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And let’s say he still went on to earn the extraordinary annual investment returns he’s been able to generate (22% annually), but quit investing and retired at age 60 to play golf and spend time with his grandkids. What would a rough estimate of his net worth be today? Not $84.5 billion. $11.9 million. 99.9% less than his actual net worth.
Morgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
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
David Aldous • Taleb, Nassim Nicholas. The Black Swan: The impact of the highly improbable. Random House, 2007.
MONEY
fiduciary money aggregated into social trusts for Pensions & Endowments to invest for income as well as safety to assure income security in a dignified future for so many, directly, as a private benefit, that it is also for us all, consequently, as a public good
MATHEMATICS
the fiduciary financing mathematics for financially engineering equi
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