Famous Black Swan Hedge Fund Is Misunderstood Again

Understanding Mark Spitznagel and the working components of a hedge fund with an emphasis on hedge is not easy work. The derivatives strategy nuance can be complex to the uninitiated, as a long/short volatility exposure can make even sophisticated beta market environment modeling challenging.

Q2 hedge fund letters, conference, scoops etc

To long-only stock thinkers, that typical 60%/40% stock/bond investor, understanding the complexity requires not only looking at the portfolio from a different perspective but recognizing a school of thought centered on risk management. The portfolio-level payout for this cerebral workout is multi-dimensional, however, obviously protecting the downside during a crisis -- "crisis alpha," if you will. But the surprise is what happens to the portfolio during periods...