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๐๐ ๐๐ง๐ญ๐ซ๐๐ฉ๐ซ๐๐ง๐๐ฎ๐ซ๐ฌ๐ก๐ข๐ฉ ๐๐๐ฌ๐ฌ๐จ๐ง๐ฌ ๐
๐ซ๐จ๐ฆ @nntaleb
=THREAD=
=THREAD=
Nassim Nicholas Taleb is a Lebanese-American scholar, author, Risk analyst, and former financial trader whose work concerns problems of randomness, probability, and uncertainty.
Described by @thesundaytimes his book โThe black swanโ is one of the twelve most influential books since World War II.
The black swan is about the impact of rare and unpredictable events like
โข 9/11
โข WW2
โข rise of the internet
โข stock market crashes
The black swan is about the impact of rare and unpredictable events like
โข 9/11
โข WW2
โข rise of the internet
โข stock market crashes
Taleb created a financial strategy to be prepared for unpredicted events.
In 1987 when the stock market had the biggest drop in history he made enough money to be set for life.
In 1987 when the stock market had the biggest drop in history he made enough money to be set for life.
Here are 10 entrepreneurship lessons from n. n. Taleb:
1. Randomness is unknowledge
In practice, randomness is incomplete information.
If you see a pregnant woman the sex of her child is a random matter to you (50% chance of either sex), but not to her doctor.
โThe world is opaque and appearances fool us.โ
In practice, randomness is incomplete information.
If you see a pregnant woman the sex of her child is a random matter to you (50% chance of either sex), but not to her doctor.
โThe world is opaque and appearances fool us.โ
2. Stories are stronger than ideas
People buy stories not ideas.
Taleb himself used the metaphor of a black swan and used stories throughout his book to illustrate his ideas.
Your story needs to be:
- Relatable
- Memorable
- Shareable
โIdeas come and go, stories stay.โ
People buy stories not ideas.
Taleb himself used the metaphor of a black swan and used stories throughout his book to illustrate his ideas.
Your story needs to be:
- Relatable
- Memorable
- Shareable
โIdeas come and go, stories stay.โ
3. Challenges are fuel for growth
Challenges are stressors that are beneficial for keeping you strong and promoting growth.
Challenge yourself; challenges that are small enough to not hurt you and large enough to help your growth.
โDifficulty is what wakes up the genius.โ
Challenges are stressors that are beneficial for keeping you strong and promoting growth.
Challenge yourself; challenges that are small enough to not hurt you and large enough to help your growth.
โDifficulty is what wakes up the genius.โ
4. Get closer to the truth through falsification
Embrace mistakes.
Learn what doesnโt work and what is not true and youโll find yourself opening creative doors to new ideas faster.
โIt is true that a thousand days cannot prove you right, but one day can prove you to be wrong.โ
Embrace mistakes.
Learn what doesnโt work and what is not true and youโll find yourself opening creative doors to new ideas faster.
โIt is true that a thousand days cannot prove you right, but one day can prove you to be wrong.โ
5. Be wary of experts
Every day some expertโs previous certainty is discredited.
- Diets once thought to be beneficial are now ridiculed.
- Governments once passed rules that are considered crimes now.
โThe problem with experts is that they do not know what they do not knowโ
Every day some expertโs previous certainty is discredited.
- Diets once thought to be beneficial are now ridiculed.
- Governments once passed rules that are considered crimes now.
โThe problem with experts is that they do not know what they do not knowโ
6. We tend to relate success to our skills and failure to the chance
We tend to forget the many who failed and remember the few who succeed and then create reasons and patterns for success.
โRemember that nobody accepts randomness in his own success, only his failure.โ
We tend to forget the many who failed and remember the few who succeed and then create reasons and patterns for success.
โRemember that nobody accepts randomness in his own success, only his failure.โ
7. Keep things in perspective
A mountain range viewed from the moon might appear smooth and flat. But it doesnโt mean you canโt be harmed if you fall off it.
โIt takes considerable effort to see facts and remember them while withholding judgment and resisting explanations.โ
A mountain range viewed from the moon might appear smooth and flat. But it doesnโt mean you canโt be harmed if you fall off it.
โIt takes considerable effort to see facts and remember them while withholding judgment and resisting explanations.โ
8. The barbell strategy
The barbell strategy advocates investing in a mix of high-risk and no-risk assets while ignoring the mid-range of mildly risky assets.
โI initially used the image of the barbell to describe a dual attitude of playing it safe in some areas...
The barbell strategy advocates investing in a mix of high-risk and no-risk assets while ignoring the mid-range of mildly risky assets.
โI initially used the image of the barbell to describe a dual attitude of playing it safe in some areas...
... and taking a lot of small risks in others, hence achieving antifragility... Someone with 100% in so-called โmediumโ risk securities has a risk of total ruin from the miscomputation of risks."
9. Accept the certainty of uncertainty
Risk isnโt exactly a game with rules that can be calculated before the game begins.
Although we can try to calculate every risk, weโll never be able to get it perfectly right.
โThe Future Has Always Been Crazier Than We Thought.โ
Risk isnโt exactly a game with rules that can be calculated before the game begins.
Although we can try to calculate every risk, weโll never be able to get it perfectly right.
โThe Future Has Always Been Crazier Than We Thought.โ
10. Donโt predict the future based on the limited data
Be aware of your weaknesses. If we focus only on what we know, then we open ourselves up to great risks.
"It's better to be aware of what you don't know than certain of what you do"
Be aware of your weaknesses. If we focus only on what we know, then we open ourselves up to great risks.
"It's better to be aware of what you don't know than certain of what you do"
Taleb is one of the freshest thinkers of our time.
He has been teaching two important Mental Models:
He has been teaching two important Mental Models:
1. The skin in the game
Taleb's thesis is that skin in the gameโi.e., having a measurable risk when taking a major decisionโis necessary for fairness, commercial efficiency, and risk management, as well as being necessary to understand the world.
Taleb's thesis is that skin in the gameโi.e., having a measurable risk when taking a major decisionโis necessary for fairness, commercial efficiency, and risk management, as well as being necessary to understand the world.
2. The black swan
Taleb describes a black swan as an event that:
1) is so rare that even the possibility that it might occur is unknown,
2) has a catastrophic impact when it does occur,
3) is explained in hindsight as if it were actually predictable.
Taleb describes a black swan as an event that:
1) is so rare that even the possibility that it might occur is unknown,
2) has a catastrophic impact when it does occur,
3) is explained in hindsight as if it were actually predictable.
If you want to:
โข know more about mental models,
โข study the most important ones,
โข internalize them in your mind;
Get your copy of "100 Mental Models", be a pioneer: https://gumroad.com/a/485553267/AxfYH
โข know more about mental models,
โข study the most important ones,
โข internalize them in your mind;
Get your copy of "100 Mental Models", be a pioneer: https://gumroad.com/a/485553267/AxfYH
โข Thank you for reading
โข Follow account ( @wealth_director) for more content like this.
โข If you enjoyed reading this thread, rt the first tweet of this thread: https://twitter.com/wealth_director/status/1390288029043105793?s=20
โข Follow account ( @wealth_director) for more content like this.
โข If you enjoyed reading this thread, rt the first tweet of this thread: https://twitter.com/wealth_director/status/1390288029043105793?s=20
