Basically, he says he makes far out-of-the-money bets that cost little but deliver huge when it all comes crashing down.

Spitznagel, a former trader, is a protégé of Nassim Nicholas Taleb, the author of the 2007 bestseller, “The Black Swan,”

https://www.marketwatch.com/story/these-3-words-describe-one-black-swan-investors-approach-to-managing-his-5-billion-fund-through-a-market-crash-2020-02-13

https://www.internetional.se/factorpricequal.htm#blackswan