I added Carnival Cruises, symbol CUK, over a few weeks in September, 2019.  I sold quick calls on half the position a few weeks after initiating a position.   Today I sold calls on the rest.   The tables below show how this works.

• Carnival Cruises pays a big dividend 4.23% and if the calls below are not assigned, it is worth it for income investors to hold CUK just for the dividend.
• One risk is the cessation of dividend increases.  Between 2015 and 2018 dividends doubled but have not increased since February, 2018.
• Call premiums are rich being equal to or greater than the quarterly dividend.
• Call options are broad and provide opportunities to roll expiration dates every couple of months.
• Dividend plus call premiums make CUK a good trade for income investors.

The first table is the original call I sold that expires today and will be assigned.  This call was a 30 day call.  The expiration date was after the ex-dividend so I have already cashed that check.  I will lose this lot but look below and you can see a similar call opportunity available today.

This second table is the call I sold today that expires in 64 days exactly on the day I expect CUK to be ex-dividend.  The calculations assume the dividend will be paid to me and that the stock will be assigned. In this table, I use my personal cost basis.

In the third table is the call I sold today based on opening a long position simultaneously.  So if you bought CUK and then immediately sold a call on your new position.  The cost basis is slightly different than my basis.  This call also mimics the original call I sold in November (see first table.)

The market is not cheap and to me I feel some frivolity.  People are buying stocks today and sometimes that means the options traders will pay a little more for a call option.  When you get paid the hefty dividend that CUK delivers while you wait for capital gains, it is worth investing in a stock.

M* MoneyMadam
Disclosure:  Long CUK with calls

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Quick 7% on CAT

Executed this quick call today.  Call expiration is 30 days away and falls on same date as CAT's ex-dividend date.  So let's see what happens.  I added shares and sold this call today.

Quick gain of about 7%.

M* MoneyMadam
Disclosure:  Long CAT with calls

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XOM call activity today

Exxon Mobil

Bought this unloved energy stock and sold calls against it. Love the dividend: yield 5.08%, as I am an income investor, but don't love the price action.

Today's strategy will deliver additional income from the call premium.  If XOM is called away, I also will realize a capital gain.  If XOM is not called away, I will keep this lot in my portfolio provided the dividend is safe.  If the price action improves, I may be able to sell more calls for more income.

M* MoneyMadam
http://www.themoneymadam.com/

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Adding to LEG and selling calls

As I monitor call activity, I look for stocks that I already own.  Stocks that pay a good and increasing dividend.  Stocks that have a good history of EPS and Revenue growth.

Leggett and Platt, symbol LEG, is one of those stocks.  Let's first look at the recent fundamentals.

Source:  Nasdaq.com

You can see clear evidence of revenue growth, EPS (earnings per share) growth, and dividend growth.   And in the next table you will see call option potential.

I have a significant position in LEG but I added today and am selling calls against that new position.  I picked a strike price that nudges up to the 52 week high of just over $55.00.   If they take it, I still have my original position.  If they don't take it, I get to pocket both the dividend and the call premium.

That is my strategy to retire with income that grows; and I am sticking with it.

M* MoneyMadam
Disclosure:  Long LEG with calls on part of the position

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Covered Call Activity MSFT

A call I executed today.   MSFT is a quality stock with a low yield.  I use covered calls to make up the difference between what MSFT yields and what I need.

M* MoneyMadam
Disclosure:  Long MSFT with covered calls

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TGT sell call on WMT earnings

I like Target, symbol TGT.   Presented below is another example of how to use a rival's earnings to take a short term position before your company reports.   Walmart had good earnings but in the after market it is only o.k.  But WMT's business is perceived as being positive and that helps it's closest competitor Target.

Income investors are looking for a position that provides call premium income from selling (a.k.a. writing) a call; and we want the quarterly dividend; and we want a capital gain should we have our stock called away.

An eight day call that meets a number of an income investor's goals.

What happens if in the next 10 days or so the stock tanks on it's own earnings and you are stuck with it?  That is when you want to make sure you can stomach holding a dividend stock over a longer period of time than 10 days.  TGT is an okay hold by me at this time.  - Goal met:  conservative income investment.

I will risk losing it and I will risk keeping it.   It is all about income.  Goal met:  income with out without the call being assigned.  If it is assigned, capital gain is realized;  Goal met; capital gains.

TGT COVERED CALL

Usually posts about calls are yesterday's news.  Call buyers and sellers know there are few values more volatile than call premiums.   I am writing up a call that I will try for tomorrow.  November 15, 2019.

M* MoneyMadam

Good income investing.   Disclosure no position but expect to add if the conditions warrant.

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8 Day trade NVDA

I recently wrote a post about using short term calls in an effort to earn 8% a year from a combination of the call premiums and the dividends.

One stock I mentioned in my previous post was NVDA.  I have a $200 call expiring this Friday.  Based on today's reaction to their earnings, I think that trade will provide all benefits I had hoped for in a very short term.   In this market short term is appropriate.

I did it again today.  I bought at just over $208 and immediately sold the $220 call that expires a week from Friday, 11/22/2019.

So the point is, I wanted 3 calls per year on NVDA that generate at $4.50 per contract.  But in just two weeks, I have cashed a $3.44 call today and $ 2.30 call a week ago.  I am on track!

November 22, 2019 $220 call on NVDA

Will the positive effect of NVDA's earnings carry it for another 8 days? Let's see what happens.

M* MoneyMadam

Disclosure:  Long NVDA with calls

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Maximize yield with capital gain potential MPC CVX or XOM

The goal of every income investor is income followed closely by capital preservation.  Next on our list of goals is to maximize income and retain the opportunity for capital gains.

• The goal of the trades discussed in this post are to achieve 8% annualized cash flow from a combination of dividends and covered call premiums and to keep an opportunity for capital gains.
• My analysis illustrates how to determine how much premium from a covered call you need to meet your goal.
• In this article I present three stocks to consider with only one of these stocks that meets my 8% hurdle. 

In reality this is just a math exercise.  You start with either your basis on a stock or the target price at which you want to buy a stock.  For me I want 8% annual income yield on these stocks.  I will discuss why I set 8% for these stocks later in the post.   Once you have that number in hand, subtract the annual dividend.   After subtracting the dividend from the desired total income, you can determine how much you want in call premiums.

Since you want to capture the dividend with each call expiration date, you can expect to sell no more than 3 calls per year.    Assuming you actually can sell three calls per year, you simply divide the total income you want from the call premiums by three and that determines the premium you need per call to meet your goal.  Let's look at an example then we can apply this theory to real trades.

EXAMPLE XYZ STOCK

For XYZ stock we need $2.50 of additional income from premiums on covered calls.  If we get lucky you might get the whole $2.50 on the first call.  However, it is more highly likely that you will end up selling, also known as writing, calls three times during a year at an average of $.83 per contract.  One contract is 100 shares.

SCREEN BY PREMIUM FIRST

In this situation, once I target a stock, I start by looking for premiums rather than strike price.  In most of my covered call trades, I look for a strike price no less than 8% above my basis and usually, I like 10% or more.  I want a strike price high enough that it is not likely to be called away.

On a potful of stocks, however, I will start by looking for a premium and then determine which expiration date is after the next ex-dividend date.  In other words you do not want to sell a call with an expiration date before an upcoming ex-dividend date.  The last value I look at is strike price.

These are good stocks and I know I risk losing my shares if the strike price is too low.  If the best premium comes from an expiration date in fewer than 30 days, I am more willing to risk losing the shares to the call buyer but never, ever at below my basis.   I always want a capital gain if the shares are assigned to the call buyer.

How much capital gain I want is different with each and every stock.  Stocks like Broadcom, symbol AVGO, are very volatile.  Tweet, tariff and headline news can hammer these stocks providing an entry point and these same factors can send it soaring which makes the calls create more income for us.  Picking a high strike price is appropriate.  If you get hit, you'll likely have another chance to get in.

Other stocks are not so volatile and you are at less risk of losing your shares even when you pick a strike price only 5% or so above your basis. Let's get to specifics.

CVX (Chevron), MPC (Marathon Petroleum) and XOM (Exxon Mobil)

Below are tables of the calls available when I did my search today. November 4, 2019.

Remember, I want to add one or more of these stocks and am looking for an annual combined (dividend plus call premium) yield of 8%.

The eight percent comes from the idea that this group of stocks needs to create enough income to fund a specific project.  For me it is an annual charitable contribution but you might think of the idea when you are trying to create the income you need for your required minimal distribution from an IRA.    You don't have to use 8%.  If your hurdle is 5% simply change the parameters in the calculation.

Chevron CVX

All three stocks have good balance sheets.  Chevron carries a D/E (debt to equity ratio of only .20.)    They all have good dividend yields, Chevron's is over 4%.  And they all have revenue growth.  They earn more than they pay out in dividends as measured by EPS and free cash flow.

You can see from the table above, the concept that I can get 8% annual return on this stock by using dividends and calls is not encouraging.  I will pass on the single call available with the premium I
need.

Marathon Petroleum MPC

MPC has the highest D/E ratio at .91 and that it is still acceptable.  It has the lowest dividend yield of 3.19% but that too is acceptable because MPC has the most robust revenue growth.  Revenue growth stimulates the juices of the call buyers.  Moreover, there has been speculation that MPC may split up to provide more shareholder value.

You can see from the table above, we have more than one option to consider.  Note the first call after the ex dividend date is November 22, 2019.    You cannot go out too long on the expiration date or you will not be able to sell three calls in a year.   Within 90 days, MPC provides two calls worth consideration.

December 20, 2019 $72.50 call for a premium of $1.18 and the January 17, 2020 calls for a premium of $1.32.

Exxon Mobil XOM

XOM pays the best dividend of the group with a yield of 5%.  XOM also has a good balance sheet with a D/E ratio of .24.  Revenue growth is the slowest of the group.  XOM calls are interesting.

Notice the only call for me that has interest is the January 17, 2020.  You could sell this call and receive two of the three call premiums you need to receive an 8% combined income yield.  However, the capital gain opportunity is weak at only 1.16%.    You could very easily lose your shares to the call buyer.

END RESULT

Today I added MPC and sold two calls.  I sold the December 20, 2019 $72.50 call and the January 17, 2020 $75.00 call.

We will just have to see what happens.  This is an exercise in working calls in a market with an upside bias.  It is a conservative approach because in the end if the market tanks 'ala 2009, we will still have a stock with steady income and a solid balance sheet.

Good income investing.

M* MoneyMadam
Disclosure:  Long CVX, MPC, XOM with calls on MPC

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NVDA and AVGO two calls with different purposes

We income investors are struggling to keep the cash flow up.   Quality dividend stocks are expensive and value stocks have value for reasons that make ordinary investors nervous.

• No commissions help  you be more creative to work call option income
• Know your income goals and be flexible with strike prices and expiration dates
• Stick with stocks that have good fundamentals but don't eliminate a stock just because it is not perfect

We have to employ our cash to earn income and hold our noses when all the numbers are not perfect.

Below are two calls, both executed today.  They are designed to deliver income yet each is quite different from the other.  One call expires in 12 days and the other call in 89 days.

AVGO - Broadcom

I own Broadcom and sell calls as often as I can.  Broadcom is not perfect.  The D/E (debt to equity ratio) is higher than other chip stocks such as Intel.  AVGO D/E = 1.75 whereas INTC carries a D/E of only .38 and Skyworks (SWKS) has no debt.

Moreover, AVGO has earnings per share slightly less than the dividend payout.  However, their cash flow per share is more than double their dividend.  EPS = $7.42, Cash Flow = $23.39 with dividend payout of $ 10.60.

I am putting more money to work in Broadcom and selling a call designed to deliver at least 10% in capital gain should the call be assigned (the call buyer actually buys my shares at the strike price.)  Another goal for this call is to received call premium greater than the quarter dividend.  Finally, I picked a strike price that captures the dividend provided the call buyer does not take my shares before the ex-dividend date.

One of the biggest benefits from owning Broadcom is the prodigious dividend growth.  Over the past 3 years the quarterly dividend increased from $ .51 to $2.65.   When you realize that your expenses will double in 20 years and if you expect to live for 20 more years,  you need your income to grow.  Broadcom, in my opinion is worth the risk.

See the two tables below:

AVGO Dividend Machine Fundamentals

AVGO January Covered Call Option

NVDA - Nvidia

I also own Nvidia and I added a little today.  With this stock I am looking to cash a nice check quickly.   I have less interest in holding NVDA for the long haul because the dividend is low and their dividend increases are adequate but nothing like AVGO.

I am risking new capital but for only 12 days.  I picked a call that will deliver more in the premium than I can get in dividends when holding the stock for an entire year.   The risk is that NVDA is very volatile (52 weeks price range is between $124.46 and $235.32;  this means NVDA could be worth less than what I paid in just 12 days.

I picked a strike price that is very close to my cost  basis.   I get a little gain and I get to pocket a juicy call premium.  And the entire commitment is only 12 days.

Risk is an interesting issue.  Look at NVDA's fundamentals below and you can see that the share price may be volatile and prone to headline news and trade tweets, but NVDA has a solid balance sheet and cash flow that far exceeds dividend paid out.  I think 12 days of risk is ok.  Let's see what happens.

See the two tables below:

NVDA Dividend Machine Fundamentals

NVDA November Covered Call Option

It is not easy to work your portfolio in this stock market environment.  No commissions helps me be more creative.  Know what your goals are so when you do execute your trades, you are confident your income goals can be realized.   When your proceeds are not eroded by costs, you can do a little more active call selling.

M* MoneyMadam

Disclosure:  Long NVDA and AVGO with calls

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Simple conservative income investing: Call opportunities on CAT and WSO

Today, the market is up and I take advantage of those moves by looking for additional income from covered calls.  I am not an options trader.  I use call options to boost my income because there are few sources of good yield at a reasonable price.

WSO is a good dividend stock that moves up and down with international news, tariff news, exchange rate news.  The company likes to share income with investors through dividends.  And they increase the dividend routinely.

You may not want to risk selling a call on WSO but I do sell calls on some of my position and have benefited from that strategy.   Here is a call I sold today on shares I added in February

I like to keep things simple and you can clearly see how using calls can boost income.  The call premium is equal to the quarterly dividend.  It is like getting five dividends this year.


Caterpillar is even more volatile than WSO.  Lately it is an unloved stock.  I buy and sell calls on it and I do not worry about losing it because it seems CAT's price always goes down after it is called away and I buy it back, cash the dividend check and sell a call to someone who thinks the price will go up.  Quite often they are right but I do not care as I do this for income.  

Again you can see the advantage of selling a call that pays you a juicy premium but also captures the next dividend.  In this case the call premium is greater than the quarter dividend.

This post documents how simple, conservative income investing can work for the ordinary investor.

M* MoneyMadam

Disclosure:  Long WSO and CAT with calls

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HCI Exceptional Call

HCI Group, symbol HCI is a dividend stock I have owned for about two years.  I bought it based on the yield and dividend growth.  It also has reasonable debt, but revenues are not growing.  

The stock price has ranged between $36.72 and $59.32.  I would like to get rid of HCI through calls.  I sell calls and they have never been assigned.  

Today, I sold a call that does not capture the next dividend but the total return for me if they take my shares by exercising their right to buy is quite good – 13.8%. 

HCI $45 call expires October 18, 2019.

With this call I have income in mind.  The premium I received is over 1%.  I like that.  Moreover, the duration of the call is very short.  If HCI is assigned that is okay with me and if I keep it, I will continue to sell calls.   If the fundamentals deteriorate such as no longer increasing the dividend, I will sell it all.

M* MoneyMadam

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Best call today was WHR Whirlpool

Last Friday, September 20, 2019 was quarterly expiration of stock options.  As an active income investor, I use covered calls to create income.  I certainly cannot get adequate income from the usual sources for safe money like bonds.

I had 25 calls on 12 different stocks expire last Friday.  Five calls on two stocks were taken.  Four of the calls that were exercised were on Novocure, symbol NVCR.  Novocure does not qualify as an income stock.  I do not want to risk losing the rest of my position on NVCR.  Therefore, I did not even tempt myself by looking at potential calls on this growth stock.

The other call that was taken, also known as exercised, or assigned was J.P Morgan, symbol JPM.  All the other calls expired.  I got to keep the premium paid and now I am looking for additional calls on those stocks.

Listed below are the calls I sold today:

IBM:  $150 strike expired on 9/20/19

You will notice, I am underwater on IBM.  But I like the dividend yield of over 4.5% and I have sold 4 calls on IBM since I bought eighteen months ago.   I don't like it enough to buy more shares but I do like the call premiums.

In this call I created an additional 1.1% on my basis.  I am willing to live with the unrealized loss as long as I cash those dividend and call premium checks.







Whirlpool (WHR): $160 strike expired on 9/20/2019

Whirlpool is quite volatile.  It responds to a lot of "headline risk."  Tariffs and international sales of washing machines is more exciting than you think.  

Again I like the yield of 3.19% but I would like more than 3.19% and calls are a way to boost the income.  I have sold calls many times on WHR that have been exercised.  This time my calls expired and I was able to sell more calls today.

In this call alone, I was able to capture a yield of 4.53% just from the premium.  

Without a doubt Whirlpool was the covered call of the day.  This is good income investing.  If any other calls come available, I will write them up.  Stay tuned.

M* MoneyMadam

Disclosure:  Long IBM and WHR with calls 

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YELP - Are call buyers right?

A reader pointed out this call and I can see it could be compelling.  Are the call buyers, who are willing to pay $1.10 for the right to buy YELP at $39, which is quite a high price, correct that YELP will go up that high? .  The call details are below.

Many users of calls to boost income could buy into this trade but caution is important.  I cannot tell you how many people get sucked into this type of trade and the stock tanks and you are stuck.

YELP's price may or may not tank, and you may be called away for a juicy over 20% gain after all YELP's 52 week high is $52.50  Then again, if YELP does tank, you have only the premium which will probably not make up for the capital loss.

Traders be careful.

M* MoneyMadam

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MSFT calls and capital gains

This cat and mouse game is not about the Apple invention, the mouse, it is about Microsoft.  Tomorrow I am going to go after another MSFT call; here's why.

• MSFT has growing revenues which are hard to find in the group of stocks in which I invest; stocks that pay a dividend.
• Microsoft's P/E (price earnings ratio) of 30.5 reflects that growth.
• MSFT's dividend yield is low not even beating the 2 year US Treasury.
• Microsoft's ex-dividend date tends to fall one day before quarterly options expire

I like Microsoft but it is not one of the stocks I cannot afford to lose.  While I am basically an income investor, I do use growth in the portfolios I manage; Microsoft is evidence of that. But income is king and covered calls have provided a nice income.  

I will not add to MSFT tomorrow just to execute this trade.  I will use shares from my existing cost basis.  Below are the potential results of the a $150 strike, November 15, 2019 expiration.  

The above table illustrates your potential return if you bought at the close on Monday.  You can use my call calculator to change the basis and premium to determine your potential return when trading commences on Tuesday, August 27, 2019.

The next  table illustrates my potential return using the cost basis of the shares I will use to cover the call.   I may get to keep MSFT or  I could lose it.  If I lose it to the call buyer, I will have taken enormous profit.  And, should MSFT have a price correction that does not make it a poor fundamental play, I could add again and sell more calls on the new cost basis.

The Cat and Mouse game.  I have been using this MSFT covered call strategy for the past 8 quarters and when the stock is at or above the strike price, the call buyer exercises the option to buy early.  This allows the buyer, who paid me the premium, to cash the dividend.   Therefore, a better measure of this call option would be to not include the dividend and see how it works out.

In the case of MSFT, the dividend is comforting but not consequential.  Capital gains and call premium income are good for ordinary income investors and sometimes you can find growth as well.

M*  MoneyMadam

Disclosure:  Long MSFT,  intending to sell calls

8/27/2019 Update to Post

Here is the actual trade executed this morning:  Sold $150 strike 11/15/2019 expiration for a premium of $1.60  

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Novocure NVCR

This stock idea is totally out of range for TheMoneyMadam except for one metric and that is call option potential; that potential allows you to generate income on a non dividend stock.   If you believe in your pick you can concentrate on reaping gains from a growth stock while you work the calls.

This stock is in my portfolio because Alfred Ferol alerted me to the science behind their products.  It is my own analysis of the stock’s potential for growth and income that makes me agree that this stock is worth the risk for me.

Let’s begin with the underlying stock and then I will present several call options that make sense to me.

NOVOCURE, symbol NVCR

Novocure is actually a medical device company operating as a bio technology stock.  The company describes it this way.

treating cancer
with electric fields

Tumor Treating Fields uses alternating electric fields specifically tuned to target cancer cells. Once the electric fields enter the cancer cell, they attract and repel charged proteins during cancer cell division.

By using physics to influence biology, Novocure discovered another way to treat cancer.  Their mechanism of action is broadly applicable across a variety of solid tumors.  As you read through their clinical studies, you can see their therapy is used in conjunction with chemotherapy to extend survival.

REVENUE GROWTH Catalyst

Large market growth catalyst from improving life expectancy when used in common with chemotherapy is real.  Optune is the brand name of their tumor treating fields device for glioblastoma.  Use of tumor treating fields with Optune for Glioblastoma and mesothelioma is  FDA approved.  

Sales of FDA approved products are growing.  And, Medicare will start paying for the treatment effective September 1, 2019.  That alone should be a catalyst for growth.

FUTURE Growth Opportunities

From Novocure’s website:

The science of Tumor Treating Fields extends beyond glioblastoma. Novocure has ongoing or completed clinical trials investigating Tumor Treating Fields in mesothelioma, brain metastases, non-small cell lung cancer, pancreatic cancer, ovarian cancer and liver cancer.

2018 New Diagnoses that Novocure may be able to help treat.

If this treatment is successful, it is truly a gift for these patients. 

Novocure Fundamentals 

Novocure, like many biotech companies is in the developmental stage and that requires money.   Novocure raised money through their public offering and they have used debt.    

Novocure, unlike many biotech companies has a product approved by the FDA (Federal Drug Administration) and is approved by Medicare.  That means they have revenues.   

Novocure continues to burn cash but is improving cash flow.  With Medicare payment approval cash flow should increase.  The table below clearly presents revenue growth over the past 2 and 1/2 years.  This is without the benefit of Medicare payment approval.

Revenue / EPS Summary *      Fiscal Quarter 2019 (Fiscal Year) 2018 (Fiscal Year) 2017 (Fiscal Year) March          Revenue $73,309(t) $52,125(t) $34,880(t)    EPS -0.13 (3/31/2019) -0.23 (3/31/2018) -0.21 (3/31/2017)    Dividends N/A N/A N/A June          Revenue $86,713(t) $61,514(t) $38,376(t)    EPS -0.01 (6/30/2019) -0.17 (6/30/2018) -0.24 (6/30/2017)    Dividends N/A N/A N/A September          Revenue   $64,756(t) $50,109(t)    EPS   -0.12 (9/30/2018) -0.12 (9/30/2017)    Dividends   N/A N/A December  (FYE)          Revenue   $69,674(t) $53,661(t)    EPS   -0.17 (12/31/2018) -0.13 (12/31/2017)    Dividends   N/A N/A Totals          Revenue $160,022(t) $248,069(t) $177,026(t)    EPS -0.14 -0.69 -0.7    Dividends N/A N/A N/A    Previous 3 Years
©2019, EDGAR®Online, a division of Donnelley Financial Solutions. EDGAR® is a federally registered trademark of the U.S. Securities and Exchange Commission. EDGAR Online is not affiliated with or approved by the U.S. Securities and Exchange Commission.

Novocure is a developing biotechnology company and medical device manufacturer that has revenues but is burning cash as it continues the clinical trials to measure the effectiveness of their science in more cancers. 

This table presents Novocure's current fundamentals.

NVCR raised capital when they went public and have financed operations with debt.  If I have one concern it is the high D/E (debt to equity ratio.)  Even with established companies, I like to see D/E ratios of 1 or under.   Some argue that debt is cheap and there is some validity to that.  

I am forgiving that concern as I roll through the options calendar and take advantage of calls to create income.  See below

INCOME Potential through call options. 

I bought NVCR on Tuesday during the overall market swoon at $81.05.  Wednesday while NVCR was rebounding in sympathy with the overall market, I sold a September 20, $90 for $2.75.  That call options is presented first.  Today NVCR has even better calls and the second call option shows a call available today. 

August 7, 2019 Call

August 8, 2019 Call

If you bought today here is what a $95.00 call would look like.

But consider a more patient trade.  Buy last Tuesday at $81.05 and sell the $95 today and look at the gain.

Over time, we have worked this stock.  You can see below a list of buys, sells, and calls.  Out of 3,400 shares we have 1,100 left.   So far we have invested around $134,000 and the value of that investment is about $187,000 of which about $92,000 is in the bank.   Call premiums represent a 3.58% yield.  

In summary, we have a company that has created a technology that helps patients on chemotherapy live longer.  They have growing revenues. It appears Novocure has been discovered by the investing community.    

M* MoneyMadam

Disclosure:  Long NVCR with calls

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