Lower Volatility Makes Us Cautious

Raising excess cash position

Yesterday, we rolled out one position and let one position go, for a nice profit. The options portfolio is now at a new all-time high of +12.06% with very minimal volatility, representing a CAGR of about 8% - in line with expectations.

The VIX has come down a lot over the past few months, while most equity indexes are near all-time highs.