Very thought provoking. It seems like a good argument in favour of entrepreneurship and risk taking. But I'm not sure that I agree with Taleb's glorification o

Very thought provoking. It seems like a good argument in favour of entrepreneurship and risk taking. But I'm not sure that I agree with Taleb's glorification of Front Office banking roles in sales & trading. Like any sufficiently highly paid corporate employee, traders are compensated mainly through company shares which vest over a long period of time. These days a trader's bonus can even be clawed back, many years after being awarded. Rumour is that Wall St traders are often caught up in a culture of excess where bosses pressure them to spend/live extravagantly and become completely dependent on annual cash bonuses. For all the supposed risk taking tolerance bravado, traders are merely risking the firm's capital and not their own. In some ways it is similar to the expat role - just as some executives are chosen to be expats, some bank employees are chosen as traders and given enormous amounts of the firm's capital to bet with. No one can say what to look for in hiring a good trader, there is no consistent basis for selection, there are no academic or professional credentials for traders, the bank executives can choose to shutdown a particular trading desk on a whim, the worst fear of a trader is to lose this coveted position, and most people do not last very long as traders as their luck runs out eventually at the poker table. If an expat executive is like a diplomat fearfully being assigned from one foreign posting to the next, then I think a trader is like a gambler-slave sent to gamble with his master's money in the casino and he is in constant fear of the dire consequences that await if and when he loses too great a sum or fails to win large sums frequently. Trading jobs are usually a better deal for the employee than most comparable jobs, but it is still an employee job and it attracts exactly the kind of people who go to business school and actively seek low risk careers and dependence on a paycheque written by a prestigious employer.