### Comment:
SPY is trading at $321 right now. If it dips to $300 I still don't think anybody will give him $8,000 for the contracts he bought.

### REPLY:
If he bought at fair value and assuming liquidity, then he will profit. People thought a recession was just as unlikely before 2008 and 2000, but it can still happen. Very risky is not the same as very stupid.

### END.