Investing for Financial Storms with Mark Spitznagel |

Investing for Financial Storms with Mark Spitznagel, Founder & Chief Investment Officer, Universa Investments.
Moderated by William Cohan, Bestselling Author & Founding Partner, Puck.
SALT New York is a global thought leadership and networking forum at the intersection of finance, technology and public policy. Over the course of three days, leading investors, creators and thinkers will take the stage in support of SALT's mission: empowering big ideas.
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[@scottiebumich]

LOVE it! a Hedgefund manager who is into permaculture! And here I thought I was alone!

[@SALTTube]

thanks for watching!

[@BradKaellner]

Fellow permie here! It's so refreshing to see nature-derived principles applied to investing :)

[@Senecamarcus]

For those that donno about Mark and NNT. They are always bullish and always make asymmetric bets. So actuallly they want market to rally forever and never end because they will bank but if it goes down then they also make money. So to those that think they are bearish, you clearly don’t know how NNT and Mark think and deal with markets and reality.

[@karamsulaiman6605]

They do make more money (improve CAGR over SP500 if a crash occurs over a given time period) otherwise they underperform. So for them to be cost effective (improve CAGR over SP500) then they need a crash and the explosive payoff that comes with it. Otherwise they underperform. That doesn’t mean they are bearish, they just need a crash sooner or later to achieve the main goal of improving CAGR. If his strategy where to reduce CAGR, which it doesn’t! Then he wouldn’t do it.

[@CalebRox]

@@karamsulaiman6605 Yeah. It's basically like buying insurance when you're certain that you're going to have an accident and it will end up paying for itself, which is pretty clever.

[@gordongordon98]

@@karamsulaiman6605 well said

[@user-gt8dy1vm9h]

I wish Mark Spitznagel would reveal the details how he does his insurance strategy

[@mikiallen7733]

It is all about maximizing your 5th percentile CAGR while also maximizing your 50th percentile CAGR and everything in between! And the good thing is that CAGR or geometric average is differentiable function actually

[@tntramzy12]

The thing about risk mitigation is that it needs to be sold. Most risk mitigation firms have to find clients and not the other way around. Hence why its drencchd in cold calls to cfos who are just annoyed by them

[@jamesmarsh4047]

That’s because the CEOs don’t bear enough downside

[@laraschupfer6826]

Great interviewer! Thank you

[@SALTTube]

Thanks for listening Lara!

[@akshaydalvi2317]

The questions are so non-comformist and Spitznagel did not expect those kinda tough questions. Excellent questions, Okay answers.

[@mikiallen7733]

You can take the hedge fund as a group except médillion fund , as money accumulate more in that fund more than it does in Unversa fund

[@PaulSchwartzmeyerxxx]

It mght have helped if the interviewer had prepared for the interview, I could have told you he wasn't going to give trade info. Anyone that understands rudimentary options trading and gausian statistics could figure out what he's doing. You don't have to have a PHD in math to understand what a fat tail is. Just look at a graph and option pricing.

[@CalebRox]

I doubt he's using something as simple as OTM puts as he gave the puts example in his own book, while saying that he's doing something "more nuanced" with derivatives that aren't as liquid. In March 2020 his hedge returned 36x which is probably more than you can get with just put options. I'm thinking he might be using variance swaps which are OTC and not available to retail clients. Either that, or he has some secret sauce in bringing liquidity to very illiquid options. If whatever he's doing is so easy, then we'd see more products that actually provide such a protection, but we don't.

[@dagsterblaster4973]

These guys now manage 8 billion. That is a ton of money in the instruments they must be using, could make their strategies less effective. I wonder how they've managed that?

[@BradKaellner]

Billion dollar hedge fund mangers love that question... "How can people get in touch with you? Can you share your cell number?"

[@franciscomieles9413]

Lo mismo quisiera saber cómo se lo puede contactar

[@dagsterblaster4973]

Mark appears to be brilliant and incredibly smug.

[@davidconstantinfit]

Cool so the every day a man can’t get access to sophisticated risk mitigation strategies but is at a great risk given valuations, cool so let’s talk about farming. This interview was of no value to anyone

[@PaulSchwartzmeyerxxx]

I got a lot out of it, but I have 20 years in risk mitigation. Spitznagel isn't going to give away his trades. He takes highly leveraged positions. That lleverage would be useless if it was public. I can't believe anyone would expext someone like Spitznagel to give free advice. Here's some... Take 3% of your portdolio and buy leaps on gold shares. They cost next to nothing. If gold goes parabolic, you'll be laughing at bitcoin gains.

[@tntramzy12]

@@PaulSchwartzmeyerxxx if his best advice is 3% in gold then his advice isn't worth the paper its on

[@PaulSchwartzmeyerxxx]

I have 3% in gold. I have thousands of leaps on gold miners with strikes in 2023 and 2024. This is what he's talking about. This is the essence of the black swan. Find inex[pensive out of the money puts and calls. This is how Kyle Bass became a billionaire. It's not rocket science. The TV audience doesn't know what an option is.

[@ireneuszpyc6684]

@@PaulSchwartzmeyerxxx you're a gambler, with 2 subscribers; if you get lucky - you will claim to be a genius; if your account underperforms - you will sink quietly, like most gamblers; BTW, in March 2020 gold was falling, together with stocks, around the world

[@PaulSchwartzmeyerxxx]

@@ireneuszpyc6684 I'm not a gambler and frankly, I' just realized KZbin had a chat window. haha. This is maybe my 5th comment.

[@Imvestors]

Bitcoin is the future investing in it now is the wisest thing to do now

[@jamesborge2942]

I actually started investing in Bitcoin before lockdown, now I have made Profits more than I expected

[@williamdowell6066]

I wanted to trade crypto but got confused by the fluctuations in price

[@whasappme372]

He’s obviously the best I invested $2000 with him and in 9 days I made a profit of $9101

[@standexter3848]

Trading crypto with Expert Brown has being a game changer for me

[@zemanelgreen6747]

How do I contact Mr Brown?