Nassim Nicholas Taleb, author of “The Black Swan” and “Antifragile,” has advice on navigating this economic instability, geopolitical agitation and technological upheavals. It's a holistic view of your mind, body and success.
The academic, statistician and former hedge fund manager also shared what would keep him in the evening.
Below are four life lessons he shared in a wide range of interviews with Business Insider:
1. You have the discipline to stick to what you said you would do
The cornerstone of success is having “a discipline that promises what you are trying to do and sticks to doing it in the best possible way.”
Universa Investments, a “Black Swan” fund to which he is a well-known science advisor, specializes in protecting its client portfolio from rare and extreme market events. Currently, it has over $20 billion in assets under management.
The fund “we've been doing the same trades in 20 years, but we're not drifting,” Taleb said. “If you stick to something you really believe in, you should never get lost,” he continued.
2. Protect yourself against AI in the future
Taleb defended the “Lindy Effect,” the theory that the more ideas, technology, or cultural practices survive, the longer they are likely to survive.
“AI doesn't dent Lindy's skills,” he said.
He pointed out gardening, nursing, cooking, plumbing and masonry as “essential” skills that AI can't replace for now. The AI revolution is marked “first in history” that white-collar knowledge professions are “at risk” in connection with manual trading, he said.
3. Exercise your mind and body
Taleb told BI that he exercises 10-15 hours a week, emphasizing that working both the mind and body is good and essential to a long life.
Related Stories
Business Insider tells the innovative stories you want to know
Business Insider tells the innovative stories you want to know
“We all underestimate the amount of exercise we need,” Taleb said. “Being sedentary requires far more exercise than we think.”
He praised Wall Street legend Ed Thorpe (92) for staying “moving, shaped, mentally sharp.”
Now that Taleb is not running a hedge fund, he said he enjoys reading widely and having more free time to dig into what intrigued him.
4. Redefine success as more than becoming rich
“I think I've been successful, looking at myself in the mirror, not ashamed,” Taleb told BI.
Born in Lebanon, Taleb said his concept of success is beyond having a great career and making money. He also behaves ethically, is helpful to others, surrounds himself with his grandchildren and other families, and is loved by the community.
What he keeps waking up at night
When asked what would keep him waking up at night, Taleb said he was concerned about the “physical and financial health” of his friends and family.
Taleb said it's troublesome to see older people as “I realized that it wasn't enough to quit.” The key fundamental problem is that as the developed economy matures, it “struggles to maintain momentum”, leading to a “soundingly good future.”
“They don't recognize the danger,” Taleb said. “That worries me.”
The system “worked for generations because people were always doing better than their parents,” but that's not true for many people anymore.
