Thanks LGEML, you share really interesting and informative links.
Coincidentally, me and the spouse are listening to Malcolm Gladwell's "What the Dog Saw," which is a collection of his favourite old essays. In it he talks about Nassim Taleb's hedge fund days, and explains the approach he was trying to take back then, only buying options (and not selling options) where the payoff would be rare but very large, and the rest of the time he would bleed money. So, the opposite of every typical investor's instinctive approach, being happy with a likely very small gain most days balanced by the reasonable probability of occasional large losses (and effectively no chance of occasional very large gains for most of us), his approach was to be happy losing a little every day against the good chance of occasional very large scores.
This is not unlike what Hussman's fund sort of looks like it's set up to do, and is line with what Igy has described before as his barbell approach (the term is borrowed from Taleb's writings).
Googling a bit this morning i see a "black swan" ETF run by a Nassim mentee, Mark Spitznagel of Universa Investments (he was Taleb's hedge fund's chief trader back when Gladwell looked into this 15 or 20 years ago) jumped 4000% last April as a result of covid-related market turmoil.
I also found that other similar funds have not always scored big, and they mostly tend to lose money over time, like HSGFX, with occasional big jumps that don't necessarily cancel out the slow bleeding.