Being market neutral means having around the same exposure to the long side as you have to the short side, so it doesnt matter that much whether the market goes up or down... Do you generally make an effort to be market neutral? If so, how does your market-neutral portfolio generally react to sharp moves in the indices, like today's YHOO/Thailand move?
If I'm not delta neutral, I'm probably losing money. Large moves may be affected by carrying large gamma, but them's the brakes in this business.
Can any 1987-survivors tell us how being market neutral allowed them to survive that day or other similar events.... Throughout your career, were there some days you wished you had been more market neutral? Did you make an effort to balance your positions after that day or are you still "living on the edge"?