The hedge fund that takes disaster in its stride

Tracking tail risk

mark-spitznagel

Having been caught out by the ferocity of the financial crisis, investors are now much more aware of the risks of extreme events - and the fact they seem to occur a little more frequently than many had thought.

This change in perception has led to an increasing interest in a new generation of funds designed to perform well in times of crisis. One of the largest is Santa Monica, California-based Universa Investments - a hedge fund thought to have around $6 billion in assets. The company runs a se

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