I started writing covered call options shortly before I read this book. I sure wish I had read this book first. It's hard to lose money writing covered calls because you're getting paid to offer stock that you already own. I feel like I own a bank.
What I really liked about this book more than anything else is that it covered a lot of ground. Particularly, I appreciated the discussion about taxes. I had no idea that you don't report income on writing covered calls until the option expires, someone calls your shares or you cover your position by buying back the option you already sold. This means, as the author points out, that you could sell options late in the year, pocket the money, and assuming nothing happens until January or later of the following year, the income would be taxable to that year. Get paid now, pay the taxes later. I like that idea a lot. It's information like this that helps map out a strategy for investing in the market.
Another thing the author does very well is show numerous examples of his strategies. I was surprised when he showed different ways to purchase a stock, write a covered call against it with a strike price less than the price paid for the stock and still make money. I had to read those sections a few times to figure out just how that worked.
In short, this is an excellent book for beginners and people with some experience in writing covered calls. The lack of hype was a relief. Yes, you can make 50% a year or more easily writing covered calls. It's not some mysterious gambling strategy. I always thought options were some wild trading strategy that only professional traders use. To my surprise and delight I found out that college endowment funds, churches and insurance companies write covered calls as a regular part of portfolio management. As Robert Kiyosaki, author of "Rich Dad Poor Dad" said: "Investing isn't risky. Being uneducated is risky." Do yourself a big favor and get educated about the stock market and writing covered calls. Writing covered calls has very little risk and you get paid for owning and holding stock you already have.
I'm giving this book an enthusiastic 5 stars. If you're an advanced covered call option trader, perhaps you don't need this book. If you're looking for outrageous returns, this book probably isn't for you either. If, like me, you know very little about options or have never traded them, by all means, get this book and study it. The information in this book is excellent, but as with any useful information, you've got to put it into practice. I can't see how anybody with a moderate strategy couldn't earn a decent return on their money using this.