@quantguild Hey Roman, how much do you typically allocate to buying puts as portfolio insurance? For example, do you prefer buying new SPY puts every 3 months, every 6 months, or perhaps just buying a single long-dated LEAPS put once a year?There seem to be so many different ways to hedge against tail-risk events, and I often feel confused about which approach makes the most sense. I'm mainly looking for protection against rare "black swan" events, not normal market pullbacks. How do you think about choosing the expiration, strike, and position size? Do you keep a permanent hedge on at all times, or do you only buy protection when implied volatility is relatively cheap? I'd really appreciate any insights into how you approach long-term tail-risk hedging and how you balance protection versus the cost of constantly paying for insurance. I watched all of your videos about volatility drag, and they helped me understand the concept much better. However, I'd really appreciate hearing your personal perspective on this.I know this isn't financial advice, but I'm more interested in how you would approach it in practice. If you were building a portfolio and wanted long-term protection against black swan events, how would you structure your hedge? I'd love to hear your thought process and any practical insights you've gained from experience. Thank you brotha
