| | |  | John Seely Brown | Home » » The Black Swan: The Impact of the Highly Improbable | | | | | | | Description: | | 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. Now, in this revelatory book, Taleb explains everything we know about what we don’t know. He offers surprisingly simple tricks for dealing with black swans and benefiting from them.
Elegant, startling, and universal in its applications The Black Swan will change the way you look at the 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. The Black Swan is a landmark book–itself a black swan. | | | Features: | |
• ISBN13: 9781400063512
• Condition: NEW
• Notes: Brand New from Publisher. No Remainder Mark.
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| | | Product Details: | | | Author:
| Nassim Nicholas Taleb | | Hardcover:
| 366 pages | | Publisher:
| Random House | | Publication Date:
| April 17, 2007 | | Language:
| English | | ISBN:
| 1400063515 | | Package Length:
| 9.37 inches | | Package Width:
| 6.46 inches | | Package Height:
| 1.42 inches | | Package Weight:
| 1.46 pounds | | Average Customer Rating:
|  based on 473 reviews |
| | | | Customer Reviews: | |
Average Customer Review:
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 Good...but not as good as Fooled by RandomnessNov 03, 2009
The ideas presented in this book are essentially the same as those presented in Taleb's first book, Fooled by Randomness, just from a slightly different vantage point. That said, I found Black Swan to be good but you could get the picture reading only Fooled by Randomness, which I thought was the better of the two, if so inclined.
Pros:
- This book will make you keenly aware of the existence of black swans (both good and bad) in almost every facet of life -- actually maybe this is a con because it might keep you up at night.
- Taleb offers tools such as fractil geometry as a replacement for Gaussian distributions (however, still not predictive).
- This text and concepts covered are engaging and thought provoking.
Cons:
- I do agree with other reviews that the book was repetitive. Even more so after having read Fooled by Randomness. It is my suspicion that this book probably achieved so much success riding on the coat-tails of Fooled by Randomness.
Other thoughts:
- Some may find Taleb's irreverance and style abrasive, but I actually kind of like it.
1 of 1 found the following review helpful:
 Thought Provoking BookNov 02, 2009
I bought this book because I am an active investor and I had a little knowledge of Nassim Taleb. This is not an investment "stragegy" type book. It will definitely challenge the way you look at the risk and rewards/penalities of most aspects in your life.
While I loved the book, some of the chapters (Taleb warns the reader as well)are a little boring to read. Some of the discussion about philoshers from the 1500's and 1600's is beyond my level of interest. That said, they are still relevenant to the book.
Taleb does a great job illustrating the fallacies and the dangers of "bell curve" thinkers.
From investors standpoint I like this book a lot. As mentioned before there are no specific strategies, but the book will help you in your mental approach towards investing and understanding risk.
1 of 1 found the following review helpful:
 In My Top 10 BooksOct 25, 2009
Though this book is not an easy read, it nonetheless must be read. The author explains that history is not as predictable as we think it is and it does not move linear but in fits and starts from startling events. The title is used as a metaphor. Everyone thought that all swans were white until the black swan was discovered. His most dramatic visual is a simple example of a two dimensional graph showing on the y axis satisfaction from a turkey's perspective and time on the X axis. It shows the y axis growing with time until - bang the Wednesday before Thanksgiving. Taleb than asks the rhetorical question, "do you want to be a turkey". Risk is not an exact science, the author was a quant trader, and came to study why all of the risk formulas sometimes don't work and in some cases are disastrous - everything from the Stock Market Crash in 1987 to 9/11 - are examples when the "black" swan appears. This book was written before the Great Recession. After reading this book the reader can see that the "black swan" was an unraveling of a "white swan" - property values, though prone to local bubbles, would not go down for an entire country - in other words the "white swan" was a macro-economic model and when it burst everything changed. The rest of the book is very instructive in thinking about risk and again not being a turkey. Don't read it to your own detriment.
0 of 2 found the following review helpful:
 Ego tripOct 25, 2009
The book is largely a rant against use of the Gaussian distribution. But Taleb doesn't tell just what is being plotted against what in the cases where, he says, the Gaussian is no good.
He also says that Mandelbrot's work with fractals is applicable to economics and finance, but doesn't say just how.
He comes across as egotistical and defensive about his ego. He drops an awful lot of names along the way.
0 of 2 found the following review helpful:
Black Swan=Black HoleOct 15, 2009
This book consists of so much repetition and Name Dropping that it quickly
becones boring.
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