When the exact same crime is committed twice, only the victim is blameful.

“Black-swan funds run by Universa Investments LP and Pacific Investment Management Co., designed to protect against financial cataclysms, paid off this month as stocks took their steepest dive in almost three years,” Bloomberg reports.

A so-called black swan is an investment term used to describe an unforeseen market event that either positively or negatively impacts returns.

“Black-swan clients of PIMCO, manager of the world’s biggest mutual fund, saw gains this month of as much as 5.5 times the premiums they paid, according to Vineer Bhansali, a Pimco portfolio manager,” Bloomberg notes.

Further, Universa, a hedge fund founded and owned by Mark Spitznagel that consults with New York University professor Nassim Taleb, “had a 10-fold return this year through Aug. 8 on the capital in its black-swan accounts.”

Qu’est ce que ça donne en français?
http://www.fooledbyrandomness.com/Aphorismes.pdf