Picking up pennies in front of a bulldozer is a phrase I use only when talking about selling premium in a low IV environment, so I'm guessing that's what you mean vs "going long SPX". (It does sound like something I said, but not about going long).  Yes, I still do sell options in low IV and yes it is dangerous. You have to know how to roll / adjust and have a very good handle on position size and notional value at risk. Oh, and you can never ever ever ever take a day or even half a day off.   The strategy has it's moments - it was epic in 2022, but when the 20 delta calls at 45 DTE's are getting hit 95% of the time, month after month after month, the options math is broken and you have to take that into account also.

My experience on the short premium side is also what has me doing long premium trades much more these days....like the straddle I posted earlier today. You're not stuck with 1:10 risk that way, like you are with 100 point wide wings on SPX condors.  *The max risk on the straddle today was $305. Profit potential was unlimited. Completely different game than selling premium.

One mistake I made in November that I corrected by December last year was not rolling up short puts to protect short calls - my assumption was that that market would have some downside, like they normally did. But there was no break....it just shot up and then melted higher. Sideways is the new break. I always roll up puts to create a positive delta exposure overall by the end of each day. No exceptions, unless the trend changes and is actually confirmed.