I haven't seen much mention of collars here during periods like this where the stock may be overvalued and the market is in a state of rather extreme uncertainty. You own the underlying, buy a put and sell a call. You can also manipulate this such that you only owe long term capital gains should the trade work out and you don't have to deal with the tax implications of selling your stock.

For example, you own BRK.B right now, current price $495/share. You can buy the March '26 $490 put for $27 (ish) and sell the March '26 $540 call for maybe slightly more than that. Ultimately, you can put that trade on for a small credit and you can still capture up to $45 or 9.1% worth of upside with max 1% downside should the market crash.

The is a -very- slight risk that BRK rallies extremely hard and your short calls are exercised.

Berkshire Hathaway FAQ

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