Subject: Re: The good old days ...
In a retiremet account, taxes are not a consideration, so it is more an opportunity cost issue. What is your best alternative to Berkshire, all things considered? The answer is different for each person. For some it might be that Berkshire is their best option even at a slightly (hopefully temporarily) overvalued price.

This all makes sense.

I just sold a bunch of in-the-money BRK calls and bought April 17/2025 T-bills with the proceeds. I'm not sure what a US dollar will buy at that time, but I'll have 3.723% more of them. Annualized that's about a 4.97%/year rate.
Unless Berkshire's stock price falls, in which case I'll close 'em early and probably do the reverse trade.

Jim