A Black Swan-Free Life
Quickarticle highlighting Taleb’s recent recommendations for avoiding black swans.
Click Here To Read About A Black Swan Free Life
Article Introduction (Via Economist )
NASSIM TALEB has a plan to black swan-proof our lives in ten steps. Yves Smith and Felix Salmon like his suggestions, but lament that they will never come to pass. Thank goodness for that. A few of his ideas are useful (not socialising losses, changing executive pay structures), some are good in theory but not in practice (prevent any institutions from becoming too big to fail), and others do more harm than good.
Additional Excerpt (Via Economist)
And who exactly are the smart people with clean hands—Mr Taleb and Nouriel Roubini? Or is he suggesting we replace everyone in finance, academia, and government with people who have no knowledge or skills? The populist perception is that a monkey can run a trading desk; that’s simply not true. Most people who work in finance are competent professionals with years of experience and invaluable contacts. Few were directly involved with the structured products in question. America has a comparative advantage in financial services because of its human capital in that industry, do we really want to eliminate that?
