vault backup: 2026-03-03 14:58:23

hubbard_2020_failure.md

@@ -158,14 +158,16 @@ He wrote *The Black Swan* and other books critical of common practice in risk ma
 especially in (but not limited to) the financial world,
 as well as the nonquantitative hubris of Wall Street.
 
-A heretic of financial convention, he argues that Nobel Prize---
-winning modern portfolio theory and options theory (briefly mentioned in chapter 5)
+A heretic of financial convention,
+he argues that Nobel Prize-winning modern portfolio theory and options theory
+(briefly mentioned in chapter 5)
 are fundamentally flawed and are in fact no better than astrology.
 In fact, Taleb considers this prize is itself an intellectual fraud.
-After all, as he rightly points out, it was not established in the will of Alfred Nobel,
+After all, as he rightly points out,
+it was not established in the will of Alfred Nobel,
 but by the Royal Bank of Sweden seventy-five years after Nobel's death.
-He even claims that once, in a public forum, he riled up one such prizewinner
-to the point of red-faced, fist-pounding anger.
+He even claims that once, in a public forum,
+he riled up one such prizewinner to the point of red-faced, fist-pounding anger.
 
 Taleb bases a lot of his thesis on the fact that the impact of chance
 is unappreciated by mostly everyone.