IMHO, Buffet made a great trade. True, his timing was poor and he would be in a better position if he had made the same trade this month. However, figure in what inflation may do to the dollar and the dollar-based SPY over the period of Buffet's puts. By the expiration of these puts, GOOG shares may be trading at $10,000 ... equalivant to the price of an overnight stay at a 4-star hotel. The SPY could be at an incredible level, priced in worthless fiat money, after inflation takes hold.