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Buffett's been selling and Einhorn shorting MCO.
Here's my review of my April sale, it has links to Einhorn's short in the comments http://www.fusioninvesting.com/2009/07/ahead-of-the-buffett-...
Actually here they are:
SNIP
Here is the speech for anyone interested http://www.foolingsomepeople.com/main/TCF%202009%20Speech.pd...
and his 2008 speech when he said Green Light Capital was short Lehman.
http://www.foolingsomepeople.com/main/TCF%202008%20Speech.pd...
ENDSNIP

Like you I maintain a cost basis and an owed basis (which is cost minus options premiums). Though you are more liberal in you "owed basis" than I, (if I read your post correctly) as selling the puts was not against your current position, but was a new position I would not use that to reduce owed cost on current position. They just happened to be on same underlying.

Have you considered the old buy one call sell two calls repair strategy?

Hope all are well and happy campers now.
Dean
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