**"TAIL RISK HEDGING: Creating Robust Portfolios for Volatile Markets"** by Vineer Bhansali is a comprehensive guide on protecting investments against severe market downturns, a priority for investors and money managers especially after the global financial crisis. Bhansali, with over a decade of experience at PIMCO, offers a systematic approach to tail risk hedging, drawing from macroeconomic forecasting and quantitative modeling across asset markets. This book delves into the failure of mean reversion and the idealized bell curve of asset returns, which underestimates the likelihood of extreme market outcomes. Bhansali explains the importance of diversification in managing portfolios during tail events and provides a rigorous framework for adding value to a portfolio through attractively priced tail hedges. **Key Highlights:** - Practical experience and empirical data to explain diversification failure in tail events. - Strategies for generating profits from volatility and illiquidity during market downturns. - Insights into the psychology of investors in option pricing and portfolio construction. - Customization of hedges for retirement investments and managing risk factors like duration and inflation risk. **Praise for TAIL RISK HEDGING:** The book has received acclaim for its critical insights into managing downside risk in portfolios, offering both theoretical foundations and practical considerations for asset allocation today. **For Whom:** A must-read for fiduciaries, financial consultants, investors, and anyone involved in asset allocation, seeking to understand and implement tail risk hedging strategies in their investment portfolios.