Core Insights - Crown Castle Inc. is focused on operational execution and is making significant changes to maximize shareholder value, including the anticipated sale of its small cell and fiber businesses in 2026 [1][5][11] - The company has terminated its agreement with DISH due to default on payment obligations, seeking to recover over $3.5 billion in owed payments [6][26] - The 2026 financial outlook projects site rental revenues, adjusted EBITDA, and AFFO at $3.9 billion, $2.7 billion, and $1.9 billion respectively, with a notable impact from the termination of the DISH contract [15][19] Financial Performance - For full-year 2025, Crown Castle achieved 4.9% organic growth, exceeding guidance for site rental revenues and adjusted EBITDA [14] - The company expects a reduction in annualized operating costs by $65 million, with $55 million impacting the 2026 financials [7][16] - The anticipated organic growth for 2026 is projected at 3.5%, marking a low point due to the impact of DISH and Sprint cancellations [16][18] Strategic Actions - The company is restructuring to enhance efficiency, reducing its workforce by approximately 20%, which will result in a total of about 1,250 full-time employees [7][8] - Crown Castle plans to allocate approximately $1 billion for share repurchases and around $7 billion for debt repayment following the sale of its small cell and fiber businesses [10][11] - The capital allocation framework aims to maintain a dividend of $4.25 per share until reaching a targeted payout ratio of 75% to 80% of AFFO [8][10] Market Dynamics - The U.S. tower model is expected to benefit from long-term revenues from investment-grade customers and high incremental margins, supported by mobile data demand growth [11][12] - The company is focusing on becoming the best operator of U.S. towers by improving operational effectiveness and customer experience [12] - The leasing environment is influenced by the availability of new spectrum and ongoing demand for mobile data, with expectations for growth in leasing activity in the coming years [36][66]

Financial Data and Key Metrics Changes - Reported earnings for Q4 2025 were $2.9 billion or $7.17 per share, while adjusted earnings were $1 billion or $2.47 per share, reflecting a flat performance compared to the previous quarter [11][12] - Capital spending for the quarter was $682 million, with operating cash flow generated at $2.8 billion [12][15] - Net debt to capital ratio stood at 38%, with a commitment to return over 50% of net operating cash flow to shareholders through dividends and share repurchases [11][12] Business Line Data and Key Metrics Changes - Midstream adjusted EBITDA increased by 40% since 2022, reaching approximately $1 billion in Q4 2025, driven by higher volumes despite lower margins [8][12] - Refining results improved due to the acquisition of WRB, with higher realized margins in the Gulf Coast, offset by weaker Central Corridor crack spreads [12][13] - Renewable Fuels saw improved results primarily due to higher realized margins, while Chemicals experienced a decrease due to lower polyethylene margins [12][13] Market Data and Key Metrics Changes - The acquisition of WRB increased exposure to Canadian heavy crude differentials by 40%, which have widened by approximately $4 per barrel since the acquisition announcement [7][12] - The worldwide crude utilization rate is expected to be in the low 90s for Q1 2026, with anticipated turnaround expenses between $170 million and $190 million [16][16] Company Strategy and Development Direction - The company is focused on safe, reliable operations, continuous improvement, and disciplined capital allocation to maximize profitability [4][18] - Strategic actions in 2025 included acquiring the remaining 50% interest in WRB, selling a 65% interest in the Germany and Austria retail marketing business, and idling the Los Angeles refinery [5][6] - The company aims to achieve an adjusted controllable cost per barrel of approximately $5.50 by the end of 2027 [6][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the refining sector, anticipating continued demand growth in 2026, with challenges in meeting that demand due to low refinery additions [80] - The company is optimistic about achieving a run-rate adjusted EBITDA of approximately $4.5 billion by year-end 2027, supported by organic growth opportunities [9][78] - Management emphasized the importance of maintaining a conservative balance sheet while returning cash to shareholders [11][18] Other Important Information - The company reported its best year ever for safety performance in 2025, highlighting the commitment to safety as foundational to operations [4] - The company plans to add a gas plant approximately every 12-18 months, with the Iron Mesa gas plant expected to be in service in early 2027 [9] Q&A Session Summary Question: Outlook for Mid-Continent products and feedstock opportunities post-WRB consolidation - Management highlighted the integration of refining, midstream, and marketing assets, emphasizing the advantages of heavy Canadian crude and the robust demand profile in PADD 2 [20][21] Question: 2026 priorities on cost outlook - Management indicated a target of $5.50 per barrel for controllable refining costs, with continuous improvement initiatives in place [24][27] Question: Turnaround management and utilization rates - Management noted a relatively light turnaround cycle in 2026, with a focus on maintaining low turnaround costs while maximizing utilization [32][34] Question: Cash flow framework and stock buyback capacity - Management outlined a framework for returning cash to shareholders, with approximately $4 billion available for debt reduction and buybacks [36][38] Question: Dynamics of WCS spreads and Venezuelan crude - Management confirmed the ability to process Venezuelan crude and its potential impact on heavy crude differentials, while also addressing market expectations [42][44] Question: Refining operational performance and M&A opportunities - Management acknowledged the potential for M&A if value-creating opportunities arise, particularly in the Mid-Continent or Gulf Coast regions [90][92]

Financial Data and Key Metrics Changes - In Q4 2025, reported earnings were $2.9 billion or $7.17 per share, while adjusted earnings were $1 billion or $2.47 per share, reflecting a flat performance compared to the previous quarter [10][11] - Capital spending for the quarter was $682 million, with operating cash flow generated at $2.8 billion, including a $708 million working capital benefit due to inventory reduction [12][13] - Net debt to capital ratio stood at 38%, with $756 million returned to shareholders, including $274 million in share repurchases [10][11] Business Line Data and Key Metrics Changes - Total company adjusted earnings were flat at $1 billion, with sequential improvements in Refining, Renewable Fuels, and Midstream, offset by decreases in Chemicals and Marketing and Specialties [11][12] - Midstream adjusted EBITDA increased by 40% since 2022, reaching approximately $1 billion in Q4 2025, driven by higher volumes despite lower margins [6][11] - Refining results benefited from the acquisition of WRB, with higher realized margins in the Gulf Coast, while Marketing and Specialties results decreased due to the sale of a 65% interest in the Germany and Austria retail marketing business [11][12] Market Data and Key Metrics Changes - The company increased its exposure to Canadian heavy crude differentials by 40% following the acquisition of WRB, with differentials widening by approximately $4 a barrel since the acquisition announcement [4][5] - The worldwide crude utilization rate is expected to be in the low 90s for Q1 2026, with turnaround expenses projected between $170 million and $190 million [14] Company Strategy and Development Direction - The company is focused on safe, reliable operations, continuous improvement, and disciplined capital allocation to maximize shareholder returns [3][17] - Strategic actions in 2025 included acquiring the remaining 50% interest in the WRB joint venture and idling the Los Angeles refinery, which is expected to positively influence costs [4][15] - The company aims to achieve an adjusted controllable cost per barrel of approximately $5.50 by the end of 2027, with ongoing initiatives to reduce costs and improve reliability [4][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the refining sector, anticipating that demand will continue to grow in 2026, with challenges in meeting that demand due to low refinery additions [79] - The company highlighted a positive inflection point in results for 2025, with expectations for continued improvement and momentum in 2026 [17][81] - Management emphasized the importance of maintaining investor trust and delivering consistent results in a competitive environment [17] Other Important Information - The company plans to add a gas plant approximately every 12-18 months, with the Iron Mesa gas plant expected to be operational in early 2027 [8] - The Western Gateway project is in the scoping and design phase, with positive feedback from prospective customers and regulatory support [61][66] Q&A Session Summary Question: Outlook for Mid-Continent products and feedstock opportunities post-WRB acquisition - Management noted strong integration between refining, midstream, and marketing assets, with a robust demand profile expected in PADD 2, benefiting from widening heavy dips [20] Question: 2026 priorities on cost outlook - Management indicated a target of $5.50 per barrel for controllable refining costs, with continuous improvement initiatives expected to drive down costs further [26] Question: Turnaround management and utilization rates - Management confirmed a relatively light turnaround cycle for 2026, with costs slightly increasing due to the inclusion of WRB assets, but overall guidance remains stable [32] Question: Midstream growth outlook and potential for stock buybacks - Management outlined a framework for returning over 50% of operating cash flow to shareholders, with expectations for significant debt reduction and share buybacks [36] Question: Refining macro outlook for 2026 - Management expressed bullish sentiment for refining margins in 2026, citing expected demand growth and low unplanned turnarounds [79][81] Question: Likelihood of increased ethane rejection in the Permian - Management does not foresee a material change in ethane rejection due to new gas pipelines, expecting continued balance in supply and demand [85]

Financial Data and Key Metrics Changes - Full-year revenues for 2025 were $15.1 billion, down about 1% organically compared to the previous year [4] - Adjusted Gross Margin expanded by 70 basis points to 30.7% for the full year 2025 [5] - Adjusted EBITDA grew by 5%, with an Adjusted EBITDA margin improvement of 70 basis points [7] - Adjusted Earnings Per Share increased by 7% to $4.67 [7] - Free Cash Flow for 2025 was nearly $700 million, supporting dividends and debt reduction [7] Business Line Data and Key Metrics Changes - Tools and Outdoor segment revenue was approximately $3.2 billion in Q4, down 2% year-over-year, with organic revenue down 4% [9][10] - Engineered Fastening segment revenue grew 6% on a reported basis and 8% organically in Q4, with a 35% organic growth in the aerospace business [15][16] - DEWALT achieved low single-digit organic growth for the full year, overcoming broader market headwinds [14] Market Data and Key Metrics Changes - North America organic revenue declined 5%, while Europe and the rest of the world saw declines of 3% and 4%, respectively [12][13] - The overall market conditions were described as soft, particularly affecting retail channels in North America [10][11] Company Strategy and Development Direction - The company is focused on disciplined execution and targeted growth investments, particularly in DEWALT and Aerospace Fasteners [4] - A definitive agreement was announced to sell the Aerospace Fasteners business for over $1.5 billion, aimed at reducing debt and enhancing capital allocation flexibility [8][21] - The company plans to maintain a strong investment-grade credit rating while focusing on organic growth investments [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term performance despite macroeconomic uncertainties and tariff headwinds [5][6] - For 2026, adjusted earnings per share are expected to be in the range of $4.90-$5.70, reflecting growth initiatives and market conditions [24] - The company anticipates low single-digit revenue growth for 2026, with a focus on market share gains [25][30] Other Important Information - The global cost reduction program has achieved $2.1 billion in pre-tax cost savings since mid-2022 [6][19] - The company expects to transition gas-powered outdoor product lines to a licensing model, impacting revenue but enhancing margins [26][28] Q&A Session Summary Question: Inquiry about gross and operating margin performance cadence - Management expects gross margin to be around 30.5% in Q1, increasing to 34%-35% in the second half of 2026, affected by peak tariff expenses [39][40] Question: Clarification on tariff mitigation measures - Management confirmed ongoing tariff mitigation efforts, including reducing reliance on imports from China and increasing USMCA qualified products [47][49] Question: Discussion on volume expectations and share gains - Management indicated that volume is expected to improve in 2026, driven by strong professional market performance and adjustments in promotional strategies [60][61] Question: Elasticity of pricing and volume dynamics - Management acknowledged that volume declines have been steeper than anticipated due to market softness, but expects adjustments to restore a more favorable pricing-volume relationship [62][64] Question: Plans for investment in CRAFTSMAN and Stanley brands - The company plans to invest an additional $75 million-$100 million in brand initiatives for CRAFTSMAN and Stanley in 2026, anticipating sales inflections [69][70]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported adjusted operating income of $688 million or $4.61 per diluted share, with a year-end adjusted book value per share increasing by 11% to $37.87 [4][12] - In Q4 2025, adjusted operating income was $179 million or $1.23 per diluted share, compared to $1.09 per diluted share in the same period last year [12][14] - Adjusted return on equity for Q4 was 13.5% [7][12] Business Line Data and Key Metrics Changes - New insurance written in Q4 was $14 billion, up 2% sequentially and 8% year-over-year [13] - The primary insurance in force reached $273 billion in Q4, up $1 billion from Q3 2025 and $4 billion year-over-year [14] - Operating expenses for Q4 were $59 million, with an expense ratio of 24%, compared to $53 million and 22% in Q3 2025 [18] Market Data and Key Metrics Changes - Persistency was 80% in Q4, down 3 points sequentially and 2 points year-over-year [13] - The risk-weighted average FICO score of the insurance in-force portfolio was 746, with a risk-weighted average loan-to-value ratio of 93% [8] Company Strategy and Development Direction - The company is focused on disciplined capital allocation, supporting existing policyholders, and investing in business growth while returning excess capital to shareholders [9][10] - The company plans to return approximately $500 million to shareholders in 2026, supported by a strong capital position and effective risk management [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the uncertain macro environment and highlighted strong long-term housing demand driven by demographic trends [23] - The company remains engaged with policymakers regarding housing affordability and supply constraints, indicating a proactive approach to evolving regulatory environments [31][32] Other Important Information - The company received multiple credit ratings upgrades and industry awards, reflecting its commitment to excellence and employee experience [6][7] - The PMIER sufficiency ratio was 162%, providing significant financial flexibility [19] Q&A Session Summary Question: Capital return guidance for 2026 - Management is confident in delivering $500 million back to shareholders but will evaluate market dynamics and business performance throughout the year [25][26] Question: Regulatory environment concerns - Management is actively engaged with policymakers on various topics, including affordability and inventory challenges, and is monitoring potential regulatory changes [30][32] Question: Mortgage market expectations for 2026 - The company anticipates a 10%-15% increase in mortgage insurance market size based on external forecasts, with a focus on purchase originations [33][34] Question: Default rates and delinquency trends - Management expects new delinquencies to moderate, with current levels in line with expectations and historical patterns [36][38] Question: Performance of new book years - Recent book years are performing in line with pricing expectations, with no significant negative variations noted [42][44] Question: Areas of heightened risk - Management is monitoring housing markets with increased supply and declining prices, particularly in certain states, to manage risk effectively [46][47]

Financial Data and Key Metrics Changes - The reported fourth quarter earnings per share (EPS) was $0.49, a significant decrease from $4.36 in the fourth quarter of 2024, impacted by unfavorable mark-to-market timing differences and notable items related to pension plan settlements and integration costs [10][11] - Adjusted EPS for the fourth quarter was $1.99, down from $2.13 in the prior year, while adjusted segment earnings before interest and taxes (EBIT) increased to $756 million from $546 million year-over-year [11][14] - Net interest expense rose to $176 million, reflecting the addition of Viterra, despite lower average net interest rates [14] Business Line Data and Key Metrics Changes - In the soybean processing and refining segment, results improved due to higher processing and refining outcomes in Argentina and Brazil, although North America saw lower results [11][12] - The soft seed processing and refining segment benefited from better average processing margins and the addition of Viterra's assets, with higher results in North America and Europe [12] - The grain merchandising and milling segment saw higher results driven by global wheat and barley, offset by lower results in corn and ocean freight, with increased volumes reflecting the expanded grain handling capabilities [13] Market Data and Key Metrics Changes - The operating environment remains complex with geopolitical tensions and uncertainty around U.S. biofuel policy affecting farmer and consumer behavior [9][18] - The company expects full year 2026 adjusted EPS in the range of $7.50-$8, influenced by current market conditions and forward curves [9][18] Company Strategy and Development Direction - The company is focused on integrating Viterra to enhance operational efficiency and connectivity, aiming to unlock synergies in origination, merchandising, processing, and distribution [5][6] - Strategic investments are being made in large greenfield projects while navigating trade flows and geopolitical volatility [8][20] - The company aims to maintain a competitive advantage through improved logistics and better coordination across its global operations [6][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the complexity of the current environment with limited visibility, particularly regarding U.S. biofuel policy, but expresses confidence in the company's ability to adapt and succeed [9][21] - The integration of Viterra is expected to provide greater reach and insight into global flows, enhancing the company's capability to serve customers and manage risks [20] Other Important Information - The company generated over $1.7 billion of adjusted funds from operations, with approximately $1.25 billion of discretionary cash flow available after capital expenditures [14][15] - The adjusted return on invested capital (ROIC) was 8.1%, with an adjusted leverage ratio of 1.9 times at the end of the fourth quarter [16] Q&A Session Summary Question: Impact of RVO on margins and soybean crush operations - Management indicated that current guidance does not factor in potential changes from the Renewable Volume Obligation (RVO), but improvements in U.S. curves suggest a positive outlook for margins [24][26] Question: Earnings cadence for the year - The company anticipates a first half to second half earnings split of approximately 30/70, with Q1 expected to be lighter than usual due to market conditions [27][28] Question: Guidance methodology - Management confirmed that they used the same approach as previous quarters for guidance, relying on forward curves and market observations [34][35] Question: Crush margins and capacity - Management noted that while increased capacity is expected to drive demand, they cannot predict exact margin levels but remain optimistic about the biofuel policy's impact [39][41] Question: Synergies from Viterra integration - The company expects to realize about $190 million in synergies in 2026, ahead of schedule, with a run rate of approximately $220 million by year-end [51][56] Question: EPS guidance and market conditions - Management explained that the lower EPS guidance reflects full-year impacts from Viterra and ongoing market uncertainties, despite expected improvements in certain segments [58][62] Question: Capital expenditures and returns - The company plans to allocate approximately $1.5 billion to $1.7 billion in capital expenditures, with expectations for returns to materialize more significantly in 2027 [81]

Financial Data and Key Metrics Changes - The company reported a strong start to fiscal Q1 2026, with revenue guidance raised by $90 million and EBITDA guidance increased by $60 million, reflecting solid performance [14][15] - EBITDA margin for the quarter was 52.4%, slightly diluted by recent acquisitions, but overall margin performance improved compared to expectations [8][17] - Free cash flow for the quarter was just under $900 million, higher than average due to timing of interest and tax payments, with a full-year guidance of approximately $2.4 billion [30][31] Business Line Data and Key Metrics Changes - Commercial OEM revenue increased approximately 17% year-over-year, driven by higher build rates from Boeing and Airbus [19][20] - Commercial aftermarket revenue grew by approximately 7%, with all submarkets experiencing positive growth, particularly in commercial transport [23] - Defense market revenue grew by approximately 7%, supported by new business wins and increased defense spending globally [25] Market Data and Key Metrics Changes - The commercial OEM market is expected to see revenue growth in the high single digits to mid-teens percentage range, contingent on production rates from Boeing and Airbus [16][22] - Commercial aftermarket growth is anticipated to be in the high single-digit percentage range, with strong bookings supporting this outlook [24] - Defense revenue growth is projected in the mid-single-digit to high single-digit percentage range, with robust bookings indicating a healthy backlog [25] Company Strategy and Development Direction - The company maintains a consistent long-term strategy focused on proprietary aerospace businesses with significant aftermarket content, aiming for private equity-like returns [5][6] - Recent acquisitions, including Stellent Systems, Jet Parts Engineering, and Victor Sierra Aviation, align with the company's strategy to enhance its aftermarket revenue and strengthen partnerships with airlines [10][11] - The capital allocation priorities remain focused on reinvesting in businesses, pursuing disciplined M&A, and returning capital to shareholders [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current fiscal year, noting favorable commercial aerospace trends and stable airline schedules [6][15] - The company is closely monitoring the aerospace and capital markets, with a focus on operational excellence and value drivers [17][28] - Despite potential risks, management believes the company is well-positioned for the remainder of fiscal 2026 [17] Other Important Information - The company ended the quarter with a cash balance of over $2.5 billion, providing significant liquidity for future capital requirements [31][33] - The net debt to EBITDA ratio improved to 5.7 times, down from 5.8, indicating a stronger financial position [31][32] Q&A Session Summary Question: How is the company thinking about profitability cadence through the year? - Management noted a stronger than expected margin performance in Q1, attributing it to a favorable mix and cost management efforts, with a conservative outlook for the remainder of the year [37][39] Question: Can you comment on distributor POS and aftermarket growth? - Management confirmed that distributor POS growth has been strong, but noted that inventory changes have created some headwinds, which are expected to turn into tailwinds as the year progresses [42][44] Question: What is the expected impact of the Jet Parts Engineering and Victor Sierra acquisitions? - Management emphasized that the acquisitions were made based on their strong business fundamentals and potential for a 20% IRR, rather than as a defensive strategy against competitors [73][74] Question: How does the company view the current M&A environment? - Management acknowledged that while acquisition prices are reflective of broader market trends, they believe the prices paid for recent acquisitions are fair and aligned with their return targets [80][81] Question: What is the outlook for the commercial OEM segment? - Management indicated that they believe they are through the destocking phase and are encouraged by the production rates from Boeing and Airbus, although risks remain in the supply chain [106][107]

Financial Data and Key Metrics Changes - The company reported revenues of $460 million and adjusted operating income of $190 million for the fiscal second quarter, both representing double-digit percentage increases year-over-year [4][10][13] - Adjusted operating income increased by 16% compared to the prior year quarter, primarily reflecting the increase in revenues, partially offset by higher direct operating SG&A expenses [13] Business Line Data and Key Metrics Changes - The Christmas Spectacular generated approximately $195 million in total revenue this season, with 215 paid performances, an increase from 200 performances last year [5][10] - Per-show revenue increased by a mid-single-digit percentage compared to fiscal 2025, driven by higher ticket-related revenues and record levels of per caps on food, beverage, and merchandise [6][10] - The number of concerts at The Garden decreased compared to the prior year quarter, but the overall number of events across venues increased, driven by growth in concerts at the company's theaters and family shows [7][10] Market Data and Key Metrics Changes - The company welcomed approximately 2.9 million guests at over 475 events during the quarter, with strong demand leading to sold-out performances across the majority of concerts [5][45] - The Knicks and Rangers played a combined four more home games during the fiscal second quarter compared to the prior year quarter, contributing to increased revenues from these teams [11] Company Strategy and Development Direction - The company is focused on optimizing its schedule, pricing, and marketing for productions like the Christmas Spectacular, with plans to potentially increase show counts and ticket pricing in the future [19][20] - The company is actively booking concerts for the remainder of fiscal 2026 and has exceeded its concert bookings goal for The Garden, indicating strong growth prospects [26][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering robust growth in revenue and adjusted operating income for fiscal 2026, supported by strong consumer demand and successful events [4][15] - The company noted that consumer demand remains strong, with exceptional demand for the Christmas Spectacular and sold-out concerts, indicating positive trends for the upcoming quarters [44] Other Important Information - The company had $157 million of unrestricted cash as of December 31, up from $30 million as of September 30, reflecting strong cash flow generation [14] - The company repurchased approximately 623,000 shares of its Class A common stock for $25 million fiscal year to date, with $45 million remaining under its current buyback authorization [14] Q&A Session Summary Question: Insights on Christmas Spectacular performance and future growth - Management noted strong ticket demand and pricing, with opportunities to increase show counts and average ticket yields based on this year's performance [18][20] Question: Update on concert bookings trends - Management indicated a successful first half of the year with increased bookings, and strong visibility into concert bookings for the first half of fiscal 2027, including notable acts [25][28] Question: Incremental revenue from Harry Styles residency - Management expects the Harry Styles residency to be a meaningful contributor to concert growth, with strong presales indicating high demand [33][34] Question: Consumer demand trends and capital returns - Management reported strong consumer demand across events, with plans to continue returning capital to shareholders while maintaining a strong balance sheet [44][46] Question: Updates on Penn Station redevelopment - Management confirmed that the selection of a master developer is expected by May 2026, and reiterated the company's commitment to improving the area [51][52] Question: SG&A expenses and future outlook - Management explained that elevated SG&A expenses included nonrecurring items and higher labor costs, with expectations for normalization in the coming quarters [56][57]

Lithia Motors, Inc. ( LAD ), the auto dealership aggregator, has changed its capital allocation over the past two years. It has reduced the proportion that goes to acquisitions and increased the proportion for shareholder rewards.Robert F. Abbott has been investing his family’s accounts since 1995, and in 2010 added options, mainly covered calls and collars with long stocks. He is a freelance writer, and his projects include a website that provides information for new and intermediate-level mutual fund inve ...

Lithia Motors, Inc. ( LAD ), the auto dealership aggregator, has changed its capital allocation over the past two years. It has reduced the proportion that goes to acquisitions and increased the proportion for shareholder rewards.Robert F. Abbott has been investing his family’s accounts since 1995, and in 2010 added options, mainly covered calls and collars with long stocks. He is a freelance writer, and his projects include a website that provides information for new and intermediate-level mutual fund inve ...