As you are saying you have funds committed to calls: Isn't your 'Kaboom' scenario typical for options (T... calls for me were what the textile mill was for Warren = a painful lesson one should not forget)?

Forget my 'It would have taken a full 5 years until the sell threshold of 1.4 was reached again'. As said before, after looking at BRK charts + EVBigMacMeal's Price/BV table I am convinced this is the wrong approach anyway, that you use Price/BV for the decision to buy but not for selling. That decision has to depend mainly on price appreciation --- which would have worked every time during the last 20 years with 2-3 year long LEAP's, even during that 5 year stretch of depressed Price/BV. While that ratio stayed low BV and Price went up. One would have bought 2009 and already sold in 2010 --- and bought again in 2011 and sold again in 2012.

The critical question seems to be what price appreciation threshold to use for selling the calls. 10% share(!) price appreciation might strike a good balance between greed and making as sure as possible the threshold will be reached before the calls lose too much value or expire. That price appreciation for me would make it worthwhile as we might have different approachs to options: I would not raise additional funds to 'keep the strategy going', but limit my options exposure to 'money for playing in a casino'. The intention is to use with that play money supposedly unique opportunities of Berkshire undervaluation --- but then 'properly': Not with 1.4x leverage but rather as with the DOTM Jan'25 calls I bought end of Sep which had 3.7x leverage. And then 10% share price appreciation in a relatively short while translate into a very different percentage.