https:\/\/twitter.com\/nntaleb\/status\/658225528793661440<\/p>\n
https:\/\/twitter.com\/nntaleb\/status\/658263753339850752<\/p>\n
https:\/\/twitter.com\/nntaleb\/status\/658424106384277504<\/p>\n
https:\/\/twitter.com\/nntaleb\/status\/658448988555902977<\/p>\n
https:\/\/twitter.com\/nntaleb\/status\/658772186748948480<\/p>\n
https:\/\/twitter.com\/nntaleb\/status\/658773841435611136<\/p>\n
https:\/\/twitter.com\/nntaleb\/status\/657227011698663424<\/p>\n
STRONG FILTERING as GENERALIZED FLANEURING
\nThis page is not about finance except when the idea generalizes. Here it helps us connect flaneuring to successes such as those of Buffet.
\nThe best thing is to not have to do anything *as a default*. So one commits in those cases that are way too obvious.
\n+ No schedule except when you can’t do without
\n+ Have no personal assistant.
\n+ Have no office, or only use one when strictly necessary.
\n+ Only write things that you find compelling.
\n+ Take only those offers that you can’t refuse.
\n—
\nSo I figured out something about the success of Munger-Buffett. It is not in the strategies they run, but in their very, very, very strong filtering.
\nSimply it is generalized flaneuring. Charlie Munger: “We have no system for estimating the correct value of all businesses. We put almost all in the “too hard” pile and sift through a few easy ones”. “Warren (Buffett) talks about these discounted cash flows. I’ve never seen him do one”. (in Tren Griffin’s book)<\/p>\nThe implication is that the nuances of the “genre” as strategy matter less than filtering. Because of such nonlinearity, Buffett’s performance is no longer correlated with that of the strategy.<\/p><\/blockquote>\n
https:\/\/twitter.com\/nntaleb\/status\/657511851580923904<\/p>\n
https:\/\/twitter.com\/nntaleb\/status\/657166498679627776<\/p>\n
Why Europeans will eat Halal before long; how morality came about; how GMOs are going bust: The stubborn minority https:\/\/t.co\/aqvZRfx0qN<\/a><\/p>\n
\u2014 NassimNicholasTaleb (@nntaleb) October 25, 2015<\/a><\/p>\n
When I die I want to end up at Eataly in Milan: books, food, wine, & people. pic.twitter.com\/YbwTuyKCNl<\/a><\/p>\n
\u2014 NassimNicholasTaleb (@nntaleb) October 25, 2015<\/a><\/p>\n
Why do firms exist? Because of the need for slaves. https:\/\/t.co\/2VlvtOsuia<\/a><\/p>\n
\u2014 NassimNicholasTaleb (@nntaleb) October 25, 2015<\/a><\/p>\n
Here is Coase’s seminal paper on the theory of the firm. He missed the point of employee =risk control via SITG https:\/\/t.co\/NH7WcAM8J4<\/a><\/p>\n
\u2014 NassimNicholasTaleb (@nntaleb) October 26, 2015<\/a><\/p>\n
Skin in the game workshop, 4 papers on SITG by PhD students at Zurich\u2019s ETH. pic.twitter.com\/Ff9PvqfA16<\/a><\/p>\n
\u2014 NassimNicholasTaleb (@nntaleb) October 26, 2015<\/a><\/p>\n
If you trust Italy’s GDP nmbrs, I have a bridge to sell near Napoli. Italy’s GDP fughedaboud theundergroundeconomy https:\/\/t.co\/Vk3rHCZPeK<\/a><\/p>\n
\u2014 NassimNicholasTaleb (@nntaleb) October 26, 2015<\/a><\/p>\n
Strong Filtering as Generalized Flaneuring @trengriffin<\/a> https:\/\/t.co\/NjeaStJStQ<\/a><\/p>\n
\u2014 NassimNicholasTaleb (@nntaleb) October 22, 2015<\/a><\/p>\n
Wrong reasoning with the left tail\/systemic risk. We don’t use the argument with plane crashes! https:\/\/t.co\/z8spFgkiMO<\/a><\/p>\n
\u2014 NassimNicholasTaleb (@nntaleb) October 23, 2015<\/a><\/p>\n
Latest paper with @dottorpax<\/a> on method to to do stats with fat tail that are not infinite. https:\/\/t.co\/SlnjBNZXuH<\/a><\/p>\n