The Carry, the Cashflow, and the Reframe

April 2026 · Operator's Logbook

Operator's notes only — not financial, tax, or investment advice. This letter is a record of what I am doing in my own accounts and why. Nothing here is a recommendation. Before acting on anything you read here, please consult your own qualified advisors.

Welcome to Issue #1. Once a month I write down what is actually happening in my own portfolio — the numbers, the reasoning, the trade-offs, the second-guessing — and you read along. No model portfolio. No prescriptions. This is a real-time look at how I'm running a leveraged Bitcoin position inside the Canadian tax system, and there is no other place I know of where you can read this up close.

The short version of the thesis: I'm in my late 60s, asset-heavy, slowly turning the corner from building toward drawing income — and the tax rules in Canada were not built for someone in my situation. I hold Bitcoin as a long-term savings asset. I hold Strategy (MSTR) as a stock-market way to express the same view. And I run a small income layer on top of that — covered calls, preferred-share dividends, a Bitcoin-collateralized loan book at Ledn — so the position pays me something while it grows. The full backgrounder lives in earlier reading. This issue is about the month just past, and one mental shift that mattered more than any of the numbers.