Why dont value investors write more covered calls?

[Jimbo]

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otherwise it would mean that calls are typically over-priced.

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Correct, particularly on the first day after expiration of the prior months calls. I really didn't know that a value investor implied a "long term" investor. I agree about the tax implications but if you have been in the stock for over a year already (like my MSFT example) getting called out has no tax implications and you would have still had the short term gains.

Sure covered calls are not for everybody or for every stock, it is just that people on this board (especially people who have never written a single one in their life) dismiss them out of hand, often without considering when they are practical and profitable. Not saying this is you, it just appears to be the general consensus. Like everything else in the market writing them successfully takes some time, some work and some guesswork about both the market in general as well as the specific stock.

Jimbo