Tail Risk Hedging

"The takeaway for investors is that the evidence demonstrates that at least, historically, an allocation to time-series momentum and quality (defensive) stocks would not only have improved returns but significantly reduced tail risk, the kind of risk that can lead to the failure of financial plans."

That was Larry Swedroe writing on tail risk hedging at Alpha Architect. The post is here:
Strategies to Reduce Crash Risk in Stocks.