Dang, it's going to be a religious war, haters on one side and disciples on the other.
One of the tricks underpinning his investment approach is to use the cash generated by insurance float to buy companies or shares. Insurance is all about the odds that something bad will happen, so he's learned a thing or two about risk over time. His derivative bets are similar to insurance - he collects the premiums and pays out if a bad thing happens. That might or might not pay off, but that's the same risk with insurance. He's not exactly a day-to-day SSF or forex trader basing his decisions on daily market moves.