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Black Swans, Stock Market Crashes and the Chaos Kings

The Compound and Friends

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CalPERS Eliminated the Tail Risk Strategy

The CalPERS Black Swan Hedge was sold by university and they eliminated it. The timing is incredible on that. They could have saved their pensioners a lot of money. If the market were big enough for them to do that, wouldn't that enable them to clean out all of the mediocre hedging?

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