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>no one enjoys a stock market crash.

>Oh, and don't get me started on naked futures/forward positions...

Some of the people that purchase these are plenty happy during a crash. What is it about time-based derivatives that you have a problem with in particular?

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Even those who make money during a stock market crash (which is actually extremely rare and very difficult to do considering the cost of shorting a position or holding extremely costly derivatives, like CDOs) really shouldn't enjoy it.

And I don't have a problem with futures/forwards at all. I have a problem with people arguing there is less risk with naked futures/forwards (especially commodities/currencies) than there is playing poker; therefore poker, IMO, should be no less legal.

He probably meant losing money on the stock market, not necessarily a crash

The key word is "naked"

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