This investor is sitting on option losses.Waiting for markets to turn bearish will pay off, only the bears are absent in the last several months. Post-earnings, stocks may sell on a lack of news. Until then, there's not much more to lose in the above.Portfolio 2:The above investor took over a year to break-even, for a modest but encouraging $1,100 return.Lessons:-Hold until you fold.-Bull or bear bets pay off, if the guess is right. It's a 50/50 chance.