Author: Nassim Nicholas Taleb
My Rating: 4/5
Summary: A thought-provoking book that challenges conventional thinking on risk-taking, accountability, and decision-making. It highlights the importance of having personal stakes in the game and not relying solely on abstract concepts or incentives.
My Takeaways
A loud vocal minority actually dictates the majority.
There are conflicts of interest in virtually every situation. aka “asymmetric risk”
Markets react to the most motivated participants
Society doesn’t evolve by majority – only a few people motivated people with soul in the game can create a hidden asymmetry that affects the collective whole.
Rationality is systemic avoidance of ruin.
Lindi effect
Any asymmetry of information between buyer and seller is morally wrong.
Many people fail to understand that the minority rules the majority.
Companies condition their employees to accept a loss of freedom.
Society loves rich entrepreneurs and resents wealthy bureaucrats.
Success is based on your competence or your image, depending on your profession.
Rich people care less about their spending and are exploited as a result.