We extend the research on the Value Line Enigma by examining the performance of call recommendations in Value Line Options. Galai\u27s hedge decomposition procedure identifies the components of the calls\u27 returns. Abnormal call returns were most pronounced immediately following the purchase, which is consistent with studies of Value Line\u27s stock rankings. The largest and most significant abnormal performance was by calls assigned the highest rank written on stocks judged by Value Line to be correctly priced. Abnormal call return performance by joint call and stock ranks was consistent with the hypothesis that Value Line identifies underpriced call options
