Monthly Archives: March 2020

The UK’s Coronavirus Policy / Corporate Socialism

The UK’s coronavirus policy may sound scientific. It isn’t  (The Guardian)
Nassim Nicholas Taleb and Yaneer Bar-Yam
Wed 25 Mar 2020

Our research did not use any complicated model with a vast number of variables, no more than someone watching an avalanche heading in their direction calls for complicated statistical models to see if they need to get out of the way.

Corporate Socialism: The Government is Bailing Out Investors & Managers Not You (Medium)
Nassim Nicholas Taleb with Mark Spitznagel
Mar 25, 2020

Why should we spend taxpayer money to bailout companies who spent their cash (and often even borrowed to generate that cash) to buy their own stock (so the CEO gets optionality), instead of building a rainy day buffer? Such bailouts punish those who acted conservatively and harms them in the long run, favoring the fool and the rent-seeker.


#Moralhazard, @SamHarrisOrg, @PTetlock, Ioannidis, India, UBI, @R_Thaler & @CassSunstein, LUNACY IN THE UK,

Systemic Risk of Pandemic via Novel Pathogens–Coronavirus: A Note (pdf)
T H E  T E C H N I C A L  I N C E R T O  C O L L E C T I O N (460 pg pdf)
Ethics of Precaution: Individual and Systemic Risk (Sign up to download pdf)
Review of Ferguson et al “Impact of non-pharmaceutical interventions…”(Sign up to download pdf)

@nntaleb We need a hall of shame in this thread. These people got us here owing to the lack of preparation. Murderous idiots!   Permalink 9:44 AM – 21 Mar 2020

@nntaleb This friend of mine extends great thanks to ⁦@GrantSSC⁩ and other twitterlifters for helping with this. Permalink 6:53 AM – 21 Mar 2020

@nntaleb Jaffer of course. Make lemons   Permalink 9:01 PM – 20 Mar 2020

@HarryDCrane Cost how many lives?   Permalink 8:17 PM – 20 Mar 2020

@TMFStoffel By the end of Mar, entire country will be on lockdown. Hope it doesn’t take that long If we had listened to @yaneerbaryam, @normonics, and @nntaleb when they issued their warning (Jan 26th, I believe), this wouldn’t be necessary. IF we have guts to do it, recovery starts May 1 Permalink 7:28 PM – 20 Mar 2020

@nntaleb There is a suspicion that STAT NEWS which published the Ioannidis article is an Industry shill. It published Henry I. Miller AFTER he was caught working for Monsanto for which he was fired from Stanford and his columns were removed from Forbes.   Permalink 6:30 PM – 20 Mar 2020

@nntaleb Some days I have hordes after me. Some large event happens, and I can do no wrong. Then a quiet period…   Permalink 5:29 PM – 20 Mar 2020

@yaneerbaryam Third conversation with @nntaleb about uncertainty, certainty and what to do when there is systemic risk / what not to do when a truck is headed your way   Permalink 2:28 PM – 20 Mar 2020

@nntaleb typo: “instead of” contating you. Permalink 11:43 AM – 20 Mar 2020

@nntaleb Spyros is both an admirable man & a genuine scholar. — When you disagree with @spyrosmakrid, as a friend, you solve it w/Ouzo personally, never in public. Unlike Phil the rat @PTetlock who mocks you on the web before contacting you.   Permalink 11:42 AM – 20 Mar 2020

@spyrosmakrid Nobody can doubt that the world will now spend tens of trillions to fight the coronavirus while spending would have been minimal in Jan, not to mention all the lives that would have been saved and the trillions of stock market losses avoided. I must admit I was wrong. @nntaleb   Permalink 11:37 AM – 20 Mar 2020

@nntaleb This friend of mine in Atlanta is looking for a barbell to buy for immediate delivery. Permalink 10:36 AM – 20 Mar 2020

@nntaleb Central aspect of the PRECAUTIONARY PRINCIPLE at the systemic level: it applies to a very narrow set of conditions, centrally: FAT TAILS from multiplicative effects, w/o circuit breakers. The problem w dangerous BS vendors like @SaPinker/@PTetlock is their half training. 1 /n Permalink 10:28 AM – 20 Mar 2020

@nntaleb My paper on tail option pricing (revealing the equations at UNIVERSA) is under revision by a journal. What happened is not an “outlier” But anyone who after today still says “tail options are expensive” deserves to be put in a sanatorium.   Permalink 9:19 AM – 20 Mar 2020

@nntaleb The Ioannidis problem: these pseudoempirical idiots don’t get that INSURANCE is cheaper than catastrophe, which is why under convexity you act early, quickly, and … CHEAPLY. We now spent 2 Trillion when it could have been minimal on Jan 26.   Permalink 8:15 AM – 20 Mar 2020

@jeremias_bosch Right, now this is it. I hated you for so long and now I come back to you @nntaleb like a child that has filled all the oil lamps in the house with water and lived in darkness, out of his own stupidity. Keep on giving them what they deserve. Never stop, never! Permalink 7:43 AM – 20 Mar 2020

@nntaleb Why my forthcoming textbook has a defect in reasoning named after him: the “Pinker problem”, or pseudo-empiricism with systemic variables or fat-tailed domains.   Permalink 7:37 AM – 20 Mar 2020

@nntaleb CONVEXITY OF ECONOMIC EFFECTS FROM PANDEMICS Why the economic costs from pandemics can still grow exponentially even when infection rates slow down. We live in an overoptimized world. Permalink 6:21 AM – 20 Mar 2020

@nntaleb The UK government is borderline psychopathic. Or maybe not borderline. (If true.)   Permalink 5:16 AM – 20 Mar 2020

@jsferjou Bravo @philippejuvin Les médecins «officiels» qui ont décidé il y a qques semaines q les tests (54€ pièce) étaient inutiles ne veulent ni se déjuger ni «engraisser les labos» (témoignage recueilli sous couvert d’anonymat) Contrairement aux masques il n’y a pourtant pas pénurie   Permalink 3:18 PM – 19 Mar 2020

@nntaleb The intuition of what @wtgowers likes about Yaneer’s article is that you’d rather see islands of concentrated infections (pink) & safer areas than evenly distributed. Simply islands have lower concentration than continents/circuit breakers. @dzviovich can you show the automata?   ” target=”_blank”>”> Permalink 1:07 PM – 19 Mar 2020

@nntaleb Fucking idiot my whole point is the asymmetry: how to behave with things we can’t predict. Permalink 12:11 PM – 19 Mar 2020

@nntaleb 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   Permalink 12:00 PM – 19 Mar 2020

@JackDav88 I cannot speak for Taleb, but his basic point was the Ioannidis is treating absence of evidence as evidence of absence. That’s enough to bring the entire argument down. If you are still arguing for only “data-driven” approaches under uncertainty there is nothing else I can say. Permalink 11:53 AM – 19 Mar 2020

@nntaleb The problem with the Ioannidis article is that it is retweeted by every imbecile in sight as it gives cover to their beliefs.   Permalink 11:51 AM – 19 Mar 2020

@nntaleb 2/ Another friend lost his job in the service industry. He immediately found the substitute (what gains from quarantine) & is thriving. He asked to not release the exact industry (for now) so local people don’t take the biz away from him. Permalink 11:33 AM – 19 Mar 2020

@nntalebbot “It is a very recent disease to mistake the unobserved for the nonexistent; but some are plagued with the worse disease of mistaking the unobserved for the unobservable.” – @nntaleb Permalink 11:30 AM – 19 Mar 2020

@Firefly_fan @nntaleb commenting John “clueless” Ioannidis:   NAILS IT. Permalink 10:41 AM – 19 Mar 2020

@nntaleb The paper is here. It blew up on Academia   Permalink 10:41 AM – 19 Mar 2020

@nntaleb MAKE LEMONADE OUT OF LEMONS! Yuuuge hero is @Jaffer22915438: given a shortage of hand sanitizers so he went looking for idle factories, found one, got the products & is now shipping 18,000 units/day. Think how instead of hunkering down you can get aggressive. #Antifragile 1/n   Permalink 9:23 AM – 19 Mar 2020

@yaneerbaryam .@nntaleb and I discuss superspreaders, lockdowns and how to stop the outbreak   Permalink 7:10 AM – 19 Mar 2020

@nntaleb Ioannidis got the reasoning completely BACKWARD. I mean reallllllly backward. In the real world, one must REDUCE RISK in the absence of reliable data, via the MOST ROBUST (model resistant) method. That’s the message of the INCERTO.   ” target=”_blank”>”> Permalink 10:29 AM – 17 Mar 2020

@nntaleb Irresponsible claim. Possible but v. v. highly uncertain. One needs to be blind to make such a strong claim while posting this graph. Just look at the points.   Permalink 9:17 AM – 17 Mar 2020

@nntaleb A review of Ferguson et al., paper using the U.K. standard model for virus risks, w/@yaneerbaryam Paper underestimates the benefits of a LOCKDOWN. As we saw, SIR-type models fail to capture granularity and difference between individuals and AGGREGATES.…_   ” target=”_blank”>”> Permalink 8:17 AM – 17 Mar 2020

@joe_shipman MATH PUZZLE FOR EVERYONE EXCEPT @nntaleb He is too busy saving countries from listening to credentialed morons. You cut a circular disk of paper radially to make wedges to be taped into conical paper cups. To maximize total volume you do 2 cups; what should the angles be? Permalink 7:51 AM – 17 Mar 2020

@nntaleb Same with insurance models. Loss from hurricanes aren’t what you think are losses from hurricanes, even if your estimate of the intensity is correct. Why? Because the costs of the material goes up nonlinearly owing to (conditional) excess demand. Permalink 6:17 PM – 16 Mar 2020

@nntaleb I am the ONLY one who is impolite and crass. Others are polite and well behaved (except that Joe is learning to be rude)   Permalink 5:34 PM – 16 Mar 2020

@nntaleb Something UK modelers (idiots) did not get with hospitalization that we traders and modelers in nonlinearities have know since (1997): The market is a large movie theater with a small door. Same for hospital capacity. Gabish? Permalink 5:29 PM – 16 Mar 2020

@nntaleb UK Nerds: In 2008, The B of England was managing risk w the “Dynamic Stochastic General Equilibrium Model” which assumed no banks, NO TAILS & no crises. They got insulted when I called it a fraud. Epidemiologists have similar flaws. No tails from model error. No perturbations.   Permalink 4:19 PM – 16 Mar 2020

@nntaleb Bravo.   Permalink 3:21 PM – 16 Mar 2020

@nntaleb So we spend >700bn on imaginary risks from listening to IYI geopoliticians & journos when in fact the true enemy is a virus you pick up doing high five with the bartender. Time to fire the Foreign Affairs/Think Tank establishment, close political “science”depts & reset. Reset. Permalink 12:18 PM – 16 Mar 2020

@nntaleb I laughed so hard people I drank the wrong way & started coughing which scared everyone around me! The “BS Busting” operation seeking to eradicate statistical BS. Permalink 10:09 AM – 16 Mar 2020

@nntaleb Just a reminder that “Risk Parity” is a scam. Permalink 9:59 AM – 16 Mar 2020

@nntaleb The scoop: @realDonaldTrump’s staff relied on OUR memo from Jan 26 (@normonics & @yaneerbaryam), which gave solid grounds to ignore “academic” naive forecasting models estimating low impact from the China virus. #PrecautionaryPrinciple   Permalink 9:14 AM – 16 Mar 2020

@nntaleb That was 2010.   Permalink 7:30 AM – 16 Mar 2020

@nntaleb The place where: Ramses II, Nebuchadnezzar, Esarhaddon, Caracalla, Napoleon III, etc. left commemorative Stellae. Preserve Nahrl Kalb! Help protect the site from real-estate fraudsters.   Permalink 6:44 AM – 16 Mar 2020

@nntaleb Long walks. 18000 steps yesterday   Permalink 1:40 PM – 15 Mar 2020

@nntaleb Marks my words: 1) @R_Thaler & @CassSunstein will go down as open dangers to society, 2) Thaler’s models have already been debunked so if he is ever remembered, he will be remembered for his fake research.   Permalink 1:28 PM – 15 Mar 2020

@nntaleb So the methodology (with heuristics we can even teach at #RWRI) is figuring out potential model impact from simple nonlinearity. Alas, many epi models turn into pure hogwash. Nice representation, but unreliable for decision making. Permalink 1:22 PM – 15 Mar 2020

@TalebWisdom “You are free in inverse proportion to the number of people to whom you can’t say “fuck you”.” – @nntaleb Permalink 1:06 PM – 15 Mar 2020

@nntaleb Why you are harming others by not “overreacting”   ” target=”_blank”>”> Permalink 10:34 AM – 15 Mar 2020

@nntaleb Us vs @sapinker and “evidence based” pseudo-empiricism. From a #RWRI attendant   Permalink 8:47 AM – 15 Mar 2020

@NonMeek 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 ” target=”_blank”>”> Permalink 8:42 AM – 15 Mar 2020

@nntaleb *My profession=finding holes in models by IYIs I selected SIMPLEST SIR modelto check sensitivity to parametrization/convexity to error, common w/3 nonlinear ODEs. Every refinement to nonlinearM creates EXPLOSION of errors,curseofdimensionality (Yan & Chowellfor improvements) Permalink 8:18 AM – 15 Mar 2020

@nntaleb Here is my code, in case I made mistakes. It’s from the elementary SIR differential equations. Permalink 7:02 AM – 15 Mar 2020

@nntaleb UK Policy is a speculative lunacy. Playing with the toy standard epidemiological SIR model. We have no idea how model parameters cause a yuuuge variation in ourcomes. We don’t even know the central parameters/whether stochastic. Try to add perturbations for “herd immunity”. Permalink 5:47 AM – 15 Mar 2020

@wael_atallah Thank God there is still some sense in the world! Chocolate Hummus not selling despite the panic. Permalink 1:07 PM – 14 Mar 2020

@nntaleb UK Herd Immunity & ANTIFRAGILITY What drove me bananas is some imbecile who said “it was an antifragile strategy”. NOTHING can be antifragile unless you remove the left tail. I go bananas when people cite me backwards. Permalink 10:42 AM – 14 Mar 2020

@nntaleb Done!   ” target=”_blank”>”> Permalink 10:23 AM – 14 Mar 2020

@black_swan_man #blackswanman #theblackswanman #zerohedge #notasafehaven #riskyparity @RayDalio   ” target=”_blank”>″> Permalink 10:09 AM – 14 Mar 2020

@nntaleb Joe Norman, @yaneerbaryam & I did not “react” on Jan 26 with out paper. We had been preparing for the statement since the poor understanding of Ebola’s tail risk. This is from Nov 2018. Permalink 10:08 AM – 14 Mar 2020

@nntaleb I am a risk analyst & probability modeler. Not a virologist. I assumed reinfection possible because of lack of evidence. But if virologists (like this UK a @TheCrisk) state that reinfection is common for other Coronaviruses (this one has too short a life), then CASE CLOSED. Permalink 9:56 AM – 14 Mar 2020

@nntaleb UK’s “herd immunity” risk-blind strategy hinges on unempirical psycholophasters’ theory abt “crisis fatigue” & “nudging” BS. Assumes 1) no reinfection 2) hospitals will not be overwhelmed (w secondary deaths), 3) disease must return 4) no vaccine is coming Total IYI Lunacy. Permalink 9:33 AM – 14 Mar 2020

@yaneerbaryam How to stop an outbreak (and why China won’t have to reimpose restrictions) Squares represent individuals: grey susceptible; yellow latent; red infected and contagious; black deceased or recovered; and light blue are isolated. 1/2   ” target=”_blank”>”> Permalink 4:43 AM – 14 Mar 2020

@nntaleb There MUST be laws barring economists from doing regressions, just as there are laws preventing fortune tellers from giving medical advice. @DrCirillo   Permalink 4:41 AM – 14 Mar 2020

@nntaleb And obviously in Aramaic: Syriac and Mishnaic Permalink 2:29 PM – 13 Mar 2020

@nntaleb Apparently there is ستر in Arabic could be cover but so uncommon that I wonder where it is used. Permalink 2:24 PM – 13 Mar 2020

@nntaleb (Proverbs 27.12) Note the Lebanese “setra” from נסתר (apparently not in Arabic); unless we find an Aramaic equivalen it would be Phoenician. Permalink 2:05 PM – 13 Mar 2020

@nntaleb יב ערום ראה רעה נסתר פתאים עברו נענשו In Lebanese (literal): L 3aa2l lamma yshuf l khatar baddo l stra, L basit bkammel wbyékela In Lebanese (saying) Alf jabén w la alla yer7amo. #PrecautionaryPrinciple Permalink 1:53 PM – 13 Mar 2020

@nntaleb LUNACY IN THE UK Very clear on “herd immunity” assuming immunity is reached, no permanent damage, and NO VARIANCE for the parameters.   ” target=”_blank”>”> Permalink 12:36 PM – 13 Mar 2020

@nntaleb Only way to counter the fools at 10 Downing is for team w/@yaneerbaryam & @normonics : 1-Pressure US gov to block travel from UK 2-Issue guidelines for UK citizens to protect themselves from both corona & the gov of Boris-the-dupe @BorisJohnson 3- Show errors in epi studies Permalink 9:48 AM – 13 Mar 2020

@nntaleb Full book is here   Permalink 8:45 AM – 13 Mar 2020

@nntaleb The hardest thing to absorb for a “well educated” IYI is: absence of evidence ≢ evidence of absence   Permalink 7:36 AM – 13 Mar 2020

@nntaleb About everybody seems to be working under the hypothesis that those who recover from the virus are permanently in the SAME condition as those who never got it. Permalink 7:10 AM – 13 Mar 2020

@nntaleb SKIN IN THE GAME All those in the UK who are in favor of the “herd immunity” BS should self-infect with the virus. Includes ALL decision-makers, science advisors and “Boris no Precaution”. Now. #SkinintheGame is about filtering those with systemic danger out of the system. Permalink 6:23 AM – 13 Mar 2020

@neilchriss Of course I prefer 90% doors locked to no doors locked. I also prefer Russian roulette with one bullet vs two. Justifying a bad alternative by presenting worse ones is precisely why most people suck at risk. Permalink 6:07 AM – 13 Mar 2020

@nntaleb   Permalink 5:23 AM – 13 Mar 2020

@nntaleb If you don’t like my style, go follow the Washington Post. Never lecture someone on her or his style! Permalink 5:14 AM – 13 Mar 2020

@nntaleb 5) Fundamentally, you don’t take decisions based on what is *likely* to work (although with these behavioral nudge idiots it’s likely to not work), but based on the systemic costs of the error. Permalink 5:09 AM – 13 Mar 2020

@nntaleb Fundamentally, you don’t take decisions based on what is *likely* to work (although with these behavioral nudge idiots it’s likely to not work), but based on the systemic costs of the error.   Permalink 5:08 AM – 13 Mar 2020

@nntaleb 41 langues.   Permalink 5:00 AM – 13 Mar 2020

@Premysl_The_Man Over 1000 volunteers for   will fight this. Lower connectivity, now! @yaneerbaryam Permalink 4:23 AM – 13 Mar 2020

@nntaleb 4) On Jan 26 when ~1000 infected people we issued our warning on how to handle the pandemic: take no chances, stay ahead of it. Precautionary measures based on symmetry of errors.   Permalink 4:19 AM – 13 Mar 2020

@nntaleb 3) You don’t board a plane w/safety w/p-value of .05 (likely to be miscomputed). If they used their “scientific” approach to risk management no pilot would be alive today. Risk require much more reliability than “evidence based” methods which are backward-looking & flawed. Permalink 4:14 AM – 13 Mar 2020

@nntaleb UK NUDGE UNIT 1) Just as before the crisis of 2008-9 I was shouting that economic “experts” were no experts, we will sorely discover that behavioral “experts” are even more unreliable. 2) Even psychs admit behavioral papers replicate <½, that is the reliability of astrology. Permalink 4:09 AM – 13 Mar 2020

@nntaleb h/t @sothisispietro Permalink 6:49 PM – 12 Mar 2020

@nntaleb Actually, it is not obvious. Medication might be accelerating their problems.   ” target=”_blank”>”> Permalink 6:18 PM – 12 Mar 2020

@TalebWisdom “Automation makes otherwise pleasant activities turn into “work”.” – Nassim Taleb #automation #robotics Permalink 5:41 PM – 12 Mar 2020

@nntaleb The thick paper Permalink 11:08 AM – 12 Mar 2020

@nntaleb Friends, the PDF for the Technical Incerto (expected >2 volumes) will be free.   Two options: (Note Amazon may list with big discount) Permalink 10:55 AM – 12 Mar 2020

@GuruAnaerobic Mayoral hopeful @RoryStewartUK has been retweeting @nntaleb   Permalink 10:24 AM – 12 Mar 2020

@okeyego The point of panic is to prevent the virus from spreading in the first place, imbecile, not to help those already infected with surviving. Permalink 10:00 AM – 12 Mar 2020

@normonics Dear @GovChrisSununu Please see my letter below as well the note we wrote in January that drove the travel restrictions that have bought us time. I submitted this letter on your website as well so you have my contact info there. Please don’t hesitate. Best, Joe Permalink 8:52 AM – 12 Mar 2020

@nntaleb Remember that the US is not a Republic but (still) a Federation. The president can control foreign access, but not what happens in the States/communes. Some States such as NY are ahead of the game; they even ordered their own testing kits. Others so so. #Localism Permalink 8:00 AM – 12 Mar 2020

@nntaleb 2) Psychologists themselves own that >55% of their results don’t replicate. I’ve shown that 100% of what they do in fat tailed domains is exactly backward.   Permalink 7:12 AM – 12 Mar 2020

@nntaleb REMINDER: Psychologists as a collective are probability-ignorant BS vendors publishing unrigorous crap. Just a reminder.   Permalink 6:48 AM – 12 Mar 2020

@nntaleb Donaldo: If you own the mahhket on the way up, you will also own it on the way down.   Permalink 6:46 AM – 12 Mar 2020

@nntaleb SOLUTION: market expects +/- 11.3% swing. This is a classic confusion because operators don’t understand what “volatility” means. Just as psychologists who deal with “correlation” and p-values don’t know what these metrics mean. Permalink 4:55 AM – 12 Mar 2020

@nntaleb Correct the yuuge error. Hint: in Statistical Consequences of Fat Tail, but won’t tell you where.   Permalink 7:24 PM – 11 Mar 2020

@nntaleb 2) Point is: all we need to do is slow down the growth, CUT THE TAIL–we can’t eliminate it. Unfair to favor the UK but simpler to execute. The virus is already here so the idea is to let it expire. Our proposal of Jan 26. infections were <1% of today’s   ” target=”_blank”>”> Permalink 7:01 PM – 11 Mar 2020

@nntaleb OK, Trump woke up. He understood that the solution is acting NOW in reducing connectivity. 30 days travel ban from Europe is perfect. Let the states ban public transportation/close all gatherings for 30 days. Permalink 6:20 PM – 11 Mar 2020

@nntaleb What psychologists like this dangerous fellow @vaughanbell call “evidence” is something that fails 55-60% of the time, and has a p~ .05. With a p~.05 no pilot/flight attendant would be alive. Permalink 6:10 PM – 11 Mar 2020

@nntaleb Someone shd ban psychologists from talking probability. New book counters idiots ignorant of Risk & Extreme Value Theory who talk about “evidence”. Soon in hard copy.   ” target=”_blank”>”> Permalink 5:49 PM – 11 Mar 2020

@nntaleb CORONA TRICKS Friends pls add suggestions No fasting >20h No bread (can’t disinfect) unless you bake it yslf No sushi/raw meat No intense exercise. DL 80% max, at risk of detraining No public transp., no valet parking No Thaler/Nudge Unit No bars; if you must No nonalchlc bev Permalink 2:18 PM – 11 Mar 2020

@nntaleb ATTENTION Friends in the UK Beware the recommendations of the “Nudge Unit” and “evidence based” BS. They are more risk creators than mitigators. Learn from Korea, Singapore. In the US, Governor Cuomo is doing the right thing. This is the outline of my paper “nudge sinister”. Permalink 12:56 PM – 11 Mar 2020

@nntaleb The “nudge unit” & “evidence based” will wreck the U.K.   Permalink 10:18 AM – 11 Mar 2020

@nntaleb Kluuuuuuelessly dangerous. The fellow @vaughanbell is a psychologist. Invokes “evidence based”: you need “evidence” of a crash before putting your seat belt on. The U.K. is doomed by government listening to “tenured” psychologists and nudge operators, like Thaler & other idiots.   Permalink 10:18 AM – 11 Mar 2020

@nntaleb Fucking IMBECILE, this was never presented as a “prediction” but as a warning about the fragility of SOME systems as they globalize. Permalink 1:22 PM – 10 Mar 2020

@nntaleb Lesson: Those who panicked early don’t have to panic today. Permalink 11:01 AM – 9 Mar 2020

@nntaleb Explaining “Black Swans” and their connection to Fat Tails in new technical book. Permalink 8:34 AM – 9 Mar 2020

@nntaleb Oh no!   Permalink 8:16 AM – 9 Mar 2020

@nntaleb For those who need help reading Permalink 7:38 AM – 9 Mar 2020

@mikeharrisNY As this wise man @nntaleb has said #ES_F $SPX Permalink 6:51 AM – 9 Mar 2020

@paulportesi You just haven’t seen the other side of the distribution. @nntaleb This quote has always stuck with me. Its elegance and power. I never forgot it. Well… We are seeing the other side of the distribution. Permalink 7:13 PM – 8 Mar 2020

@nntaleb How to Panic If You Must: discussion with @yaneerbaryam   Permalink 5:17 PM – 8 Mar 2020

@nntaleb BTW, from The Black Swan, in 2007. Permalink 1:21 PM – 8 Mar 2020

@nntaleb The great Cato-the-wise, Cato Sapiens, Cato Censorius, or (in Staten Island, Cato-no-nonsense) would be turning in his grave & characteristically seething with anger at the misuse of his name by that imbecilic institute. PS-As we explained,deaths *lag* infections because…time   Permalink 12:24 PM – 8 Mar 2020

@pierre_fraser Le #coronavirus et les erreurs journalistiques Dans un tweet dont seul @nntaleb a le secret, ce dernier à souligné que « L’Italie ne met pas à risque son économie pour combattre le virus, mais que […] »   ” target=”_blank”>″> Permalink 12:02 PM – 8 Mar 2020

@nntaleb And of course the payment was not made. In spite of pressure by #RiadPonzi & the banksters. Good news.   Permalink 10:44 AM – 8 Mar 2020

@trishankkarthik More reasons not to venerate the cult of the youth:   Permalink 9:35 AM – 8 Mar 2020

@nntaleb (No, nothing chemical. They are spraying Greek-Orthodox holy water.) Permalink 9:29 AM – 8 Mar 2020

@nntaleb The gym in Amioun (my ancestral village). Yet no virus in the area. Maybe the precautionary mindset in the genes (or, perhaps from the local olive oil). I guess I should go there. Permalink 9:20 AM – 8 Mar 2020

@nntaleb Solution. Joe Shipman tried (and failed) to ruin my weekend. (deleted previous owing to typos ) Permalink 8:06 AM – 8 Mar 2020

@nntaleb Footnote: I framed the Tennis Problem as if it were the COVFEFE riddle. Permalink 7:35 AM – 8 Mar 2020

@nntaleb Beware Journalistic Fallacies Italy is NOT “risking” the economy to fight the virus. It is lowering the risk for the economy by fighting the virus. If the coronavirus proved something, it is that the half-learned (journalist, psychologist) is the greatest danger for mankind. Permalink 7:15 AM – 8 Mar 2020

@Untiroalaire What pisses IYIs off is realizing how untaggable @nntaleb is, while their whole lives have revolved around labelling others. Aim for untaggability. Permalink 5:05 AM – 8 Mar 2020

@koushikp Unfortunately despite all your efforts, many haven’t understood the concept of limiting factor. The capacity of the healthcare system isn’t unlimited. So the mortality rate isn’t a linear number as being spewed out across many IYIs across the internet. Permalink 6:41 PM – 7 Mar 2020

#RWRI13, Connectivity,, Contact Between People, virucide, Quillettists, #RiadPonzi, John Gray, Conferences, Sunstein, Superspreader, TRUE JUSTICE, Harari, Dawkins, Hanson, Thaler, George Steiner, Bureaucracy, Localism

@Pascallisch Same is true for animals/evolved cognitive systems. Most false positives for predator detection in foliage are without consequence. A single false negative can be fatal. Raw accuracy is not the point. Permalink 9:11 AM – 7 Mar 2020

@nntaleb If the word “panic” means “exaggerated” reaction, could be so at the individual level but NOT at the collective one. We MUST reduce connectivity for 20 d to avert a serious problem. We have survived for zillion years thanks to “irrational” “panics”.   Permalink 8:30 AM – 7 Mar 2020

@nntaleb Saying the coronavirus panic is dumb is dumb. #PrecautionaryPrinciple #WittgensteinsRuler   Permalink 7:56 AM – 7 Mar 2020

@nntaleb “If you see fraud, & you don’t say fraud, you are a fraud”. I provided a list of #RiadPonzi & the banker’s partisans. They also engaged in smearing those who were opposed to paying.   Permalink 4:32 AM – 7 Mar 2020

@nntaleb 1) Predictions don’t count. It’s their payoff, what you do w/them (x is not f(x) ). Academics don’t get it. “Speculators are not paid in true or false, but in $) 2) Indeed, I don’t run the account. But I save the tweets as I am too lazy to have a notebook. Thanks, Cetin.   Permalink 4:19 AM – 7 Mar 2020

@nntaleb Impressive: he was self-taught in Semitic languages. Like our @HsenAndil “Only autodidacts are free” (#Antifragile) Permalink 3:42 PM – 6 Mar 2020

@HomegrownJoan @nntaleb Nurses need help!   Permalink 3:05 PM – 6 Mar 2020

@nntaleb We hit 400 volunteers!   Permalink 2:53 PM – 6 Mar 2020

@nntaleb New job   Permalink 2:52 PM – 6 Mar 2020

@paulportesi @nntaleb Wittgenstein ruler   Permalink 2:10 PM – 6 Mar 2020

@nntaleb Possibly the most erudite man in history. He taught himself Semitic Languages & translated Arabic proverbs into Latin. He knew Arabic, Greek, Latin, Hebrew, Syriac/Aramaic. He was to Montaigne (then considered a popularizing philistine) what Umberto Eco was to Fox News.   ” target=”_blank”>”> Permalink 11:53 AM – 6 Mar 2020

@nntaleb Just blocked a few who discuss this virus in terms of “predicting” & track record, as Phil the rat @PTetlock & others in the “forecasting” BS are presenting it. When you put your seat belt you aren’t “forecasting” a crash. When you lock your house you aren’t forecasting theft… Permalink 8:53 AM – 6 Mar 2020

@dancarna Localism in Seattle: the CDC was taking too long with multiple fumbles getting testing kits to us so we made our own. Now we’re able to test 1000 people per day   Permalink 7:49 AM – 6 Mar 2020

@normonics As this thing evolves, remember: we did not hedge. We told you what we saw and what was coming if we failed to take action. Most are too busy hedging to get their head out of the sand.   Permalink 6:39 AM – 6 Mar 2020

@ole_b_peters New blog post. Probability weighting is one of those supposed cognitive biases that evaporate, as far as I can tell, when we think carefully about how to live within time.   Permalink 6:26 AM – 6 Mar 2020

@nntaleb Actually we can show this identity is false: Negative log = log[abs[]]+ i \pi is not really a function, when we solve as 1 rather than 2 integrals we get a residual of \frac{\pi^3}{3}. Otherwise the left integral is something like -5/4 i zeta(3) “offset” by the second integral. Permalink 6:22 AM – 6 Mar 2020

@nntaleb LOCALISM ! Mervyn King understand that city-states shd deal directly with one another, not via some bureaucrat in Brussels/DC Athens had a deal w/Sidon: full rights in both places (at least in Athens, where resident Sidonese were not metics but citizens)   Permalink 5:48 AM – 6 Mar 2020

@nntaleb OK, Friends, Now that you understand multiplicative and systemic effects, you can get why we worry about GMOs –but not small idiosyncratic risks.   ” target=”_blank”>”> Permalink 3:54 AM – 6 Mar 2020

@MKM_Abdul Precisely what @nntaleb wrote in Antifragile.   Permalink 2:16 AM – 6 Mar 2020

@nntaleb Thanks for the help.   Permalink 3:18 PM – 5 Mar 2020

@nntaleb Another blue check mark who doesn’t understand 1) multiplicative processes, 2) risk, 3) other stuff. Yet spreading danger. Another one.   Permalink 1:58 PM – 5 Mar 2020

@nntaleb Why it is SELFISH to not worry more about the virus than other sources of risk even if it does not affect you as much. Individual precaution does not scale to collective precaution. [Adding to PRINCIPIA POLITICA] Permalink 12:27 PM – 5 Mar 2020

@nntaleb Maestro Statistician Andrew Gelman going (as usual) after nudgeboy @CassSunstein [If you want to be scared, imagine him or concoctista “Rationality Richard” @Richard_Thaler doing some nudging from the White House if Biden is elected.]   ” target=”_blank”>”> Permalink 10:50 AM – 5 Mar 2020

@nntaleb Tail hedge: he explains the logic of how to make a portfolio ergodic by cutting the left tail.   Permalink 9:27 AM – 5 Mar 2020

@nntaleb News is misleading. They froze the assets of bank OWNERS & managers. Permalink 6:54 AM – 5 Mar 2020

@nntaleb Grrrrrrrreat news! The Cascade has started. Next in line: #RiadPonzi (Fakkét l masb7a!)   Permalink 6:40 AM – 5 Mar 2020

@nntaleb For those in quarantine (self-imposed or involuntary), a though problem by @SrinivasR1729 Permalink 3:56 AM – 5 Mar 2020

@nntaleb Those who mistake absence of evidence for evidence of absence (like these morons) end up leaving the gene pool, except that here they endanger others.   Permalink 10:39 AM – 4 Mar 2020

@nntaleb 4) Ricardo got the point but missed on its analytical consequences. Permalink 8:24 AM – 4 Mar 2020

@yaneerbaryam Its time to take action to stop COVID-19. Join our volunteers working at local and regional levels to help contain the virus. Email with your state and county information to join the team @nntaleb Permalink 8:05 PM – 3 Mar 2020

@nntaleb And… when you finish one volume, start a new one. Technical Incerto Volume 2 Permalink 9:11 AM – 3 Mar 2020

@nntaleb Add this smearer @Berti74 Permalink 7:22 AM – 3 Mar 2020

@nntaleb Neo-nazis, like Quillettists, are statistically incompetent, parroting buzzwords like “PCA” Even if correct (it’s not),PCAs, 1)reflect recent endogamy, 2)distances need to be corrected. Entropy: If pple LOOK the same, they ARE the same. See my paper:   ” target=”_blank”>”> Permalink 6:28 AM – 3 Mar 2020

@nntaleb ANNOUNCEMENT #Lebanon Why is the most dangerous & incompetent central banker in history, #RiadPonzi, still in power? He owns a few journalists who smear those who mention him. Suspects: مرسيل غانم جورج غانم فيوليت بلعة فيليب ابي عقل موفق حرب ربيع الهبر بسام ابو زيد ميشال قنبور Permalink 4:46 AM – 3 Mar 2020

@nntaleb ANNOUNCEMENT #Lebanon Why is the most dangerous & incompetent central banker in history, #RiadPonzi, still in power? He owns a few journalists who smear those who mention him. Suspects: مرسيل غانم جورج غانم فيوليت بلعة فيليب ابي عقل موفق حرب ربيع الهبر بسام ابو زيد ميشال قنبور Permalink 4:46 AM – 3 Mar 2020

@nntaleb This music must be coming from deep Anatolia/East Med, before these languages came to the region.   Permalink 4:21 AM – 3 Mar 2020

@nntaleb Yaneer explains the payoff from “panic”. If you reduce the connectivity between people the rate drops & we are nonlineaely out of the woods. Hint: the flu season typically starts & ends with the school year.   Permalink 5:00 PM – 2 Mar 2020

@nntaleb And the Ladino version of Jews from Turkey   ” target=”_blank”>”> Permalink 1:06 PM – 2 Mar 2020

@nntaleb Few Turks are aware of the fact that they are almost entirely converted Greeks/Armenians/Georgians/Levantines. “Languages travel, genes stay”   Permalink 12:52 PM – 2 Mar 2020

@nntaleb The Greek version: Ο ΓΙΑΤΡΟΣ   Permalink 12:44 PM – 2 Mar 2020

@nntaleb And the Levantine versions of “Aman Doktor” سكابا يا دموع العين   Permalink 12:09 PM – 2 Mar 2020

@nntaleb EAST MED In spite of what Nordic supremacists have led people to believe, Greeks, Turks, Western Armenians, Anatolian Kurds, & Northern Syrians are the same people. They have the same soul.   Permalink 8:23 AM – 2 Mar 2020

@imleslahdin The way @nntaleb writes is the best model in the world. Not just the content, the whole open process.   Permalink 3:36 AM – 2 Mar 2020

@nntaleb Came home to find hard copies of the new book. Beautiful. This is print on demand, which costs $20 per copy to print (highest quality paper). The volume version should costs $5-7 to print & will be available in 2 months. Meanwhile PDF is free:   ” target=”_blank”>”> Permalink 3:25 AM – 2 Mar 2020

@nntaleb John Gray is the real deal.   Permalink 5:58 PM – 1 Mar 2020

@DIAS In Istanbul, some friends were singing an old Turkish song “Aman Doktor” in a restaurant. A Greek man walks up to the table and starts singing the same song in Greek (Greeks and Turks share many old folk songs) At the end The 2 men showed great respect to eachother wow Permalink 3:19 PM – 1 Mar 2020

@nntaleb AVOID PSEUDO-EMPIRICISM Just realized that the point about @CassSunstein style of pseudo-empiricism (common to journos/psychologists of risk and “rationality”) is explicit in Skin In the Game, nontechnical! Permalink 1:50 PM – 1 Mar 2020

@nntaleb BLOCKING & FREEDOM OF EXPRESSION A twitter feed is NOT an open public forum. It is private. It is like your daily newspaper or your personal classroom. You are free to let in only qualified students. Otherwise noise will overtake your life. Permalink 12:01 PM – 1 Mar 2020

@nntaleb The wisest thing is to preemptively block every journalist — particularly UK and “science” ones.   Permalink 11:55 AM – 1 Mar 2020

@nntaleb Conferences are bad not because of how many people one connects with there, but because they move germs across the planet, de-localize the problem.   Permalink 11:34 AM – 1 Mar 2020

@nntaleb One heuristic. Whenever you hear “evidence based”, expect probabilistic fraud.   Permalink 10:57 AM – 1 Mar 2020

@nntaleb Blocked the fellow (among others who dangerously advocate “no worry”). Higher fatality rate can actually lower the risk of the disease, make tails thinner. Why? Simply because dead people tend to not take planes, trains subways, & cruises. Even in California. Permalink 10:18 AM – 1 Mar 2020

@perfexcellent When I see this, the more I wish people would follow @nntaleb’s advice that these bodies should be created with a non-negotiable expiry date. Permalink 8:14 AM – 1 Mar 2020

@KaMiller1 Bottom of page 2 above the comic: @nntaleb provides greatest footnote in the history of footnotes. You made my morning, Sir!   Permalink 5:47 AM – 1 Mar 2020

@TulsiGabbard .@realDonaldTrump Remember this?   Permalink 5:40 AM – 1 Mar 2020

@nntaleb Permalink 4:32 AM – 1 Mar 2020

@nntaleb For those still unable to understand that death from multiplicative processes such as corona are NOT to be compared to those from thin-tailed sources, see Chapter 3 of new book:   ” target=”_blank”>”> Permalink 4:28 AM – 1 Mar 2020

@nntaleb This is not the base rate fucking fallacy. Please stop using names given by ignorant psychologists to statistical phenomena. Permalink 6:52 PM – 29 Feb 2020

@nntaleb There is a marked-to-market problem. Low incidence = low testing. Only places that mark to market properly seem to be Singapore and Bella Italia. Permalink 5:31 PM – 29 Feb 2020

@nntaleb The initial discussion was how intelligent people (in the real sense, that is, people who get stuff) don’t correlate much with those with high IQ scores (IQ scores select for idiots who are good test takers/prone to becoming bureaucrats and slaves of states & large corps). Permalink 4:43 PM – 29 Feb 2020

@nntaleb PROBABILITY DU JOUR Why, among public figures, good looking people (actors) are not so intelligent, and intelligent people are not so good looking? (Posed by @joe_shipman) Permalink 3:41 PM – 29 Feb 2020

@yaneerbaryam We are looking for volunteers for the coronavirus outbreak response. Please DM me if you are willing to help. In order for this to be stopped we need to work together to make it happen. Permalink 3:25 PM – 29 Feb 2020

@nntaleb The entire idea of the INCERTO is that uncertainty makes some decisions muuuuuuch easier. If I am “uncertain” about the skills of the pilot, I take another plane. If I am “uncertain” about an investment, I say no, etc. But Nudgeboy @CassSunstein suggests opposite. Permalink 2:17 PM – 29 Feb 2020

@nntaleb The logical problem with IYIS: we don’t know the risk HENCE let’s ignore it.   Permalink 1:52 PM – 29 Feb 2020

@nntaleb Most places with “low incidence” are turning out to be places of *low testing*. Includes, of course, the United States.   Permalink 9:58 AM – 29 Feb 2020

@nntaleb The rate of infection drops when fewer people are in enclosed spaces. Singapore has too much AC in the summer.   Permalink 7:11 AM – 29 Feb 2020

@ggreenwald This Boston Globe column says Sanders’ attempt to win the Massachusetts primary is “very disrespectful” to Sen. Warren, a form of “major humiliation,” one that reveals an ugly character flaw of “unbridled ambition” that is “exceedingly off-putting”   ” target=”_blank”>”> Permalink 6:47 AM – 29 Feb 2020

@kemaunders Thank you to the brilliant team (@nntaleb, Raphael Douady, @financequant, Alicia Bentham Williams, @normonics, @trishankkarthik, Arié H, and Tom Messina) and my fellow participants who made #RWRI 13 an experience that will touch many parts of life. My immediate to do list… Permalink 2:29 AM – 29 Feb 2020

@seandaken THANK YOU Alicia Bentham-Williams @nntaleb Raphael Douady @financequant @normonics @trishankkarthik @ariehaziza @vergilden and my fellow participants for an incredible week. Found my people. See you at a future #RWRI #RWRI13 #incerto #oneplusminusalpha #cutthetail Permalink 5:06 PM – 28 Feb 2020

@nntaleb Please use # #RWRI not just #RWRI13   Permalink 9:20 AM – 26 Feb 2020

@nntaleb #RWRI 13 How simple rules build complex structures with Mathematica code by ⁦@financequant ⁩ Genome cannot explain the conplexity of life Permalink 8:33 AM – 26 Feb 2020

@TalebWisdom “Life isn’t about getting forecasts “right”; it is about navigating the environment and controlling it.” – Nassim Nicholas Taleb Permalink 7:10 AM – 26 Feb 2020

@nntaleb The hidden mean: you know that real cases are (at best) equal or higher than reported. Reported = lower bound, not estimate.   Permalink 6:44 AM – 26 Feb 2020

@nntaleb No   Permalink 4:40 AM – 26 Feb 2020

@harshacoach People think of government as an abstract theological entity, not as a collection of individuals without skin in the game @nntaleb at #RWRI Permalink 4:38 AM – 26 Feb 2020

@DellAnnaLuca Tra l’altro, in questo thread qui sotto, la traduzione in italiano di alcuni documenti degli autori sopracitati:   Permalink 4:23 AM – 26 Feb 2020

@flaneurizer @nntaleb does not say directly, but China has same relationship with Hong Kong, milking it for the last 20 years. IYIs shout about China wanting to “crush” Hong Kong, but that’s BS. Just a mafioso maybe overplaying their hand.   Permalink 1:59 AM – 26 Feb 2020

@TalebWisdom “Atheists are just modern versions of religious fundamentalists: they both take religion too literally.” – @nntaleb Permalink 10:18 PM – 25 Feb 2020

@nntaleb #RWRI   Permalink 4:29 PM – 25 Feb 2020

@RealJamesWoods Thank you, Doug. This is a brilliant assessment of our current situation with the #Wuhan #CoronaVirus. More importantly, as I understand it, taking strong, unpopular steps to implement strategic intervention before the pandemic is catastrophic in America is absolutely critical.   Permalink 12:58 PM – 25 Feb 2020

@bakingVC Forecasters don’t get rich by being right „on average“. Basically, that’s why there are no rich forecasters. #RWRI @nntaleb Permalink 12:38 PM – 25 Feb 2020

@nntaleb The exact discussion at #RWRI about people who don’t get that risk taking is good, under some conditions; and how to defeat sophistry like the one bt this ignorant fellow @realYuriOrlov that “no systemic multiplicative tail exposures” is not “take no risks” at all.   Permalink 10:59 AM – 25 Feb 2020

@normonics .@nntaleb currently discussing how social media is a return to a more natural communication pattern, a return from central media gatekeepers #RWRI #RWRI13 #lindy   Permalink 8:53 AM – 25 Feb 2020

@JacobGnther1 “I live in a cave. There are no corners in my house…” #RWRI @nntaleb Permalink 6:27 AM – 25 Feb 2020

@NachoOliveras Day 2 of #rwri13 just taking off! 1/n Permalink 6:02 AM – 25 Feb 2020

@ErikByronTaylor Learned yesterday why guy in the slide is NOT irrational. (Took liberty of updating slide to read Corona instead of Ebola to make it more timely #photoshop) #RWRI #rwri13 Permalink 4:58 AM – 25 Feb 2020

@nntaleb It is practically impossible to be more dangerously incompetent than this fellow. Impossible.   Permalink 4:03 AM – 25 Feb 2020

@nntaleb It is practically impossible to be more dangerously incompetent than this fellow. Impossible.   Permalink 4:03 AM – 25 Feb 2020

@seandaken Having a blast at #RWRI in NYC with @nntaleb and ~65 others Permalink 7:41 AM – 24 Feb 2020

@nntaleb #RWRI 13   Permalink 6:54 AM – 24 Feb 2020

@nntaleb #RWRI 13   Permalink 6:54 AM – 24 Feb 2020

@black_swan_man #blackswanman #theblackswanman @POTUS @realDonaldTrump @ErikSchatzker #Negotiations #TheArtoftheDeal #hitfirst Permalink 6:07 AM – 24 Feb 2020

@nntaleb I mean infections. Permalink 6:46 PM – 23 Feb 2020

@nntaleb The carpenter fallacy. To understand large gains/losses in a Casino roulette, you don’t ask a carpenter, but a probabilist.   Permalink 6:39 PM – 23 Feb 2020

@nntaleb Doctors and the #WHO don’t understand multiplication. They understand medicine (& addition), not multiplication. When we posted this on Jan 26, there were ~1,000 casualties. Today ~79,000. Unless we overreact, at that rate, in 1 month , can reach yuuuge numbers @yaneerbaryam   Permalink 6:38 PM – 23 Feb 2020

@yaneerbaryam It is time to stop thinking about pandemic response as a medical effort. Physicians are not trained to evaluate economic impacts, to impose actions for cities, and to engage in the social behavioral change that is needed. Permalink 6:29 PM – 23 Feb 2020

@nntaleb Plane and car crashes are neither multiplicative nor systemic. I block anyone comparing fear of multiplicative pandemics to car crashes. Besides, airplane safety is the result of mega-paranoia. Permalink 6:02 PM – 23 Feb 2020

@nntaleb   Permalink 5:53 PM – 23 Feb 2020

@nntaleb   Permalink 5:24 PM – 23 Feb 2020

@nntaleb When paranoid, you can be wrong 1000 times & you will survive. If non-paranoid; wrong once, and you, your genes, & the rest of your group are done. It’s a yuuuge mystery that academics who deal w/risk, “rationality”, subforecasting & superforecasting fail to get it. Permalink 5:23 PM – 23 Feb 2020

@nntaleb Finally ideas on religions as non comparable items are starting to spread. Permalink 4:56 PM – 23 Feb 2020

@nntaleb You notice that all these overeducated (miseducated) dangerous fools who don’t get precaution are academics into the nudge and “risk and rationality” business.   Permalink 4:47 PM – 23 Feb 2020

@nntaleb Dangerously incompetent man, this @alemannoEU, increasing risk for all of us. Overreacting early is a necessity.   Permalink 4:34 PM – 23 Feb 2020

@Renegade_Masta @save_the_tweet #please Fucking idiot. Worst case =total destruction. Best case = inconvenience + being wrong. You take inconvenience every time. And yes I live in the area. There is no such thing as overreaction. @DellAnnaLuca @nntaleb @DrCirillo @yaneerbaryam Permalink 3:54 PM – 23 Feb 2020

@bantofu “We need randomness, mess, adventures, uncertainty, self-discovery, near-traumatic episodes, all these things that make life worth living, compared to the structured, fake, and ineffective life of an empty-suit CEO with a preset schedule and an alarm clock” Antifragile-@nntaleb Permalink 8:26 AM – 23 Feb 2020

@nntaleb Be predictable in granting rewards; unpredictable in delivering punishment. Permalink 8:01 AM – 23 Feb 2020

@ntarunkumar The really important persons in your life are the ones you shouldn’t have to impress. (A personal twist to something I read in @nntaleb ‘s insight on ethics – Bed of Procrustes – and dog ownership). Permalink 6:42 AM – 23 Feb 2020

@nntaleb (Each in a different field: philosophers, historians, pol scientists) Erratum: Paul Veyne not Jules. Add: Jane Jacobs, James Scott, E Le Roy Ladurie, etc. Permalink 5:28 AM – 23 Feb 2020

@nntaleb Answer to who are the (recent) thinkers I don’t find BS vendors? In random order Saul Kripke, Derek Parfit, Elinor Ostrom, Fernand Braudel, Jules Veyne, Tom Holland, Peter Frankopan, Jean-François Revel, Michael Okeshott, Isaac Levi, Russ Roberts, Jon Elster, many,many, many!   Permalink 4:44 AM – 23 Feb 2020

@nntaleb From Volume 2 of the technical Incerto: Probabilility, Risk, and Convexity. Vol 1 maps to The Black Swan, Vol 2 maps to Antifragile, Vol 3 to Fooled by Randomness & Big Data [so far]   Permalink 4:28 AM – 23 Feb 2020

@JosephNWalker Taleb’s problem with Knightian uncertainty is that there’s no such thing as non-Knightian uncertainty: Permalink 1:42 AM – 23 Feb 2020

@alexandersquats   Permalink 3:27 PM – 22 Feb 2020

@nntaleb TRUE JUSTICE If you really want diversity & protection of minorities suffering workplace prejudice, stop chromo-categorizing — that fake unempirical business. Hire unattractive people. They are the one suffering the most, & deprived of attention. Permalink 3:25 PM – 22 Feb 2020

@nntaleb Mistakes: ɕeeb shd be bayy el ɕαrd should be l ɕαrd Permalink 12:14 PM – 22 Feb 2020

@nntaleb MED PHILOLOGY DUJOUR The Nicene creed in Lebanese… except that these Maronites have the Filoque “L jeeye mn el ɕeeb w el ɕeben” = “qui ex Patre Filioque procedit” Brilliant except for the heresy!   Permalink 11:55 AM – 22 Feb 2020

@nntaleb L’invidia ha gli occhi e la fortuna è cieca Permalink 8:49 AM – 22 Feb 2020

@nntaleb Gross inconsiderate errors: 1) Ghosn didn’t order an espresso in Arabic, but in the Lebanese Semitic dialect, 3/4 of a language away from Arabic. 2) Beirut was not the “Paris of the Middle East” but the Paris of the Mediterranean.   via @WSJ Permalink 8:45 AM – 22 Feb 2020

@nntaleb Envy is impossible to conceal. It manipulates you; like a tattoo on your forehead, visible to others but not to you. Permalink 8:40 AM – 22 Feb 2020

@nntaleb A common mistranslation: \sigma is not necessarily volatility.   ” target=”_blank”>”> Permalink 7:46 AM – 22 Feb 2020

@trishankkarthik .@nntaleb: “Only the hyperparanoid survive.” #RWRI   Permalink 7:12 AM – 22 Feb 2020

@nntaleb 7) Results are pouring in! For the Pareto IV (The semi Bell Shaped one-tailed power law. Permalink 3:22 PM – 21 Feb 2020

@nntaleb Taking a class on rationality and probability by @sapinker Pinker is equivalent to +Being taught foie gras preparation by a lifetime vegan. +Being taught random matrix theory by one of the Kardashians.   Permalink 1:40 PM – 21 Feb 2020

@EdmondShami That’s why you shouldn’t trust communists (since they call each other “rafiq”) The Bed of Procrustes, NNT Permalink 1:11 PM – 21 Feb 2020

@nntaleb Hilarious!   Permalink 12:48 PM – 21 Feb 2020

@Extrachelle 1 essential secret of a good cook: Generosity. Stinginess destroys recipes. Permalink 9:58 AM – 21 Feb 2020

@ole_b_peters It’s because reality unfolds over time, not over a statistical ensemble. @nntaleb just did a nice illustration of that, using Kelly-type arguments.   Permalink 9:50 AM – 21 Feb 2020

@ole_b_peters Speaking of insurance, here’s how Rothschild and Stiglitz modeled it in 1976. I think @mikeandallie would agree that Berkshire Hathaway would be bankrupt if they were to apply this theory to their insurance business. Permalink 9:43 AM – 21 Feb 2020

@nntaleb 6) Predictably, for fat tails it is worrrrrrrrrrrrrrrse!!! Permalink 8:11 AM – 21 Feb 2020

@nntaleb Voila. Sans abonnement. Permalink 7:35 AM – 21 Feb 2020

@nntaleb 5) In continuous time: the lower bound for a real fair game, not a Mickey Mouse™ bet like this ignorant Thaler. Permalink 7:33 AM – 21 Feb 2020

@nntaleb La photo est horrrrrrrible.   #Postillon via @LePoint Permalink 3:53 AM – 21 Feb 2020

@nntaleb Je descends dans un hôtel à Paris où habitait André Malraux. Pas de plaque. Même les gens de l’hôtel ne le savent pas.   Permalink 3:47 AM – 21 Feb 2020

@yaneerbaryam They let people off Diamond Princess, put them on planes and busses and sent them home. Amazing they thought a 14 day group “quarantine” would help. Instead it spread infection in the group. Shows they don’t understand how infections work.   Permalink 6:46 PM – 20 Feb 2020

@nntaleb 4) In other words a single bet per lifetime is linear, more than one bet requires compounding. Nudgeboy Richard Thaler must be stopped from messing with things he does not understand. Permalink 6:15 AM – 20 Feb 2020

@nntaleb 3) The explanation of why a FAIR bet will bankrupt you sequentially: AM-GM inequality and compounded returns are concave. Permalink 4:49 AM – 20 Feb 2020

@nntaleb 3) The explanation of why a FAIR bet will bankrupt you sequentially: AM-GM inequality and compounded returns are concave. Permalink 4:49 AM – 20 Feb 2020

@nntaleb Back in New York after 7 weeks absence. Permalink 5:39 PM – 19 Feb 2020

@nntaleb The problem with Bloomberg is not his competence; he has the charisma of a plate of reheated-but-lukewarm unsalted fried cauliflowers. Permalink 9:12 AM – 19 Feb 2020

@nntaleb It does not mean: 1) Take investment advice from anyone who doesn’t have to work for a living. 2) Never take advice from those who work (note the “has to”). I am glad many rigor vigilantes are correcting errors by commentators.   Permalink 8:04 AM – 19 Feb 2020

@nntaleb I have been watching reschedulings for 38 years, since the 1982 LatAm debacle. (Remember I specialize in financial crises). No airline had to worry. @dan_azzi should not say these things without some empirical rigor. Permalink 8:01 AM – 19 Feb 2020

@Lucas_Erik_ Via twitter and his books, @nntaleb has shown me more truth in a month than all my 4 years of college classes combined. He teaches you how to think about something in a way where you can apply it to a different subject entirely. Teaching how to fish instead of giving a fish.   Permalink 1:59 PM – 18 Feb 2020

@nntaleb @beirut_banyan Actually, 1. Permalink 1:06 PM – 18 Feb 2020

@mcsorley_pete “Of what use is a philosopher who doesn’t hurt anybody’s feelings?” —Diogenes of Sinope Permalink 9:29 AM – 18 Feb 2020

@nntaleb 2) The Mathematica file. Permalink 8:07 AM – 18 Feb 2020

@nntaleb How you *will* eventually go bust on a fair bet: Explaining the Kelly/Shannon/Thorp result & beyond. (& why nudgeboy Richard Thaler @R_Thaler has a serious, serious problem, aside from his other mistakes ).   Permalink 8:05 AM – 18 Feb 2020

@nntaleb 2) My heuristic: if a podcast has had someone like Sam Harris @SamHarrisOrg on, I avoid both listening to & participating in, it. It may be imperfect but the trick cleans up scientism, BS, & absence of scholarship. My allergic reactions to BS have been exacerbated with time. Permalink 7:09 AM – 18 Feb 2020

@nntaleb As I said above in the thread, IYI robin @robinhanson will not infect himself.   Permalink 6:04 AM – 18 Feb 2020

@nntaleb I did not podcast in 2019; will do 1 in 2020 w/ @EconTalker on “Uninformative (less politely, “BS”) metrics in social science” (stat under fat tails, correlation BS, IQ, etc.), largely bec. of long private 2-way conversations. Will cover the new tech book.   Permalink 6:00 AM – 18 Feb 2020

@nntaleb The reason:filtering. I don’t take chances; I block quickly. The minute I smell sloppy reasoning.   Permalink 4:13 AM – 18 Feb 2020

@nntaleb Academics are usually all talk: @robinhanson is a bullshitter; don’t expect him to go infect himself.   Permalink 4:10 AM – 18 Feb 2020

@nntaleb 1 million depositors (erratum) Permalink 3:55 PM – 17 Feb 2020

@nntaleb No, no, no. False claims on my behalf, @dan_azzi My point is quantitative: 12 Bil to pay next 2 y. If you don’t believe in miracles, you will certainly default on a depleted treasury! Meanwhile $4 bil to be paid for rich bondholders satisfy >1 billion depositors (# TK)   Permalink 1:44 PM – 17 Feb 2020

@jaszo “Fasting can turn any meal into a Michelin 3 star.” -@nntaleb Permalink 1:07 PM – 17 Feb 2020

@kantynho00 Thread by @nntaleb: Aside from how morally disgusting (science journalist & BS vendor) @RichardDawkins is, he doesn’t get dimensionality,exity & teleology: Unlike animals domesticated for a *specific* purpose, we, humans, would never know ahead o   Permalink 6:52 AM – 17 Feb 2020

@nntaleb East Med Philology du Jour: Today is the day of Theodorus of Tyre. Did you ever wonder why the names Atallah and Atiyeh (as in Michael Atiyah) are only used by Levantine Christians)? Theodorus = gift of God. Atiyeh is the Canaanite version of Atallah Note also: Dorothy. Permalink 4:18 AM – 17 Feb 2020

@nntaleb 3ashu natrin? Ken lézeém n3mol rescheduling bi kénun 2bl l Eurobond l sebe2. 3ajjlo ya shabeb 2abl ma tkhrab aktar.   Permalink 6:50 PM – 16 Feb 2020

@nntaleb Discovering Permalink 5:35 PM – 16 Feb 2020

@nntaleb Can you explain, @Fontainebleau ?   Permalink 5:33 PM – 16 Feb 2020

@nntaleb Now “Scrivener Richard” Dawkins is discovery casuistry -& as someone who spent three generations trained by Jesuits I find this insultingly amateurish. “I am not saying eugenics is good However, you know…” Who the fuck you tying to fool, Scriv Richard?   Permalink 5:24 PM – 16 Feb 2020

@nntaleb Now “Scrivener Richard” Dawkins is discovery casuistry -& as someone who spent three generations trained by Jesuits I find this insultingly amateurish. “I am not saying eugenics is good However, you know…” Who the fuck you tying to fool, Scriv Richard?   Permalink 5:24 PM – 16 Feb 2020

@nntaleb Same with bailouts.   Permalink 3:26 PM – 16 Feb 2020

@nntaleb Harari is a quack.   Permalink 1:51 PM – 16 Feb 2020

@nntaleb Harari’s public activities now occupy a staff of twelve. Mine: staff of 0. Why? Simply, I don’t do speaking and interviewing, etc. Except when very bored. Permalink 1:44 PM – 16 Feb 2020

@nntaleb 3) Indeed my dimenionality/teleology argument converges to the Hayekian argument.   Permalink 9:26 AM – 16 Feb 2020

@TalebWisdom “If something looks irrational —and has been so for a long time —odds are you have a wrong definition of rationality.” – @nntaleb Permalink 8:50 AM – 16 Feb 2020

@nntaleb 2) Human societies are multiscale: the properties of single individuals *do not* predict those of groups, something he never got with the selfish gene BS. Permalink 7:36 AM – 16 Feb 2020

@nntaleb Aside from how morally disgusting (science journalist & BS vendor) @RichardDawkins is, he doesn’t get dimensionality, complexity & teleology: Unlike animals domesticated for a *specific* purpose, we, humans, would never know ahead of time *what* to select for.   Permalink 7:35 AM – 16 Feb 2020

@nntaleb 4) For instance Seneca’s fortune was 300M sesterces, which translates into 75 M dinarii… It takes yeaaaaars to clean up these details. Permalink 6:17 AM – 16 Feb 2020

@nntaleb 3) Also used the wrong currency (“dirarii”), etc. Permalink 5:26 AM – 16 Feb 2020

@nntaleb The INCERTO has been continuously modified for (so far minor) errors. 1) ANTIFRAGILE:”Roman engineers forced to sleep under the bridge” was qualified as apocryphal, but architects in Asia Minor were still accountable. 2) Some refs to psych. progressively removed. Permalink 5:25 AM – 16 Feb 2020

@nntaleb Which is my way of announcing that Skin in the Game is out in paperback.   Permalink 2:27 PM – 15 Feb 2020

@nntaleb Belittling a powerful asshole = iconoclast. Belittling a regular person = psychologist. Permalink 2:23 PM – 15 Feb 2020

@nntaleb Ignore the bullshitters and note: 1) Bond defaults are routine, in 99.9 % of cases creditors help work out a solution. Ignore lurid non-collaborative cases by scaremongers (Argentina). 2) Gold belongs to the BDL, not to the state, which is shielded. #Lebanon #LebanonProtests Permalink 11:47 AM – 15 Feb 2020

@nntaleb Mr. Hanson, I have called people “imbecile” for vastly more intelligent comments. Permalink 8:35 AM – 15 Feb 2020

@nntaleb Before bloviating on the consequences of a default, ask international bonds legal specialists like @camilleasleiman rather than bullshit artists. #Lebanon #LebanonProtests Permalink 8:20 AM – 15 Feb 2020

@nntaleb Eurobond payment must NOT be made 1) Insult to depositors (lack of symmetry).Phoenicians 2700 y. ago had more sophisticated rules of risk sharing! 2) Harms OTHER bondholders 3) Default is inevitable; fail EARLY, come CLEAN Those advocating payment are shills or LUNATICS Permalink 8:06 AM – 15 Feb 2020

@nntaleb Hanson, @robinhanson, you don’t seem to get what skin in the game means (nor do you have a faintest clue what betting is, another story). Skin in the game REQUIRES you to infect yourself NOW!   Permalink 7:56 AM – 15 Feb 2020

@nntaleb La bureaucratie est un outil pour couper certaines personnes des conséquences de leur actions. [Meilleure traduction]   Permalink 7:38 AM – 15 Feb 2020

@nntaleb The best argument in favor of skin in the game: it can help us get rid of dangerous lunatics & riskblind IYIs before they harm the rest of mankind.   Permalink 7:23 AM – 15 Feb 2020

@nntaleb The dynamics above show how nudgeboy @R_Thaler can’t get it: + You MUST turn down most favorable odds because 1) life is not a one period model, and 2) they lead to total bankruptcy. + Mental accounting is an optimal strategy, not “irrational”. Permalink 6:42 AM – 15 Feb 2020

@nntaleb Fixed the colors in the graph Permalink 4:53 AM – 15 Feb 2020

@nntaleb What Samuelson didn’t get is that the Kelly point is the UPPER bound not necessarily the target –just as Shannon’s capacity. One can simply cut one’s portfolio in half and satisfy his criticism.   Permalink 5:14 PM – 14 Feb 2020

@PavelMordasov “It takes some humanity to feel sympathy for those less fortunate than us; but it takes honor to avoid envying those who are much luckier.” — Nassim Nicholas Taleb @nntaleb Permalink 8:23 AM – 13 Feb 2020

@DrMichaelBonner ‘The Last Empire of Iran’ is now in print!   Permalink 8:49 AM – 12 Feb 2020

@TalebWisdom “Trust those who are greedy for money a thousand times more than those who are greedy for credentials.” – @nntaleb Permalink 12:34 AM – 10 Feb 2020

@nntaleb Sometimes you run in daily life into people who heap abuse on the internet: they cower. Absence of #skininthegame is a problem.   Permalink 8:07 AM – 9 Feb 2020

@otrasenda_AC Maybe is also a lack of #skininthegame on social networks… If you act as an asshole in real live you might get a punch in the face Permalink 7:10 AM – 9 Feb 2020

@nntaleb Maestro A. Al-Jallad @Safaitic offering me his book in a café in Columbus OH. Permalink 2:07 PM – 8 Feb 2020

@TalebWisdom “The only people who think that real world experience doesn’t matters are those who never had real world experience.” – @nntaleb Permalink 8:14 AM – 8 Feb 2020

@nntaleb #Localism (The fellow is making me aware of my own aphorisms)   Permalink 6:15 AM – 8 Feb 2020

@nntaleb We need more data but that’s the way to do it: estimations from reliable subsamples.   Permalink 4:56 AM – 8 Feb 2020

@nntaleb Getting out of control   Permalink 4:54 AM – 8 Feb 2020

@imleslahdin Left-Socialism-Brutalism Right-Traditionalist-Classical Polarizing.   Permalink 12:16 AM – 8 Feb 2020

@RonPaul Did you catch our interview with Democratic Party presidential candidate @TulsiGabbard? Find out what she thinks about her own party shutting her out of the debates:   Permalink 3:42 PM – 7 Feb 2020

@nntaleb Behavioral economics can be summarized as follows: “humans are idiots”. My message: “Maybe, but behavioral economists are most certainly idiots”. Permalink 3:03 PM – 7 Feb 2020

@nntaleb You guys are not getting the joke: I like NJ. It is just that I love NY and there are incompatibilities… Permalink 2:00 PM – 7 Feb 2020

@RonPaul The Only Person That Trump Should Fear On The Debate Stage Is Tulsi Gabbard Watch the whole show with @tulsigabbard here:   ” target=”_blank”>”> Permalink 11:10 AM – 7 Feb 2020