Bloomberg.com: Worldwide: Taleb's `Black Swan' Investors Post Gains as Markets Take Dive

Bloomberg.com: Worldwide: Taleb's `Black Swan' Investors Post Gains as Markets Take Dive

"Universa Investments LP, the Santa Monica, California-based firm where Taleb is an adviser, has about $1 billion in accounts managed to hedge clients against big moves in financial markets. Returns for the year through Oct. 10 ranged as high as 110 percent, according to investor documents. The Standard & Poor's 500 Index lost 39 percent in the same period.... 'The Black Swan Protection Protocol is designed to break even 90 to 95 percent of the time,' Spitznagel said. 'We happen to be in that other 5 to 10 percent environment.'"