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Creating and Maintaining Antifragile Portfolios

Posted in Strategic Allocation

How should investors manage their portfolios to withstand market crashes. In his March 2019 paper entitled "Managing the Downside of Active and Passive Strategies: Convexity and Fragilities", Raphael Douady discusses how to construct an "antifragile" portfolio given that most equity market risk is not readily observable. He describes ways to monitor the probability of a new crisis. Based on in-depth analysis of market behaviors during past speculative bubbles and other crises, he concludes that:

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