Key takeaways from the discussion : Taleb - Discredit Business Schools, CFA’s, math-fin programs which teach crap portfolio theory / gaussian theories Taleb - 2 tiered structure , Banks should be made utility companies . High risk taking firms such as hedge funds should be left alone with a clear signal of NO BAILOUT under any circumstances. Taleb - Semi government intervention will not work..NATIONALIZATION is the only solution Daniel - Useless map is better than no Map, as it gives confidence for people to go out and venture.

Back To Bedlam - [youtube https://www.youtube.com/watch?v=GCNwiUbdy-E&hl=en&fs=1&w=425&h=344]

This books falls under a specific category of books which includes titles like " In Praise of Slow", Zen books which focus on simplicity, Productivity books etc. As the title hints, there is one simple theme running through out the book - “Declutter your life, in all aspects of your life." Cutting down variables and living with fewer and lesser variables in life is a far richer experience than dealing with a lot of variables and trying to do justice to all the variables.

Brazilian Straddle : When traders know that they are technically bankrupt, there is a tendency to take a huge speculative position. If price changes favorably they are saved. Otherwise, the outcome was same as before-“doomed” A trader who uses this strategy is said to hold a “Brazilian Straddle”. It consists of a large market position held against a one way airline ticket to Brazil in the breast pocket. If the market position proves profitable, the trader sells the ticket and comes back to trade tomorrow.

Stumbling on Happiness, is one of those books which I decided to read, mainly to take a break from the usual type of books that I read. Last weekend I went to Boston to meet my friend Anoop as I was leaving US for good. As always, the 4.5 hr journey from NY to Boston gives any one a wonderful time to read. Generally, I tend to always remember distinctly some specific facts about books.