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I recently finished #RWRI #rwri16 course, organised by Real World Risk Institute and taught by @nntaleb, Robert Frey, Raphael Douady, @DrCirillo Here is a list of practical first principles (not exhaustive) I took away from this short and enlightening program
1. Take risks one can measure than measure risk one is (blindly) taking. In other words, ‘risk taking’ is better than ‘risk management’
2. Risk of ‘ruin’ from a fat tail is not the same as the risk from ‘tinkering’. Avoiding -ve consequences from small mistakes over time can lead to ruin
