Covered calls can ABSOLUTELY be a DAMN good hedge. I have no idea where this idea that CCs are not hedges keeps popping up from time to time. Besides being CLEARLY defined as a hedge in ANY decent financial data, let's just take a look at the word "hedge" itself:
Per Webster's: "To try to compensate for possible loss from (a bet, investment, etc.) by making offsetting bets or investments."
In fact, using covered calls right now on GOOG is a possible way "to try to compensate for possible loss from investment" in your long shares of GOOG without having to sell your shares. You could possibly write CCs now for FEB (or any month), for example, in order to generate cash in case your stock drops in value or just keeps flatlining, etc. One can do this many times every month in some cases, depending on volatility swings, etc. To say nothing of lessening your taxable events (which may be higher if you merely liquidated your stock at every sign of trouble than it would be if you just wrote CCs, etc).
There are MANY other things I could say about the benefits of writing CCs. Had people known about and properly used ALL options available during the meltdown after March of 2000, it would have saved incalculable amounts of investors' wealth.
So, let's not be so quick to overlook huge and real gains by tripping over so-called 'terminology'!