I do have the full LTP position, including the short puts. I focused on these three legs of the trade specifically to understand how to manage a sharp uptick in the stock price—where the short-term short calls start losing money, while over the longer term, if the stock price pulls back, the long call spreads don’t fully realize their value.
It seems the appropriate strategy in this situation is to roll both the short calls and the long-term call spreads higher.
Thanks, as always, for your advice.

“A lot” is the right amount for a family office! 😉

A family office is a governance and execution machine.

You start by writing the charter (purpose, objectives, decision rights), pick the structure (SFO vs. MFO with the right LLC/LP/trust overlay) and install capital governance, which would be an Investment Policy Statement, risk & limits grid and a liquidity ladder so cash, venture, real assets and philanthropy don’t fight each other.

If you’d like some help, I’m happy to chat but first, if you don’t mind, have a chat with Anya (my AGI assistant) and let her know what you’re trying to accomplish and I can give you a quick overview report so we have a proper outline in place for a productive call.

I am now retired and have approximately a lot my etrade account. Sounds like I should be doing Family Office set up going forward. Some advice or references for setting one up

• Phil

You’re very welcome!

Have a great weekend.

Man, I’m re-reading this a dozen times as it’s a master class in PM and capitalism. Thank you Phil. So educational.

https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcQ62TChyTveYx2Dz3TRQs6sDgKATCl-5BkR8w&s

And remember – 15% per year is the example we used to get someone her age (25) to $15M by 65 (40 years) but we’d really be reinvesting the money faster and putting the $3,000 annual deposits to work so WAY faster acceleration of compounding interest….

And it doesn’t matter if you re-invest in T or whatever else we decide we like each cycle – as long as you pick a nice, reliable dividend payer (hopefully a few for diversification) – this works VERY reliably.

To some extent, selling calls is a self-reinforcing discipline. Maddie sole 2028 $25s for $2.50 so her basis is like $21 and she gets called away at $25 with a $4 (19%) profit plus the dividends (5.28% per year against net $21) so about 15% per year.

If T is $25 or less, she keeps the stock and sells $2.50 for 2030 and the cycle repeats until she has her $21 back and then she builds a new series while STILL reaping income from short calls and dividends from her FREE pile of T stock.

Since she recoups $4 + $2(.22) per 2-year cycle – she’s paid back in 8 years (7 really).

Of course, that’s simple math because she can start reinvesting with the first $6.22 that comes back, right?

Anyway, if T is flat – same thing. If T is under $25, same thing. If T is over $25 – she still gets her $6.22 for the 2-year cycle.

IF T is $27.50 – she should be able to roll the short calls to the 2030 $30s and it really doesn’t change anything so there’s a pretty wide margin

BUT

If T is over and her roll is not worth doing – then she just let’s herself be called away at $25 and puts the money to use elsewhere.

So the system itself let’s you know not to chase!

https://publish.finviz.com/013026/Td132666352i.png
As are our Top Trade Members:

PhilStockWorld Top Trade Alert – Aug 26th 2025 – Frontier Airlines (ULCC) and AT&T (T)

VZ people are happy too:

https://publish.finviz.com/013026/VZd132766566i.png

Verizon unveils a new $25 billion share repurchase authorization and raises its quarterly dividend to $0.7075 per share, while reporting strong Q4 and full-year 2025 results, issuing 2026 guidance, confirming the closing of the Frontier acquisition, and amending long-term MVNO agreements with Charter and Comcast.

• Q4 2025 EPS $1.09; FY25 EPS $4.71, up ~2.6% YoY, in line with guidance.
• FY25 wireless service revenue grew 2%; consolidated adjusted EBITDA up 2.5% to $50B, meeting raised outlook.
• Q4 net adds over 1M; 616K postpaid phone (best in 6 years) and 372K broadband net adds.
• 2026 EPS guided to $4.90–$4.95, 4–5% growth; free cash flow ≥$21.5B, ~7%+ growth.
• 2026 mobility+broadband service revenue guided +2–3%; wireless service revenue roughly flat amid 180 bps price-hike headwind.
• Guidance embeds 750K–1M postpaid phone net adds (2–3x 2025) and continued strong FWA/fiber growth including Frontier.
• Cost program targeting $5B 2026 OpEx savings plus CapEx cut to $16–16.5B, while completing C-Band and expanding fiber.
• Frontier deal closed; fiber passings now >30M with medium‑term goal of 40–50M and ≥$1B run‑rate synergies by 2028.
• Capital return stepped up: dividend raised 2.5% and new $25B buyback over 3 years, ≥$3B repurchases in 2026.
• Management tone very confident, framing Verizon as a turnaround story focused on convergence, churn reduction and efficiency.
• Mixed quarter, driven by strong subscriber momentum and in-line financials but modest revenue growth. Main concern: 2026 will be a revenue transition year with flat wireless service revenue and execution risk around churn reduction, Frontier integration, and cost savings needed to deliver the higher EPS and cash flow trajectory.