A proprietary long/short equity options strategy, running since January 2025. Returns calculated using Time-Weighted Rate of Return methodology. Calendar-year performance is independently verified by a U.S.-licensed CPA.
Independently verified by a U.S.-licensed CPA under AICPA AT-C Section 215 attestation standards. Verification details available upon request.
| Month | Strategy | S&P 500 | Alpha |
|---|---|---|---|
| January 2025 | +6.06% | +2.33% | +3.73 pp |
| February 2025 | +0.89% | −0.25% | +1.14 pp |
| March 2025 | +9.03% | −5.97% | +15.00 pp |
| April 2025 | +15.60% | −0.51% | +16.11 pp |
| May 2025 | +7.74% | +5.09% | +2.65 pp |
| June 2025 | +15.08% | +5.23% | +9.85 pp |
| July 2025 | +23.26% | +2.46% | +20.80 pp |
| August 2025 | −8.46% | +2.75% | −11.21 pp |
| September 2025 | −12.98% | +4.48% | −17.46 pp |
| October 2025 | +22.97% | +2.63% | +20.34 pp |
| November 2025 | +6.99% | −0.48% | +7.47 pp |
| December 2025 | −8.47% | +0.49% | −8.96 pp |
| Full year | +97.71% | +19.22% | +78.49 pp |
Three months is too small a sample to draw conclusions from. Posted here for transparency rather than narrative. Full-year 2026 numbers will be submitted for independent CPA verification after December close, consistent with the 2025 approach.
| Month | Strategy return |
|---|---|
| January 2026 | +8.45% |
| February 2026 | −1.72% |
| March 2026 | −1.44% |
| YTD through March 2026 | +5.05% |
Long/short equity options. Positions include single-leg calls and puts and multi-leg structures (vertical spreads and calendars). Underlyings are U.S.-listed equities and ETFs. Holding periods typically range from a few weeks to three months.
All monthly returns are calculated using the Time-Weighted Rate of Return (TWRR) formula: (Ending Value − Beginning Value − Net Cash Flows) ÷ Beginning Value. This isolates investment performance from the effect of deposits and withdrawals. Annual returns are computed by geometric linking: (1 + R1) × (1 + R2) × … × (1 + R12) − 1.
All monthly values are sourced exclusively from the model brokerage statements. No estimates, no adjustments, no smoothing.
Calendar-year performance is submitted annually to a U.S.-licensed CPA for an agreed-upon procedures engagement conducted under AICPA AT-C Section 215 attestation standards. The CPA independently reconciles every monthly figure against the corresponding brokerage statement, recalculates each monthly return, and recomputes the annual TWRR. The 2025 engagement returned no exceptions. Full verification report available upon request.
Withdrawals from the account (taxes, personal use) are excluded from return calculations by design — TWRR isolates investment performance from cash flows. The account is not subject to institutional custody, third-party risk controls, or a prime broker relationship. It is a retail brokerage account, which is the point: these returns are achievable within the constraints of a one-person trading business.
Live. Every position was executed through a regulated U.S. retail brokerage account. Every dollar was real. There are no simulated, paper, or back-filled returns in any of these figures.
Because the goal is to make you a better independent operator, not a better follower. Signal services create dependency. Subscribers follow calls, and when the calls slow down or stop working, they churn. Methodology-based education creates durable capability. Once you know how to think through a trade, you keep using that process regardless of what anyone else is doing. The track record above is proof the methodology works. The Constellation Method teaches you to run it on your own book.
266 positions across 94 tickers in 2025. A few numbers worth knowing: position-level win rate was about 57%, close to even. Of the 94 tickers traded, 46 were net winners and 48 were net losers. The return didn’t come from being right more often. It came from sizing winners larger than losers and cutting losses on a rule. That’s the methodology, made visible.
Equity options on U.S.-listed stocks and ETFs. Primarily single-leg long calls and puts, vertical spreads, and calendar spreads. Holding periods typically range from a few weeks to three months. No naked short options, no futures, no crypto, no leveraged ETFs.
The strategy is long/short and uses options structures as a tool to trade idiosyncratic thesis execution on individual names, not broad market exposure.
September 2025: −12.98%. It was the second month of a two-month drawdown that reached −20.34% cumulatively (peak to trough) before the strategy recovered in October (+22.97%). Drawdowns are part of the system. So is the recovery discipline.
At current capital levels, yes. The strategy trades liquid U.S.-listed names, and retail-sized positions move through without friction. Capacity would become a consideration at meaningfully larger AUM, which is relevant for future products but not for the methodology as taught.
The full independent practitioner’s report is available on request through the contact form. The report is subject to the CPA’s standard engagement terms.
The Constellation Method teaches the methodology. Thesis development, structure design, sizing, execution discipline, post-mortem review. It gives you the framework to run the process on your own book, not to copy what I’m doing on mine. Future products for different audiences are on the roadmap, but the Method is the thing built for retail operators who want to learn the practice.
Past performance is not indicative of future results. Trading equity options involves substantial risk and is not suitable for every investor. The strategies, analyses, and metrics shown on this page reflect the performance of a single retail brokerage account operated by the founder of Constellation Stocks. They do not represent an investment fund, a managed account service, or an offer to manage money on behalf of others.
Content on this site is educational in nature and does not constitute personalized investment advice. No content here should be construed as a recommendation to buy or sell any security. Readers are responsible for their own investment decisions and should consult qualified professional advisors as appropriate to their circumstances.
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