Personally I found it impossible to execute Peter Spann's Protected Buy Write strategy. In the real market, the ratio between the cost of the put and the income from the covered calls was quite different from the examples he gave.
But the main problem was the part about if you are exercised (if the calls you sold are exercised) then you should just re-purchase the share at the higher price - smaller number of shares but adding up to the same previous dollar value. The rationale being that you still have the put protection. The problem is that the put level is now much further away from your share price so if you the shares drop to the put level then your potentially going to lose quite a bit of money.
Ethann, the put will never give you 100% protection, until its way in the money. When you re-buy the stock, you buy the same dollar value, but less shares, hence because the put is more out of the money, its still protecting the same dollar value, but less stock.
I personally only write covered calls, as I too found buying the put is to expensive, basically taking away most of your call premium profit.
No strategie is 100% bullet proof, so there may be a situation where you will loose money, but it does offer a strategie with certain outcomes possible.