Episode 38: The Objective of My Affliction 95% of traders lose money. Not because they're not smart—but because they're missing something fundamental. In this episode: What if most traders are making the same mistake with every single trade? What's the simple two-word framework that changes everything? Why don't even experienced traders understand the real secret to consistent profitability? What if you could improve your results overnight with one mindset shift? This episode is short but mighty. Discover what separates the winning 5% from everyone else.     Disclosure: Options involve risk and are not suitable for all investors. Prior to buying or selling an option, investors must read Characteristics and Risks of Standardized Options (ODD) which can be found at https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document Don’t trade with money you are not prepared to lose. Anything discussed on this show is intended to be generalized information and not intended to be a recommendation to buy or sell any security. The host and guests are not familiar with listeners’ specific situations. For trading information relevant to your specific needs, speak with a licensed broker or advisor.   TrumpetTrumpet Fanfare by bevibeldesign -- https://freesound.org/s/350428/ -- License: Creative Commons 0 Wah Wah Wah Wah wah trumpet failed joke punch line.wav by Doctor_Jekyll -- https://freesound.org/s/240195/ -- License: Attribution 4.0 Dramatic Drum Roll dramatic drum roll.wav by ingsey101 -- https://freesound.org/s/51401/  -- License: Attribution 3.0

Summary:Dan Passarelli sits down with coach John Kmiecik to unpack why smart traders still struggle with losses, risk, and variance—and how to reframe decisions using Prospect Theory. They cover loss aversion, the disposition effect, myopic loss aversion, “house money” mental accounting, and practical coaching tactics (like multiple exits and portfolio-level thinking) to build discipline. Dan also corrects a note from last week: neuroscientist John Coates earned his degrees at the University of Cambridge. Key Takeaways Prospect Theory in practice: Most traders feel losses about twice as strongly as equivalent gains, which skews decisions if left unmanaged. Loss aversion shows up everywhere: Hesitating to take small losses, rolling losers “to get back to even,” and cutting winners too early. Myopic loss aversion: Staring at a single position and checking P&L too often leads to reactive choices; think in portfolios, not trades. Multiple-exit approach: Taking a small, early profit can make it psychologically easier to hold for the primary target. Variance desensitization: You must get comfortable with swings; focus on net outcomes over a series of trades, not tick-by-tick moves. Mental accounting pitfalls: “Playing with house money” is a trap—capital is capital, regardless of where it came from. Framing matters: “Selling a put” can be reframed as “agreeing to buy shares at a discount with volatility rebates,” then managed by plan. Preparedness beats FOMO: If you miss a setup, another will come. Have every “twist and turn” covered in your plan before the trade. Practical Tools Mentioned Multiple-exit method: Scale out (e.g., take a small “comfort” profit, then hold for the main target). Portfolio-level targets: Judge results over a basket of trades, not a single outcome. Account hygiene: Close the P&L window when it provokes impulsive behavior. Pre-mortems: Visualize assignment, gaps, and management steps before you enter. Links & Resources Become a paid subscriber for video extras and trade ideas: wealthbuildingpodcast.com Learn more about Dan Passarelli and Market Taker Mentoring: markettaker.com About the Guest John Kmiecik is a senior coach at Market Taker Mentoring. He works 1-on-1 with traders on strategy selection, risk management, and the psychology required to execute consistently. Support the Show Subscribe on your favorite platform (Apple Podcasts, Spotify, etc.). Ratings and reviews help more traders find the show—thank you for spreading the word. This is an ad-free podcast. Paid subscriptions keep it going and unlock members-only benefits. Disclosure: Options involve risk and are not suitable for all investors. Prior to buying or selling an option, investors must read Characteristics and Risks of Standardized Options (ODD) which can be found at https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document Don’t trade with money you are not prepared to lose. Anything discussed on this show is intended to be generalized information and not intended to be a recommendation to buy or sell any security. The host and guests are not familiar with listeners’ specific situations. For trading information relevant to your specific needs, speak with a licensed broker or advisor.   TrumpetTrumpet Fanfare by bevibeldesign -- https://freesound.org/s/350428/ -- License: Creative Commons 0 Wah Wah Wah Wah wah trumpet failed joke punch line.wav by Doctor_Jekyll -- https://freesound.org/s/240195/ -- License: Attribution 4.0 Dramatic Drum Roll dramatic drum roll.wav by ingsey101 -- https://freesound.org/s/51401/  -- License: Attribution 3.0

In this episode, Dan Passarelli explores how biology and psychology quietly influence every trading decision—often more than logic or data. Through a story that begins in the Chicago trading pits and leads all the way to a conference in Hong Kong, Dan recounts his unexpected encounter with John Coates, a former Goldman Sachs trader turned neuroscientist and author of The Hour Between Dog and Wolf. That meeting opened Dan’s eyes to how our hormones, brain structure, and subconscious impulses affect trading outcomes—especially in long-term strategies like the Cycle Recycle Trade, where patience and discipline are tested by human nature itself. The title, “Crossing the Red Dragon,” refers both to Dan’s physical journey across China and the metaphorical journey traders face when crossing from logic to emotion—from the rational prefrontal cortex to the ancient instincts that drive risk-taking. Inside the Episode Why trading decisions are influenced as much by biology as by strategy How hidden biases—like availability and recency—cause traders to misread success or failure Why statistically sound systems still “feel wrong” when results come unevenly The psychological tug-of-war between small, immediate rewards and larger, delayed ones How understanding the science of compounding helps traders stay disciplined through losing streaks Key Insight “Trading isn’t just logical—it’s biological. The greatest edge a trader can develop is self-awareness.” Recommended Reading Book: The Hour Between Dog and Wolf by John Coates — a fascinating look at how the body’s chemistry and brain structure affect financial decision-making. Available on Amazon. John Coates is a former Goldman Sachs and Deutsche Bank trader who earned his PhD at Cambridge and became a neuroscientist studying the biology of financial risk taking.  Subscribe to Wealth Building with Options on Spotify, Apple Podcasts, or YouTube.For bonus episodes, trade breakdowns, and monthly AMAs, visit WealthBuildingPodcast.com and join as a paid subscriber. Disclosure: Options involve risk and are not suitable for all investors. Prior to buying or selling an option, investors must read Characteristics and Risks of Standardized Options (ODD) which can be found at https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document Don’t trade with money you are not prepared to lose. Anything discussed on this show is intended to be generalized information and not intended to be a recommendation to buy or sell any security. The host and guests are not familiar with listeners’ specific situations. For trading information relevant to your specific needs, speak with a licensed broker or advisor.   TrumpetTrumpet Fanfare by bevibeldesign -- https://freesound.org/s/350428/ -- License: Creative Commons 0 Wah Wah Wah Wah wah trumpet failed joke punch line.wav by Doctor_Jekyll -- https://freesound.org/s/240195/ -- License: Attribution 4.0 Dramatic Drum Roll dramatic drum roll.wav by ingsey101 -- https://freesound.org/s/51401/  -- License: Attribution 3.0

Have you ever "felt" something was off in the market—before you could explain why? In early 2021, Dan noticed unusual behavior across several stocks; days later, the Archegos Capital blow-up surfaced. It wasn't clairvoyance—it was his subconscious processing patterns his conscious mind hadn't connected yet. In this episode, Dan explores how biology and psychology shape trading decisions: why fear and overconfidence sneak in even when you know the math, and how to align instinct with process so you can trade with discipline even when emotions run hot. Key Takeaways Emotion before logic: Neurons transmit electrical signals along axons that release neurotransmitters—often triggering reactions before deliberate reasoning. Your "second brain": The gut's dense neural network influences feelings that show up in trading. Bandwidth is limited: Your subconscious handles massive inputs while conscious attention is scarce; emotions act as shortcuts (heuristics). We don't "feel" probability: Humans evolved for immediate threats, not statistics—so design rules that protect you from your instincts. Filtered reality: The thalamus suppresses noise so you can focus—meaning each trader perceives a different "market." The map ≠ the territory: Past experiences create schemas that color today's decisions. Know the real opponent: Your brain can help—or sabotage—your edge. NLP as a toolkit: Regardless of debates, several NLP ideas provide useful mental models for reframing limiting beliefs. Memorable Quotes "Emotions exist to make thinking less resource-intensive." "When you're trading, your one enemy is your own brain." "A trader who's never seen a six-standard-deviation move may 'know' it can happen—but won't believe it until it does." "These shortcuts help—and they hurt." How to Apply This Tomorrow Pre-commit entry/exit/adjustment rules. Audit one recurring feeling and pair it with a counter-rule. Protect attention (no notifications; 90-minute focus blocks). Post-trade: log feeling → action → outcome to retrain tags. Review distributions so variance doesn't shock you. Subscribe & Support Join the Wealth Building with Options community for more: video extras, real trades from Dan's account, monthly AMAs, and unusual options activity alerts. Subscribe at WealthBuildingPodcast.com.     Disclosure: Options involve risk and are not suitable for all investors. Prior to buying or selling an option, investors must read Characteristics and Risks of Standardized Options (ODD) which can be found at https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document Don’t trade with money you are not prepared to lose. Anything discussed on this show is intended to be generalized information and not intended to be a recommendation to buy or sell any security. The host and guests are not familiar with listeners’ specific situations. For trading information relevant to your specific needs, speak with a licensed broker or advisor.   TrumpetTrumpet Fanfare by bevibeldesign -- https://freesound.org/s/350428/ -- License: Creative Commons 0 Wah Wah Wah Wah wah trumpet failed joke punch line.wav by Doctor_Jekyll -- https://freesound.org/s/240195/ -- License: Attribution 4.0 Dramatic Drum Roll dramatic drum roll.wav by ingsey101 -- https://freesound.org/s/51401/  -- License: Attribution 3.0  

What If You Could Turn a Losing Trade Into a Winner—Without Taking the Loss? Most covered call and cash-secured put traders hit a wall when their trades go against them. The stock blows through their strike price, they're staring at a loss, and panic sets in. But what if there was a way to defer that loss, improve your odds, and keep your original credit intact? Enter the net-zero roll—the technique that separates winning traders from frustrated ones. In this episode, Dan reveals how this powerful management strategy lets you "kick the can down the road" by rolling out in time and up or down in strikes for roughly the same premium you paid to close. The result? You preserve your credit, dramatically improve your probability of success, and—most importantly—keep your psychology steady so you're not losing sleep over one bad "wheel cog." But here's the catch: your annualized return takes a hit. And that's where Dan's One-Third Rule comes in—a reality check that'll save you from disappointment and help you set realistic expectations for what wheel trading actually delivers. Coach John Kmiecik joins the conversation to share his insights on screening, technical analysis, and the mindset shifts that separate struggling traders from those who trade with confidence and ease. Why This Episode Will Change How You Think About Covered Calls and Cash-Secured Puts The truth about annualized returns: They're marketing, not reality. Discover why your actual returns will likely be about one-third of your initial calculations—and why that's still excellent. The net-zero roll explained: Learn the exact mechanics of buying back your short option and selling a later-dated, farther OTM option for approximately zero cost. It sounds like magic, but it's pure technique. Psychology meets technique: Why does this strategy work so well? Because it removes the emotional weight of "losing" on individual trades and helps you see the bigger picture of the full cycle. The One-Third Rule: Dan's back-of-the-napkin formula for setting realistic expectations. If you calculate 12% annualized, expect closer to 4%. Why? Rolls, adjustments, early exits, and the messy reality of trading. When "perfect" isn't the goal: Stop obsessing over every strike price and learn to manage early and often. Small, proactive adjustments beat expensive, late-stage scrambles every time. Your Practical Playbook When to roll: As soon as price moves through your strike. Don't hope it comes back—act immediately. How to structure the roll: Aim for net-zero or close to it. Small debits or credits across multiple "cogs" balance out over the cycle. Screening and strike selection: Use technicals to guide you, but don't overthink it. The real edge is having a management plan, not picking the perfect strike. Tracking your cycles: Log each trade within the cycle—credits, debits, days added, and new strikes—so you can see your true cycle P&L and learn from every wheel turn. What You'll Walk Away With By the end of this episode, you'll understand why experienced wheel traders don't sweat individual losses—they manage them. You'll see how the net-zero roll transforms a potential disaster into a highly probable win, and you'll learn to think in terms of complete cycles rather than isolated trades. This is the mindset shift that took Dan decades to figure out. Now you can have it in under 40 minutes. Resources Mentioned Market Taker Mentoring: MarketTaker.com Subscribe/Support the show: WealthBuildingPodcast.com Free + paid tiers available Paid subscribers get: video extras, live monthly AMAs, Dan's real-time covered call and cash-secured put trades, unusual options activity alerts, and exclusive trade ideas Get More From This Community Don't miss a single episode—subscribe on Spotify, Apple Podcasts, or your favorite podcast app. Want to level up your wheel trading? Consider a paid subscription for hands-on video training, real trade examples from Dan's brokerage account, monthly

In this episode of Wealth Building with Options, Dan Passarelli dives deep into the motivations behind trading the wheel strategy—and why understanding them can make or break your results. Dan begins with a mistake he sees all too often: traders push strikes too far away from the stock price, "running and hiding" instead of sticking to their true objective—getting assigned—which undermines their entire strategy. From there, he lays out the framework of the who, what, and why of the wheel strategy: Who trades the wheel? Primarily conservative investors seeking consistent income without intensive labor. Dan personally uses it as a conservative investor 97% of the time, with only 3% reserved for risk-taking. The strategy also attracts traders looking for short-term "skate" opportunities—though Dan notes credit spreads might be better suited for that objective. What is cycling into wheel trades? Own stock → sell a call → skate and collect premium → sell another call → get assigned and sell the stock. Then sell a cash-secured put → skate → get assigned and buy the stock back → sell calls again. This creates the repeating "wheel" cycle. Why trade the wheel? Dan highlights both trade objectives (intentionally getting assigned into or out of stock) and skate objectives (capturing premium without assignment). For cash-secured puts with trade objectives, he identifies three main sub-motivations: Buy stock below current market price for long-term holding. Buy stock to begin the wheel strategy. Buy back stock from a previous covered call assignment. The Cycle Mindset Revolution A key takeaway: successful wheel trading isn't about the profitability of individual trades, but about completing profitable cycles. Dan explains how traders can recover from losses by continuing the sequence until the overall cycle closes in profit: "I sold this put at $1 and now I have to buy it back at $2.50. I'm down $1.50 but I sell another put at $1.25... It took me 3 trades to lock in 50 cents. That is a completed cycle." This mindset shift—focusing on cycles rather than one-off wins—separates successful wheel traders from those who give up too early. Professional Insights Dan also reveals how professional traders approach the wheel differently. Instead of hiding far out-of-the-money, institutional traders often sell "500, 1000, 2000 puts right at the money," showing why proper strike selection is critical when the goal is assignment. Whether you're new to the wheel or already using it, this episode will fundamentally change how you think about each trade within the larger cycle—and why patience with the process, not individual results, drives long-term profitability. By the end, you'll understand why focusing on cycles, not individual trades, is the key to wheel success. Resources & Links: Learn more about Dan and Market Taker Mentoring at MarketTaker.com Become a paid subscriber by visiting https://wealthbuildingpodcast.com   Disclosure: Options involve risk and are not suitable for all investors. Prior to buying or selling an option, investors must read Characteristics and Risks of Standardized Options (ODD) which can be found at https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document Don’t trade with money you are not prepared to lose. Anything discussed on this show is intended to be generalized information and not intended to be a recommendation to buy or sell any security. The host and guests are not familiar with listeners’ specific situations. For trading information relevant to your specific needs, speak with a licensed broker or advisor.   TrumpetTrumpet Fanfare by bevibeldesign -- https://freesound.org/s/350428/ -- License: Creative Commons 0 Wah Wah Wah Wah wah trumpet failed joke punch line.wav by Doctor_Jekyll -- https://freesound.org/s/240195/ -- License: Attribution 4.0

Most wheel traders obsess over single trades and miss the bigger picture. In this episode, Dan Passarelli shares the mindset shift that changed his covered call and cash-secured put trading: manage in cycles, not one-offs. Using a powerful casino/blackjack analogy, Dan reveals why even professional card counters can lose money for six months straight despite having an edge—and how "how you play" determines your actual results, not just the statistical probabilities. He then introduces the Net Zero Roll, a practical technique to transfer short-term options losses from money to time by rolling up and out, keeping the wheel moving toward profit. Through a detailed walkthrough of a real trading scenario (a May 15th, 170 call that goes against you), you'll discover how three separate trades in one cycle can deliver the same 85-cent profit you wanted from one trade—it just takes a bit longer. Dan emphasizes this was his personal epiphany that transformed his trading and inspired his upcoming book. Key Takeaways Think in cycles: A cycle is one or more trades that collectively capture profit, then you "recycle" into the next one. Most cycles will be longer than one trade—this is normal and expected. Your real commodity: It's not the option premium you collect—it's the number of trades required per cycle. Skill means keeping cycles short to compound faster. The Net Zero Roll: Roll up and out for approximately even money to transfer a loss from money to time. Instead of locking in a $1.40 loss, you get more time (May 15th becomes May 29th) and better odds (170 strike becomes 175 strike). Emotional relief: Stop thinking "I left money on the table" or feeling frustrated by single trade outcomes. Experienced cycle traders know it's not over—they have tools and more trades to complete the cycle profitably. Simple bookkeeping: Track total debits and credits across the entire cycle, not individual legs. Example: 95¢ credit - 10¢ final debit = 85¢ profit over three trades. Technical note: The Net Zero Roll (up and out) is technically called a "diagonal" spread—combining vertical (different strikes) and horizontal (different expirations) elements. What You'll Discover Why professional gamblers can lose for months despite having an edge (and what this teaches wheel traders) The exact mechanics of a Net Zero Roll with a real example: May 15th 170 call → May 29th 175 call How to change the "terms of the deal" instead of accepting losses Why shorter-term options give you more flexibility to adjust strikes The psychology behind cycle thinking vs. single-trade obsession How brokerages encourage good risk management (and why they don't charge commissions on cheap option closes) Action Steps Mindset shift first: Stop judging success by individual trades. Start thinking: "What cycle am I in, and what's my next move to complete it profitably?" Audit a recent wheel position: List each leg's debits and credits to see your total cycle performance, not just the single trade that bothered you. Practice Net Zero Roll identification: Find one current position where rolling up and out for approximately even money could improve your odds. Create a simple cycle tracker: Record the number of trades per cycle and cycle length to monitor your skill development over time. Coming Up Dan mentions the second key area for wheel success—rewiring your brain—will be covered in upcoming episodes. This psychological framework will span several shows as it's central to his new book. Resources Characteristics and Risks of Standardized Options (ODD) — see link in disclosure Learn more about Dan Passarelli and Market Taker Mentoring: MarketTaker.com Subscribe and get video extras, trade ideas, monthly AMA access, and unusual options activity alerts: wealthbuildingpodcast.com Disclosure: Options involve risk and are not suitable for all investors. Prior to buying or selling an option, investors must read Characteristics and Risks of Standardized Options (ODD) wh

In this episode of Wealth Building with Options, host Dan Passarelli dives into one of the most powerful – and often overlooked – forces shaping trading decisions: the endowment effect. This behavioral economics concept explains why we tend to overvalue what we already own, and why that bias can hold traders and investors back from making better choices. Drawing on research from Richard Thaler and examples ranging from coffee mugs to Super Bowl tickets, Dan shows how the endowment effect plays out in real-world trading—especially when running strategies like the wheel, covered calls, and cash-secured puts. He explores how our brains are wired against discipline, why letting go of a position feels harder than it should, and how traders can use tools like the “Would I do it now?” rule to cut through bias. From Catholic confessions to Chicago hot dogs, from historical revolutions to behavioral finance studies, Dan blends humor, history, and hard-hitting trading lessons into a thought-provoking conversation that will help you rethink how you value your trades. What You’ll Discover in This Episode: Why the endowment effect influences nearly every investor’s decisions. How behavioral economics challenges the assumptions of classical economics. The “Would I do it now?” rule for evaluating whether to keep or close a trade. Why rolling covered calls or puts can optimize outcomes over simply holding. How passive wheel traders differ from active wheel traders—and which approach may suit you best. Why predicting volatility is often easier (and more profitable) than predicting stock prices. Key Takeaways: The brain is wired to make us cling to losing trades, but traders can retrain their decision-making process. Anchoring decisions to specific times or rules improves discipline and consistency. The wheel strategy can be profitable as a passive system, but active adjustments often lead to better returns. Options are often overpriced—creating opportunities for traders who understand risk premiums. Disclosure: Options involve risk and are not suitable for all investors. Prior to buying or selling an option, investors must read Characteristics and Risks of Standardized Options (ODD) which can be found at https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document Don’t trade with money you are not prepared to lose. Anything discussed on this show is intended to be generalized information and not intended to be a recommendation to buy or sell any security. The host and guests are not familiar with listeners’ specific situations. For trading information relevant to your specific needs, speak with a licensed broker or advisor.   TrumpetTrumpet Fanfare by bevibeldesign -- https://freesound.org/s/350428/ -- License: Creative Commons 0 Wah Wah Wah Wah wah trumpet failed joke punch line.wav by Doctor_Jekyll -- https://freesound.org/s/240195/ -- License: Attribution 4.0

Dan sits down with longtime market maker Kevin “Lex” Luthringshausen to demystify how options markets actually work behind the scenes. They cover dealer/market-maker behavior, why hedging is the real “edge,” how dispersion trading works, and what payment for order flow (PFOF) really is—and why it matters for retail traders. The conversation finishes with practical guidance for covered calls, cash-secured puts, and the “poor man’s covered call” (fig leaf), plus Lex’s favorite trading books and films. Key Topics What wholesalers are and how payment for order flow (PFOF) works Market makers vs. retail: why market makers hedge, not predict direction Greeks in practice: building and neutralizing delta, gamma, vega exposure Dispersion trading: baskets vs. SPX volatility, correlations, Mag-7 implications Retail edge (and limits) with implied volatility (IV vs. realized vol) Covered calls & cash-secured puts: when IV matters most The fig leaf / poor man’s covered call: benefits, risks, and skew considerations What retail traders are actually trading now (iron condors, diagonals, calendars, credit spreads) Lex’s Practical Takeaways Hedging is the business. Market makers quote both sides and hedge continuously; the “win” isn’t directional prediction but capturing edge and neutralizing risk. Retail order flow helps pricing. Small, frequent retail trades help “shape the curve,” tightening markets and often improving prices. PFOF trade-off. It helps enable low/zero commissions and tighter spreads; without it, expect higher commissions and wider markets. Use IV thoughtfully. For income strategies like covered calls and CSPs, prioritizing higher (overpriced) IV can improve premiums—but verify it’s truly overpriced for the current environment. Fig leaf caution. LEAPS are vega-sensitive; vertical and term skew can mean you’re buying higher vol and selling lower vol. Price the whole structure, not just the short call. Resources Mentioned NBBO (National Best Bid and Offer) — the best available public bid/ask across exchanges The Options Playbook by Brian Overby Classic films: Trading Places, Wall Street (and a messenger-desk trading film Lex couldn’t recall by name) Connect Learn more about host Dan Passarelli and Market Taker Mentoring: MarketTaker.com Subscribe on your preferred platform (Spotify, Apple Podcasts, etc.) and leave a review to help more traders find the show. Disclosure: Options involve risk and are not suitable for all investors. Prior to buying or selling an option, investors must read Characteristics and Risks of Standardized Options (ODD) which can be found at https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document Don’t trade with money you are not prepared to lose. Anything discussed on this show is intended to be generalized information and not intended to be a recommendation to buy or sell any security. The host and guests are not familiar with listeners’ specific situations. For trading information relevant to your specific needs, speak with a licensed broker or advisor.   TrumpetTrumpet Fanfare by bevibeldesign -- https://freesound.org/s/350428/ -- License: Creative Commons 0 Wah Wah Wah Wah wah trumpet failed joke punch line.wav by Doctor_Jekyll -- https://freesound.org/s/240195/ -- License: Attribution 4.0  

Options trading is all about choice—and in this episode, Dan Passarelli breaks down why those choices create real value for investors. From adjusting strikes to rolling trades, Dan dives deep into how flexibility and decision-making in the Wheel Strategy can drive long-term profitability. He also shares personal reflections about family milestones, the importance of practical education, and how trading truth (not oversimplified textbook theory) is what truly pays. What You’ll Discover in This Episode: Why options have value: The essence of choice and flexibility. Strike adjustment as a trading edge: How shorter-term options let you roll and optimize more often. Covered calls and cash-secured puts: How the Wheel revolves from one to the other. Rolling for better outcomes: Managing puts and calls to create “wiggle room” and keep trades viable. Profit sources of the Wheel: Premium harvesting vs. scalping opportunities. Why most traders oversimplify the Wheel—and what really happens in practice. Psychology of trading the Wheel: Why letting go of that “last 10 cents” is key to better results. Key Takeaways: Options are valuable because they give you choices, and each choice has value. The ability to adjust strikes more frequently can make short-term options highly advantageous. Covered calls and cash-secured puts are “synthetic twins” but require slightly different mindsets. Premiums—not scalps—are the true engine of Wheel profits. The best Wheel traders rarely let options expire; they manage proactively to optimize returns. Resources & Links: Subscribe to the Wealth Building With Options Podcast Learn more about Dan Passarelli and Market Taker Mentoring: MarketTaker.com Support the Show: Become a paid subscriber at WealthBuildingPodcast.com for access to video extras, trade alerts, and our monthly AMA. Disclosure: Options involve risk and are not suitable for all investors. Prior to buying or selling an option, investors must read Characteristics and Risks of Standardized Options (ODD) which can be found at https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document Don’t trade with money you are not prepared to lose. Anything discussed on this show is intended to be generalized information and not intended to be a recommendation to buy or sell any security. The host and guests are not familiar with listeners’ specific situations. For trading information relevant to your specific needs, speak with a licensed broker or advisor.   TrumpetTrumpet Fanfare by bevibeldesign -- https://freesound.org/s/350428/ -- License: Creative Commons 0 Wah Wah Wah Wah wah trumpet failed joke punch line.wav by Doctor_Jekyll -- https://freesound.org/s/240195/ -- License: Attribution 4.0

In this episode of Wealth Building with Options, host Dan Passarelli dives deep into one of the most popular and misunderstood strategies in options trading: the Wheel Strategy. Drawing inspiration from a (possibly misattributed) Yogi Berra quote — “In theory, there’s no difference between theory and practice, but in practice there is” — Dan explores how the wheel works in real life, why some traders fail with it, and how to use it as a disciplined, systematic approach to grow wealth. Joining Dan is frequent guest and fellow coach John Kmiecik, who shares his insights on both the mechanics and the psychology behind the wheel. Together, they unpack the nuances that make this strategy both powerful and deceptively simple. What Dan Reveals in This Episode The Wheel Explained: How cash-secured puts and covered calls form a repeating system to generate consistent premiums. Theory vs. Practice: Why data shows the wheel can beat the market, but traders still fail without methodology and discipline. Pin Risk & Assignment Nuances: Unlikely but important scenarios every wheel trader should understand. Premium vs. Stock Scalping: Which matters more when trading the wheel, and how premiums can smooth out “wrong” outcomes. Trader Psychology: Why relaxation, patience, and mindset shift from “trader” to “investor” are essential for success. Practical Tips: From good-till-cancel buyback orders to managing emotions and avoiding overtrading. Key Quotes “The wheel is an if-then series of steps traded cyclically, growing wealth faster than buy-and-hold.” – Dan Passarelli “Relax. You’re absolutely going to love this strategy. I can stake my life on it.” – John Kmiecik Support the Show Help grow the Wealth Building with Options community! Subscribe in your favorite podcast app. Leave a review to help other traders find the show. Consider a paid subscription for exclusive video extras, monthly AMAs, unusual options activity alerts, and Dan’s real covered call and cash-secured put trades. Until next time—invest excellently. Disclosure: Options involve risk and are not suitable for all investors. Prior to buying or selling an option, investors must read Characteristics and Risks of Standardized Options (ODD) which can be found at https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document Don’t trade with money you are not prepared to lose. Anything discussed on this show is intended to be generalized information and not intended to be a recommendation to buy or sell any security. The host and guests are not familiar with listeners’ specific situations. For trading information relevant to your specific needs, speak with a licensed broker or advisor.   TrumpetTrumpet Fanfare by bevibeldesign -- https://freesound.org/s/350428/ -- License: Creative Commons 0 Wah Wah Wah Wah wah trumpet failed joke punch line.wav by Doctor_Jekyll -- https://freesound.org/s/240195/ -- License: Attribution 4.0

In this episode of Wealth Building with Options, Dan Passarelli opens with a hilarious rant about Hulu's "double dipping" business model—charging subscribers AND showing ads—which becomes the perfect metaphor for today's topic: covered strangles and covered straddles. These underused strategies allow options traders to "double dip" by collecting premium from both calls and puts, creating excellent opportunities for wealth builders willing to embrace a more sophisticated approach. Key Takeaways: The Double-Dip Concept Just like Hulu gets paid by subscribers AND advertisers, covered strangles let you collect premium from both selling calls and selling puts You're getting two income streams from a single underlying position, though only one option can be assigned Dan shares a real trade he placed What is a Covered Strangle? A 3-part position: Own 100 shares + sell an out-of-the-money call + sell an out-of-the-money cash-secured put Perfect for long-term value investors: "Buy more if the stock goes lower, sell if it goes higher" Warning: You risk doubling your position (200 shares) if assigned on the put Real-World Example: American Eagle Outfitters (AEO) Stock at $10.96, sold $11 calls for $1.80, sold $9 puts for $1.00 Total premium collected: $2.80 (over 25% of stock price!) Massive profit zone: Stock can trade anywhere from $8.58 to $13.80 and you still win That's nearly a 50% range where the strategy is profitable Why These Strategies Work Theta is King: Time decay works in your favor on both options Range-Bound Stocks: Perfect for "boring, sideways" stocks that stay in wide ranges Long-Term Approach: Often uses LEAPS (6+ months) for maximum time premium collection Covered Strangle vs. Covered Straddle Strangle: Different strikes (out-of-the-money call and put) - more conservative Straddle: Same strike price - more aggressive, always has one option in-the-money Find out what Dan prefers for flexibility and risk management The "Set It and Forget It" Management Style The Thanksgiving Turkey Approach: Check monthly, not daily - let theta do the work Immediate GTC Orders: As soon as filled, Dan places good-til-cancelled orders to buy back  Only Trade on Fundamentals: Don't make changes based on mood - only for significant company news Advanced Techniques Split-Time Strangles: Different expiration dates for calls and puts when legging into positions Ratio Variations: Dan's current trade uses 20 puts vs. 1 call for enhanced income generation Liquidity Requirements: Tight bid/ask spreads essential - this strategy doesn't work with wide markets Critical Success Factors: When to Use This Strategy You genuinely want to own more shares if the stock drops You're comfortable selling your shares if the stock rises significantly The stock has strong support levels and reasonable valuation Options have tight bid/ask spreads and good liquidity Risk Management Understand you're adding risk, not truly "covering" it (Dan calls the name misleading) Be prepared for potential assignment on either side Only use on stocks you'd be happy to double down on Avoid if you think the stock might "explode" higher Why Dan Loves This Strategy "Perfect for value investors" - aligns buying and selling with valuation Excellent for takeover candidates with strong support levels Can generate 25%+ returns in sideways markets Works especially well on lower-priced stocks due to volatility skew The Bottom Line Covered strangles and straddles aren't everyday strategies, but when market conditions align, they can be "freaking amazing." The key is patience, proper stock selection, and treating them like long-term investments rather than short-term trades. Dan's Reality Check: "This is a very, very niche strategy... but for the right set of circumstances, gosh man, this can be really, really amazing." Exclusive Content for Subscribers Paid subscribers get video walk-throughs of P&L diagrams for these complex strategies - essential for vis

A candid conversation with one of the options industry’s most influential figures, tracing the explosive growth of the options market, the evolution of strategies like covered calls and cash-secured puts, and what’s ahead for global adoption. Key Takeaways From 1983 to 2025: Andy shares how a fractions test in the Chicago Board of Trade building launched his 40-year career with CBOE Global Markets. Explosive Growth: The options industry has grown from 10M to 55M contracts traded daily in under a decade—an incredible expansion in both volume and notional value. Flex Options Uncovered: Andy gives a deep dive into Flex Options, their origin, how they provide customizable hedging, and why they’re now essential for ETFs and institutional strategies. The Power of Education: Andy reflects on how CBOE’s early commitment to education—like the Options Institute—laid the foundation for modern retail adoption. Global Footprint: Andy helped launch and develop options markets around the world—from Kuala Lumpur and Prague to London and Singapore. Retail’s Rising Role: Once just 1-2% of all accounts, retail options trading has surged thanks to technology, accessibility, and self-directed broker platforms. Covered Calls & Cash-Secured Puts: Asset managers and advisors increasingly use these foundational strategies, not just for yield, but for smarter portfolio construction. Benchmarks & Innovation: Dan and Andy discuss CBOE's development of benchmark indexes like BXM and PUT, which paved the way for modern ETF strategies and institutional replication. New Frontiers: Andy shares his work with Adaptive Financial—a fintech platform that uses software to analyze portfolios and generate index option-based trades. Trading for Fun: In retirement, Andy has turned to more personal trading, refining his exit strategy and embracing the learning curve of options firsthand. Quotes to Remember “Options are the one tool that lets you express your market view—up, down, sideways, or on timing—however you see fit.” — Andy Lowenthal “The exit determines if you make money. Getting into the trade is the easy part.” — Dan Passarelli Topics Covered Early trading floor culture and open outcry The rise of hybrid and electronic systems International exchange development (Prague, Malaysia, Brazil, more) The explosion in options education and retail access Flex options and ETF adoption Covered calls, cash-secured puts, and benchmark indexes Software-driven portfolio optimization with index options Exits, edge, and trading as a lifelong skill Featured Mentions CBOE Global Markets Adaptive Financial Solutions Wilson Innovators Options Institute Risk Management Conference (CBOE) Benchmark Indexes: BXM, PUT Flex Options and Buffer ETFs Subscribe & Support Enjoying the podcast? Help support the show and access exclusive content: Video walk-throughs of real trades Subscriber-only stock breakdowns Covered call & cash-secured put trades from Dan’s own account Live monthly Ask-Me-Anything webinars Join here: wealthbuildingpodcast.com Thanks to Our Paid Subscribers A special shoutout to: Sean K, Steve D, Nanan, Glen K, Jane (our newest!), Alex H, Bill H, VJ, Paul P, Myron, Mark, Spencer, John D, Douglas B, Ed B, Christopher L, Deborah, and Eric G.   Disclosure: Options involve risk and are not suitable for all investors. Prior to buying or selling an option, investors must read Characteristics and Risks of Standardized Options (ODD) which can be found at https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document Don’t trade with money you are not prepared to lose. Anything discussed on this show is intended to be generalized information and not intended to be a recommendation to buy or sell any security. The host and guests are not familiar with listeners’ specific situations. For trading information relevant to your specific needs, speak with a licensed broker or advisor.   TrumpetTrumpet Fanfare by bevibeldes

In this episode, Dan explores the strategic rationale behind trading long-term buy-writes, even when they offer lower theta compared to shorter-term options. While conventional wisdom might suggest optimizing for higher theta, Dan lays out a compelling case for why going long may actually lead to more consistent, reliable results—especially when thinking like an investor rather than a trader. What You’ll Learn Short-Term vs. Long-Term Buy-Writes:How these similar-looking strategies differ substantially in execution and outcome. Why Theta Isn’t Everything:Dan explains why he sometimes sacrifices short-term theta to gain longer-term predictability and more investor-style returns. The Tomato vs. Tomatillo Analogy: A lighthearted but powerful metaphor showing how two strategies that look the same can behave very differently. The Case Study: AEO (American Eagle Outfitters): A real-life example of a long-term buy-write trade: Entry at $10.96 Selling Jan 2026 $11 calls for $1.80 Breakeven: $9.16 Static return: 16.4% If-called return: 16.8% Annualized return: 26.2% Understanding Volatility Over Time:Why longer-term predictions can be more reliable due to how volatility “smooths out” over time. Framing Buy-Writes Like Interest-Bearing Assets:Dan explains how viewing these positions like CDs or bonds (despite their risk) helps him stay grounded as a long-term investor. The Role of Interest Rates in Longer-Term Options:How rising interest rates affect call pricing and open up opportunities to sell higher strikes at compelling premiums. Key Takeaways Long-term buy-writes may offer lower theta, but they provide better downside protection, reduced maintenance, and can function more like an investment than a trade. Annualized return is a helpful—but sometimes misleading—lens. Use it to evaluate risk-adjusted opportunity but avoid relying on it to boost ego. Selling slightly higher strikes in today’s interest rate environment can lead to “best of both worlds” scenarios with solid premium and upside potential. Mentioned In This Episode Ticker: AEO – American Eagle OutfittersConcepts: Theta, Volatility Cone, Annualized Return, Interest Rates & Rho, Covered Calls, LEAPS Tool: Thinkorswim Support the Show Become a premium subscriber on Substack: wealthbuildingwithoptions.substack.com Gain access to: Video podcasts Trade rationales from Dan’s real account Monthly Ask Me Anything sessions Extra premium content Shout-Outs Special thanks to supporters including Alex H., Bill H., Paul P., Sean K., Steve D., Myron, Glen K., Spencer, and many others. Your backing keeps the show running and the content flowing. Next Episode Preview Dan welcomes a special guest to talk about a powerful addition to the buy-write strategy discussed today. Don't miss Episode 26! Disclosures: Options involve risk and are not suitable for all investors. Please read the Characteristics and Risks of Standardized Options before trading. Visit MarketTaker.com to learn more about Dan Passarelli and the MTM team.

"There's the kind of stock you date, and the kind of stock you marry." In this episode of Wealth Building With Options, Dan explores what it means to have "commitment issues"—not in relationships, but in trading. Sometimes you don't want to marry a stock for life. You just want to take it for a profitable spin while managing your risk. That's where short-term buy-writes shine. What You'll Learn: The psychology behind "dating" vs. "marrying" stocks—and why everything is impermanent When short-term buy-writes outperform buy-and-hold strategies How to evaluate opportunities when you like the fundamentals but don't fully trust the stock The "money lying in the corner" approach—waiting for exceptional premium opportunities Why 3 weeks to 2 months is the sweet spot for short-term buy-writes Three exit strategies at expiration: roll, close, or accept assignment The three-way analysis method: always consider multiple approaches to any opportunity Real Trade Breakdown: The Perfect Setup: Dan walks through a $30 stock example where you can capture a 5% out-of-the-money call for 3% premium—creating potential 8% monthly returns (96% annualized when opportunities align). Okta (OTA) Case Study: How Dan rolled from a covered call assignment at $98 into cash-secured puts at $96, then down to $95 strikes, capturing $2.15 in additional premium while positioning for better entry points. Rigetti (RGTI) Quantum Play: A speculative quantum computing stock offering 10%+ monthly premiums—demonstrating how to play the "sweet spot" of risky stocks using short-term strategies. Key Insights: Log-normal distribution reality: Most individual stocks actually lose money over time (despite the S&P 500's 10% annual average) because index committees actively select winners Annualized returns truth: While 8% monthly sounds like 96% annually, you can't always replicate perfect setups—but the math still provides valuable baseline comparisons against risk-free rates Gap risk management: Why Dan prefers closing entire positions on expiration day rather than letting calls expire Value vs. speculation balance: How to capture meaningful premiums on stocks with mixed fundamentals The Bottom Line: Short-term buy-writes let you profit from stocks you like but don't fully trust, capturing meaningful premiums while maintaining clear exit strategies. Perfect for traders who prefer calculated risks over permanent commitments—and smart enough to know that in trading, as in life, everything is temporary. Support the Show: Love the podcast? Share it with a friend, leave a review, and consider a paid subscription on Substack (https://wealthbuildingwithoptions.substack.com) to access bonus episodes, detailed trade breakdowns, and monthly AMAs. Subscribe now so you don't miss Episode 25—another masterclass in confident, systematic trading is coming your way. Disclaimer: Options involve risk and are not suitable for all investors. Please read the Characteristics and Risks of Standardized Options before investing.

In this episode, Dan shares a hilarious childhood story (yes, he did bite a nurse) and takes a nostalgic look at Highlights magazine to set up a powerful trading lesson about spotting subtle—but meaningful—differences between two nearly identical options strategies: the buy-write and the cash-secured put. Both strategies aim to acquire stock and generate income, and from a risk-reward standpoint, they appear almost interchangeable. But when you look closely—like Gallant and Goofus in Highlights—you’ll find key differences that can impact commissions, dividends, interest, mindset, and how you manage risk. What You’ll Learn in This Episode A humorous childhood story that leads to a serious insight about how traders interpret similar setups differently The key mechanical difference between a covered call and a buy-write How a buy-write compares to a cash-secured put in terms of: Maximum profit Break-even price Commissions Option Greeks (Delta, Vega, Theta) Dividends and interest impact Mental framing and trade psychology Why buy-writes often look better on paper—but might not always be the better choice How your broker's assignment and commission policies could tilt the scales Why dividend-paying stocks may favor buy-writes over cash-secured puts The one question to ask yourself that might matter more than the math: How do I think about this trade? Key Takeaways A buy-write = Buy stock + Sell call (same time, same trade ticket) A cash-secured put = Sell put with cash reserved to buy shares if assigned Both trades are synthetically similar—but taxes, dividends, mindset, and fees can make a meaningful difference The mental framing of a trade might be the most important variable of all Sometimes, “spotting the difference” is the key to making the right strategic decision Subscribe & Support Enjoy the show? Share it with a fellow investor Subscribe to get future episodes on short-term vs. long-term buy-writes Want deeper dives and trade breakdowns? Support the show with a paid Substack subscription and you'll also get access to the video extras: wealthbuildingwithoptions.substack.com Disclaimer Options involve risk and are not suitable for all investors. Before buying or selling an option, read the Characteristics and Risks of Standardized Options. For more about Dan Passarelli and Market Taker Mentoring, visit MarketTaker.com.

Dan Passarelli kicks off this episode with a wild story from the trading floor—complete with Hulk-like rage and a colorful nickname—and uses it to dive deep into one of the most powerful and misunderstood ideas in options trading: synthetic positions. This episode explores how synthetics reveal the truth about covered calls and cash-secured puts—that they are, in fact, two sides of the same coin. Dan unpacks the logic behind synthetics, the Greeks that drive them, and why understanding this can make you a sharper, more strategic investor. In This Episode: The infamous “Hey Butthole” trading floor story—and what it teaches about real-world trading Why a trader’s “172” call position wasn’t an error—it was a lesson in synthetics The delta-neutral mindset of market makers and how it unlocks synthetic thinking Covered calls vs. cash-secured puts: Why they’re synthetically identical (and when they’re not) Understanding put-call parity and its real-world implications The Greeks of synthetics: Delta, Theta, and the messy role of interest and early exercise How professional traders use synthetic stock, conversions, reversals, and synthetic straddles When a put and a call add up to more than 100 delta—and what that means How synthetics help you manage vertical spreads, identify arbitrage, and reduce capital requirements Why thinking in terms of synthetics leads to smarter, more flexible trading decisions Why It Matters: Understanding synthetics isn’t just academic—it’s foundational. If you truly grasp this concept, you’ll: Trade covered calls and cash-secured puts with more confidence Identify hidden equivalencies across strategies Improve capital efficiency and decision-making Spot arbitrage and mispricing opportunities others miss Quote of the Episode: “If I own 100 shares and I’m short one call, that’s a covered call. If I’m short a put at the same strike—guess what? At expiration, they behave exactly the same.” Don’t Miss: Next episode, Dan dives into buy-writes and how to use them effectively in today’s market conditions. Make sure you subscribe so you’re the first to know when it drops. Resources & Links: Trading Option Greeks – by Dan Passarelli Join the community at WealthBuildingWithOptions.Substack.com for bonus episodes, trade breakdowns, and monthly AMAs Disclaimer: Options involve risk and are not suitable for all investors. Please read the Characteristics and Risks of Standardized Options before trading.

In this episode of Wealth Building with Options, host Dan Passarelli explores one of the most powerful, yet often overlooked, concepts in successful trading: edge. Whether you're seeking an advantage like a card counter at the blackjack table or building consistency through disciplined investing, edge—the measurable statistical advantage—is what separates consistent winners from the rest. What You'll Learn in This Episode: What edge really means in trading and how even a small edge can compound into powerful long-term results The three primary sources of edge every options investor needs to understand: Fundamental analysis (PE ratio, price-to-book, operating yield, current ratio) Technical analysis (support, resistance, moving averages, volume) Volatility analysis (historical vs. implied volatility, vertical skew, term structure) How smart investors use support and resistance levels to improve strike selection and time their trades more effectively Why volatility pricing can create opportunity if you know how to spot overpriced or underpriced options A practical framework for setting strike prices and choosing expirations for covered calls and cash-secured puts Dan also shares stories from the trading floor and insights from professional mentors, blending theory with real-world examples in a way that brings clarity to complex topics. Resources Mentioned: The Intelligent Investor by Benjamin Graham Buffettology by Mary Buffett How to Read a Financial Report by John and Tage Tracy Final Thoughts: Even a 1–2% edge can significantly improve your trading outcomes—especially when compounded over time. Dan explains how mastering these analytical tools can help you trade more confidently and profitably, while avoiding common mistakes. Subscribe to the show to catch Episode 22, where Dan dives deep into buy-writes and how to maximize capital efficiency using this foundational strategy. To support the show and get access to exclusive episodes, trade breakdowns, and AMAs, visit: wealthbuildingwithoptions.substack.com Options involve risk and are not suitable for all investors. Please review the Characteristics and Risks of Standardized Options before trading. To learn more about Dan Passarelli and the Market Taker Mentoring community, visit MarketTaker.com

Description:You wouldn’t build a garden without a plan (or at least you shouldn’t). And you sure as heck shouldn’t place a covered call or cash-secured put without knowing exactly why you’re doing it.  In this episode, Dan shares a hilariously frustrating story about building a backyard garden with his daughter — and how forgetting one small measurement led to a big headache. Then he breaks down how that same mistake shows up in options trading when traders skip the fundamentals and just “wing it.” Covered calls and cash-secured puts might seem simple — but if you’re not following this checklist, you’re likely doing it wrong. This episode gives you the must-follow framework to avoid costly errors and start trading with clarity and confidence. You’ll Learn: The only two valid reasons to place a covered call or CSP — and why anything else is a red flag Why stocks under $30 are usually a waste of time for income strategies What the “10% Rule” is — and how it instantly tells you if your option is tradable How to use theta and “aggregate theta” to maximize your returns over time The rookie mistake traders make by ignoring volatility events like earnings (and how to avoid it) Key Insight: “You don’t get to think outside the box until you know what’s inside it.” Don’t Miss: Dan’s “Nail the Trade” checklist — the same system he’s been refining for 8+ years Why implied volatility isn’t always make-or-break — and when it is How to line up your trade with your actual investing plan, not just what “looks good”   Be sure to read Characteristics and Risks of Standardized Options before investing with options. Options involve risk, only risk capital should be used. 

In this episode of Wealth Building with Options, Dan dives deep into the three critical criteria for selecting the best strike and expiration when selling cash-secured puts: Support levels Theta (both straight and aggregate) Implied volatility and skew Dan breaks down the logic behind what makes these factors so valuable—especially for investors who want to either generate premium or strategically acquire stock. He shares some "campfire knowledge" and real-world tactics that go far beyond theory and into practical application. Dan is joined by John Kmiecik, who shares how he guides students to find optimal support levels using multiple timeframes, how he filters out the chart “noise,” and what technical indicators (like RSI and moving averages) may or may not be worth your time. Whether you're trying to invest more confidently or fine-tune your entry points, this episode will give you a sharper lens for executing cash-secured put strategies like a pro. What You’ll Learn Why support lines are crucial for choosing put strikes—and how to spot them using multiple timeframes The difference between straight theta and aggregate theta—and how both affect decision-making How to evaluate weekend theta and avoid the trap of holding options through unnecessary decay Why volatility skew (vertical and horizontal) matters when selecting expirations and strikes How to think in terms of 7-day decay periods to uncover the best value across different expirations Why trading doesn’t have to be overcomplicated—and how to eliminate the noise from your charts Memorable Quotes “Some of this is campfire knowledge... but a lot of it is what I’ve learned from trading for decades.” — Dan Passarelli “Support and resistance have made it through thick and thin with me. I’ve divorced a lot of technical indicators, but I’m still married to support.” — John Kmiecik “It’s not just about the flat theta number—it’s about knowing what that number really means over time.” — John Kmiecik Resources & Extras Video Extra: Visual breakdown of straight vs. aggregate theta (available to premium subscribers) Characteristics and Risks of Standardized Options (Options Disclosure Document) Subscribe for bonus content at wealthbuildingwithoptions.substack.com Subscribe & Share Don’t miss future episodes—subscribe on your favorite podcast app.And if you found this episode helpful, share it with a fellow investor. The more we learn together, the more we grow.