From a friend:

I recommend Mark Spitznagel’s book. The Dao Of Capital. He lays on the Put 30% out of the money 90 days until expiration and rolls it every month when the market is over valued according to Tobin’s Q. It is a lose a little consistently until it hits strategy. This is the basic idea, I am sure he actually uses a much more sophisticated strategy.

SPY puts

From perplexity : "The Dao of Capital: Austrian Investing in a Distorted World" by Mark Spitznagel explores a unique investment strategy grounded in Austrian economics and Daoist philosophy. Spitznagel, a hedge fund manager, advocates for a "roundabout" approach to investing, emphasizing the importance of intermediate positional advantages and long-term gains over immediate profits. The book integrates historical, philosophical, and economic insights, drawing parallels between ancient strategies and modern financial markets. It is highly endorsed by notable figures such as Nassim Nicholas Taleb and Ron Paul for its innovative and counterintuitive investment methodology[9][10][11].

Sources [1] (25 copies) Hardcover The Dao of Capital (Austrian Investing in a Distorted World) by Mark Spitznagel https://bulkbookstore.com/the-dao-of-capital-austrian-investing-in-a-distorted-world-9781118347034-1 [2] The Dao of Capital: Austrian Investing in a Distorted World [Book] https://www.amazon.com/Dao-Capital-Austrian-Investing-Distorted/dp/111834703X?psc=1&smid=ATVPDKIKX0DER [3] The Dao of the Final Days: An Adaptation of the Dao De Jing [Book] https://www.ebay.com/itm/116198097231?chn=ps&mkcid=28&mkevt=1 [4] The Original Wisdom of the DAO de JING: A New Translation and Commentary [Book] https://www.abebooks.com/servlet/BookDetailsPL?bi=31643701041&dest=usa [5] Dao De Jing: The Book of the Way [Book] https://www.biblio.com/book/dao-jing-book-way-laozi-roberts/d/1583803185?aid=frg [6] King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone [Book] https://www.walmart.com/ip/King-of-Capital-The-Remarkable-Rise-Fall-and-Rise-Again-of-Steve-Schwarzman-and-Blackstone-Paperback-9780307886026/16707482?selectedSellerId=0&wmlspartner=wlpa [7] Capital: Volume 1: A Critique of Political Economy; Paperback; Author - Karl Marx https://www.penguinrandomhouse.com/books/261069/capital-by-karl-marx-translated-by-ben-fowkes-introduction-by-ernest-mandel/9780140445688?aid=14813&linkid=PRHB7BD76FBDB [8] The Six Secrets of Raising Capital: An Insider's Guide for Entrepreneurs [Book] https://www.barnesandnoble.com/w/the-six-secrets-of-raising-capital-bill-fisher/1118939462?ean=9781626562394 [9] The Dao of Capital: Austrian Investing in a Distorted World https://www.goodreads.com/book/show/16599562-the-dao-of-capital [10] The Dao of Capital: Austrian Investing in a Distorted World https://www.amazon.com/Dao-Capital-Austrian-Investing-Distorted/dp/111834703X [11] The Dao of Capital: Austrian Investing in a Distorted World - Wiley https://www.wiley.com/en-us/The%2BDao%2Bof%2BCapital:%2BAustrian%2BInvesting%2Bin%2Ba%2BDistorted%2BWorld-p-9781118347034 [12] The Dao of Capital Summary of Key Ideas and Review - Blinkist https://www.blinkist.com/en/books/the-dao-of-capital-en [13] The Dao of Capital: Austrian Investing in a Distorted World https://www.barnesandnoble.com/w/the-dao-of-capital-ron-paul/1140110001