why 'fixed income' option strategies are dumb (to me)
you have artificially forced something which is inherently non-contractual (equity in this case) to take the shape of something that is (like debt).
in doing so, you have kept the entire burden of the left tail while voluntarily relinquishing the right tail (which makes owning equity so appealing in the first place) by tricking yourself into believing that you have 'destroyed' some of the volatility and risk these instruments naturally carry.
but—you have not.
as risk and volatility cannot be destroyed, only transferred.
therefore, all you have really done is required yourself to play much closer to perfect in the long run to outperform.
so, if you think that path suits you better—as this game isnt hard enough as is—
then, i wish you good luck!
ps: if you want something to act like debt—just buy debt.