Financial resilience – Taleb and Mandelbrot reflect on crisis

Nassim “Black Swan” Taleb writes on Edge about an unwillingness or consider and remember extreme events leads to financial disaster in The Fourth Quadrant: A map of the limits of statistics. Statistical and applied probabilistic knowledge is the core of knowledge; statistics is what tells you if something is true, false, or merely anecdotal; it […]

Statistics

In 2009, according to Google Analytics, Resilience Science had 140,000 visits (up 17% from last year), and 230,000 page views (up +30%) Roughly, 10% of visitors came directly 70% from search engines (almost entirely from google), and 20% from refering sites The main sources of  traffic was resalliance.org, other big sources provided less than 1/10th […]

Taleb on the failures of financial economics

Nassim Nicholas Taleb writes in Financial Times that because financial economics focus on normal and marginal behaviour at the expense of shocks and market reorganizations it is a pseudo-science hurting markets: I was a trader and risk manager for almost 20 years (before experiencing battle fatigue). There is no way my and my colleagues’ accumulated […]