Quick aside - my history and positions:

About Cohen (and friends)

1. After his activist letter calling out the board and then 13D buy after the earnings dip rocketed the stock up from 12 -> 20, it was clear to everyone that RC was the reason GME’s stock was heading up. The GME board was afraid of a hostile takeover / losing their jobs. This agreement allowed Cohen and 2 others on the board as long as he didn’t attempt a hostile takeover.
2. Cohen wants it all. In the activist letter, he publicly said “no” to just one board seat. He then publicly bought more as soon as Sherman threatened a shelf offering to dilute him below 10%.

• Alan Attal - the previous COO and CMO of Chewy (2011 - 2018)
• Jim Grube - the previous CFO of Chewy (2015 - 2018)

Cohen is not an exec - he’s a founder with an all-in mentality

1. Cohen himself is an all-in person. Key quote:
   1. “When I find things I have a lot of conviction in, I go all-in*.”*
   2. Cohen is a founder that has gone through the successful creation of a startup. When you are startup founder, most of your NW is tied to equity in your company. You are trained to have skin in the game. You’re not allowed to think you have a safety net. You give up years of your life and bet everything because you have to believe in what you’re doing. Founders typically have 30-50% ownership of their company.
   3. “Cohen uses the word “conviction” a lot. He says it’s something he learned from his father, who ran a glassware importing business in Montreal where Cohen grew up. “He taught me how to block the noise from the masses,” says Cohen. “To have a point of view and have conviction and not waver.”
2. He only sold Chewy rather taking it to IPO because of his Dad’s health. He cut his entrepreneurial career short and he’s itching to get back in.
3. Cohen sold Chewy for $3.35B, with estimates stating he personally walked away with about $600M after taxes.
4. Cohen has a lot of capital to buy more. After selling Chewy, he went all-in on Apple & WFC, which as of June was up 40%.
   1. “ Cohen says his portfolio, when including dividends and a few other stock holdings, has returned more than 40% over the past 3 years, beating the market.”
   2. Aapl was his largest holding, and is up another 50% since June 5 when the Bloomberg article was published.
   3. Cohen lives in FL - with no income or capital gains for individuals, unlike other founders who live in CA which taxes all cap gains as ordinary income.
   4. I’m going to estimate his net worth (minus his GME holdings) is around $800M-$1B.
5. Cohen’s 9,001,000 (it’s over 9000! 🐲🏐) shares have thus far been purchased at something like an average of $12/share, for a total investment of around $110M.

What will lead to Cohen’s next purchase of GME

1. Prior to Q3 earnings, his purchases were signaling an intent to the board that he was serious about wanting to get involved. He also rubbed it in their faces that the stock price was largely appreciating because of him. From the activist letter:
   1. “We recognize that the Board may feel it is insulated from stockholder scrutiny after adding new directors this past spring and seeing a recent stock price uptick (which only came on the heels of RC Ventures filing its 13D)” (what a fucking burn).
2. If there was any doubt about RC’s impact on the stock price, it was put to rest after Q3’s earnings, where the current leadership’s hubris and threat of diluting RC led to a drop of almost 30%. RC then bought the dip, shoved it in their faces, and the market GME again rocketing GME to 20 in a massive post-earnings recovery. Message sent again - “The market wants me. Let me the fuck in.”
3. Now that Cohen and the Chewy folks are on the board, he’s going to angle for CEO. He’s not looking to advise GME. He wants to go all-in, to run GME. He’s holding the optionality of buying more based on the success of his attempt to take over GME through non-hostile means.

GME’s market cap potential

1. Cohen sees a $200BN+ total addressable market cap for gaming by 2023. For contrast, Chewy was playing in the pet food/supplies market, which has a total addressable market (TAM) of under $50BN annually. GME’s potential is at base 4x that of Chewy. This does not even account for the pc gaming hardware market, which is another $35BN+.
2. Chewy’s market cap is $44BN on $6BN of annual revenue.
3. Chewy’s Q3 quarterly income was up 45% YoY. While GME’s quarterly income was down YoY, its e-commerce revenue was up 257% trouncing Chewy’s growth rate.
4. GME’s Q4 early sales preview reported 300% E-commerce growth and annual run-rate of $5BN

1. GME’s physical business
2. its rev sharing partnership with MSFT
3. its 5x faster growth and 5x TAM

Potential Investors

1. Elon (Least likely, completely improbable, but cataclysmic event). Elon hates shorts. Elon, with TSLA, went through the pain that GME is going through. TSLA almost went bankrupt because shorts were pushing the price down so it was difficult to raise the cash they needed to survive. Sound familiar? Elon’s wealth swings more in a day than GME is worth in entirety. Elon could buy all the fucking float of GME with what he makes in 8 hours. One call from fellow entrepreneur and aspiring twitter-meme-god would absolutely wreck the game.
   1. If you are short gamestop, you are one meme purchase by the richest man in the world away from a fucking cataclysmic event. "Hey son, I heard you like games. So I bought you gamestop. All of it." 🚀
2. Buffett (More likely, still improbable). I’m actually amazed that while Buffett & co were lamenting that there are no interesting stocks to invest in and moving to cash, that they absolutely missed the boat on GME while it was at its lows. It’s a complete value play right up his alley (in a business he can understand). My only hypothesis here is that the market cap is too small and he could not make a meaningful investment. Once GME grows to a more respectable market cap ($10b+) I can see Buffett stepping in and making an investment.
3. Cohen’s connections. (Highly likely if Cohen is CEO). This is the big one. And I mean absolutely nail in the coffin re-pricing of GME for the foreseeable future. Go read this Harvard Business Review piece on Cohen specifically on how Cohen puts importance on raising money and the people that backed him.
   1. Look, I’ve started a startup before in the valley (unsuccessfully unfortunately). However, you don’t start a company without making a shit-ton of venture capitalist & angel investor connections. Cohen has stated that when pitching Chewy he was rejected by over 100 investors. I can absolutely-fucking-guarantee you that every single one of them remembers their mistake and would not miss the opportunity to invest in Cohen again. And don’t forget all of the investors who DID invest with Cohen and reaped the benefits with Chewy. While venture capitalists don’t generally make investments in public equities, this is a truly unique situation. Cohen is treating this like a rebirth, a new venture bootstrapped from GME’s bones. If VCs as a firm will not invest, you can bet your ass that those individuals will throw their personal money at Cohen. However this only happens if he’s CEO. As soon as he’s CEO, a single long weekend trip to the valley might mean 100+ investor meetings with the strategic pitch.
      1. My biggest fear here is that VCs/PE band to take the company private at some small multiple (2-3x) and then reap the benefits while Cohen turns the company around only to re-list it to us 5 years down the road at 30X the valuation.
   2. Thus far, it’s been us retail retards vs the wall street shorts. HFs shorting this thing have the advantage in both tactics and capital. However, if Silicon Valley money starts pouring money into this the game is over. You cannot believe the amount of money that gets thrown into startups with 90% of it burning up into thin air. $3B market cap? That’s nothing. Folks with Silicon Valley money & risk tolerance would have no problem betting on a serial entrepreneur making something amazing out of a company that already has a customer base, revenue, distribution - all in the same business (e-commerce) the entrepreneur already proved themselves in.
4. You, and every other retard that believes. Look, this was my point at the beginning. You need to think like a VC here. VCs are the ultimate YOLO autists making million dollar bets and not seeing a penny of it for years. They are the ultimate 💎✋🤚. You need to decide if you have conviction for the long term and then buy in. 💎✋🤚 doesn’t mean selling at $100. It doesn’t means selling at $200. It means not selling at all this year no matter the price, and at least until you learn for sure whether Cohen is the new CEO. It means believing so hard that you 20-100X your investment in 2 years when the market wakes up to the ridiculous mispricing.
   1. Remember that if Cohen is elected CEO he can (and likely will) buy more than a 20% stake in 2022.
   2. Remember Buffett’s actual quote: "The stock market is a device for transferring money from the impatient to the patient."

• As much natural light as possible
  • They could use white flooring, walls and planter boxes to reflect the light more once inside.
  • Artificial light would be needed to supplement as NYC weather may not provide enough sunlight alone
  • The use of ultra clear bioplastic in place of glass would reduce cost and weight of the building while making windows stronger
    • AC Plastics Inc provides information on it, but keep in mind they are promoting their own product.
    • Bioplastic is made from food waste, which helps reduce the strain on landfills that an pollute land and water sources
• The use of solar panels as an energy source
  • Use of clean energy can reduce the tax liabilities per building
• The use of filtration system that filters air pollution
  • The idea of filtering the pollution directly through the plants would not work.
    • According to healthypeople.gov, the NYC air pollution is comprised of fine particles, nitrogen oxides, elemental carbon, sulfur dioxide, ozone, and fine particulate matter constituents
    • These could call cell damage to the plants themselves, so the air would need to be filtered BEFORE reaching the plants. The plants would then convert CO2 to oxygen, which could then be taken to other parts of the city.
  • Within the VRF (an updated HVAC essentially) and filtration system, it could be augmented with small wind turbines
    • the turbines themselves would not turn to generate energy, but take advantage of high pressure air that is already being pushed around the system. According to HoffmanBros.com, air flow through a standard air conditioning system is 400 cubic feet per minute.
    • According the the Department of Energy, the energy output of a turbine would depend largely on it's diameter. So depending on the the size in the VRF system, there would need to be multiple per meter to generate the energy output we desire. (If anyone has numbers on average width and height of these systems, please let me know!)
  • In addition to the interior ducting, pipes would be placed a few blocks from the building
    • the purified air will not only affect the immediate area surround the towers, but all over the city
• Each area could be climate controlled with the VRF system.
  • That means no seasons (or become year-round in other words) on some produce.
    • Always in season produce plus not having to import some ingredients from other countries or deliver as far, reduces costs
    • Not importing produce also reduces crime both in the US and the country that produce would have originated from, such as crime associated with the avocado trade in Mexico.
• Use of flat, raised beds to house plants
  • Vertical Gardening is only good for some types of produce, but using a vertical garden system for things such as lettuce would open more floor space to items than can only be grown in the raised beds
  • Use of no-weed mats reduces labor needs
  • Some produce takes longer to fruit. This means either wasted space resulting in delayed return on investment or opting to purchase more expensive sapling/baby plants
  • Commentors have brought the challenge of carbs in an indoor environment
    • For the intention of this example, we would not make changes to the current corn, wheat, soybeans, and rice. These items are already readily consumed, but if programs are provided fresh produce, consumption of said produce goes up and funds can be allocated to allow program users to purchase these from stores.
    • These items are subsidized by the government. Farmers will often grow corn, sell it at less than cost of production, but still profit thanks to these the subsidies. I fear moving these from private, small business to a city program would deprive families of income.
    • FUN FACT: Just cause I like them. ''NASA Satellite Shows Corn Belt Produces 40% More Oxygen Than Amazon Rainforest"
• Use of a rainwater collection system
  • Gravity assisted flow and water turbines lower energy need while generating additional energy for the building
  • the rain can feed the water irrigation system semi-directly
    • it would require at least some filtration prior to that
    • depending on the the collection system used, it could attract mosquitos and other water loving bugs. This would need to be solved before construction could begin
    • after water the plants, it filters through the soil. the extra water would then be given to the city, where it is filtered again. This would strengthen the safety of city water
  • There has been some pushback on the use of filtered gray water from the city
    • My original idea was to have the city's water grid upgraded as it was likely already needed in many areas. This is a much larger undertaking and risks incompletion when politics change
    • Some have pointed out that building an individual grey water system would be more cost effective and logistically simple, and although it doesn't change the way water is used overall, it would be easier for the city to manage as well.
• Some floors may be lost as growing space due to logistical, administrative, storage or customer facing areas.

• Random 21,500 (out of ~21,666) sq foot after loss of sq ft to walls.
  • That leaves 1.225M sq ft
• Then the 10% loss for solar panels
  • Leaving 1,102,500 sq ft
• Finally, desks, walk ways, stairs, elevators, storage of items that don't leave that floor, ect takes up another 10%
  • Leaving 882,000 sq ft (~81,940.5 sq m) of usable area.
• I will not be able to clearly define usable space without sitting down and doing a 60 story floor plan, choosing what produce to grow, and figuring out the exact space requirements for vertical or flat gardens. These are just example numbers. If you have more accurate ones, please let me know!

• SNAP participants would collect produce from the towers. There are different ways this can be done

1. NYC could be responsible for creating an online program similar to Walmart+ or Instacart. Staff would be required for keeping the website up and protected, as well as sorters to prepare the packages for pickup. If delivery is included, drivers or a third party contractor company such as DoorDash would need to be sourced.
2. 'Standard' boxes could be prepared. This would be less labor intensive than on-demand/changing boxes.
3. A floor could be given up to open a "store" to SNAP participants. Sorters would now be replaced with cashiers and stockers. Participants shop their own groceries like normal but since there is no middle man between production and sale, the prices would be much cheaper.

• Note: This would not generate additional income for the city as it paid with fund from the city in the first place
• By providing fresh produce instead of "cash" for ANY food item, it ensures greater nutrition for low income children.
• Because there is fewer funds per SNAP user, it would also lead to less SNAP fraud
• It will lead to less what some consider abuse such as taxpayer's money being used to buy "luxury" items such as junk food or meat that non-participants may not be able to afford. This would ensure a greater portion of those funds are given to healthier options

• Originally, I brought up the use of court orders community service worked
  • This would be a restorative justice program. Tangibly paying a debt to society by feeding it
  • The increased use of community service would reduce the cost and strain on overpopulated prisons
    • Fewer people being supported opened more funds to be used for more officer training
  • The cost of training these people who may only work for a day may eventually overtake the savings achieved by the program
  • Untrained personnel are more likely to make mistakes and create loss
  • Bad people may damage products, making them unusable, or contaminate them, meaning more funds will need to be allocated to Medicaid to cover associated care.
  • Long-term employees may create better work rather than people being forced to be there
  • Staffing the towers with city workers would create jobs
    • If program participants are hired, this would reduce the strain on programs directly such as unemployment.
    • Program participants may no longer be in poverty once securing a job, reducing the public assistance for that person overall
• Each floor is about half an acre, again excluding reductions made by vertical gardening, totaling 28.5 areas per tower.
  • Since every different produce has different needs in number of staffing, I'm going to use 2 per 1/4th acre. It was the one I saw most frequently.
  • Running 100 buildings requires 11,400 farm hands. That wouldn't include jobs created by other areas such as administrative, loading, driving, so on.

• Tasty Trade (TT) and Ally Invest have helpful articles and videos.
  • https://www.tastytrade.com/tt
  • https://www.youtube.com/c/tastytrade1/featured
• Ally training:
  • What is options trading? https://www.ally.com/do-it-right/investing/trading-options-for-beginners/?CP=EM2012111
  • Top 10 options mistakes: https://www.ally.com/do-it-right/investing/top-10-option-trading-mistakes/?CP=EM2012111
• 3 common option mistakes: https://us.etrade.com/knowledge/library/options/common-mistakes-options-traders-make
• Common options strategies: https://www.optionsbro.com/basic-options-strategies/
• Investopedia has tons of great investing info for stocks and options: https://www.investopedia.com/
• Kamikaze Cash Theta Gang Videos: https://youtube.com/playlist?list=PLOweupE79XXiBaeH_xBpkUcYUsrAaKQen
• 20 rules of professional traders: https://www.investopedia.com/articles/active-trading/022715/20-rules-followed-professional-traders.asp

• You can lose your entire contract value when buying.
• You can lose a lot of money when selling "naked", theoretically unlimited.
• How option expiration works.
• Theta (decay) and how it works. This is imperative since it's attrition when buying and a payout when selling. https://www.optionseducation.org/advancedconcepts/theta
• DTE: Days till expiration/expiry
• Options positions with respect to price:
  • ITM: In the money; strike is below stock value. Signif
  • ATM: At the money; strike is just at or above the stock value, often very highly traded. Can be very effective with moderate - long term expiry.
  • NTM: Near the money; strike is above the stock value, but fairly close. Slightly unofficial term.
  • OTM: Out of the money; price is at least a few strikes from the current stock price. I would say 10-30% over stock price.
  • Very OTM: Not a real definition, this is essentially a lottery ticket. Cheap, but almost certain to expire worthless unless there is explosive movement.
• Understand delta in general and how delta changes with ITM and OTM options.
• Understand all the greeks at a high level, as you get better understand them well. The greeks: https://www.optionsplaybook.com/options-introduction/option-greeks/
• IV, IV crush, and how IV affects pricing. In general, you want to sell when IV is high and buy when the IV is low. Increasing IV is good for held calls/puts. IV drop or crush is generally good for sellers.
• Selling options can be quite beneficial. Once you have a good general understanding, lookup thetagang . Kamikaze Cash has good youtube videos on most theta strategies (linked above). I personally believe selling options (especially cash secured) is much safer and can consistently make you profits. Θ Gang 4 life.
• FOMO and how to avoid chasing a dangerous trend. DO NOT CHASE FROM FOMO!
• What intrinsic and extrinsic value are. Know how they are affected by being exercised/assigned and how theta affects them.
• Understand that some of WSB recommendations are straight up high-risk gambling and factor in the information accordingly. Be careful with Meme stocks and the survivorship bias on YOLO plays. However, I love the sub and think it’s hilarious. It has a lot of valuable information / DD if you are comfortable with the “colorful” language. It’s also great if you like rocket ship emojis.

• Understand the 4 "main" option types. Buying or selling a call and buying or selling a put. Spreads and more complex multi-legged option strategies are based off these in some way (see below)
• You can sell calls with 100 shares of stock or if you own an underlying longer term option; see LEAPS and PMCCs later. Selling calls naked is incredibly risky and often requires Level 4 (very advanced) permissions and usually a lot of capital. I will literally never sell calls naked since I don't want to ruin my life and end up living in a dumpster eating saltine crackers.
• Puts can be sold/written cash covered (cash secured), which means you have the cash in your account to buy 100 shares. Your broker will put this money on hold until the trade is closed. Puts can be sold "naked" using Margin and Level 3 (with most brokers). Your broker will hold a percentage of cost of 100 shares (often 30-40%, 100% on meme stocks) allowing you to sell more puts. This increases your available capital/power as well as increasing risk.

• Don't EVER leave (short) spreads open on expiration day, close them. (more details below)
• Start off trading very small. Slowly build up over weeks / months. You need to get accustomed to a fifty dollar swing a day, then a few hundred, then a few thousand. You need to ensure you don't get emotional (see below). I started trading options with 5k, then 25k, 50k, and later over 100k. I added my own funds over time and used my gains to build my account. Don’t go all in immediately, that’s dangerous and unwise.
• Especially as you build up the amount of money you have invested, keep it diversified among several stocks.
  • Don't go all in on one thing, ever. Be able to take a hit from one stock and not mortally wound your portfolio.
  • A company may be doing great, then there's a major product issue out of nowhere. If you are overexposed in one stock this can really hurt you.
  • I had to roll options I sold that were about to expire completely worthless because FDX's CEO changed and the stock took a hard dip.
• Don't trade emotionally. If you realize you are emotionally trading for vengeance, you should probably exit the trade and cool off for several days with that stock. Same if you get caught up in a wave of hysteria.
• Have a plan for every trade, ideally with entries / exits that are specific values, ranges, or a set condition. This helps remove emotions. This is super important for strong movements and high volatility (see later).
• Use an options profit calculator from your broker or an online one before entering a "new" trade, especially a complex multi legged trade: https://www.optionsprofitcalculator.com/
• “Rolling” an option: Closing your existing option and opening a similar one at different strike and/or expiration.
  • Rolling a call “Up” would be selling a call you own and buying a cheaper call at a higher strike.
  • Rolling a put “Down and out” closes your original one and buying or selling one at a lower strike at a longer expiry.
  • Better broker interfaces have a literal “Roll” button. I know E-trade does. You can manually do it by selecting relevant contract legs.
• If you have a losing trade, re-evaluate it. If your initial assumption is definitely incorrect, close it. Don't stay in losing trades forever and lose the entire value of the option over stubbornness. If you re-evaluate and you think your assumption was right, hold, potentially consider adding another cheaper option (or buy another call / put). Rolling out sold options can help here.
• Don't try to day trade, especially with options. It's statistically unlikely to be profitable. Day-trading with options introduces extra liquidity risks and is dangerous, especially with spreads.
• Try not to over-trade, you'll likely mis-time the market over time. When I get emotional I over trade, then lose additional money on wash sales. If you scale your entries into positions it should help alleviate your desire to exit positions when they turn badly against you. Whenever I buy calls I do it at larger increments after W almost made me loss my hair; luckily it eventually came back.
• NEVER enter a position on a stock you have no idea about, especially when you read about it online or heard about it from some rando.
• At market open options contracts are often volatile and inflated. Buying during this time can be more expensive. Options are usually cheaper mid-day, I read somewhere 2-3PM is cheapest. I’ve had success around 12-1PM EST after prices settle.
• Try wheeling on cheaper stocks once you get all fundamentals down.
• When selling puts if you are very bullish consider "doubling down"; note this is higher risk. Use the credit from your put sale to buy shares or a cheap call. This can be roughly inversed with puts, except I wouldn't ever recommend shorting shares.
• Learn from your mistakes. You can’t go back in time and beating yourself up (to a point) is useless. Make a physical &/or mental note of it so you don’t do it again. If you don’t learn from it, then beat yourself up so you won’t do it again.
• If you have friends that like to trade, I find it helpful to discuss strategies and planned plays. I talk openly with my close friends about my current holdings and planned trades, it helps keep me accountable. If I get a wide-eyed look, I might be doing something excessively risky or stupid. I’ve over-leveraged myself in calls twice and I knew I shouldn’t have done it both times. When I tell my friends what I did and I’m embarrassed, it exemplifies the face that I shouldn’t have done it in the first place. You will also get ideas for new strategies or plays from them. It’s good to stay versatile and use multiple strategies when appropriate. Beware of group think/echo chambers.
• I recommend NEVER telling someone what to buy/sell and when. I’ll tell people MY plays or what I like and why, but I will not encourage them to emulate what I do. Depending on the audience, I’ll tell them my exact positions along with my exit and entrance strategy. With closer friends I’ll offer my thoughts on their trades (if asked). If my friend is doing something really risky (one of my friends does some scary stuff) I may ask them if they want my advice, and provide it, especially if they overlooked a risk/event. I will not encourage someone to execute/enter a trade since it has a high potential for hurt feelings or animosity all around.
• Don’t fall in love with a stock. Just because something made you money before and you have high confidence in it doesn’t mean it will keep performing. I joke that FDX betrayed me when it started dipping and losing me money. I was over-confident of its bounce-back and sold too many puts too quickly. I’m in several losing trades because of it. However, I will keep good stocks in my rostetracking list or try different strategies or re-enter trades when they change their behavior.
• As you start to both buy and sell options and get more experience in general, you'll start seeing the two sides to every trade. You will likely start adjusting your strategies or trying new trades out because of this. Things will likely click one day. Most/all the greeks and options concepts will become almost second nature. For me this was when I could build an Iron Condor from scratch, which was a watershed moment involving a good understanding of many strategies.
• Understand Liquidity and volume.
  • Trading in low volume, low open interest contracts results in wide bid/ask spreads and difficulty having your contracts filled. Look at all the data for a contract, not just the strike and price.
  • Monthly Expiration dates typically have better liquidity.
  • Multi-legged trades (Common examples are 2-legged vertical spreads or 4-legged iron condors) have more difficulty being filled, especially on bad brokers like Robin Hood. Having very liquid options for all legs is extremely helpful in obtaining timely and well-priced fills, which maximize your potential profits.
• Time in market vs timing the market:
  • It is extremely difficult to time the market perfectly. If you wait for the perfect opportunity forever, history has proven you will miss out on gains. Keeping all your money out of the market has proven to be ineffective. Now if there is something serious happening with a stock/the market (like say a new pandemic), don’t go all in. I recommend entering incrementally at dips. If the stock has huge upside potential it may never go down, so it might make sense to partially enter at the current price.
  • IMIO selling puts is a great strategy to get into a stock you like, or at least make money off it. I think buying stock in lots of 100 is usually for suckers. Selling an ATM or ITM put (assuming the math works out) on a stock you were going to buy and hold is ALMOST free money.
  • I recommend keeping some cash available regardless. If you have a very large account or expect a downturn, hedging with indexes like QQQ, SPY, or VIX or calls/puts may be wise.
• Every trade can't be a winner. You will take some losses, you must get used to it. I don’t like having a realized loss of 1K or more on any trade. However, this will happen, especially with larger accounts.
  • As long as you win more often and beat the S&P that year I consider it okay. I’m kind of aggressive, so I consider 20%+ annually good. 30%+ annually is great. 40%+ and I’m dancing. After trading options I am almost baffled by my old belief that 5% annual returns (mostly from dividend ETFs) was “good”. That’s nothing to me now since I’m willing to take risks. Note: While lots of people danced in 2020, realize that’s an insane Bull Run year and is atypical.
  • Adhere to your own risk tolerance and never over-extend yourself, especially with margin use. Don’t make huge gambles leaving you uncomfortable. Only gamble with money you are willing to lose.
  • My personal strategy is to make safer gains for the year and then enter slightly riskier strategies using those gains. I can be slightly-moderately more aggressive and compound my gains. For me I often sell puts to make money, then when I see a big opportunity I’ll sell a put and buy an OTM or moderately ITM call.
• Understand it’s not safe to try and get rich overnight. However, once you hit big “steps” things may start to snowball. You can enter more positions and take more risks if you choose to.
  • For me this when I hit 50k, then 100k. I was able to balance low and moderate risk positions to more significantly grow my account. I’ll even do a high risk thing now and again because my gains can absorb it (assuming I have them).
  • I can’t wait to get to 250K, then 500K. I know it’ll take quite a long time, but I am confident I’ll eventually be able to have 500K and (hopefully) 1M in my non-401k trading account with gains and additions from my job. I can only imagine how “dangerous” I will be with that kind of capital.
• If you missed "the next big thing" like AAPL, TSLA, or the time machine I’m building in my basement. Don't get upset, learn from it. Adapt and become a better trader for next time.
  • Figure out why a company was so promising, before they mooned. Determine how you would have traded differently in hindsight. Apply those lessons to the next company you believe has long term growth prospects.
  • For me that's putting in 1-2.5k towards shares and/or buying LEAPS on it. Depending on my bullishness I may buy “cheap”, fairly far OTM calls. The far OTM options are sort of lottery tickets. If I'm right the (relatively) low cost will have explosive profits; if I'm wrong, they didn't cost that much so it's a calculated loss I’m willing to accept. For more serious bets I’ll buy ITM LEAPS to run PMCCs on. I also like to buy 1-2K in my 401k for very long-term plays.
• The stock market hates uncertainty, it seems to crave the status quo. A shakeup can potential tank a stock, even if it's nothing. With shares you can wait it out, but this can be problematic for options. If you see volatile/uncertain times ahead (politics, disease, manufacturing, earnings, etc.), you might want to reduce your overall portfolio risks or hedge.

• If selling options, it is a viable strategy to close early after a large gain with many DTE left until expiry. See TT videos / strategies on this.
• Don't hold options through earnings unless you literally want to gamble. I like playing on earnings run ups, but that can be risky.
• If you hold options through earnings, IV crush will happen immediately afterwards, devaluing the option. However, if the option is profitable enough, IV crush won’t matter, which will still make money for a call buyer. A sold put sufficiently far OTM will benefit from IV crush, even if the stock dips after slightly bad or lukewarm earnings.
• Don't throw good money after bad. Don't gamble on a recovery if your assumption appears to be wrong or the market is flat out tanking. If you are wrong and still believe in the company, wait twice as long as your original plan (wait for your 2nd entry point vs 1st) before adding to your position.
• Consider using stop losses to lock-in profits on rides up or sometimes use them to prevent losses. Note, stops can be easily triggered in volatile options. Now when I'm up a lot on calls (especially around earnings or large momentum run-ups) I always set stop losses. I have been burned too many times. In December 2020 I didn't set a SL on several thousand dollars of FDX calls I was already up on and I "lost" ~$5K of unrealized gains. If you're up big, don't get too greedy.
• A possible strategy if a stock is on a tear and you have multiple options open: Close some positions (I prefer to do this incrementally if the stock has momentum), but leave 1+ open in case the stock goes into outer space/the floor. Next, set a stop loss with a little buffer below its current movement / range so it doesn't get hit unless the stock falls hard. Finally, watch the stock closely and if it keeps rising, keep moving the stop loss up in little bits incrementally. This will let you keep more profits on a hot streak, but give some protection and secure more gains. It will also help eliminate FOMO if a stock exceeds your expectations.
• Have rules when to roll out, down & out, or up & out. I like TT’s roll at break even or at 1x loss and to always roll for a credit (or for me a very minor cost). Obviously these rules need some monitoring. Know your stocks, the news, and technicals so you don’t jump the gun.
  • If you roll early for a credit and you’re right, it’s not the end of the world. You’ll just need to hold longer, which will obviously tie up capital. Sometimes it’s better to tie up some money (especially if you aren’t paying interest) than eating a huge loss.
  • Rolling too late can be worse though. I currently have a very underwater FDX put I sold that is over 2x loss, rolling it does almost nothing unless you want to pay a debit or extend it extremely far out.
• On huge options gains, I strongly you recommend taking profits by rolling up/down or incrementally sell your contracts at several different prices (this is why having multiple contracts is nice).
  • Rolling up involves selling your initial call, then using a fraction of your proceeds to buy a cheaper, further OTM call with the same expiry; puts are inverse this. When rolling up I like to ensure the new option’s cost is 15-40% of my realized gains. I’ll buy a more or less expensive new optoin based on my convication to the stock and predicted movements. You can also roll up and out to get a further expiry and strike.
  • This is monumentally important if you are playing with incredibly high rising stocks or during a short squeeze.
  • Sad story time: I completely screwed up when I forgot to roll up, twice, during the GME gamma/short squeeze. I didn’t take my own advice; I didn’t have a real exit or transition plan and I got emotional. It all happened so fast and I was at work; the insanity of the run up and subsequent gamma squeeze caught me off guard. I should’ve clocked out and thought through the situation for 15-30 minutes to form an impromptu plan, then executed trade(s). My moderate risk tolerance coupled with my desire to take profits took over. When the stock partially cratered after a run up, I sold to retain gains. In the heat of the moment I thought the squeeze was squoze and it was going to plummet into the ground and I wasn’t being rational.
    • On 1x 4K call I would’ve made an additional 15-25K if I rolled up to a cheaper contract with some of my profits.
    • I know I missed out on significantly more with a 2nd call I had. Depending when I rolled it, it would likely have been an additional 25-50k in profits.
  • I talked about learning from your mistakes above. This mistake is branded into my brain due to the massive gains I missed out on by not rolling up. I’m furious with myself as I write this 1 week after the GME gamma squeeze, I’m a planner and I didn’t plan. If anything I own is significantly up ever again, I’m rolling up (or at least setting a stop loss). If necessary, I’ll roll up a trade multiple times to keep extracting profits.
  • Learn from my mistake so you don’t miss out on gains too. I strongly recommend rolling up when you are up big on a call / roll down when you are up big on a put. This enables you to take profits, stay in the game, and keep extracting more gains.
• If you trade a lot of options, talk to your broker about a discount. I was getting the standard $.50/contract with E-Trade, but I traded over 300 contracts a quarter and was able to get the fee reduced by over $.10 by just asking. I am now doing more spreads and condors, so once my volume gets very high, I’ll ask again.
• If you have a broker that isn’t great and you want to switch, leverage your current trading fees to the new broker. Tell them you’ll move over $### thousand if they beat your current options trading fee per contract.

• As you gain experience, start monitoring what kind of Delta, OTM, DTE, etc. you are most profitable with. Use it in your future trades. You'll often see the tasty trade 30-45DTE .3 Delta strategy for selling.
• Before entering a trade, look at rough technicals like resistances and supports to consider your relevant strikes as well as entry/exit points. Look at upcoming earnings & dividend dates as well as stock/market news.
• Consider staggering strikes and expirations for safety and diversity; it’s nice to avoid assignment on 3 puts at once because you used the same strike for all 3.
• Incrementally enter positions on large rises/falls. One of my favor strategies is to buy dips after over reactions. By doing this slowly in large price "steps" it helps combat FOMO and helps you avoid getting slaughtered.
  • This will also help you avoid "chasing a falling knife". It also ties into having a plan.
  • I set alerts at several predetermined prices and I REALLY try not to enter new trades unless I hit my preset points. It makes me less emotional and usually more effective.
• Don't buy far expiration options with poor liquidity for shorter term plays. I bought 1x GME 1-year+ LEAPS call before the 2021 short squeeze. That was stupid, I should've bought 2-3x 60-120 day calls to have better liquidity. I also paper-handed it and missed out on my lambo.
• If selling options, consider rolling (for a credit) to avoid assignment when it makes sense / meets your plan. Rolling closer to expiration can be a valid strategy to get theta on your side. On the flip side, if the stock moons or plummets it could've been better to roll before it got crazy deep ITM. See rolling “rules” above.
• Covered Calls:
  • If a stock has a large movement range, I think it can be worthwhile to wait to open a CC after the last one is closed/expires. I have been more successful waiting for another opportunity vs. opening one immediately on the Monday after the second the last one expires.
  • Consider selling covered calls at all time highs/peaks. If you sell a CC and the stock dips significantly, and you think it’s temporary, you can buy to close your CC for a quick profit, then reopen it later.
  • If you own Meme stocks, selling covered calls runs the risk of missing out on large gains. On these stocks I typically only sell them further OTM than I normally would or not at all. If I do sell CC on a Meme stock I try to ensure I have 25-100 other shares that won’t be called away.

• Spreads (with 2 legs) are neat because they manipulate how delta and theta act. It caps your gains and losses, but you can profit with less stock movement. Try several spreads on a P/L calculator to see for yourself.
• Spreads usually require margin trading.
• Spreads allow you to define max losses (assuming you close before expiration day) and use less capital.
  • Experienced traders will open many spreads at identical/similar strikes to heavily profit off movement. Spreads can make you/lose you a lot of money if you are right.
  • For example. I could make a $200 premium off a $500 risk trade, max loss would be $300. This is much more effective capital utilization than a naked or cash secured put, however it does not have the same downside protection or “wheel” potential as a sold put. Higher risk, higher reward.
• Vertical Debit spreads: I think of these like mini calls/puts. I personally don’t use them unless calls are outrageously expensive or the break even is absurdly high, but there’s nothing wrong with them. A call debit spread will lower your breakeven and overall cost vs just a call. You can do clever things like making a positive theta call spread if you’re creative. I like doing this since I hate losing money to theta.
• Vertical Credit spreads:
  • Very good theta strategy to define downside/upside risks.
  • A put credit spread is bullish and allows you to bet on upward movement with less capital and defined losses.
  • A call credit spread is a bearish strategy that allows you to bet on downward movement. These are very cool since they allow you to sell calls without selling naked calls, which can ruin you financially. I see selling these as better than buying puts since it’s so much easier to be profitable; to be redundant, Θ rocks.
  • https://www.schwab.com/resource-centeinsights/content/reducing-risk-with-credit-spread-options-strategy-0
• I repeat this on purpose: Don't EVER leave short spreads open on expiration day, close them. If you don't close, they better be VERY far from the strike on a non-volatile stock. In after hours a stock can jump/dip below your strike and be exercised without the other leg to protect you. This can lead to massive, life ruining losses. This is not an exaggeration, google this and be scared. It happened to a fair number of people with TSLA. Video explanation: https://www.youtube.com/watch?v=rtVFj9nRRDo&t=315s
• Short Straddle:

• Learn about wash sale rules. They suck and are very easy to activate with options. This will eliminate your ability to write off losses. Over trading can easily cause wash sales. https://www.investopedia.com/terms/w/washsalerule.asp
• Short attacks:
  • Learn to recognize these sketchy attacks by hedges/firms. They manipulate the market, it’s been documented countless times. A common one is rapid short selling, which pushes the price down.
  • Short Ladder attacks:
    • https://www.google.com/amp/s/seekingalpha.com/amp/instablog/11442671-gerald-klein/3096735-anatomy-of-a-short-attack
    • Some people say short ladder attacks don't exist. I've seen some very strange stock nosedives off low volume, so I tend to think they do.
  • If you plan well enough and the market doesn’t give up on the stock you may be able to use it as a great opportunity to buy the dip.
• Cramer explains how he intentionally manipulated the market when he ran a hedge fund years ago. Multiple links to the video are below since this video gets pulled often, Cramer / The street never wanted this to go public.
  • Reuters article: https://www.reuters.com/article/cramer-interview-idUKN2036292620070320
  • httpss://youtu.be/r07Gg92YjOI
  • https://youtu.be/VMuEis3byY4
  • https://youtu.be/JEzsfPmh894
  • https://youtu.be/QFfjX8dW-QQ
  • Due to this video I don’t fully trust Cramer. His show can give you stock ideas to buy (or inverse), but you never know where his true loyalties lie.
• Plan for taxes if you are up big. You may need to over withhold or contribute to taxes quarterly depending on your situation. https://www.irs.gov/taxtopics/tc306

• Both of these strategies profit from little price movement. I recommend using a P/L calculator to determine BE, profit, etc.
• A straddle sells (or buys) two options at the same expiry and strike.
• A strangle sells (or buys) two options at same expiry with different strikes.
• Both these strategies involved selling a Call and a Put for a credit. Straddle uses ATM legs, strangle uses OTM legs.
• Limited max profits and unlimited risk. Due to the unlimited risk, I am not a fan. However, many people like these a lot.
• https://www.theoptionsguide.com/short-strangle.aspx
• https://www.theoptionsguide.com/short-straddle.aspx

• These strategies profit from neutral or mostly neutral stock movement. They receive a credit to open and benefit from theta decay. If your stock is range bound, these may be a good choice.
• These are both 4 "legged" trades, so you will have 4 trading fees to enter or exit the trade. A lower cost or zero cost broker shines here. However, “bad” free brokers will give you poor fills, which may not be worth the discount.
• Condors and butterflies have "wings" which are your purchased puts and calls. The wider the wing the higher the max profit/risk. The condor body can be riskier and skinny with a narrow high profit range or wider for a much greater chance of success with lower payout.
• An iron condor is built by combining a put credit spread and a call credit spread with the same expiry.
• An iron condor can be thought of as a modified short strangle with limited risk, and therefore a bit less profit. I prefer defined limited risk.
• The butterfly is similar except instead of a plateau it has a sharp peak. My personal mental note is that a condor looks more like a strangle with wings, while a butterfly looks like a straddle with wings.
• Pay attention to earnings dates when you open these, I have forgotten to check before and it led to bad trades.
• https://www.theoptionsguide.com/iron-condor.aspx
• https://www.theoptionsguide.com/iron-butterfly.aspx

• The debit version of an Iron Condor. You expect the price to stay inside your defined range. This strategy profits from neutral or mostly neutral stock movement. I’ve never tried this, Iron Condors make more sense to me.
• Limited risk / limited reward.
• https://www.theoptionsguide.com/condor.aspx

• Inverse of an Iron Condor. You expect the price to go OUTSIDE your defined range. These are useful when you expect significant price movement. Credit to open.
• Limited risk / limited reward.
• Can be harder to set up. I want to try these, haven’t yet.
• https://www.theoptionsguide.com/short-condor.aspx

• Inverse of an Iron Condor. You expect the price to go OUTSIDE your defined range. These are useful when you expect significant price movement. Debit to open.
• Limited risk / limited reward.
• https://www.theoptionsguide.com/reverse-iron-condor.aspx

• LEAP Options are options that are long term with many DTE, often over a year until expiration. LEAP calls are great for long term growth plays (downtrends with LEAP puts) or simply when you really like a company and can't afford 100 shares. LEAPs (or any "longer term" option) enables you to sell a PMCC or PMCP (below)

• PMCC or PMCP are poor man's covered call (or poor man's covered puts). They are diagonal options often used with purchased LEAPs. You sell a shorter DTE call/put with a further OTM strike than your purchased call/put. For PMCC/PMCPs it is often recommended to recoup your extrinsic value as soon as possible, some recommend with your first call CC or put sale, to ensure you are positive if the option is assigned early. These have a lot of moving parts and strategies. If you buy a barely ITM call/put and sell a nearby strike call/put you run the risk of the purchased option getting "blown by" on large stock movement and ending up with a very negative losing trade. Keeping your purchased LEAP deeper ITM should protect you. Check your initial PMCC using an options calculation to make sure you don't screw up.
• I'm currently tinkering with these myself. So far I like .7-.9 delta call LEAPS with 30-45 DTE calls on my CC. The goal is to hold the LEAP long term, potentially until expiration, and constantly sell calls/puts on it that expire worthless. Typically the call/put is rolled up and out or down and out if it's going to be assigned, unless you don't want your LEAP anymore.
• Some people look at these many sold CC or puts as profits, I look at them as lowering my cost basis until it's zero (or even negative). I have a page in my notebook I write each CC on my NIO LEAP (I Meme stock sometimes). I find it satisfying to slowly see the cost of the original option disappear. When I originally wrote this I had ~2 years left on it and it's 9-10% paid for; that doesn't even count the actual gains the LEAP has.
• TT states this is considered an IV play, which I partially agree with. You want to buy these during low IV times since an IV drop will hurt your LEAP value. I look at them more as a way to sell calls/puts on a high IV company with a lot of price movement and potential upside/downside.

• Guide to several order types: https://us.etrade.com/knowledge/events/webinars/order-types-from-basic-to-advanced-07162019
• One Triggers Other (OTO):
  • Good brokers will allow you to set these up, some will require a desktop to do it. This lets you link one action to another. In programming think of it like an if-then. You’ll tie a buy/sell to another buy/sell
  • Setting trailing stops on options is very chaotic since their price movement can be drastic due to volatility. I prefer to set my trailing stop to a stock.
  • What I like to do is set a trailing stop on a stock (or just link it to a stock price drop) and have it sell 1 share I own. Then it immediately executes a market order to sell my call. I’ve had good luck doing this with incredibly volatile plays were stop losses aren’t effective. I’ll often have an order saved and ready saved for when a strong run up starts. When my price alerts start blowing up my phone, I’ll immediately hit execute to turn it on.

1. The covid19 vaccine is an RNA vaccine and CANNOT give you covid19 or covid19 symptoms (also see point 2) – I am going to briefly discuss 3 main types of vaccines (there are more than 3 but I’m not going to get into all of them) –
   1. Live attenuated vaccines – This is a fancy way of saying a weakened virus. Examples of this type are MMR, Chickenpox, Smallpox. Attenuated vaccines DO pose a risk to pregnant woman as there is a VERY small chance of getting the actual disease. They are not recommended for pregnant women unless there is a strongly likelihood that a pregnant woman can develop the disease without the vaccine. The benefit of an attenuated vaccine is the immunity is VERY strong. This is where there is some confusion with vaccines and pregnancy.
   2. Inactivated vaccines – These are ‘dead’ viruses that allow the immune system to know what to protect against with no risk of infection. Examples of this type are Flu (some, shot only), HepA, Polio. These are considered safe as they cannot cause the disease. However, they often require follow up shots.
   3. Subunit vaccines – These take one defining component of a virus (ie if someone saw only the trunk of an elephant they would know it was an elephant without the entire thing) and expose the immune system to this component. The immune system learns to equate this component with the virus. Components can be proteins, sugars, DNA, or RNA. Examples of this are the COVID19 vaccine (RNA), HPV/Gardasil (protein), Flu also (DNA), HepB (DNA).
2. How does the RNA vaccine work? RNA is the instruction manual for building proteins in the body. Proteins carry out EVERYTHING in all living organisms (ie insulin is a protein…literally proteins do everything…google it). Specifically, the RNA in the COVID19 vaccine codes for a surface protein (we will call this a ‘Spike protein’). When the spike protein is attached to live virus, it allows the virus to get into your cells and replicate (the replication is what makes you sick, not the spike protein). The spike protein on it’s own is nonfunctioning. Think of it as a random key without a lock…on its own it serves no purpose. When you get the vaccine, the RNA aka instruction manual is read by your own cells (RNA is the same language for all living things) and your cells will make the protein. Once the protein is made, the RNA (aka vaccine) is completely destroyed and no longer exists (this applies to point 6). The COVID19 protein is now in your body and your body looks at it and determines it has no function/it does not belong. To dispose of foreign proteins, your body creates antibodies (another type of protein which act as the janitors of your body) to get rid of useless/foreign proteins. This is a very natural process and happens ALL the time (think allergies). This is what is known as an immune response. Immune responses sometimes mimic the characteristics of being sick. You may get mild cold symptoms but it is not from getting a cold…this is your body ramping up it’s “cleaning” process to get rid of foreign/useless proteins. You cannot, I repeat, you cannot get covid or covid symptoms from the vaccine. Any symptoms are just your body “cleaning up” what doesn’t belong and is a very natural process. After cleaning, the body now recognizes anything with this spike protein and knows that it does not belong and will get rid of it. Think of this as showing someone who has never seen a deer before a set of deer antlers and saying “if you see an animal in the backyard with these, it is a deer”. The spike protein is the antler.
3. (The vaccine should protect against mutated strains (like the one in Europe). The spike protein is pretty important to the infection process of the virus which means it doesn’t often get mutated (due to the major evolutionary disadvantage this would cause). If it does get mutated…it can’t infect and is a moot point. Therefore, the vaccine should be protective against multiple strains because it will recognize this spike protein.
4. The research and clinical trials were not rushed and steps were not skipped. There are several factors that play into why this vaccine was developed so quickly. The first was the joint effort of the research community to sequence the entire genome of the virus (aka get the DNA and RNA instructions) and do preclinical studies. In normal circumstances, research is somewhat collaborative but mostly competitive. When the pandemic hit the entire research community came together to study and publish findings. So much so that at my university, anyone not in a virus lab (cancer, neuro, immuno, you name it) volunteered as "extra hands", donated resources, and lended equipment...this was, IMO, unprecedented. All major journals stopped publishing anything other than COVID19 related research - this results in more eyes, more ideas, more work. Next, all research funding shifted to covid research. The two biggest hold ups in pre-clinical and clinical trials are money and trial volunteers. Both of these were ABUNDANT during the development of the vaccine. On the safety front, the FDA has a very strict process of approval, multiple phases of clinical trials with A LOT of safety checks, and review boards made up of scientists, clinicians, and biostatisticians. Everything is peer-reviewed by scientists and clinicians with no vested interest. Although most research is funded by the government, the government plays a very little role in the *actual* science and development of research. Furthermore, within the scientific community, overstating or misrepresentation data is a major ethical violation. Misrepresentation of data is so *strongly* discouraged and against the ethics of science that there are SERIOUS ramifications for even benign issues of lying (google Jose Baselga disclosure...the MD did not disclose his financial interest in a company he was doing research for and had to resign from MSK). Trust me when I say every scientist, director, and researcher had their eyes on the data and development of this vaccine...anything that seemed out of place would immediately be discussed and corrected. An additional note about RNA vaccines. This technology was not rushed and has been in development for 10+ years. This development provided all the corner stones for developing the COVID19 vaccine once the genome was sequenced (which as discussed earlier happened so quickly due to the unprecedented collaboration of scientists)
5. Why is there hesitation with pregnant women (note: this includes lactating women but for simplicity sake I will just say pregnant)? When a clinical trial is designed for FDA approval, there are major ethical considerations. Pregnant women and children cannot be included in clinical studies unless there is a clear justification (which you need to write up in your proposal). These are heavily critiqued and only considered when the treatment heavily benefits pregnant women or children...ie. If 90% of pregnant women could get COVID19. Otherwise, inclusion of these demographics is usually denied. Because of this, most clinical trials specifically exclude them. Once the clinical trial is run and the data is collected, there is *no* data on pregnant woman (note: for the Pfizer trial several women found out they were pregnant while on the trial and no complications were observed...however this is considered anecdotal). Therefore, LEGALLY, the FDA cannot CLAIM it is safe for pregnant woman (because they have no proof). The FDA is very very very by the books and states only the facts they have present). However, because of what is discussed above, doctors and scientists will confidently encourage pregnant women receive the vaccine because...science. Same point for lactating women.
6. The vaccine does not "change your DNA" and does not remain in your body 10 years after...COVID19 might. As discussed before, the biological process of an RNA vaccine does not change your DNA or your cells, it simply exposes your body to something. There is no way for the components of the vaccine can alter your DNA. You have a higher chance of altering your DNA laying out in the sun (re: carcinogens) than you do from the vaccine. Do you know what can change your DNA? Viruses. We don't know enough about COVID19 to know how it behaves but a perfect example is....HPV. HPV causes cancer because the virus specifically targets a gene (DNA) in the human genome known as TP53. When this gene (DNA) gets disrupted, it can cause A LOT of cancers. Viruses affect the area of exposure. So women who contract HPV are more prone to cervical cancer because the virus is more likely to disrupt the TP53 gene in this tissue. This is why the Gardasil shot is SO effective in preventing cervical cancers...because it prevents the infection of HPV (side note: Parents should vaccinate both their daughters AND sons with the Gardasil shot). We don't know the long term ramifications from the COVID19 virus but the way viruses inherently lead to changes in our DNA and may have long term consequences for people infected with the virus.
7. Are there people who are at greater risk? Yes. People who have extensive allergies, have had previous allergic reactions to vaccines, boosters, or shots, or may have dysfunctional immune responses. However, these are not inherent to the COVID vaccine but rather all vaccines. These are things to discuss with your GP and OB.

• All images of front seat passengers were pixelated and the cameras must not see into the rest of the car;
• All images captured by the cameras that did not contain evidence of a mobile device use offence were rapidly and permanently deleted;
• Only the minimum amount of data required to detect and enforce offences was retained;
• There was a defined use and disclosure of images captured by the cameras; and
• Obligations were met for the secure protection and encryption of the images.

• Are all located in the same rural county in Wisconsin (so no comparison with schools in different locations/with different populations).
• Have a population that is 92% non-Hispanic white, with a median income of $54,913, and just 10.7% below the poverty threshold.
• Had just 4,876 students attending in-person across 17 schools, and 654 staff members. In eight elementary schools there were 1,529 students (average 191 students per school), and in nine middle and high schools there were 3,347 (average 371 per school).
• Received a $5,600,000 grant from The Legacy Foundation of Central Wisconsin.
• Provided all students with three to five "2-3 layer cloth face coverings" which were paid for by the grant.
• Cohorted students into groups of between 11 and 20 individuals.
• Excluded the siblings of covid-positive students from school.
• Had a mask compliance rate of over 92% (according to self-reported data).

• Used self-reported data gathered from a weekly Google survey sent to teachers to gather information about mask-wearing, social distancing, and absences.
• Relied on school administrators to determine close contacts.
• Close contact was defined as being within 6 feet for longer than 15 cumulative minutes during a 24-hour period.
• Used data reported on the Wood County coronavirus website to determine covid postivity rates.
• Did not systematically test students or staff for covid-19.
• The participants were aware that they were being studied.

1. Space everyone six feet apart and require everyone to wear masksAND
2. Exclude anyone who was six feet away from a covid-positive person as a "close contact"

1. Contact tracing is being conducted by school administrators
2. Compliance with the mask-wearing and social distancing policies is self-reported by the schools