Income is a not ly distributed exactly. So here we have two classes of ridet variables and e. And i figured that out when i started trading currencies, because in currencies, the main example is that of standedreally encountering these randof variables. I mean, i've seen interest rate go to in the irish punt in er the early 19 nineties, go from something like 12 % to six thousand % in a few minutes. Now look at the second domain, extremist in where the exception is quite important. You see anlysmall, sorry, baseball seems to me that the talent eve could give s as a tournament,. Yet, you have that effect in the income,
Nassim Taleb talks about the challenges of coping with uncertainty, predicting events, and understanding history. This wide-ranging conversation looks at investment, health, history and other areas where data play a key role. Taleb, the author of Fooled By Randomness and The Black Swan, imagines two countries, Mediocristan and Extremistan where the ability to understand the past and predict the future is radically different. Taleb's contention is that we often bring our intuition from Mediocristan for the events of Extremistan, leading us to error. The result is a tendency to be blind-sided by the unexpected.