Investor Whose ‘Explosive’ Strategy Returned 4,144% in March Says a ‘True Crash’ in Stocks is Still to Come

Mark Spitznagel points to easy-money central banks

by Shawn Langlois
Market Watch

If you listened to Mark Spitznagel, the founder of Universa Investments, back in March, you probably made a nice little profit — or at least avoided some of those nasty losses — when the coronavirus outbreak blew up the long-running bull market.

“When the market crashes, I want to make a whole lot and when the market doesn’t crash, I want to lose a teeny, teeny amount,” he said. “I want that asymmetry… that convexity.”

Spitznagel, a former trader, is a protégé of Nassim Nicholas Taleb, the author of the 2007 bestseller “The Black Swan,” a metaphor used to describe unpredictable, highly disruptive events — the kind that could blow up markets. The coronavirus clearly qualifies.

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