After the event you start predicting the possibility of other outliers happening locally, that is, in the process you were just surprised by, but not elsewhere. After
Absence of fluctuations in the market causes hidden risks to accumulate with impunity. The longer one goes without a market trauma, the worse the damage when commotion occurs.
You need a story to displace a story.
You don't become completely free just by avoiding to be a slave; you also need to avoid becoming a master.
You can tell how uninteresting a person is by asking him whom he finds interesting.
Yet they believe blindly in the stock market, and in the abilities of their pension plan manager. Why do they do so? Because they accept that this is what people should do with their savings, because...
Yet in practice it is the negative that’s used by the pros, those selected by evolution: chess grandmasters usually win by not losing; people become rich by not going bust (particularly when others do...
Yes, an intolerant minority can control and destroy democracy. Actually, it will eventually destroy our world. So, we need to be more than intolerant with some intolerant minorities. Simply, they viol...
Who gets rewarded, the central banker who avoids a recession or the one who comes to correct his predecessors’ faults and happens to be there during some economic recovery? Who is more valuable, the p...
While we have a highly unstable memory, a diary provides indelible facts recorded more or less immediately; it thus allows the fixation of an unrevised perception and enables us to later study events...
While the meetings included traders, that is, people who are judged on their numerical performance, it was mostly a forum for salespeople (people capable of charming customers), and the category of en...
While in the past people of rank or status were those and only those who took risks, who had the downside for their actions, and heroes were those who did so for the sake of others, today the exact re...
While a ten-year survival rate for a trader is in the single digits, that of a risk manager is close to 100%).
Which brings us to the existential aspect of randomness. If you are not a washing machine or a cuckoo clock—in other words, if you are alive—something deep in your soul likes a certain measure of rand...
When you walk the walk, whether successful or not, you feel more indifferent and robust to people's opinion, freer, more real.
When the person is highly intelligent, he can astonish you with the most far-fetched, yet completely plausible interpretations of the most innocuous remark. If
What is surprising is not the magnitude of our forecast errors, but our absence of awareness of it. This is all the more worrisome when we engage in deadly conflicts: wars are fundamentally unpredicta...
What he likes most about proprietary trading is that it requires considerably less time than other high-paying professions; in other words it is perfectly compatible with his non-middle-class work eth...
We see the obvious and visible consequences, not the invisible and less obvious ones. Yet those unseen consequences.., generally are more meaningful.
We scorn the abstract; we scorn it with passion.