Subject: Re: The good old days ...
Maybe $9.15 would get you a June 2025 $400 put.

Let's say you buy this put, and let's say that sometimes between now and next June, the market swoons a bit. And perhaps even drags BRKB down to 380 or so next spring. So the put will be around $20 near expiration, and you make 10 bucks or so. I wonder if it would be a lot easier to simply sell a June '25 510 or 520 call and get the 10 bucks into your hands right now (can put the proceeds into a T-bill) and when the market swoons, that call essentially goes to zero?

Now, if you expect the market to drop a full 20% or so between now and then, and also expect Berkshire to follow suit, then BRKB drops to about 355 and that 400 put will be worth $45 and your gain would be $35 or so.