A 'Black Swan' fund posted a massive 4,000% return after coronavirus blew up markets
A"Black Swan" hedge fund posted a 4,144% return last quarter after the novel coronavirus tanked markets.The Wall Street Journal reported.Spitznagel — a protégé of Nassim Nicholas Taleb, the author of"The Black Swan: The Impact of the Highly Improbable" — warned that markets will fall further.
"For people who are worried about having missed it, this sell-off has only taken back a few months of gains," he told The Journal."I expect a true crash to take back a decade."A"Black Swan" hedge fund that specializes in profiting from market shocks posted a 4,144% return last quarter thanks to the coronavirus sell-off.
Universa Investments chief Mark Spitznagel touted the stunning 40-fold gain from the fund's tail-risk hedging strategy in a recent letter to clients,If an investor had just 3.3% of their assets in Universa and the balance in a S&P 500 tracker fund, they would have made a 0.4% return last month despite the benchmark slumping more than 12%, the newspaper said.
Spitznagel is a protégé of Nassim Nicholas Taleb, the author of"The Black Swan: The Impact of the Highly Improbable." He worked at Taleb's now-closed Empirica Capital, and Taleb serves as Universa's scientific advisor."If the pandemic doesn't pop this bubble then, of course, it will be something else that eventually accomplishes this," Spitznagel said.
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