Hedging for a recession

Not trolling, but I am speculating. The last 18 months have been borderline mania across asset classes, ranging from private M&A transactions, residential real estate, to the equity markets, crypto, NFTs, high-end collectibles (sports and trading cards, art, watches, etc.) - all seeing increase measured in multiples rather than merely percentage points. Much of the elevation of assets has been driven by loose monetary policy / expansion of the Fed balance sheet, coupled with immense leverage... all the while inflation is rising to effectively tax the poor and while global economies face relentless supply chain issues.

At some point, the inflows into these bubbly asset categories will begin to slow / reverse, likely coinciding with the continued Fed tapering which will hit leverage levels and asset prices / valuation multiples... when this happens there will likely be a cascade of devaluations and selling of asset hedges to offset losses / cover risk exposure along with a deleveraging which will flow into the economy and cause things to slow a bit. Many long-term macro players have written extensively about this (suggest checking out Dalio's new book on Principles for the Changing World Order).

I'm not sure what the catalyst will be, but there are too many potential "gotchas" out there to trigger the next not so statistically insignificant "black swan" event - ranging from Fed rate hikes, to Russia's invasion of Ukraine, China's invasion of Taiwan, cyber / economic warfare between the US and China, China pegging the Yuan to gold while simultaneously dumping treasuries, commercial real estate bubble popping in China, social unrest in the US / Europe, etc.

I focus a lot on managing low probability tail risk, because even if that risk is theoretically unlikely, it is the type of risk that is most likely to significant impact your life.