主题：价值投资 -- 龙战于野

Although I doubt Buffet would eventually lose money on the put he sold, his timing on this couldn't be worse. He could fetch a much better price now: spx fall half, VIX up 5-7x times from early last year.

It is just a very stupid trade and now with CDS up to 388bps, it means the BRK's funding/borrowing

cost will be much higher(Libor + 3.88%) and it will definitely hurts the bottom-line of all the business

BRK owns. Eg. why should municipal bond buy insurance from BRK if BRK itself is just one level

above Junk?