Philip L. Carret — the man Warren Buffett called "The Hero of Investing" — had some very prescient instructions for the modern Value Investor in his 1930 book, The Art Of Speculation.
The Net Current Asset Value (or Net-Net) strategy of Benjamin Graham — Warren Buffett's mentor — is the most misused technique in his Value Investing framework today.
While appearing theoretically sound and fundamentally safe, option trading strategies such as Covered Calls posses the same shortcomings as other short-term market timing activities.