How to trade like the investor who made $1bn in a day

Mark Spitznagel won’t reveal how he made a 4,144% return, but he does discard plenty of rival trades

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Trophy case: Spitznagel’s pit jacket, complete with bloodstain

Mark Spitznagel thinks it would be “worthless” to explain how he made a 4,144% return in the first quarter of 2020 by betting on tail risks in financial markets.

The trade that paid off so spectacularly does not appear in his new book, Safe Haven: Investing for Financial Storms, and he refuses to confirm reports that attribute his stellar returns to the use of out-of-the-money options.

“I didn’t want to get into exactly the way I trade because people shouldn’t be doing it,” he says. “That

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