Book: 20260819 to 20260831, "Fooled by Randomness" by Nassim Nicholas Taleb
20260819 - Prologue 1 20260819 - PART I: SOLON'S WARNING - SKEWNESS, ASYMMETRY, INDUCTION 9 20260819 - One: If You're So Rich Why Aren't You So Smart? 13 Mild success can be explainable by skills and labour. Wild success is attributable to variance. p12 No really. Wild success is attributable to skills and labour and variance. Rich and solid rich is quite different. 20260819 - Two: A Bizarre Accounting Method 28 How can I remind myself of the potential risk? Which part of my perception is illusion? 20260820 - Three: A Mathematical Meditation on History 46 My models showed that ultimately almost nobody really survived; bears dropped out like flies in the rally and bulls ended up being slaughtered, as paper profits vanished when the music stopped. But there was one exception; some of those who traded options had remarkable staying power and I wanted to be one of those. p50 I think Mr Taleb must used leverage. The risk is much lower if no leverage, and close to ze...