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The financial system is a ‘mega-tinderbox-timebomb,’ this Black Swan manager says
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fnlondon.comNo risk, no reward.
While Mark Spitznagel wouldn’t disagree, a letter from the star hedge-fund manager seen by The Wall Street Journal has some striking insights on both fronts. A protégé of Black Swan author Nassim Nicholas Taleb noted on the occasion of his fund’s 15-year anniversary that using it to hedge a standard stock portfolio would have enhanced long-run returns through its bets on extremely bearish events.
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