Risk management always looks expensive in a bull market

Risk management always looks expensive in a bull market β†’ the trimmed winner, the cash drag, the hedge that bled. Then one Tuesday arrives and the bill flips: everyone who skipped the premium pays the claim. You choose when to pay for risk. Before, at prices you set β†’ or after, at prices set for you.

Insurance feels like waste right up until it’s the only asset that worked.

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