BRKOB is a bargain, page-71

sometimes you can make a pip or two on the arb.

+ you could argue based on vol and leverage that the Ops should be only 0.010 below the heads. not 0.011. but we could discuss option pricing theory and inputs for a long time.

but simply.
if you are bullish on brk. and forecast say a double in price.
say heads go to 56.
the options will effectively triple and be at 45. (a few big rounding in there).

of course. if the wells a dud. you leverage your loss.

disclaimer. I'm neck deep in Ops. and on past I flick in and out when the arb to heads or SHE looks good. but now v long ops.