When I trade, I don't have an agency problem; I have my neck on the line. When a bank or banker trades, it's not his neck on the line.
Nassim Nicholas TalebMy point taken further is that True and False (hence what we call "belief") play a poor, secondary role in human decisions; it is the payoff from the True and the False that dominates-and it is almost always asymmetric, with one consequence much bigger than the other, i.e., harboring positive and negative asymmetries (fragile or antifragile). Let me explain.
Nassim Nicholas TalebThe rationalist imagines an imbecile-free society; the empiricist and imbecile-proof one, or even better, a rationalist-proof one.
Nassim Nicholas TalebThey will envy you for your success, your wealth, for your intelligence, for your looks, for your status - but rarely for your wisdom.
Nassim Nicholas TalebMuscles without strength, friendship without trust, opinion without risk, change without aesthetics, age without values, food without nourishment, power without fairness, facts without rigor, degrees without erudition, militarism without fortitude, progress without civilization, complication without depth, fluency without content; these are the sins to remember.
Nassim Nicholas Taleb