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Skin in the Game by Nassim Taleb

13 January 2020 7:44 PM
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Skin in the game
Nassim Talieb
The Money Show features the business book - Skin in the Game - by Nassim Taleb.

Skin in the Game: Hidden Asymmetries in Daily Life, is a 2018 nonfiction book by Nassim Nicholas Taleb, a former options trader with a background in the mathematics of probability and statistics.

In his most provocative and practical book yet, one of the foremost thinkers of our time investigates what it means to understand the world, succeed in a profession, contribute to a fair and just society, detect nonsense, and influence others.

Among his insights: - For social justice, focus on symmetry and risk sharing. You cannot make profits and transfer the risks to others, as bankers and large corporations do.

You cannot get rich without owning your own risk and paying for your own losses.

At a young age he realised that to rebel in a way that we dress in funny ways or treat people in ways that are disrespectful -like a rebellious teenager - is what psychology refers to as cheap signalling. A better way to rebel is by filling your mind with things that you want to fill it with. In 2006 he predicted the recession that came in 2008 and he bet on that, and as a result he became a very wealthy man.

Dean Carlson, CEO -BrainFarm

He is the ultimate rebel in many ways. For instance he has a very strong aversion to honorary doctorates. There was a call for the cancellation of the Nobel prize in economics, saying that dangers of economic theories can be devastating.

Dean Carlson, CEO -BrainFarm

He suggested that bankers' recklessness would not be repeated if there was proper punishment in place for this.

Dean Carlson, CEO -BrainFarm

LIsten to the full book discussion below.

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This article first appeared on 702 : Skin in the Game by Nassim Taleb


13 January 2020 7:44 PM
Tags:
Skin in the game
Nassim Talieb

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