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I love Nassim Taleb as an academic and philosopher. I think he has a Peter Thiel like quality of being able to thinking differently, but in a very applicable
by chollida1 9y ago
I love Nassim Taleb as an academic and philosopher. I think he has a Peter Thiel like quality of being able to thinking differently, but in a very applicable way.
Nassim Taleb the author though I really can't get into, and to be fair he's had so much success that this is probably my fault.
If you want to get the most out of his work then read his medium blog. Most of his pieces are written in easily digestible formats.
https://medium.com/@nntaleb https://medium.com/@nntaleb
I've re-started trying to read the Black Swan about 10 times and IMHO if you just read the first 3 chapters then you'll get about 95% of what you would if you had read the entire book.
I think the problem with his books that I have is that he considers himself not just an author but a modern day philosopher, and with that comes a level of rigor in his writing that brings me back to my measure theory and real analysis courses.
If you really want to read his books, then start backwards.
Antifragile is awesome, but still very wordy, and builds on top of all his other works. It almost seems to be the culmination of the idea's he's been writing about since the black Swan.
As a side note, for anyone who wants to learn about options trading with a focus on how a trader would view them, ie from a mathematical perspective, then check out one of his first books...... Dynamic Hedging of Options.
http://ca.wiley.com/WileyCDA/WileyTitle/productCd-0471152803.html http://ca.wiley.com/WileyCDA/WileyTitle/productCd-0471152803...
As a second side note........
His latest concept of “Skin in the game” is the best form of risk control that we've found for reigning in traders. Once traders are required to
1) keep the vast majority of their bonus in the fund for a few years
2) take part of their bonus in the form of non liquid securities if they want to hold more than a certain percentage of their portfolio in non liquid assets
we have found they pay alot more attention to the liquidity of their portfolio and the long term profitability of their portfolio, both of which are good for the long term success of the fund.
- stretchwithme 9y agoOr bonuses should be based on what happens during a long period of time. Say you lead a company from 2015 to 2020, but your bonus is based on how well the company does from 2020 through 2025. And if the company fails before you get your bonus, too bad for you. I haven't read his books but find his ideas as presented in videos and podcasts to be valuable.
- ISL 9y agoThat's precisely what points 1 and 2 do, for a trader.
- mseebach 9y agoThat's exactly the idea. Your bonuses 2015-2020 are invested in the company every year, and you can only cash them out after five years, in 2020-2025. If the company tanks in 2020 your bonuses for 2015-2020 are retroactively zero.
- stretchwithme 9y agoI think companies should be rated by how much skin in the game its leaders have. Companies run by founders that still have a substantial percentage of their wealth in the company would get the highest rating. And professional managers getting stock-based short term incentives would be on the low end.
- hoodwink 9y agoI appreciate your thoughtful response, but I couldn't help reply to your comment about starting backwards: I completely disagree. Fooled by Randomness, in my opinion, is Taleb's seminal work. Reading it changed the course of career (I work in finance), much more so than Antifragile or Black Swan (even though both books are excellent).
- sambe 9y agoCouldn't agree more. Little-mentioned relative to the others because it wasn't connected with the narrative of the financial crisis, but most of the others seems like repetition of ideas from FbR.