The Taleb manifesto
For those of you who've not seen it already. I suspect this will become - with luck - one of the more defining texts of our time. To prepare us to cope better with the Black Swans to come, Nassim Nicholas Taleb suggests:
1. What is fragile should break early while it is still small.
2. No socialisation of losses and privatisation of gains.
3. People who were driving a school bus blindfolded (and crashed it) should never be given a new bus.
4. Do not let someone making an “incentive” bonus manage a nuclear plant – or your financial risks.
5. Counter-balance complexity with simplicity.
6. Do not give children sticks of dynamite, even if they come with a warning .
7. Only Ponzi schemes should depend on confidence.
8. Do not give an addict more drugs if he has withdrawal pains.
9. Citizens should not depend on financial assets or fallible “expert” advice for their retirement.
10. Make an omelette with the broken eggs.