And regarding "narrow band": It's wide enough for me. Today I sold BRKB 12/20/2024 410 Puts for $12.20 which I bought on 16.July for $6.05. 102% is enough for me, I don't complain.

I guess the problem is, why would one buy those? It's a pretty substantial loss per share if you don't manage to close them for a profit. It's really hard to close puts for a profit: the stock has to drop, it has to drop during the time that you own it, and you have to make a good decision about when to close it. It is shockingly easy to manage the first two but bungle the third, watching them gain in value then give it all back again. Ask me how I know : )

Personally I would consider WRITING those puts December $410, on the other side of your trade. (I did in fact write some December $400 puts a while back). Writing yours would get me a net entry price on some shares under $398 in December if assigned, which might be about 1.35 times December book, not so bad. Looks nice compared to the roughly $405 that Mr Buffett was paying in March*, especially considering that fair value rises maybe $3 a month in normal times. If I'm wrong and the stock doesn't drop, I get to keep your money.

Jim

* Why I say $405: He paid $623206 per A in March, and 623206/1500= $415.47 for the economic interest, but he has been paying a fairly high premium for A shares in months that he bought both, so I used a more conservative 1540:1 ratio for my estimate of the price at which he would have paid for B shares that month.