Execution Memo No. 11 (New position)

Capital Back at Work; Building the 2026 Book

(I wrote this post about a month ago and forgot to press publish. Here it is anyway.)

It’s been a while since I last wrote about the portfolio. Activity has been relatively limited, but the calendar has turned and that matters. This series exists to document my trading and investing as it actually happens; not just the wins, but the full process.

Since the previous memo, a few things have changed. Several option positions have expired, which has been a drag on the portfolio overall. That’s the cost of operating in high-volatility themes. At the same time, I’ve added one new position. It’s early, it’s asymmetric, and it fits how I want to be positioned heading into 2026.

This memo is about resetting the board; what worked, what didn’t, and why this new position deserves capital now.

Backward Look; What Worked in 2025

Returns in 2025 were driven by two trades.

The first was my Haypp position. From the start of the year, the stock nearly tripled. Given that it was also my largest position, it did the heavy lifting for the portfolio. Across my different accounts, the portfolio ended the year up roughly 56%. Haypp was the core contributor to that outcome.