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Not exactly sure I understand your question.

If you mean selling puts just for the income, then yes, I would say that is pretty common, even without cash coverage

If you meant specifically singling out stocks below book value, then I am not sure about that. Is your thesis that choosing a stock below book value indicates that it is less likely to fall more? I would be worried that a put with that high of a return while still being meaningfully out of the money would indicate that "the market" thinks there is definitely a risk that it would fall, or else your premium would be lower
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