Rating: ★★★☆☆
Since the author was an option trader, his Black Swan Theory is probably more useful in the investment field sometimes.
From an engineering background, probability, expectation values, distributions, etc. are essential tools. Without them, our technological advancement would have remained a daydream. I certainly found that Nassim expressed his idea more dramatically to grab people's attention. However, a black swan can still happen in the engineering field. That's the reason why we have FMEA and all sorts of fail-safe designs in use.
An important lesson from Nassim is that you can spend 15-20% of your investment on targets causing you to lose money in the long run. Nonetheless, a black swan may cause the value to skyrocket.
Also from my recent observation (you probably already know), you need some cash in your hands so that you can grab the stock when the market crashes. If you always invest your savings but don't leave any cash, you'll miss the chance of buying low when the prices drop.
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