CalPERS, TARFU

From my dispute w/ #NoConvexityBen Meng from CALPERS (currently) largest fund on planet

PRINCIPLE: Thou Shalt Not compare convex payoffs (w/ tiny downside) to linear ones (w/yuuge downside).

More Basic: Thou Shalt Not Call speculative trades "hedges".https://t.co/VYVcdKpouz

— Nassim Nicholas Taleb (@nntaleb) April 23, 2020

Alberta too.