In August of 2018, I wrote about the performance of a bulletproof, or hedged, portfolio built around a position in AT&T (T) in 2017 and presented a new one, which completed in February (each portfolio lasts for six months). Following that, I began presenting hedged portfolios built around other stocks, including Altria (MO) in July. Let's see how our Altria portfolio is doing three months in, given the performance of the stock and the market, in general, since then. First, a reminder of how the portfolio was constructed and what it consisted of.

The goal of this step was to find names that had the potential to generate high total returns to include alongside Altria. My site calculates its own potential returns by analyzing adjusted price history (which takes into account dividends) and options market sentiment, but you could have derived yours from Wall Street price targets or the price targets given by Seeking Alpha contributors you follow. Your initial universe could have been as big as Portfolio Armor's (the ~4,500 stocks and exchange-traded products with options traded on them in the U.S.) or something smaller, such as the Dow 30.

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