crash part two, page-215

Hedgie, you reckoned you were doing good writing covered calls on bhp over the preceeding period/s. I reckon this would have seen you taken out long ago. Therefore, to buy and hold would have been a more profitable option.

As to what you do today should you buy bhp and attempt to produce some immediate cash flow via covered calls is another story. But for someone as supposedly expert as you on the indices I would think buying BHP and locking it away as collateral against a call contract has a huge opportunity cost. If it's your Trust Fund operating as a "trader" then I suspect the other beneficiaries have been dudded by this strategy over the previous bull phase with BHP.