Some Wise Words Of Financial Advice From Nassim Taleb

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Nassim Nicholas Taleb was not just one of the very few people to accurately predict the crash of 2008 (making a ton of money in the process), but is also a best-selling author and philosopher too. Taleb’s highly contrarian philosophy is what’s made him a fortune in the markets, as it has for many ‘against-the-grain’ thinkers as well. So listen to what he has to say about personal economics, the markets, and even life to gain some insight on how you can grow your own wealth.
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#1

“Fragility is the quality of things that are vulnerable to volatility.”
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#2

“The world we live in is vastly different from the world we think we live in.“
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#3

“We know from chaos theory that even if you had a perfect model of the world, you’d need infinite precision in order to predict future events. With sociopolitical or economic phenomena, we don’t have anything like that.”
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#4

“Years ago, I noticed one thing about economics, and that is that economists didn’t get anything right.”
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#5

“Never take advice from anyone in a tie. They’ll bankrupt you. Don’t ask a general for advice on war, and don’t ask a broker for advice on money.”
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#6

“We have this culture of financialization. People think they need to make money with their savings rather with their own business. So you end up with dentists who are more traders than dentists. A dentist should drill teeth and use whatever he does in the stock market for entertainment.”
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#7

“When I trade, I don’t have an agency problem; I have my neck on the line. When a bank or banker trades, it’s not his neck on the line.”
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#8

“Banking is a very treacherous business because you don’t realize it is risky until it is too late. It is like calm waters that deliver huge storms.”
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#9

“You are rich if and only if money you refuse tastes better than money you accept.”
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#10

“If you take risks and face your fate with dignity, there is nothing you can do that makes you small; if you don’t take risks, there is nothing you can do that makes you grand, nothing.”
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#11

“The Internet allows the small guy a global marketplace. But technology is harmful in the sense that we get too much information from it. Because of the web we get 10 times the amount of noise we ever got, which makes harmful fallacies far more likely.”
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#12

“Capitalism has forced everyone to overoptimize in order to compete.”
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