That’s not what I said at all. I said to try shorting SPX against every dollar of exposure and see how well you do. That is, make it market neutral, at least in dollar terms.
I remember from June 2020 until about April 2021 I used to day trade any IPO that gaped higher than 20% at the open and most of the time I made like 10-50%. I think the only one that this strategy failed on was AirBnB. This worked amazingly well before Moderna came up with the vaccine since most of these IPOs were biotechs doing something on the vaccine supply chain.