Shared by JohnH

HatTip to Dave Lull

Taleb has been criticized, but he tells it as he sees it, whether or not everyone agrees. He is taken seriously by everyone from the UK’s David Cameron to politician Ralph Nader. Not to mention NYU Polytechnic Institute, which granted him Distinguished Professor status. Yet he falls somewhere between academic and finance guy, his approach to both is philosophical.

In the end, Taleb said, risks can indeed still be taken but they must only be taken by those financial groups robust enough to withstand heavy losses from Black Swan-type events. And we must protect those who are not able to protect themselves. Society at large should not be paying for and saving too big to fail banks nor any financial groups that take risks for which they are not designed.