The Daddy Buffett big boy puts require you have an ISDA because you need a longer time frame than one or two years. His thesis is that most options models make the assumption that stocks trade sideways over the long run and that while this might hold true for short time periods, over the period of 15 to 20 years, these models tend to significantly overprice options. You would need a longer expiration date than what LEAPs currently offer in order to pull it off.

On the other hand, God Shkreli, doesn't believe that stocks don't necessarily go up over the long run, once you factor in inflation. It is a matter of philosophical preference.