Some links (2026/May)

1. Bachem (link)
2. Tail hedging (link)
• Strike-based filter: strike between 55% and 60% of spot (≈ 40-45% OTM at trade entry)
• DTE 90 to 180 days at entry
• Exit when DTE drops to 30 (≈ 60-150 days held)
• Bi-monthly rebalance (roll once every two months)
• 100% SPY allocation, put premium funded externally on top
• Daily exit checks; freed cash from exits is immediately redeployed into SPY at the same day’s price (the “monetize at the bottom” pattern)
• 總結操作方式如下
• 每兩個月的月初(eg: 1/2, 3/1...), 拿3.3%/6 = 0.55%買put, 此預算是額外投入（externally funded），不會扣減原先 100% 配置在 SPY 的部位基準
• 買 90~180 天、40%~45% OTM 的 Put
• 每個交易日檢查持有的 Put. 只要其 DTE≤30, 就在當天立即賣出平倉
• 此時拿回賣出選擇權的全部殘值或獲利金額, 同日全額買進 SPY, 不是買新 option (put option只有在雙月初才會買入)
• 文章最關鍵的問題點是3.3%哪邊來? 100%SPY + 3.3% put表示你原本的資金就是1.033, 而不是1. 如果是100% SPY + 3.3%put(資金是抵押SPY)  這樣就有利息要考慮. 若年年都大漲, 根本就拿不會買put的資金, 白白的浪費了利息. 
3. Remove junks from small cap (link)
• Avantis Global Small Cap Value UCITS ETF (expense ratio: 0.39%)
• Dimensional Global Targeted Value UCITS ETF (expense ratio: 0.44%)
4. Special situation - DCC (link)
5. Shimano (link)
6. Japan equity bet is quite successful so far (link)
7. Nintendo (link)
8. Seabed thesis (link)
9. Meta is more than advertising (link)