# TLH Review — 2026-09-27 (Sunday)

*As-of: US close Friday 2026-09-25 (last trading session). Snapshot: 2026-09-27 08:39 ET (Robinhood MCP via the data floor). Review: research-only insight layer; proposals need Raj's explicit agreement before any execution.*

## Data provenance & limitations

- **Positions / costs / last prices / options book / realized P&L / wash screen / thesis deltas**: from `latest.md` (read in-session, full payload). TTWO 09-25 close 201.44 cross-verified via `get_market_data` (yfinance).
- **Account context (floor)**: total $575,895 | equity $421,575 | options $126,453 | crypto $24,247 | cash $3,621 | BP $828,789 | pending deposits $5,000.
- **Not retrieved this session**: `snapshot.json` and `research_index.md` (thesis board) returned `[cleared]` on every read; `trading_history_deals` unsupported on this connector. Consequences: (a) thesis-board wash-sale gates beyond the floor's own screen unavailable; (b) per-lot acquisition dates unavailable → no ST/LT classification and no fills-level wash adjustment; (c) floor headers claim 14 fills but only 12 rows are shown — 2 rows (one likely the CRWV loss sale) not retrieved.

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## 1. Wash-sale ledger

Loss sales in the last 30 days (from the floor's screen; same-ticker buy within ±30d = wash risk):

| Loss sale | Date | Realized | Same-ticker buy ±30d? | Status |
|---|---|---|---|---|
| TTWO, 19 sh @ 208.27 | 2026-09-23 | **-$564.56** | Not flagged by floor | Loss stands per floor. **Forbidden re-entry window: 2026-08-24 → 2026-10-23.** GTA launch 11-19 is outside the window → safe to re-enter at launch if thesis says so |
| INTU, 1 @ 304.12 | 2026-09-21 | -$57.52 | **⚠️ FLAGGED (buy in window)** | Loss likely deferred into replacement basis; adjustment needs fills-level math (not retrievable this session) |
| INTU, 1 @ 4410 (option) | 2026-09-21 | -$1,820.00 | **⚠️ FLAGGED** | Same as above |
| (no symbol) 300 @ 0 | 2026-09-16 | -$43.75 | Not flagged | Reconciliation item — symbol not in retrieved rows |
| CRWV | date not in retrieved rows | -$263.33 | Not flagged | Re-entry window undetermined — verify sale date before any CRWV buy-back |

**INTU is the only open wash flag.** INTU holds 0 shares now (not in the position book), so the exposure is a deferred-loss adjustment, not a live conflict. The floor's screen is a screen, not an adjustment — the deferred amount is **not computed** (fills feed unsupported).

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## 2. Loss-lot inventory

All positions where last (09-25 close) < avg cost. Sorted by loss size. *(Unrealized P&L = (avg cost − last) × qty; derived from floor inputs.)*

| Symbol | Qty | Avg cost | Last | Loss/sh | Unrealized loss | % off cost | Mkt val (derived) |
|---|---|---|---|---|---|---|---|
| CRWV | 300 | $106.01 | $87.59 | -$18.42 | **-$5,526** | -17.4% | ~$26,277 |
| TSLL | 6,000 | $10.36 | $9.94 | -$0.42 | **-$2,520** | -4.1% | ~$59,640 |
| UI | 19.4733 | $581.83 | $560.67 | -$21.16 | **-$412** | -3.6% | ~$10,918 |
| ORCL | 3.38259 | $147.48 | $137.10 | -$10.38 | -$35 | -7.0% | ~$464 |
| TTWO | 1 | $238.05 | $201.44 | -$36.61 | -$37 | -15.4% | ~$201 |
| U | 10 | $43.12 | $41.55 | -$1.57 | -$16 | -3.6% | ~$416 |
| PTY | 34.8483 | $11.25 | $10.93 | -$0.32 | -$11 | -2.8% | ~$381 |
| AVGO | 1.5699 | $358.86 | $352.81 | -$6.05 | -$9 | -1.7% | ~$554 |
| SFTBY | 10 | $20.05 | $19.75 | -$0.30 | -$3 | -1.5% | ~$198 |
| CBRS | 0.003341 | $299.31 | $206.75 | -$92.56 | <$1 | -30.9% | ~$1 |
| **Total** | | | | | **≈ -$8,569** | | |

Materiality: CRWV + TSLL = **-$8,046 = 93.9% of the entire loss pool**. UI is the only other lot above $100. The remaining 7 lots (<$50 each) are trivial together (~-$113).

Offset context: month-to-date realized gain is **+$4,890.53** (floor, net of the 12 shown fills). Harvesting CRWV+TSLL now would recognize -$8,046 against it; the excess (~-$3,155) carries forward.

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## 3. TLH candidates & mechanics

| Candidate | Realizable loss | Thesis fit (floor) | Mechanics / IRC 1091 notes |
|---|---|---|---|
| **CRWV** (sell 300) | ~**-$5,526** | **Dead** — EXIT verdict since Jul 16 (leverage/concentration/insider-selling overwhelmed $98.8B RPO; hard stop validated at $84 Jul 2; -43% off high; "Dead for portfolio"). Harvest = exit anyway | Cleanest harvest of the week: sale matches the standing exit. No CRWV options held (below). No same-ticker buy flagged in window — but sale date of the -$263.33 loss lot is unknown; ensure no CRWV buy between that date ±30d before harvesting |
| **TSLL** (sell 6,000) | ~**-$2,520** | 2x TSLA ETF; TSLA position itself is a big winner (+$33,135 unrealized on 304.63 sh) | Sell TSLL, keep TSLA exposure via the existing TSLA shares or direct TSLA adds — **TSLA stock ≠ TSLL ETF, not substantially identical** → no wash. Re-buy TSLL only after 31 days if 2x exposure is truly wanted. **Pre-check the 2 live short TSLL options (2027-01-15): a short put assigned within the 30-day window would create a wash trigger; short calls do not** |
| **UI** (sell 19.4733) | ~-$412 | Small; no thesis-board verdict retrieved | Only worth harvesting if also exiting the position. No UI options held |
| 7 trivial lots (ORCL, TTWO, U, PTY, AVGO, SFTBY, CBRS) | ~-$113 combined | — | Skip unless doing a full-book cleanup; each <$50 |

Net effect if CRWV + TSLL harvested: -$8,046 recognized loss; offsets the full +$4,890.53 realized gain; ~-$3,155 net loss carries to offset future gains. ST/LT split **not determinable** (acquisition dates not retrieved).

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## 4. Options wash-sale check

Harvest candidates and live options on the **same underlying** (options book, floor):

| Underlying | Options held | Verdict |
|---|---|---|
| CRWV | None | ✅ Clean — no same-underlying options |
| TSLL | 2 **short** (2027-01-15, net -$330) | ⚠️ Pre-trade check — short **puts** on TSLL could be assigned ≤30d after the harvest and trigger a wash; short **calls** carry no acquisition exposure. Type/strike not in retrieved rows |
| TTWO (only if the 1-share lot is harvested) | 2 **long** LEAPS (2028-01-21, $7,198) | LEAPS not flagged as bought within ±30d of the 09-23 loss sale → no wash on the existing -$564.56. Harvest of 1 share is immaterial anyway |
| TSLA (adjacent) | 1 long + 1 short (2027-01-15, net +$142) | TSLA options sit on TSLA, not TSLL — no effect on a TSLL harvest |

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## 5. Proposals (labeled, research-only)

1. **Harvest CRWV — sell 300 sh** (realize ≈ -$5,526). Replacement: **none** — thesis is dead; no substantially-identical re-entry. Do not buy CRWV for 30 days after the sale. *Condition: confirm the -$263.33 loss-sale date is >30 days from any CRWV buy before executing.*
2. **Harvest TSLL — sell 6,000 sh** (realize ≈ -$2,520). Replacement: **TSLA exposure** — already held (304.63 sh) or direct TSLA adds; TSLA is not substantially identical to TSLL. *Pre-check the 2 short TSLL options (2027-01-15) for short-put assignment risk before executing; if want 2x back, wait 31 days.*
3. **Optional cleanup bundle — UI + 7 trivial lots** (≈ -$525 total). Only if a full-book cleanup is wanted; otherwise skip. *Replacement: none needed at these sizes.*

**No harvest actions beyond these are warranted this week.**

Pending items (need deal-level data, not retrievable this session): INTU wash adjustment amount (flag open); CRWV loss-sale date; 2 of 14 fills not shown in the floor.

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*3-line summary: (1) Loss pool ≈ -$8,569 across 10 lots — CRWV -$5,526 (dead thesis) + TSLL -$2,520 (2x TSLA) are 94% of it. (2) Wash flags: INTU deferred-loss flag open (needs fills-level math); TTWO loss clean but stay out of TTWO until 10-23; CRWV sale date unknown — verify before re-entry. (3) Proposals: harvest CRWV (no replacement) and TSLL (replace with TSLA exposure), optional -$525 cleanup bundle; no CRWV/TSLL re-buy within 30 days.*