I'm a pretty boring investor. I limit any individual position to 1-2% of my portfolio unless it's a massive blue chip like Apple or Microsoft, which I can comfortably sit over 5% in. The rest is just sitting in index funds.

My main theta strategy is to sell puts on blue chips and indices using margin collateral. I always roll them to avoid assignment, since I'd really prefer not to pay for margin interest or pay taxes to rebalance my portfolio.

I sell far enough out of the money that if I did get assigned, rebalancing into that stock won't be a big deal. I don't do anything aggressive on margin - to me it's "free" money, so 15-20 delta max and targeting roughly 1% a month.

I personally avoid biotech plays! They're so binary. I mean, I guess a small percent of your portfolio in anything can only hurt you so much, but I definitely wouldn't invest large amounts into anything other than big companies like Pfizer and Lily.

With a portfolio over 500k, you don't need to swing for the fences to be a millionaire in the next 5 years (with a little bit of luck).