Saw someone at lunch say: 'What really caused me huge losses was November 22, not October 11.' This is so true. Some people only suffered minor losses on 10/11, or even managed to avoid it altogether. But afterward, they thought the black swan event had cleared the market, prices had dropped enough, the fear index was consistently low, and the market was filled with despair and confusion. So they went heavy on contracts... only for prices to keep dropping. Then came the real panic sell-off and crash, leading to massive losses...