Today was an easy day to buy back calls if you are short Dec 500, 505, etc. The option traders backed off and allowed bids to be hit and didn’t aggressively trade around retail orders. Waiting to buyback was lucky I guess. This press release was the perfect opportunity to initiate the small quarterly dividend which would have helped to absorb the selling but of course Buffett didn’t. Next year we find out if Greg believes a small quarterly dividend will increase demand for the common if Buffett has really backed off calling all the shots. Two observations. Too many financial experts on cnbc and Fox business are selling the brilliance of their thoughts with new innovative gimmicks, that’s bearish. Also, I’m following the closed end space for 30 years. Decades ago there weren’t so many sharp guys on seeking alpha etc following the space. The discounts to nav have come in a lot in most of the funds I’ve followed as retail pays up for yield. This too is very bearish, a potential double whammy. The stocks held by the funds can drop and the discounts to nav can double or more. A dangerous time for retail. Let’s see if they can get brkb back to 500 plus by option expiration 12/16 Fridays close.