For the people commenting that this wouldn't work over the long run (or the past ~10 years of the bull market), the article says this:

> Spitznagel included a chart in his letter showing that a portfolio invested 96.7% in the S&P 500 and 3.3% in Universa’s fund would have been unscathed in March, a month in which the U.S. equity benchmark fell 12.4%. The same portfolio would have produced a compounded return of 11.5% a year since March of 2008 versus 7.9% for the index.

So, yes this shouldn't be 100% of your portfolio (same with any fund), but a similar strategy might be successful in a small % of your portfolio as a hedge.