#nassimtaleb #skininthegame #ergodicity
Skin in the Game, one of the best books by Nicholas Nassim Taleb, will make you angry. Angry with bureaucrats, economists, academicians, and, maybe, even with yourself. Angry because until now you were not familiar with ergodicity. Angry because you listened to economists instead of your grandma.
The good news is that you will be angry because of facts. And in this video I will tell you all of them.
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🔎 VIDEO EXCERPT 🔎
Grandmothers Are Better Than Psychologists
One of the most common subjects of Taleb’s works is risk. He writes about assessing risk, facing risk, avoiding risk, and, in Skin in The Game, he writes about understanding risk.
There are two main ways to understand risks. One is through experience. The other is through pure theory.
The first way is how your grandparents — or Fat Tony, an archetype of a street-wise, successful man — learn about risk.
The second way is how the academy and newspaper specialists learn — they learn about risk without ever facing it themselves.
The absence of skin in the game from authorities leads to academic prostitution, or the relentless repetition of verbosity detached from the real world. As Taleb wrote:
If you hear advice from a grandmother or elders, odds are that it works 90% of the time. On the other hand, in part because of scientism and academic prostitution, in part because the world is hard, if you read anything by psychologists and behavioural scientists, odds are that it works at less than 10%, unless it is has also been covered by the grandmother and the classics, in which case why would you need a psychologist?
Talking about Grandmas, there is a saying that often comes from their mouth: better safe than sorry. That popular aphorism is closely related to the 2nd Life lesson that I learn from Taleb’s book: Ergodicity.
Survival Comes First; Understanding, Later.
Not everything that happens, happens for a reason. But everything that survives, survives for a reason. Nassim Taleb
The book introduced the mathematical concept of ergodic systems. As Aaron Brown explained, they are systems that return to every possible state an infinite number of times. There are no “absorbing states” like death, bankruptcy, or other situations that once you enter then, you cannot leave.
Ergodic systems have no game-over. Non-Ergodic systems have.
