You can't manage risk with negative gamma. You can hedge it at any point in time but when the market gaps up or gaps down, the negative gamma will eat you alive. You can't hedge that because you won't be given the opportunity to. If you tell me you have a portfolio of naked options that is bullet proof and then to take it even a step further and say rare events don't hurt you and then on top of that say you can manage the risk with a naked portfolio is a joke. It doesn't matter what your returns a year are doing this strategy. It could be 1000% a year. One event, one singular event will wipe out every profit you ever made the last 10 years, and then it will take whatever is left. I assure you, you will be bankrupt soon. In the world of dynamic hedging, you cannot hedge a naked portfolio. It's not possible. And in times of crisis everything is 100% correlated to everything else. No such thing as diversifying naked premium. The black swan always gets it man.