You don’t need a physics degree to ride a bicycle. Nor, Nassim Nicholas Taleb realized one day, do traders need to understand the mathematical theorems of options trading to trade options. Instead traders discover “heuristics,” or rules of thumb, by trial and error. These are then formalized by academics into theorems and taught to new generations of traders, who become slaves to theory, ignore their own common sense and end by blowing up the system. In a neat echo of its own thesis, Mr. Taleb’s paper making this point sat unpublished for seven years while academic reviewers tried to alter
In November of 2012, immediately after U.S. Federal Reserve Bank Chairman, Ben Bernanke announced the implementation of Quantitative Easing II, Nassim Taleb contacted Bloomberg News interviewer, Erik Schatzker to say “Something has to be done about Ben Bernanke”.
Foreign Policy has an article on their website with reflections from Nassim touching on Fragility/Antifragility, the stability of countries, city-states and decentralizing government, Lebanon, the European Union, and US deficits, titled Epiphanies from Nassim Nicholas Taleb.
Nassim Nicholas Taleb has made a career of going against the grain, and he has been successful enough that the title of his book The Black Swan is a catchphrase for global unpredictability far beyond its Wall Street origins. Born in Lebanon, he weathered the first few years of the civil war in the late 1970s reading
Nassim Nicholas Taleb Looks like a preview of what to expect from the economics and econophaster establishment. Davies is the gentleman there; others have not even given a simple thougth to model error and which domains are affected by it. But asking people to explain insults can lead to pleasant surprises.