I was reading Nassim Nicholas Taleb’s “Black Swan” book, given the recent volatile market. His strategies are based on hedging against the tail risk, and can be mathematical very complex. A more simple version of the theory for the investor was published today at Seeking Alpha. It may be off interest to LI subscribers.
https://seekingalpha.com/article/4348032-hedging-against-black-swan-events-strategy-pays-off-in-long-run