因为在波涛汹涌、随时到处都隐藏着风险的市场上，根本不需要等到99次的小亏，可能只需要试十几次或二、三十次就肯定会遇到一次大跌从而大赚的事情发生
这个事实早就被 Nassim Taleb 的 Black Swan 理论和对冲基金经理 Mark Spitznagel 的 tail-hedging Iniversa Investments 操作结果证明了，这两位都是专门做金融衍生产品的数学家
换句话说： Mathematically speaking, tail risks are much fatter than most people think in the stock market.
A ‘Black Swan’ Fund Makes $1 Billion
As market collapsed, hedge-fund firm Universa Investments gained roughly 20% on Black Monday
http://www.wsj.com/articles/nassim-talebs-black-swan-fund-made-1-billion-this-week-1440793953
Universa, which was founded in 2007, first attracted attention for its outsize gains in 2008, racking up more than 100% profits for many of its clients.
It profited in 2010, and in 2011 it notched gains of about 10% to 30% for clients. In other years, it has lost small amounts of money.
The firm focuses on finding cheap, shorter-dated options on the S&P 500 and other instruments it expects to rise in value amid a notable downturn. During the past week, the value of put options that Universa bought over the past one to two months jumped, said people familiar with the matter. A put option confers the right, but not the obligation, to sell a security at a specified price, usually within a limited period.
认识一下谁是 Mark Spitznagel 吧：
