Subject: Re: Getting complicated
That put would get you a net entry price of 490-41.85= $448.15. So, that might be P/B of about 1.30 to 1.34.

Or, maybe the stock price is above average, and you only get to keep the premium and your current cash. That's a rate of return of 9.34%/year on the capital committed to the deal, which is additive to whatever you're earning in interest. My current weighted average interest rate on cash is 3.568% at my broker. That may change, but the total is 12.9%/year rate for now, not to be sneezed at.

I don't know. I can present the same numbers differently, and the conclusion might be different.

The 12.9%/year for the next 10.5 months is common to both outcomes, so we can ignore that.

Now the two alternative outcomes are:
A. if BRK < 490 you must buy it for $490
B. if BRK > 490 you don't buy it

I think the thing missing from your net entry price of 448.15 is that you also have a year of only a 3.5% return. We can't double count the 41.85.