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· Premium Member
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If in fact he is negative on the markets at these levels, then he should be writing down the value of those derivative he underwrote, on his own Balance Sheet, that depend on the markets rising still.
I don't understand your point here. Warren Buffett explained in BRK annual report that the value of equity market derivatives is marked down per GAAP. He also explained why he doesn't think the accounting treatment is right and why he expects to make a profit on these derivatives.
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