Video - Nicholas Taleb - Of Black Swans and Intellectual Fallacies

Trading is often about how to take the appropriate risk without exposing yourself to very human flaws.
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Euler
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marksmeets302
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Very interesting. I was surprised by what he said about 'mobility of wealth'. Apparently if you took the list of the 500 richest people in the US in 1983 and again in 2013, there was only a small overlap (10 or 15%, I forgot the exact number). Furthermore, a very large percentage of people in the US would be in the top 5% during their lives. In order for that to happen, people have to drop out of the top 5% as well. In general the US people are fine with that. They want a shot at being in the top and accept the risks, in contrast to other cultures (he named France) where people see it as their governments duty to protect their wealth.
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