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The VIX at 48.80 as I type is higher than any level since 1990, other than during the financial crisis.

I was a little surprised by Jim's mentioning buying DITM calls. I thought his previous suggestion was to buy BRK stock when its price is low, then wait for it to recoup some and for vol to die down, and then sell and replace with DITM calls while it's still under-valued.


I've got some SPY Sept 18 2020 strike 270 'disaster puts' that I bought a while ago protecting my portfolio allocation to SPY. Given the high volatility, they are well up. But I'm not really sure about the best way to use them in this downturn. If one could accurately call a bottom then you could sell them then. Given I'm not sure I could accurately call a bottom, I guess I could liquidate some as the market keeps dropping. But if you don't also liquidate a corresponding percentage of long stock then you'd be unprotected against further drops.
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