[W]e read too much into shallow recent history... but not from history in general [which] teaches us that things that never happened before do happen… - Nassim Nicholas Taleb

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[W]e read too much into shallow recent history... but not from history in general [which] teaches us that things that never happened before do happen. ...outside of the narrowly defined time series; the broader the look, the better the lesson.

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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

Also Known As

Alternative Names: Nassim Taleb
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The strategy for the discoverers and entrepreneurs is to rely less on top-down planning and focus on maximum tinkering and recognizing opportunities when they present themselves. So I disagree with the followers of Marx and those of Adam Smith: the reason free markets work is because they allow people to be lucky, thanks to aggressive trial and error, not by giving rewards or “incentives” for skill. The strategy is, then, to tinker as much as possible and try to collect as many Black Swan opportunities as you can.

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Procrustes, in Greek mythology, was the cruel owner of a small estate in Corydalus in Attica, on the way between Athens and Eleusis, where the mystery rites were performed. Procrustes had a peculiar sense of hospitality: he abducted travelers, provided them with a generous dinner, then invited them to spend the night in a rather special bed. He wanted the bed to fit the traveler to perfection. Those who were too tall had their legs chopped off with a sharp hatchet; those who were too short were stretched (his name was said to be Damastes, or Polyphemon, but he was nicknamed Procrustes, which meant “the stretcher”).

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