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Empirica Capital

Former American hedge fund From Wikipedia, the free encyclopedia

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Empirica Capital LLC was a hedge fund founded in 1999 by Nassim Nicholas Taleb in partnership with Mark Spitznagel, that used Taleb's black swan strategy.[1][2][3][4] The firm closed in 2005.[5][4]:157

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The investment strategy of the fund has been explained in a New Yorker article.[6] One of Empirica's funds, Empirica Kurtosis LLC, was reported to have made a 56.86% return in 2000 followed by returns of -8.39% in 2001, -13.81% in 2002, and -3.92% in 2003, according to an investor letter.[7][8]

Taleb has stated that he shut down Empirica LLC, in 2005 to become a "writer and a scholar".[3][9][10] At the time he also "feared he might have a recurrence of throat cancer."[9][11]

In 2007 Spitznagel founded the firm Universa Investments L.P. with Taleb as an adviser using black swan portfolio hedging strategies similar to Empirica's.[10][12]

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