The virtue of capitalism is that society can take advantage of people’s greed rather than their benevolence, but there is no need to, in addition, ex… - Nassim Nicholas Taleb
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The virtue of capitalism is that society can take advantage of people’s greed rather than their benevolence, but there is no need to, in addition, extol such greed as a moral (or intellectual) accomplishment (the reader can easily see that, aside from very few exceptions like George Soros, I am not impressed by people with money).
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About
Nassim Nicholas Taleb
Nassim Nicholas Taleb (born 1 January 1960 in Amioun, Lebanon) is an essayist, epistemologist, researcher, and former practitioner of mathematical finance.
Biography information from
Wikiquote·
Portrait adapted from
Wikimedia Commons, Sarah Josephine Taleb (CC BY)
Let me insist that erudition is important to me. It signals genuine intellectual curiosity. It accompanies an open mind and the desire to probe the ideas of others. Above all, an erudite can be dissatisfied with his own knowledge, and such dissatisfaction is a wonderful shield against Platonicity, the simplifications of the five-minute manager, or the philistinism of the overspecialized scholar. Indeed, scholarship without erudition can lead to disasters.
Maximizing the probability of winning does not lead to maximizing the expectation from the game when one's strategy may include , i.e., a small chance of a large loss and a large chance of a small win. If you engaged in a Russian Roulette-type strategy... you are likely to show up as the winner in almost all samples—except in the year when you are dead.
Heuristics are simplified rules of thumb that make things simple and easy to implement. But their main advantage is that the user knows that they are not perfect, just expedient, and is therefore less fooled by their powers. They become dangerous when we forget that.
