You Should Only Have to Get Rich Once by Russell E. Holcombe

Author:Russell E. Holcombe [Holcombe, Russell E.]
Language: eng
Format: epub
ISBN: 978-1-937110-15-4
Publisher: Emerald Book Company
Published: 2012-09-22T04:00:00+00:00

In Nassim Taleb’s 2010 update of his 2007 bestseller, The Black Swan: The Impact of the Highly Improbable, he created ten principles for a “Black-Swan-robust” society. Number 6: “Do not give children dynamite sticks, even if they come with a warning label.” Complex financial products need to be banned because nobody understands them, and few prospects are rational enough to know it. The factory knows we seek certainty, and it purposely creates products to encourage precisely that illusion.

The next product went extinct, but only after taking a lot of money from a lot of wealthy people. We are still living in its wake. Bad financial products are like too much radiation; the detrimental effects linger for a long time.

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