Thank you for the link. Age old question: All his wheels had worse performance than buy and hold SPY but the returns were all positive. His wheels did have better Sharpe (if I just eyeball the curves as I didn't want to join to get actual Sharpe)? Do I go for absolute return buy and hold SPY or better Sharpe but lower return doing wheel?
I am no money manager, so I would go for absolute return, least amount of effort, commissions, and fees. But if you try to time the market anyway(active investing), then the wheel becomes a natural way to combine “best of both worlds.” Of course adding discretion adds more uncertainty. Personal choice I guess.