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#70 Mark Spitznagel: The Dao of Capital
Founders
Roundabout Investing Is All About Time Structure of Productive Capital
He says investors have indeed encountered surprising and pernicious events. No leverage is employed and in fact, typically when the market is down by not even 20 percent, the entire portfolio is actually net profitable. He says it seems that tail hedging as I have been explicitly practicing for about 15 years now should be called central bank hedging.
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