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It admits an action of the cyclic group \\(C_4\\) that is obtained by restricting the action of the Morava stabilizer group on \\(E\\) to a suitable automorphism group of a formal group law. The resulting homotopy fixed point spectrum \\(E^{hC_4}\\) is \\(32\\)-periodic.  The main result of the paper under review is a computation of \\(\\mathrm{Pic}(E^{hC_4})\\), which is the group of isomorphism classes of invertible objects with respect to the smash product on the homotopy category of \\(K(2)\\)-local \\(E^{hC_4}\\)-module spectra. The authors show that \\(\\mathrm{Pic}(E^{hC_4})\\) is the direct sum of a cyclic group of order \\(32\\) (generated by \\(\\Sigma E^{hC_4}\\)) and a cyclic group of order \\(2\\). This is interesting because in other cases where Picard groups of homotopy fixed points of cyclic group actions on Morava \\(E\\)-theory spectra have been computed, these Picard groups only turn out to be cyclic groups whose order is the periodicity of the homotopy fixed point spectrum (compare e.g. \\textit{D. Heard} et al. [Compos. Math. 153, No. 9, 1820--1854 (2017; Zbl 1374.14006)]).  The first step in the proof uses the faithful \\(K(2)\\)-local Galois extension \\(E^{hC_4} \\to E\\) to construct an isomorphism between \\(\\mathrm{Pic}(E^{hC_4})\\) and \\(\\mathrm{Pic}_{C_4}(E)\\), the Picard group of the homotopy category of \\(K(2)\\)-local \\(E\\)-modules in genuine \\(C_4\\)-spectra. The latter Picard group can be viewed as part of a Mackey functor, which is studied using a comparison map from the representation ring Mackey functor and a certain Picard spectral 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