During my lunch break at noon, I re-read quickly the book written by Taleb - “Asymmetric Risk”, Skin In The Game - Hidden Asymmetries in Daily Life, dealing with uncertainty in the real world, and excerpted the wisdom from the book that I felt was worth to appreciate.

Finance is a profession with a very realistic and hands-on approach.

Expose yourself to the risk of some kind of investment, game, mission, vocation, devote yourself to an undertaking, enjoy its results, take its risks and suffer its losses.

If you want to reap the rewards, you must take the risks.

Learning through pain, learning knowledge is necessarily painful, because you can only learn through painful practice.

People who don’t take risks shouldn’t be involved in decision making at all.

You can never convince a person that he is wrong; only reality can educate him.

There is no evolution without risk sharing.

What is meant by tail risk, it actually means that the probability of something happening is very low, in terms of a bell-shaped probability distribution chart, it is a very low probability event near the ends.

We are more aware of what is unfavorable as opposed to judging what is favorable.

What matters is not how many times you get your prediction right, but how much money you actually make on the one time you get it right.

Solving real problems in trading with math is completely different from learning math in the academy, and we must deeply understand the problem itself before writing down the equation.

If you can’t take the consequences for what you say, then you are saying nothing.

Try not to read works paraphrased by others, but read the writings of the people who experienced it themselves, and if you really can’t, you will explore it yourself by practice with courage.

One party in a transaction cannot bear the certainty of the outcome, while the other party bears the uncertainty of the outcome.

Risk-sharing definition of a group: a space where there is a mechanism by which others will treat you the way you treat them, and a norm prevailing within that space where individuals practice the Silver Law of Do unto others as you would have them do unto you.

Complex systems are complex because it is impossible to predict the behavior of a system by the function and state of its components.

Decentralization will greatly reduce the uncertainty of the system.

Enjoying freedom comes at the cost of taking risks, and freedom is never free.

Life requires some kind of sacrifice and some kind of risk, and it’s only your life if you take the risk and make the sacrifice.

Using public office to get rich is unethical and does great harm to society.

Researchers should have another job in real life to make ends meet.

A person’s appearance and his wealth are complementary. A person who is rich must not look as rich as you think he is, and vice versa.

A truly knowledgeable person should not look like an intellectual.

Remember not to use verbal threats.

You have to start your own business, put yourself on the front line, and start a career.

Rationality exists only in your actions, not in your thoughts or your beliefs; survival is the greatest rationality.

How much risk you are willing to take for a thing reveals how much you trust that thing.

To invest successfully, you must first be alive.

A stochastic process is not ergodic if its past historical probabilities cannot be applied to its future scenarios.

If a strategy is in danger of triggering a blowout, then no gain, no matter how large, is worth the loss.

Rationality is about avoiding systematic destruction.

Don’t live life unspelled Don’t believe in risk-free wealth opportunities Don’t complicate issues without depth of thought.

Nothing is accomplished without risk sharing.