Absolutely you're still risking money whether you buy the stock or use your capital to sell CSPs. My issue is if you're going to use large amounts of capital for semi-passive income, you're getting far less return potential using the same amount. This is especially true during rebounds. With KO, at least if you own the stock you get dividends and it's steady growth. You could also sell OTM CCs on top. But too often people chase high premiums on volatile questionable stocks when you'd be better off risking less capital for greater return.