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Skin in the Game: The Hidden Asymmetries in Daily Life
Those who talk should do and only those who do should talk
Nassim Nicholas Taleb • Skin in the Game: Hidden Asymmetries in Daily Life
My humble proposal: one should say whatever he wants, but one’s portfolio needs to line up with it.
Nassim Nicholas Taleb • Incerto 4-Book Bundle
Do not mistake skin in the game as defined here and used in this book for just an incentive problem, just having a share of the benefits (as it is commonly understood in finance). No. It is about symmetry, more like having a share of the harm, paying a penalty if something goes wrong. The very same idea ties together notions of incentives, used car
... See moreNassim Nicholas Taleb • Skin in the Game: Hidden Asymmetries in Daily Life
It is not just that skin in the game is necessary for fairness, commercial efficiency, and risk management: skin in the game is necessary to understand the world.
Nassim Nicholas Taleb • Skin in the Game: Hidden Asymmetries in Daily Life
Or as per the expression attributed to Hobbes: Primum vivere, deinde philosophari (First, live; then philosophize). This logical precedence is well understood by traders and people in the real world, as per the Warren Buffett truism “to make money you must first survive”—skin in the game again; those of us who take risks have their priorities firme
... See moreNassim Nicholas Taleb • Skin in the Game: Hidden Asymmetries in Daily Life
came from the thrills and hormonal flush one gets while taking risks in the markets.