Sublime

Skin in the game helps to solve the Black Swan problem and other matters of uncertainty at the level of both the individual and the collective: what has survived has revealed its robustness to Black Swan events and removing skin in the game disrupts such selection mechanisms.

There is no evolution without skin in the game.

what we learn from professionals in the real world is that data is not necessarily rigor.

Once again the important fact is knowing the existence of these nonlinearities, not trying to model them.

Under the axiom of sustainability, i.e., that “one should take risks as if you were going to do it forever,” only a logarithmic (or similar) transformation

what I’ve called the Black Swan problem—the impossibility of calculating the risks of consequential rare events and predicting their occurrence.

At no point in history have so many non-risk-takers, that is, those with no personal exposure, exerted so much control. The chief ethical rule is the following: Thou shalt not have antifragility at the expense of the fragility of others.