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I think you misunderstand what a "black swan" event is. It isn't necessarily an amazingly rare or complicated thing; actually, kind of the opposite. It's an e
by calambrac 18y ago
I think you misunderstand what a "black swan" event is. It isn't necessarily an amazingly rare or complicated thing; actually, kind of the opposite. It's an event that is thought to be rare based only on the flawed reasoning that it hasn't been seen yet - the danger of a black swan comes from people betting so heavily on that perceived rarity.
- mixmax 18y agoNo, this scenario has been seen often before and should be well understood by anyone who knows their history. Or have any common sense.
- nir 18y agoTaleb's book deals (among other subjects) with the reasons why, in the real world, nearly all of us - regardless of common sense and knowledge of history - continue to be surprised with such events.
- calambrac 18y agoA complete lockup of the global financial system has been seen often before? Come on. As for whether or not the scenario should be well understood by anyone who has common sense: yes, that's the point. People were blinded by their faulty statistical models, and stopped acting in a sensible way.