FYI: The most significant part of the financial crisis that peaked ten years ago this month was that it took place within eight years of both the dot-com crash and 9/11. Fool me once, shame on you. Fool me twice, shame on me. Fool me three times – oh, hell, why even try anymore?
Nassim Taleb’s The Black Swan was published in April, 2007, 90 days before the financial crisis began. It sold well for two reasons: It’s a good book, and – as authors have known for centuries – the most effective writing is putting into words something people intuitively feel but haven’t yet articulated. The Black Swan’s message – improbable outlier events run the world – wasn’t just interesting; it resonated. “Yes, that’s my life! That’s what I’ve experienced over and over again for the last eight years!”
My biggest lesson of the last 10 years is that we’ve clung to that idea. Probably a little too much.
Regards,
Ted
https://www.collaborativefund.com/blog/fool-me-three-times-and-i-give-up/
