”...70% of wealthy families lose their wealth by the 2nd generation, and a whopping 90% by the third generation.”
Shocking read for those who still believe there are safe asset classes.
These mini-lessons by
@nntaleb
are dynamite💥
It takes a lot of work & creativity to simplify complicated topics like these into lessons of 10 minutes or less. BRAVO!
1)
2)
3)
4)
"The only way to distinguish between an extreme event and an outlier is to know what you're doing." -
@DrCirillo
"If you keep looking, of course you're going to find relationships." -
@nntaleb
"Data without any background knowledge is worth zero." -
@nntaleb
#RWRI
#RWRI17
I’m genuinely dumbstruck to see my comics in
@nntaleb
’s newest book 😶
Savouring this moment with a cold one - totally recommend it btw 💥💥💥
Get get your own here ➡️
My own review is "Ioannidis mistakes absence of evidence for evidence of absence /recommends to buy insurance AFTER the harm when we now have evidence".
Risk requires asymmetric evidence.
Harry Crane has a longer review
If you are a market/maker mover you of course do not try to forecast market moves because you create them. To make money you try to forecast how retail will respond to your moves to get their money. So many don't get it due to lack of SITG.
#trading
#hedgefunds
The entire market ecology has a tough time adapting to the end of cheap (even free) money, with cash flow, rather than "valuation" being the central focus.
Those who entered finance after 2008 are, basically, unskilled labor.
"The Cloud" is one of the most magnificent marketing achievements of recent times.
It sure sounds better than "saving stuff on someone else's computer".
Learning about
#IQ
by turning
@nntaleb
teachings into cartoons. Simplifying to under 50 words without losing any content is hard. I hope I nailed it [IQ correlates, part 1 of x].
#science
#psychology
Don't let Christmas surprise you. Get your shoppin' done early.
Nothing says "YOU MEAN THE WORLD TO ME" as clearly as
@nntaleb
's newest book
#SCOFT
! The perfect gift for family, friends ...or someone you love 😀👍🏻
Today’s
#Offshorecomic
| Reading
@nntaleb
’s “The Bed of Procrustes” for inspiration; found it on the 1. page 😁 |
#BigPharma
Help me pay my bills. Please!
@nntaleb
@nytimes
Here’s my contribution to this thread.
As a cartoonist my main challenge is to simplify any issue as much as possible without losing any of the meaning. I hope I succeeded in that with this comic strip.
#LifeExpectancy
#Math
Reading Spitznagel’s “Safe Haven”.
Great, great book💥 ...Love it, love it but can someone give Mark a heads-up that he forgot to include cartoons?
I have the perfect strip inspired by the book’s “diversification” -section 😀👍🏻
“There is no significant
#correlation
(or any robust statistical association) between
#IQ
and hard measures such as wealth.” -
@nntaleb
...and here’s the comic strip to accompany that 😉
Circular reasoning is still reasoning. The inherent circularity of
#IQ
scores captured in a cartoon strip … and a
@nntaleb
tweet [IQ correlates, part 3 of x].
#psychology
#psychometrics
“...when faced with a choice, go with the option that will increase your
self-respect.”
-Luca
Excerpt from
@DellAnnaLuca
’s excellent book “100 Truths...”
Today’s
#Offshorecomic
. “Volatility is good, risk is not.” | “Only the hyper-paranoid survive.” | nailing 2
#RWRI
-lessons with one strip |
@nntaleb
& Co.
For more visit
For my books
When facing an overwhelming task never think about finishing. Think about starting.
Allow yourself to not finish but force yourself to start.
Once you start you can’t stop.
.
.
.
I don’t know why this works but do I really need to 🤷🏻♂️
Most books I read could've been written with a 1/3 of the text.
Has some marketing pro told publishers that books sell better if they have at least 300 pages? What's up with that.
Drinking wine on a terrace in Rome, reading
@nntaleb
and drawing comics. Life is good. Here’s a passage from
#BlackSwan
that inspired this particular
#Offshorecomic
.
For more visit
The most frustrating thing about reading
@nntaleb
is the pace. I repeatedly get the urge to underline passages and draw comics.
Here’s another
#BlackSwan
inspired
#Offshorecomic
... I’ve no clue when I’ll be done.
For more visit
@nntaleb
@spyrosmakrid
@academia
It's so insightful that I had to draw a rare [for me] Sunday comic strip about it. Hopefully it does your piece justice ... can't help you with the math though ;-)
(0, 1) ≠ (-∞, ∞),
#LudicFallacy
I found a mistake in Spitznagel's
#SafeHaven
book.
It says on page 180:"The "hedge" in hedge fund has become very much a misnomer."
Hedge funds are still very much about hedging😑
1) Sugar -> metabolic syndrome -> higher insulin levels -> insulin promotes growth [including cancer growth]
2) Cancer cells have a greater number of insulin receptors [up to 6x more]
....BOOM💥 ...you do the math
Tidbits from
@Mangan150
’s 📧. Get on it 👍🏻
“Naive empiricists - people who don’t get extrapolation. The past is not the future; the past is a sample. The sample is finite, but the property infinite.” -
@nntaleb
“If something crashes every 50 years doesn’t mean that after a crash you’re safe for 49 years.” -
@nntaleb
The
“The worst thing you can do with insurance is try to time it.”
“If you don’t have tail insurance, you don’t have a portfolio. Your portfolio is going to blow up.” 💥
-
@nntaleb
GME
Not a single movement in Game Stop was an outlier, with a standard power law with tail index 1.8!
Not a single one!
See discussion in "Statistical Cons. of Fat Tails".
"Markets move from squeeze to squeeze". Most squeezes are small. All self-similar.
Today’s
#Offshorecomic
. A
#RWRI
Sunday strip with
@nntaleb
&
@financequant
& Raphael Douady.
This strip is included in my newest mini-book Nr. 3 available here:
Previous buyers will get a free update per e-mail 😀👍
Here’s the
#Offshore
IQ -collection in its entirety.
I gather intelligence is mostly about not being stupid. This collection will help with that. [inspired by
@nntaleb
&
#IQ
-tweetstorm]
Reading my timeline I've noticed that many more people appear to own stocks when they surge compared to when they fall.
Apparently using social media turns everyone into an amazing investor.
1000 random guys work hard on random things. One of em becomes rich.
Folks will ask that one guy the secret to his success and the answer will always be: “Hard work!”
It’s never luck 😐
Money management is not about forecasting the future. It’s about building portfolios that don’t blow up despite what happens in the future.
The rest is holding hands.
1) “Meat protein supports muscle mass, keeps you less hungry, and is very nutritionally dense.”
2) “You need to stay lean and muscular as you get older – whether you’re a man or woman. And eat right.”
Just a few gems from
@Mangan150
’a newsletter.
Today's
#Offshorecomic
. Cramming several
#RWRI
-insights into one comic strip => scalability - static vs dynamic - business school BS.
@nntaleb
Free stuff here
Support me here
”Cost-cutting and optimisation is the same as the Rob Rubin -trade where you make pennies for a long time but then go bust by losing the product.” -
@nntaleb
“The smart fraudsters always pay their taxes.” -
@nntaleb
“I have never seen an options seller survive.” -
@nntaleb