“Without skin in the game, we cannot have evolution”
Scaling – a large town is not like a village
They have different properties depending upon the size
Example – if you saw one particular guy walking by you in the park, you’d say “hi”. However, if while walking on a crowded street, you saw that same person, you probably wouldn’t even bother to look at them.
Static vs Dynamic Risk (Risk and Time)
Over estimating risk locally, means having the right assessment long term
If you take the a deathly risk many times over (say jumping in a tiger’s cage) , over many generations, you end up dead
So, it’s wrong to look at risk as a static thing, you should have more of a dynamic view (think about risk in the long term)
Ask – If I had to take this risk 1,000 times, what would I do?
Think dynamically – You’re seeing someone at a particular point in time – Someone may be rich now, but 5 years ago they were poor.
Why does Nasim not read the paper?
Think about it – journalists are writing those articles, why would he take advice from a journalist?
Bigoteering – accusing someone of something, when it’s unjustified, to gain advantage over someone
Anyone can bigoteer anyone, so it’s dangerous
“Ignore the media”
The media started in the 1960s, it hasn’t stood the test of time
At no point in time before today, were people recipients of information without being creators of information
In the markets, the price is not determined by the loudest information, but by the most reliable
Nasim pays particular attention to how reliable a person is on social media
“Never judge someone by what they say, look at how they act, or have acted in the past”
“Never judge someone by what they say, focus on what they meant” – to get what they mean, it may require some homework
Nasim doesn’t read them
“I have other things to do than worry about my previous books”
“Religion prevents you from thinking you yourself are God”
It also forces you to follow rules you wouldn’t follow otherwise
“So long as religion doesn’t harm those who bear it, or others, it’s okay”
For these reasons, Nasim sees no problem with religion
Jordan Peterson and Burn Out
Nasim recalls that after the success of the The Black Swan, he became “commodified”, and did way too many TV/radio interviews, which burned him out
“You lose control of your life, your ideas, and your activities via success”
After 6 months of constant interviews, Nasim said enough is enough, and decided to draw a line
After that, he promised himself he’d only do a few lectures/talks/interviews a year