Does Warren Buffett buy and sell call and put options and other future options?

Actually if you read BRK financial reports and look at the derivatives section you'll know he does play the options market. I recall a story awhile back saying he sells naked puts on stock he'd like to own more of.

What does he know the best ? Insurance

Naked puts are just like insurance business. You collect a small premium and know that only some of the time it will cost you more then the premium you collect.

http://online.wsj.com/article/SB11942225...

The stories you read about him being negative on derivatives ... he's talking about CDOs.

http://www.capmag.com/article.asp?ID=253...

I had to find those links so yall wouldn't think I'm CRAZY,

No
He has said on more than one occasion that derivatives are for fools and gamblers - not investors.

In fact, he recommends only mutual fund purchases for retail customers, not individual stocks.

ED

maybe he does, but he only famous from his long-term investing technique

why do you care? why would he tell anyone the truth about his actual day to day strategies? either you know how to use put and call options properly as an adjunct to an already sound investing philosphy or you dont and are floundering around making every mistake in the book trying to justify using them or not using them by what someone else does or says they do.Options were created to reduce risk and reward those most who understand this and punish those who flounder around from one trade to the next looking for the get rich quick trade all the while having no real discipline , useful experience , or real understanding of what they are doing...following in anothers footsteps when you dont have their capitol, risk profile, etc...is dangerous and foolish. Like everyone else mr buffet has some winners and some losers. Wether or not he is into options shouldnt effect your investment philosophy one way or the other.