因為在波濤洶湧、隨時到處都隱藏著風險的市場上,根本不需要等到99次的小虧,可能隻需要試十幾次或二、三十次就肯定會遇到一次大跌從而大賺的事情發生
這個事實早就被 Nassim Taleb 的 Black Swan 理論和對衝基金經理 Mark Spitznagel 的 tail-hedging Iniversa Investments 操作結果證明了,這兩位都是專門做金融衍生產品的數學家
換句話說: Mathematically speaking, tail risks are much fatter than most people think in the stock market.
A ‘Black Swan’ Fund Makes $1 Billion
As market collapsed, hedge-fund firm Universa Investments gained roughly 20% on Black Monday
http://www.wsj.com/articles/nassim-talebs-black-swan-fund-made-1-billion-this-week-1440793953
Universa, which was founded in 2007, first attracted attention for its outsize gains in 2008, racking up more than 100% profits for many of its clients.
It profited in 2010, and in 2011 it notched gains of about 10% to 30% for clients. In other years, it has lost small amounts of money.
The firm focuses on finding cheap, shorter-dated options on the S&P 500 and other instruments it expects to rise in value amid a notable downturn. During the past week, the value of put options that Universa bought over the past one to two months jumped, said people familiar with the matter. A put option confers the right, but not the obligation, to sell a security at a specified price, usually within a limited period.
認識一下誰是 Mark Spitznagel 吧: