Hedge fund manager Mark Spitznagel, the founder of $11 billion “Black Swan” hedge fund Universa Investments, says investors have been getting risk mitigation wrong from the start.
“Our goals are even wrong. And really, we have Modern Portfolio Theory to thank us for this. But it’s just kind of a heuristic of investing that you need to take more risk in order to get higher returns, in order to get more wealth at the end of the day. And as you take less risk, your returns are going to go down,”…
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