Selling Puts

This is actually an interesting idea that I didn't get the first time around, when I read Buffet's description of it. It's strange to think that something like selling insurance on a stock index might work, but ... we already know that a lot of these financial innovations are mis-priced at first, and we know that betting against the market is over time a losing strategy, and we know that there are not a lot of people with the patience and capital to sit on the premium collecting side of this trade ... and we know you've got the money.