Susquehanna made a killing during the dotcom crash by selling near-dated options and buying longer-dated options. Essentially, the majority of the market was pricing the dotcom crash to be very similar to the 1987 crash. Instead, it was closer to a slow bleed.
The flip side of "The markets can stay irrational..." is "Someone will probably get lucky anyway. But just because they did, doesn't mean you can learn anything useful from them."
