The Black Swan: The Impact of the Highly Improbable
2005 • 444 pages
Ratings54
Average rating3.7
15
Ratings54
Average rating3.7
From the critically acclaimed author of Fooled by Randomness, a book about the impact of improbable events on every aspect of life.
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5 primary booksIncerto is a 5-book series with 5 primary works first released in 2001 with contributions by Nassim Nicholas Taleb.
Reviews with the most likes.
Useful in the way it gets you thinking about- and builds understanding of - probability when it comes to the incidence of everything around us and the events that affect us.
Interesting thesis, but poorly written. The author comes across as arrogant and overly dismissive of experts and entire fields. I feel that the author is so focused on demonstrating the importance of the black swan that he trivializes the value of the more predictable events that follow bell curves.
The Black Swan is a book about prediction. It describes our many challenges and failings making predictions. It's probability and economics heavy, with examples often focusing on socioeconomic factors.
Surprisingly to me, the 2009 financial crash and global COVID-19 pandemic are NOT categorized as black swans—they're gray swans—as the occurrence of them was very predictable (just not the exact timing, scale, or specifics). Black Swans are unknown unknowns; unforeseen positive or negative events that create huge effects, that typically sit outside of the expectations of common predictions (as there was no reasonable way to predict them).
There were so many highlights for me it's hard to pick any key bits out, the entire book was fantastic, even the big essay at the end of the second edition of the book that I read.
Taleb is fantastic at explaining his theories, using multiple examples to illustrate each one. I felt like this rounded out my understanding of each of the theories. Fair warning: he can be quite egotistical and rude at times.
I love any books that illustrate different world-views, and The Black Swan was fantastic for that, hence 5 stars. I highlighted a lot, and expect to re-read after reading his other books.
P.S. As a software engineer, I also found the book very applicable to estimating complex software projects.
The message that Taleb is driving home, is clear and understood: Gaussian bell curves need to be deleted from public memory - Black Swan events, that are highly improbable, yet enormously impactful don't follow projections using standard deviations. While this in itself is definitely news to me, the book is windy, lengthy, and sometimes “hautain” (haughty, in reference to Taleb's beloved French). Glad I read it but I didn't always fully enjoy it.
