Timing is everything. They don't say "buy when there's blood in the streets" for nothing. This happens all the time, and the easiest way to spot it is by looking at implied volatilty. I thikn that if you just bought stocks when vol is high for price (not binary event) reasons, you'd end up with great returns. This is a microcosm of the longer-term investor's blood-in-the-streets philosphy.
Timing is important but difficult