'Black Swan' Investor Nassim Taleb on Covid Misconceptions, Fed Policy, Inflation

Sep.22 -- Nassim Taleb, New York University distinguished professor of risk engineering, discusses what he sees as misconceptions about the coronavirus pandemic and comments on the Federal Reserve's shift in monetary policy. He speaks with Bloomberg's Erik Schatzker.

[@bebopguitar]

A true masterclass in interviewing. A smart interviewer who likes to listen (but not to his own words), who manages to produce a clean Q&A without permanent interruption or talking at the same time, who gives interesting questions that deserve (and get) original answers, and, most astonishing, who doesn't look utterly dumb compared to Nassim. Looking around on KZbin it might seem otherwise like a tragedy that one of the smartest and most pragmatic persons of our times seems to be constantly interviewed by embarrassing jerks who interrupt him all the time. Very enjoyable and informative interview.

[@Value-Investing]

he was terrible a few years ago, now a master:-) One thing we have to always keep in mind, people and other things can improve!

[@beaucannington8616]

Plus, it helps to interview someone you actually admire and respect, like he does with Taleb.

[@MrUbi]

Great interview ... on both sides of the interview :-)

[@littlehx1]

被v。

[@rogerk.8600]

Rare common sense! Great interview with a brilliant man.

[@gordongordon98]

Mr. Taleb has been reading 30-60 hours a week since youth. His enthusiasm for knowledge and teaching is fantastic. I’ve finished fooled by randomness and am halfway though antifragile. Randomness is really good, the mind discounts luck in our achievements

[@blazodeolireta]

48:27 he can also speak a little Italian?

[@dwipbhakti]

Prof Nassem may you never get tired to share your light..

[@wtung82]

Nassim Taleb is Nassim Taleb. When he talks, you listen. Nothing else needs to be said. However, it must be pointed out that Erik Schatzker did a great job interviewing him. Kudos.

[@DerDop]

It's the First time i"m hearing of him. The guy has common sense and he commands respect.

[@biggusriggus7150]

@@DerDop Read his books. It's hard work because he waffles. But if you can make it out the other side, you won't regret it. My favourite is Fooled by Randomness.

[@amirjon]

biggusriggus yes his books are work in deed. He’s not the most likeable guy, but he’s brilliant.

[@biggusriggus7150]

@@amirjon Always nice to bump into similar minded folks. Hello from Aus (Melb)

[@jondoe7205]

LongTermCap: if by “not the most likable guy” you mean “massive c__t”, I agree.

[@midishh]

interviewer: describes Nassim as a contrarian Nassim: "I'm definitely not a contrarian"

[@pickles7734]

Almost Feb 2021 and this interview is aging well already. I wish I could upvote this thousands of times. I love NNT

[@louisghd09]

Erik is a great interviewer imo, compared to others, because he actually let's the interviewee do most the talking that they were brought in for!

[@gordongordon98]

Eric must be quite smart, as he is a great listener

[@tymbltechnologiesinc2992]

Pretty rare these days for some reason. He stands out.

[@Nur786110]

Thank you Eric for such a great interview. Loved your questions and keeping the interview flow in order. Always good to hear Dr. Nassim Taleb's views.

[@MusicalMemeology]

Why does this look like it’s filmed in the 90s on VHS?

[@rsixsta]

Hard to comprehend with terrible audio

[@kosimpson2010]

Ok Eric is now in charge of conducting ALL interviews ever!

[@theshiftinginvestor]

This guy should get interviewed more often. Unconventional genuine personality with wisdom backed by math and science.

[@kaprenadiwata3701]

we need more wisdom indeed, listening to Mr. Taleb has always been a delight for me.. thank you :)

[@Mondrayish]

Praise to Mr. Nassim. Everytime I read or listen to this man speak, i always get nervous as his ideas always forces me to re-assess my risk appetite. I think he is one of the greatest thinkers of our time and I'm grateful to have learned so much from him. He is the counterbalance to mainstream media's "stocks only go up" nonsense.

[@womensfinancecoach4573]

Great interview and interviewer! Always so inlightening to listen to Nassim Taleb! Thank you!

[@Shahidawan78]

Erik Schatzker great interview style, I'm growing on Bloomberg. A true masterclass from Nassim. Thank you for sharing.

[@nassimnicholastaleb2628]

Thanks for sharing your comment ❤️,Do well to reach me on this mail, we definitely can work something out

[@user-jh8eq9mn3q]

It's always great to see Erick pulling out info, statements, perspectives from ppl. He's the most brilliant journalist I've ever seen.

[@kitzchim]

Erik seems to be one of the few that is capable of interviewing someone like Taleb. He asks good questions and doesn't interrupt.

[@Martinit0]

also important: he follows up, when something is ambiguous or not clear

[@Adil-sm3yz]

Erik's interviews with Nassim are always great

[@eliwhittle1202]

Erik is a really solid interviewer.

[@stillwatersnightsky6533]

Thoroughly enjoy this conversation. Always benefit from listening to Mr Taleb.

[@HarryPotter-kd3bh]

*Dr.

[@jung.k]

I love how he did not repeat after "disruption"

[@chrisleitner4858]

Could you make a channel with only your interviews (whole of Bloomberg). Would be nice. Thanks for the interview!

[@conniefu3023]

Great interview by Erik with Nassim.

[@PHD_prettyhappydraws]

Great interview. Taleb explains complex things with simple analogies. Thanks.

[@j.tamburello4053]

My favorite part of this (and many interviews), is watching Eric's expression.

[@keonglay]

Great interview by Eric and as usual great insights by Nassim Taleb

[@calebaw]

30:05 the timing of that cut out was perfect

[@nassimnicholastaleb2628]

Thanks for sharing your comment ❤️,Do well to reach me on this mail, we definitely can work something out

[@lucapuzzoli8363]

@@nassimnicholastaleb2628 scam

[@jashan1344]

Keep bringing Nassim on. Good interview

[@solomon1486]

Thank you,! I really admire Mr.Taleb, God bless his family.

[@vcoonrod]

Eric, the quintessential interviewer, presents another fabulous interview. Unique and data filled. Thank you.

[@rlsnorton864]

Thank you marvelous interview

[@MrWTFNJ]

Taleb was one of my profs during grad school. He always had interesting points of view.

[@sprezzatura8755]

Time to reread the Black Swan. I also very much enjoyed The Bed of Procrustes.

[@Chaa-nal-anda]

Great coverage Bloomberg!

[@Senecamarcus]

Eric has become a better interviewer!

[@abhaybhattad1565]

Truly enjoyable conversation.

[@zzqg56]

That was a brilliant interview. I particularly enjoyed the discussion regarding stagflation; there's no such thing as a free lunch.

[@sighwestberry5079]

its still possible for some to obtain a perfectly free lunch

[@camerontaylor7471]

Lmao! Ever heard of inheritance?! ... I think Paris Hilton understands very well the idea of free money...

[@nassimnicholastaleb2628]

Thanks for sharing your comment ❤️,Do well to reach me on this mail, we definitely can work something out

[@zzqg56]

@@camerontaylor7471 🤣🤣🤣🤣

[@zzqg56]

@@sighwestberry5079 😝😝😝😝

[@jamesgilmore2389]

Excellent conversation. Thank you.

[@nassimnicholastaleb2628]

Thanks for sharing your comment ❤️,Do well to reach me on this mail, we definitely can work something out.

[@mawavoy]

A great interview!

[@GordonGeko84]

That was really good.

[@AnarKloot]

Excellent interview! Great questions and clear eloquent responses.

[@nassimnicholastaleb2628]

Thanks for sharing your comment ❤️,Do well to reach me on this mail, we definitely can work something out,

[@bobsondugnutt7526]

I did enjoy the conversation, thanks!

[@nassimnicholastaleb2628]

Thanks for sharing your comment ❤️,Do well to reach me on this mail, we definitely can work something out,

[@clintperron9196]

Great interview. I will look for other Erik interviews. I am a big fan of Taleb.

[@TheGeorgeous]

This looks like it was shot in 2008

[@periversen8486]

*1999

[@miaa7097]

@@periversen8486 you people are funny .. made me spit my coffee all over the papers lol

[@bottomfeederleader6156]

🤣...might have been!

[@mitchdownunder2549]

Thanks for posting this. interesting perspectives

[@nassimnicholastaleb2628]

Thanks for sharing your comment ❤️,Do well to reach me on this mail, we definitely can work something out.

[@silversurfer8237]

Nassim's insight is a great foundation for further thought. Some world leaders made better decisions. If companies had reserves of cash or inventory, they could have absorbed the shock: when everything is run with a JIT mindset, things are fragile.

[@StuffOffYouStuff]

"editor at large" - when did he escape?

[@RicardoSalta]

Days before Covid-19 made landfall. I always found that strangely convenient.

[@argarcia281]

Well done, Mr. Schatzker, you actually hosted a great interview with Mr. Taleb and asked subtle questions of him. You're one of the first, your colleagues are low brow, very well done.

[@1fattyfatman]

This might be the first time I've heard someone let Taleb finish making sense after a question.

[@e7venjedi]

Erik seems like such a cool, smart, humble guy, makes me want to go work for BNN :-)

[@wjkingva]

Taleb's point that the ancients' responses to plagues, creating quarantines and supporting local merchants, was much more successful than the modern day response was spot on. The total shutdown of the U.S. economy, and the catastrophic damage it has caused and will continue to cause, will be remembered as the single greatest failure of the U.S. government's response to this virus. Overall a fantastic interview.

[@dariostrassli7024]

A single greatest failure in the US government? Imagine a virus so deadly that you need a test to see if you have it.

[@wjkingva]

@@dariostrassli7024 "The total shutdown of the U.S. economy" was the biggest mistake they made. Based on the scientific data from the CDC, the virus may only be considered "deadly" if you're over 70 years old with comorbidities. 10 times more people will die due to the economic devastation, and all the associated repercussions, than the virus will kill.

[@dariostrassli7024]

@@wjkingva I agree with you on that. Kill the economy for the tragedies of a few.

[@abbottmd]

Great point about the Fed can't bail everything out forever. Eventually all things that "everyone knows is true" will get tested. Related to Minsky's Moment - stability creates instability. All backstops ultimately have to get tested or else they don't serve their purpose. If the market believes in a backstop, then all activities will take that to its natural limit. You only know it's at the limit when it threatens to break. Until then, the market doesn't know if it has taken all the risk it can get away with.

[@kaine3805]

This interview is good. Not many can keep up with Naseem

[@davidonewayticket3388]

This guy is sharp! We need more like him and less politicians

[@quant2011]

Sure. We need more people who sold their souls. Taleb knoes the truth. He just plays "useful genius" role ;)

[@nassimnicholastaleb2628]

Thanks for sharing your comment ❤️,Do well to reach me on telegram, we definitely can work something out.let me have your number so we can keep each other posted over there 👉

[@tww1671]

Thank you Prof. Taleb !

[@nassimnicholastaleb2628]

Thanks for sharing your comment ❤️,Do well to reach me on this mail, we definitely can work something out.

[@docbauk3643]

Interesting stuff about what to read.Great question and great answer. Looking back to see what worked well and what worked not so good kind of makes sense. PS yes please don’t try to buy fire insurance while you are standing in the middle of a fire.

[@nassimnicholastaleb2628]

Thanks for sharing your comment ❤️,Do well to reach me on telegram, we definitely can work something out.let me have your number so we can keep each other posted over there 👉

[@compresswealthdivideeconom3757]

Best way to hedge is in short selling small caps which are about 8X overpriced whereas large and mid-caps only 4X overpriced per historical norms for an economy in the toilet. The real GDP growth per capita using a non-contrived inflation rate has not been positive for the past 15 years.

[@Th3L0st0ne]

More interviewers should be like Erik

[@leonardpereira7031]

Was difficult to understand what Nassim says - thank goodness for the interviewer who was very articulate and the paraphrasing helped in clarifying the thought. It's easier to read Nassim's thoughts here: www.grahammann.net/book-notes/skin-in-the-game-nassim-nicholas-taleb. His book is "Skin in the game." The interviewer is an excellent communicator

[@msblue1003]

great interview.... great interviewer and great interviewee

[@nassimnicholastaleb2628]

Thanks for sharing your comment ❤️,Do well to reach me on telegram, we definitely can work something out.let me have your number so we can keep each other posted over there 👉

[@sadigov]

Erik did a brilliant job with this interview.

[@quant2011]

Yeah. Hiding the truth. Perfect job. Both sold their souls

[@mirceacrisan4108]

Thank you 👍

[@nassimnicholastaleb2628]

Thanks for sharing your comment ❤️,Do well to reach me on this mail, we definitely can work something out.

[@Xirtap17]

So...there is a persistent position of arbitrage called: investment analyst over-estimation of earnings and under-estimation of the value of tail risk hedging, but how much is too much?

[@nassimnicholastaleb2628]

Thanks for sharing your comment ❤️,Do well to reach me on telegram, we definitely can work something out.let me have your number so we can keep each other posted over there 👉

[@biggusriggus7150]

The interesting thing about Taleb's logic (I'm a big fan), is that diversification is the solution (because the future is uncertain)

[@quant2011]

We should diversify our politicians. Perhaps some should not serve the roths childs? Oh and also diversify our oil trade. Why its 100%in us dollars? Lets trade oil with gold silver and spy etf. Ooooh no! Taleb will never say that. He will be finished in the media for life

[@nassimnicholastaleb2628]

@@quant2011 Thanks for sharing your comment ❤️,Do well to reach me on telegram, we definitely can work something out.let me have your number so we can keep each other posted over there 👉

[@nassimnicholastaleb2628]

Thanks for sharing your comment ❤️,Do well to reach me on telegram, we definitely can work something out.let me have your number so we can keep each other posted over there 👉

[@MogulProductions]

Great interviewer

[@melissajones5985]

Great interview, but there was a sound distraction in the interviewer's studio.

[@gmshadowtraders]

Good to see you bro! Stay strong and safe

[@nassimnicholastaleb2628]

Thanks for sharing your comment ❤️,Do well to reach me on this mail, we definitely can work something out.

[@johnvotta8157]

i love how they cut the part where he was clearly about to speak about the U.S. driving towards socialism lol i wonder what he said. can we find the full interview somewhere?

[@camerontaylor7471]

The US is not moving towards socialism... it may seem like it... but I guarantee you, we are NOT! ... there are wayyyyy too many wealthy elite tax paying citizens with considerable investments and assets within the US for that to actually incarnate...what you are observing is socialist policy being practiced... but it is not being institutionalized...

[@johnvotta8157]

@@camerontaylor7471 as many wealthy elite as there may be at the moment, that can all change, and quickly. Monetary events and transformations that we may never have seen before, actually nobody may have seen before, can change that. And please dont infer that with a current dem politician in charge, we wouldn't move closer to it each day. We are so free right now that we can argue on the political floor about statistically fringe social injustices while other nations are facing economic turmoil and genocide.

[@bradleyjohnson3659]

@@camerontaylor7471 famous last words, as taleb would say its best to react early, socialism has the biggest tail risks of all.

[@zwatwashdc]

@@camerontaylor7471 why do you think the economic elites are positions themselves with the Dems? It is not going to be socialism for them, just like it wasn’t communism for the political elites in Russia. It is for the rest of us. A market crash can wipe out 99% of people and turn them into feudal serfs overnight.

[@wadetalkington562]

Taleb is soooooo intelligent. I wish he'd move back to Lebanon permanently where he could help his own people.

[@Re3iRtH]

Not enough money there for him

[@ephrembeaino4952]

Most people here don't know him, let alone understand him. Those who would understand/appreciate him are a minorities and hardly stand a chance.

[@jonnoagnew5594]

Yes,, but HOW do you execute tail risk protection....?!

[@arisbonyadirodriguez]

Eric my friend , you are becoming a great interviewer. Thanks 👍

[@nassimnicholastaleb2628]

Thanks for sharing your comment ❤️,Do well to reach me on telegram, we definitely can work something out.let me have your number so we can keep each other posted over there 👉

[@archerwelt3485]

very impressive about Nassim Taleb's rich knowledge and sharp opinion. independent thinker indeed

[@wajihamalik7288]

Very good interviewer

[@russellhawkins940]

Thought about Nevada while watching this. Hope their recovery is going well. I imagine its been harder

[@ats89117]

Useless conversation. No questions about why Scandinavia has one of the lowest SARS CoV II cases with the world's lowest mask usage. Other places like Sydney Australia doesn't have significant mask usage, and has a low incidence rate. Meanwhile countries outside of Asia that have required face masks have not improved their lot. Asia seems like a special case, maybe because many of the countries have already experienced viruses from bats.

[@mkitty9053]

my fave video of 2020

[@Saganist420]

Did the interviewer get a raise after this interview? I certainly hope so.

[@quant2011]

Wow, perfect example of GYU, genius yet useful. For gov narrative of course

[@robertfeinberg748]

Banks can compensate CEOs for enormous risk and socialize the losses with the backing of the Treasury and Fed.

[@kyleganse4978]

This interviewer is definitely a NNT fan lol. I can’t help but be a fan of NNT he is slightly comical and practical with his explanations.

[@zvebrstremnyj6863]

Thanks from Ukraine!

[@nassimnicholastaleb2628]

Thanks for sharing your comment ❤️,Do well to reach me on telegram, we definitely can work something out.let me have your number so we can keep each other posted over there 👉

[@rocketguy748]

Never watched a video of Nassim, only read the books, he is very easy to listen too a likeable

[@maganang8889]

WHY W

[@nassimnicholastaleb2628]

Thanks for sharing your comment ❤️,Do well to reach me on telegram, we definitely can work something out.let me have your number so we can keep each other posted over there 👉

[@rocketguy748]

@@nassimnicholastaleb2628 what is your telegram contact ?

[@nassimnicholastaleb2628]

@@rocketguy748 let me have your number too

[@1walkerw]

How do you get a tail risk hedge?

[@nassimnicholastaleb2628]

Thanks for sharing your comment ❤️,Do well to reach me on telegram, we definitely can work something out.let me have your number so we can keep each other posted over there 👉

[@mawavoy]

Did it bring financial discipline to Greece and Italy? At what cost? Who bears the cost?

[@moon75866]

Nassim is simply amazing

[@andreventinhas5507]

Amazing...Thanks Dr. Nassim and Bloomberg

[@valentinbrescan288]

Tuna £ 3, cheddar £ 1.50, Minute 42 Erik's reaction when Taleb drops reserve currency risk: Priceless

[@nassimnicholastaleb2628]

Thanks for sharing your comment ❤️,Do well to reach me on this mail, we definitely can work something out

[@jsm6557]

wow. solid interview. ditto below

[@rockpiojo]

18:09 I felt that little dissatisfaction when Erik looked away loosing eye contact with Taleb when Taleb did a funny reference of his low-haired head, missing a potential laughter and out-of-the-script moment. Nonetheless, a well conducted interview indeed.

[@TheBlueskyson]

Yes, it's difficult Tony when social skills lapse momentarily. I got a sinking feeling too at that moment. But there's a good chance Erik has taken note, so all is not lost.

[@fernandoferreiro3020]

Great video sir, I believe your efforts and that of Mr Herman David keeps me on a consistent win record always thanks man.

[@terencemazzarone9345]

Yeah indeed he's a good expert and I love learning from him.

[@nicoladowdeswell1551]

I have read so many positive remarks about this expert Mr Herman David but I don't seem to understand how he operates.

[@georgegabriel487]

This is epic been looking for this kind of opportunity since I've lost 2k trading my own.

[@fernandoferreiro3020]

He trades on my behalf since I'm too busy to trade my self and he only charges a commission on profit made after a trading session of 7 days.

[@homebrew_cnc5036]

Okay that's good I think I can work with 30% how do I connect him?

[@ilpensatoiodimarco5544]

his take on US socialism was enlightening

[@cheddarcheez9917]

I don't disagree that risk aversion is playing a part in the economy but I don't think you can separate it from the lockdowns. We don't know what kind of choices people would make if they were free to choose their risk.

[@brandonreed09]

How many lockdowns are enforced by law enforcement? Not many. In most cases people are choosing freely choosing to follow the mandates.

[@cheddarcheez9917]

@@brandonreed09 are people avoiding the virus or are they not trying to test the cops? In my state all gentleman's clubs were shutdown. That's very clearly an industry that's suffering more from gov't than corona fear.

[@nassimnicholastaleb2628]

@@brandonreed09 Thanks for sharing your comment ❤️,Do well to reach me on telegram, we definitely can work something out.let me have your number so we can keep each other posted over there 👉

[@issenvan1050]

What happens to gold in either scenario?

[@quant2011]

Nothing. Cabal will hoard more. And more . And more. With help of jp morgan

[@nassimnicholastaleb2628]

Thanks for sharing your comment ❤️,Do well to reach me on telegram, we definitely can work something out.let me have your number so we can keep each other posted over there 👉

[@ednan9]

Great job Eric - let Nasim rip

[@romanabramov1079]

although I like his demeanor, I disagree with Nassim on this point about it being a public risk response versus a government response. The government response informs the public response. Look, for example, at Florida. Floridas government response wasn’t as strong, even when the science didn’t show that the sunlight kills Covid, and the peoples response was not as volatile either.

[@marryreddd3838]

I took the risk dealing with Luiz to be in charge of my trade and finally end up with perfect testimony.his platform is amazing and very straightforward

[@marryreddd3838]

Thanks Luiz .+1.8.0.3.5.6.6.0.6.9.7

[@mryeetzenmin6008]

40首適合年青人的好歌必聽【100%無廣告】|| 說好不哭、欧若拉、安靜、 下墜 Falling、小時候的我們、 以後別做朋友 ||G.E.M.鄧紫棋、周杰倫 、Eric 周興哲、林俊傑、田馥甄 kzbin.info/www/bejne/iZWqaquwnMSbj7M

[@paulgabbianelli7546]

Excellent

[@merlepatterson]

The problem with pharmacological risk is that the big pharma companies place the risk on the consumers shoulders, when they are fully aware that if their product becomes known to be dangerous or deadly, they can just pay a lawsuit fine in the millions while knowing they'll still make billions in the long run. Much like the auto manufacturers which put out a vehicle with a defect and then don't recall it because the costs of repairing it are much more than the cost of the lawsuits from dead individuals family members.

[@truthseekerjeanwilkinson-r1992]

What Taleb is saying now is the antithesis of what he wrote about in Antifragile. What in the world happened to the non-interventionist writer who was anti big pharma, anti big government, anti helicopter parent? He WAS someone who we thought studied history. I wonder if he has revised his stance and apologized to scientists like John Ioannidis and others.