On roughly 95 trades out of 100 they lose money… Spitznagel is unruffled as he sits in his office listening to classical music and losing money each day. He is ready and waiting for the next black swan to arrive. 

Spitznagel is pretty young to be so pessimistic; only about 40. So he might have gotten that way from Nassim Taleb, the author of “The Black Swan.” Spitznagel was Taleb’s right hand man at Empirica, another doom-scenario fund. Taleb is now principal and senior scientific adviser at Universa (he shut Empirica after getting seriously ill).