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November 18, 2012

Nassim Taleb's 5 Rules for Living in a Volatile World

1. Think of the economy as being more like a cat than a washing machine.

2. Favor businesses that benefit from their own mistakes, not those whose mistakes percolate into the system.

3. Small is beautiful, but it is also efficient.

4. Trial and error beats academic knowledge.

5. Decision makers must have skin in the game.

[via the Wall Street Journal, which this past Friday featured his essay elaborating on the subject.]

November 18, 2012 at 10:01 PM | Permalink


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Comments

Okay, I read the NYT article, and I get it. But he did not mention a cat in the article. Why put it in the bullet headline?

Posted by: antares | Nov 20, 2012 12:11:20 AM

Watched the kitties with the treadmill. Am not enlightened. Pat, I'd like to buy a clue.

What does this mean?

Posted by: antares | Nov 19, 2012 7:11:32 PM

antares,

Please see today's 6:01 p.m. post for the answer to your question.

Posted by: bookofjoe | Nov 19, 2012 6:17:57 PM

"1. Think of the economy as being more like a cat than a washing machine."

What does this mean?

Posted by: antares | Nov 19, 2012 6:01:50 PM

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