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Against the herd: trader Mark Spitznagel on contrarian investing
投资大师斯皮茨纳格尔谈逆向投资

The fund manager says embracing risk and losses in good times is the way to prosper in a crisis
这位基金经理说,在景气时期接受风险和损失是在危机中繁荣的途径。

When the coronavirus pandemic sent financial markets tumbling in March last year, fund manager Mark Spitznagel had one of his most profitable periods ever. His Miami-based Universa Investments, which trades options and aims to make “explosive” returns in times of market crisis, posted hefty profits as the S&P 500 index dropped 20 per cent in the first quarter of 2020.

去年3月,当冠状病毒大流行导致金融市场暴跌时,基金经理马克·斯皮茨纳格尔(Mark Spitznagel)经历了他有史以来最赚钱的时期之一。在标普500指数在2020年第一季度下跌20%之际,他的Universa Investments公布了丰厚利润。Universa Investments总部位于迈阿密,从事期权交易,旨在在市场危机时期获得“爆炸性”回报。

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