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Category: Academics, Trading, Business & Finance
Why should we never listen to people who explain rather than do?
Why do companies go bust? How is it that we have more slaves today than
in Roman times? Why does imposing democracy on other countries never
work?
The answer: too many people running the world don''t have
skin in the game. In his inimitable, pugnacious style, Nassim Nicholas
Taleb shows that skin in the game applies to all aspects of our lives.
It''s about having something to lose and taking a risk. Citizens, lab
experimenters, artisans, political activists and hedge fund traders all
have skin in the game. Policy wonks, corporate executives,
theoreticians, bankers and most journalists don''t.
As Taleb
says, "The symmetry of skin in the game is a simple rule that''s
necessary for fairness and justice, and the ultimate BS-buster," and
"Never trust anyone who doesn''t have skin in the game. Without it,
fools and crooks will benefit, and their mistakes will never come back
to haunt them".
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