La Ley de Rodas establece que si se tira mercancía para aligerar la carga del barco, lo que se ha perdido para beneficio de todos debe recuperarse mediante la contribución de todos.
It was a few years after the beginning of the Lebanese war, as I was attending the Wharton School, at the age of twenty-two, that I was hit with the idea of efficient markets—an idea that holds that t...
I have no large desire to sacrifice much of my personal habits, intellectual pleasures, and personal standards in order to become a billionaire like Warren Buffett, and I certainly do not see point of...
First ethical rule: If you see fraud and do not say fraud, you are a fraud. Just as being nice to the arrogant is no better than being arrogant toward the nice, being accommodating toward anyone commi...
Bullish or bearish are terms used by people who do not engage in practicing uncertainty, like the television commentators, or those who have no experience in handling risk. Alas, investors and busines...
Antifragile shows how people confuse risk of ruin with variations and fluctuations—a simplification that violates a deeper, more rigorous logic of things.
We tend to think that innovation comes from bureaucratic funding, through planning, or by putting people through a Harvard Business School class by one Highly Decorated Professor of Innovation and Ent...
Understanding how to act under conditions of incomplete information is the highest and most urgent human pursuit.
There is something in nature you don’t understand, odds are it makes sense in a deeper way that is beyond your understanding.
Our misunderstanding of the Black Swan can be largely attributed to our using System 1, i.e., narratives,
Numeraire
Expositor
Dignity is worth nothing unless you earn it, unless you are willing to pay a price for it.
Central problem is that birds rarely write more than ornithologists—Combining
Anything that has more upside than downside from random events (or certain shocks) is antifragile; the reverse is fragile.
Your reputation is harmed the most by what you say to defend it.
You cannot do anything with knowledge unless you know where it stops, and the costs of using it.
Wind extinguishes a candle and energizes fire.
Wind extinguishes a candle and energizes fire. Likewise with randomness, uncertainty, chaos: you want to use them, not hide from them. You want to be the fire and wish for the wind. This summarizes th...
Which brings us to the largest fragilizer of society, and greatest generator of crises, absence of skin in the game. Some become antifragile at the expense of others by getting the upside (or gains) f...