Happy New Year

Much of what happens in history", [Taleb] notes, "comes from 'Black Swan dynamics', very large, sudden, and totally unpredictable 'outliers', while much of what we usually talk about is almost pure noise. Our track record in predicting those events is dismal; yet by some mechanism called the hindsight bias we think that we understand them. We have a bad habit of finding 'laws' in history (by fitting stories to events and detecting false patterns); we are drivers looking through the rear view mirror while convinced we are looking ahead"