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To: GVTucker who wrote (124329)	1/5/2001 5:58:38 PM
From: Road Walker	Respond to of 186894

GV, re: "My personal opinion is that covered calls are primarily dependent upon luck rather than investment skill." That depends on if you care if you sell the shares. If you don't care about the opportunity risk, and you don't care if you continue to hold the position in if it goes down, it's a riskless trade. If you do care, it's a different matter. Given enough time, the odds are very good that any equity will trade above and below it's price at any given moment. That's why it's so hard (impossable?) to pick a short term top or a bottom. It would have to be very bad luck to sell your covered calls at the exact short term bottom of a stock price. The hard part for most folks is to not get greedy, to take your profit when it is in hand. No doubt there is luck involved. Investment skill may help you to be slightly more lucky. John