Wow, interesting post DTB.

I haven't gone that far, but I do own fewer shares than I have since forever.

Compared my typical number of shares long 2017-2020, which was relatively flat, my long positions are down to 45% of that level and I've written "covering" calls for another 20%. So if the price drops I'm at 45% of my prior number and if the prices stay high I'll be at 25% of the old number.

Just to add even a little more darkness, your first point...
(i) as expected, interest income is much improved, with higher interest rates;
...doesn't IMO add up to anything. Higher interest rates do nobody any good if the inflation rate is higher. Berkshire may actually be worse off now on the interest rate front with both rates and inflation higher, since the nominal interest is taxed, not the real interest. It's only the after-inflation after-tax gain that adds value to a share.

However I'm sticking with this ticker. I expect that at some point the valuation level will be really cheap again, and the bulletproofness hasn't gone away, so I'll probably pile back in then. But I wouldn't be keen if I were a person who ignored swings in valuation levels and never used the "juice" of the leverage in calls.

Jim