So, also as I've mentioned before, it could make sense to write some cash-backed puts at lowish strikes that give a price I'd be willing to pay. The rate of return on these isn't that great, but on the other and, unless/until they are exercised, I'm making the rate of return from the options PLUS the rate of return on the cash backing them up. This is decidedly higher than what I expect from Berkshire's stock in the next while.

As I've written before, I've been doing this for a few companies that I am interested in buying at somewhat lower prices. I did it with Berkshire for most of the first half of last year, and had the 305's put to me at some point but most of the others expired worthless. Just this morning I did so with Disney, sold some 95 strike puts, the 95 strike minus the ~3 premium for the put option results in a net price of about 92 if assigned. Even though I expect to see Disney in the 80s at some point, I'm willing to begin entering the position in the low 90s.

If it's a price you're willing to pay, writing those puts is essentially a no lose proposition - either you keep the premium when they expire worthless, or you get assigned at your desired price. Of course, circumstances can change between the sale of the option and disposal of it (either buying it back, it expiring, or being assigned) but that "optionality" is what you are selling in the first place.