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The Black Swan Theory. Risk Management for Black Swan Events
For centuries, the phrase a Black Swan was a common expression for an impossibility––a metaphor for a belief held with absolute certainty. This was based on what seemed like unassailable empirical evidence: every swan ever observed by Europeans had been white. Then, in 1697, Dutch explorers witnessed black swans in Australia for the first time. In an instant, a single observation invalidated a belief system built on millennia of confirmatory data. This historical discovery
Aug 167 min read
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