I sold quite a few covered calls in late 2023 and early 2024 that resulted in shares being called away at all in prices well below market prices at the time.

Now I understand a post of you from some years ago better, that it was based on personal experience.

I then was flirting with the idea to write covered calls to generate some extra income, caused by posts from you(?), Engr27(?) and maybe others that since years this way regularly add a little extra to their profits from holding LT Berkshire shares.

After looking at that it was very tempting to write calls just a bit over current price, with premiums of 7%, 8% or even 10%. Then there was a post from I think you, warning that Berkshire sometimes move very strong upwards, that you wouldn´t write covered calls with a strike price less than 10% above current price if one´s intention is to keep one´s Berkshire shares "forever". I took your warning serious, found that the just around 2% premium for calls with such a high strike isn´t worth it, so never did it.

Btw I am sorry to have said with BRK.A at $520 Jim (I hope you are well; unusual for you not to chime in) might do exactly that, selling covered calls. I think he never indicated doing such, only to the other way around, that he sells cash secured puts when Berkshire´s price is low, something thanks to him I also did 2x this year when it was in the $460´s.

Apparently the main question is what one´s intentions are: Holding Berkshire "forever"(-> don´t sell covered calls with a strike near price), or "cold-blooded" using a high price and being comfortable if that results in being out of Berkshire, if the shares are called away and the price never comes down again.

A few points to consider other than Jim's long term ratios that were referenced.
The median P/B ratio from 11/01/2022 to today is 1.5x. That is significantly different from the long term. Is it permanent? I don't know.
The median P/B ratio from 11/01/2018 to 11/01/2022 was 1.34X. Was it permanent? No it was not.

This for me is exactly the beauty of Jim´s longterm Price/BV chart. For the longterm Berkshire holder it takes away worries about such impermanent ratios, shows that the range(!) of Price/BV in which Berkshire moves since decades is unchanged.

It shows that (as long as nothing fundamentally/dramatic changes for our giant) for a longterm Berkshire holder it doesn´t matter where Berkshire´s price is now or next year because one can still reliably forecast where it will be in 10 years.

(Plus, that reliable range offers trading opportunities, see yours (and mine) selling and repurchasing puts --- but not with the stock one wants to hold onto :)