Some of the things required to manage a tail risk fund are: 1. Finding mispriced way-out-of-the-money puts, probably a full-time job in and of itself and requ

Some of the things required to manage a tail risk fund are: 1. Finding mispriced way-out-of-the-money puts, probably a full-time job in and of itself and requiring savvy, if not also sophisticated, price models 2. The other half of the strategy is to mitigate the losses on the way OotM puts by simultaneously selling close-to-the-money and in-the-money options. I don’t recall the details but Taleb has mentioned this in the past. There’s a lot of work in designing, managing and executing those too.