Le Point - Article on Nassim Taleb & Raphael Douady

What tools exist to manage extreme downside risk, apart from expensive (and often ineffective) option strategies?
When the Max Drawdown of the S&P 500 reached almost -35%, many of us thought:
what’s the damage in my portfolio, and how can I fix this mess? Can I hedge anything?
Unfortunately, there is little point in buying an insurance when the storm has hit the house. Should I take my losses and re-enter the market later? But if I didn’t get the timing right on the way down, why should I get it right on the way up? …

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