In all his books prior to his "new" found method for making money with options he preached buying good companies and holding them forever. He did so by buying companies like RioCan, Royal Bank, etc....as was happy just as long as paying a good dividend so he said he did not care if the stock price went up or down. He said that he didn't care because he would keep receiving the dividends so did not matter.
In the Globe & Mail article dated March 13, 2009 http://www.theglobeandmail.com/servlet/story/RTGAM.20090312.wrderekfoster12/BNStory/SpecialEvents2/
Mr "buy and hold" was revealed to have sold pratically all his stocks. Interesting read.
In my humble opinion I would be leary about taking his advise on options
Cheers