These include the 2 world wars, the fall of the Berlin Wall, the terrorist attacks, the rise of the Internet, the 1987 stock-market crash, the 2008 financial crisis and the 2019 Covid pandemic. Many historical events that drastically impacted our societies and lives were actually Black Swan events. Retrospective predictability: Although the events are unpredictable, humans tend to explain them on hindsight as if they could be perfectly understood and predicted.īlack Swans are not inconsequential anomalies, but a significant phenomenon that shapes the very world we live in.They have a profound impact on our society/world.Rarity: Black Swans are outliers that can’t be reasonably expected to happen based on past events.
Taleb identifies 3 key features of Black Swans: The term “Black Swan” has since been used to describe the occurrence of a seemingly-impossible event. Then in 1697, a Dutch explorer Willem de Vlamingh discovered black swans in Australia, debunking this universal “truth” overnight. Overview: The Black Swan What are Black Swans and why are they important?įor thousands of years, it was widely believed that all swans were white. For the full details, examples and tips, do get a copy of the book, or get a detailed overview with our complete book summary bundle. In The Black Swan summary, we’ll outline some of the key ideas in the book, including how we’re surrounded by randomness beyond our control, why we struggle to accept it, and how we can address our blind spots. extremely unpredictable events that have a massive impact on our societies and the course of history. In this book, he explains the phenomenon of Black Swans, i.e. The Black Swan is the 2nd book in the five-book series by Nassim Nicholas Taleb on uncertainty.
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