Until one day–maybe only every five or ten years–a black swan appears, terrorists ram jets into skyscrapers or a global pandemic freezes the global economy. Then the tables turn hard and Spitznagel makes an enormous amount of money, more than enough to make up for all those many days of small losses. And those caught feeding on Spitznagel’s bait find themselves trapped in a trade that carries almost unfathomable losses. Sometimes they’re wiped out entirely.
直到有一天——也许是每5年或10年——会出现一只黑天鹅,恐怖分子会用喷气式飞机撞向摩天大楼,或者全球大流行会冻结全球经济。然后形势变得艰难,斯皮兹纳格尔赚了一大笔钱,足以弥补所有这些天的小损失。而那些以斯皮兹纳格尔的鱼饵为食的人发现自己陷入了一种几乎会带来难以估量的损失的交易中。有时它们会完全消失。