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Speaker: 00:35 All
right folks welcome to Investing for Beginners podcast episode 134 tonight
we’re going to do a book review. I’m going to talk about it, a book that I read
recently and we’ll kind of go over some notes that I took on the book and
Andrew and I will talk a little bit about it. So the name of the book is called
Skin in the Game. Nassim Tabel wrote it. Now, if you have not read any of his
books, this is his fifth installment of the Incerto series. So he’s also
written, saw other fantastic books like a Black Swan Antifragile as skin in the
game as it is a most recent one. That’s the one that I’ve read. I have not read
the other four yet. Andrew, have you read any of his books?
Andrew: 01:18 I’ve
done some of Black Swan [inaudible]. He’s like a fascinating guy’s got a lot of
great ideas. People Revere him because when he wrote Black Swan, I think it was
right before either the 2010 flash crash or the 2008, 2009 bear market. But the
gist of it is that people try to reduce risk in the market and, but they’re
investing, but they don’t think of what it is called, like a Sigma six-event or
something. They don’t think of that Black Swan. The unprecedented event that
we’ve never seen. And all it takes is that to wipe out all the other smarts and
gains that you’ve had. And you know, the timing of that book was great. The
theories in the book and everything like that is really good. And that’s
something that, especially, I think as the internet goes on and on and on, and
I’ll stop going on and on and on about it.
Andrew: 02:21 ...