He actually has not much to say. All his point in fact is just "Instead of trying to predict future, how about let's just prepare for worst first?" So instead

He actually has not much to say. All his point in fact is just "Instead of trying to predict future, how about let's just prepare for worst first?" So instead of computing probability of stock market index rising or falling in june 2009. The strategy is just "if all our current holdings dropped 75% in values? what is our protection against such happening". Instead of trying to bet on probablity, he just tries to hedge when black swan happens.