Blog Archive: January 2026
Week 41 / NVDA Credit Spread Strategy: 0.43% Weekly Return if Expires Worthless
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Greetings from Tbilisi. After more than three weeks in India, we are finally back—welcomed by temperatures below 0°C and already missing Goa and its +31°C.
Last week, we also held our annual office party (Caucasus Translations) at Babilo Music Hall, enjoying excellent Georgian cuisine, wine, and traditional Georgian dance. I skipped the food due to intermittent fasting (no eating after 14:00), but it was a great evening nonetheless.
As of January 16, 2026, our covered-call stock portfolio has increased again by additional +1.71% and closed at $10,835.
It has been an excellent start to 2026, and we are positioning for further growth while remaining cautious. A market correction around earnings season cannot be ruled out. With NVDA scheduled to report earnings at the end of February, we are comfortable selling credit spreads, as they provide downside protection.
Our covered call portfolio is up 4.31% YTD, outperforming the S&P 500 (+1.28%). Since NVDA is our core underlying - used for selling credit spreads and covered calls, while gradually accumulating shares through option premiums it is also appropriate to compare performance…
TerraM 52‑Week Saving Challenge: Commitment, Liquidity, and Skin in the Game
| Investments | 33 seen
I have attempted the classic 52‑week saving challenge several times over the years. I tried it with cash, mutual funds, and even speculative assets like meme coins. Results were mixed. Sometimes the discipline worked, sometimes it failed - usually not because of returns, but because of inconsistency and lack of long‑term conviction.
This time, the setup is different.
I am launching the TerraM 52‑Week Saving Challenge, centered entirely on the TerraM token, the native token of the Terramatris crypto hedge fund.
The structure is intentionally simple:
- Week 1: invest $1 in TerraM
- Week 2: invest $2 in TerraM
- Each week, increase the investment by $1
- Week 52: invest $52 in TerraM
By the end of the year:
- Total invested capital: $1,378
- Number of buys: 52 separate on‑chain purchases
No timing, no optimization, no skipping weeks.
This challenge is biased by design. I am the CEO and founder of Terramatris, and TerraM…
Week 40 / NVDA Strategy, $65 Premium Income, and Margin Reduction
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Greetings from Mumbai, India. For the past three years, we’ve spent our winter holidays in India, usually traveling to Goa via New Delhi. This time, however, we arrived and departed through Mumbai and had a few days to explore the city. I’m genuinely impressed. Mumbai is definitely a city where I could imagine living long-term. Beyond that, it stands out as one of Asia’s major financial centers.
One thing that really stands out when traveling around India is the prevalence of billboards advertising investments in mutual funds. Likewise, when visiting libraries, it’s not uncommon to find educational books on options trading. This suggests that India’s retail financial markets are not only growing, but already fairly mature.
That said:
As of January 9, 2026, our covered-call stock portfolio has increased slightly by +0.44% and closed at $10,653. For the sake of transparency, it’s worth noting that the slight decline is due to USD/EUR exchange rate movements. The U.S. dollar kept appreciating against the euro, which reduced the total value when expressed in USD.
Our covered call portfolio is up 2.37%, modestly outperforming the S&P 500…
Exploring Crypto Spread Trades With India: Lessons From the Kimchi Premium
| Investments | 77 seen
The idea of regional crypto arbitrage isn’t new. The most famous example remains the Kimchi Premium — a persistent price gap where Bitcoin and stablecoins traded at a premium on Korean exchanges due to capital controls, retail demand, and limited outbound liquidity.
India occasionally shows similar characteristics. During a recent vacation in Palolem Beach, Goa, I found myself regularly exchanging USD to INR at beach shack money changers. That on-the-ground exposure, combined with crypto P2P observations, sparked an idea worth examining — even if it ultimately proves impractical at scale.
The Observed SpreadWhat caught my attention was a USDT price discrepancy (as of January 2026)
Bybit P2P: USDT selling around ₹94…
Week 39 / Road to $25K: Rolled Up and Forward NVDA Covered Call, Adjusted Credit Spread
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Greetings from South Goa, Palolem Beach, India. I hope you had a great New Year’s party - we certainly did.
As of January 2, 2026, our covered-call stock portfolio has decreased slightly by -0.84% and closed at $10,607. For the sake of transparency, it’s worth noting that the slight decline is due to USD/EUR exchange rate movements. The U.S. dollar appreciated modestly against the euro, which reduced the total value when expressed in EUR and back.
This marks the first options week of 2026; however, all position adjustments were made back in 2025.
One of our short- to medium-term goals is to grow the portfolio to $25k using options trading alone. With a systematic approach — and some persistence (plus a bit of luck) — reaching that level in 2–3 years is realistic. See: Road to a $25,000 Stock Portfolio with Options Trading.
Options trades:This week, we adjusted our NVDA covered call, rolling the April $115 strike out to June while slightly increasing the strike to $116. We’ve been in this position since March 2025.
At the start of the week, I also adjusted our NVDA bull put credit spread, rolling it down and forward to next week’s…