New Releases by Nassim Nicholas Taleb

The monograph investigates the misapplication of conventional statistical techniques to fat tailed distributions and looks for remedies, when possible.Switching from thin tailed to fat tailed distributions requires more than "changing the color of the dress". Traditional asymptotics deal mainly with either n=1 or n=?, and the real world is in between, under of the "laws of the medium numbers" --which vary widely across specific distributions. Both the law of large numbers and the generalized central limit mechanisms operate in highly idiosyncratic ways outside the standard Gaussian or Levy-Stable basins of convergence.A few examples:+ The sample mean is rarely in line with the population mean, with effect on "naive empiricism", but can be sometimes be estimated via parametric methods.+ The "empirical distribution" is rarely empirical.+ Parameter uncertainty has compounding effects on statistical metrics.+ Dimension reduction (principal components) fails.+ Inequality estimators (GINI or quantile contributions) are not additive and produce wrong results.+ Many "biases" found in psychology become entirely rational under more sophisticated probability distributions+ Most of the failures of financial economics, econometrics, and behavioral economics can be attributed to using the wrong distributions.This book, the first volume of the Technical Incerto, weaves a narrative around published journal articles.

Prima della scoperta dell'Australia gli abitanti del Vecchio Mondo erano convinti che tutti i cigni fossero bianchi: una convinzione inconfutabile, poiché sembrava pienamente confermata dall'evidenza empirica. L'avvistamento del primo cigno nero è stato quindi una sorpresa; ma non è questo il punto. Il punto è che una conoscenza basata sull'esperienza pregressa è una conoscenza fallace, che ci rende fragili al cospetto dell'infinità di eventi che possono verificarsi. Basta un solo cigno nero per sbriciolare un'asserzione generale ricavata da millenni di avvistamenti di milioni di cigni bianchi. E allora perché ci ostiniamo a basare le nostre vite sulla previsione del futuro e sul controllo dei rischi? Perché continuiamo ad affidarci alle scelte basate sul già noto, come se non sapessimo che l'ignoto esiste e possiamo incontrarlo? Guerre, pandemie, crolli finanziari mondiali: com'è possibile che eventi simili riescano sempre a coglierci impreparati? In Il Cigno nero – ormai un iperclassico della contemporaneità – Nassim Nicholas Taleb, col suo tono scanzonato e provocatorio, ci invita ad abbracciare l'improbabile e accettare, infine, che esso governi le nostre vite. Che dobbiamo pianificare la struttura economica di un paese o la nostra esistenza dei prossimi 5-15 anni, questo è il libro da cui farci guidare.

Nassim Nicholas Taleb , auteur van de bestseller De Zwarte Zwaan, gooit vele heilige huisjes omver in zijn meest provocerende en praktische boek ooit: over rationaliteit en risico, kansen en beloning, commercie en efficiëntie, geloof en religie, rechtvaardigheid en verantwoordelijkheid, onzekerheid en de betrouwbaarheid van kennis.'Skin in the game' draait erom of je iets te verliezen hebt. Het houdt in dat je niet let op wat mensen zeggen, maar op wat ze doen en hoe ver ze hun nek uitsteken.https://www.standaardboekhandel.be/p/skin-in-the-game-9789057125805.

The landmark five-book series—all together in one ebook bundle The Incerto is an investigation of opacity, luck, uncertainty, probability, human error, risk, and decision making when we don’t understand the world, expressed in the form of a personal essay with autobiographical sections, stories, parables, and philosophical, historical, and scientific discussions, in non-overlapping volumes that can be accessed in any order. The main thread is that while there is inordinate uncertainty about what is going on, there is great certainty as to what one should do about it. This ebook bundle includes: FOOLED BY RANDOMNESS THE BLACK SWAN THE BED OF PROCRUSTES ANTIFRAGILE SKIN IN THE GAME

Die Weltbestseller des großen Zufallsforschers Ein “Schwarzer Schwan” ist ein Ereignis, auf das drei Dinge zutreffen: Es ist erstens ein Ausreißer – es liegt außerhalb der regulären Erwartungen, nichts in der Vergangenheit weist darauf hin. Es hat zweitens enorme Auswirkungen. Drittens bringt uns die menschliche Natur dazu, im Nachhinein Erklärungen für sein Eintreten zu konstruieren, um es erklärbar und vorhersagbar zu machen. In diesem bahnbrechenden Buch, das mittlerweile weltweit zum Klassiker geworden ist, entwickelt Taleb seine einflussreiche Denkfigur und Maxime für die ungewisse Realität, in der wir leben und handeln. Talebs Weltbestseller – „Der Schwarze Schwan: Die Macht höchst unwahrscheinlicher Ereignisse“ und „Der Schwarze Schwan: Konsequenzen aus der Krise“ – in einem Band und eingeleitet mit einem neuen Essay des Autors »Eines der zwölf einflussreichsten Bücher seit dem Zweiten Weltkrieg.« (Sunday Times) »›Der Schwarze Schwan‹ hat meine Sicht auf die Welt verändert.« (Daniel Kahneman, Nobelpreisträger) Der Weltbestseller: übersetzt in 33 Sprachen mit über 3 Millionen verkauften Exemplaren »Taleb zerpflückt mit großer Lust und einem guten Schuss Polemik unseren offenbar unerschütterlichen Glauben an die Vorhersehbarkeit von Ereignissen.« (SWR)

The Logic and Statistics of Fat Tails is the definitive source on fat-tailed distribution and an essential technical read for students, accountants and those working in finance.

Best-seller do New York Times. Do mesmo autor de A lógica do cisne negro, uma obra corajosa, que desafia muitas das nossas crenças sobre risco, recompensa, política, religião e finanças. "Nunca confie em alguém que não arrisca a própria pele", diz Taleb. Por que não devemos escutar pessoas que só falam em vez de agir? Por que empresas entram em falência? Por que existem mais escravos hoje do que nos tempos romanos? Por que impor a democracia em outros países nunca funciona? A resposta: muitas das pessoas que estão no comando do mundo não arriscam a própria pele. Neste livro provocativo, Nassim Nicholas Taleb mostra que colocar a pele em jogo se aplica a todos os aspectos da vida. Tem a ver com ter algo a perder e correr riscos. Em seu estilo belicoso e inimitável, Taleb cria uma estrutura surpreendente para entendermos esta ideia. Assim como A lógica do cisne negro na crise financeira de 2007, Arriscando a própria pele chega, em 2018, no momento exato para nos desafiar e nos fazer repensar tudo aquilo que imaginávamos saber.

#1 NEW YORK TIMES BESTSELLER • A bold work from the author of The Black Swan that challenges many of our long-held beliefs about risk and reward, politics and religion, finance and personal responsibility In his most provocative and practical book yet, one of the foremost thinkers of our time redefines what it means to understand the world, succeed in a profession, contribute to a fair and just society, detect nonsense, and influence others. Citing examples ranging from Hammurabi to Seneca, Antaeus the Giant to Donald Trump, Nassim Nicholas Taleb shows how the willingness to accept one’s own risks is an essential attribute of heroes, saints, and flourishing people in all walks of life. As always both accessible and iconoclastic, Taleb challenges long-held beliefs about the values of those who spearhead military interventions, make financial investments, and propagate religious faiths. Among his insights: • For social justice, focus on symmetry and risk sharing. You cannot make profits and transfer the risks to others, as bankers and large corporations do. You cannot get rich without owning your own risk and paying for your own losses. Forcing skin in the game corrects this asymmetry better than thousands of laws and regulations. • Ethical rules aren’t universal. You’re part of a group larger than you, but it’s still smaller than humanity in general. • Minorities, not majorities, run the world. The world is not run by consensus but by stubborn minorities imposing their tastes and ethics on others. • You can be an intellectual yet still be an idiot. “Educated philistines” have been wrong on everything from Stalinism to Iraq to low-carb diets. • Beware of complicated solutions (that someone was paid to find). A simple barbell can build muscle better than expensive new machines. • True religion is commitment, not just faith. How much you believe in something is manifested only by what you’re willing to risk for it. The phrase “skin in the game” is one we have often heard but rarely stopped to truly dissect. It is the backbone of risk management, but it’s also an astonishingly rich worldview that, as Taleb shows in this book, applies to all aspects of our lives. As Taleb says, “The symmetry of skin in the game is a simple rule that’s necessary for fairness and justice, and the ultimate BS-buster,” and “Never trust anyone who doesn’t have skin in the game. Without it, fools and crooks will benefit, and their mistakes will never come back to haunt them.”

Essai sur la prise de risque, le fait de répondre de ses actes et de ses choix, de tirer des leçons de l''expérience ou sur la dimension éthique du partage des risques dans les situations imprévisibles. Résumé

Nassim Nicholas Taleb’s landmark Incerto series is an investigation of luck, uncertainty, probability, opacity, human error, risk, disorder, and decision-making in a world we don’t understand, in nonoverlapping and standalone books. All four volumes—Antifragile, The Black Swan, Fooled by Randomness, and the expanded edition of The Bed of Procrustes, updated with more than 50 percent new material—are now together in one ebook bundle. ANTIFRAGILE “Startling . . . richly crammed with insights, stories, fine phrases and intriguing asides.”—The Wall Street Journal Just as human bones get stronger when subjected to stress and tension, many things in life benefit from disorder, volatility, and turmoil. What Taleb has identified and calls “antifragile” is that category of things that not only gain from chaos but need it in order to survive and flourish. The resilient resists shocks and stays the same; the antifragile gets better and better. What is crucial is that the antifragile loves errors, as it incurs small harm and large benefits from them. Spanning politics, urban planning, war, personal finance, economic systems, and medicine in an interdisciplinary and erudite style, Antifragile is a blueprint for living in a Black Swan world. THE BLACK SWAN “[A book] that altered modern thinking.”—The Times (London) A black swan is a highly improbable event with three principal characteristics: It is unpredictable; it carries a massive impact; and, after the fact, we concoct an explanation that makes it appear less random and more predictable. The astonishing success of Google was a black swan; so was 9/11. In this groundbreaking and prophetic book, Taleb shows that black swan events underlie almost everything about our world, from the rise of religions to events in our own personal lives, and yet we—especially the experts—are blind to them. FOOLED BY RANDOMNESS “[Fooled by Randomness] is to conventional Wall Street wisdom approximately what Martin Luther’s ninety-five theses were to the Catholic Church.”—Malcolm Gladwell, The New Yorker Are we capable of distinguishing the fortunate charlatan from the genuine visionary? Must we always try to uncover nonexistent messages in random events? Fooled by Randomness is about luck: more precisely, about how we perceive luck in our personal and professional experiences. Set against the backdrop of the most conspicuous forum in which luck is mistaken for skill—the markets—Fooled by Randomness is an irreverent, eye-opening, and endlessly entertaining exploration of one of the least understood forces in our lives. THE BED OF PROCRUSTES “Taleb’s crystalline nuggets of thought stand alone like esoteric poems.”—Financial Times This collection of aphorisms and meditations expresses Taleb’s major ideas in ways you least expect. The Bed of Procrustes takes its title from Greek mythology: the story of a man who made his visitors fit his bed to perfection by either stretching them or cutting their limbs. With a rare combination of pointed wit and potent wisdom, Taleb plows through human illusions, contrasting the classical views of courage, elegance, and erudition against the modern diseases of nerdiness, philistinism, and phoniness.

¿Qué es un cisne negro? Para empezar, es un suceso improbable, sus consecuencias son importantes y todas las explicaciones que se puedan ofrecer a posteriori no tienen en cuenta el azar y sólo buscan encajar lo imprevisible en un modelo perfecto. El éxito de Google y You Tube, y hasta ell 11-S, son “cisnes negros”. Para Nassim Nicholas Taleb, los cisnes negros son parte integrante de nuestro mundo, desde el auge de las religiones hasta los acontecimientos de nuestra vida personal. ¿Por qué no podemos identificar este fenómeno hasta que ya ha sucedido? Según el autor, ello se debe a que los humanos nos empeñamos en investigar las cosas ya sabidas, olvidándonos de lo que desconocemos. Ello nos impide reconocer las oportunidades y nos hace demasiado vulnerables al impulso de simplificar, narrar y categorizar, olvidándonos de recompensar a quienes saben imaginar lo “imposible”. Elegante, sorprendente, y con reflexiones de alcance universal, El cisne negro transformará nuestra manera de mirar el mundo. Taleb es un escritor ameno, ingenioso e irreverente, con un profundo conocimiento de temas tan dispares como la ciencia cognitiva, el mundo de los negocios y la teoría de la probabilidad. De hecho, El cisne negro es auténtico cisne negro en sí mismo.

È vero che sono i più capaci ad avere successo nella vita? --- Questo libro parla della fortuna. O meglio, del ruolo che gioca il caso nella nostra vita in generale, nei nostri affari in particolare. Ma parla anche di quella fortuna che, non essendo percepita come tale, viene scambiata per abilità: una confusione presente in molteplici campi, dalla scienza alla politica, dall'arte alla finanza. Quante volte abbiamo visto un idiota baciato dalla fortuna trovarsi nel posto giusto al momento giusto, dimostrazione vivente della «sopravvivenza del meno adatto»? Individui del genere attraggono seguaci devoti che credono ciecamente in quello che loro spacciano per metodo. «Giocati dal caso» affronta in modo affascinante e divertito alcune conseguenze che possono derivare da questo equivoco, mentre fa cadere come birilli i nostri pregiudizi sull'idea di successo e di sconfitta.

Questo libro offre una nuova visione del mondo. La prospettiva che cambierà le nostre idee sulla società e ispirerà le nostre scelte quotidiane. Ci aiuterà a comprendere come il nostro corpo si protegge dalle malattie e le specie viventi si evolvono, come la libertà d'impresa crea prosperità e il genio si trasforma in innovazione. Ci farà scoprire che se viviamo più a lungo non è la medicina che dobbiamo ringraziare, che meno dati sono disponibili e più un'analisi sarà accurata, e che il naufragio del Titanic ha salvato molte più persone di quante ne abbia fatte annegare. La chiave di tutto è l'antifragilità. Sappiamo che la nostra incapacità di comprendere a fondo i fenomeni umani e naturali ci espone al rischio degli eventi inaspettati. Ma l'incertezza non è solo una fonte di pericoli da cui difendersi: possiamo trarre vantaggio dalla volatilità e dal disordine, persino dagli errori, ed essere quindi antifragili. Il robusto sopporta gli shock e rimane uguale a se stesso, l'antifragile li desidera, e se ne nutre per crescere e migliorare. Medicina, alimentazione, architettura, tecnologia, informazione, politica, economia, gestione dei risparmi: sono solo alcuni dei campi di applicazione pratica in cui Nassim Nicholas Taleb ci accompagna, con l'ironia e la verve polemica che lo hanno reso celebre. Nell'ottica dell'antifragilità, le città-stato funzionano meglio degli stati-nazione, la spontanea confusione dei suk è preferibile all'eleganza formale dei mercati regolati, le grandi corporation sono una minaccia per la società, tanto quanto i piccoli imprenditori ne rappresentano la forza. E per raggiungere un maggior benessere personale e collettivo non è necessario fare sempre di più: meno è meglio. Attingendo da uno sconfinato repertorio di episodi storici, fenomeni biologici e naturali, curiose esperienze personali, unendo la logica matematica alla scettica saggezza degli antichi e allo spirito pratico dell'uomo della strada, Taleb è riuscito nel tentativo di creare una guida eclettica, scanzonata e iconoclasta per orientarsi in un mondo dominato dal caos, il mondo del Cigno nero.

Antifragile is a standalone book in Nassim Nicholas Taleb’s landmark Incerto series, an investigation of opacity, luck, uncertainty, probability, human error, risk, and decision-making in a world we don’t understand. The other books in the series are Fooled by Randomness, The Black Swan, Skin in the Game, and The Bed of Procrustes. Nassim Nicholas Taleb, the bestselling author of The Black Swan and one of the foremost thinkers of our time, reveals how to thrive in an uncertain world. Just as human bones get stronger when subjected to stress and tension, and rumors or riots intensify when someone tries to repress them, many things in life benefit from stress, disorder, volatility, and turmoil. What Taleb has identified and calls “antifragile” is that category of things that not only gain from chaos but need it in order to survive and flourish. In The Black Swan, Taleb showed us that highly improbable and unpredictable events underlie almost everything about our world. In Antifragile, Taleb stands uncertainty on its head, making it desirable, even necessary, and proposes that things be built in an antifragile manner. The antifragile is beyond the resilient or robust. The resilient resists shocks and stays the same; the antifragile gets better and better. Furthermore, the antifragile is immune to prediction errors and protected from adverse events. Why is the city-state better than the nation-state, why is debt bad for you, and why is what we call “efficient” not efficient at all? Why do government responses and social policies protect the strong and hurt the weak? Why should you write your resignation letter before even starting on the job? How did the sinking of the Titanic save lives? The book spans innovation by trial and error, life decisions, politics, urban planning, war, personal finance, economic systems, and medicine. And throughout, in addition to the street wisdom of Fat Tony of Brooklyn, the voices and recipes of ancient wisdom, from Roman, Greek, Semitic, and medieval sources, are loud and clear. Antifragile is a blueprint for living in a Black Swan world. Erudite, witty, and iconoclastic, Taleb’s message is revolutionary: The antifragile, and only the antifragile, will make it. Praise for Antifragile “Ambitious and thought-provoking . . . highly entertaining.”—The Economist “A bold book explaining how and why we should embrace uncertainty, randomness, and error . . . It may just change our lives.”—Newsweek

Aforismi sulla vita, sulla vita economica, sul caso, sul successo, sulla felicità. Il genio di Nassim Nicholas Taleb in pillole, come non te lo aspetteresti mai. C'era un letto particolare nella mitologia greca: il letto di Procuste. Il letto di Procuste doveva essere perfettamente conforme alle misure del viandante. A un ospite troppo alto Procuste tagliava le gambe con un'ascia, un ospite troppo basso veniva sottoposto a una vigorosa trazione per essere adattato esattamente alla lunghezza del letto. In questo libro ogni aforisma riguarda un qualche tipo di letto di Procuste. La modernità modifica gli uomini per soddisfare la tecnologia, incolpa la realtà in quanto incapace di adeguarsi ai modelli economici, inventa malattie per vendere droghe, convince le persone che un posto di lavoro fisso non è schiavitù. Con una rara combinazione di arguzia e saggezza, l'autore del Cigno nero costruisce – attraverso aforismi per tutti i giorni – un'eccentrica guida pratica per vivere in un mondo dominato dall'incertezza, dalla disonestà e dalla creduloneria. Giocosi e irriverenti, questi aforismi parlano di coraggio, eleganza, erudizione, di falsità e ignavia. Ci sorprenderanno, facendo sorgere delusioni e contraddizioni su noi stessi, che nella nostra vita non avevamo neanche mai immaginato.

A slipcased hardback edition of Nassim Nicholas Taleb''s bestselling masterpiece, with the original first Penguin edition artwork.What have the invention of the wheel, Pompeii, the Wall Street Crash, Harry Potter and the internet got in common? Why are all forecasters con-artists? What can Catherine the Great''s lovers tell us about probability? Why should you never run for a train or read a newspaper? This book is all about Black Swans: the random events that underlie our lives, from bestsellers to world disasters. Their impact is huge; they''re impossible to predict; yet after they happen we always try to rationalize them. A rallying cry to ignore the ''experts'', The Black Swan shows us how to stop trying to predict everything - and take advantage of uncertainty.

Korean edition of The Black Swan: Second Edition: The Impact of the Highly Improbable: With a new section: "On Robustness and Fragility" by Nassim Nicholas Taleb. This enlightening book that will change the way we think about the world. In Korean. Distributed by Tsai Fong Books, Inc.

The author of the modern classics The Black Swan, Fooled by Randomness, and Antifragile, Nassim Nicholas Taleb expresses major ideas in ways you least expect in this collection of aphorisms and meditations—now expanded with fifty percent more material than the hardcover. The Bed of Procrustes takes its title from the Greek myth of a man who made his visitors fit his bed to perfection, either by stretching them or by cutting their limbs. It represents Taleb’s view of modern civilization’s hubristic side effects—modifying humans to satisfy technology, blaming reality for not fitting economic models, inventing diseases to sell drugs, defining intelligence as what can be tested in a classroom, and convincing people that employment is not slavery. Playful and irreverent, these aphorisms will surprise you by exposing self-delusions you have been living with but never recognized. With a rare combination of pointed wit and potent wisdom, Taleb plows through human illusions, contrasting the classical values of courage, elegance, and erudition with the modern diseases of nerdiness, philistinism, and phonies.

The most influential book of the past seventy-five years: a groundbreaking exploration of everything we know about what we don’t know, now with a new section called “On Robustness and Fragility.” A black swan is a highly improbable event with three principal characteristics: It is unpredictable; it carries a massive impact; and, after the fact, we concoct an explanation that makes it appear less random, and more predictable, than it was. The astonishing success of Google was a black swan; so was 9/11. For Nassim Nicholas Taleb, black swans underlie almost everything about our world, from the rise of religions to events in our own personal lives. Why do we not acknowledge the phenomenon of black swans until after they occur? Part of the answer, according to Taleb, is that humans are hardwired to learn specifics when they should be focused on generalities. We concentrate on things we already know and time and time again fail to take into consideration what we don’t know. We are, therefore, unable to truly estimate opportunities, too vulnerable to the impulse to simplify, narrate, and categorize, and not open enough to rewarding those who can imagine the “impossible.” For years, Taleb has studied how we fool ourselves into thinking we know more than we actually do. We restrict our thinking to the irrelevant and inconsequential, while large events continue to surprise us and shape our world. In this revelatory book, Taleb will change the way you look at the world, and this second edition features a new philosophical and empirical essay, “On Robustness and Fragility,” which offers tools to navigate and exploit a Black Swan world. Taleb is a vastly entertaining writer, with wit, irreverence, and unusual stories to tell. He has a polymathic command of subjects ranging from cognitive science to business to probability theory. Elegant, startling, and universal in its applications, The Black Swan is a landmark book—itself a black swan.

Fooled by Randomness is a standalone book in Nassim Nicholas Taleb’s landmark Incerto series, an investigation of opacity, luck, uncertainty, probability, human error, risk, and decision-making in a world we don’t understand. The other books in the series are The Black Swan, Antifragile, Skin in the Game, and The Bed of Procrustes. Now in a striking new hardcover edition, Fooled by Randomness is the word-of-mouth sensation that will change the way you think about business and the world. Nassim Nicholas Taleb–veteran trader, renowned risk expert, polymathic scholar, erudite raconteur, and New York Times bestselling author of The Black Swan–has written a modern classic that turns on its head what we believe about luck and skill. This book is about luck–or more precisely, about how we perceive and deal with luck in life and business. Set against the backdrop of the most conspicuous forum in which luck is mistaken for skill–the world of trading–Fooled by Randomness provides captivating insight into one of the least understood factors in all our lives. Writing in an entertaining narrative style, the author tackles major intellectual issues related to the underestimation of the influence of happenstance on our lives. The book is populated with an array of characters, some of whom have grasped, in their own way, the significance of chance: the baseball legend Yogi Berra; the philosopher of knowledge Karl Popper; the ancient world’s wisest man, Solon; the modern financier George Soros; and the Greek voyager Odysseus. We also meet the fictional Nero, who seems to understand the role of randomness in his professional life but falls victim to his own superstitious foolishness. However, the most recognizable character of all remains unnamed–the lucky fool who happens to be in the right place at the right time–he embodies the “survival of the least fit.” Such individuals attract devoted followers who believe in their guru’s insights and methods. But no one can replicate what is obtained by chance. Are we capable of distinguishing the fortunate charlatan from the genuine visionary? Must we always try to uncover nonexistent messages in random events? It may be impossible to guard ourselves against the vagaries of the goddess Fortuna, but after reading Fooled by Randomness we can be a little better prepared. PRAISE FOR FOOLED BY RANDOMNESS: Named by Fortune One of the Smartest Books of All Time A Financial Times Best Business Book of the Year “[Fooled by Randomness] is to conventional Wall Street wisdom approximately what Martin Luther’s ninety-five theses were to the Catholic Church.” –Malcolm Gladwell, author of Blink “The book that rolled down Wall Street like a hand grenade.” –Maggie Mahar, author of Bull! A History of the Boom, 1982—1999 “Fascinating . . . Taleb will grab you.” –Peter L. Bernstein, author of Capital Ideas Evolving “Recalls the best of scientist/essayists like Richard Dawkins . . . and Stephen Jay Gould.” –Michael Schrage, author of Serious Play: How the World’s Best Companies Simulate to Innovate “We need a book like this. . . . Fun to read, refreshingly independent-minded.” –Robert J. Shiller, author of Irrational Exuberance “Powerful . . . loaded with crackling little insights [and] extreme brilliance.” –National Review

Essay over de onzin van economische en andere voorspellingen en onze gebrekkige perceptie van de werkelijkheid.

Chinese edition of The black swan: the impact of the highly improbable. The author examines the highly improbable events that have massive impacts. An enlightening book that will change the way we think about the world. Distributed by Tsai Fong Books, Inc.

Les cygnes noirs sont des événements aléatoires, hautement improbables, qui jalonnent notre vie ; ils ont un impact énorme, sont presque impossibles à prévoir, et pourtant, a posteriori, nous essayons toujours de leur trouver une explication rationnelle. L'auteur exhorte à ne pas tenir compte des propos des "experts", montre comment cesser de tout prévoir et comment tirer parti de l'incertitude.

Destined to become a market classic, Dynamic Hedging is the only practical reference in exotic options hedgingand arbitrage for professional traders and money managers Watch the professionals. From central banks to brokerages to multinationals, institutional investors are flocking to a new generation of exotic and complex options contracts and derivatives. But the promise of ever larger profits also creates the potential for catastrophic trading losses. Now more than ever, the key to trading derivatives lies in implementing preventive risk management techniques that plan for and avoid these appalling downturns. Unlike other books that offer risk management for corporate treasurers, Dynamic Hedging targets the real-world needs of professional traders and money managers. Written by a leading options trader and derivatives risk advisor to global banks and exchanges, this book provides a practical, real-world methodology for monitoring and managing all the risks associated with portfolio management. Nassim Nicholas Taleb is the founder of Empirica Capital LLC, a hedge fund operator, and a fellow at the Courant Institute of Mathematical Sciences of New York University. He has held a variety of senior derivative trading positions in New York and London and worked as an independent floor trader in Chicago. Dr. Taleb was inducted in February 2001 in the Derivatives Strategy Hall of Fame. He received an MBA from the Wharton School and a Ph.D. from University Paris-Dauphine.

Trước khi khám phá ra thiên nga đen tồn tại trên đời (ở Úc), người ta vẫn tin rằng tất cả chim thiên nga trên đời đều có màu trắng. Phát hiện bất ngờ này đã thay đổi toàn bộ thế giới quan của nhân loại (về thiên nga). Chúng ta không biết rất nhiều thứ nhưng lại hành động như thể mình có khả năng dự đoán được mọi điều. Và trong cuốn sách này, tác giả Nassim Nicholas Taleb đã đi sâu vào khai thác những sai lầm của tư tưởng cố hữu ấy. Theo ông, “thiên nga đen” là một biến cố tưởng chừng như không thể xảy ra với ba đặc điểm chính: không thể dự đoán, có tác động nặng nề và sau khi nó xảy ra, người ta lại dựng lên một lời giải thích để khiến nó trở nên ít ngẫu nhiên hơn, dễ dự đoán hơn so với bản chất thật của nó. Thành công đáng kinh ngạc của Facebook có thể được coi là một “thiên nga đen”, việc nước Anh rời khỏi Liên minh châu Âu cũng là một “thiên nga đen”. Thiên nga đen luôn ẩn hiện trong mọi mặt của cuộc sống với những tác động khó lường, theo cả hướng tiêu cực và tích cực. Tinh tế, táo bạo nhưng không kém phần thú vị, Thiên Nga Đen chắc chắn là cuốn sách không thể bỏ qua cho những ai đam mê hiểu biết. Và cuốn sách này, bản thân nó cũng chính là một thiên nga đen…

Da Thịt Trong Cuộc Chơi Một công trình mới đầy táo bạo từ tác giả Thiên nga đen, thách thức những quan điểm truyền thống của chúng ta về rủi ro và phần thường, chính trị và tôn giáo, tài chính và trách nhiệm cá nhân. Trong cuốn sách mới nhất này thuộc bộ INCERTO (Tính bất định), Taleb, một trong những tư tưởng gia hàng đầu của thời đại chúng ta, chỉ ra một lối tư duy mới mẻ, độc đáo, và thiết thực để tìm hiểu thế giới, thành công trong công việc, đóng góp xây dựng một xã hội công bằng, phát hiện ra những điều ngớ ngẩn, và tạo ảnh hưởng tới người khác. Với nguồn dẫn chứng vô cùng phong phú, cả về chiều rộng địa lý lẫn chiều dài thời gian, từ Hammurabi tới Seneca, từ Thần Ăng-tê trong truyền thuyết cho đến Donald Trump ở thời hiện đại , Nassim Nicholas Taleb đã chỉ ra rằng thái độ sẵn sàng chấp nhận rủi ro cá nhân là một thuộc tính không thể thiếu của các vị anh hùng, các vị thánh, đồng thời giúp phát triển xã hội con người.