“You”, “your”, or “yours” refer to clients of Unlock Investments.

“We” or “us” refers to Unlock Investments or its Portfolio Manager,

Sean Gurson.

Overview – Income and Protection

The All Weather Income strategy is an active equity and options strategy in which we trade and invest in stocks and options in your own account.

The foundation of the strategy is for you to own and trade a concentrated basket of undervalued equities, and to use options to protect those positions while also generating income, potentially every day.

In 2023 and 2024, we saw the most opportunity in trading stocks related to Bitcoin, such as Bitcoin miners (Marathon, MARA) and exchanges (Coinbase, COIN). After all, during the California Goldrush, it was not the gold prospectors who became wealthy, but rather the businesses that sold them picks and shovels.

Our strategy is not limited to Bitcoin related stocks. It is flexible, and we adapt our strategy to various different stocks that pass our extremely rigorous criteria.

As of June, 2025, there is about $650,000 of AUM in this strategy.

Discretionary Trading Authority, No Disbursement Authority

This is a fully discretionary managed strategy run by the daily trading activities of Sean Gurson, the Portfolio Manager.

“Fully discretionary” means Unlock Investments is granted full trading authority within your own Charles Schwab account.

Unlock Investments is not granted any ability to disburse funds out of your account (except for fees when they are due, or unless you authorize a transfer). This way, you will enjoy the peace of mind of having full and continuous access to your own funds.

Capital Stewardship

While managing your funds, Sean Gurson, Portfolio Manager, invests his own capital right alongside yours.

Our Portfolio Manager “eats his own cooking”.

Unlike most advisors, we only charge fees when you have earned a positive monthly return or outperformed our benchmark.

Benchmark

Our benchmark is a shockingly high and potentially industry-disruptive performance bar that we have set for ourselves, because we simply don’t believe in charging you fees unless we outperform the market.

Our benchmark is a 50/50 blend of the S&P 500 index (excluding dividends) and the NASDAQ index.

There are very few portfolio managers in history who have outperformed the S&P 500 for 5 consecutive years. We make it our mission.

You can view our performance here.

Account Requirements – Margin and Options

All trades occur within your own individually managed margin account at Charles Schwab with an Options Level II approval

(naked calls and puts, cash-secured puts, covered calls, and spreads).

Unlock Investments is happy to set up your account for you.

Strategy Breakdown – Use of Options

The All Weather Income strategy utilizes cash-secured puts and covered calls in addition to naked puts and calls, various forms of options spread trading, fundamental stock analysis, buy and hold investing, and swing trading to generate returns.

Cash-Secured Puts

The cash-secured puts strategy is an options strategy that Warren Buffett, CEO of Berkshire Hathaway, has utilized successfully when buying a stock.

Covered Calls

The covered calls strategy is widely known as a “safe” options strategy and wealth building method to generate income while holding a stock.

Naked Put and Call Purchases

Buying naked puts and calls to generate returns is generally minimized, as Unlock Investments considers their risk of expiring worthless excessive. However, they are often employed as one leg of a spread trade when cost effective or when reward / risk ratios are high. We also use protective puts to partially hedge some of our stock positions.

Options Spreads

Options spreads are used at times in order to limit the risks of positions and to generate income.

Strategy Breakdown – Value Investing

Value investing is the idea of purchasing a stock for less than it is worth with a margin of safety and letting the market to price it properly over time because markets are “efficient”.

The single greatest unique value proposition Unlock Investments offers you is its ability to pick stocks that outperform the market. All equity and options trading are ancillary to and “cherries on top” of this ability.

Sean Gurson, Portfolio Manager of Unlock Investments, says “no” to 99.9% of all possible stock investment ideas.

Mr. Gurson has spent one or two hours per day for 22 years reading and thinking about how to replicate Warren Buffett’s investment decision making process and has created a unique filter that distills the essence of Buffett’s process down into a select few number of stocks each year.

Use of Leverage, Equity, and Cash

To the extent possible, your cash and equity levels will be maximized, and use of leverage and margin will be minimized.

Maintaining high levels of cash provides flexibility to take advantage of mispriced securities while also protecting your capital from drawdowns.

In 2023, daily cash levels averaged around 25% but fell to near zero in order to accumulate shares of MARA at excellent prices.

Short Sales

Short selling stock will be avoided, but you will be positioned to benefit from a “short outlook” by buying naked puts, selling covered calls, etc.

Risks and Core Investment Philosophy

Although the industry standard definition of risk is generally based on an instrument’s price volatility, Unlock Investments defines your risk as the chance of permanent capital impairment.

Unlock Investments believes risk comes from not knowing what one is doing.

Unlike most advisors who simply diversify away your risks, which virtually assures you will receive average returns, we would prefer you to own a few stocks in which we have performed a logical analysis to reduce your risks and maximize your returns.

Be sure to view our performance.

The underlying basis of the All Weather Income strategy is to have a high conviction in buying and holding a few stocks. Then, we generate your returns by trading in and out of your stocks while protecting your positions and generating income with options.

Sometimes we place very big bets into one stock. In these instances, we sleep well at night, but we protect your positions with put options, which may help hedge your stock position in the event of market downturns.

Patience, conviction, and rationality are some of our core values.

2023 Performance

Unlock Investments’ 2023 performance was based on the trades in Sean Gurson’s personal brokerage account.

The strategy returned 195.39% (gross return).

The strategy returned 128.11% net of fees in 2023.

The benchmark returned 30.34% in 2023.

We outperformed our benchmark in 9 out of 11 months of operation.

We outperformed Bitcoin in 7 out of 11 months of operation.

Our worst performing month was August, 2023, with a -9.81% net return (no fees would have been charged). We underperformed our benchmark’s return of -1.71% in August but we outperformed Bitcoin’s return of -11.29%.

Our best performing month was December, 2023, with a 27.52% net return. We outperformed the benchmark’s return of 5.21% and outperformed Bitcoin’s return of 12.18%.

A $1 million investment into the All Weather Income Strategy on February 1, 2023 would be worth about $2.28 million after fees at year end.

A $1 million investment made into our benchmark on February 1, 2023 would be worth about $1.3 million at year end.

The inception date of the strategy is Feb 1, 2023. All periods greater than one year are annualized. All statistics have been calculated by an independent third-party, Longs Peak Advisory Services, but have not been independently verified.

Minimum Requirements

You must be a “qualified” client with a net worth in excess of $2.2 million excluding your primary residence in order to invest.

You must have an investment objective of “speculation” for the capital employed in the strategy.

A Charles Schwab margin account with a minimum of $25,000 is required to avoid any pattern day trading regulatory restrictions.

Our minimum investment is $50,000.

Fees

We are expensive, but we are worth it.

View our fees.

Taxes

The strategy is not tax efficient, but some clients have elected to run the strategy in their non-taxable IRA accounts. Smart!

Disclosures