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With BRK this moment at $482 and 1 year out puts with strike $480 fetching $25 it means: If called I effectively buy BRK for $455, right (minus the interest on the cash until called)?
Nope, not exactly.
You are selling THE OPTION for someone to sell you Berkshire shares at $480 anytime between now and the expiration date. BUT, it is THEIR option, they choose yes or no. In general, if Berkshire trades below $480 upon expiration, they will sell it to you for $480, but if not, they won't sell it to you and the option will expire and you kept the $25 you received.
