Chaos Kings tells the story of some Wall Street traders who focus on extreme left-tailed events, think Nassim Taleb and Mark Spitznagel who monetized the ideas behind Taleb's Black Swan events. It is a fast breezy read which makes the trading of tail events exciting even though the premise is that you place some extreme hedges through buying puts and then wait for the fat-tailed event to happen. Still, waiting for extreme requires patience and the ability to actively adjust hedges.
Chaos Kings is not a technical book. Rather it is story of how these chaos kings fought the establishment and with a radical idea that protecting extreme downside can create significant profits. This worth a read on unconventional thinking leading to success.
From the Fidelity report "Liquid alternatives: The power of equity options-based strategies", we can see the impact of having some put protection on the SPX.
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