" To bring it back to Jim's original point. The trading of stock options (as he defines it) is not only zero sum financially, but zero sum non-financially as well. They are literal casino bets. Sure there are casino bets that are positive expectation and some (most) that are negative expectation, but a person making those bets is not adding anything productive to the world where a capitalist buying and selling stock shares (even on the secondary markets) is still doing something productive." Good morning bud, not sure what you are getting at? When capitalists sell and promote smoking, worldwide, is that productive to the world? When capitalists finance sports betting companies to promote sports betting apps on 100 million cell phones, including those under 21, is that productive worldwide? If I sell 30 brkb calls to generate 60K in proceeds and use that cash to buy cars for grandkids or add to their 529s, why isn't that,productive? How many hours of labor go into producing a car? Has my 30 years of ownership in Brkb common allowed me to convince Buffett that buybacks at, material discounts to IV, are accretive to IV, and to forget the BV hurdle? Could I convince him to authorize a buyback in 2006 along with the Gift letter he disclosed at that time? Real world 101, our common ownership in almost all shares we own have almost zero power. Have a grand day, your pal, Harold, which has never been my name that I know of.