A barbell strategy

There is a so called "barbell" strategy that ensure protections against unpredictable negative events:

If you vulnerable to prediction errors, and if you accept that most "risk measures" are flawed, because of unpredicatibility, then you should have hyperconservative and hyperagreesive (NOTE THE "AND") strategies as you can instead of being mildly agressive or conservative (NOTE TEH "OR"). Instead of putting your money in "medium risk" investments, you need to put a portion, say 85 to 90 percent, in extremely safe instruments, like T-bills --- as safe a class of instruments as you can manage to find on this planet. The remaining 10 to 15 percent you put in extremely speculative bets, as leveraged as possible and as many as you can find. Venture capital successes are from their predicatibility and intelligence but a few hits from many smaller bets.

This way you don't depend on errors of risk management. Or equivalently, you can have a speculative portofolio and insure it against losses of more than 15 percent. The average of these two extremes would be an average risk but you are more exposed to a positive surprises, i.e., surprises that benefit you. This is also called a "convex" combination.