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NEW YORK (TheStreet) -- Between my articles at TheStreet and my model portfolio in the options investing newsletter I publish with Robert Weinstein, I have been all over big media stocks for more than a year.

They have been on a freaking tear. This brings up an obvious question: With many of these names at or around all-time highs, should you bank profits?

I'm of two minds on this.

First, when you consider the massive gains over the last year -- nearly 66% in

Madison Square Garden

(MSG) - Get Free Report

, 54% in

Time Warner


, 49% in

News Corp

(NWSA) - Get Free Report

and, on the relatively modest end, an almost 16% pop in


(BCE) - Get Free Report

(formerly Bell Canada) -- it's tough to argue against taking profits. In fact, you probably should have been writing covered calls


and taking profits all along.

Also see: Here's How Reed Hastings Will Bankrupt Spotify >>

The great Jeff Macke did an excellent piece for

Yahoo! Finance

on Wednesday about not getting fleeced

like so many Apple (AAPL) - Get Free Report shareholders with big gains did over the last several months


Use trailing stops

. Take profits.

Don't call tops or bottoms!

(That might be the best one). And I would add start writing in-the-money covered calls on winners as profits surge. Classic, but solid advice too many investors fail to take. Emotion enters the equation; they get crushed. It seemingly takes a fraction of the time for profits to evaporate that it took for them to build.

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So, no doubt, a battleground name such as AAPL or

a relative outperformer

like the names on the chart, requires, at the very least, a look at strategies designed to take some money -- and risk -- off the table.

Also see: Paulson on T-Mobile: Debt Over Greed >>

However, at the same time, there might not be a healthier sector to invest in than big media. As


(NFLX) - Get Free Report

continues to rise on

little more than jive talk

, the old guard media actually has leverage regarding content. This, not to mention the cash and relatively reliable revenue lines these companies have behind them, makes them sustainable long-term investments, even at these highs. They're not speculative, ride-the-wave trades like NFLX.

Every name on that chart owns and/or controls premium content, ranging from sports to movies to the best primetime television shows. Time Warner, News Corp,


(DIS) - Get Free Report



(CBS) - Get Free Report

, along with


(CMCSA) - Get Free Report

, control practically "everything." That's really not much of a stretch.

In Canada, BCE and

Rogers Communications

(RCI) - Get Free Report

enjoy carte blanche from regulators that an American company could never dream of.

The name I left out -- MSG -- is a special case. Despite the lofty valuations, you have to think MSG, as well as

AMC Networks

(AMCX) - Get Free Report

, is ripe for takeover by a News Corp, Time Warner or


(VIAB) - Get Free Report

. These types of companies represent missing puzzle pieces as the major media conglomerates look to develop key regions of the country and assemble sports and original programming empires.

Also see: Jaguar Land Rover Sees Big Sales Gains in 2013 >>

It's the most overlooked bull story in the stock market: Massive gains in big, old guard media names. It's not a fluke. It's not merely the product of a bull market. It's real and, while it's always wise to exercise caution via profit taking, the long-term narrative across the sector remains firmly intact, warranting confident price-to-earnings ratios.

Follow @rocco_thestreet


Written by Rocco Pendola in Santa Monica, Calif.

Rocco Pendola is


Director of Social Media. Pendola's daily contributions to


frequently appear on


and at various top online properties, such as