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I found this forum and thread when I googled Doug Kass and Warren Buffett. I've owned 5 class A shares for many years and I work for a Canadian bank in NYC. I did not come here to flame anyone of get involved in an existing flame. I was a bit embarassed that I didn't understand the terminology...

I can confirm that the puts were 'vanilla' puts as it was addressed at the May meeting. Someone, I think an analyst, asked a question about the index puts and WB responded that they were 'vanilla' puts that cannot be exercised prior to expiration. I am para-phrasing here, but I remember the term...