Subject: Re: Second quarter comments
Speaking of options I hope somebody can explain this which baffles me:

Yesterday for the first time in my life I sold covered calls: BRK/b - 01/19/24 - $380. I paid $11.20.
Instead of as intended a few months later I closed that position 1 hour ago, paying $8.50.

Berkshire stock is falling 1% or so in that single day --- and those calls a full 24%! And that's not an accident, caused by eventually super low volume with that specific call. Yesterday I also bought Jan $390s. And they are also currently 22% lower than yesterday!

How is this possible? They don't have a lever of 25 or so. Or do they? I just don't understand this.