Fat Tail Notes · Part 19 · V10-P7 Part 18 asked the question this series has been walking toward since Part 11: when the backstop's protection is probabilistic, what does the retail investor's own "underwear" actually consist of, and what does it cost? This part answers with numbers. Two garmen...
Source: [Dev.to](https://dev.to/fengyugbt/the-retail-underwear-what-protection-costs-when-the-backstop-has-a-clock-5f68)