"Taleb's Ten Principles for a Black Swan Robust World"

Slightly amusing? Yes: But note how many of these 'wisdoms' are appropriate to todays business arena -- and life in general...

Insights from Nassim Nicholas Taleb
(Thank you to Douglas Reid of Queens University School of Business.)

1. What is fragile should break early while it is still small. Nothing should ever become too big to fail.
2. No socialisation of losses and privatisation of gains.
3. People who were driving a school bus blindfolded (and crashed it) should never be given a new bus.
4. Do not let someone making an 'incentive' bonus manage a nuclear plant – or your financial risks. Counter-balance complexity with simplicity.
5. Do not give children sticks of dynamite, even if they come with a warning.
6. Only Ponzi schemes should depend on confidence. Governments should never need to 'restore confidence'.
7. Do not give an addict more drugs if he has withdrawal pains.
8. Citizens should not depend on financial assets or fallible 'expert' advice for their retirement.
9.  Make an omelette with the broken eggs."

Black swan theory - Wikipedia, the free encyclopedia: