Antifragile: Things That Gain from Disorder Author: Visit Amazon's Nassim Nicholas Taleb Page | Language: English | ISBN:
1400067820 | Format: PDF
Antifragile: Things That Gain from Disorder Description
Amazon.com Review
Amazon Best Books of the Month, December 2012: Fragile things break under stress. But, according to Nassim Nicholas Taleb, there's an entire class of other things that don't simply resist stress but actually grow, strengthen, or otherwise gain from unforeseen and otherwise unwelcome stimuli. Taleb sees degrees of antifragility everywhere, from fasting, mythology, and urban planning to economic, technological, cultural, and biological systems. The wealth of radical thinking in this book astounds; the glossary alone offered more thought-provoking ideas than any other nonfiction book I read this year. That said,
Antifragile is far from flawless. As comical as Taleb's rough handling of his favorite targets can be--academics, economists, and tourists, to name a few--his argumentative style boasts gaping holes, non sequiturs aplenty, and at times an almost willfully repugnant tone. Some readers will find Taleb's brashness off-putting; others will embrace it as a charismatic component of the ideas themselves. Either way, no one will finish this book unchanged. --
Jason Kirk From Booklist
Judging by his anecdotes, Taleb interacts with the economic masters of the universe as he jets from New York to London or attends business-politics confabs in Davos, Switzerland. Anything but awed by them, Taleb regards them as charlatans, not as credible experts. Such skepticism toward elites, which imbued Taleb’s The Black Swan: The Impact of the Highly Improbable (2007), continues in this work, which grapples with a concept Taleb coins as “antifragile.” Not readily reducible to a definition (Taleb takes the whole book to develop the idea), suffice to say here that antifragile’s opposites—economic, political, or medical systems that are vulnerable to sudden collapse—tend to be managed by highly educated people who think they know how systems work. But they don’t, avers Taleb. Their confidence in control is illusory; their actions harm rather than help. In contrast, Taleb views decentralized systems—the entrepreneurial business rather than the bureaucratized corporation, the local rather than the central government—as more adaptable to systemic stresses. Emphatic in his style and convictions, Taleb grabs readers given to musing how the world works. --Gilbert Taylor
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- Hardcover: 544 pages
- Publisher: Random House (November 27, 2012)
- Language: English
- ISBN-10: 1400067820
- ISBN-13: 978-1400067824
- Product Dimensions: 9.3 x 6.4 x 1.3 inches
- Shipping Weight: 1.8 pounds (View shipping rates and policies)
1 Summary
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1.1 Introduction
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Taleb conveniently quotes one of his friend's summary of this book: "Everything gains or loses from volatility. Fragility is what loses from volatility and uncertainty."
I think the point is better expressed by rephrasing: "Antifragility is what gains from volatility and uncertainty, up to a point. And being antifragile is a good thing."
Well, that's pretty much summarizes this 500-pages-long book. The rest is an accumulation of more or less relevant topics, delivered in Taleb's trademarked seering, holier-than-thou, hero-or-moron style. Why, even in "Dynamic hedging", his first, $100-book on trading exotic options, he was already both immensely entertaining and almost unbearably infuriating.
1.2 A few of the more interesting points:
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1.2.1 Every phenomenon in the world belongs to one of the following categories:
Fragile: vulnerable to unforeseen shocks
Robust: indifferent to shocks
Antifragile: thrive on shocks, up to a point.
That's what Taleb calls the Triad.
1.2.2 Most modern structures are inherently fragile
Salaried employment: while it looks safe on the surface (predictable salary every month) it is subject to the catastrophic risk of losing one's job.
Debt-fueled economies: debt has no flexibility, so these economies can't stand even a slowdown without risking implosion (cf current situation)
Modern societies: efficiency demands are pushing the structures to the maximum, so a little sand in the cogs make the whole edifice totter.
Touristification: turning adventures (kids growing up, people visiting foreign countries) from exciting, dangerous activities into bland, Disneyfied and safe ones.
I begin for readers who have not read anything else by this author, especially those who are familiar with his ideas only second-hand. His second book, Fooled by Randomness, is by far the easiest introduction to his ideas. It is relatively short and illustrates his ideas in dramatic and amusing stories. For people with technical backgrounds, the first book, Dynamic Hedging, makes the points in a much more restricted domain (managing risk of financial options) which allows more precision. The Bed of Procrustes is striking and insightful, but as it is a series of loosely connected aphorisms, the reader has to sort out the links for herself.
Taleb's third and most commercially successful book, The Black Swan, and this one (which may become his most successful), lay out his ideas in more breadth and depth. The three in the first paragraph are relatively non-controversial. They are critical mainly of people who are safe to ridicule, those who are blind to the uncertainty in the universe in fields that are ruled by randomness, such as finance. The Black Swan and Antifragile attack--in the most intemperate language--people, ideas and professions accustomed to reflexive worship.
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