We Study Billionaires - The Investor’s Podcast Network TIP558: How Ackman & Taleb Profited Billions During Market Crashes w/ Scott Patterson
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Jun 9, 2023 Scott Patterson, a seasoned reporter and author of "The Chaos Kings," discusses hedge fund legends like Bill Ackman and Nassim Taleb, who capitalized on market crashes. He reveals how Ackman transformed a $27 million bet into over $2.6 billion. Patterson dives into Taleb's philosophy on 'black swan' events, complexity in financial markets, and the urgent need for investors to brace themselves for uncertainty. He critiques traditional finance views, advocating for a fresh look at risk management and accountability in today's volatile economy.
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Ackman's COVID-19 Bet
- Bill Ackman profited during COVID-19.
- He turned a $27 million bet into $2.6 billion by recognizing the pandemic's risk early.
Thriving in Calamity
- Mark Spitznagel thrives during market downturns, unlike investors who merely try to weather them.
- Spitznagel relaunched his hedge fund in 2007, anticipating market drawdowns.
Empirica and 2008
- Spitznagel and Taleb launched Empirica, the first tail risk hedge fund, in 1999.
- Spitznagel relaunched the fund in 2007 and saw massive gains during the 2008 financial crisis.
