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There are systems that use failure as fuel for improvement, where the cost of failure is small.

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
Small
Use
Fuel
Systems
Improvement
Failure
Cost

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If humans fight the last war, nature fights the next one.
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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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Daily news and sugar confuse our system in the same manner.
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The grandchildren should not bear the debts of the grandparents.
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Read books are far less valuable than unread ones. The library should contain as much of what you do not know as your financial means, mortgage rates, and the currently tight real-estate market alow you to put there.
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If you don't feel that you haven't read enough, you haven't read enough.
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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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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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The fool generalizes the particular the nerd particularizes the general some do both and the wise does neither
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I want to live happily in a world I don’t understand.
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He who has never sinned is less reliable than he who has only sinned once. And someone who has made plenty of errors-though never the same error more than once-is more reliable than someone who has never made any.
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Go to parties. You can't even start to know what you may find on the envelope of serendipity. If you suffer from agoraphobia, send colleagues.
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An erudite is someone who displays less than he knows a journalist or consultant the opposite.
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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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Anything that provides you with very, very stable income, very stable conditions, maybe generally stable, that often, it masks real risks, risks of blow-ups.
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I've debated many economists who claim to specialize in risk and probability: when one takes them slightly outside their narrow focus, but within the discipline of probability, they fall apart, with the disconsolate face of a gym rat in front of a gangster hit man.
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Debt is a mistake between lender and borrower, and both should suffer.
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It's not a good idea to take a forecast from someone wearing a tie. If possible, tease people who take themselves and their knowledge too seriously.
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Modernity has replaced ethics with legalese, and the law can be gamed with a good lawyer.
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The same past data can confirm a theory and its exact opposite! If you survive until tomorrow, it could mean that either a) you are more likely to be immortal or b) that you are closer to death.
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