Money and Finance
From the end of Fooled by Randomness:
- Statistics And Investing...
From Nassim Taleb in Fooled By Randomness: If the science of statistics can benefit me in anything, I will use it. If it poses a threat, then I will not. I want to take the best of what the past can give me without its dangers. Accordingly, I will...
- Links
Don Graham Is Not Slowing Down After Sale of The Washington Post [H/T Will] (LINK) Bruce Berkowitz's Q2 Letter (LINK) Buffett Waits on Fat Pitch as Cash Hoard Tops $50 Billion (LINK) New Drilling Largely Driven By Debt (LINK) What's Wrong...
- Nassim Taleb On Econtalk
Nassim Taleb, author of Fooled By Randomness and The Black Swan, talks with EconTalk host Russ Roberts about antifragility, the concept behind Taleb's next book, a work in progress. Taleb talks about how we can cope with our ignorance and uncertainty...
- Nassim Taleb On Stoics And Stoicism
From Fooled by Randomness:"Having control over randomness can be expressed in the manner in which one acts in the small and the large. Recall that epic heroes were judged by their actions, not by the results. No matter how sophisticated our choices, how...
- Nassim Taleb On Probabilistic Thinking
“Probability is not a mere computation of odds on the dice or more complicated variants; it is the acceptance of the lack of certainty in our knowledge and the development of methods for dealing with our ignorance. Outside of textbooks and casinos,...
Money and Finance
Nassim Taleb: The core generator of Fooled by Randomness
From the end of Fooled by Randomness:
I have been periodically challenged to compress all this business of randomness into a few sentences, so even an MBA can understand it (surprisingly, MBAs, in spite of the insults, represent a significant portion of my readership, simply because they think that my ideas apply to other MBAs and not to them).This brings to mind Rabbi Hillel’s story, when he was asked by someone particularly lazy if Hillel could teach him the Torah while the student was standing on one leg. Rabbi Hillel’s genius is that he did not summarize; instead, he provided the core generator of the idea, the axiomatic framework, which I paraphrase as follows: Don’t do to others what you don’t want them to do to you; the rest is just commentary.It took me an entire lifetime to find out what my generator is. It is: We favor the visible, the embedded, the personal, the narrated, and the tangible; we scorn the abstract. Everything good (aesthetics, ethics) and wrong (Fooled by Randomness) with us seems to flow from it.
- Statistics And Investing...
From Nassim Taleb in Fooled By Randomness: If the science of statistics can benefit me in anything, I will use it. If it poses a threat, then I will not. I want to take the best of what the past can give me without its dangers. Accordingly, I will...
- Links
Don Graham Is Not Slowing Down After Sale of The Washington Post [H/T Will] (LINK) Bruce Berkowitz's Q2 Letter (LINK) Buffett Waits on Fat Pitch as Cash Hoard Tops $50 Billion (LINK) New Drilling Largely Driven By Debt (LINK) What's Wrong...
- Nassim Taleb On Econtalk
Nassim Taleb, author of Fooled By Randomness and The Black Swan, talks with EconTalk host Russ Roberts about antifragility, the concept behind Taleb's next book, a work in progress. Taleb talks about how we can cope with our ignorance and uncertainty...
- Nassim Taleb On Stoics And Stoicism
From Fooled by Randomness:"Having control over randomness can be expressed in the manner in which one acts in the small and the large. Recall that epic heroes were judged by their actions, not by the results. No matter how sophisticated our choices, how...
- Nassim Taleb On Probabilistic Thinking
“Probability is not a mere computation of odds on the dice or more complicated variants; it is the acceptance of the lack of certainty in our knowledge and the development of methods for dealing with our ignorance. Outside of textbooks and casinos,...