If I had invested $20,000 in 10 year fed funds today I would have $24,120 in ten years ( no reinvestment). If I had invested $20,000 in BB&T today (and I did) I will have $26,200 in ten years (dividend only). Will now average down for each $1 drop. A lot that I don't like about BB&T (especially Kelly King). Do think they will be able to maintain the dividend. I am now in for the long haul.
In order to reduce draw downs with further price declines, try selling short the Jan 2012 15.00 put while at the same time buying the Jan 22.50 call. If the price declines to the low 19s this morning, the cost for the combined transaction should be close to a push. If the pps drops further to around 18, selling a Jan 2012 12.50 put would give you a return close to the yearly dividend.
That is not much of an analysis, unless you think investing in treasuries is the BEST 10 year investment you can make. Do you know what risk adjusted returns are? What about opportunity cost, do you what that is? Straight to the poor house for you.