Skin in the Game: Hidden Asymmetries in Daily Life (Incerto)

From the New York Times bestselling author of The Black Swan, a bold new work that challenges many of our long-held beliefs about risk and reward, politics and religion, finance and personal responsibilityIn his most provocative and practical book yet, one of the foremost thinkers of our time redefines what it means to understand the world, succeed in a profession, contribute to a fair and just society, detect nonsense, and influence others. Citing examples ranging from Hammurabi to Seneca, Antaeus the Giant to Donald Trump, Nassim Nicholas Taleb shows how the willingness to accept one’s own risks is an essential attribute of heroes, saints, and flourishing people in all walks of life.As always both accessible and iconoclastic, Taleb challenges long-held beliefs about the values of those who spearhead military interventions, make financial investments, and propagate religious faiths.The phrase “skin in the game” is one we have often heard but rarely stopped to truly dissect. It is the backbone of risk management, but it’s also an astonishingly rich worldview that, as Taleb shows in this book, applies to all aspects of our lives. As Taleb says, “The symmetry of skin in the game is a simple rule that’s necessary for fairness and justice, and the ultimate BS-buster,” and “Never trust anyone who doesn’t have skin in the game. Without it, fools and crooks will benefit, and their mistakes will never come back to haunt them.” #1 NEW YORK TIMES BESTSELLER • A bold work from the author of The Black Swan that challenges many of our long-held beliefs about risk and reward, politics and religion, finance and personal responsibility In his most provocative and practical book yet, one of the foremost thinkers of our time redefines what it means to understand the world, succeed in a profession, contribute to a fair and just society, detect nonsense, and influence others. Citing examples ranging from Hammurabi to Seneca, Antaeus the Giant to Donald Trump, Nassim Nicholas Taleb shows how the willingness to accept one’s own risks is an essential attribute of heroes, saints, and flourishing people in all walks of life. As always both accessible and iconoclastic, Taleb challenges long-held beliefs about the values of those who spearhead military interventions, make financial investments, and propagate religious faiths. Among his insights: • For social justice, focus on symmetry and risk sharing. You cannot make profits and transfer the risks to others, as bankers and large corporations do. You cannot get rich without owning your own risk and paying for your own losses. Forcing skin in the game corrects this asymmetry better than thousands of laws and regulations. • Ethical rules aren’t universal. You’re part of a group larger than you, but it’s still smaller than humanity in general. • Minorities, not majorities, run the world. The world is not run by consensus but by stubborn minorities imposing their tastes and ethics on others. • You can be an intellectual yet still be an idiot. “Educated philistines” have been wrong on everything from Stalinism to Iraq to low-carb diets. • Beware of complicated solutions (that someone was paid to find). A simple barbell can build muscle better than expensive new machines. • True religion is commitment, not just faith. How much you believe in something is manifested only by what you’re willing to risk for it. The phrase “skin in the game” is one we have often heard but rarely stopped to truly dissect. It is the backbone of risk management, but it’s also an astonishingly rich worldview that, as Taleb shows in this book, applies to all aspects of our lives. As Taleb says, “The symmetry of skin in the game is a simple rule that’s necessary for fairness and justice, and the ultimate BS-buster,” and “Never trust anyone who doesn’t have skin in the game. Without it, fools and crooks will benefit, and their mistakes will never come back to haunt them.” #1#160; NEW YORK TIMES BESTSELLER A bold work from the #160; author of The Black Swan#160; that challenges many of our long-held beliefs about risk and reward, politics and religion, finance and personal responsibility In his most provocative and practical book yet, one of the foremost thinkers of our time redefines what it means to understand the world, succeed in a profession, contribute to a fair and just society, detect nonsense, and influence others. Citing examples ranging from Hammurabi to Seneca, Antaeus the Giant to Donald Trump, Nassim Nicholas Taleb shows how the willingness to accept ones own risks is an essential attribute of heroes, saints, and flourishing people in all walks of life. As always both accessible and iconoclastic, Taleb challenges long-held beliefs about the values of those who spearhead military interventions, make financial investments, and propagate religious faiths. Among his insights: For social justice,#160;focus on symmetry and risk sharing. You cannot make profits and transfer the risks to others, as bankers and large corporations do. You cannot get rich without owning your own risk and paying for your own losses. Forcing skin in the game corrects this asymmetry better than thousands of laws and regulations. Ethical rules arent universal. Youre part of a group larger than you, but its still smaller than humanity in general. Minorities, not majorities, run the world. The world is not run by consensus but by stubborn minorities imposing their tastes and ethics on others. You can be an intellectual yet still be an idiot. Educated philistines have been wrong on everything from Stalinism to Iraq to low-carb diets. Beware of complicated solutions (that someone was paid to find). A simple barbell can build muscle better than expensive new machines. True religion is commitment, not just faith. How much you believe in something is manifested only by what youre willing to risk for it. The phrase skin in the game is one we have often heard but rarely stopped to truly dissect. It is the backbone of risk management, but its also an astonishingly rich worldview that, as Taleb shows in this book, applies to all aspects of our lives. As Taleb says, The symmetry of skin in the game is a simple rule thats necessary for fairness and justice, and the ultimate BS-buster, and Never trust anyone who doesnt have skin in the game. Without it, fools and crooks will benefit, and their mistakes will never come back to haunt them. From the New York Times bestselling author of The Black Swan, a bold new work that challenges many of our long-held beliefs about risk and reward, politics and religion, finance and personal responsibility In his most provocative and practical book yet, one of the foremost thinkers of our time redefines what it means to understand the world, succeed in a profession, contribute to a fair and just society, detect nonsense, and influence others. Citing examples ranging from Hammurabi to Seneca, Antaeus the Giant to Donald Trump, Nassim Nicholas Taleb shows how the willingness to accept one's own risks is an essential attribute of heroes, saints, and flourishing people in all walks of life. As always both accessible and iconoclastic, Taleb challenges long-held beliefs about the values of those who spearhead military interventions, make financial investments, and propagate religious faiths. Among his insights: For social justice, focus on symmetry and risk sharing. You cannot make profits and transfer the risks to others, as bankers and large corporations do. You cannot get rich without owning your own risk and paying for your own losses. Forcing skin in the game corrects this asymmetry better than thousands of laws and regulations. Ethical rules aren't universal . You're part of a group larger than you, but it's still smaller than humanity in general. Minorities, not majorities, run the world. The world is not run by consensus but by stubborn minorities imposing their tastes and ethics on others. You can be an intellectual yet still be an idiot . "Educated philistines" have been wrong on everything from Stalinism to Iraq to low-carb diets. Beware of complicated solutions (that someone was paid to find) . A simple barbell can build muscle better than expensive new machines. True religion is commitment, not just faith . How much you believe in something is manifested only by what you're willing to risk for it. The phrase "skin in the game" is one we have often heard but rarely stopped to truly dissect. It is the backbone of risk management, but it's also an astonishingly complex worldview that, as Taleb shows in this book, applies to all aspects of our lives Title Page......Page 2 Copyright......Page 3 Contents......Page 4 Book 1: Introduction......Page 6 Prologue, Part 1: Antaeus Whacked......Page 10 Prologue, Part 2: A Brief Tour of Symmetry......Page 16 Prologue, Part 3: The Ribs of the Incerto......Page 33 Appendix: Asymmetries in Life and Things......Page 38 Book 2: A First Look at Agency......Page 41 Chapter 1: Why Each One Should Eat His Own Turtles: Equality in Uncertainty......Page 42 Book 3: That Greatest Asymmetry......Page 53 Chapter 2: The Most Intolerant Wins: The Dominance of the Stubborn Minority......Page 54 Appendix to Book 3: A Few More Counterintuitive Things About the Collective......Page 69 Book 4: Wolves Among Dogs......Page 72 Chapter 3: How to Legally Own Another Person......Page 73 Chapter 4: The Skin of Others in Your Game......Page 83 Book 5: Being Alive Means Taking Certain Risks......Page 88 Chapter 5: Life in the Simulation Machine......Page 89 Chapter 6: The Intellectual Yet Idiot......Page 92 Chapter 7: Inequality and Skin in the Game......Page 96 Chapter 8: An Expert Called Lindy......Page 105 Book 6: Deeper into Agency......Page 114 Chapter 9: Surgeons Should Not Look Like Surgeons......Page 115 Chapter 10: Only the Rich Are Poisoned: The Preferences of Others......Page 124 Chapter 11: Facta Non Verba ⠀䐀攀攀搀猀 䈀攀昀漀爀攀 圀漀爀搀猀)......Page 127 Chapter 12: The Facts Are True, the News Is Fake......Page 132 Chapter 13: The Merchandising of Virtue......Page 136 Chapter 14: Peace, Neither Ink nor Blood......Page 141 Book 7: Religion, Belief, and Skin in the Game......Page 146 Chapter 15: They Don’t Know What They Are Talking About When They Talk About Religion......Page 147 Chapter 16: No Worship Without Skin in the Game......Page 151 Chapter 17: Is the Pope Atheist?......Page 154 Book 8: Risk and Rationality......Page 156 Chapter 18: How to Be Rational About Rationality......Page 157 Chapter 19: The Logic of Risk Taking......Page 164 Epilogue......Page 174 Dedication......Page 176 Acknowledgments......Page 177 Glossary......Page 178 Technical Appendix......Page 181 Notes......Page 190 Bibliography......Page 192 Other Titles......Page 195 About the Author......Page 196 The phrase "skin in the game" is one we have often heard but have rarely stopped to truly dissect. It is the backbone of risk management, but it's also an astonishingly complex worldview that, as Nassim Nicholas Taleb shows in this book, applies to literally all aspects of our lives. In his inimitable style, Taleb pulls on everything from Antaeus the Giant to Hammurabi to Donald Trump to Seneca to the ethics of disagreement to create a jaw-dropping tapestry for understanding our world in a brand new way. The phrase "skin in the game" means that you do not pay attention to what people say, only to what they do, and to how much of their necks they are putting on the line. This willingness to accept one's own risks is an essential attribute of people in all walks of life. Taleb challenges long-held beliefs about those who control our military, finances, religions, and so much more-- and shows how "skin in the game" applies to all aspects of our lives. The phrase "skin in the game" is one we have often heard but have rarely stopped to truly dissect. It is the backbone of risk management, but it's also an astonishingly complex worldview that applies to all aspects of our lives. Nassim Nicholas Taleb pulls on everything from Antaeus the Giant to Hammurabi to Donald Trump to Seneca to the ethics of disagreement to create a tapestry for understanding our world in a brand new way. Among his insights: For social justice, focus on symmetry and risk sharing -- Ethical rules aren't universal -- Minorities, not majorities, run the world -- You can be an intellectual yet still be an idiot -- Beware of complicated solutions (that someone was paid to find) -- True religion is commitment, not just faith “Skin in the Game” is a continuation of the Incerto collection and follows Nassim Taleb's innovative search for asymmetry in human decision-making. This book is an applied synopsis of the book which has attempted to provide a fascinating, unique version of the book for readers unfamiliar with Nassim Taleb's writing style by simplifying the technical and blunt sections. Introduction A first look at agency That greatest asymmetry Wolves among dogs Being alive means taking certain risks Deeper into agency Religion, belief, and skin in the game Risk and rationality Epilogue : what Lindy told me. Discusses how the willingness to accept one's own risks is an essential attribute for defining what it means to understand the world, succeed in life, contribute to a fair and just society, and influence others.