Even if the nine-year-old bull market has what it takes to keep running higher - which is looking less and less likely with each big swing every other day - it's a sucker's bet to leave yourself unprotected against downturns.
Sure, you could buy stocks that have the wherewithal to withstand market crashes, trade wars, and political uncertainty, but they're pricey right now, just like the entire market.
The P/E for the S&P 500 is up to 25.04, and the yield is 1.96 and getting lower. That's just not very much bang for your buck; it's certainly not any downside protection worth the name.
Fortunately, there's a very cheap form of "insurance" available right now - it doesn't expire, it's got intrinsic value, and folks will make a desperate beeline for it when - not if - the market starts to sink.
And investors who are positioned ahead of that crowd will look mighty smart - not to mention very rich - when that happens.