From the New York Times bestselling author of The Black Swan, a bold new work that challenges many of our long-held beliefs about risk and reward, politics and religion, finance and personal responsibility In his most provocative and practical book yet, one of the foremost thinkers of our time redefines what it means to understand the world, succeed in a profession, contribute to a fair and just society, detect nonsense, and influence others. Citing examples ranging from Hammurabi to Seneca, Antaeus the Giant to Donald Trump, Nassim Nicholas Taleb shows how the willingness to accept ones own risks is an essential attribute of heroes, saints, and flourishing people in all walks of life. As always both accessible and iconoclastic, Taleb challenges long-held beliefs about the values of those who spearhead military interventions, make financial investments, and propagate religious faiths. 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. Forcing skin in the game corrects this asymmetry better than thousands of laws and regulations. Ethical rules arent universal. Youre part of a group larger than you, but its still smaller than humanity in general. Minorities, not majorities, run the world. The world is not run by consensus but by stubborn minorities imposing their tastes and ethics on others. You can be an intellectual yet still be an idiot. Educated philistines have been wrong on everything from Stalinism to Iraq to low-carb diets. Beware of complicated solutions (that someone was paid to find). A simple barbell can build muscle better than expensive new machines. True religion is commitment, not just faith. How much you believe in something is manifested only by what youre willing to risk for it.The phrase skin in the game is one we have often heard but rarely stopped to truly dissect. It is the backbone of risk management, but its also an astonishingly rich worldview that, as Taleb shows in this book, applies to all aspects of our lives. As Taleb says, The symmetry of skin in the game is a simple rule thats necessary for fairness and justice, and the ultimate BS-buster, and Never trust anyone who doesnt have skin in the game. Without it, fools and crooks will benefit, and their mistakes will never come back to haunt them....
|Title||:||Skin in the Game: The Hidden Asymmetries in Daily Life (Incerto #5)|
|Number of Pages||:||272 pages|
|Url Type||:||Home » Skin » Skin in the Game: The Hidden Asymmetries in Daily Life (Incerto #5)|
Skin in the Game: The Hidden Asymmetries in Daily Life (Incerto #5) Reviews
Taleb does it again--
CHOCKFULL of insights, surprising, counterintuitive insights. But not only that, he basically snubs the whole discipline of psychology (possibly even Daniel Kahneman's prospect theory) when it comes to rationality and risk-taking. Now, as a long-term believer in psychology as a scientific endeavor, I was in for quite a bit of shock and fascination. Recently I've had doubts about the results of learning science (a branch of psychology), which simplifies things a little too mu ...more
Taleb’s ‘Skin in the Game’ has been put together in a somewhat disorderly way, but the reasoning goes as follows:
1. The world in which we live is complex and eludes our sense-making faculties.
2. Our society has cultivated a privileged class of Intellectuals Yet Idiots (IYIs). These people monopolize positions of authority and routinely take decisions to intervene in that complex world, without however doing the effort to think through the cascading impacts of these decisions and being convenient ...more
Taleb should know by now that, according to Lindy effect, he should respect the canonical writing style and analysis schemes he tries to avoid.
Less new ideas and more off-topic resentful digression. His message keeps being interesting. However, Jordan B. Peterson has been able to distil it in a more productive way for humanity (and not only for contrarian elitists).
SITG is an angry rant. It lacks structure. The core message - mainly because of the author’s often misplaced and wrong arguments against his self-created adversaries - is never examined beyond the title’s most known or intuitive conventional meaning. The basic concept is at least as old as the adage itself. The author does little to bolster the claim while spending all efforts on slamming real or imagined opponents. The book’s frequent diversions along with internal contradictions amid a rather ...more
Aah, Taleb. I have read all his non-technical books at least twice, so of course it was with great enthusiasm that I bought this... SITG.
Bit of a bummer.
SITG has some great insights, but most of them were shared on his Twitter account, and his posts on Medium. That is:
(SITG book - Previous works - Medium posts = few new insights)
Also, a bit of complaining about how his ideas were not listened to.
But of course applaud the man for pursuing his ideas for more than 2 decades. Have learned quite a lo ...more
Full review and highlights at https://books.max-nova.com/skin-in-the-game
Taleb strikes again with "Skin in the Game". This incendiary book is the source of his notorious "Intellectual Yet Idiot" essay, as well as several other fiery gems, such as "How to Legally Own Another Person." This book feels a bit more discombobulated than his previous works - it is really a collection of essays only mildly related to each other by the idea that fair exposure to downside risk is important for a well-funct ...more
Some really good insights in a very small book -
1. "When it comes to the country, I'm a libertarian, when it comes to the state, I'm a republican, when it comes to my city, I'm a Democrat, when it comes to my family, I'm a Socialist".
2. Cost benefit analysis is not possible when there is a probability of Ruin.
3. The west is in the process of committing ideological suicide (on minority rule).
4. Its easier to Macrobullshit than it is to Microbullshit.
5. What matters is not what a person has, but w ...more
Five stars only because six weren't available.