Universa 10 Yr Letter: What’s Past Is Prologue

Universa letter to investors for the period of March 2008 to February 2018, titled, "What's Past Is Prologue?"

Q2 hedge fund letters, conference, scoops etc

Dear Universa investors,

This month marks the ten-year anniversary of Universa’s tail hedging program (the “Black Swan Protection Protocol”). As we ring the bells and reflect on how far we’ve come, I am reminded of an old Russian proverb that warns, “Dwell on the past, lose an eye. Forget the past, lose both eyes.”

What a diverse decade it has been, spanning a great bust and boom, some very high volatility and some very low. It was...