1 rich Libsyn https://www.libsyn.com 90 600 Ray DiBernardo, Portfolio Manager for the XAI Madison Equity Premium Income fund, says he's concerned about the market's valuation levels — noting that it &quot;has been expensive for quite some time&quot; — and while he is not expecting &quot;dark clouds and a horrible environment,&quot; there's more downside risk, which could lead to market compression that puts covered-call strategies back into the spotlight as a defensive play. DiBernardo, an analyst at Madison Investments, says the proliferation of options strategies should make investors more diligent about exploring strategies, and he discusses single-stock options versus index options and the risk-reward picture with each. DiBernardo notes that covered-call strategies aren't right for people &quot;who believe the market will keep going straight up from here,&quot; but he notes that for nervous investors, the options strategy acts like portfolio insurance and the discount on a closed-end fund can help to make up for the upside potential that the strategy trades for that protection. The NAVigator http://thenavigator.libsyn.com/website <iframe title="Libsyn Player" style="border: none" src="//html5-player.libsyn.com/embed/episode/id/42128545/height/90/theme/custom/thumbnail/yes/direction/forward/render-playlist/no/custom-color/88AA3C/" height="90" width="600" scrolling="no" allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen></iframe> https://assets.libsyn.com/secure/item/42128545