The Black Swan

The Impact of the Highly Improbable

» Nassim Nicholas Taleb

Penguin
Paperback : 07 Jul 2011

£9.99


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Synopsis

Elegant, startling, and universal in its applications, The Black Swan is a concept that will change the way you look at the world. Black Swans underlie almost everything, from the rise of religions, to events in our own personal lives. A Black Swan is a highly improbable event with three principle 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. And why do we always ignore the phenomenon of Black Swans until after they occur? As Nassim Nicholas Taleb reveals, we are hard-wired not to truly estimate risk, too vulnerable to the impulse to simplify, narrate, and categorize and not open enough to rewarding those who can imagine the ‘impossible’. In this revelatory book, Taleb explains everything we know about what we don’t know, and shows us how to face the world.


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Interview

Nassim Nicholas Taleb is the critically acclaimed author of Fooled by Randomness. Here he talks about his latest book, The Black Swan

The Black Swan is an intriguing title - can you give us an overview of what a black swan looks like?
The Black Swan is about these unexpected events that end up controlling our lives, the world, the economy, history, everything. Before they happen we consider them close to impossible; after they happen we think that they were predictable and partake of a larger scheme. They are rare, but their impact is monstrous. My main problem is: We don't know that these events play such a large role. Why are we blind to them?

What is your favourite example of a black swan?
Most successful stories in the arts and letters are Black Swans. Outside the arts, my favorite one is the emergence of the computer and the internet. Also, almost all drug discoveries are Black Swans. The existence of the universe is a Black Swan...

What first got you interested in the world of uncertainty and probability?
I have been thinking about the neglected role of luck and our overestimation of knowledge ever since I can remember. You know, children philosophize more than adults - and they are critical of adults. I hated school because I liked to daydream and the system tried to stop me from that. Later, I figured out that that the system trained you to become a sucker by making you ashamed of saying 'I don't know'. The world is too ambiguous - the Black Swan comes from the overestimation of our skills in mapping the world. But I was only able to express my idea after I started working in the City and in Wall Street. It seemed so obvious that people in the City didn't know what was going on, yet thought that they did. It was so blatant that they overestimated their explanations, the role of 'skills', yet didn't realize it. So I kept a tally of predictions and realized they can't predict - but somehow manage to convince themselves they can.

The Black Swan, that rare, high-impact event, was the main reason for their failure to predict and understand the world. It was both a psychological problem (we didn't know) and an empirical one; so I approached the problem from both ends.

What do you want people to take away from reading your book?
How not to be a fool for things that matter. You can take advantage of uncertainty if you know how to look it in the eye, and know the limits of what we understand. How to avoid taking seriously the 'faux experts' (those who wear suits and act in a pompous way). How listening to the media or studying economics, degrades your knowledge of the world.

How do you write? Do you have a special room in which you work and a set routine?
My principal activity is daydreaming, so I may write mostly in my head. I have no routine, no work ethics. For years I had an upper limit of 50 minutes a day of actual writing so I would keep enjoying it. If I am bored, I stop right away, or I try to change the subject. You can easily fool yourself, not the reader: if you don't enjoy what you are writing about, the reader will somehow figure it out. So I may go for a long time without writing anything except a check. Also, I need an aesthetic environment. I write in my 'literary library', the one that does not have technical books and technical papers - it is like a sacred space. I also like to write in cafes, away from business people. Writing is sacred, other activities are profane, and I don't want them to corrupt my writing.

Product details

Format : Paperback
ISBN: 9780141034591
Size : 129 x 198mm
Pages : 480
Published : 07 Jul 2011
Publisher : Penguin

Other formats for The Black Swan:
» Hardback : £30.00
» ePub eBook: eBook : £7.00

The Black Swan

The Impact of the Highly Improbable

» Nassim Nicholas Taleb

£9.99


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