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Calpers quit a $1-billion payday by scrapping a hedge against a shares crash

Calpers quit a $1-billion payday by scrapping a hedge against a shares crash 3 years ago, the greatest U.S. Retirement fund made an investment that is unusual. It purchased alleged tail-risk protection, a type of insurance coverage against economic disaster. In an industry meltdown like the one sparked by the coronavirus, the strategy promised a