Is It a Good Idea to Write Puts on Puts?

We are unlikely to do very much of it. If we like something well enough to write a put on it we are probably better off buying the security itself. There are securities I would not mind writing puts for 10 million shares or something but it's probably allowable for us to do it. A couple of months ago there were stories in the world that Berkshire Hathaway had taken a large position in Philip Morris and UST. In your annual report I don't see anything about that. Can you comment?