Nassim Nicholas Taleb
Nassim Nicholas Taleb
Nassim Nicholas Talebis a Lebanese-American essayist, scholar, statistician, former trader, and risk analyst, whose work focuses on problems of randomness, probability, and uncertainty. His 2007 book The Black Swan was described in a review by the Sunday Times as one of the twelve most influential books since World War II...
NationalityLebanese
ProfessionScientist
CountryLebanon
use fuel cost
There are systems that use failure as fuel for improvement, where the cost of failure is small.
stress people work-out
People work out, they stress their body, and their body gets stronger from stress.
valleys tools use
You want failures to be small and informational. Silicon Valley does very well. It knows how to use failure as a tool for improvement.
love-life political volatility
Political life loves some volatility.
mistake used situation
Make sure that you are in a situation where the constant mistakes are small and can be used for something.
thinking economy harm
Is the economy something organic or is it something engineered? I think it's closer to the organic. You harm it by artificially suppressing volatility in it.
machines want adjusting
A washing machine needs constant maintenance. It doesn't want any harm. It wants tranquility, and you need someone to - you're not going to harm it by continuously monitoring it and adjusting it.
opposites gains robust
The opposite of fragile is something that gains from disorder.
ideas fixing dose
Anything organic requires some dose of variability so it can adapt all the time, and fixing things is not a good idea.
bankers bonus expenses
The bonus for bankers fragilizes the system. Someone has the upside at the expense of others.
people events passive
I'd rather have the market tell us what - I'd rather have events precipitate events, rather than just sit there like passive people in Washington.
government natural volatility
Any system that is deprived of its natural volatility, with government up (unintelligible) volatile, any system becomes very fragile.
perfect levels switzerland
Switzerland is the perfect place where you have volatility at a municipal level that nothing up top - small units competing with each other.
mistake pay-the-price benefits
Bankers, they're not harmed by their mistakes. They benefit when things go right, and the society pays the price.