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Mark, you're right of course! Thanks much!
I do keep some puts on hand, particularly if I have DITM calls (but I buy index puts). They aren't ATM but are typically 30% or so OTM and I don't match puts to calls. I do it for for a mixture of reasons (1) an insurance policy, where in fact I don't mind losing the premium (2) a speculative investment - if things really head south then put values can skyrocket due to a spike in volatility. That's worked well for me in practice in the past, I sell the puts when I think I've gained enough value from them.
