Mark, thanks for sharing and congrats on the CFA! That's a lot of work. I wouldn't recommend using margin or shorting to most folks as there is quite a bit of risk involved, but I love selling options to enter and exit my value positions.

I'm a value investor and use fundamental analysis to pick my companies and price levels. Then I start selling puts at that level or below (usually 3 to 6 week expirations). If the price goes down, I buy a stock I want to own at a price I'm happy to pay. If the price stays up, then I just keep the premium and sell more puts. I don't trade options or repair trades. As long as I only sell options for stocks I want to own at prices I'm happy to pay, I'm good if they expire worthless or if they are assigned.

If you are careful about what you sell puts on, it is a great, low-risk way to make cash flow from the stock market.