297 · Cody Yeh - Slow, Medium, and Fast Money Strategies
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If Delta is the holy grail, AI will take over our job already. Delta is just one thing that people, they just trade straight from Delta. They're very mechanical. Is that Cody? I open trade today. I close tomorrow. I open trade today. I close today. Whatever. But a lot of time they forget to look at there's Black Swan event. There's Donald Trump event. There's FOMC event. There's a lot of variables out there that will screw those things.

Delta, screw those 75% within the day, right? The moment it started getting closer to your stock price or your strike price, all of a sudden Delta is like, oh my God, like Cody, it dropped really fast. And then when below is like, okay, Cody, now it's one-to-one now. Like, what's going on?

So I don't think probability could be looked that way, but there's no formula you can calculate. A black short is just a very rigid formula that kind of tells you, but that's not the real probability. That's why our team are always looking at how do we

dodge some of the event where, okay, leaving a little bit of money on the table. We look at, for example, the liberation day. I was telling my team liberation day, okay, more upside with downside. Everyone's like downside. Exactly. So if we have bullpup spread, can we close some of it? Only leave 25%. You're like, yeah, it kind of makes sense because what's the chance that will go up? Is Donald Trump going to say, I have mercy for you guys, but he's like going to do something innovative that shock everyone anyway.

So the chance of the upside will even staying still, it's so low. So we actually should have some bear call spread, more bearish position, not too much, more neutral and less bullish position. So that's the way we position it. We have a little bit bias, just based on, not just based on technical, not based on just Delta, be like based on what Donald Trump is gonna do and how people's gonna think, react to it. So that's kind of like, how do you quantify that?

Welcome to Chat with Traders. We're in episode 297. Oh, what a crazy market it's been, huh? I hope you're all doing okay out there in the markets, whatever your trading situation, protecting yourself and your psychology, your positions, and waiting patiently for the right opportunities to show up again. And I hope you're all doing okay out there in the markets, whatever your trading situation,

This is Tessa, your co-host, and I happen to also be a developing trader like some of you, working diligently every day on my trading. My trading journey has been rocky for a long time, but I have to say for the past year now, I have been intentionally learning, gaining experience from every trade so that I can accelerate my trading progress. What about you? How's your trading going overall? Are you happy with your progress?

What do you think you're missing and how can you make your trading simpler if possible?

Those are the two exact questions I ask myself a lot now to help me focus and refine and improve my system and process. I just thought I'd share every so often with you a little bit from my trading journey. And hey, feel free to share yours. We may end up reading what you're willing to share on the podcast, just like they used to do back on the radio. Remember? Well, for those of you who do remember, what do you think of that idea? Okay, hold that thought.

While I get us back to the main part of this episode with my co-host Ian Cox, who had the opportunity to chat with Cody Yee, a former engineer turned trader and investor and entrepreneur whose number one goal is always to preserve his capital first and growing it would come second.

Maybe this might not sound as thrilling as you might hope, but as you listen to his story and journey into impressive double-digit returns and how he describes his three main strategies, which he calls it his fast, medium, and slow money journey,

diversifying in different strategies and timelines, allocating about a third for each strategy. The practicality of it all is actually quite remarkable. Building his edge through teamwork, structure, clear rules and consistency. His approach to the financial market is all about trading less, but earning more. Is that possible? How does he do it? Well, let's dive into the conversation now.

Ladies and gentlemen, we're so pleased to introduce Cody Yee from our respected neighbor to the north, Toronto, Canada. Well, Cody, what a day to have an interview. Markets in turmoil. VIX is spiking. Great time to do some options.

What opening, yeah. For people who's listening to this, Apple dropped 9% since January, 2025. It hasn't really dropped much. So we're definitely seeing a lot of opportunity

I have a lot of Cassidy on the side. So I have my target price set. And as some of the stocks that reach almost reach that point, so I have some limiting order to buy. But in terms of option, it's very tricky because this drop, you know, since the height of all time high of

of January, we haven't really seen any rebound. And that's usually, you know, for the last two or three drop, like it's, it's been kind of like this. Usually you kind of drop and a rebound and a drop more, but last few times it's just pure drop. Right. So it's kind of scary, definitely. And at the same time, you know, my team and myself, this is, you know, we've seen different scenario, but every time it's kind of different.

So we just had a meeting yesterday for about an hour to say, hey, how do we always learn from a mistake and moving forward? But we don't really see a bottom yet. Right. I would say the bottom will be when when when all the corporations come out and announce that a recession is really here.

And I think that'll be another one to two months. I don't have the crystal ball, but I'll hang tight and don't over trade because who knows, it can drop to 5,200 S&P 500 really. I don't hope we'll go there, but you know, it's very unpredictable. So definitely tone down your, your account size and don't do crazy things at this time. Well, fantastic Cody. I'd like to welcome you to chat with traders.

Thank you. Yeah. And before we dive into the turmoil going on in the markets, I'd love to dive into your background. Tell us a little bit about kind of where you grew up. What did you study in school? Yeah. So I grew up in Taiwan. I'm a typical kid. I

The exception I would say I have is a little bit of athletic talent. So since I was a kid, I was playing a lot of sports. I have a lot of medals, trophies, all in sports, nothing in music, nothing, anything else. So, you know, there's a saying in Chinese that you're very agile, you're nimbs, but you know, you're not very developed on your brain, you know, sort of saying. So I thought it was that person. So I'm very easygoing, grew up in Taiwan.

And, you know, at that time, you know, my family's, you know, my dad has a really good job, but he's not very good with finance. So I think growing up, I have a, I was inject a lot of scarcity mindset from my mom because, you know, there's a few calls where there's margin calls. I call my mom and my dad need multiple six figure USD in 15 minutes. So I think my mom was very shocked by it. And I think, you know, that really kind of planned the seats and,

A lot of what I do try to have financial freedom and independence before I come to Canada at the age of 18. So, yeah. And so what was your family's attitude and cultural attitude towards risk, taking risk and stock market in general?

I didn't have the best education for that, to be honest with you. Up until the age of 18, I was that kid, grew up in Taiwan, went to one of the best schools, just study, study. I go to school at 7:30 in the morning.

I leave school at 9.30 p.m. at night. So there's not much other than extracurriculum. It's all math class, this and that. There's no like read Warren Buffett's book, read Charlie Munger's biography. No, nothing like that. It's really until I come to Canada and then I guess the reality sets in, right? In Asia, I don't have to make any of my decisions. I go to the best school, you have the best job.

And then we all kind of know that's not the truth, right? You don't have any critical thinking. But really, when I came to Canada is when everything just kind of hit me in the face. I remember my first day.

when I went to U of T, so University of Toronto, considered one of the best schools in Canada. I went to engineering school. I remember first night I sat in my dorm, you know, I have a roommate. He's not arrived yet. I never live on my own really. I don't have any pillow or bed sheets. I literally just slept on the bed without any bed sheet. And I was thinking about, oh my God, this is for real. So if I get kicked out, I will be that kid

came from Taiwan and, and spend all the parents' money. I'll crawl back there with tails between my legs. I'm like, Oh my God, I better not do that. Right. So that was like when reality really sets in for me. Right. And then how did you get introduced to the financial markets? And when did you open up your first trading account?

Yeah, that was, I remember second year. Engineers, we still learn about accounting and some corporate finance. And I chose elective to really learn more about how to invest because

I chose engineering not because I have passion in engineering, to be honest. It was because stereotypically, people from Asia are better trained in math. So I just in that top 25% percentile. And I hate writing reports, right? Because I was struggling of English first coming to Canada. And I couldn't read a math 12 questions. So I chose engineering.

And I was like, okay, engineer, if I graduated, I will get a decent job, maybe pay me 60K, maybe 80K per year.

But I know that's not going to get me rich, but I'll be independent. So I'm like, I'm trying to start learning how does people really get ahead in life, especially when they start kind of from middle class or nothing, right? So that's when I'm like, okay, like Warren Buffett learned from stocks. And that's when I like open my broker account, $1,000, $2,000, a little bit of, I put in boring stocks, the bank stocks. And I'm like, this is kind of boring.

This is kind of boring, but that's how I first learned, right? Learn how to read the financial statement, balance sheets, and going through corporate finance class, but didn't really learn much besides how to derive, how does a formula of a Black-Schwar formula for option work, but now that we all have computer, but back then I was an engineer, we have to derive everything, but kind of helped my math skills, but doesn't really help in the grand scheme of things, right?

And so you started off with kind of a buy and hold stocks, what, for the long term? And did you get did you feel tempted by to get into actual trading to make more money after all? Right. Yeah. Very good question. So, you know, as a second year in university engineer, like everyone's very competitive. Right. Some of them are getting the best job at McKinsey. Some are getting an oil job. You're like, oh, my God. OK, I'm getting a manufacturing job.

internship, I'm like, okay, how do I get ahead in life a little bit? I was working a lot of overtime, but I'm like, you know what?

I was doing that for three years, but it's very boring, right? Banks, okay, 3%, 4% dividend. Okay, sometimes it goes up, sometimes it goes down. $2,000, it's not going to be changing your life, right? So really, I was trying to learn all this stuff, reading the technical, which is like most people who started reading these books and have all these books in Chinese, actually, not English at that time, because I was introduced to a friend that

This friend works at the broker, one of the biggest broker in Taiwan.

you know, in Taiwan, there's some room back then, 2015, there's like these VIP rooms where a lot of people trade a lot of volume. They get to be in the VIP room and they can negotiate their rate. So they introduced me to this young lady, 24 years old. I really don't know her. She doesn't have a YouTube channel or anything, but I was introduced to her and she said, well, do you want to invest money with me? I'm kind of,

I'm like, no, I don't have much money, but can I learn from you? Can I pay you? And she's like, I don't take student. I mean, I don't have no time for that, but if you want to shadow me, shadow me. Right. So I was shouting her for two years and that's how I got dragged into day trading or really scalping the future options of Taiwan. Right. Kind of like the NASDAQ. So kind of like the NQ kind of the SPX of Taiwan. Right.

I didn't know much what I was doing. I was purely doing technical and I was trading from Canada. And the reason why I was doing Taiwan is because there's a 12-hour difference so that I can do it at night while holding a full-time job as a project manager. So that's how I got started for two years. And yeah, I mean, if you really want to hear about the sweat and tears, we can get into it.

I see. And how did you do in those early years? And what did you learn from this? First eight months, straight out, lose money, grinding down. I have to risk management, sort of, you know, only use, you know, one to 2% of your capital. But I was grinding down, right? Every time the market popped,

And then it blows through my stop loss or something blows through my stop profit and I wait. All those gains are slowly getting grinded out. And I was telling my so-called friend, coach, she's like, don't call me coach, I'm not your coach. But I'm like, why are you making money while I'm not making money? Because I spend the same amount of time as you. Pre-market two hour, trade for two hours, I write report for two hours.

She said, well, you don't have the experience. And starting the first four months, she was losing.

Right. So, you know, back then I was just, I thought I have a system. I thought technical was everything, but I didn't know how to digest all the news as of yet because I was so young, right? I was like 24, 25. I didn't know. I didn't have a life experience of when someone say something like Donald Trump right now, it might not be real. It might not be a negotiating. Whenever they say something, it might actually be the opposite. They're trying to save themselves. Right. So I didn't have those experiences.

wisdom back then. So I literally just looking at technical analysis and, you know, I paid the price for it. Second year was a lot better. You know, we make 66%, but, you know, $10,000, 66%. I mean, it's not life changing. Right. And then I found that it's actually very hard to scale. So, you know, that kind of got me thinking that, can I do this for my whole life?

Because I was giving away a lot of my weekday nights, a lot of my weekends studying and

I had a girlfriend at that time, now my wife, but thank God she's still with me. But I just wasn't sure if I can do that for 10 years, 20, 30, until I'm 80, right? Having that mindset of always need to be a tough athlete, kind of like driving a cockpit all the time, having eight screen. I only have two at that time, but I just don't think that's the way I want to go with my life.

And so did you switch into a different strategy on how to handle your money, where to invest? Scalping that side was fun. But then in the meantime, I was introduced to Option, reading a few books, reading about Warren Buffett's financial statement. I found there's one line they talk about derivative contracts. I'm like, what is that? They're making $1 billion, $2 billion dollars.

per year. And, you know, I started looking into, Oh, Warren Buffett actually, you know, sold some option, put options on the SPX back in 2009. And he make a lot of money on it. So I'm like, what is that? Like, it seems like he's on the winning side of it. And that's really when I start going to like options, you know, what is option? You know, it's a little bit more complicated than, than stocks takes a little bit more time, but,

but there's more variable, but you can have more control if you know what you're doing, right? That's when I start looking to how can I spend less time and then yield the same result, even with less results, the return to ROI on time of stress is a lot more worth it and a lot more sustainable, right? So that's when I started getting into option.

Yeah, many traders and investors get accustomed to options from the standpoint that with a very limited amount of upfront investment, they can have high levels of leverage and make so much more money than they would if they just bought the stock. So were you seduced by the incredible potential profits of buying call options and letting them rip? Yeah.

It's very interesting. So early on, I was never attracted to that. I don't know what's something that's different about my brain. I was never that guy that I want to hit big. But I was that guy that how does the rich people keep their money? Because, you know, I'm an engineer. My background in math keep telling me, Cody, if you make 100%, you know, okay, let's say you have $100, you invest it.

you lose 50% of it next year. You need to use this, the remaining 50, $50. And to even come back to a hundred dollars, you need to make a hundred percent now. So I'm like, the math doesn't work that way. It's not always about go, go, go. And, you know, I started seeing a lot of people, you know, kind of having a quick success with blow up their account because they have that gambling mentality. All right. So early on, I keep telling myself and reading all these books as I,

These rich people don't really buy options. They actually sell options. A lot of them, whether that's scalping, whether that's wanting to own something they want to own for a cheaper price or just getting into something they want for the, for a cheaper price. Right? So,

That's what I drawn to. And most of the time where I buy calls, I bought some leaps in 2021 as well. Those were actually, I thought it was, what could be wrong in two, three years? And guess what? All the stocks, most of the stocks I bought literally went down in 2021 and come back in 2023.

And, you know, definitely, you know, a lot of wounds there, but it's a small percentage of my account I allocate to buy option, but most of them are more selling and just holding stocks or ETF. And they've been doing, treating me quite well, actually.

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what I call a warm buffer cash flow strategy. Really just selling options on, selling put options on individual stocks and I get to own it for a cheaper price. I could pay the cash flow, which is what we call the premium. And then I get to own the stocks I want to own for a cheaper price. And if I do get to own at a cheaper price, I have a downside buffer.

Right. And now I can turn around and sell some cover call as a, you know, at a higher price. So I agree to sell a higher price and get more cashflow in the meantime, and just wait for the stocks to, to go up or some of the stocks. I really want to hold for a long time. I never want to give it away. Then I just hold on to it. Right. And because the whole idea is that I get to have, for me, I call it the fast medium and slow money.

I talk about the TD bank interview as well is that, you know, there's inherently different strategy, different strategy, different timeline. I want strategy with different timeline. Our sudden done strategy is more fast, you know, like, like, you know, one to two months cycle. And then, you know, our, our Warren Buffett cashflow strategy, selling options on individual stocks is more like few months. Sometimes you can get stuck for a few years.

if the solid price keep getting depressed, right? And then buy and hold has been doing pretty well for the last two years. Usually it's kind of 5%, 10%, maybe 20%, but last year was exceptionally well. And this year actually our selling option portfolio is doing a lot better because buy and hold is hurting, right?

I always have different timeline and, you know, just allocate one third, one third, one third. So anytime I feel a lot more prepared and I feel I can maneuver the market a lot better. What do you believe are the biggest misconceptions new traders have about generating passive income through options? That's such a good question. Like, let's just give people a whole picture.

breakdown, right? Back then I was doing it by myself. I was having a full-time job and I also study a lot at night, like six hours per night, whether studying the market books and all that. And I slowly grow into have a team. At one point, my team was 10 people, right? I have some coaches, I have some analysts and they're my past client. I picked the best out of them, become my coaches, analysts, because we're thinking about launching a hedge fund in one to two years, right? So with the amount of resource we have,

The reason why I could be more passive is because my team is doing the work for me and doing the work for my client. But if I'm doing all this on my own, right? Unless I have to support certain community that I trust or have a basic understanding, it's not going to be so passive. Today, I was looking at my buy and hold strategy because I have multiple six figure. I'm looking at deploying, right? I was looking at the target price. I look at the clock again. Oh my God, that cost me three hours. I only analyzed five stocks.

I was checking it. Okay, history has dropped this much. It's not passive. Why is that? Did you get swept up into the emotions of the market watching the chart move and the time disappeared on you or-

Oh no, it's actually like this morning I was looking at my buy and hold strategy, right? Cause my team is managing more about the more active strategy, like the Warren Buffett strategy and our sudden done. And for my personal side, this is my personal account more buy and hold. I'm like, okay, I have these capital I want to deploy. I've been waiting for this moment.

right? So I'm looking at, okay, what are some good stocks I can buy, right? I don't know if you want me to share some ticker. I'm never that guy that pump and dump anything. Anything I buy, I can't pump and dump anyway. But just looking at it and then looking at, is that a good investment in the long term? For example, I look at the last five years in terms of

their net income, their return equity is a solid, has it been only growing 20% per year, but the stock price 10X. Those are, I'm like, okay, I need to wait a bit longer. I rather miss out that than be part of that because there's more chance we'll pull back. But if it's been growing pretty good, but then get beat up because of certain reason, then those are the companies I'm looking for. So to read through that,

I don't know if AI can do those shots, but that's what costs me a lot of time and think objectively. And most of the time when I can think objectively is when I don't have too much exposure in that stock yet. And that's when you're the most objective.

Right. So that's why I spent quite some time and my team do more of the, the option day to day supporting a client or the market drop today. Of course, there's some client panicking, right? Oh my God. Right. Hey, we already have plan. Remember you draw a hundred, 200. This is what we're going to do. Right. Neutral strategy. They handle that side of things. I handle more of the strategy on long-term stuff.

And that's kind of what I handle now. I'm sure some of the bears are arguing now that we're in a whole new realm with the trade wars that haven't occurred in the past, or at least any time during our lifetime. And that the looking at past fundamentals don't really matter right now because we don't know our company's going to be able to give future guidance. And just what's your take on that?

I mean, isn't that the same thing when COVID happened? They kind of say the same thing. Oh, this is a new world. You know, what's COVID going to take us? There's no guidelines. Companies that we don't know where is guiding. But every time that happened, humanity always find out a way. And this time is really, if you really look at it, it's just really one man's action. And this man, we all know who it is, is president.

pretty much overpowering the Feds, the FOMC, anything else. It's just one person. And I talk about this in my new YouTube channel called USA Update. I think he has a four-year plan. People can call it conspiracy theory or whatever. But I think this first year, I called that a month ago, he's trying to reset the market because we had a really good two years before he came into office.

All right. And he's trying to reset in the first year because he want to, he keep asking the Feds to drop the rate. But the Feds says, I look at all these data, job market is good. Inflation is not too bad. Why do we need to drop the rate? Right. Meanwhile, you know, the president is that we want to drop the rate. We want to drop the rate. He's like, okay, if you're not giving it to me, I will force it. Right. So he's kind of forcing it in my opinion. So first year is kind of like a reset of every market. And then second year will be, you know, kind of like,

finally start dropping the rate. So we're going to start seeing that rebound, right? I don't think rebound will go into second year. I think first year already starts seeing the stocks going back up. But I think the second year, going to first year and the second year of the presidency, you know, will be start dropping the rate. And the third and fourth year will line up perfectly for a really good rebound. You can say, you know what, guys, I told you so.

So that was my kind of conviction or you can call it conspiracy theory for the next four years. So that's why I'm not very, you know, not very worried about it. It's just more manufacturer. Manufacturer, if you look at all the other data, has been doing pretty well. Yeah, there's some, you know, a trading deficit from the US, but that's been happening recently.

you know, over the years. So he really, in my opinion, his true agenda is really trying to reset it in every way possible. The market reset, business reset, everything reset. And then now then he has a lot more room to grow instead of like trying to carry that no momentum, no new money at all going to the market. Right. So that's my take on it.

Right, right. In your videos, you've discussed about getting results with just 30 minutes a day of trading. What does that time typically look like in practice and what's being done during that 30 minutes?

Yeah. Like I said, early on was a more special day because market dropped. Even my wife was messaging me, Cody, is there anything I can buy? So that's when you know the market is really panicking. I have cash, I have cash. So but typically it's actually not 30 minutes per day because I have the team support 30 minutes per week for me.

Right. The last trade we put on was, yeah, it's actually per week. The last trade our team put on and the option, our set and done strategy was actually two and a half weeks ago. I was on, actually on March 17, we're filming this on April the 3rd. So like sometimes I don't want to say it's 30 minutes for three weeks and people are like, are you crazy? Are you buying and holding? But a lot of time is

When you're selling option, you have a big room for margin of error because we're selling option and then our strike price is really far away. We have a lot of room for error and time is on our side. Every day that goes by, if the market don't move, we're making money. So we have a lot of luxury on that side. So typical day for me, to be honest, since I have the team supporting, they give me all the daily news, give me to my client, I see the same thing.

Right. I like at this point with years of training, I don't even need to see the drawing points. A lot of times I will look at, okay, what's the first standard deviation, second standard deviation, things like that. I might look at it and be like, okay, we're within safety zone. Okay, cool. Leave it. I don't need to do much of it. But when the market dropped today, the thing is, okay, is our position okay? Do we need to adjust a little bit or is there opportunity? Right. Because, you know, anyone who has cash on the sideline today can be a good day to kind of

you know, sell some put option, things like that. Right. But there could be more downside, more neutral to bearish right now, but Hey, if you can maneuver well, even when, you know, the volatile, the index do crash tomorrow or after three days, you're going to make a handsome, handsome sum. If you, you know, if you use the right strategy, right. So those are the kind of opportunity, like as our position, okay. Then essential thesis change.

For the last, you know, every week I have a meeting with our analysts as well. No change. Okay. I guess let Theta do his thing then. Then I go to the workout and I go, you know, build my other business and, and, and, you know, talk to my property manager and all that stuff. Right. So don't try to overdo things. It's overdoing is not making you more money and it's actually, it's,

making the brokers rich, right? So, you know, so that's just my years of learning and pain, sweat and tears. But in the beginning, yeah, of course, I'm like, oh my God, okay, everyday learning new things, that could happen. So anyone who's coming into the market now is like, holy cow, like, this is crazy, right? But you still got to, you know,

Be a little bit more composed. Right, right, right. So break it down for us, kind of your core option strategy. What are you doing mostly of? What type of positions? So our sign-it-down strategy, which is, I would call it more active, 30 minutes per week, we're selling bullprop spreads or bear call spreads on the S&P 500 future option.

So the ticker is called ES, right? So we're basically, we are really far away with the bull put spread, bear call spreads. And then we cap the, we cap the risks, right? And we know our maximum, how much we could get paid because with spreads, you cap your profit, but you know, the most of your downside, right? And we're very far away in terms of, you know, when people are listening to this, understand what Delta is, we're really far away with Delta. We're really far away for our strike price.

And, you know, we're just targeting. What does that mean far away? Like, give us an example. For example, if ES, you know, was a 6,100, our position was our bullpup spread strike price was around 55.

So around 10%, does that sound right? Yeah, it depends. If the VIX is higher, we can go further out, right? But typically a lot further out because the chance of S&P 500 drop 10% maybe happen one to two times every one to three years.

The last time it kind of happened like that, I guess now we've seen one, but it's not even within a month. So we can get away with a lot of things. Even when we're wrong, we're still right because time is on our side. So we want that. So we want more safety. We're not targeting anything crazy, maybe 10, 20% per year. And that's kind of what we're targeting. Sometimes higher, sometimes less, but that's our goal.

Cashflow, true cashflow, income replacing strategy. More active, but we don't need to pick any ticker. We don't have to do any stock analysis, really just macro news and what's the technical doing. And we study the institutional money and make sense and thinking when they're doing this, why are they doing this? And we track other stuff, institutional level stuff, as much as we can get on.

That's our set and done strategy. And then the other strategy is really, I just want to hold stocks at a cheaper price. So I go sell put options on individual stocks or even on ETF, right? I get paid premium upfront and I truly want to own it. But if I don't get to own it because the stock price didn't drop enough, so be it, I rinse and repeat.

So that's our Warren Buffett strategy. And then, of course, I have my buy and hold, another one-third of my portfolio, which is buy and hold. And those are kind of like any good stocks get beat up. I'm watching a few stocks right now that's very close to my target price, and I'll just start loading up on them. I know that sometimes selling options might not catch the movement, so I go, well, go.

Buy with cash. I'm not selling any option, right? So on the subject of risk management, do you use any kind of risk management or is it built into how you structure your option strategies? Yes. Very good question. So in terms of buy and hold, as I'm kind of Warren Buffett, unless something about the stock fundamentally changed,

I will not get off because even in 2009, nothing really changed for most of the stock, but it dropped. Most stocks dropped 50 to 80%.

So it's actually a good time to buy more instead of just cutting the losses and all that. So by and whole, I don't do so much of risk management. But in terms of option, yeah, I mean, for the Warren Buffett cash flow strategy, first of all, you got to do your fundamental analysis, really make sure, for example, the P ratio is not out of whack or companies have only been growing 20% per year. But the last few years, the stock 10x, those are the things I'm like, I'm not even touching it.

I like to catch an early on thing so the risk is lower. But if I catch one of that and drop 20, 30%, I'm like, oh, I make a mistake. Yeah, I'll take losses. But then I have to balance that off, right? That doesn't happen very often, maybe 5% of the time. That's okay. I still bite the bullet 5% of times, okay.

Now, with our seven-day strategy then, because there's more active trading of 30 minutes going on, with a market like this, we have to adjust it more frequently. But the market has been doing really well in 2022, 2023, 2024. We don't have to do much. And we actually doubled the return of S&P 500 with 30 minutes per week. But this kind of market, because it's so volatile, everything is just

fly everywhere right now we're spending the most time on on our set and done strategy and buying holders either they're already down or hey there's cash i can buy more uh make sure our portfolio sizing is fine you know i don't put too much money in one stock right but i don't i don't have more than 10 stocks in my portfolio so um in your videos you've mentioned about uh leaving a good buffer in your trades can you define this uh for us and have you found an optimum level

And does it vary with volatility? Oh, yeah. Very good question. Leaving a good buffer. So buffer means different thing for everyone. Some people might think buffer means everything.

Higher price, very bullish, right? But to me, like my whole team or especially because, you know, I come from engineering background and now have a little bit more asset than 10 years ago. Right. So for me, it's more about protecting what I have. So preserving capital is the number one goal. Continue to grow it without pacing the market is secondary, in my opinion.

So when we say we leave a buffer, there's many ways. For example, I don't go for stocks that, like I said, 10x over the last three years. Meanwhile, growth only 30%, but everyone talking about, okay, those are out of the way. That's like one way.

risk management slash buffer that we use. But once, before I think about, okay, actual option trade buffer, yeah, I mean, whenever the stock or the target ticker pull back, the more it pull back, the more, okay, the more it pull back, the less likely it will pull back more. Whereas most people think that whenever the stock come back, oh my God, the company is going bankrupt, it's going to zero.

So people usually think that way, "Oh, if it dropped 20%, oh my God, it would drop 40%." No, no, no. If it dropped 20%, that means there's less likely to drop it to 30% if it's a good stock, if it's S&P 500. But if it's going up like this, oh my God, I'm like sweating. I'm like, "When is that pullback going to happen?" So when it's kept going up, my buffer is actually further, but when it started dropping more,

My buffer is actually smaller. And this is when we make a lot of money because like you said, the volatility goes up, but it's less likely to drop more. But sometimes when we're more careful, neutral and bearish, I'm like, hey, I still keep the same buffer, for example, further away from the money, from the stock price right now. But we can make the same amount of money, if not more, because of the high volatility.

To me, it's like same buffer, even more buffer. Now I can hide instead of 10% away, I can hide 15% away. Can pay the same percentage rate.

Right, right. So you're talking about, yeah, instead of selling an option 10% out of the money, maybe you go 15 or 20 and you feel comfortable with that because the VIX is higher and volatility is higher. And so you could be getting the same premium that you were at just a 10%. So you're encouraged by a big drop because now you can –

set your put options even wider, even further away from the current price. Is that accurate? Exactly. And also in terms of probability, like I said, most people think the market dropped 20%, it would drop to 40%. But actually in terms of probability, if the stock already dropped 20%, it's less likely to drop another 20% comparing to stay here would go up.

Does it kind of make sense to you yet? Yeah. Yeah. So that a lot of people would say, well, over what timeframe, right? Cause many stocks can have slow kind of grinding, you know, bear trends that, you know, it drops 20%. Yeah. And then it has a rally and a relief rally and you think everything's out of the woods, but then over the many months in the future, it starts to grind down again. So what kind of timeframe are you looking at? Yeah.

on selling these put options for income or to acquire the stock at a cheaper price? - Yeah, usually I'll say anywhere between two weeks to six weeks. Usually that's what I'm looking at. Sometimes it go up to two months.

Right. But like right now the market is moving a bit faster. So we adjust our expiration day shorter because we want to capitalize more on the, on the theta of the decay time decay. So we're adjusting to it, but typically you want to drag it out a bit longer. Right. And that just, you know, we make less return and we drag out longer, but

but we sweat less and we're less sensitive to any of the market movement. But right now it's just very move too fast. I don't want to sell too far out and everything changed. Right. So we're, we're shortening our expiration date right now because of that. When volatility, when implied volatility is really high and, and thus pushing up the option premiums, making them very juicy. Wouldn't you want to lock in kind of long-term volatility,

prices by going out many, many months because it's like, oh, this is a rare opportunity. I can lock in, they say, the next six months at these high option premiums and then I don't have to do anything else. Yeah, you could. You could. But for a sudden-done strategy when we're doing spreads, we don't want to do that because what if it dropped another 10% more and it continued to stay there?

And, you know, our active management strategy in terms of what are we going to adjust the position? What are we going to roll the position and all of that?

We're very limited on that side of things, right? So, you know, we can drag it out on that side, like for the Warren Buffett, you know, selling option strategy and then buy a whole, you know, yeah, drag it out was a good idea, right? Even Warren Buffett did it, right? 2009, he signed a 10-year contract selling and put options on SPX. He made tons of money and say, I bet in 10 years, SPX won't be here.

Wow, that's a really long, that's an incredibly long duration. Yeah, because Google it up. He went in, you know, big banks and did a, you know, I wouldn't call it under the table, but do a private deal, right? Bet against the big banks. The big banks say, you want to take that? Yeah. So he took that. We couldn't do that, right? For most leaps or anything, we can only go two, three years out. But because of his assets, he can do 10 years out.

So we could do that for a more long or medium term, like selling put. I don't mind doing it, but then for our more, you know, sudden done strategy that's cash flowing, cash flowing really, I'm hesitant to do that because of the reason I mentioned above, less adjustability. And then, yeah, because there's other reasons, other variables, you probably know what I'm talking about. There's other variables that will lock you in and be like, ah,

- Right, right, right. Your strategy seems to fit those who already have money. For those needing to trade for a living, for income, would this work well? - No, I'm not the guy. - Oh, you're not the guy, okay. - Let me take it back. I will say,

A lot of my clients who are attracted to me or a lot of my friends who are attracted to me already have more than $100,000 net worth. And they might start with a smaller account, $30,000, $50,000, but they can scale up the capital faster. But I don't have a lot of clients that say, hey, this is my last $10,000, Cody. I need to flip it to $100,000 now.

can you do it for me? First of all, whether I could do it for you or not, I don't think the timeframe is right. And I don't think your mindset is right. So I'm not the right person. I don't want to bring that stress onto my team or myself to do that because no one can promise that. But if you're like, hey, Cody, I have 1 million.

Can we grow at single digit per year where I at least protect my capital and just kind of living a life you're living, traveling everywhere, right? To 12 countries in 2024. Yeah, I can help those people because there's a lot less stress and it's actually what I'm doing, right? So I'm not actually scalping in the market. I'm always trying to say, how do we dodge all these volatility events, right? All these liberation there. Like, can we really close most of our trades before this day, right?

Right? Like what's the next one? I'm literally tracking like Donald Trump's Twitter. Anything is like, is that real? Is that not real? Did he give a date? Is there anything structured that we can dodge it? If it is, close our position a few days ahead of that. Ride through it. Right? Nothing. Don't ride it. Don't have any position through it. Right? That's kind of like we have to adapt with what we have, but...

Usually when Donald Trump is not there, then it's more structural, right? FOMC meeting, CPI, PPI, this and that. But when Donald Trump comes in, he's just swaying everything around. How much do annualized option yields vary depending on the volatility ranges and whether it's an ETF or a big cap stock or even a smaller cap stock? Because I've noticed there's a big difference depending on...

which stock or ETF you choose? Very good question. I am going to be straight out with you. I don't trade small cap. Most of the companies I ever touched is 20 billion plus. That was the rule I set in 2020. Now, you know, with all the available money, it's maybe 40 bill, 50 bill, maybe a hundred bill now, right? Only the biggest blue chip I'll touch, right? So like if you look at high volatility stuff,

you can look at 4% per month, but it's not guaranteed per month because market can go up and down. Sometimes the stock goes down. And for less volatile, even just S&P 500, if you go sell put, you make maybe 6% every year, running those strategy on. So anywhere between single digit to 50% per year. But if you go like smaller cap,

High volatility, so I can go 100% or more, but how sustainable is that? The more percentage you go, the less sustainable it is just based on probability wise. So how do you stack those probability? So I hope I don't confuse people, but really I stick to the higher probability trade. I always focus on how do I preserve capital? How can I be less wrong? If I'm wrong, it's a small percentage of my portfolio, so it doesn't impact the overall growth.

And as long as I'm beating the market by a little bit, I'm beating 95% of the fund managers out there. But even if I am shy of a little bit in a few years, even if the market is down 10% right now, like our send and done strategy is actually break even. So I'm very proud already. We're break even. My friends are like, did you dodge it? And we're like, no, we didn't dodge it. We still have 25% position going into it. But because we're maneuvering,

Right. So we're already at breakeven. Right. So, you know, but for a buy and hold, yeah, of course, since all-time high has down 10%, someone's down 20%. Right.

Right. That's why I'm putting in more money. Right. So there's always pros and cons, but I really think the people who are focusing on return at Cody, I want more than 20%, 40% return. I'm just not the guy per year. I'm not the guy. I don't want to sell false hope. I don't want that kind of liability or responsibility, but if you're like more boring person, you have a bigger amount of money, multiple six figure, then, you know, I can potentially, you know, be that person to help you, you know,

and making sure you're doing the right thing if this is what you want, right? So over the years, both in the kind of the bull years and in the not so bullish years, like say 2022, kind of what's been your performance for your different strategies and when does each strategy shine and when is it weak?

Very good question. Because I get asked that a lot and I track it a lot. That's why I have three strategies, set and done, and then the Warren Buffett cashflow, and then buy and hold. Buy and hold last two years, it's beauty. Since the drop of the beginning of 2022, kind of went flat for a year and started going up. So 2023, 2024, anyone is like, ah, Cody, why do you guys do option strategy? My buy and hold is up 30%. I'm like, yeah, mine's up 50%.

But that doesn't mean anything, right? So for the last two years, you know, it's been like that, right? You know, I don't have anything fancy, even if you just have QQQ or whatever, you know, it's up a lot, right? But then during the flat year of like 2021, like 2021 at the end, it kind of dropped down to 2022 to 2023. It's actually kind of flat going to first half of 2023. Our standard strategy was 36%. I share that with all my clients and all that per year.

So that's when it's shy. So flat market with a bit downward trend, selling option strategy will work better, assuming you don't panic, do anything crazy, and you know what you're doing. But on the crazy up market, selling option strategy will lag.

the market will lack the benchmark because the VIX is a lot lower and we're not, we're not like chasing it. We're not like, Oh my God is going up. So let's go closer to it. Let's go more aggressive on Delta. I went out, we're actually staying more ways of when is that drop happening? When it dropped, I think that's the only time we kind of go in and be more aggressive. So on the up year, like, especially like gradually up, we have a chance of beating the kind of benchmarking, but on the more than like 30 degree,

It's hard for us to catch it. So that buy and hold will catch that. One third of our portfolio catch it, right? But I'm doing the flat or downward year, right? Or just like neutral year. That's where 60 to 70% of the time actually, right? That's more like range balance slightly going up. Then we'll catch that with our option strategy. So hope that answers your question. Right. So with the VIX now at 30, does that mean that selling puts, right?

will generate twice the yield that it did when the VIX was at 15? It's actually more than twice. Oh, it's more than twice. Oh. It's more than twice. Yeah.

Yeah. I don't want to, you know, I'm an engineer. I'm a math geek. I look at all these based on numbers. I don't have feelings for it right now. Make money, lose money. I don't have feeling for it. But yeah, when we study really into how does, you know, there's three things, right? VIX and there's the individual stock implied volatility, right? And then, you know, there's the stock price and all that. But when VIX really,

doubling right amount of premiums not just double it's actually more than double when i go from 15 to 30 to 60 you think it's 4x but it's actually more than 4x right because there's you know i don't want to bore people there's that gamma thing going on there's that acceleration move so it's actually more so that's why it give us more chance to say hey either if we want to do the same expiration day strike price or can we go more

be more conservative, we can make the same amount. So that's a decision someone could make.

can make. Right. So not just my observation, you know, but there's a lot more variables. People are like, Oh, Cody, you're wrong because I did this. Cause we're talking multiple variable, but we just talked about straight up VIX difference. That's what our observation told us. So when open, when looking at options, I noticed that for the different strike prices, they have the probability of being out of the money. And so,

one can look at that, you know, say, Oh, as a person, you know, 70% chance of being out of the money. I should be safe when I sell this option and I have a 70% chance, but doesn't that probability change on a daily basis, depending on the volatility itself, its own implied volatility. Yeah. We open a very good question. We open a can of war. If, if,

F Delta, because I'm assuming you're talking about Delta, right? Yeah. F Delta is the holy grail. AI will take over our job already. But because, because Delta is just one thing that people, they just trade straight from Delta. They're very mechanical. Is that Cody? I open trade today. I close tomorrow. I open trade today. I close today. Whatever.

But a lot of times they forget to look at there's Black Swan event, there's Donald Trump event, there's FOMC event. There's a lot of variables out there that will screw those Delta, screw those 75% within the day, right? The moment it started getting closer to your stock price or your strike price, all of a sudden Delta is like, oh my God, like Cody, like it dropped really fast. And then when below is like, okay, Cody, now it's one to one now, like what's going on?

So I don't think probability could be looked that way, but there's no formula you can calculate. A black short is just a very rigid formula that kind of tells you, but that's not the real probability. That's why our team are always looking at how do we dodge some of the event where, okay, leaving a little bit of money on the table. We look at, for example, the liberation day. I was telling my team,

Liberation Day. Okay. More upside or downside? Everyone's like, "Downside." Exactly. So if we have bullpup spread, can we close some of it? Only leave 25%. You're like, "Yeah, it kind of makes sense." Because what's the chance that will go up? Is Donald Trump going to say, "I have mercy for you guys." But he's like going to do something innovative that shock everyone anyway.

So the chance of the upside will even staying still. It's so low. So we actually should have some bear call spread, more bearish position, not too much, more neutral and less bullish position. So that's the way we position it. We have a little bit of bias, not just based on technical, not based on just delta, but based on what Donald Trump is going to do and how people are going to think, react to it.

Right? So that's kind of like, how do you quantify that? I don't know. Like, do we go from 75% now to maybe 65% because it's more likely to drop? I don't know how to quantify that, but we adjust that based on our capital exposure, right? We have our limitation in any situation, but all we could do is just, we just expose less. How's that? If we miss out, we miss out less. Then what's up? We miss out? Fine. Everything's good now. Okay. We can put on more position.

So we're not trying to maximize on it, but I can't answer that probability question. If anyone thinks the market is efficient, they shouldn't be following me. I just don't think, if math is a thing that you can win,

all these PhD or all these AI would be dominating the market already, right? But it's not, right? Why is the old Warren Buffett still beating everybody with his old brain? Everything is manual. It's still winning. And there's got to be, you know, more than that, right?

Excuse the last interruption here. This is Tessa. We hope you're enjoying this episode so far. If you love the podcast, please give Chat with Traders the best review you can on whatever platform you're listening from. This will help us to keep the episodes coming. Also, if you haven't subscribed to our email list, please hop on to chatwithtraders.com and click on subscribe so we can keep you posted of information that may be of importance. Thank you. Now back to the chat with our guest.

I see. So during the meme stock craze in 2021, when implied volatility is not just on these meme stocks, but seemingly just about every stock shot through the roof, did you take advantage of any of that? And if so, what kind of positions did you put on to take advantage of those really high volatilities? No, I didn't take advantage. I was

I was writing up very happily. So I go into first half of 2022, that's, I was hit too, right? Because of the good growth stock or the bad growth stock were pulling back, right? Some of them, I really have to cut losses as well, right? Just for transparency. Like I, you know, at that time, I didn't have enough cash because at that time we're writing off 2022, we're like, okay, this is going to be good.

who knows they're going to raise the rate in the beginning of 2022. And then really shocked the market that way. And my real estate, same thing. I have real estate too. So I was actually taking a hit in terms of price. I'm from Toronto, Canada. Right now it's dropped 30% since all-time high, average-wise, across the major city. That much for real estate? Yeah. Yeah. Yeah. Wow. Yeah.

So yeah, that's for example, our single family home in our core city. Right now it's the same price as 2017. So think about that. So I can go, 'cause I look at all those transactions, I'm like, I can go buy the same house in 2017 and they renovate it too. Wow. But so you see a lot of that, right? So like a lot of people think, ah, Cody, what do you do to take advantage of it? I'm like, if I say I'm not gonna touch mean stock, I'm not gonna touch mean stock.

I will continue focusing on doing the right thing even if during certain months or a year I lose money because I know I make money long term. But I do not adjust out of my rules and say, hey, I think this is the way.

I can pull a fast one. I can make money just for the short term. I don't do that. I'd rather missed it, I get laughed at, than long-term people like Cody. What do you do? Now you jump from meme stock to gold stock to crypto. No, I'm just a stock option guy on S&P 500 blue chip. I'm that only guy. I'm boring, but...

That's how I've seen the rich people continue to get richer. But whereas all the other trade, retail traders, you know, all these influencers, if you look at them, right? This year, they're talking about crypto. Next year, they're talking about gold, the mining stock. Then, I don't know, gold e-commerce. Now, dropshipping. I'm like, dude, does that mean there's nothing work, right? But you have to like sit through those years that are not doing well if you have such a strong conviction about your stuff, right? Or you have to adjust, right?

Yeah. Could you share a little bit of what are your kind of your core rules if you have them? Yeah. Core rules. Like I said, company less than 20 bill really now is like 50 billion market capital. I don't touch. I don't care how good it is. And any, any stocks as OTC definitely don't touch. Yeah. So like, I really, like I said, I really try to like,

rule out a lot of things so there's only a small basket of things i can touch a lot of time what i like to do is uh instead of me doing research on this company think have a better knowledge no i just look at the most well-known investor right warren buffett like beginning of today before this call i was actually the reason why i spent three hours i was looking at um singaporean uh singapore gic fund their gic fund so they have three funds they're you know like

Kind of like their pension fund, right? Like the Canada pension fund. US don't have one. Donald Trump is trying to start one.

Their pension fund overall is making 3% to 5% per year true return. But I was trying to look at how they break down the portfolio and what are the heaviest holding, because if they're heaviest holding means that they have the strongest conviction. So I like to start with, like I said, Warren Buffett's top 10 holding, Charlie Munger's top 10 holding, Bill Gates' top 10 holding, Jeff Bezos' top 10 holding, Elon Musk's top 10 holding.

and say, okay, yeah, those companies don't work. No, no, don't fit my criteria. Okay, I only have 10 left. Okay, that's the only 10 I can look at. I like to look at from that standpoint so that everyone do their work for me. And I pick, in my opinion, I pick the best out of the best to sell options. If I'm wrong, chances are a lot lower than thinking I have the resource. I have the vision that these people don't see. I'm like, what's the chance of that? So I really just trying to stand on John's shoulder and my clients stand on,

Giant shoulder, giant shoulder, right? So I want to stack all the odds in my favor and I don't want to do more work. I try to do less work. And if less work makes me more money and give me a better lifestyle, I'm happy with it. So I noticed when I look to put on a trade, for example, shorting puts, and the amount of buying power required to short the puts is huge.

almost always considerably less than the all in cash required for acquiring the shares. Do you use this additional leverage for some of your positions? Never. Okay. For a signed on strategy, we don't even deploy more than 50% of our capital.

For example, if you have $100,000, we calculate in a way, for example, the maximum amount of loss between our spreads, we don't use more than 50% of our capital. So that way, if market drops 30%, like COVID, we're never going to get margin call.

right? And a lot of times it's zero to 50%. And with that, we start targeting, you know, like 10, 20% per year. So, I mean, what else? Cause I, like, I don't want to fly so close to the sun, right? That's the way I look at it. Right. And, you know, if we take a step back, you say, Cody, I was asking you just about selling options, your one buffet strategy, selling put options that I want to own a stocks I want to own at a cheaper price. Yeah, still, I don't. Um,

Like your broker will give you the ability to use three times of your cash money. Doesn't mean you should use it. Mm-hmm.

All right, so really sit on that. It's kind of like, you know, I don't know how to put this, right? Like broker has a different agenda. They want you to trade. They want you to take action. They want you to day trade. They want you to second trade almost, not day trade. They want you to hour trade, minute trade, second trade. The more transaction, the better. So how do we do that? That's why in casino, they give you a chip. You don't feel the money. They give you a chip. They give you a credit card to try to distance yourself from that feeling of money.

But that is when you, it's kind of, you go to casino. Okay. I'm a billionaire, but I only going to spend a hundred dollars today. Everyone's laughing at me. I'm like, Cody, come on. A thousand. I'm like, no, it's just a hundred. I know I'm going to lose it. It's for fun. And I get a tip really well. So everyone's happy. Hey, if I make money, I'll always tip you. Right? So like, you got to have those mindsets. What is that limitation? If you only have a hundred thousand dollars, that's the maximum you will use. I don't use leverage because leverage is a double-edged sword.

You're laughing. You think you're genius when the market goes up, but whenever the market turned, you're that first one to go. Right? So I was actually looking at, you know, like some wealthy people, they suggested me to look at, you know, asset based lending, right? Security based lending. For example, if I own, let's say, you know, a hundred thousand dollars at Microsoft, they will go two to one to lend me 50,000 out. But then when I read all the fine print, they're like, Oh, by the way,

It's just like margin call. If it goes down one to 50%, we're going to call you better have money in one day, or we're going to sell it and you're zero. You're zero. I'm like, hold up. Microsoft. Okay. Last time I went to holy cow in 2000, it took them 13 years to come back. Holy cow. And drop one to 50%.

Okay, what's the chance of that happening? Low, but who knows? So anytime I see those kind of probability happening, I'm not looking at how much more money I can make. What's the point of doubling your $100 to $200, $200 to $400, but then all of a sudden you lose 90% of it. You lose 90% of $400, you back down to $40. That's less than $100 when you started, right? So I don't want that. So I hope people can learn from

from this kind of thinking. It's like, what's the worst case if there's a chance, you know, kind of like what Charlie Munger said, right? If you know how you're going to die, just don't go there.

And I even shot GPT, asked does Charlie Munger, Warren Buffett use security based landing, any leverage? I asked so many times in so many different ways, the question, answer is always no. That's why you never heard them blow up their account. Meanwhile, all these hedge funds blow up their account, averaging once every four years, they blow up their account, right? So when they try to get the alpha, they always forget to look at the downside, right? Everyone's looking at this workout, that workout, this workout, then this, yeah.

I was like, most of the time it doesn't work out that way. So how can you say if this doesn't work out, this doesn't work out, this doesn't work out. Hey, time is still on our side. Stocks don't change. We still make money. Okay. I'm like, sign me up for that. Right. So very different mentality than a trader and gambler and all that. Right. So to wrap things up, what do you struggle with most as a trader? Yeah.

I will say every day is a new learning experience. I was just having this meeting with my team. How do we identify the next risks that we can dodge? I will say that's what we struggle the most. We're not looking at, oh, what's the next event that we can capitalize on? We're looking at when's the next time Donald Trump may say something crazy, right? I hope he's not on his toilet tweeting too much. But like, when's the next time? If there's anything structured, we have a calendar that put in.

Say, okay, what's the impact of that? Are we bearish, bullish? Okay, we will adjust our position before those days. That's what we, I wouldn't say struggle, but we spend the most time on. Otherwise, most things like we said, more said and done. But with a wild card of a US president and we trade S&P 500, I would say that's our biggest struggle because all the nuance of like the probability of figuring out what's the maximum capital we could use, what's the strike price. We already have those figured out, but it's that most...

wildest car that I can't call Donald Trump. Right. And Donald Trump might tell me something that he will change tomorrow. So what's the point? But it's like, okay, how can we identify those event? If we dodge 90% of it, there's only 10% left. We're okay with it. Right. We put in our best effort. That's what we struggle. I wouldn't say struggle, but spend the most time on. Well, Cody, I'd like to thank you for coming on chat with traders. Yeah. Thanks for having me. Yeah. And how can our listeners reach you?

Oh yeah. I mean, if you guys are interested in learning more about stocks investing or stock option investing, I have a YouTube channel about 32,000 subscriber. I'll be my first name, last name investing. So that's Cody, a C O D Y and last name, Y E H investing. You can find me. And if you're interested in more like the general economical geopolitical stuff, I opened a new YouTube channel. It's only one month old with like 64 subscriber.

It's called the USA update. If you can't find it, type in Cody Yeh behind it. So the algorithm will help you find me. And yeah, you can find me there. Fantastic. Thanks for coming on the show. Yeah. Thanks for having me.

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