This long-time covered call seller shot himself in the foot recently (missing a lot of “multiple expansion” in what had been a “low beta” stock), and while I don’t disagree with most of these suggestions, I think “low interest rates forever“ has changed the playing field. “Value” does not obscure the market dynamics which exaggerate both short term news and black swan events. It’s dangerous to generalize. A stock whose history is a PE close to 10 for years can be adopted by the street and command 20-plus indefinitely. (Vice-versa of course).