In 2006 Berkshire Hathaway Inc. (BHI) sold index puts to institutional clients and collected a premium of 4.85 billion dollars. These puts

1. have now a higher value, they are in the money and have 1 year to maturity

b. were deep in the money in March 2009 but could not have been exercised

c. have a lower value than 4.85 but could increase in value in the next 5 year

4. have a very low value since volatility is low and they expire in 6 months