The Black Swan - The Impact of the Highly Improbable

Key Facts and Insights:

1. Non-predictability of Black Swan Events: The book asserts that the most impactful events in history are rare and unpredictable outliners referred to as Black Swans.
2. Impact over Probability: Black Swans have extreme impacts and while they are not predictable, their impact is far more significant than their improbability.
3. Limitation of Predictive Models: Taleb argues that humans are often too reliant on predictive models that are based on normal distribution and overlook outliers, leading to a false sense of security.
4. Human Fallibility: We tend to construct narratives around these events after they have occurred to make...

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