Some notes-

Beaurocracy - person is separated from their actions.

Decision makers must have skin in the game.
Robert Rubin, former secretary of state of US treasury, collected more than $120M in compensation from Citibank in the decade preceding banking crash. When Citibank, literally insolvent, was rescued by taxpayer, he didn't write any check. Inside Job does an amazing job of painting the risk asymmetry of economy. Highly recommend.

We are increasingly populated by people who are good at explaining than understanding/ doing.

Avoid taking advice from someone who gives advice for a living, unless there is a penalty for their advice.

People's "explanations" for what they do are just words, stories they tell themselves, not the business of proper science. What they do, on the other hand, is tangible and measurable and that's what we should focus on.

What is rational is what allows the entities meant to survive for a long time to survive.

What's with Taleb's repetitive mention of Spanish grammar specialists? Or is it only me?

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