Subject: Re: Waiting for Godown
The reason I would close them is that it very cheap to do so after a sudden increase in the stock price, and if the stock falls back I can write the same put again.

Indeed. Maybe I can do it 2 or 3 times.

But also, they do tie up capital. You're getting paid for making a decision in advance, but once the payment is negligible the commitment remains. Though I would like to buy some Berkshire stock at a very attractive price, when the moment comes there might be other tempting choices.

Jim