Subject: Re: buy of Berkshire Hathaway
If I'd happily sell at $485, does it make sense to sell Dec 480s for ~$5? Or is that just picking up pennies in front of a steamroller?

Berkshire closed at $444.51 today. You have to tease out whether you really mean you're happy to sell at $485, or if reality is that you're happy to sell at 9% above the current price. Because those shares will only be called away if Berkshire is more than 9% above the current price when your expiration date comes along.

There's a chance Berkshire goes to $500, and stays there as it grows in value to its new high water mark.

I feel like I'm sitting somewhere like that having sold off a lot of stock from options at $400.