Skin in the Game

Metadata

• Author: Nassim Nicholas Taleb
• ASIN: B075HYVP7C
• ISBN: 0241247470
• Reference: https://amazon.com/dp/B075HYVP7C
• Kindle link

Highlights

How can both courage and prudence be classical virtues? Virtue, as presented in Aristotle’s Nicomachean Ethics, includes: sophrosyne (σωφροσύνη), prudence, and a form of sound judgment he called more broadly phronesis. Aren’t these inconsistent with courage? In our framework, they are not at all. They are actually, as Fat Tony would say, the same ting. How? — location: 3912 ^ref-14240

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Mediocristan risks are subjected to the Chernoff bound. The Chernoff bound can be explained as follows. The probability that the number of people who drown in their bathtubs in the United States doubles next year—assuming no changes in population or bathtubs—is one per several trillions lifetimes of the universe. This cannot be said about the doubling of the number of people killed by terrorism — location: 3953 ^ref-16726

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