How to Short a Startup

The invention of the "Snow Put"

This one is going to be short on prose, long on diagrams.

Long story short, after I left Bridgewater, and before Rose got off the ground, there was a hedge fund called Snow.

The goal of Snow was pretty simple. We wanted to make a hedge fund that actually, you know, hedged something.

In particular, I was interested in the idea of hedging your life. Taki…