William T

“The economic crisis seemed to have taught them a lesson: that liberty without discipline was a formula for ruin.”
― Alasdair Roberts, America's First Great Depression: Economic Crisis and Political Disorder after the Panic of 1837

“The fallacy is that what one may need to know in the real world does not necessarily match what one can perceive through intellect: it doesn’t mean that details are not relevant, only that those we tend (IYI-style) to believe are important can distract us from more central attributes of the price mechanism.”
― Nassim Nicholas Taleb, Skin in the Game: Hidden Asymmetries in Daily Life

“experiments have shown that players rely on several heuristics. The gaze heuristic is the simplest one and works if the ball is already high up in the air: Fix your gaze on the ball, start running, and adjust your running speed so that the angle of gaze remains constant.”
― Nassim Nicholas Taleb, Skin in the Game: Hidden Asymmetries in Daily Life

“But things are even worse: in real life, every single bit of risk you take adds up to reduce your life expectancy. If you climb mountains and ride a motorcycle and hang around the mob and fly your own small plane and drink absinthe, and smoke cigarettes, and play parkour on Thursday night, your life expectancy is considerably reduced, although no single action will have a meaningful effect. This idea of repetition makes paranoia about some low-probability events, even that deemed “pathological,” perfectly rational.”
― Nassim Nicholas Taleb, Skin in the Game: Hidden Asymmetries in Daily Life