Fat Tail Notes · Part 19 · V10-P7 Part 18 asked the question this series has been walking toward since Part 11: when the backstop's protection is probabilistic, what does the retail investor's own "underwear" actually consist of, and what does it cost? This part answers with numbers. Two garments exist for the unprotected investor — a cash buffer and put insurance — and they have different geometries, different costs, and different failure modes. The cash garment has capacity 1.0 by construc...