He has been doing this for more than a decade, yet he remains one of the best in the business.
Time for a thread 👇🏽👇🏽👇🏽
The two men hit it off and in 1999 they start Empirica Capital.
Empirica is a "tail-hedging" fund that focuses on risk-mitigation.
In 2007, he finally strikes out on his own to start Universa Investments.
The strategy is the same — lose a little money every day and patiently wait for an inevitable market crash.
He strives to lower the "volatility tax" paid by investors — "the hidden tax on an investment portfolio caused by the negative compounding of large investment losses."
"We exploit properties in markets that take years and years, and even decades, to show themselves."
He finally got his moment earlier this year.
Universa Investments returned 4,144% in Q1 2020.
This easily makes Mark Spitznagel one of the best investors in the world.
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