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Thank you Jim and Ravi for the, as usual, valuable and thoughtful advice.
I think I will slowly convert the calls to shares as BRK returns to fair
value, particularly if I can find some other safe candidates which are
more undervalued at the time.

I am not worried too much about my current leverage as it can largely be
immediately largely backed by some extremely safe cash-like assets but if
BRK went up about ten more percent relative to WMT and WFC, I reckon that
the leverage might be better employed there.

(Indeed, I must confess to already taking on some uncoverable leverage in
ITM long dated calls on WMT and WFC - the cheap rates are just simply
too tempting to pass up and I reckon that both are at least fairly (if
not under-) valued.)
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