“In a textbook case of naive empiricism, the author also looked for traits these millionaires had in common and figured out that they shared a taste for risk taking. Clearly risk taking is necessary for large success—but it is also necessary for failure. Had the author done the same study on bankrupt citizens he would certainly have found a predilection for risk taking.” | Nassim Taleb in Fooled by Randomness.
This quote is classic Nassim Taleb – bringing to life a cognitive bias with an example we can all relate.
A good reminder to look beyond the data shared and to think deeper about the conclusions we draw.
