In March 2020, like other stock markets, the FTSE crashed from 7,500 to 5,000. It rebounded to 6,500 in June, and then proceeded to start falling again. When it got to 6,000 in July, a guy I know was utterly convinced the bear market had resumed. So certain was he that he bought $250,000 of OTM put options (yes, quarter of a million). He would only make money if the FTSE fell to 4,500 by November. The FTSE hit a low of 5,500 before going back up. I, and others, implored him to consider getting out of the position. But he wouldn't listen and he hung on until the options expired worthless.