The "Black Swan" problem comes from a high dose of unpredictability that people do not take into account. It makes the world less and less forecastable. Now, if the world is not easy to forecast, what do you do? You build reserves. You try to not have to rely on forecasts. If you have debt in a system, you need to be very good at forecasting.
Thursday, February 24, 2011
Finally ...
... Charlie Rose Talks to Nassim Taleb. (Hat tip, Dave Lull.)
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