Make Sure You Have Something To Lose
Insights From ‘Skin In The Game’ by Nassim Taleb
Nassim Nicholas Taleb is a world-renowned writer, thinker, philosopher known best for his 2007 bestseller, The Black Swan, which predicted the global meltdown of the following year.
He is also a former derivatives trader with a deep interest in probability and statistics.
His 2018 book, Skin in the Game: Hidden Asymmetries in Daily Life, though, isn’t on any of these subjects.
Instead, Taleb turns his attention to the importance of risk-taking and having something to lose.
The world, as we know it, is asymmetrical, he says.
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What he means is: Is it all too easy to give bad advice and not pay the price, or to participate in only the upside of events, while someone else bears the downside?
For a more rational, fair world, people need to have skin in the game—have a stake in the outcome.
For that, they need to bring in symmetries, take responsibility for the consequences of their actions.
In the following videos, we’ll take a closer look at: how Taleb’s definition of ‘skin in the game’ varies from the conventional meaning, why skin in the game matters, why intolerant minorities are running the world; and even, how you should pick your next surgeon.
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