Mark Spitznagel

Mark Spitznagel worked with Nassim Taleb at Empirica Capital before founding Universa Investments. Universa is dedicated to tail-risk hedging — specifically providing portfolio insurance against catastrophic market declines. The firm's approach involves purchasing out-of-the-money put options and other instruments that are cheap in normal times but generate massive returns during crashes. During the March 2020 COVID market crash, Universa reported gains of approximately 4,000%. Spitznagel has been explicit that Universa's strategy is intended to complement rather than replace traditional portfolios, allowing investors to take more risk with their core portfolio because the tail hedge mitigates catastrophic outcomes. His book "The Dao of Capital" applies Austrian economic theory to investing, arguing that roundabout, indirect strategies create superior long-term returns — a philosophy that underpins Universa's willingness to accept small, consistent losses during calm markets in exchange for convex payoffs during extreme dislocations.