Subject: Re: Check Capital Management BRK Options Stragegies
But, I have calls and stock and cash. Since I'm long one way or another more than the calls I wrote, it's in effect a covered call.

That is the way I try to look at it as well. If I own 1000 B shares and own 10 long dated calls (typically varied expirations and strikes) I'm in effect controlling 2000 shares with some mix of shares/calls/cash. I should be pretty comfortable selling up to 20 covered calls against the total 2000 shares controlled. I've never fully covered my long position like that (retirement account rules in the US wouldn't even allow it) but it's how I think about the exposure.

But I don't believe the cash raised by selling that call counts towards the fraction of my cash pile that is earning interest.

Interesting. I just double checked one of my Vanguard accounts that auto sweeps to a money market account. My cash raised by the covered calls in that particular account is earning 5.29%.

Jeff