Are there any long term historic studies of this? On the one hand, you hear that some large percentage of options expire worthless. Plus, it seems the option writer should be paid for letting the purchaser use leverage. Maybe there is a "cost to carry" that should be compensated. on the other hand you have mutual funds that sell covered calls, and their performance is usually a goid bit sub par. I know the above are not mutually exclusive. Just wondering if there is any long term analysis on this. Maybe on average writing versus buying is pretty much a push, which one might expect given I believe options are a zero sum game and assuming the market is efficient. Thanks!