The Black Swan: The Impact of the Highly Improbable

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.