, sign up for a free trial today and you’ll gain immediate access + access to the entirety of my investment research.

If you then choose to stay on, paying annually will cost you the monthly equivalent of $25 and save a ton of processing fees. I humbly suggest it’s a no-brainer, given many of my ideas, such as TPL and LB etc have already been mutibaggers.

See you in the club.

Disclaimer: This publication is intended solely for documenting my personal journey with trading and investments for income and travel purposes. I am not a certified financial advisor nor am I a financial professional and none of the content provided should be construed as investment advice. It is essential to conduct your own thorough research and consult a registered financial service provider for appropriate guidance. I cannot guarantee the accuracy or completeness of the information presented. Any actions taken based on the information shared in any of my work are done at your own risk and discretion.

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There’s not much that will increase a man’s individual sovereignty more than a juicy dividend stream. With your purchase entity structured correctly, you can enjoy a steady stream of income from anywhere in the world without surrendering an outrageous amount to the bad guys via taxation. Combine this with a man’s best friend, geo-arbitrage, and you can find yourself living the maverick life, with your income in a stronger currency than your expenses.

A truly wonderful set of circumstances.

I myself have been fortunate to live this very lifestyle on more than one occasion, retiring to Latin America, then reversing the decision twice, because too much free time simply isn’t good for my mental health.

Seriously, I had an anxiety attack in a 5 star hotel in Panamá City where I was residing for a month whilst obtaining my permanent residency I felt so lost living such an aimless existence.

Not all was lost however. I managed to shake off the depression and join a tour to Toboga Island where I was unceremoniously abducted by 2 Brazilians and a German girl, one of whom happened to be the LATAM director of ‘Climate change’ for the UN. The irony being that this yacht-trip was being funded by Ecopetrol and Petrobras dividends.

God does have a sense of humour..

But I digress.

Today’s focus is on a company I’ve held in the past which has made me a lot of money and funded some truly epic adventures. I’ll touch on both the adventures and my valuation of the company today and make the post free for all as a thank you for reaching 1000 subscribers.

In contrast to the young Maverick who recklessly assertively allocated 6 figures into the aforementioned names to enjoy what was a truly pleasant even if short lived retirement, how does the grey-haired Don Benjamin of today view the opportunity in given its recent price decline?
Its latest closing price puts it close to when I first started accumulating shares in Colombia’s crown jewel?

Investment Idea: Ecopetrol. SA. ADR: EC, NYSE.

Executive Summary:

Colombia’s largest integrated oil and gas company standing among the top companies in Latin America by revenue. 88% State-owned yet publicly traded, Ecopetrol operates across the hydrocarbon value chain with activities spanning: upstream, midstream and downstream in addition to low emission solutions and toll roads.

Investment Thesis:

Ecopetrol is very much a ‘cigar-butt’ deep value, cyclical play. Market fears of a lack of maintenance capex and the current political regime in Colombia have led to the stock being currently offered at a ~30% free cashflow yield, ~18% dividend yield. Current reserve life estimates imply 8 years of stay-flat production which should provide a satisfactory return in and of itself, with strong tail wind catalysts likely to be realised with upon an anticipated change of government in the May 2026 presidential elections.

Benjamin’s Brainstorm:

• It’s true that EC has underinvested in new well development (besides PBR, who hasn’t?) so to make this a successful cigar-butt play, the reserve life needs to exceed the free cashflow rate which appears to be the case.

• EC gains revenue from midstream and refining so the worst-case, profit in the event of liquidation play remains solid. I also don’t believe that even Gustavo Petro, the current president, could/would ransack his own government’s (official) supply of funding for the social rents that keep him in office.

• Colombia is a difficult business environment currently thanks to the government ergo it behooves foreign investors to side with the too-big-to-fail bullies more so than the well-run companies such as GPRK IMHO.

• Colombian wells however are quite decent quality grade and EC normally receives good prices for the production. I took the liberty to draw up a little comparison table below for your perusal:

• The investment thesis was never about increased production, so the declining reserves don’t bother me much given the price today. In the event of an oil price spike (thanks to the very dearth of capex mentioned) this thing may have some call optionality to it. Similar to theses I’ve seen surrounding TGA in the coal space (not one I’m a fan of).

Valuation:

For a back of the envelope asset val..

So, in summary, yes whilst Don Benja is certainly very happy with his royalty holdings, setting aside a small amount of collateral to enter some covered calls on EC might yield 30% annually and lead me to enjoy leaving some obnoxious tweets like the below for years to come.

Thank you once again for supporting me in this publication.

More support = more content.

Until next time - ¡Que viva el desmadre!

Disclaimer: This publication is intended solely for documenting my personal journey with trading and investments for income and travel purposes. I am not a certified financial advisor nor am I a financial professional and none of the content provided should be construed as investment advice. It is essential to conduct your own thorough research and consult a registered financial service provider for appropriate guidance. I cannot guarantee the accuracy or completeness of the information presented. Any actions taken based on the information shared in any of my work are done at your own risk and discretion.

Today’s piece is your update on what I’m currently doing in regards to trades and macro commentary.

It’s always great to catch up with my good friend to get a feel for what’s happening in the southern cone. I have my eye on some real estate plays down there and can’t wait to get back. Make sure you subscribe to his substack (free).

Commentary + General notes

• Gold/Silver have outperformed YTD and are up nearly 75% over 5 years. The interesting thing is that Us 10 yr yields have increase nearly 100% (albeit from COVID lows) and that hasn’t adversely affected the precious metals which is another strong indicator of expected monetary debasement. Think about it, if you’re getting paid twice the yield on USD bonds yet people still prefer the yield-less asset of metals what does that say about the USD’s purchasing power?

• The DXY is a measurement of the USD against a basket of other fiat currencies. This index is flat ytd and up 2% over 5 years which confuses a lot of people into thinking the dollar is strong. Putting the metals price and DXY together actually leads to the conclusion that other fiat currencies are simply doing worse than the USD relatively which is far more to do with the USD’s status as the global reserve currency and far less to do with confidence in the US’s fiscal and monetary integrity.

• In addition to having stacked physical bullion 5 years ago, I am now increasing my position in gold and silver royalty companies hand over fist for reasons I have mentioned repeatedly for years now and which you can access for free in past articles available inside the ROI club. I leave you with 2 examples of my favourite metals royalties here below:

• Now onto Platinum and Palladium which are sharply inflecting back up after being in the doldrums. Most likely due to the announcement that one of my irresistible degen value plays, SBSW will close 50% of their US production. I estimate SBSW’s announcement could reduce oncoming global supply by 1-3% in an already tight market. I can’t help but be amused here as when I started talking about this thesis it was all about political risk in South Africa, whereas last week everyone on X was spreading nonsense about their imminent bankruptcy due to high cost USA production. The company has refinanced their most imminent debt maturities and is doing wonderful pre-paid forward sales of their gold production. Liquidity is there with roughly $2.8 Billion in current assets and only $1B in current liabilities. IMHO it has ample room to wait until PGM basket prices rise above their levelled ASIC ($1,250 ish) in which case the thing is a call option with no expiry date on a PGM bull market, with reserves multiple times higher than the current Enterprise Value, free overview here:

  

Trades I’m Making

Now, to business..

If you’d like to literally see the trades I make that form an integral part of my location-independent income streams then why not join the squad?

The performances of the portfolios is shared along with the positions in the private members’ area.

In true Maverick spirit, let's embrace adventure and see what happens.

See you inside the squad.

Benjamin.

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If you’re new to this segment, it’s called ‘The Maverick Life’.

It’s where I get a little more colourful than the usual cut and dry investment research.

The Mav life is simply me living my life on my terms and sharing key factors that allow me to do so with you so that you may use them as you see fit to live your own Maverick Life.

Location-Independent Income is a keystone to living my Maverick Life and one of my preferred ways to generate that is via running my ‘Maverick Life’ Portfolio.

Here I essentially run a ‘One Man Insurance Co.’ actively sell options over dividend-paying and value stocks. This allows me a source of income which can be generated from anywhere in the world (with internet).

Today’s note is a fairly simple update.

Many options (Insurance contracts I sold) expired on Friday so now I’m selling about $40K worth of contracts that will expire in another month.

I’m going on a skiing holiday to Queenstown, NZ so it’s an opportune time to hit the sell button and generate some spending cash.

Behind the curtain I share the exact trades I’m making which will generate me $750 (USD) in cash upfront, requiring a collateral backing of ~$37,000.

That’s approximately a 2% ROI on the month or 24% roughly annualised.

For more detail on how this works see here:

Exclusive

I thoroughly enjoyed my latest chat with the .

He’s brought to my attention some very interesting value plays, some of which I’m using to sell options on in my income portfolio.

Here I leave you early access to our entire recorded discussion ahead of the rest of the audience following on Youtube and be sure to subscribe to his ‘stack for great insights on value opportunities in the small cap space.

Performance:

Now if you’re reading this for the first time, you’ll be wondering if this is legit.

The answer is yes, but perhaps sharing a screen shot of the portfolio performance will give you a little more confidence than just my saying so.

Ok, here is where I drop the curtain and share in exact detail how I’m positioning for the weeks ahead including every single trade. You’ll discover how I: plan them, place them and weight them in the portfolio. Obviously this is for paying squad members only. If you’re interested in becoming a squad member and living ‘The Maverick Life’ then why not take it for a test drive with a free trial where you’ll instantly get access to all the material, past and present in the archives?

You’ll join my ‘documentary’ of generating location-independent income with only a modest amount of capital living the maverick life = living Where I want, when I want, with whom I want, doing What I want.

See you in the squad!

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In this section (TML) I share with you a fundamental pillar of my ability to live life on my terms: location-independent income.

I’ve carved out a portfolio of $100,000 dedicated purely to income investing via dividends and selling options. I view this sum as a relatively small amount of working capital allowing me to operate what I call a ‘ One man insurance Co.’ (see below).

The Maverick Life

The One-Man Insurance Company.

*Disclaimer: The purpose of this publication (Options Mavericks) is to document my journey with options trading for income and traveling. I am not qualified to give any financial advice and nothing I say or do is to be interpreted as investment advice…

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3 years ago · 1 like · The ROI Club

Behind the curtain I share EVERYTHING with you. Unlike other pretenders out there who rip off my stuff and claim to be ‘lifestyle’ experts, I mean I share everything:

• The entire income portfolio

• The exact trades

• The performance - you can literally see when I lose money and make money (yes, I lose money sometimes).

The feeling of freedom and personal sovereignty achievable via location-independent income is truly life-changing. There are many reasons why acquiring another stream of income is important, all the more if it doesn’t require your physical presence in any particular location. For me, I love to travel hence this portfolio is perfect as I can trade options anywhere in the world with only my phone. Instead of losing money via travel expenses, many of my months away have been extremely healthy for my bank account.

Share

To get alerts on every weekly trade I share + complete set of records of all trades made + much more bonus material why not join the squad with your 7 day free trial below?

See you on the other side.

Here’s a sneak peak as to the performance of the portfolio

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Hey there Maverick,

In this section (TML) I share with you a fundamental pillar of my ability to live life on my terms: location-independent income.

My uncle Rick was kind enough to endorse me here during our latest chat:

I’ve carved out a portfolio of $100,000 dedicated purely to income investing via dividends and selling options.

My goal is to generate a return of 15% PA minimum with regular income being available to me should I wish to take one of my mini retirements (tried twice but what can I say? Entrepreneurs get bored quickly!).

Here I share EVERYTHING with you. And unlike other pretenders out there who rip off my stuff and claim to be ‘lifestyle’ experts, I mean I share everything:

• The entire income portfolio

• The exact trades

• The performance - you can literally see when I lose money and make money (yes, I lose money sometimes).

$100,000 was chosen because it’s a nice round number and if you could generate 15% PA returns you could conceivably take mini retirements every year if you’re willing to ‘geo arbitrage’ your expenses and ‘retire’ to a place with a lower cost of living.

Or, If you’re like me and you can’t stop but you want to take mini breaks and have fun without reducing your net worth this is super handy.

I really want to impress upon you the power of having one of your income streams like this, take a look:

Additionally, those of you wanting to use my ideas as ‘inspiration’ can easily adjust the % weightings using $100K as a starting point.

Below I’ll give you the scaffold I’m using to build this thing, along with the trades I’m making this month to generate $1,055 in income from the options premium alone.

Let’s check out the actual performance of the portfolio:

One thing that’s been on my mind recently has been how to construct this income portfolio more responsibly with 15-20 positions with much heavier weighting in high margin quality companies. This comes in contrast with other portfolios where I have no problem whatsoever going super concentrated in investments I believe to be multi-baggers in 3-5 years.

As such, I will be rolling or trimming some of the legacy positions in TML portfolio i.e: VTLE and BORR as although I believe them to be deep value plays, they are neither high quality nor income stocks.

Here’s a link to a basic scaffold you can use (save it and edit it, don’t try and edit the sheet itself)

Ok now to business, if you’re interested in the trades I’m making to generate me a minimum of $1,055 in income this month then please upgrade your membership where you’ll get access to that + my equity research + much more!

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