Black Swan Manager Spitznagel Says Market Dangers Unappreciated

Bloomberg2022-02-09

Universa CIO says ‘embedded’ liquidity creates systemic risksStock declines not extreme enough to trigger tail-risk hedgesEven after a correction in tech stocks and surging yields on U.S. government ...

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PBL77
2022-02-09
PBL77
Ok
gov
2022-02-09
gov
Like it
Daviistoh
2022-02-09
Daviistoh
Okay
Gackky
2022-02-09
Gackky
buying insurance in stock market.. [LOL] [LOL]
Alex1225
2022-02-09
Alex1225
Like pls
Jloong
2022-02-09
Jloong
J

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Where he differs is in his approach to an impending crash.Spitznagel said he doesn’t believe in trying to time the market. Instead, Universa tells clients to think of hedges not as a source of profit but rather as a kind of catastrophe insurance they should have at all times. With the knowledge that they’re protected in the event of a meltdown, those investors can, in theory, take risk without the need for traditional diversification in the form of Treasuries, gold or hedge funds, he said.“I don’t agree that we can tactically trade this, that we can time this,” he said.Grantham calls the market a “super bubble” and said a collapse has been underway since November. He advises getting out of U.S. stocks, owning commodities and gold, and holding some cash.Wild though they may have felt, the gyrations in stocks through the early weeks of this year haven’t been sharp enough to trigger the hedges that produced a windfall for Universa clients at the outset of the pandemic.“Markets move a lot more than last month,” Spitznagel said. “Those types of moves, those aren’t the kinds of things that are really important, those aren’t the things that are consequential.”Back in March 2020, as stocks collapsed and volatility soared, Universa was able to reap enormous profits on its option trades. It told clients they made a 3,612% return that month and 4,144% in the first quarter of 2020.The California Public Employees Retirement System had been one of those clients, but it infamously scrapped one of those hedges and so missed out on a $1 billion payout.At the time, Universa protected some $6 billion in client asset. That has since grown to more than $15 billion.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9096616959,"gmtCreate":1644372006900,"gmtModify":1676533918358,"author":{"id":"4087190594214920","authorId":"4087190594214920","name":"PBL77","avatar":"https://static.tigerbbs.com/8ef4f93ba3e261ac276aef28c4467365","vip":1,"crmLevel":5,"crmLevelSwitch":0,"authorIdStr":"4087190594214920","idStr":"4087190594214920"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9096616959","repostId":1106965078,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9096635628,"gmtCreate":1644370898570,"gmtModify":1676533918192,"author":{"id":"3583750403365476","authorId":"3583750403365476","name":"gov","avatar":"https://static.tigerbbs.com/e50e768a875518adb25631ba4c32578f","vip":1,"crmLevel":9,"crmLevelSwitch":1,"authorIdStr":"3583750403365476","idStr":"3583750403365476"},"htmlText":"Like it","listText":"Like it","text":"Like it","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9096635628","repostId":1106965078,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9096630437,"gmtCreate":1644369952804,"gmtModify":1676533918054,"author":{"id":"3576615106113162","authorId":"3576615106113162","name":"Daviistoh","avatar":"https://static.tigerbbs.com/5fa47c53322f21d8995790f695aa8e1c","vip":1,"crmLevel":3,"crmLevelSwitch":0,"authorIdStr":"3576615106113162","idStr":"3576615106113162"},"htmlText":"Okay&nbsp;","listText":"Okay&nbsp;","text":"Okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9096630437","repostId":1106965078,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9096697410,"gmtCreate":1644369862503,"gmtModify":1676533918031,"author":{"id":"3574326723774097","authorId":"3574326723774097","name":"Gackky","avatar":"https://static.tigerbbs.com/5898b44bf5a31bf2b9d4e37227ed8177","vip":1,"crmLevel":3,"crmLevelSwitch":0,"authorIdStr":"3574326723774097","idStr":"3574326723774097"},"htmlText":"buying insurance in stock market..&nbsp;[LOL]&nbsp;[LOL]&nbsp;","listText":"buying insurance in stock market..&nbsp;[LOL]&nbsp;[LOL]&nbsp;","text":"buying insurance in stock market.. [LOL] [LOL]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9096697410","repostId":1106965078,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9096697000,"gmtCreate":1644369774511,"gmtModify":1676533918008,"author":{"id":"3581747766858829","authorId":"3581747766858829","name":"Alex1225","avatar":"https://static.tigerbbs.com/4a6d122a9e87329fc98cd47b2cd58d8f","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3581747766858829","idStr":"3581747766858829"},"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9096697000","repostId":1106965078,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9096695115,"gmtCreate":1644369623435,"gmtModify":1676533917961,"author":{"id":"3582461179498852","authorId":"3582461179498852","name":"Jloong","avatar":"https://static.tigerbbs.com/c4b2ad914ca2d224c8a40f6783470de6","vip":1,"hat":"https://static.tigerbbs.com/0a8758340a08196056f8bc1e54805193","crmLevel":4,"crmLevelSwitch":1,"authorIdStr":"3582461179498852","idStr":"3582461179498852"},"htmlText":"J","listText":"J","text":"J","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9096695115","repostId":1106965078,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":128,"commentSize":7,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1106965078"}