Subject: Re: 200 Days of SPY vs BRK
40% difference in return!

Valuation got atypically high for a while there. That's why I wrote enough calls to be notionally net short. A calculated gamble, but it worked nicely.

When things are richly valued they can and do often keep going up. But starting from that situation, down (or at best flat) is rather more likely than up over any reasonable time frame.

Jim