Tuesday, December 9, 2008

Dept. of Black Swan

Banks hire dull people and train them to be even more dull. If they look conservative, it's only because their loans go bust on rare, very rare occasions. But (...)bankers are not conservative at all. They are just phenomenally skilled at self-deception by burying the possibility of a large, devastating loss under the rug.

A conversation about economics with Nassim Taleb

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