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Showing posts with the label bell curves-problems

The Black Swan- A Book Review by Sutton

THE BLACK SWAN:      THE IMPACT OF THE HIGHLY    IMPROBABLE By  Nassim Nicholas Taleb Reviewed by    Geoffrey W. Sutton Currently, we are experiencing a Black Swan event. Covid-19, a coronavirus, is raging from nation to nation knowing people down with flu symptoms and sending others to hospitals or to their grave. All of a sudden, when the virus began to spread, world financial markets plunged wiping out trillions of dollars worth of savings and financial assets. Black Swan events are those unpredictable events that are so unique that they cannot be predicted using traditional statistical modeling. Black Swan events are statistical outliers that most scientists would remove from a dataset to avoid skewed distributions. But you do not need to understand statistics to know, that scientists and business leaders can miss events that are so rare. Nassim Nicholas Taleb published The Black Swan in 2007 and my academic review was published the next year. The book was as