Quote
"It does not matter how frequently something succeeds if failure is too costly to bear."
N
Nassim Nicholas Taleb"For the robust, an error is information."
Nassim Nicholas Taleb is a Lebanese-American New York University professor, essayist, mathematical statistician, former option trader, risk analyst, and aphorist. His work concerns problems of randomness, probability, complexity, and uncertainty.
"It does not matter how frequently something succeeds if failure is too costly to bear."
"There is no effective difference between guessing a variable that is not random, but for which information is partial or deficient (...), and a random one (...). In this sense, guessing (what I dont know, but what someone else may know) and predicting (what has not taken place yet) are the same thing."
"What fools call “wasting time” is most often the best investment."
"Delivering advice assumes that our cognitive apparatus rather than our emotional machinery exerts some meaningful control over our actions."
"It is now the scientific consensus that our risk-avoidance mechanism is not mediated by the cognitive modules of our brain, but rather by the emotional ones. This may have made us fit for the Pleistocene era. Our risk machinery is designed to run away from tigers; it is not designed for the information-laden modern world."
"When we want to do something while unconsciously certain to fail, we seek advice so we can blame someone else for the failure."