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  1. danco.substack.comAlex Danco11 min
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    • deephdave
      Top reader of all timeScoutScribe
      4 years ago

      Amazing read! @Alex_Danco @nntaleb

      Wielding his go-to phrase, "Skin in the Game”, you can often find him separating people into two categories: “Real experts” (e.g. airplane pilots, business owners) who face real consequences if they’re wrong, versus “fake experts” who may not (he particularly likes to pick on economists and academics).

      When Taleb talks about “Skin in the game”, he’s talking about survival. Systems with skin in the game are ones where the good performers are more likely to survive than poor performers; it has nothing to do with how people are incentivized. It’s Buffett’s line: In order to win, you must first survive.