'Black Swan' investor Mark Spitznagel says you should guard against disaster — but take risks too

Mark Spitznagel is the head of Universa Investments. Bloomberg/Getty Images A "Black Swan" investor says to protect yourself against catastrophes while also taking risks. Universa's Mark Spitznagel said it's vital to "bet your beliefs" while avoiding big losses. He told BI that AI won't replace some human skills, and spoke fondly about his best investment. A "Black Swan" investor says to guard against disasters — but take risks too. Mark Spitznagel has built his career on protecting his clients' portfolios against extreme, rare, and unpredictable events known as "black swans" or "tail risks." Yet the Universa Investments founder and chief told Business Insider over coffee in London this month that simply preparing for the worst isn't a winning strategy in life. Not taking enough risks can be the "biggest mistake someone makes," Spitznagel said. "You need to be exposed, you need to bet your beliefs."