💡
nobody can transfer hidden tail risk, or Bob Rubin-style risks. Yes, the Bob Rubin trade is 3,800 years old, as old as civilization, and so are the rules to counter it. What is a tail? Take for now that it is an extreme event of low frequency. It is called a "tail" because, in drawings of bell-curve style frequencies, it is located to the extreme left or right (being of low frequency), and for some reason beyond my immediate understanding, people started calling that a "tail" and the term stuck. Hammurabi's best known injunction is as follows: "If a builder builds a house and the house collapses and causes the death of the owner of the house--the builder shall be put to death."