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The Retail Underwear: What Protection Costs When the Backstop Has a Clock

This story is from 2026-09-27. It is preserved in the archive; the latest stories are on the live feed.

Fat Tail Notes · Part 19 · V10-P7 Part 18 asked the question this series has been walking toward since Part 11: when the backstop's protection is probabilistic, what does the retail investor's own "underwear" actually consist of, and what does it cost? This part answers with numbers. Two garments e…

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  1. 2026-09-27 11:17 · DEV Community — AI
    The Retail Underwear: What Protection Costs When the Backstop Has a Clock

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