Subject: Re: OT: T-bills
I will bravely suggest that Berkshire will not be the choice with the highest pre-tax total return among the following choices

Maybe not. But, what if you trade Berkshire in combination with other tools that are derivative of Berkshire? Basically what we've been discussing here for the last week or two. If Berkshire pops for a period of time and becomes "overvalued" based on your own metric, you sell a call (or buy a put, whichever flavor you prefer). Later, if it becomes "undervalued" based on your own metric, you buy a call (or sell a put, whichever flavor you prefer). The combination of those trades may very well outperform the other two choices on this list.

Or you could use the other technique discussed, buy LEAPS for leverage when undervalued, buy stock for safety when fairly valued, etc.