Good point about the dividends. Also that you'll be in that ballpark with treasuries, so again conclusion of a low implied interest rate.

As far as a fill, it's hard to say. FWIW, I've seen my filled trade, in the general vicinity of the ask, show up as a blip from zero to nonzero open interest for DITM calls on BRK, perhaps the market maker would be as sweet for Heshey?

I checked the 10-K. Hershey does hedge its commodity prices, as well hedging against currency rates (it is international). To the extent that they hedge well, the rise in cocoa prices may be ameliorated (at least in the relatvely short-term, climate change is a different issue). This trade may be depend on how much you believe in the sweet and salty snack business (although they are diversifying somewhat too). Nestle (NSRGY) doesn't seem to have options available.

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