I was playing around with Kurt's style of trades recently. The idea is to buy a stock you are keen on and then also buy a deep ITM long term married put so that you don't have to pay too much for the extrinsic portion of the put. Your risk is then limited to the amount you pay for the extrinsic which is typically 7%-10% of the cost of the stock and the put. The trade off is obviously that the put acts as a drag on any increase in the stock price.
However, his key trick is then to sell various short term options (covered calls, ratios, etc) in order to pay off the extrinsic part of married put and get to a risk-free status. Or, and this specifically appealed, use the dividends to pay off the extrinsic value over time.
Sounds good from a risk point of view but I wasn't convinced on the reward side of the equation. Here is the published track record.
https://www.radioactivetrading.com/ptrackm.asp?pid=12