Empirica Capital
Empirica Capital LLC was a hedge fund founded in 1999 by Nassim Nicholas Taleb in partnership with Mark Spitznagel, that used Taleb's black swan strategy.[1][2][3][4] The firm was closed in 2004.[4]:157
The investment strategy of the fund has been explained in a New Yorker article.[5]:162 One of Empirica's funds, Empirica Kurtosis LLC, was reported to have made a 60% return in 2000 followed by losses in 2001, 2002, and single digit gains in 2003 and 2004.[6]
Taleb claimed that he shut down Empirica LLC, in 2005 to become a "writer and a scholar.[3][7][8] At the time he also "feared he might have a recurrence of throat cancer."[7][9]
In 2007 Spitznagel founded the firm Universa Investments L.P. with Taleb as an adviser using black swan portfolio hedging strategies similar to Empirica's.[8][10]
References
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- ↑ http://www.wsj.com/news/articles/SB118429436433665637 http://www.tavakolistructuredfinance.com/2009/06/talebs-stranded-swan/ The article said the fund had a 60% return in 2000 followed by “losses in 2001 and in 2002.” In 2003 and 2004 it had low single-digit gains, a period when hedge funds posted average returns of 20% and 9% respectively.
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