Cliff's Criticism of the Tail Strategy

Every big fund has hedging built into their portfolio. A lot of it is usually treasury bonds. There's a classic 60-40 strategy, so you have 60% in stocks and 40% in bonds. Mark Halperz looks at that and says, you're leaving money on the table. If you get a universal tail hedging strategy, you can put 3% of your cash into that strategy and the rest into something more risky like equities.

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