A spurious tail is the performance of a certain number of operators that is entirely caused by luck, what is called the “lucky fool” in Taleb (2001). Because of winner-take-all-effects (from globalization), spurious performance increases with time and explodes under fat tails in alarming proportions. An operator starting today, no matter [...]
This is attributed to Nassim Nicholas Taleb’s Facebook page. “The only person I trust is Ron Paul.”
“Under the circumstances, discussions with Greece and the official sector are paused for reflection on the benefits of a voluntary approach.” Debt talks “have not produced a constructive response.”
— The Institute of International Finance, January 13 2012.
Nassim Nicholas Taleb, author of one of my favorite books, The Black Swan, and closet Austrian theory economics student, is someone whom we should all listen to when he talks about economics. He said this at a conference in Ukraine:
… the current global market turmoil is worse than it was in 2008 because countries [...]