I placed a bet on 2/10/2025 that the S&P500 would hit big trouble within the next six months by buying 8/15/2025 put options strike 420. SPY was 603 and VIX was 15.8 at initiation. Sometimes called 'disaster puts'.

Below is a snippet from my Schwab account yesterday at close:
XSP 08/15/2025 420.00 P
Price $4.285 Price Change +101.17%

The +100% in one day is essentially due to the rise in VIX ('essentially' stuck in there to avoid pedantry). Quite impressive.
No, I'm not gloating, I didn't buy that many contracts, darn it!
I wasn't hedging my portfolio, I'm mostly out of the S&P, this was a side bet.

It says "XSP" and not "SPY" because I bought XSP options, which are S&P500 index options. Essentially the same behavior would be seen for SPY options.

Now to decide when to start selling them.

Berkshire Hathaway FAQ

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