reading mcmillan now. Any downside (besides taxes and lost dividends) to selling atm naked puts and buying same strike calls with the proceeds on three month terms instead of buying stocks, and using remaining cash (collateral requirement) for bonds/etc ? Looks like a great strategy for growth stocks, and a way to get a lot more income out of a portfolio (from all of the cash income). It even makes it more plausible to buy further out of the money puts as a hedge, since this is almost close to a credit spread for so many stocks. better suggestion for length of time (instead of 3 months) on options?