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When I trade, I don't have an agency problem I have my neck on the line. When a bank or banker trades, it's not his neck on the line.
Nassim Nicholas Taleb
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Nassim Nicholas Taleb
Age: 64
Born: 1960
Born: September 11
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Economist
Essayist
Mathematician
Philosopher
Statistician
University Teacher
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Nassim Nicholas Najib Taleb
Nassim Taleb
Agency
Trade
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Banker
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Bankers
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To bankrupt a fool, give him information.
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It is often the mistakes of others that benefit the rest of us and, sadly, not them ... For the antifragile, harm from errors should be less than the benefits.
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Things always become obvious after the fact
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Your reputation is harmed the most by what you say to defend it.
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Modernity has replaced ethics with legalese, and the law can be gamed with a good lawyer.
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It is my great hope someday, to see science and decision makers rediscover what the ancients have always known. Namely that our highest currency is respect.
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Prediction, not narration, is the real test of our understanding of the world.
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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.
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It is also naïve empiricism to provide, in support of some argument, series of eloquent confirmatory quotes by dead authorities. By searching, you can always find someone who made a well-sounding statement that confirms your point of view and, on every topic, it is possible to find another dead thinker who said the exact opposite.
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My best definition of a nerd: someone who asks you to explain an aphorism
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Capitalism is about adventurers who get harmed by their mistakes, not people who harm others with their mistakes.
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The number of managers with great track records in a given market depends far more on the number of people who started in the investment business (in place of going to dental school), rather than on their ability to produce profits.
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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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Don't read newspapers for the news (just for the gossip and, of course, profiles of authors). The best filter to know if the news matters is if you hear it in cafes, restaurants... or (again) parties.
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Anything organic requires some dose of variability so it can adapt all the time, and fixing things is not a good idea.
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Poverty is clearly one source of emotional suffering, but there are others, like loneliness.
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Failure saves lives. In the airline industry, every time a plane crashes the probability of the next crash is lowered by that. The Titanic saved lives because we're building bigger and bigger ships. So these people died, but we have effectively improved the safety of the system, and nothing failed in vain.
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Wittgenstein's ruler: Unless you have confidence in the ruler's reliability, if you use a ruler to measure a table you may also be using the table to measure the ruler.
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The fastest way to become rich is to socialize with the poor the fastest way to become poor is to socialize with the rich.
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The more data we have, the more likely we are to drown in it.
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