I actually read the 1st edition many times with notes taken. The 2nd edition adds some new materials. We should read this book with critical thinking.
I also suggest people to read Malcolm Gladwell's What the Dog Saw. One of the chapters is about this author. We all know the real world and the common theory of how it works. Black Swan complements the common theory. For every trade there are two sides: long or short. One of them has to be wrong. Most people bet against Nassim Taleb on out of money options and win most of the time in small premium but lose huge during Black Swan events. However, blowing up is not the result of either trades. It is the bad money management. If we keep enough cash, size the trade properly, we can win either way.
The most value of this book, however, is that we can not predict the outcome for sure either on fundamental basis or technical basis. It keeps us honest.Get more detail about The Black Swan: Second Edition: The Impact of the Highly Improbable: With a new section: "On Robustness and Fragility".
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