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Banking is a very treacherous business because you don't realize it is risky until it is too late. It is like calm waters that deliver huge storms.
Nassim Nicholas Taleb
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Nassim Nicholas Taleb
Age: 64
Born: 1960
Born: September 11
Author
Economist
Essayist
Mathematician
Philosopher
Statistician
University Teacher
Writer
Nassim Nicholas Najib Taleb
Nassim Taleb
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Banking
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Waters
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More quotes by Nassim Nicholas Taleb
Never think that lack of variability is stability. Don't confuse lack of volatility with stability, ever.
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We know from chaos theory that even if you had a perfect model of the world, you'd need infinite precision in order to predict future events. With sociopolitical or economic phenomena, we don't have anything like that.
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Greatness starts with the replacement of hatred with polite disdain.
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Things always become obvious after the fact
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Dress your best on your execution day. Be extremely courteous to your assistant when you lose money. Try not to blame others for your fate, even if they deserve blame. Never exhibit any self-pity. Do not complain.
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Only in recent history has working hard signaled pride rather than shame for lack of talent, finesse and, mostly, sprezzatura .
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He who has never sinned is less reliable than he who has only sinned once.
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If you are in banking and lending, surprise outcomes are likely to be negative for you.
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There are secrets to our world that only practice can reveal, and no opinion or analysis will ever capture in full.
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Ideas come and go, stories stay.
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Never ask a trader if he is profitable: you can easily see it in his gesture and gait.
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Maximum of an average is necessarily less volatile than the average maximum
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When you beat up someone physically, you get excercise and stress relief when you assault him verbally on the Internet, you just harm yourself.
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A competitive athlete is painful to look at trying hard to become an animal rather than a man, he will never be as fast as a cheetah or as strong as an ox.
Nassim Nicholas Taleb
Probability is not a mere computation of odds on the dice or more complicated variants it is the acceptance of the lack of certainty in our knowledge and the development of methods for dealing with our ignorance.
Nassim Nicholas Taleb
Philosophers talk about truth and falsehood. People in life talk about payoff, exposure, and consequences (risks and rewards), hence fragility and antifragility. And sometimes philosophers and thinkers and those who study conflate Truth with risks and rewards.
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The psychologist Gerd Gigerenzer has a simple heuristic. Never ask the doctor what you should do. Ask him what he would do if he were in your place. You would be surprised at the difference
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A prophet is not someone with special visions, just someone blind to most of what others see
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Scepticism is effortful and costly. It is better to be sceptical about matters of large consequences, and be imperfect, foolish and human in the small and the aesthetic.
Nassim Nicholas Taleb
When some systems are stuck in a dangerous impasse, randomness and only randomness can unlock them and set them free.
Nassim Nicholas Taleb
