Antifragile by Nassim Taleb

Antifragile

7.8/1012 min read

9/18/20

  • We want to use randomness, uncertainty, and chaos, not hide from them

  • Be the fire and wish for the wind

  • We are better at doing than we are at thinking

  • Anything that has more upside than downside from random events is antifragile; the reverse is fragile

  • You get pseudo-order when you seek order; you only get a measure of order and control when you embrace randomness

  • It is much easier to understand if something is harmed by volatility—hence fragile—than try to forecast harmful events, such as these oversized Black Swans

  • The extended disorder family: uncertainty, variability, imperfect, incomplete knowledge, change, chaos, volatility, disorder, entropy, time, the unknown, randomness, turmoil, stressor, error, dispersion of outcomes, unknowledge

  • The more time, the more events, the more disorder

  • Only distilled ideas, ones that sit in us for a long time, are acceptable—and those that come from reality

  • Doxastic commitment, a class of beliefs that go beyond talk, and to which are committed enough to take personal risks

  • If you see fraud do not say fraud, you are a fraud

  • Just as being nice to the arrogant is no better than being arrogant toward the nice, being accommodating toward anyone committing a nefarious action condones it

  • Many of the problems of society come from the argument "other people are doing it"

  • A man is morally free when he judges the world, and judges other men, with uncompromising sincerity

  • When in action, new problems and scares emerge every day to displace and eliminate the previous day's headaches, resentments, and conflicts

  • How do you innovate? First, try to get in trouble

  • Difficulty is what wakes up the genius

  • The excess energy released from overreaction to setbacks is what innovates

  • Moderns try today to create inventions from situations of comfort, safety, and predictability

  • Necessity really is the mother of invention

  • Comfort is a road to waste

  • The best horses lose when they compete with slower ones, and win against better rivals

  • If tired after an intercontinental flight, go to they gym for some exertion instead of resting

  • If you need something urgently done, give the task to the busiest person in the office

  • Most humans manage to squander their free time, as free times makes them dysfunctional, lazy, and unmotivated

  • One should have enough self-control to make the audience work hard to listen, which causes them to switch into intellectual overdrive

  • Mental effort moves us into higher gear, activating more vigorous and more analytical brain machinery

  • The fool believes that the tallest mountain in the world will be equal to the tallest one he has observed

  • Revolutions feed on repression

  • The more energy you put into trying to control your ideas and what you think about, the more your ideas end up controlling you

  • It is only when you don't care about your reputation that you tend to have a good one

  • Loss of bone density and degradation of the health of bones also causes aging and diabetes

  • A loser is someone who, after making a mistake, doesn’t introspect, doesn’t exploit it, feels embarrassed and defensive rather than enriched with a new piece of information, and tries to explain why he made the mistake rather than moving on

  • Someone who has made plenty of errors—though never the same error more than once—is more reliable than someone who has never made any

  • Our emotional energy is blind to probability

  • The media make things worse as they play on our infatuation with anecdotes, our thirst for the sensational, and they cause a great deal of unfairness that way

  • The world is too random and unpredictable to base a policy on visibility of the future

  • What survives comes from the interplay of some fitness and environmental conditions

  • The more American policy makers intervene in other countries for the sake of stability, the more they bring instability

  • No stability without volatility

  • Medical error kills between three times and ten times as many people as car accidents in the United States

  • Noise is a generalization beyond the actual sound to describe random information that is totally useless for any purpose, and that you need to clean up to make sense of what you are listening to

  • As with news received at too high a frequency, too much information becomes harmful—daily news and sugar confuse our system in the same manner

  • We overreact emotionally to noise. The best solution is to only look at very large changes in data or conditions, never at small ones

  • The more data you get, the less you know what’s going on, and the more iatrogenics you will cause

  • It is the system and its fragility, not events, that must be studied

  • Not seeing a tsunami or an economic event coming is excusable; building something fragile to them is not

  • Men of leisure become slaves to inner feelings of dissatisfaction and interests over which they have little control

  • Curiosity is antifragile, like an addiction, and is magnified by attempts to satisfy it— books have a secret mission and ability to multiply, as everyone who has wall-to-wall bookshelves knows well

  • Excess wealth, if you don’t need it, is a heavy burden

  • Someone who predicts will be fragile to prediction errors

  • The traditional understanding of Stoicism in the literature is of some indifference to fate

  • The attainment of a state of immunity from one’s external circumstances, good or bad, and an absence of fragility to decisions made by fate, is robustness

  • When you become rich, the pain of losing your fortune exceeds the emotional gain of getting additional wealth, so you start living under continuous emotional threat

  • The modern Stoic sage is someone who transforms fear into prudence, pain into information, mistakes into initiation, and desire into undertaking

  • Invest in good actions. Things can be taken away from us—not good deeds and acts of virtue

  • Wealth is the slave of the wise man and master of the fool

  • The bookkeeping of benefits is simple: it is all expenditure; if any one returns it, that is clear gain (my emphasis); if he does not return it, it is not lost, I gave it for the sake of giving

  • If I have “nothing to lose” then it is all gain and I am antifragile

  • Antifragility implies more to gain than to lose, equals more upside than downside, equals (favorable) asymmetry

  • The first step toward antifragility consists in first decreasing downside, rather than increasing upside; that is, by lowering exposure to negative Black Swans and letting natural antifragility work by itself

  • Nothing can be done both hastily and safely— almost nothing

  • Never ask people what they want, or where they want to go, or where they think they should go, or, worse, what they think they will desire tomorrow

  • People don’t know what they want until you provide them with it

  • An option is what makes you antifragile and allows you to benefit from the positive side of uncertainty, without a corresponding serious harm from the negative side

  • We are managed by small (or large) accidental changes, more accidental than we admit

  • We talk big but hardly have any imagination, except for a few visionaries who seem to recognize the optionality of things

  • The more studies, the less obvious elementary but fundamental things become; activity, on the other hand, strips things to their simplest possible model

  • Wisdom you learn from your grandmother should be vastly superior (empirically, hence scientifically) to what you get from a class in business school (and, of course, considerably cheaper)

  • When you think you know more than you do, you are fragile

  • Experimentation can make people much more careful than theories

  • The money should go to the tinkerers, the aggressive tinkerers who you trust will milk the option

  • Provided we have the right type of rigor, we need randomness, mess, adventures, uncertainty, self-discovery, near-traumatic episodes, all these things that make life worth living

  • Much of what other people know isn’t worth knowing

  • What I was given to study in school I have forgotten; what I decided to read on my own, I still remember

  • The most severe mistake made in life is to mistake the unintelligible for the unintelligent

  • Incompleteness —half-knowledge—is always dangerous

  • Doing is wiser than you are prone to believe—and more rational

  • Society doesn’t appear to advance with organized education

  • The job of a scholar is to ignore insignificant current affairs, to write books, not emails, and not to give lectures dancing on a stage; that he has other things to do, like read in bed in the morning, write at a desk in front of a window, take long walks (slowly), drink espressos (mornings), chamomile tea (afternoons), Lebanese wine (evenings), and Muscat wines (after dinner), take more long walks (slowly), argue with friends and family members (but never in the morning), and read (again) in bed before sleeping, not keep rewriting one’s book and ideas for the benefit of strangers and members of the local chapter of Networking International who haven’t read it

  • For the fragile, the cumulative effect of small shocks is smaller than the single effect of an equivalent single large shock

  • For the antifragile, shocks bring more benefits (equivalently, less harm) as their intensity increases (up to a point)

  • The learning of life is about what to avoid

  • Keeping one's distance from an ignorant person is equivalent to keeping company with a wise man

  • “People think focus means saying yes to the thing you’ve got to focus on. But that’s not what it means at all. It means saying no to the hundred other good ideas that there are. You have to pick carefully. I’m actually as proud of the things we haven’t done as the things I have done. Innovation is saying no to 1,000 things.” - Steve Jobs

  • Simpler methods for forecasting and inference can work much, much better than complicated ones

  • Adopting some intellectual humility and abandoning the aim at sophistication can yield powerful effects

  • By invoking more than one reason you are trying to convince yourself to do something. Obvious decisions require no more than a single reason

  • The antifragile benefits from volatility and disorder, the fragile is harmed

  • Technology is at its best when it is invisible

  • In a “mature” market there is no free lunch anymore, and what appears as a free lunch has a hidden risk

  • If the patient is near healthy, then Mother Nature should be the doctor

  • Complex systems have feedback loops, so what you “burn” depends on what you consume, and how you consume it

  • What Mother Nature does is rigorous until proven otherwise; what humans and science do is flawed until proven otherwise

  • Spend less, live longer is a subtractive strategy

  • “The good is mostly in the absence of bad” - Ennius

  • If true wealth consists in worriless sleeping, clear conscience, reciprocal gratitude, absence of envy, good appetite, muscle strength, physical energy, frequent laughs, no meals alone, no gym class, some physical labor (or hobby), good bowel movements, no meeting rooms, and periodic surprises, then it is largely subtractive (elimination of iatrogenics)

  • In a large set of circumstances (marginal disease), anything that takes you away from the doctor and allows you to do nothing (hence gives nature a chance to do its work) will be beneficial

  • Among other things the role of religion is to tame the iatrogenics of abundance—fasting makes you lose your sense of entitlement

  • What we mostly need to remove is a few meals at random, or at least avoid steadiness in food consumption

  • For the ancients, the worst possible outcome was not death, but a dishonorable death, or even just a regular one.

  • The antifragility of a system comes from the mortality of its components—and I am part of that larger population called humans. I am here to die a heroic death for the sake of the collective, to produce offspring (and prepare them for life and provide for them), or eventually, books—my information, that is, my genes, the antifragile in me, should be the ones seeking immortality, not me

  • In traditional societies, a person is only as respectable and as worthy as the downside he (or, more, a lot more, than expected, she) is willing to face for the sake of others

  • A half-man (or, rather, half-person) is not someone who does not have an opinion, just someone who does not take risks for it

  • 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

  • When you take risks, insults by half-men (small men, those who don’t risk anything) are similar to barks by nonhuman animals: you can’t feel insulted by a dog

  • Predicting—any prediction—without skin in the game can be as dangerous for others

  • Every opinion maker needs to have “skin in the game” in the event of harm caused by reliance on his information or opinion

  • No opinion without risk; and, of course, no risk without hope for return

  • Never have people who talk and don’t do been more visible, and played a larger role, than in modern times. This is the product of modernism and division of tasks

  • Never ask the doctor what you should do. Ask him what he would do if he were in your place

  • Suckers try to win arguments, nonsuckers try to win

  • Anything one needs to market heavily is necessarily either an inferior product or an evil one

  • Marketing beyond conveying information is insecurity

  • The best way to verify that you are alive is by checking if you like variations

  • Results are meaningless without effort, joy without sadness, convictions without uncertainty, and an ethical life isn’t so when stripped of personal risks

  • Things in nature move ahead from resurrection to resurrection