
The Black Swan: The Impact of the Highly Improbable (Incerto Book 2)

to believe in the nation-state as an entity.*5 The Christians convinced themselves that they were at the origin and center of what is loosely called Western culture yet with a window on the East. In a classical case of static thinking, nobody took into account the differentials in birthrate between communities and it was assumed that a slight
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activity, the “default” option. It takes considerable effort to see facts (and remember them) while withholding judgment and resisting explanations. And this theorizing disease is rarely under our control: it is largely anatomical, part of our biology, so fighting it requires fighting one’s own self. So the ancient skeptics’ precepts to withhold
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“experts”?), you need to put a portion, say 85 to 90 percent, in extremely safe instruments, like Treasury bills—as safe a class of instruments as you can manage to find on this planet. The remaining 10 to 15 percent you put in extremely speculative bets, as leveraged as possible (like options), preferably venture capital–style portfolios.*42 That
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Strangely, Hume during his day was not mainly known for the works that generated his current reputation—he became rich and famous through writing a bestselling history of England. Ironically, when Hume was alive, his philosophical works, to which we now attach his fame, “fell deadborn off the presses,” while the works for which he was famous at the
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would be worth looking into the works of hume including his formerly bestselling history of england
Both Huet and Bayle were erudites and spent their lives reading. Huet, who lived into his nineties, had a servant follow him with a book to read aloud to him during meals and breaks and thus avoid lost time. He was deemed the most read person in his day. Let me insist that erudition is important to me. It signals genuine intellectual curiosity. It
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Moslem orthodoxies. A mountainous terrain is an ideal refuge from the mainstream, except that your enemy is the other refugee competing for the same type of rugged real estate. The mosaic of cultures and religions there was
Nassim Nicholas Taleb • The Black Swan: The Impact of the Highly Improbable (Incerto Book 2)
In the utopian province of Mediocristan, particular events don’t contribute much individually—only collectively. I can state the supreme law of Mediocristan as follows: When your sample is large, no single instance will significantly change the aggregate or the total. The largest observation will remain impressive, but eventually insignificant, to
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But the idea behind Pascal’s wager has fundamental applications outside of theology. It stands the entire notion of knowledge on its head. It eliminates the need for us to understand the probabilities of a rare event (there are fundamental limits to our knowledge of these); rather, we can focus on the payoff and benefits of an event if it takes
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Surprisingly, the book that influenced me was not written by someone in the thinking business but by a journalist: William Shirer’s Berlin Diary: The Journal of a Foreign Correspondent, 1934–1941. Shirer was a radio correspondent, famous for his book The Rise and Fall of the Third Reich. It occurred to me that the Journal offered an unusual
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