Highlighting Duration Over Direction

<p>Whenever you make an adjustment to a position, <a href="https://www.tastytrade.com/tt/shows/149/episodes/56747?utm_campaign=archive&amp;utm_medium=link&amp;utm_source=social-share" target="_blank">especially an undefined-risk position</a>, that adjustment usually comes in the form of one or two different types: rolling the untested side or rolling out in time. Many times, we’ll do both together to most aggressively <a href="https://ontt.tv/2PJXn6B" target="_blank">reduce our risk in the position</a>. But sometimes, it makes more sense to do one, while not doing the other.</p><p>With our XLE position in the portfolio, we see exactly that, as we choose to highlight duration over direction first and foremost.</p>