[stinkypete]

not necessarily.

writing covered calls may force the investor to hold the position longer than he wants to, tying up capital. this is especially true for long-term calls. and writing short-term calls won't bring in much additional revenue if the target price is significantly higher than the market price.

if the investor believes the company is undervalued, he also believes the call is undervalued (assuming its priced "correctly" given the market price of the stock)

events between the writng of the call and its expiration may change the company's value significantly. for example, assume you own stock in company C because you believe its worth $50 if event A happens or $20 if it doesnt happen. you believe the probability of it happening is 50% and the stock is currently priced at $30. owning the stock is clearly correct, but writing covered calls at a price you believe is too low would be silly.