Tiffany Ring {title|jhgjhg|}

Taleb: Authorities Deficits May be the subsequent 'Black Swan' In a very new edition from the Black Swan, author Nassim Nicholas Taleb warns towards depending "on financial assets as a repository of value"
By
Ben Steverman

The Black Swan: The Impact with the Highly Improbable is a philosophical treatise on uncertainty that managed both to entertain readers and to predict the financial meltdown of 2008. Nassim Nicholas Taleb—the book's author, who is also a trader and university professor—has reissued his 2007 best seller in a second edition that includes a fresh 73-page essay, "On Robustness and Fragility."

Businessweek.com interviewed Taleb in early July about his views on investing and the dangerous Black Swans—i.e. unpredictable events with big consequences—that could lie in wait for financial markets. Edited excerpts from the conversation follow:

Q: The new edition of the Black Swan includes what you call "10 principles for a Black-Swan robust society." One of them is: "Citizens should not depend on financial assets as a repository of value and should not rely on fallible 'expert' advice for their retirement." Can you explain what you mean?

Taleb: The problem is that citizens are being led to invest in securities they don't understand by people who themselves don't quite understand the risks involved. The stock market is probably the best thing in the world,Teach Yourself Java 2 in 21 Days,Discount Pandora Beads, but the true risks in the stock market are vastly greater than the representations. And this leads to extremely strange situations in which,Tiffany Rings, say, someone has a bakery,Tiffany Ring, is extremely paranoid about suppliers, very careful about risks, and protects his business with appropriate insurance. Then, at some point,Tiffany Novo, he puts his $122,Tiffany Style,000 in savings in a very fund that he knows nothing about, based on risk measures he knows nothing about, in companies very few people know much about.

People use "risk measures," but you're really not measuring anything like you measure temperature or distance. You are making a speculative assessment of a future event. That's not measuring, that's estimating. And as we saw with BP (BP),Tiffany.Co.Uk, with the banking system, and with Toyota (TM), companies themselves are hiding risks from the security analysts. They're cutting corners. Companies have a tendency to hide risks.

So someone extremely careful and prudent in the management of his own affairs will be completely careless with the half of his savings invested in the stock market. I'm saying: Don't use the stock market as a repository of value. It has vastly more risks than you think.

I was at an investment conference last week with mutual fund managers and financial advisers. There were a surprising number of mentions from the possibility of "Black Swans,Tiffany Jewelers," and your name came up. Do you think those people understand the concept?

No, they don't get it. My Black Swan idea is very different: There are events that you can't forecast, and you need to be robust to these events. If I think that someone doesn't understand Black Swans,Tiffany Diamond Rings, I'm sure that whatever bad news happens to him will be Black Swans for him but "white swans" for me.

What should you do with your savings?

We have this culture of financialization. People think they need to make money with their savings rather with their own business. So you end up with dentists who are more traders than dentists. A dentist should drill teeth and use whatever he does in the stock market for entertainment.

People should have three sources of variation in their income. The first one is their own business that they understand rather well. Focus on that. The second one is their savings. Make sure you preserve them. The third portion is the speculative portion: Whatever you are willing to lose, you can invest in whatever you want.

In the second category—preservation of value—you should have the consciousness that there is something called inflation. You should avoid some classes of investments that are very fragile.

,ed hardy uk

| Back to logs list

Reprinted from 522515273 at 08:19 on October 13, 2009 Reading (loading. ..) Comments (0) Category: Miscellaneous world Kan recent zoning program in Shandong Province
1, Heze City Mudan District, Juancheng, single county, Cao, Dingtao County, Juye County, Dongming County, Chengwu,ed hardy outlet, Cangshan County, Linyi City, Tancheng, Linshu, Jining Weishan, Jinxiang County, Yutai County, Zaozhuang City Central District, Yicheng District, Xuecheng, Taierzhuang District, Huaihai included in the newly established province (the capital of Xuzhou).
2, Qingdao, Weihai, Liaocheng the scope of the same division, establishment, revocation of Jimo, Jiaozhou City, county-level city Jiaonan formed, the entire establishment is set to change Jimo District, Qingdao City, Qingdao suburb of the state District Qingdao lang? area. Revocation of Liaocheng Gaotang formed, the entire establishment is set to change county Gaotang City, Shandong Province by the Territory, Liaocheng escrow.
3, revocation of Tai'an City establishment, Taishan District, Daiyue District, together with Changqing District of Jinan million German town, military family merged the Jinan City, Taishan Township area. Jinan Fertilizer city to host. Mu wen he Daiyue the southeast part of the separation zone, the establishment of the MA Bay Area, the source assigned to the newly established city of Timor. Revocation of county-level city Zhangqiu establishment, revocation Jiyang formed, composed of clear water area of Jinan City, Jinan City Wenshao Taiwan area. Zhong Gong, Licheng District, Jinan City, town, Yoo TOWN, West Ӫ merged to form the District of Jinan City Zhong Gong. Laiwu City in Xintai City hosted replaced by a new source of Laiwu city changed its name to Timor. Dongping included in the entire establishment under the jurisdiction of Jining City, Ningyang set up the whole establishment into new jurisdiction of prefecture-level city of Qufu.
4,ed hardy shop, revoke Shanting District, Zaozhuang City establishment, under the jurisdiction of all the towns into the Tengzhou City.
5, Qufu, Yanzhou, Zoucheng, Tengzhou City, Sishui, Ningyang form the new city of prefecture-level city of Qufu, the original county-level city of Qufu Qufu City is set to change the entire organizational Lu city. Yanzhou, Qufu City,ed hardy hats, Yanzhou district is set to change.
6, remaining areas of Jining City, Dongping County, Yuncheng prefecture-level form a new Jining City.
7, Qihe County, Dezhou, Jinan City, assigned to the whole establishment, Yan Jinan City is set to change. Revocation of Dezhou Lingxian establishment, Ling Dezhou City set to change. Revocation of Dezhou Qingyun formed, under the jurisdiction of towns included in Leling.
8, revocation of Binzhou City establishment, Zouping County included in Jinan City, the county is set to change Zouping City, Jinan City hosted. Boxing included in Zibo City. The remaining counties into the Dongying City, the new city of Dongying City, changed its name to the Bohai Sea. Binzhou Bohai Sea City formed the whole city to coast city. Yiyuan County, Zibo City, was placed under the jurisdiction of Timor source.
9, revocation of Huantai County, Guangrao County establishment, to the county level Huantai City, Guangrao City.
10, Longkou, Laizhou City, Zhaoyuan ground level to form a new Longkou City, Longkou City, the former county is set to change the entire organizational area in Longkou City and Longgang Huangzhou. Revocation of county-level city of Penglai City establishment, change the set Yantai Penglai area.
11, Junan County, Linyi City, was placed under the jurisdiction of Rizhao City.
12, Yiyuan County, Zibo City, the source was placed under the newly established city of Timor.
13,cheap ed hardy, Green City is set to level cities, the original county-level change is set to Green City Green City Yidu District, Shouguang City, Linzi District, Linqu, Guangrao Qingzhou City, assigned to the new
formed after adjustment for the city:
1, Jinan: Qi, Lixia District, Huai Yin District State District City flyover zone Changqing District, Chung-Li Gong Ming District, Taishan City Water District, Yen Taiwan Fertilizer urban areas Wenshao Pingyin Zouping City Shanghe
2, Qingdao City: Nam City, Laoshan District, North Sifang Huangdao Licang District Jiaozhou District, Jimo District Chengyang Lang? District Pingdu Lacey City
3, Zibo City: Zhangdian Huantai ZHOUCUN Boshan Zichuan Gaoqing City Boxing
4,ed hardy clothing, Bohai Sea City: Dongying District, District estuary foreshore Kenli Yangxin County District Lijin Wudi Huimin County Zhanhua
5, Yantai City: Penglai ZHIFU Laishan Muping District Fushan District Laiyang Qixia Haiyang City, Long Island City, county
6, Weifang City: Weicheng District Hanting Zhucheng Kuiwen Fangzi District Gaomi Changyi Anqiu Changle County
7, Weihai City: Tsui District, Rongcheng City, Golden, Rushan City
8, Jining City: Any City Canal Zone Jiaxiang Wenshang County Yuncheng
9 Dongping Liangshan County, Qufu City: Lu Yanzhou City area Zoucheng Tengzhou SISHUI Ningyang
10, Rizhao City: Donggang Arashiyama District, Junan County Ju County Wulian County
11, Source Timor City: Laiwu District of Xintai City Yiyuan Ma Wan
12, Linyi City: Lanshan LuoZhuang Hedong Yinan County Pingyi Yishui County charges Mengyin
13, Germany City: Germany City City Leling Yu Ling Ning County city of Linyi County Plain Wu Xiajin County County County
14, Liaocheng: Dongchangfu District Linqing City Chiping Gaotang City Yanggu County East County Guan SHENXIAN
15 , Green City: Yidu district, Linzi District, Shouguang City Guangrao Linqu
16, Longkou City: Zhaoyuan Huangzhou Laizhou City, Longgang District,