Subject: Re: Dec 31 BV?
I look at the price-to-book value for a strategy that Jim (mungofitch) has mentioned a few time.

Here is what he posted on the old TMF board (R.I.P.):

When the P/B ratio drops below 1.35 sell some BRK stock (maybe half your position?) and use the proceeds to buy long dated deep in the money BRK call options.
The low strikes generally offer roughly 2:1 leverage
...
Then, next time the stock trades above 1.55 times known book per share, take the profits on the calls and use all the proceeds to buy plain stock again, ditching the leverage.
So, you're invested all the time, but pile on a little leverage when the outlook is particularly good.

I sold sold my last DITM call on 1/29/2024. The actual leverage on that trade was 2.27X.