Not everything is as it seems
This was one of the key concepts of Taleb’s book. Things aren’t always as they seem. Even when everything seems good, things can go awry and vice versa. So it’s better to prepare, and have backup plans, no matter how unlikely the other scenario(s) might be.
Things are more random than we think they are
Not everything that happens is predetermined. Not everything that happens has a rhyme or reason.
It’s hard to accept sometimes that things just happen for no reason whatsoever, but they do.
Always prepare for the worst
This builds on the last two points. Because random things happen, and because things aren’t always as they seem, things can (and do) go wrong.
This reminded me of Warren Buffet’s number one rule for investing: never lose money.
This applies in life too. We can hope that things will work as we expect them to, but it is better to be prepared for the worst-case scenario.
At the end of the day, it is better to have a plan for the worst-case scenario and not need it, than need it and not have it.
Hope for the best, prepare for the worst.
What are your key takeaways from Taleb’s Fooled by Randomness?