I finished reading Taleb’s second book, The Black Swan. He openly admits that it’s not really a new book, but a re-writing of his first book, Fooled by Randomness, which I loved. He’s gotten really incredibly lucky with the timing of his book releases… just before 9/11 and just before the stock market laid a giant turd on the doorstep of all the happytalk from Wall Street. Especially lucky when you take into account the fact that The Black Swan was at least 15 months late!
Taleb really has just one big idea, and in his own obnoxious way, he’s humble enough to admit it. His idea is that the world is less predictable than we think. That “rare” events are both systematically more likely that we believe them to be, and that their consequences are disproportionately large. He rails against the use of Gaussian distributions where they should not be used — against the mindless shoehorning of all kinds of processes into that bell shaped box, where they do not belong, and can do great damage.
I think the main differences between this book and his prior one are that in this book, he provides a few short words on how he thinks we should live and plan, given that we live in an inherently, and increasingly, unpredictable world. That, and the fact that because of his prior book’s success, he was able to get away without having this book edited, apparently, at all (which I think may have been a mistake… but oh well). Anyway, his advice in a nutshell: