Old & fat, but strong; American, Chinese, & Indian (sort of); Ph.D. in C.S.; strategy, economics & stability theory; trees & machining.
The book assumes that you sort of know that the normal distribution is grossly overused in all kinds of science and pseudo-science. It explains in very easy to understand terms why this leads to a host of misunderstandings about the way the world really works. Examples include the recent sub-prime problems.
At some level this is something that serious students of mathematics have understood for a long time, but few are able to explain it this well and this systematically.
The style of the book will strike many who prefer more traditional prose as juvenile and narcissistic. But the brilliance of the book tends to overcome these annoyances.
OK, you'll get the basic point of this book about 1/3 of the way through: The impact of the highly improbable is like to be much greater than the cumulative impact of the probable and predictable.
But Taleb makes this so much fun to read/listen to that you'll find yourself drawn into example after example of the silly presumptions that lead us to live as though we can predict the world around us.
The author is a little full of himself, but that's part of what makes it fun.
You don't have to be a math/statistics techie to get the concepts in this book. It will reduce your dependence on precise prediction and give you a chance to live free of the tyranny of precision.
I have mixed feelings about the book. It is very repetitive, and approaches its thesis from many angles. Yet, it is a very interesting subject matter.
The reading of the book is good, although someone who is not familiar with the mathematics may have trouble following the tables read aloud in the final chapters.
Max Fisher of Rushmore Academy
I spent most of my time with this book cursing the author for his ego and inability to get to the point.
Yet, I stuck with it until the end.
That's because the story Taleb tells is fascinating, relevant, and probably worth the mediocre job he does telling it.
And he really does do a mediocre job.
I recommend this book, but also recommend looking for an abridged version first.
mostly nonfiction listener
I think that Taleb is probably an S.O.B. and a nut....but his argument that the world (and our lives) is in reality ruled by unpredictable large-scale events (black swans) is intriguing and forcefully argued. Taleb's background is in quantitative trading...and while arrogant beyond belief his arguments seem hard to dismiss.
A good book but the author could have shared the message in about half the time. Gets a little wordy and I found myself saying "I get it, move on" during the second half of the book.
I focus on fiction, sci-fi, fantasy, science, history, politics and read a lot. I try to review everything I read.
The author has one good point then rants rather incessantly about a wide variety of people and subjects.
So you will not have to read this turkey, here is the meat;
If you suspect the variance of something might be inconsistent, you can’t rely on history plus a Bell-type curve to predict outcomes or risks. That is it. Fourteen hours. It is said many times, many ways, but that is it. Now, this is a very good point. The bell-curve is massively abused, particularly in government and finance. So now, when you see a prospectus or government report prognosticating about risks or costs, ask yourself, is the variance of oil prices, or gold prices, or medical costs, or whatever it is about, really likely to be consistent? If not, disregard the prophecies. Good to remember! Nevertheless there are plenty of places, other than casinos, where using the Bell curve is safe and effective. The author does not say the normal curve should never be used, but one could get that misimpression from the author’s unremitting attacks.
Unfortunately The Black Swan is also laced with assaults on multitudes. The attitude of the author is so pompous and pretentious and tinged with insecurity and even self-loathing that it is literally uncomfortable to listen to. I could go on and on, barely a page went by without something causing me to cringe, shake my head, or groan. I agree with the author’s main point and the narration was good, considering the problematic writing. There were just too many things wrong with this book to allow me to recommend it to anyone.
In some ways Taleb's style is that of an angry overconfident doctoral student: arrogant, full of cutesy headings and overly broad contemputuous attacks on perceived fools, but often thin on defense of his thesis. It can be hard to see beyond the stylistic limitations to his argument's merits.
Scholars familiar with the concept of epistemic uncertainty (the possible discrepancy between nature and our concept of it) may perceive that the black swan broadly overlaps the idea. Taleb's contribution, and what I like about the phrase "black swan" as opposed to epistemic uncertainty, may be his argument that in many domains of life the black swan swamps the mathematically familiar uncertainties which we sometimes call aleatoric.
One chapter may make the frequently painful slog worthwhile: in the middle of the book Taleb introduces the ludic fallacy, by which he means the false idea that uncertainties in life are like uncertainties in casino games. In a casino, the rules are well established and the uncertainties readily quantified. Taleb convincingly argues that in many aspects of real life (even as he engagingly shows in the real financial life of a casino) the uncertainties that drive history are not the ones of which we are aware and plan for.
It is for the phrase "black swan" and the idea of the ludic fallacy that I am glad to have read the book. Had Taleb had a better editor, or perhaps that he had listened to the editor he did have, I would have given the book another star.
There was one paragraph that was pretty good, when he described his barbell strategy. The rest was crap. Mindless ramblings of a man so in love with himself, that it is somewhat awkward to read.
This book is written by an author who comes across as very self-satisfied and a jerk to boot. Not worth spending 14+ hours with his thoughts.