Quotes and Insights by Nassim Taleb


  • Dynamic Hedging
  • Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets
  • The Black Swan: The Impact of the Highly Improbable
  • The Bed of Procrustes: Philosophical and Practical Aphorisms
  • Antifragile: Things That Gain from Disorder
  • Antifragile: How to Live in a World We Don’t Understand
  • Incerto 4-Book Bundle: Fooled by Randomness, The Black Swan, The Bed of Procrustes, Antifragile
  • Skin in the Game: Hidden Asymmetries in Daily Life
  • The Logic and Statistics of Fat Tails
  • Statistical Consequences of Fat Tails: Real World Preasymptotics, Epistemology, and Applications
  • A New Heuristic Measure of Fragility and Tail Risks: Application to Stress Testing




  • “There are two types of people: those who try to win and those who try to win arguments. They are never the same.”
  • “Success is about honor, feeling morally calibrated, absence of shame, not what some newspaper defines from an external metric.”
  • “Banking is a very treacherous business because you don’t realize it is risky until it is too late. It is like calm waters that deliver huge storms.”
  • “Never think that lack of variability is stability. Don’t confuse lack of volatility with stability, ever.”
  • “I have never had personal debt and never will.”
  • “Poverty is clearly one source of emotional suffering, but there are others, like loneliness.”
  • “The mortgage crisis is a clear instance of consumers who needed protection. There was predatory lending to people who didn’t know what they were doing.”
  • “What America does best is produce the ability to accept failure.”
  • “When you ask people, ‘What’s the opposite of fragile?,’ they tend to say robust, resilient, adaptable, solid, strong. That’s not it. The opposite of fragile is something that gains from disorder.”
  • “The world we live in is vastly different from the world we think we live in.”
  • “The track record of economists in predicting events is monstrously bad. It is beyond simplification; it is like medieval medicine.”
  • “For many people, commuting is the worst part of the day, and policies that can make commuting shorter and more convenient would be a straightforward way to reduce minor but widespread suffering.”
  • “It might be useful to be able to predict war. But tension does not necessarily lead to war, but often to peace and to denouement.”
  • “Most people are sceptical about the wrong things and gullible about the wrong things.”
  • “I don’t know anyone on Wall Street who goes to work every day thinking of anything but how to increase their bonus.”