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Anti-Fragility by Mind Map: Anti-Fragility
4.0 stars - 2 reviews range from 0 to 5

Anti-Fragility

Best criticisms

There's nothing new here. Economists have been going on about increasing returns for years. which is all convexity amounts to

Taleb puts too much store by responding to randomness and not enough on trying to understand things. We wouldn't have Anti retro-viral Aids drugs without a huge effort to understand HIV.

It's a trivial idea that's been over-stretched

Taleb produces no useful applications of his idea - he offers nuggets of wisdom that no one ever seriously disputed

This is philosophy for traders - that explains its popularity, but also its shallowness

The Idea

Fragile things - a glass of champagne - survives very minor knocks but suffers catastrophe quite easily

Things that don't break at all - like rocks - survive well but don't prosper

Things that prosper are "anti-fragile" - they don't do too catastrophically under knocks, and they have some chance to prosper

Success in many fields comes from avoiding catastrophe while still being open to taking advantage from some outcomes

Rather than trying to plan everything, we should work to make the world more anti-fragile. That will dependably give us true growth and improvement.

Who are his enemies?

Michiko Kakutani

David Runciman

The Author

Nassim Nicholas Taleb

Biography

Previous books

How to apply it yourself and come across as smart and knowledgeable

Think of anything good that has happened to you

Imagine how bad luck could have disrupted the goodness

Ascribe whatever countered that bad luck as contributing to "anti-fragility"

The picture that explains it all

A couple of pictures will illustrate the key points of the book

First, how random distributions with as much up-side as down-side are transformed by strategies that are "anti-fragile" or "convex"

Second - why it is better to spend time honing an anti-fragile strategy than trying to understand the underlying process that creates the complex outcomes

Who are his friends?

Mark Spitznagel, Austrian-school uber-bear hedge fund billionaire and economic advisor to Republican candidate Ron Paul

David Cameron

Key terminology

Convexity

Fragilista

iatrogenics

heuristics

The syndicated piece

Matt Ridley review in the WSJ