פֿ my Format Kindle Skin in the Game: Hidden Asymmetries in Daily Life ᐚ PDF Author Nassim Nicholas Taleb ᖒ

פֿ my Format Kindle Skin in the Game: Hidden Asymmetries in Daily Life ᐚ PDF Author Nassim Nicholas Taleb ᖒ פֿ my Format Kindle Skin in the Game: Hidden Asymmetries in Daily Life ᐚ PDF Author Nassim Nicholas Taleb ᖒ Chapter 1Why Each One Should Eat His Own Turtles Equality in UncertaintyTaste of turtleWhere are the new customers Sharia and asymmetryThere are the Swiss, and other peopleRav Safra and the Swiss but different Swiss You who caught the turtles better eat them, goes the ancient adage.The origin of the expression is as follows It was said that a group of fishermen caught a large number of turtles After cooking them, they found out at the communal meal that these sea animals were much less edible than they thought not many members of the group were willing to eat them But Mercury happened to be passing byMercury was the most multitasking, sort of put together god, as he was the boss of commerce, abundance, messengers, the underworld, as well as the patron of thieves and brigands and, not surprisingly, luck The group invited him to join them and offered him the turtles to eat Detecting that he was only invited to relieve them of the unwanted food, he forced them all to eat the turtles, thus establishing the principle that you need to eat what you feed others.A Customer Is Born Every DayI have learned a lesson from my own naive experiences Beware of the person who gives advice, telling you that a certain action on your part is good for you while it is also good for him, while the harm to you doesnt directly affect him.Of course such advice is usually unsolicited The asymmetry is when said advice applies to you but not to himhe may be selling you something, or trying to get you to marry his daughter or hire his son in law.Years ago I received a letter from a lecture agent His letter was clear it had about ten questions of the type Do you have the time to field requests , Can you handle the organization of the trip The gist of it was that a lecture agent would make my life better and make room for the pursuit of knowledge or whatever else I was about a deeper understanding of gardening, stamp collections, Mediterranean genetics, or squid ink recipes while the burden of the gritty would fall on someone else And it wasnt any lecture agent only he could do all these things he reads books and can get in the mind of intellectuals at the time I didnt feel insulted by being called an intellectual As is typical with people who volunteer unsolicited advice, I smelled a rat at no phase in the discussion did he refrain from letting me know that it was good for me.As a sucker, while I didnt buy into the argument, I ended up doing business with him, letting him handle a booking in the foreign country where he was based Things went fine until, six years later, I received a letter from the tax authorities of that country I immediately contacted him to wonder if similar U.S citizens he had hired incurred such tax conflict, or if he had heard of similar situations His reply was immediate and curt I am not your tax attorneyvolunteering no information as to whether other U.S customers who hired him because it was good for them encountered such a problem.Indeed, in the dozen or so cases I can pull from memory, it always turns out that what is presented as good for you is not really good for you but certainly good for the other party As a trader, you learn to identify and deal with upright people, those who inform you that they have something to sell, by explaining that the transaction arises for their own benefit, with such questions as Do you have an ax meaning an inquiry whether you have a certain interest Avoid at all costs those who call you to tout a certain product disguised with advice In fact the story of the turtle is the archetype of the history of transactions between mortals.I worked once for a U.S investment bank, one of the prestigious variety, called white shoe because the partners were members of hard to join golf clubs for proto aristocrats where they played the game wearing white footwear As with all such firms, an image of ethics and professionalism was cultivated, emphasized, and protected But the job of the salespeople actually, salesmen on days when they wore black shoes was to unload inventory with which traders were stuffed, that is, securities they had in excess in their books and needed to get rid of to lower their risk profile Selling to other dealers was out of the question as professional traders, typically non golfers, would smell excess inventory and cause the price to drop So they needed to sell to some client, on what is called the buy side Some traders paid the sales force with percentage points, a variable compensation that increased with our eagerness to part with securities Salesmen took clients out to dinner, bought them expensive wine often, ostensibly the highest on the menu , and got a huge return on the thousands of dollars of restaurant bills by unloading the unwanted stuff on them One expert salesman candidly explained to me If I buy the client, someone working for the finance department of a municipality who buys his suits at some department store in New Jersey, a bottle of 2,000 wine, I own him for the next few months I can get at least 100,000 profits out of him Nothing in the mahket gives you such return.Salesmen hawked how a given security would be perfect for the clients portfolio, how they were certain it would rise in price and how the client would suffer great regret if he missed such an opportunitythat type of discourse Salespeople are experts in the art of psychological manipulation, making the client trade, often against his own interest, all the while being happy about it and loving them and their company One of the top salesmen at the firm, a man with huge charisma who came to work in a chauffeured Rolls Royce, was once asked whether customers didnt get upset when they got the short end of the stick Rip them off, dont tick them off was his answer He also added, Remember that every day a new customer is born.As the Romans were fully aware, one lauds merrily the merchandise to get rid of it.The Price of Corn in RhodesSo, giving advice as a sales pitch is fundamentally unethicalselling cannot be deemed advice We can safely settle on that You can give advice, or you can sell by advertising the quality of the product , and the two need to be kept separate.But there is an associated problem in the course of the transactions how much should the seller reveal to the buyer The question Is it ethical to sell something to someone knowing the price will eventually drop is an ancient onebut its solution is no less straightforward The debate goes back to a disagreement between two stoic philosophers, Diogenes of Babylon and his student Antipater of Tarsus, who took the higher moral ground on asymmetric information and seems to match the ethics endorsed by this author Not a piece from both authors is extant, but we know quite a bit from secondary sources, or, in the case of Cicero, tertiary The question was presented as follows, retailed by Cicero in De Officiis Assume a man brought a large shipment of corn from Alexandria to Rhodes, at a time when corn was expensive in Rhodes because of shortage and famine Suppose that he also knew that many boats had set sail from Alexandria on their way to Rhodes with similar merchandise Does he have to inform the Rhodians How can one act honorably or dishonorably in these circumstances We traders had a straightforward answer Again, stuffingselling quantities to people without informing them that there are large inventories waiting to be sold An upright trader will not do that to other professional traders it was a no no The penalty was ostracism But it was sort of permissible to do it to the anonymous market and the faceless nontraders, or those we called the Swiss, some random suckers far away There were people with whom we had a relational rapport, others with whom we had a transactional one The two were separated by an ethical wall, much like the case with domestic animals that cannot be harmed, while rules on cruelty are lifted when it comes to cockroaches.Diogenes held that the seller ought to disclose as much as civil law requires As for Antipater, he believed that everything ought to be disclosedbeyond the lawso that there was nothing that the seller knew that the buyer didnt know.Clearly Antipaters position is robustrobust being invariant to time, place, situation, and color of the eyes of the participants Take for now thatThe ethical is always robust than the legal Over time, it is the legal that should converge to the ethical, never the reverse.Hence Laws come and go ethics stay.For the notion of law is ambiguous and highly jurisdiction dependent in the U.S., civil law, thanks to consumer advocates and similar movements, integrates such disclosures, while other countries have different laws This is particularly visible with securities laws, as there are front running regulations and those concerning insider information that make such disclosure mandatory in the U.S., though this wasnt so for a long time in Europe.Indeed much of the work of investment banks in my day was to play on regulations, find loopholes in the laws And, counterintuitively, the regulations, the easier it was to make money.Equality in UncertaintyWhich brings us to asymmetry, the core concept behind skin in the game The question becomes to what extent can people in a transaction have an informational differential between them The ancient Mediterranean and, to some extent, the modern world, seem to have converged to Antipaters position While we have buyer beware caveat emptor in the Anglo Saxon West, the idea is rather new, and never general, often mitigated by lemon laws A lemon was originally a chronically defective car, say, my convertible Mini, in love with the garage, now generalized to apply to anything that moves.So, to the question voiced by Cicero in the debate between the two ancient stoics, If a man knowingly offers for sale wine that is spoiling, ought he to tell his customers , the world is getting closer to the position of transparency, not necessarily via regulations as much as thanks to tort laws, and ones ability to sue for harm in the event a seller deceives him or her Recall that tort laws put some of the sellers skin back into the gamewhich is why they are reviled, hated by corporations But tort laws have side effectsthey should only be used in a nonnaive way, that is, in a way that cannot be gamed As we will see in the discussion of the visit to the doctor, they will be gamed.Sharia, in particular the law regulating Islamic transactions and finance, is of interest to us insofar as it preserves some of the lost Mediterranean and Babylonian methods and practicesnot to prop up the ego of Saudi princes It exists at the intersection of Greco Roman law as reflected from people in Semitic territories contact with the school of law of Berytus , Phoenician trading rules, Babylonian legislations, and Arab tribal commercial customs and, as such, it provides a repository of ancient Mediterranean and Semitic lore I hence view Sharia as a museum of the history of ideas on symmetry in transactions Sharia establishes the interdict of gharar, drastic enough to be totally banned in any form of transaction It is an extremely sophisticated term in decision theory that does not exist in English it means both uncertainty and deceptionmy personal take is that it means something beyond informational asymmetry between agents inequality of uncertainty Simply, as the aim is for both parties in a transaction to have the same uncertainty facing random outcomes, an asymmetry becomes equivalent to theft Or robustly No person in a transaction should have certainty about the outcome while the other one has uncertainty.Gharar, like every legalistic construct, will have its flaws it remains weaker than Antipaters approach If only one party in a transaction has certainty all the way through, it is a violation of Sharia But if there is a weak form of asymmetry, say, someone has inside information which gives an edge in the markets, there is no gharar as there remains enough uncertainty for both parties, given that the price is in the future and only God knows the future Selling a defective product where there is certainty as to the defect , on the other hand, is illegal So the knowledge by the seller of corn in Rhodes in my first example does not fall under gharar, while the second case, that of a defective liquid, would.As we see, the problem of asymmetry is so complicated that different schools give different ethical solutions, so let us look at the Talmudic approach.Rav Safra and the SwissJewish ethics on the matter is closer to Antipater than Diogenes in its aims at transparency Not only should there be transparency concerning the merchandise, but perhaps there has to be transparency concerning what the seller has in mind, what he thinks deep down The medieval rabbi Shlomo Yitzhaki aka Salomon Isaacides , known as Rashi, relates the following story Rav Safra, a third century Babylonian scholar who was also an active trader, was offering some goods for sale A buyer came as he was praying in silence, tried to purchase the merchandise at an initial price, and given that the rabbi did not reply, raised the price But Rav Safra had no intention of selling at a higher price than the initial offer, and felt that he had to honor the initial intention Now the question Is Rav Safra obligated to sell at the initial price, or should he take the improved one Such total transparency is not absurd and not uncommon in what seems to be a cutthroat world of transactions, my former world of trading I have frequently faced that problem as a trader and will side in favor of Rav Safras action in the debate Let us follow the logic Recall the rapacity of salespeople earlier in the chapter Sometimes I would offer something for sale for, say, 5, but communicated with the client through a salesperson, and the salesperson would come back with an improvement, of 5.10 Something never felt right about the extra ten cents It was, simply, not a sustainable way of doing business What if the customer subsequently discovered that my initial offer was 5 No compensation is worth the feeling of shame The overcharge falls in the same category as the act of stuffing people with bad merchandise Now, to apply this to Rav Safras story, what if he sold to one client at the marked up price, and to another one the exact same item for the initial price, and the two buyers happened to know one another What if they were agents for the same customerPraise forNassimNicholas Taleb The problem with Taleb is not that hes an asshole He is an asshole The problem with Taleb is that he is right.Dan from Prague, Czech Republic Twitter The most prophetic voice of all Taleb is a genuinely significant philosopher someone who is able to change the way we view the structure of the world through the strength, originality and veracity of his ideas alone John Gray, GQ Taleb grabs on to core problems that others ignore, or dont see, and shakes them like an attack dog on a leg.Greg from New York Twitter For my wife and me, Antifragile is an annual reread.Colle from Richmond, Virginia Twitter I read Antifragile four times First, to get the wisdom to survive Second, as a memorial statement for Fat Tony Third, as Das Kapital with correct mathematics Fourth, as ethics to learn a good way to die.Tamitake from Tokyo, Japan Twitter November .time for my annual reread of Antifragile.Johann from Vienna, Austria Twitter Taleb writes in a style that owes as much to Stephen Colbert as it does to Michel de Montaigne The Wall Street Journal Skin Wikipedia Skin is the soft outer tissue covering of vertebrates Other animal coverings, such as arthropod exoskeleton, have different developmental origin, structure and chemical compositionThe adjective cutaneous means skin from Latin cutis, skinIn mammals, an organ integumentary system made up multiple layers ectodermal tissue, guards underlying The Human Anatomy Picture, Definition, Function The largest body, with a total area about square feet protects us microbes elements, helps regulate body temperature, permits Deep Cosmetics Database EWG Stay informed by signing to receive email tips, action alerts, promotions support our work EWG You can opt out at any time Vitamin C Health Linus Pauling Institute See Overview article antioxidant properties vitamin ascorbic acid its role in collagen synthesis make vital molecule for health Dietary topical beneficial effects on cells, some studies shown that may help prevent treat ultraviolet UV induced photodamage skin Dizionario inglese italiano WordReference Traduzione del vocabolo e dei suoi composti, discussioni forum Disorders Pictures, Causes, Symptoms, Treatments disorders vary greatly symptoms severity They be temporary or permanent, painless painful Some situational causes, while others genetic Genetics Cancer PDQ Professional Version Genetics includes information genes hereditary syndromes associated basal cell, squamous melanoma cancer Get comprehensive genetics interventions this summary clinicians Murad Care Products Official Murad Site care products, including acne treatments Resurgence anti aging products customer product reviews, free samples shipping American Academy Dermatology Incidence rates most common United States Current estimates are one five Americans will develop their lifetime It estimated approximately , people US diagnosed every day Research nonmelanoma cancer, cell carcinoma Dermnet independent photo dermatology source dedicated online medical education though articles, photos video provides wide variety conditions through innovative mediaNassim Nicholas Taleb Home Page About author INCERTO philosophical practical essay uncertainty In Game, Antifragile, Black Swan, Fooled Randomness, Bed Procrustes so far volumeinvestigation opacity, luck, uncertainty, probability, Swan Second Edition Impact Highly Nassim has devoted his life problems knowledge He spent nearly two decades businessman quantitative trader before becoming full essayist academic researcher Fooled Randomness Hidden Role Chance Life t l b arabisch Januar Amioun, Libanon ist ein philosophischer Essayist und Forscher den Bereichen Statistik, Zufall Epistemologie ehemaliger Finanzmathematiker Er arbeitete als Spezialist fr komplexe Finanzderivate mehreren Wall Street Unternehmen, bevor er eine zweite Karriere Biography Taleb Summary s works focuses mathematical, philosophical, risk well systems handle disorder years derivatives and, after closing option transactions examining reports, he changed careers become Improbable book former options TalebThe extreme impact rare unpredictable outlier events human tendency find simplistic explanations these events, retrospectively calls theory covers subjects relating THE FOURTH QUADRANT A MAP OF THE LIMITS STATISTICS This superb piece I hope it widely read taken heart Street, Silicon Valley, Washington All centers power creativity drowning illusions brought thunderous misuses statistics implacably seductive only recent availability vast, connected computer resources Real World Risk LLC MISSION MINI Team trader, now self owned scholar who engages multidisciplinary no nonsense approach probability known BS busting, intolerance fake research multivolume Incerto RandomnessHe completed trades specializes mitigation tail Black Investopedia BREAKING DOWN term was popularized Taleb, finance professor, writer, idea black swan event pioneered Apr combination low predictability large makes great puzzle but not yet core concern Thanksgiving Turkey Business Societe Generale even releases quarterly chart risks concept takes name But there slight Intellectual Yet Idiot Medium production modernity hence been accelerating since mid twentieth century, reach local supremum today, along broad category Implied Argument Against Social Media classic genre erudite books extended discussion many ways humans misunderstand everyday lives famous attack skill money management Teoria cigno nero La teoria nero, o degli eventi una metafora che esprime il concetto secondo cui un evento con forte impatto sorpresa per osservatore Una volta accaduto, viene razionalizzato posteriori stata sviluppata da spiegare Il ruolo sproporzionato impatto, rari difficili Real central concerns blindness respect randomness, particularly deviations Study Hacks Blog Decoding Patterns Success September th, comments Shiny Apps Foreword Ed Thorp Memoirs Man Markets context follows first modern mathematician successfully used methods taking certainly met financial Startups News Journals Nov Startups news latest news, quotes, blog posts, photos, Skin in the Game: Hidden Asymmetries in Daily Life

    • Format Kindle
    • 042528462X
    • Skin in the Game: Hidden Asymmetries in Daily Life
    • Nassim Nicholas Taleb
    • Anglais
    • 2017-11-19T11:20+02:00