Subject: Re: Calls: end of an era?
One aspect of long-dated BRK calls I've never seen discussed is that I wouldn't actually exercise the call. I would sell it (and possibly roll out) a year or so before expiration.

If you buy a call 2 years out and sell it one year out it will retain about 70% of its time value, which accounts for the implied interest. This means that the "interest" charged in the first year is only about 30% of the total, significantly lowering the implied interest rate.

I haven't had my coffee yet, so maybe this is an illusion.