An investor whose fund returned 4,144% in the first quarter explains why his successful strategy is too dangerous for the average trader — and calls continued Fed stimulus 'very, very destructive'

· *Mark Spitznagel, the chief of Universa Investments, told CNBC on Monday that tail-risk hedging, the fund's risk-mitigation strategy that returned 4,144% in the first quarter, was generally "costly and a bad strategy."*
· *Spitznagel cautioned at-home investors against using tail-risk hedging. Instead, he said, they need to...