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Quote by Michel Leiris

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Michel Leiris
Michel Leiris

Michel Leiris, born on April 20, 1901, and died on September 30, 1990, was a prominent French writer, poet, and translator of the 20th century. He is known for his unique literary style and profound philosophical thinking. more

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“Philosophers talk about truth and falsehood. People in life talk about payoff, exposure, and consequences (risks and rewards), hence fragility and antifragility. And sometimes philosophers and thinkers and those who study conflate Truth with risks and rewards.”

PeopleSometimesStudyRiskConsequenceRewardsPhilosopherThinkerFalsehoodExposureFragilityPayoffTruth And FalsehoodRisk And Reward
Book:Incerto 4-Book Bundle: Fooled by Randomness The Black Swan The Bed of Procrustes Antifragile
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“My point taken further is that True and False (hence what we call "belief") play a poor, secondary role in human decisions; it is the payoff from the True and the False that dominates-and it is almost always asymmetric, with one consequence much bigger than the other, i.e., harboring positive and negative asymmetries (fragile or antifragile). Let me explain.”

HumansPlayBeliefDecisionPoorRolesTakenConsequenceNegativeLet MeBiggerFragilePayoffTrue And FalseAsymmetry
Book:Antifragile: Things That Gain from Disorder
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“If you sat with a pencil and jotted down all the decisions you've taken in the past week, or, if you could, over your lifetime, you would realize that almost all of them have had asymmetric payoff, with one side carrying a larger consequence than the other. You decide principally based on fragility, not probability. Or to rephrase, You decide principally based on fragility, not so much on True/False.”

IfsPastSidesRealizingDecisionTakenWeekConsequenceLifetimeSatOver YouProbabilityPencilsFragilityPayoff
Author:Nassim Nicholas Taleb
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“One thing I want to emphasize is that, like any human being, we can discuss our view of the economy and the market. Fortunately for our clients, we don't tend to operate based on the view. Our investment strategy is to invest bottom up, one stock at a time, based on price compared to value. And while we may have a macro view that things aren't very good right now - which in fact we feel very strongly we will put money to work regardless of that macro view if we find bargains. So tomorrow, if we found half a dozen bargains, we would invest all our cash.”

IfsWantFeelsHumansMayFactsValuesFoundHuman BeingsViewsHalfEconomyOne ThingTomorrowRight NowStrategyInvestmentBottomVery GoodCashDozenVery StrongClientsBargainsMacro
Author:Seth Klarman
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