Black Swan author's rules for living - Boing Boing

6 discussion topics on which David agrees with Taleb:(1) [p. 286] The sterilized randomness of games does not resemble randomness in real life; thinking it does constitutes the Ludic Fallacy (his neologism). This is exactly right, and mathematicians should pay attention. In my own list of 100 instances of chance in the real world, exactly 1 item is... See more

Avoid taking advice from someone who gives advice for a living, unless there is a penalty for their advice.

I have curated the most important and deep parts of this book into the following quotes:- You don’t know yourself unless you have to make your own choices.- We don’t understand things when we have an edge. Only when we have the perspective of coming from behind.- If we win during bear markets you’ll be fine on bull markets.- Dispersion of outcomes ... See more

These worsen predictability since almost everything in socioeconomic life now is dominated by Black Swans. Our sophistication continuously puts us ahead of ourselves, creating things we are less and less capable of understanding.