The Break-even-or-better strategy is designed to either (1) show a profit for the year or, (2) at least, show no loss.

How:
A portfolio invested in 1 year Treasury bills, purchased at a discount and maturing at face value provides the cash, through the interest earned, to purchase (hopefully) attractively priced options.

Results:
Best case: If an investor is good at picking the right options on the right stocks that rise or fall a good distance during the life of the options, the profits can be significant. And the investor gets to reinvest the interest.

Worst case: The interest earned on the maturing Treasury bills offset the option losses (break-even).

Advantages:
Leverage and truncated risk (no margin calls; no short squeezes). No fuss, no muss.

Heads you win, tails you break even.

Sort of like visiting a casino that pays off if you win or returns your bets if you lose. Not bad.

Caveat:
In an inflationary era, simply holding the same number of dollars over any period of time constitutes a real loss of capital. Capital value hinges on purchasing power and, as purchasing power erodes, so does capital.

That being said, I'm sure, at the end of some years, there are more than a few investors that wouldn't mind being in a break-even or better position. Know what I mean?

As an alternative, growth stocks, rather than options on those stocks, financed from the interest earned from the Treasury bills in your portfolio, replaces wasting assets with permanent assets.

Results: Win, lose or draw, the stocks are yours for better or for worse, for as long as you both shall live.

Seriously though, if you're a good enough stock-picker, you should enjoy capital appreciation through growth, increased income from dividends, and your rolling-over maturing T-bills will be throwing off a constant source of fresh cash with which to buy more stocks.

On the other hand, should your stocks go bust, your Treasury bill interest will provide the cash for you to try again. Again, not bad.