Here's the dumbest part of put spreads that nobody talks about.

When you sell a put & buy a lower put as your "hedge," think about what that lower put actually IS.
It's the right to SELL shares at an even CHEAPER price.
Why... would you want that?
The entire point of selling a put is to BUY great companies cheaper.
CEOs spend every waking hour making their companies MORE valuable over time.
So you're paying money, out of your premium, for the right to dump shares of a great company at a fire sale price?
If you need that hedge, you don't trust the setup... so why are you in the trade at all?
Have you ever wondered why Warren Buffett doesn't buy shares then immediately buy puts... now you do.