English: This is a photograph from the assortment of freely available pictures at Nassim Nicholas Taleb’s web site. (Photo credit: Wikipedia)

According to Nassim Nicholas Taleb in the Saturday/Sunday November 17-18, 2012 Wall Street Journal paraphrasing that there were mistakes in the consideration of Black Swans. Some had hoped that better methods of predicting Black Swans would be produced. Others felt that they should just give up. By not being able to quantify the risks of Black Swan events, what are people to do? Quoting Taleb the answer is simple. “We should try to create institutions that won’t fall apart when we encounter Black Swans or that might even gain from these unexpected events.”

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