well, the problem with the covered call strategy is that when the underlying declines all you really do is offset the loss. In addition both energy and PM have sold off recently. Finally, when the value goes down the roi on a covered call falls as unless implied vol increases you get fewer dollars.
They just took this all into account going forward. Now shareholders need to see a reversal in oil and metals and in 3 or 6 months things get better--there will be a lag to the extent that the fund has to see all current options expire before rolling into new higher ones. Provided oil and gold stocks go up
if you have been to China recently especially Bejing, Shanghai and Hong Kong (but also the smaller cities with only 10-12 million population) you have more phone stores there than we have starbucks, CVS and WAg and Dunkin Donuts combined. In addition you have the street markets there where you can buy unlocked phones some of them real but hot, for incredible prices.
one of apples problems is that it not has to compete--and compete on price. When the ipod came out it was really a change-when iphone and ipad came out the same--new iterations are not game changing anymore.
actually its true of our whole economy. almost everything selling at too high a PE on the hope that growth returns to 15%-PE's will come down rapidly as interest rates go up and as the realization sets in that we will be lucky if there is 2-3% growth.
the upcoming question for everybody is just where do you invest your money? Fixed income and equities are significantly overvalued.