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You can buy puts.

The market can stay irrational longer than you can stay solvent.

If you're buying puts you have bounded risk (the amount you invested), albeit with a more cliff-like risk profile than other strategies.

In this case replace "you can remain solvent" with "the put remains valid".

As well as a time/volatility element added so its not necessarily "TSLA went down a lot, so you profit a lot".

The argument literally everybody always makes and 99.99% they are simply wrong and don't want to admit it.

Options are gambling, which is not how I play the market. Aside from some lucky YOLOs, you are far more likely to lose money in that game.