Shana Tova to those who celebrate.
Writing back from Tbilisi, where this has been a particularly interesting week. Today we said goodbye to the apartment we rented next to the Parliament.
I really enjoyed living there, but we are already enjoying our new place even more.
Hopefully, this will be our home for years to come — or perhaps the next step will be buying a private house in the suburbs of Tbilisi. We will see.
Besides that, as of September 11, 2026, our small but ambitious stock portfolio closed at $13,866, representing a modest 0.77% decrease week over week. The $14K milestone remains within close reach, and we continue to steadily work toward that target.
Market Overview: A Week of Cooling Momentum
After a strong run through August, global equity markets took a small breather this week. Investors continued to digest the strength of the AI-driven rally, while some of the biggest technology winners experienced normal profit-taking.
The main story remains the same: artificial intelligence continues to drive investor attention, with NVDA remaining one of the most important stocks in the market. The long-term demand story around AI infrastructure remains powerful, but expectations have also moved extremely high. At these levels, even small changes in sentiment can create meaningful price swings.
Beyond technology, markets are still balancing several competing forces: expectations around future interest-rate cuts, economic resilience, and concerns about whether current valuations already reflect too much optimism.
For options investors, this environment creates an interesting balance. Higher volatility increases the premium available to sellers, but sharp moves can quickly put short option positions under pressure. This week was a good reminder that generating income and managing risk must always go together.
Portfolio Update
Despite the decrease in portfolio value, there were a few positive developments worth highlighting.
First and foremost, our weekly NVDA credit spread expired worthless, allowing us to open a new position. This time, however, I took a slightly more aggressive approach, targeting around $70 in premium from a 212.5/202.5 bull put credit spread.
Normally, I prefer collecting smaller premiums while maintaining a wider safety margin. This trade represents a small adjustment from the usual approach — accepting slightly more risk in exchange for higher income potential.
The key question is not whether the trade can generate premium, but whether the additional income compensates enough for the increased downside risk. The answer should become clearer as we approach the September 18 expiry.
Another positive is that the pressure from NFLX has eased. After the stock moved back below $80, there is no longer the same urgency to aggressively accumulate shares to protect our $85/$105 bear call spread expiring in November.
Last week, we increased our NFLX exposure by purchasing five additional shares as part of the longer-term plan to gradually build toward a covered call strategy. This week provided some breathing room, allowing the portfolio not only to stabilize but also to slightly reduce the margin debt created by those purchases.
The portfolio is now up 33.3% year to date, comfortably ahead of both the S&P 500 (+11.77%) and NVDA (+15.99%). However, the journey has not been smooth. The results have come from active management, disciplined premium collection, and accepting calculated risks when opportunities appear.
Current Options Positions
NVDA SEP 18, 2026 212.5/202.5 Bull Put Credit Spread
BAC SEP 18, 2026 60/55 Bull Put Credit Spread
ARCC SEP 18, 2026 16 Cash-Secured Put
HEL STERV SEP 18, 2026 8.5 Cash-Secured Put (EUR)
BMY OCT 16, 2026 57.5/52.5 Bull Put Credit Spread
NFLX NOV 20, 2026 85/105 Bear Call Spread
LHA FRA DEC 18, 2026 7 Cash-Secured Put (EUR)
NVDA JUN 17, 2027 $125 Covered Call
NFLX DEC 17, 2027 64 Cash-Secured Put
We are now moving into the September 18 expiry cycle, with several positions approaching maturity. The focus next week will not only be on seeing the new NVDA spread expire safely, but also on BAC, ARCC, and the European HEL Stora Enso position.
The Stora Enso options position is a particularly interesting one — it was opened back in summer 2026 while I was in Latvia researching forestry stocks and eventually led me into exploring the Finnish stock market. Sometimes investment ideas appear from unexpected places, and this one started as simple research into an industry rather than a planned portfolio allocation.
As of today, all positions appear to be in a comfortable position, but that can change quickly as we move into expiry week. This is especially true for NVDA, where the increased risk from the more aggressive spread structure leaves less room for error.
Options Income and Margin
Total options premium collected this week reached $70.
Part of the collected premium was reinvested into accumulating additional shares, with 0.1 NFLX shares and 0.1 NVDA shares purchased.
The approach remains focused on turning options income into ownership over time. Rather than simply withdrawing premium, a portion is continuously reinvested into quality companies that can become future covered-call candidates.
The current margin balance has decreased slightly to −$2,733. At the current weekly premium generation of around $70, it would theoretically take roughly 39 weeks to eliminate the margin debt — assuming premium generation remained constant and none of it was reinvested into additional shares.
In reality, the timeline will depend on future market conditions, option volatility, and whether additional opportunities justify using available buying power.
What We Are Watching Next Week
Looking ahead to next week, the immediate focus remains the NVDA $212.5/$202.5 bull put spread expiring September 18.
Besides NVDA, several other September 18 positions will also reach expiry, including BAC, ARCC, and HEL Stora Enso. These positions have different risk profiles, but all are currently within the planned strategy framework.
The other major position to watch remains the NFLX $85/$105 bear call spread expiring November 20. With NFLX moving lower, the immediate pressure has decreased, giving us more time to continue building shares and preparing for the possibility of eventually transitioning into a covered call approach.
If any position comes under pressure, the plan remains to roll forward where it makes economic sense — ideally for a net credit — rather than react emotionally to short-term price movements.
Assignment is also an acceptable outcome for selected positions. In the case of NVDA or NFLX, owning more of the underlying could eventually open the next chapter of the strategy: generating additional income through covered calls.
Bottom Line
This week was not about chasing maximum returns, but about maintaining flexibility.
The portfolio gave back a small amount after reaching new highs, but the underlying structure improved. NFLX pressure decreased, margin stabilized, options income continued, and we were able to keep accumulating shares.
The next important test comes with the September 18 expiry cycle. NVDA will be the main position to watch, especially after taking a slightly more aggressive approach with the new spread.
The strategy remains unchanged: collect premium, reinvest selectively, manage risk, and allow time to work in our favor.