re: How is this market sustainable (long term outlook)?

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As primarily a buy/hold long-term investor, times like this kinda suck.

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A friend of mine is much like you. I've been helping him to understand the benefits of selling puts at/under prices that he'd be content to pay for certain equities. If the short puts don't hit, he keeps the premiums... and does it again. If they do hit, that's where he'd have bought anyway... AND he keeps the premiums.

Other than not having an understanding of the options market, I can't understand why buy & hold type investors don't do more of this.