@paulportesi @nntaleb People that get the bad end of a Tail Event seem blind to the risk they took by choice, even after it hits. People who think things through, are risk and process aware and thus not hit as bad byTail Events are seen as lucky.

— António Martins (@AntnioM13665295) July 20, 2020

This is true. Hedging in good times is seen as foolishness, and when you need your hedge and make use of it, you are seen as “lucky.” Capital preservation is more important than capital gains. Means nothing if you make 900% and then get wiped out five years later.