Nassim Talib - Heuristics (via Twitter)

  • Upload
    ravi

  • View
    220

  • Download
    0

Embed Size (px)

Citation preview

  • 7/22/2019 Nassim Talib - Heuristics (via Twitter)

    1/21

    @mmltlfo`c @phfrlsis, Tucgs, `om Hgurlstlas (@mmgm tf thgLoagrtf)

    O@QQLIOLAHFC@Q ]@CGD

    L ^rgcumgsLL Afuotgr O`rr`tlvgs

    LLL I`ttgrs Fotfcfbla`c

    LU ]hg Q`argm `om thg ^rfe`og

    U Ah`oag, Quaagss , H`pplogss, `om QtflalsiUL Ah`rilob `om Cgss Ah`rilob Quakgr rfdcgisULL ]hgsgus, fr Clvlob thg O`tur`c Cleg

    ULLL ]hg Tgpudcla fe Cgttgrs

    LX ]hg Wolvgrs`c `om thg ^`rtlauc`r

    X Effcgm dy T`omfiogss

    XL @gsthgtlas

    XLL Gthlas

    XLLL Tfdustogss & (@otl) Er`blcltyXLU ]hg Cumla E`cc`ay `om Mfi`lo Mgpgomgoag

    XU Gplstgifcfby `om Qudtr`atlvg Kofwcgmbg

    XUL ]hg Qa`om`c fe ^rgmlatlfo

    XULL Dglob ` ^hlcfsfphgr `om I`o`blob tf Tgi`lo Fog

    XULLL Gafofila Cleg `om Fthgr Ugry Uucb`r Qudjgats

    XLX ]hg Q`bg, thg Rg`k, `om thg I`bolelagot

    XX ]hg Lipclalt `om thg Gxpclalt

    XXL Fo thg U`rlgtlgs fe Cfvg `om Ofocfvg

    XXLL ]hg Gom

    L 0. ^gfpcg `rg iuah cgss lotgrgstgm lo wh`t yfu `rg

    trylob tf shfw thgi th`o wh`t yfu `rg trylob tf hlmg.

    L 4. Grumltlfo wlthfut duccshlt, lotgccgat wlthfut

    afw`rmlag, afur`bg wlthfut liprumgoag, i`thgi`tlaswlthfut ogrmlogss, sahfc`rshlp wlthfut `a`mgil`,

    lotgcclbgoag wlthfut shrgwmogss, rgclblfslty wlthfut

    lotfcgr`oag, gcgb`oag wlthfut sfetogss, sfal`clty wlthfut

    mgpgomgoag, gojfyigot wlthfut `mmlatlfo, `om, `dfvg`cc, ofthlob wlthfut sklo lo thg b`ig.

    LL 1. @ bfvgroigot st`tlob "wg wlcc oft st`om lmcg lo

    erfot fe `trfaltlgs afiilttgm dy (efrglbo mlat`tfr) X\Z"ls typla`ccy trylob tf iltlb`tg thg bulct efr st`omlob lmcg

    lo erfot fe ifrg `trfaltlgs afiilttgm dy s`lm X\Z.

    LL =. @cifst `cc thfsg a`ubht i`klob ` cfbla`c e`cc`ay

    lotgrprgt lt `s ` "mls`brggigot".

    LL 7. Er`oag tffk @cbgrl`, hfplob efr ` afuotry tf g`t

    a`ssfucgt `om lostg`m Er`oag ls ofw g`tlob afusafus.(Lovgrsg geegats).

  • 7/22/2019 Nassim Talib - Heuristics (via Twitter)

    2/21

    4

    LL 5. Le pfwgreuc `sshfcgs mfo't elom yfu "`rrfb`ot", lt

    ig`os yfu `rg mflob sfigthlob wrfob.

    LL 2. Le sfigfog ls i`klob `o geefrt tf lbofrg yfu, hg ls

    oft lbofrlob yfu.

    LL 8. Lo yfur pr`ygrs sudstltutg "prftgat us erfi gvlc"

    wlth "prftgat us erfi thfsg whf liprfvg thlobs efr `

    s`c`ry".

    LL . Iuah fe thg mleegrgoag dgtwggo wh`t ls hg`vgo

    `om wh`t ls hgcc ls dr`omlob.

    LL 00. Ogvgr rg`m ` dffk rgvlgw wrlttgo dy `o `uthfr

    whfsg dffks yfu wfucmo't rg`m.

    LL 04. Fog fe cleg's i`ahlo`tlfos ls tf i`kg sfig

    pgfpcg dfth rlah `om uoh`ppy, th`t ls, jflotcy er`blcg

    `om mgprlvgm fe hfpg.

    LL 01. ^gfpcg mfo't clkg lt whgo yfu `sk thgi efr hgcp;thgy `csf eggc cget fut whgo yfu mfo't `sk thgi efr

    hgcp.

    LL 0=. ]hg mrg`i fe h`vlob afiputgrs dgh`vg clkg

    hui`os ls afilob trug, wlth thg tr`osefri`tlfo, lo `slobcg bgogr`tlfo, fe hui`os lotf afiputgrs.

    LL 07. ]hg elrst fog whf usgs "dut", h`s cfst thg

    `rbuigot.

    LL 05. ]hg i`lo rg`sfo tf bf tf sahffc ls tf cg`ro *hfw

    oft* tf thlok clkg ` prfegssfr.

    LL 02. ]hg ifmgro hypfarltg blvgs thg mgslbo`tlfo

    "rgspgat" tf wh`t ls ofthlob dut eg`r fe thg pfwgreuc.

  • 7/22/2019 Nassim Talib - Heuristics (via Twitter)

    3/21

    1

    LL 08. Rg lovgotgm c`obu`bg tf dg v`bug, le yfu a`o

    sfrt fe sgg wh`t L ig`o.

    LL 0. Rhgo sfigfog st`rts ` sgotgoag wlth thg elrst

    h`ce afot`lolob "L", "oft", `om "dut", thg "oft" shfucm

    dg rgifvgm `om thg "dut" rgpc`agm wlth "thgrgefrg.

    LL 40. Rhgo sfigfog wrltgs "L mlsclkg yfu dut L `brgg

    wlth yfu", L rg`m "L mlsclkg yfu dga`usg L `brgg wlth

    yfu."

    LLL 44. @utfi`tlfo i`kgs fthgrwlsg pcg`s`ot `atlvltlgs

    turo lotf "wfrk".

    LLL 41. Efr cleg tf dg rg`ccy euo, wh`t yfu eg`r shfucm

    clog up wlth wh`t yfu mgslrg.

    LLL 4=. Le yfu bgt g`slcy dfrgm, lt ig`os th`t yfur DQ

    mgtgatfr ls euoatlfolob prfpgrcy; le yfu efrbgt (sfig)

    thlobs, lt ig`os th`t yfur ilom kofws hfw tf elctgr;

    `om le yfu eggc s`mogss, lt ig`os th`t yfu `rg hui`o.

    LLL 47. Lt ls oft pfssldcg tf h`vg euo whgo yfu try.

    LLL 45. Cleg ls `dfut gxgautlfo r`thgr th`o purpfsg.

    LLL 42. ]hg bffm cleg -thg vlt` dg`t` - ls clkg rg`mlob `

    Tussl`o ofvgc: lt t`kgs 4>> p`bgs fe strubbclob wlth thgah`r`atgrs dgefrg fog a`o st`rt gojfylob thlobs. ]hgo

    thg `blt`tlfo st`rts tf i`kg sgosg.

    LLL 48. ]hg uctli`tg erggmfi clgs lo oft h`vlob tf

    gxpc`lo "why" yfu mlm sfigthlob.

    LLL 4

  • 7/22/2019 Nassim Talib - Heuristics (via Twitter)

    4/21

    =

    LLL 1>. Rg oggm tf eggc ` clttcg dlt cfst sfigwhgrg,

    physla`ccy fr lotgccgatu`ccy, `t cg`st foag ` m`y.

    LU 10. @thglsts `rg just ifmgro vgrslfos fe rgclblfus

    euom`igot`clsts: thgy dfth t`kg rgclblfo tff cltgr`ccy.

    LU 14. Ifofthglstla rgclblfo lso't sf iuah `dfut tgcclob

    i`o th`t thgrg ls fog Bfm, sf iuah prgvgotlob i`o

    erfi thloklob th`t hglsBfm.

    LU 11. ^`b`olsi ls mgagotr`clzgm thgfcfby.

    LU 1=. ]hg `oalgot Igmltgrr`og`o : dgefrg ifofthglsi,

    pgfpcg ah`obgm `om gxah`obgm rltgs `om bfms `s wg

    mf wlth gthola effm.

    U 17. Ogvgr hlrg `o @ stumgot uocgss lt ls tf t`kg

    gx`is.

    U 15. Duslogss w`rs `rg typla`ccy cfst dy dfth p`rtlgs,

    `a`mgila w`rs `rg wfo dy dfth slmgs.

    U 12. Afrfcc`ry: Le yfu sfal`clzg wlth sfigfog wlth `

    si`ccgr d`ok `aafuot th`o yfurs, yfu `rg fdclb`tgm tfafovgrsg gx`atcy `s le yfu h`m thg s`ig ig`os, g`t lo

    thg pc`ags whgrg hg g`ts, `t of pflot lo tlig shfw thg

    platurgs fe yfur v`a`tlfo lo ^rfvgoag fr `oythlob th`t

    hlots `t thg mleegrgotl`c lo ig`os.

    U 18. Mlm yfu oftlag th`t afccgatlob `rt ls tf hfddy-

    p`lotlob `s w`tahlob pfrofbr`phy ls tf mflob thg rg`c

    thlob6 Focy mleegrgoag ls st`tus.

    U 1. L wfomgr hfw i`oy pgfpcg wfucm sggk gxagsslvgwg`cth le lt mlm oft a`rry ` ig`surg fe st`tuswlth lt.

    U =0. Lo thg m`ys fe Qugtfolus, 5>% fe prfilogotgmua`tfrs (br`ii`rl`os) wgrg sc`vgs. ]fm`y thg r`tlf

    ls

  • 7/22/2019 Nassim Talib - Heuristics (via Twitter)

    5/21

    7

    U =4. Lt ls bffm tf oft eggc govy; dut dgttgr tf oglthgr

    govy ofr dg govlgm.

    U =1. Quaagss lo `cc gomg`vfrs ls rgqulrgs `dsgoag fe

    spgalela qu`cltlgs. 0) ]f suaaggm lo arlig rgqulrgs`dsgoag fe gip`thy, 4) ]f suaaggm lo d`oklob yfu

    oggm `dsgoag fe sh`ig `t hlmlob rlsks, 1) ]f suaaggm

    lo sahffc rgqulrgs `dsgoag fe afiifo sgosg, =) ]f

    suaaggm lo gafofilas rgqulrgs `dsgoag feuomgrst`omlob fe prfd`dlclty, rlsk, fr 4om frmgr geegats

    `om `dfut `oythlob, 7) ]f suaaggm lo jfuro`clsi

    rgqulrgs lo`dlclty tf thlok `dfut i`ttgrs th`t h`vg `o

    loeloltgsli`c si`cc ah`oag fe dglob rgcgv`ot ogxt

    J`ou`ry, ...5) Dut tf suaaggm lo cleg rgqulrgs ` tft`c

    lo`dlclty tf mf `oythlob th`t i`kgs yfu uoafiefrt`dcgwhgo yfu cffk `t yfursgce lo thg ilrrfr.

    U ==. ]hg `cph` pgrsfo `t ` b`thgrlob fe "hlbh st`tus"

    pgrsfos ls fetgo, mgtgat`dcy, thg w`ltgr.

    U =7. ]hg o`tur`c dgogelt fe ` agcc phfog, c`ptfp, `om

    fthgr lomlspgos`dcg ifmgro ltgis ls thg jfy fog bgtselomlob thg fdjgat `etgr cfslob lt. Cfsg yfur w`ccgt eucc fe

    argmlt a`rms `om yfu wlcc h`vg ` ah`oag tf h`vg ` brg`t

    m`y.

    U =5. ]hg focy w`y yfu a`o `sagrt`lo th`t yfu `rgrg`ccy rlah ls le yfu prgegr tf mrlvg ` sclbhtcy dg`tgo

    ofomgsarlpt a`r, wlthfut eggclob afipgccgm tf cgt fthgrs

    kofw th`t yfu `rg mflob lt "dy ahflag".

    U =2. ]hgrg ls of ifrg uoilst`k`dcg slbo fe e`lcurg

    th`o th`t fe ` ilmmcg-`bgm i`o df`stlob fe hls

    suaagssgs lo afccgbg.

    U =8. Rh`t wg afiifocy a`cc "suaagss" (rgw`rms,st`tus, rgafboltlfo, sfig ogw igtrla) ls ` afosfc`tlfo

    prlzg efr thfsg dfth uoh`ppy `om oft bffm `t wh`t

    thgy mf.

    U =. \fu wlcc ogvgr kofw le sfigfog ls `o `sshfcg

    uotlc hg dgafigs rlah.

    UL 70. @cc ruifrs `dfut ` pudcla elburg `rg tf dgmggigm uotrug uotlc hg thrg`tgos tf sug.

    UL 74. Durg`uar`ay ls ` afostruatlfo mgslbogm tfi`xlilzg thg mlst`oag dgtwggo ` mgalslfo-i`kgr `om

    thg rlsks fe thg mgalslfo.

  • 7/22/2019 Nassim Talib - Heuristics (via Twitter)

    6/21

    5

    UL 71. Gxgautlvg prfbr`is `ccfw us tf w`tah pgfpcg

    whf h`vg ogvgr wfrkgm cgaturlob thfsg whf h`vg ogvgr

    pfomgrgm.

    UL 7=. Ogvgr bgt lotf ` duslogss p`rtogrshlp wlth `rgtlrgm c`wygr uocgss hg h`s `ofthgr hfddy.

    UL 77. Ogvgr shfw ` rlsk ouidgr, gvgo le lt ls rlbht.

    UL 75. ^gfpcg tgom tf whlspgr whgo thgy s`y thg truth

    `om r`lsg thglr vflag whgo thgy clg.

    UL 72. ]hg prfdcgi wlth `a`mgilas ls th`t thgy rg`ccy

    thlok th`t ofo`a`mgilas elom thgi ifrg lotgcclbgot

    th`o thgisgcvgs.

    UL 78. ]hg r`tlfo`c hgurlstla ls tf `vflm `oy i`rkgt

    afiigot`ry erfi `oyfog whf h`s tf wfrk efr ` clvlob.

    UL 7

  • 7/22/2019 Nassim Talib - Heuristics (via Twitter)

    7/21

    2

    ULL 57. E`stlob: gvgry hui`o shfucm cg`ro tf rg`m,

    wrltg, rgspgat thg wg`k, t`kg rlsks lo vflalob mlsrgspgat

    efr thg pfwgreuc whgo w`rr`otgm, `om e`st.

    ULL 55. Hlbh Ifmgrolty: rfutlog lo pc`ag fe physla`cgeefrt, physla`c geefrt lo pc`ag fe igot`c gxpgomlturg,

    `om igot`c gxpgomlturg lo pc`ag fe igot`c ac`rlty.

    ULL 52. Lo rg`c cleg gx`is sfigfog blvgs yfu `o `oswgr

    `om yfu h`vg tf elom thg dgst afrrgspfomlob qugstlfos.

    ULL 58. Lt usgm tf t`kg 2 yg`rs tf elburg fut le ` dffk ls

    ` dffk fr jfuro`clsi dgtwggo afvgrs. Ofw `cc fog

    oggms ls w`lt twf yg`rs. Qffo, ` egw ifoths.

    ULL 5. Tg`c cleg (vlt` dg`t`) ls whgo yfur ahflagsafrrgspfom tf yfur mutlgs.

    ULL 20. Qfig lmg`s `rg dfro `s yfu wrltg thgo mfwo,

    fthgrs dgafig mg`m.

    ULL 24. ]hg cfobgst dffk L'vg gvgr rg`m w`s 4>7 p`bgs.

    ULL 21. Fog fe thg shfrtgst dffks L'vg gvgr rg`m h`m2=7 p`bgs.

    ULL 2=. Efri`c gmua`tlfo ls argmgotl`cs pcus ogb`tlvg

    kofwcgmbg sf lt sfrt fe wfrks fut fo d`c`oag.

    ULL 27. Lt ls ` aursg tf h`vg lmg`s th`t pgfpcguomgrst`om focy whgo lt ls tff c`tg.

    ULL 25.]hg ifst lipfrt`ot `spgat fe e`stlob ls th`t yfu

    eggc mggp uomlrgatgm br`tltumg whgo yfu drg`k thg e`st.

  • 7/22/2019 Nassim Talib - Heuristics (via Twitter)

    8/21

    8

    ULLL 22. @ rlsk yfu ruo whgo yfu wrltg ` dffk a`cclob

    jfuro`clsts DQ vgomfrs ls th`t `ccyfur rgvlgwgrs wlcc dg

    DQ vgomfrs.0

    ULLL 28. L w`s tfcm tf wrltg igmlui slzgm dffks. \gt fethg twf ifst suaagsseuc Ergoah ofvgcs lo hlstfry: fog ls

    vgry shfrt (Cg ^gtlt ^rloag, 8> p), fthgr gxtr` cfob

    (^rfust's Tgahgrahg, 14>> p), efccfwlob thg @raslog c`w.

    ULLL 2. @uthfrs mgpcgtg thglr sfuc whgo thg i`rblo`c

    afotrldutlfo fe ` ogw dffk ls si`ccgr th`o th`t fe thgprgvlfus fog.

    ULLL 80. L w`ot tf wrltg dffks th`t focy thfsg whf rg`mthgi ac`li thgy mlm.

    0 Tgpcy tf Dlcc G`stgrcy whf wrftg :"@ rlsk yfu ruo whgoyfu wrltg ` dffk arltlalzlob gxpgrts ls th`t sfig fe yfur

    ULLL 84. L wfomgr why ogwssuakgrs mfo't rg`clzg th`t le

    ogws h`m thg sclbhtgst prgmlatlvg & ofo`ogamft`c v`cug

    jfuro`clsts wfucm dg ifostrfuscy rlah. @om le jfuro`clsts

    wgrg rg`ccy oft lotgrgstgm lo ifogy thgy wfucm dgwrltlob cltgr`ry gss`ys.

    ULLL 81. Le thg prfegssfr ls oft a`p`dcg fe blv lob ` ac`ss

    wlthfut prgp`r`tlfo, mfo't `ttgom. ^gfpcg shfucm focy

    tg`ah wh`t thgy h`vg cg`rogm frb`ola`ccy, thrfubhgxpgrlgoag `om aurlfslty fr bgt `ofthgr jfd.

    ULLL 8=. Le yfu mfo't eggc th`t yfu h`vgo't rg`m gofubh,

    yfu h`vgo't rg`m gofubh.

    ULLL 87. Jfuro`clsts rgpfrtlob fo jfuro`clsi (suah `s thg

    rgagot Ogw \frk ]ligs df`rmrffi lotrlbug) `rglovfcvgm lo `o uoafosalfus efri fe fo`olsi.

    ULLL 85. Ogwsp`pgrs usgm tf dg wrlttgo dy jfuro`clsts;thgy `rg ofw wrlttgo efr jfuro`clsts. (@v`c`oahg fe

    hg`mclogs `dfut thg O\] lotrlbug)

    ULLL 82.Jfuro`c lsts rgpfrtlob fo jfuro`clsi (suah `s thg

    O\] lotrlbug) ls `o uoafosalfus efri fe fo`olsi.

  • 7/22/2019 Nassim Talib - Heuristics (via Twitter)

    9/21

    X 0>>. Oltplaklob ls thg uoilst`k`dcg i`rk fe

    acugcgssogss.

    XL 0>0. @ bfcmgo s`mmcg fo ` slak hfrsg i`kgs thg

    prfdcgi eggc wfrsg; pfip `om sclakogss lo efri (]GM-afoegrgoag stycg) i`kgs `dsgoag fe sudst`oag

    o`usg`tlob

    XL 0>4. Iy liprgsslfo fe C`s Ugb`s: ifstcy prgml`dgtla

    igo wg`rlob shfrts.

    XL 0>1. Qloag lts loagptlfo, `a`mgil` h`s dggo

    brfuomgm lo thg lmg` th`t kofwcgmbg fe thg ahgila`c

    afipfsltlfo fe lok wlcc liprfvg fog's wrltlob.

    XL 0>=. Qtumylob ogurfdlfcfby tf uomgrst`om hui`os ls

    clkg stumylob lok tf uomgrst`om cltgr`turg.

    XL 0>7. ]hgrg ls ofthlob ifrg hlmgfus th`o gxagsslvg

    rgelogigot (lo effm, mrgss, clegstycg, gta.)

    XL 0>5.Qlcgoag ls focy loefri`tlfo`c le yfu a`o spg`k

    sklcceuccy.

    XLL 0>2. Le wg `rg thg focy `oli`c wlth ` sgosg fe

    justlag, lt wfucm acg`rcy dg dga`usg wg `csf `rg `dfutthg focy `oli`c wlth ` sgosg fe arugcty.

    XLL 0>8. @ bffm i`o ls w`ri `om rgspgateuc tfw`rms

    thg w`ltgr fr pgfpcg fe suppfsgmcy cfwgr elo`oal`c `om

    sfal`c afomltlfo.

    XLL 0>. @aagpt thg r`tlfo`clty fe tlig, ogvgr lts e`lrogss

    `om ifr`clty.

    XLL 000. @ofthgr i`rkgr efr ah`rc`t`os: thgy mfo't

    vflag fplolfos th`t a`o bgt thgi lo trfudcg.

  • 7/22/2019 Nassim Talib - Heuristics (via Twitter)

    11/21

    00

    XLL 004. @oy `atlfo fog mfgs wlth thg `li fe wloolob

    `o `w`rm, `oy `w`rm, afrrupts tf thg afrg.

    XLL 001. @oythlob pgfpcg mf, wrltg, fr s`y tf goh`oag

    thglr st`tus dgyfom wh`t thgy blvg fthgrs shfws clkg `i`rk fo thglr efrghg`ms, vlsldcg tf fthgrs dut oft tf

    thgi.

    XLL 00=. Govy, clkg thlrst efr rgvgobg, ls thg wlakgm

    pgrsfo's vgrslfo fe fur o`tur`c sgosg fe lojustlag.

    XLL 007. Gvgry `obgc ls `o `sshfcg sfigwhgrg.

    XLL 005. Gvgry `sshfcg ls `o `obgc sfigwhgrg.

    XLL 002. Efr `o hfogst i`o, erggmfi rgqulrgs h`vlobof erlgoms; `om, fog stgp `dfvg, s`lothffm rgqulrgs

    h`vlob of e`ilcy.

    XLL 008. Efr sfal`c ifdlclty tf wfrk, lt oggms tf dg `

    twf-w`y hlbhw`y, wlth ` c`rbg ouidgr fe prg-rlah `om

    `o `cifst `s c`rbg fog fe pfst-rlah.

    XLL 00

  • 7/22/2019 Nassim Talib - Heuristics (via Twitter)

    12/21

    04

    XLL 04=. Iuctlpcla`tlvg bgogrfslty: clilt yfur bgogrfslty

    tf thfsg whf, lo turo, blvgo thg alrauist`oags, wfucm

    dg gqu`ccy bgogrfus tfw`rms fthgrs.

    XLL 047. Ogvgr duy ` prfmuat th`t thg fwogr fe thgafip`oy th`t i`kgs lt mfgso't usg, fr, lo thg a`sg fe,

    s`y, igmla`tlfo, wfucmo't afotlobgotcy usg.

    XLL 045. Ogvgr a`cc sfigfog `o lidgalcg (fr euaklob

    lmlft) uocgss hg a`usgs h`ri tf fthgrs/systgi; thgrgiust dg ` ifr`c mligoslfo tf losucts.

    XLL 042. Ogvgr t`kg `o `mvlag erfi ` s`cgsi`o, fr `oy

    `mvlag th`t dgogelts thg `mvlag blvgr.

    XLL 048. Ogvgr trust ` jfuro`clst uocgss shg's yfur

    ifthgr.

    XLL 04. Qfigthlob shfmmy: altlzgoshlp fe afovgolgoag,

    hfcmlob thg p`sspfrt fe ` afuotry efr g`sg fe tr`vgc/t`x

    wlthfut afiilttlob tf lts afiiuolty.

    XLL 010. Quppfsgmcy, l e yfu `rguoafiprfilslob/lotfcgr`ot wlth DQ yfu cfsg erlgoms.

    Dut yfu wlcc `csf i`kg erlgoms, dgttgr erlgoms.

    XLL 014. ]hg dfttfi h`ce h`s dggo typla`ccy sargwgm dy

    thg ilmmcg ac`ss. ]h`t's thg gotlrg stfry fe Tfig.

    XLL 011. ]rust thfsg whf `rg brggmy efr ifogy `

    thfus`om tligs ifrg th`o thfsg whf `rg brggmy efr

    argmgotl`cs.

    XLL 01=. ]rust thfsg whf trust yfu `om mlstrust thfsg

    whf `rg susplalfus fe fthgrs.

    XLL 017. Ulrtug ls whgo thg loafig yfu wlsh tf shfw

    thg t`x `bgoay gxaggms wh`t yfu wlsh tf shfw yfuroglbhdfr.

  • 7/22/2019 Nassim Talib - Heuristics (via Twitter)

    13/21

    01

    XLL 015.Mlstrldutlvg justlag lso't t`klob erfi ` rlsk t`kgr

    whf g`rogm hfofr`dcy, lt ls kggplob hls prfd`dlclty fe

    cfslob lt vgry hlbh.

    XLL 012.L eggc rfddgm dy thfsg whf i`kg ifogy wlthof sklo lo thg b`ig (Tudlo, Bglthogr,& d`okgrs) dut L

    mgsplsg `tt`aks fo logqu`clty d`sgm fo govy. [AW]Y

    XLL 018.\fur muty ls tf sarg`i thfsg truths th`t fog

    shfucm shfut dut th`t `rg igrgcy whlspgrgm.

    XLLL 01. Bgogr`c ^rloalpcg: thg sfcutlfos (fo d`c`oag)

    oggm tf dg slipcgr th`o thg prfdcgis.

    XLLL 0=0. Loarg`slobcy, pgfpcg mfo't dgafig `a`mgilasdga`usg fe lotgcclbgoag, r`thgr dga`usg fe cfwgr br`sp

    fe mlsfrmgr.

    XLLL 0=4. ]hg focy v`clm pfcltla`c systgi ls fog th`t a`o

    h`omcg `o lidgalcg lo pfwgr wlthfut sueegrlob erfi lt.

    XLLL 0=1. ]hg prfdcgi wlth thg lmg` fe "cg`rolob erfi

    fog's ilst`kgs" ls th`t ifst fe wh`t pgfpcg a`ccilst`kgs `rgo't ilst`kgs.

    XLLL 0==. ]hgrg ls thls prgv`lclob lccuslfo th`t mgdt ls `

    rgogw`dcg rgsfurag.

    XLLL 0=7. ]f s`y lt dcuotcy, `cc thg arltlas fe iy t`lc rlsklmg`s `om str`tgblgs stlcc wfrk `om h`vg tfwfrk efr `

    clvlob.

    XLLL 0=5. ]f uomgrst`om hfw sfigthlob wfrks, elburg

    fut hfw tf drg`k lt.

    XLLL 0=2. \fu a`o gxpgat dcfwups `om gxpcfslvg grrfrslo elgcms whgrg thgrg ls ` pgo`cty efr slipclalty.

  • 7/22/2019 Nassim Talib - Heuristics (via Twitter)

    14/21

    0=

    XLLL 0=8.Afipgtltlvg `a`mgil`, spfrts, `om jfuro`clsi:

    pgrsfos `om brfups dfth vucogr`dcg tf rgput`tlfo`c

    ah`obgs `om pushgm tf thg clilt fe thglr afipgtgoag,

    slttlob lo ` st`tg fe losgaurlty `s fog slobcg grrfr a`owrgak thglr a`rggrs, ygt pushgm tf fpgr`tg `t th`t

    i`rblo fwlob tf thg afipgtltlvg er`igwfrk. [AW]6Y

    XLLL 0=. @ cft fe wh`t wg a`cc wfrk ls oflsg.

    XLU 070. @ cft fe wh`t wg a`cc slbo`c ls oflsg.

    XLU 074. L rgagotcy h`m ` ig`c lo ` e`oay rgst`ur`ot

    wlth afipcla`tgm mlshgs wlth e`oay o`igs ($047 pgrpgrsfo), thgo gojfygm ` plzz` `etgrw`rms (str`lbht fut

    fe thg fvgo), $2.

  • 7/22/2019 Nassim Talib - Heuristics (via Twitter)

    15/21

    07

    XLX 07

  • 7/22/2019 Nassim Talib - Heuristics (via Twitter)

    16/21

    05

    XLX 02>. Ulrtug ls sgqugoag fe si`cc `ats fe filsslfo.

    Hfofr `om Br`omgur a`o dg ` slobcg butsy, ifigotfus,

    `om sgce-s`arlelal`c `at fe afiilsslfo.

    XLX 020. Rhgo L mlg, L w`ot thg hlbhgst ouidgr feelrgigo, rlsk t`kgrs, & fthgr rg`c pgfpcg `om thg

    si`ccgst ouidgr fe `a`mgilas tf `ttgom iy euogr`c

    XLX 024. Rhgo yfu altg sfig fcm wlsmfi-stycg quftg

    `om `mm "lipfrt`ot truth", "tf rgigidgr" fr"sfigthlob tf clvg dy", yfu `rg oft mflob sf dga`usg lt

    ls bffm, focy dga`usg lt ls lo`ppcla`dcg. H`m lt dggo

    dfth bffm `om `ppcla`dcg yfu wfucm oft h`vg h`m tf

    altg lt. Rlsmfi th`t ls h`rm tf gxgautg lso't rg`ccy

    wlsmfi.

    XLX 021. \fu `rg `s bffm `s hfw olag yfu `rg tf

    pgfpcg yfu mfo't h`vg tf dg olag tf.

    XLX 02=.I`bolelagoag ls mgelogm dy thg lotgrsgatlfo fe

    rgcuat`ot pr`lsg dy yfur gogilgs `om arltlalsi dy yfurerlgoms; brg`togss dy thglr uolfo.

    XLX 027.Rg vlalfuscy `aagpt o`ralsslsi lo o`tlfo-st`tgs,

    whlcg rgprgsslob lt lo lomlvlmu`cs: afipcgxlty gxpfsgs

    thg systgi's sh`ky ifr`c efuom`tlfos.

    XLX025.Dg pfcltg, afurtgfus, `om bgotcg, dut lbofrgafiigots, pr`lsg, `om arltlalsi erfi pgfpcg yfu

    wfucmo't hlrg.

    XU 022. Ah`obg `oahfr tf wh`t mlm oft h`ppgo r`thgr

    th`o tf wh`t mlm h`ppgo.

    XU 028. Lo ` afoeclat, thg ilmmcg brfuom ls cg`st clkgcy tf

    dg afrrgat.

    XU 02. Lt ls pgrpcgxlob, dut `iuslob tf fdsgrvgpgfpcg bgttlob gxtrgigcy gxaltgm `dfut thlobs yfu mfo't

    a`rg `dfut; lt ls slolstgr tf w`tah thgi lbofrg thlobsyfu dgclgvg `rg euom`igot`c.

  • 7/22/2019 Nassim Talib - Heuristics (via Twitter)

    17/21

    02

    XULL 080. @ phlcfsfphgr usgs cfbla wlthfut st`tlstlas, `o

    gafofilst usgs st`tlstlas wlthfut cfbla, ` physlalst usgs

    dfth.

    XULL 084. Efr i`oy pgfpcg, lt t`kgs ` cft fe prgp`r`tlfotf cg`ro tf dgafig frmlo`ry.

    XULL 081. Le yfur `pprf`ah tf i`thgi`tlas ls

    igah`ola`c oft iystla`c, yfu'rg oft bflob tf bf

    `oywhgrg.

    XULL 08=. Cgt us elom wh`t rlsks wg a`o ig`surg `om

    thgsg `rg thg rlsks wg shfucm dg t`klob

    XULL 087. I`thgi`tlas mgi`oms `o uoafotrfccgm

    huobgr efr `dstr`atlfo, phlcfsfphy ` vgry afotrfccgm

    fog.

    XULL 085. Q`c`rlgm pgfpcg `rg just stgpp`rgots. ]hgy

    a`o dg bffm stgpp`rgots dut lt ogvgr i`tahgs thgdlfcfbla`c.

    XULLL 082. @o gafofilst ls ` ilxturg fe 0) `

    duslogssi`o wlthfut afiifo sgosg, 4) ` physlalst

    wlthfut dr`lo, `om 1) ` spgauc`tfr wlthfut d`ccs.

    XULLL 088. @oyfog whf clkgs iggtlobs shfucm dgd`oogm erfi `ttgomlob iggtlobs. (Hgurlstla)

    XULLL 08

  • 7/22/2019 Nassim Talib - Heuristics (via Twitter)

    18/21

    08

    XULLL 00. Lt ls g`slgr tf i`arfduccshlt th`o tf

    ilarfduccshlt.

    XULLL 4>4. Qtlbcltz uomgrst oms gvgrythlob `dfutgafofilas gxagpt efr t`lc rlsks: clkg kofwlob gvgrythlob

    `dfut eclbht s`egty gxagpt efr ar`shgs.

    XULLL 4>1. ]hfsg wlth dr`los of d`ccs dgafig

    i`thgi`tlal`os, thfsg wlth d`ccs of dr`los jflo thg

    i`el`, thfsg wlth of d`ccs of dr`los dgafiggafofilsts.1

    XULLL 4>=.]f h`vg ` brg`t m`y: 0) Qilcg `t ` str`obgr,4) Qurprlsg sfigfog dy s`ylob sfigthlob uogxpgatgmcy

    olag, 1) Blvg sfig bgoulog `ttgotlfo tf `o gcmgrcy, =)Lovltg sfigfog whf mfgso't h`vg i`oy erlgoms efr

    1 @om thfsg wlth dr`los `om d`ccs dgafig`rtls`os/gotrgprgogurs.

  • 7/22/2019 Nassim Talib - Heuristics (via Twitter)

    19/21

    07. Rhgo pfsltlvg, shfw ogt, whgo ogb`tlvg,

    shfw brfss.

    XX 4>5. @ h`pplgr wfrcm ls fog lo whlah gvgryfog

    rg`clzgs th`t 0) lt ls oft wh`t yfu tgcc pgfpcg, lt ls hfw

    yfu s`y lt th`t i`kgs thgi eggc d`m, 4) lt ls oft wh`t

    yfu mf tf thgi dut hfw yfu i`kg thgi cffk th`t bgtsthgi `obry, 1) thgy shfucm dg thg fogs puttlob

    thgisgcvgs lo ` spgalela a`tgbfry.

    XX 4>2. Afipc`lots mfo't mgclvgr afipc`lots, thgy

    ifstcy rgvg`c yfur wg`kogss.

    XX 4>8. Le sfigthlob cffks lrr`tlfo`c `om h`s dggo sfefr ` cfob tlig fmms `rg yfu h`vg ` wrfob mgeloltlfo

    fe r`tlfo`clty.

    XX 4>. ^gfpcg c`ubh fut cfum `om drf`ma`st thglr

    c`ubhtgr whgo thgy'rg wfrrlgm `dfut thg st`tgigot th`t

    thgy purpfrtgmcy elom euooy. ]hgy wfucm silcg -

    pgrh`ps surrgptltlfuscy -fthgrwlsg.

    XX 400. Qwg`rlob fo thg faa`slfo, `ilm rlah

    vfa`duc`ry, ls afstcy slbo`clob th`t yfu `rg sgce-fwogm.

    XX 404. ]hg bgogr`c prloalpcg fe `otler`blclty: lt ls iuah

    dgttgr tf mf thlobs yfu a`ooft gxpc`lo th`o gxpc`lothlobs yfu a`ooft mf.

    XX 401. ]hg rucgs yfu gxpc`lo `rg cgss afovloalob th`t

    thg fogs yfu mfo't gxpc`lo- fr h`vg tf gxpc`lo.

    XX 40=. ]f losuct ` d`rd`rl`o, usg hls fwo c`obu`bg:

    Aui a`rg a`rlz`s, rustlag `bls aui rustlaf, d`rd`rg

    cfqugrls d`rd`rf ,ar`ssg aui ar`ssf.

    XX 407. Rhgo yfu s`y sfigthlob yfu thlok `rg justs`ylob sfigthlob, dut yfu `rg c`rbgcy afiiuola`tlob

    whyyfu h`m tf s`y lt.)

  • 7/22/2019 Nassim Talib - Heuristics (via Twitter)

    20/21

    4>

    XX 405. \fu a`o `cifst agrt`locy gxtr`at ` "ygs" erfi

    sfigfog whf s`ys "of" tf yfu, ogvgr erfi sfigfog

    whf s`ys ofthlob.

    XX 402. Qfphlstla tgm ls `cifst `cw`ys psgumf-sfphlstla`tgm.

    XX 408. ]hg focy pgfpcg whf thlok th`t rg`c wfrcm

    gxpgrlgoag mfgso't i`ttgrs `rg thfsg whf ogvgr h`m

    rg`c wfrcm gxpgrlgoag.

    XX 40. @o gogiy whf dgafigs ` erlgom wlcc `cw`ysdg ` erlgom; ` erlgom turogm gogiy wlcc rgi`lo sf

    efrgvgr.

    XXL 440. Hui`os oggm tf afipc`lo just `s thgy oggm tf

    drg`thg. Ogvgr stfp thgi; just i`olpuc`tg thgi dyafotrfcclob wh`t thgy afipc`lo `dfut & suppcy thgi

    wlth rg`sfos tf afipc`lo. ]hgy wlcc afipc`lo dut wlccdg th`okeuc.

    XXL 444. Lojurlgs mfog tf us dy fthgrs tgom tf dg

    `autg; thg sgce-loeclatgm fogs tgom tf dg ahrfola.

    XXL 441. Jfuro`clsts eggc afotgipt efr thfsg whf eg`r

    thgi `om ` mggp rgsgotigot efr thfsg whf mfo't.

    XXL 44=. ]hg fogs whf rgegr tf yfu rgpg`tgmcy `s "iy

    erlgom" `rg ifst clkgcy tf dgtr`y yfu.

    XXL 447. Wsgm sklcceuccy, ` afipcligot wlcc dg iuah

    ifrg feegoslvg th`o `oy mlsp`r`bgigot.

    XXL 445. Rh`t afuots ls oft wh`t pgfpcg s`y `dfut

    yfu, lt ls hfw iuah gogrby thgy spgom s`ylob lt.

    XXL 442. Rhgo pgfpcg a`cc yfu lotgcclbgot lt ls `cifst`cw`ys dga`usg thgy `brgg wlth yfu. Fthgrwlsg thgy

    just a`cc yfu `rrfb`ot.

  • 7/22/2019 Nassim Talib - Heuristics (via Twitter)

    21/21

    XXL 448. Efr ifst prfegsslfo`c rgsg`rahgrs, fthgr

    pgfpcg's lmg`s `rg clkg fthgr pgfpcg's ahlcmrgo.

    XXL44. ]hg focy prfdcgi wlth thg c`st c`ubh ls th`t

    thg wloogr h`s tf c`ubh `cfog.

    XXLL 410. Rlsmfi lso't `dfut uomgrst`omlob thlobs (&

    pgfpcg); lt ls kofwlob wh`t thgy a`o mf tf yfu.