I've never heard of anyone discuss doing a collar on BRK. What about selling a Jan 2015 call at a $120 strike for $3.25 and buying a $80 put for $3.40. These are based on the bid/asks (buy at the ask and sell at the bid). Say you can get them for the same price. You give up upside over $120 ($180,000 an A) or another 14% upside, in order to receive protection on the downside in the event of a 25%+ drop. Obivously you're probably giving up more than you are getting here, but perhaps not a bad strategy - some type of collar - if someone had 100% of their net worth in BRK.
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