I have a question about market crashes and how it affects options. My mother brought this up to me because she is worried that I'll lose my money if the market crashed like it did in '29 and '87. I told her that if I had puts that I would profit greatly from a market crash and she doesn't believe me. I don't understand her way of thinking but is there any reason puts wouldn't be highly profitable if the market crashed again? I had calls prior to 9/11 otherwise I would have profited handsomely, based on the price movements I saw in the puts. I can't remember which stock it was now but I had some calls I purchased at around $4, give or take, and they went to around $.50 in the blink of an eye. I noticed that the puts had doubled, tripled, and even quadrupled VERY quickly. That said, how can a crash be bad for bearish positions?