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If the market is detached from reality then you very much cannot. It's like you weren't even listening.

Markets can remain irrational longer than you can remain solvent.

- John Maynard Keynes

This quote refers to shorting; it's not applicable to every bear position anyone ever attempts to take. You won't go insolvent buying puts.

You won’t go insolvent but you’ll consistently lose money every time the stock doesn’t go down.

Yep, and if you buy stocks you'll consistently lose money when the stock doesn't go up.

Only in opportunity cost, if you buy puts you actually lose dollars.

What a great quote man. First time I read something like this. And thanks for crediting the author, now I can go learn more about him.

Another great, if not so relevant quote from JMK:

> My only regret in life, is that I did not drink more champagne

Not if people continue to have the 100x premium on Musk. Puts only make sense if the market returns to rationality.