Nakeds aren't dangerous unless you make them that way, which many people do. I've sold them for 20 years and have gone through Black Swans far worse than this. It's all about taking appropriate leverage. If you blew out when ES fell only 10% in 4 days, then you were over-leveraged. On my Black Swan richter scale, Feb 1-6 was a 5 out of 10 -- nothing special. I expect events like that happen every 2-3 years.