Money and Finance
From Nassim Taleb in Fooled By Randomness:
- 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...
- Howard Marks Quote
From The Most Important Thing: The investment world is not an orderly and logical place where the future can be predicted and specific actions always produce specific results. The truth is, much in investing is ruled by luck. Some may prefer to call it...
- Nassim Taleb On The Importance (and Difficulty) Of Being Willing To Change Your Mind If The Facts Change
Some quotes from Fooled by Randomness (also posted on Twitter):Carneades was not merely a skeptic; he was a dialectician, someone who never committed himself to any of the premises from which he argued, or to any of the conclusions he drew from them....
- Howard Marks Quote On Statistics
From “Whad’Ya Know?” (March 2003): “I think statistics are like matches – the unsophisticated shouldn’t play with them. When shown to the public, they tend to produce confusion between possibility, probability and a sure thing, and between...
- 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
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 use statistics and inductive methods to make aggressive bets, but I will not use them to manage my risks and exposure. Surprisingly, all the surviving traders I know seem to have done the same. They trade on ideas based on some observation (that includes past history) but, like the Popperian scientists, they make sure the costs of being wrong are limited (and their probability is not derived from past data).
- 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...
- Howard Marks Quote
From The Most Important Thing: The investment world is not an orderly and logical place where the future can be predicted and specific actions always produce specific results. The truth is, much in investing is ruled by luck. Some may prefer to call it...
- Nassim Taleb On The Importance (and Difficulty) Of Being Willing To Change Your Mind If The Facts Change
Some quotes from Fooled by Randomness (also posted on Twitter):Carneades was not merely a skeptic; he was a dialectician, someone who never committed himself to any of the premises from which he argued, or to any of the conclusions he drew from them....
- Howard Marks Quote On Statistics
From “Whad’Ya Know?” (March 2003): “I think statistics are like matches – the unsophisticated shouldn’t play with them. When shown to the public, they tend to produce confusion between possibility, probability and a sure thing, and between...
- 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,...