Also the longer you're in an underperforming hedge, the worse the crash has to be and the better your hedge has to perform to be worth it. You could be complete

Also the longer you're in an underperforming hedge, the worse the crash has to be and the better your hedge has to perform to be worth it. You could be completely right about a recession/crash, but if you miss it by 5 years, your net outcome could still be worse than if you just sat and rode it out start to finish.