RE:BagsI have often thought about your last sentence. I have been following HMAX which offered an annual return of 13.93% when it came to the market about 2 months ago.It is using an at-the-money covered call strategy on 50% of the portfolio. As of today the nav of HMAX is $14.93 and the stock price is $14.85. You could say "so far so good" but this return is very ambitious for a fund only investing in one segment of the market. It seems that there has to be occasions in the future when selling some of the fund is the only way to maintain the monthly payout. It used to be that the market believed that any dividend payout over 8% indicated trouble ahead and certainly if it was over 10%. The market also used to say " No amount of dividend makes up for loss of capital"