I'm a trader in one of the world's top commodities trading houses. It's been 9 years since this interview but it's shocking that VAR is still being used as THE key tool for risk management. Absolutely disgraceful. As NNT said in Black Swan, we continue to "pick pennies in front of a steamroller".
Frtb will bring in expected short fall instead of Var which is also not the right kind of measure according to taleb he just wants to use mean average deviation to know the spread not aa a measure of risk as there isn't a correct measure of risk according to him.
Why care about risks when you can get bail outs from government. It is like playing a roulette by martingale strategy and each time you lose everything, you get it back. Playing long enough you can win as much money as you want right?
isn't she saying "laws are always behind markets, because markets are innovative" - I think she means it's difficult to create laws to reduce risk/exposure of market downturn because the the political system cannot keep up with the shit the market is getting itself into
I disagree. I think she just tried to lead the word and did pretty well, and the lady in red seemed reasonably smart, just didn't get a chance to collect herself when finally given the word
You missed his point. VAR doesn’t work, and even you don’t suggest an alternative, banks need to stop using it. His classic example is, if you are driving through California you don’t use a map of Georgia just because it’s the only map you have.
SOLUTION: I do the opposite, I wake up every morning knowing that I don't understand what's going on, and that is the way we have to operate.our understanding of the world has proven to meet extremely weak. 4:09
Why am I hearing only "Dhis is Maiscrewsoft ssErrvise, yuouur compputer has virus, pls givve me all youure personale datta aaand akkount". Keep on gambling on behalf of generations who didn't. Your worldwide casino is about to get smacked by a tsunami. Kind regards.
So the entire point of the black swan metaphor is that black swans, as in swans the animals, literally do exist, and the only reason people asserted so confidently that they didn't is because they'd never seen one. I think the point has gone over your head a bit buddy
Just scaremongering. That will never happen! If I were to listen to this guy I might miss the opportunity to buy a hyped up worthless asset and stake it in a magic box for 20% yield. Sure thing... Already ordered the lambo.😎
I'm a trader in one of the world's top commodities trading houses. It's been 9 years since this interview but it's shocking that VAR is still being used as THE key tool for risk management. Absolutely disgraceful. As NNT said in Black Swan, we continue to "pick pennies in front of a steamroller".
Frtb will bring in expected short fall instead of Var which is also not the right kind of measure according to taleb he just wants to use mean average deviation to know the spread not aa a measure of risk as there isn't a correct measure of risk according to him.
Just don't be a turkey xeen!
What would you recommend reading to learn trading, or what do you recommend doing to learn it
Why care about risks when you can get bail outs from government. It is like playing a roulette by martingale strategy and each time you lose everything, you get it back. Playing long enough you can win as much money as you want right?
"...especially tie-wearing economists..." - Rogoff winks
omg lol
isn't the one on which they base the "frugality" response in Europe? the one that can't even use Excel?
4:49 Taleb's Jim Halpert moment. Instant classic.
😃😅🤣😂
4:25 Let's learn to be more robust to error... do we hear the beginnings of Antifragile?
you need a few more imaginative leaps to get from robust to antifragile i guess he was getting close to that a-ha! moment
❤️❤️❤️
Angry?
Naaaa.... Passionate? Absolutely!
He is much more charismatic in writing, but he still kills the panel.
All tie wearing economists please raise your hands
The real Slim Shadys
It's hard to give sound bites when you're an author of such substantial work
They dont understand him lol hes too smart for them
yep
Bobby Boucher not to mention he's fuckin pissed and borderline hysterical on live TV. calm the fuck down taleb
@@yoloswag6242 He is that way because he's so exasperated with how silly the others are.
Yee bro
They aren’t trying to listen
5:37 did she call him "Khal Drogo"?
Yeaaaaahhhh.......
HAHAHAHAHA SHE'S RACIST XD LOLJK
The Lebanonese Khal! Valar morghulis
Logic vs Arrogance at its finest
It's fun to watch it in 2022
Even funnier now.😂
"tie wearing economists..."
4:34 " one thing about instutions is that loses are always behind the market " WTF is she talking about..
Losses are turned over to unaware accounts of retail partners. Institutions normally package the losses in their books and sell to stupid people.
isn't she saying "laws are always behind markets, because markets are innovative" - I think she means it's difficult to create laws to reduce risk/exposure of market downturn because the the political system cannot keep up with the shit the market is getting itself into
@@SuperRobieboy this is the right interpretation.
Is it just me or you guys also think these BBC journalists are Morons? They didn't understand a thing which Taleb said.
They're WOMEN ,what do u expect from them ?
I disagree. I think she just tried to lead the word and did pretty well, and the lady in red seemed reasonably smart, just didn't get a chance to collect herself when finally given the word
Nassim Nicholas Taleb predicted absolutely nothing - he is talking with the benefit of hindsight pretending he saw the writing on the wall.
Tell me you have negative knowledge of a man without telling me
The righteous indignation is palpable
reminds of Jordan Peterson's channel 4 interview. What's the point of inviting a knowledgeable person if you are not going to listen to it.
3:35 kenneth rogoff is the top most discussed player in chessgames kibitzing. Top 2 is Wesley So.
3:40 mindset? The least
4:50 epic face
Can you please give us the source of this full video?!
4:50 dafuc? REALLY?
i admire this man
full interview?
Nassim Nicholas Taleb is too smart for these mere mortals. He should be advising me instead, not these western scrubs.
Seriously Kim?
It's like GOD is talking and dogs are barking!
Easy there bro... I agree with your point though!
@@Whitespike77 Easy why?
@@mauroivanholodrydzuk7250 We should not take the Lords name in vain.
Criticism is good, but then you should come up with some suggestions/improvement. Any suggestions for better metrics than correlation, VaR etc?
Heterarchy, decentralization of information processing, direct observation at the local level.
You missed his point. VAR doesn’t work, and even you don’t suggest an alternative, banks need to stop using it. His classic example is, if you are driving through California you don’t use a map of Georgia just because it’s the only map you have.
@@alfredosandoval1058 Risk measures became obsolete. The FED has our back (and the bank's), so no worries buy tsla, vfh, jets, xrt on margin!
detect fragility and if its fragile just dont touch it
he kinda wrote a whole book about it
Nicholas be on another level, got 2 fools sitting on his sides...
Nassim. HI. Nassim. When did you BILD your TH-cam chanel? Bet your WATCH all this like ME. Thoughs Nassim. Thoughs.
Wow... they comperely don't understand nature of the problem.
Crazy answer is, let mother nature create financial institutions :-)
Taleb is a genius 🙏🏻🙂
Is Taleb ever not angry? I love the guy, BTW.
I read NNT is the angry version of Malcolm Gladwell?
I read 1 book of each. Looks like it. Lol.
Is the show called HardTalk?
It's Newsnight
NNT makes some valid points. Definitely food for thought here.
SOLUTION: I do the opposite, I wake up every morning knowing that I don't understand what's going on, and that is the way we have to operate.our understanding of the world has proven to meet extremely weak. 4:09
WTF is that clicking noise?!?!
Only built for Cuban links
Here is a podcast we did on NN Taleb recently. Worth checking out: th-cam.com/video/6KiLxIN0rlk/w-d-xo.html
Gad saads Lebanese brother
Guess what he was right
listen to him
All time Classic
Ele puxa essa de professor danny a família soprano.. esse daqui 10 idiomas se loko 17 trilhões
No alcohol for a few sad days, and he loses his mind. So much anger, why?
Get off the Dr ugs sourabh!
Are you a troll or just an asshole? I really ask, pal
Because he’s fat
the asian gal has no idea what she got into
Hr does not deserve to have an american passport, 5.25, not let society take risks? What are weather derivatives, if you don't mind, explaining?
Why am I hearing only "Dhis is Maiscrewsoft ssErrvise, yuouur compputer has virus, pls givve me all youure personale datta aaand akkount". Keep on gambling on behalf of generations who didn't. Your worldwide casino is about to get smacked by a tsunami. Kind regards.
He was not wrong.
It would have been nice to have the full interview so you could hear what the other people were saying
Who gives a shit about what these people have to say. Zero substance.
Nessas estou demais😂😂😂😂😂
Quem ri por último ri melhor devendo os bancos tudão
6:06
Matemático
Taleb does nothing besides poiting at wrong things. That's the easiest part
I saw him pointing at you!
Via negativa.😉
Why does this guy have a platform. It's clear upon listening that he is just rambling and angry.
Bsstard stfu if you don't know anything
"That's bait" 🤔
Did you listen to what he said
...................... you clearly dont know shit
You are a NOOB
Their is no such thing called as ' 'black swan'. Maybe you just have not seen nature in its actuality
are you being ironic?
? Is this a joke?
So the entire point of the black swan metaphor is that black swans, as in swans the animals, literally do exist, and the only reason people asserted so confidently that they didn't is because they'd never seen one. I think the point has gone over your head a bit buddy
Just scaremongering. That will never happen!
If I were to listen to this guy I might miss the opportunity to buy a hyped up worthless asset and stake it in a magic box for 20% yield. Sure thing... Already ordered the lambo.😎