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Tail events drive everything from "summary" of The Psychology of Money by Morgan Housel
The world is shaped by extreme events that lie far outside the realm of normal expectations. These tail events, as they are called, have an outsized impact on the course of history, economies, and individual lives. While they are rare, they are also inevitable. It's in the nature of things that the most improbable events do happen, and they do so with surprising regularity. Tail events are the outliers that drive everything - from the rise and fall of civilizations to the success and failure of businesses. They may not be predictable, but they are certainly influential. Think of the stock market crashes, wars, pandemics, and technological breakthroughs that have reshaped the world we live in. These events were all tail events that had a lasting impact on societies and economies. Understanding the power of tail events is crucial for making sense of the world and planning for the future. While we c...
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