In any type of activity or business divorced from the direct filter of skin in the game, the great majority of people know the jargon, play the part,… - Nassim Nicholas Taleb

Try the following experiment. Go to the airport and ask travelers en route to some remote destination how much they would pay for an insurance policy paying, say, a million tugrits (the currency of Mongolia) if they died during the trip (for any reason).Then ask another collection of travelers how much they would pay for insurance that pays the same in the event of death from a terrorist act (and only a terrorist act). Guess which one would command a higher price? Odds are that people would rather pay for the second policy (although the former includes death from terrorism). The psychologists Daniel Kahneman and Amos Tversky figured this out several decades ago.

Fragility is the quality of things that are vulnerable to volatility.

The main reason to go to school is to learn *how not* to think like a professor.