Friends, finally able to explain fragility, etc. (includes sensitivity to Black Swans) with a simple graph:
www.fooledbyrandomness.com/chapter4.pdf
Please let me know if this works with you.
http://www.fooledbyrandomness.com/chapter4.pdf
www.fooledbyrandomness.com
A big historical quandary: the town of Emesa (today Homs in the Northern Levant), where Steve Jobs has his ancestry generated at least 4 Roman Emperors (Elagabalus, Caracalla’s (his mother mother Julia Domna), Geta, Severus Alexander), Catholic popes (Anicetus), many many Greek philosophers… The more I dig the more I find…
A few months ago Nassim Taleb, author of the Black Swan, an influential book about the crucial importance of unpredictable, unforeseen events on our financial system was asked whether the hundreds of thousands taking to the streets in Greece was a Black Swan event. He replied, “No. The real Black Swan event is that people are not rioting against the banks in London and New York.”
Mr. Lloyd Blankfein, chairman of Goldman Sachs, will crowds across the planet hold candlelight vigils in front of Goldman Sachs offices after your death?
This is the first time since the industrial revolution that people mourn the maker of a commercial product, as if he were a favorite author or personal doctor. Capitalism can only survive if makers have even more than their skin in the game: like Steve Jobs, they need to have their SOUL in it.