Investing in the Black Swans

What I call the improbable disaster and one of the most interesting questions in investing is what do you do about the improbable disaster? You can't prepare for every eventuality. If you ensure if you spend money for insurance premiums against every possible outcome, then you will have protected against every negative outcome and you'll have no money left. So it's really interesting. Maybe there are some possible courses of action which offer an attractive expected value on average but which entail some outcomes that you absolutely can't stand. And then you take those consequences. We face that back in 2008 when we had the big $11 billion fund he was talking about. The distressed asset fund. That's right. And we're