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Sorry, didn't mean to turn this into a Chris Bloomstran thread. @Viking does an even better job in the weeds on FFH than Chris on BRK anyway. Bottom line is that to the extent it's true that the blowup risk is higher in FFH than in many peers - which I might push back on - I think we are getting paid more than adequately to take that risk with the current setup. A reasonable base case IV/share ~2 years out is ~30-40% higher than today's, driven by a high earnings yield and buybacks. And BTW the stock still trades at less than half of today's IV. IMHO.