This sounds super sketchy. Return on invested capital is not an accepted hedge fund performance metric, and the idea that a tail hedge fund could make 105% a ye

This sounds super sketchy. Return on invested capital is not an accepted hedge fund performance metric, and the idea that a tail hedge fund could make 105% a year on average is ridiculous. This is why Spitznagel(but even more so Taleb, Universa's "scientific advisor") are considered clowns in tail risk and quant hedge fund space, huge amount of publicity but no public audited figures to back the claims up.