Well, this is exactly what happened. One astute investor asked the only really important question (have you got your own money in this fund?) and managed to avoid the calamity. Everyone else got soaked.<p>Actually, if you speak to traders for any length of time, this kind of thinking comes out. The standard on the options trading floor is this:<p>I can buy options, and make money only if there&#x27;s a crisis.<p>I can sell options, and make money most other years.<p>If I buy, and all the other desks sell, and there&#x27;s a spike, all the money I make will be lost by the others.<p>If I sell with everyone else, and there&#x27;s a spike, we can all say we did what the other people did when we are looking for a new job.<p>If I buy and there&#x27;s a normal year, I&#x27;ll lose and everyone else will gain, I&#x27;ll look like an idiot and get fired.<p>-&gt; Sell options, and act like you know when to get out of that position.