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Banks have never made money in the history of banking, losing the equivalent of all their past profits periodically - while bankers strike it rich.
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
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Nassim Nicholas Najib Taleb
Nassim Taleb
Money
Banking
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Banks
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Never
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Periodically
Losing
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Equivalent
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A verbal threat is the most authentic certificate of impotence.
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As countries get rich they start increasing education and the very educated people tend to not like trial and error, because they think they're obligated to use the body of knowledge they have.
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Please, don’t drive a school bus blindfolded.
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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.
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Never ask anyone for their opinion, forecast, or recommendation. Just ask them what they have—or don’t have—in their portfolio.
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Read books are far less valuable than unread ones.
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What we do today has nothing to do with capitalism or socialism. It is a crony type of system that transfers money to the coffers of bureaucrats.
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I don't know anyone on Wall Street who goes to work every day thinking of anything but how to increase their bonus.
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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.
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Love without sacrifice is like theft
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Prediction, not narration, is the real test of our understanding of the world.
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You don't become completely free by just avoiding being a slave you also need to avoid becoming a master.
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Don't disturb complicated systems that have been around for a very long time. We don't understand their logic. Don't pollute the planet. Leave it the way we found it, regardless of scientific 'evidence'.
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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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It does not matter how frequently something succeeds if failure is too costly to bear.
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Few understand that procrastination is our natural defense, letting things take care of themselves and exercise their antifragility it results from some ecological or naturalistic wisdom, and is not always bad - at an existential level, it is my body rebelling against its entrapment. It is my soul fighting the Procrustean bed of modernity.
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Steve Jobs, Bill Gates and Mark Zuckerberg didn't finish college. Too much emphasis is placed on formal education - I told my children not to worry about their grades but to enjoy learning.
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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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The difference between slaves in Roman and Ottoman days and today's employees is that slaves did not need to flatter their boss.
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Never trust a journalist unless she's your mother.
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