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.
这些卖出期权只有当合约到期时才能行权，因此到期之前发生的灾难性事件不会导致恶果，而伯克希尔公司永远不需要提供保证金。这一期限之长，让巴菲特在提升其45亿美元保费的时间价值之际，不太可能被迫行权。伯克希尔公司的信贷违约互换(CDS)价格的飙升，可能与这些期权合约有关，因为没有抵押的对手方可能会被迫购买这些合约，以弥补对手风险。
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