[pmart123]

Susquehanna made a killing during the dotcom crash by selling near-dated options and buying longer-dated options. Essentially, the majority of the market was pricing the dotcom crash to be very similar to the 1987 crash. Instead, it was closer to a slow bleed.

[TheOtherHobbes]

The flip side of "The markets can stay irrational..." is "Someone will probably get lucky anyway. But just because they did, doesn't mean you can learn anything useful from them."