/biz/ - Business & Finance

So I have been watching videos on the "wheel strategy", I can't wrap my head around one thing. Why is it preferable to start with selling covered puts, rather than selling covered calls? Was "The Wheel" more popular in "infinite bull run pre-cornoa" market? If the whole idea is to use a stock you're fine owning long term... why not just buy it, collect any divvies for holding it, and then sell calls at ATHs repeatedly to where by the time you get assigned, the stock has moved above where you bought it anyway. If I am feelin extra sketched out by upcoming events or something, I could buy a put as insurance. Divvy payouts also general take a chip out of a stocks value, acting as a weight against the covered call strike price and the divvy goes in my pocket.

Am I retarded, or can I just not see the value because this isn't a "normal" market?