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The “Fourth Quadrant” and the Limits of Statistics

Nassim Taleb, visit web author of The Black Swan: The impact of the highly improbable, search has written a fascinatng essay for the EDGE site, click entitled: “The Fourth Quadrant: A Map of the Limits of Statistics.”

This teaser from the site’s intro to the piece ought to whet your appetitie for his subject and its relevance:

Taleb, looking at the cataclysmic situation facing financial institutions today, points out that “the banking system, betting against Black Swans, has lost over 1 Trillion dollars (so far), more than was ever made in the history of banking”.

Taleb’s essay challenges us to think about not only the limits of our frameworks and our knowledge, but also to think about how to design better ways to navigate those limits.

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