Recently, I've been diving into selling puts in the US stock market. Back in the crypto space, I almost never sold puts. Instead, I often bought ETH puts. This is because there are way too many black swan events in crypto, but the US stock market is different. Even with something as major as the Strait of Hormuz, $MU only pulled back by 30%. As long as the fundamentals haven’t changed and there’s no major news, historically, large assets almost never peak directly. (Like I said during the silver phase, it’ll bounce around repeatedly.) Based on this logic, when Micron ($MU) pulls back by more than 15% (or 20% if you’re more cautious and want guaranteed gains), you can start selling puts. How you split your entries is up to you to figure out. But last night, I made a major discovery. On IBKR, selling naked puts has an extremely low capital efficiency—it’s almost 1:1, which is just dumb. It’s basically like doing dual-currency investments. However, if you buy a long-dated put at the same time, you can significantly increase your capital efficiency. For example, sell a $900 put and buy a $600 put. The long-dated put will definitely expire worthless, and you can just treat that cost as the funding fee for leveraging your capital through options. The reason I’m writing this is to vent about dual-currency investments in crypto and to offer dual-currency players a better financial strategy. I’m not here to debate whether holding the underlying stock or selling puts is better.