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The Tim Ferriss Show

#691: Nassim N. Taleb & Scott Patterson — How Traders Make Billions in The New Age of Crisis, Defending Against Silent Risks, Personal Independence, Skepticism Where It (Really) Counts, The Bishop and The Economist, and Much More

The Tim Ferriss Show

Tim Ferriss: Bestselling Author, Human Guinea Pig

Lifestyle Design, Business, The 4-hour Workweek, Productivity, Timothy Ferriss Show, Startups, Tim Ferris, Entrepreneurship, Longform Interviews, Tools Of Titans, Timothy Ferriss, The Tim Ferriss Show, Tim Ferriss

4.617.4K Ratings

🗓️ 7 September 2023

⏱️ 128 minutes

🧾️ Download transcript

Summary

Brought to you by AG1 all-in-one nutritional supplementHelix Sleep premium mattresses, and LinkedIn Jobs recruitment platform with 900M+ users.

Nassim Nicholas Taleb (@nntaleb) spent 21 years as a risk-taker (quantitative trader) before becoming a researcher in philosophical, mathematical, and (mostly) practical problems with probability.

Taleb is the author of a multivolume essay, the Incerto (The Black Swan, Fooled by Randomness, Antifragile, The Bed of Procrustes, and Skin in the Game), covering broad facets of uncertainty. His work has been published into 49 languages.

In addition to his trader life, Taleb has also written, as a backup of the Incerto, more than 70 technical and scholarly papers in mathematical statistics, genetics, quantitative finance, statistical physics, medicine, philosophy, ethics, economics, and international affairs around the notion of risk and probability (grouped in the Technical Incerto).

Taleb is currently Distinguished Professor of Risk Engineering at NYU's Tandon School of Engineering (retired). His current focus is on the properties of systems that can handle disorder ("antifragile").

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Scott Patterson (@pattersonscott) is an investigative reporter for The Wall Street Journal, currently based in Washington DC, working on climate and energy policy. His new book is Chaos Kings: How Wall Street Traders Make Billions in the New Age of Crisis, a profile of the rise of “black-swan traders,” such as Nassim Taleb and Mark Spitznagel, as well as a survey of the many perils the world faces today—and how we might fix them.

Scott has covered everything from Berkshire Hathaway to stock exchanges to high-speed traders to the financial regulators. His first book, The Quants, describes the rise of mathematical finance and delves into its role in the 2008 financial blowup. Dark Pools, his second book, tells how computer traders took control of the U.S. stock market, starting from the birth of computer trading in the 1980s to the explosion of high-frequency trading in the late 2000s.

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This episode is brought to you by LinkedIn Jobs. Whether you are looking to hire now for a critical role or thinking about needs that you may have in the future, LinkedIn Jobs can help. LinkedIn screens candidates for the hard and soft skills you’re looking for and puts your job in front of candidates looking for job opportunities that match what you have to offer.

Using LinkedIn’s active community of more than 900 million professionals worldwide, LinkedIn Jobs can help you find and hire the right person faster. When your business is ready to make that next hire, find the right person with LinkedIn Jobs. And now, you can post a job for free. Just visit LinkedIn.com/Tim.

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This episode is also brought to you by AG1! I get asked all the time, “If you could use only one supplement, what would it be?” My answer is usually AG1, my all-in-one nutritional insurance. I recommended it in The 4-Hour Body in 2010 and did not get paid to do so. I do my best with nutrient-dense meals, of course, but AG1 further covers my bases with vitamins, minerals, and whole-food-sourced micronutrients that support gut health and the immune system. 

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This episode is also brought to you by Helix SleepHelix was selected as the best overall mattress of 2022 by GQ magazine, Wired, and Apartment Therapy. With Helix, there’s a specific mattress to meet each and every body’s unique comfort needs. Just take their quiz—only two minutes to complete—that matches your body type and sleep preferences to the perfect mattress for you. They have a 10-year warranty, and you get to try it out for a hundred nights, risk-free. They’ll even pick it up from you if you don’t love it. And now, Helix is offering 25% off all mattress orders plus two free pillows at HelixSleep.com/Tim. The 25% off offer is valid until September 10th.

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Transcript

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0:00.0

This episode is brought to you by AG1, the daily foundational nutritional supplement that supports

0:05.4

whole body health. I view AG1 as comprehensive nutritional insurance and that is nothing new.

0:11.0

I actually recommended AG1 in my 2010 best seller more than decade ago the four-hour body and I

0:18.4

did not get paid to do so. I simply love the product and felt like it was the ultimate nutritionally

0:25.5

dense supplement that you could use conveniently while on the run, which is for me a lot of the time.

0:31.2

I have been using it a very, very long time indeed and I do get asked a lot what I would take if I could

0:36.7

only take one supplement and the true answer is invariably AG1. It simply covers a ton of bases.

0:42.8

I usually drink it in the mornings and frequently take their travel packs with me on the road.

0:48.0

So what is AG1? What is this stuff? AG1 is a science-driven formulation of vitamins,

0:52.6

probiotics and whole food sourced nutrients. In a single scoop, AG1 gives you support for the

0:58.0

brain, gut and immune system. Since 2010, they have improved the formula 52 times in pursuit of

1:05.2

making the best foundational nutrition supplement possible using rigorous standards and high quality

1:10.9

ingredients. How many ingredients? 75 and you would be hard pressed to find a more nutrient dense

1:17.1

formula on the market. It has a multivitamin, multimineral superfood complex, probiotics and

1:22.4

prebiotics for gut health and antioxidant immune support formula digestive enzymes and adapt

1:27.6

to genes to help manage stress. Now, I do my best always to eat nutrient dense meals. That is

1:34.4

the basic, basic, basic, basic requirement. That is why things are called supplements. Of course,

1:40.1

that's what I focus on, but it is not always possible. It is not always easy. So part of my routine

1:46.3

is using AG1 daily. If I'm on the road, on the run, it just makes it easy to get a lot of nutrients

1:52.8

at once and to sleep easy knowing that I am checking a lot of important boxes. So each morning,

1:58.4

AG1, that's just like brushing my teeth part of the routine. It's also NSF certified for sports,

2:04.4

so professional athletes trust it to be safe. And each pouch of AG1 contains exactly what is on

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