A “Black Swan” investor says to guard against disasters — but take risks too.
Mark Spitznagel has built his career on protecting his clients’ portfolios against extreme, rare, and unpredictable events known as “black swans” or “tail risks.”
Yet the Universa Investments founder and chief told Business Insider over coffee in London this month that simply preparing for the worst isn’t a winning strategy in life.
Not taking enough risks can be the “biggest mistake someone makes,” Spitznagel said. “You need to be exposed, you need to bet your beliefs.”
His career advice mirrors what he says Universa offers to clients: a tail hedge that not only stops…
