Barry Ritholtz posts Josh Brown's 10 Rules for Surviving a Crash on his blog (link). Lots of good stuff, these three are a sampling:
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5. Make sacrifices by reducing stock exposure by beta and volatility. This is my iron-clad rule.
8. Abandon any hope or intention of catching the bottom. You won’t and it is unnecessary.
10. Stop being a know-it-all and shut up. If you are telling people a price or a support line where the selling will end, you are only kidding yourself.
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Certainly timely with the action in gold this week. My latest trade of short put backratios has gotten slaughtered. The "good news" is that it brings GLD closer to my max profit line of 154 at October expiration, but the position is deep in the red if I get out today.
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