Kinda new to options. I had a discussions with a manager for a smalll fund about selling naked puts vs bull put spread. The puts are sold at least 100 points off strike, and the spread is bought another 60-80 points lower. My point is that the spread is an insurance for black swan/fat tail events, but his point is that the put that is bought cuts into yearly return so much that it is not worth it, since naked put on emini index can be closed if the market moves agains the position too much. He knows how to time good entries. What do you think?