American Consequences - June 2018

Idyll Farms complex in Northport, Michigan

A CONVERSATIONWITH Mark Spitznagel

ne of my favorite investors is Mark Spitznagel.

Of course, I admire his success. He is the “Ursa Major” among bears, having correctly (and very profitably) called the stock market crashes of 2000 and 2008. Since then he has “fenced the bull” with his multibillion- dollar Universa Investments hedge fund that not only actually hedges (something many hedge funds, busy making huge derivative bets, forget to do) but is also structured to profit in rising markets.

By P.J. O'Rourke

American Consequences 29

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