The writer confuses buying bonds with trading in bonds. When you buy a bond, you are guaranteed a fixed percentage rate if you hold it to maturity. When you tra

The writer confuses buying bonds with trading in bonds. When you buy a bond, you are guaranteed a fixed percentage rate if you hold it to maturity. When you trade in bonds, you will discover that the bond market can be just as volatile as the stock market. He also misunderstands Taleb's advice, at least as I understand it, about how to use the small percentage of your money you set aside for gambling. In short, you don't want to bet on probabilities of success, you want to bet against the probability that trees will grow to the sky. Or put another way, you want to be in a position to profit when all around you are losing their shirts.