The put options are exercisable only at maturity, thus a catastrophic event in the interim would not force a payoff, and Berkshire never has to post collateral. The long time horizon makes it unlikely he will have to pay while boosting the time value of the $4.5bn premium. The spike in Berkshire's credit default swaps may be linked to these contracts, however, since counterparties, lacking collateral, may be forced to buy them to cover counterparty risk.
這些賣出期權只有當合約到期時才能行權，因此到期之前發生的災難性事件不會導致惡果，而伯克希爾公司永遠不需要提供保證金。這一期限之長，讓巴菲特在提升其45億美元保費的時間價值之際，不太可能被迫行權。伯克希爾公司的信貸違約互換(CDS)價格的飆升，可能與這些期權合約有關，因為沒有抵押的對手方可能會被迫購買這些合約，以彌補對手風險。
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