The Black Swan: The Impact of the Highly Improbable

*The Black Swan* by Nassim Nicholas Taleb discusses rare, unpredictable events with massive consequences—called black swans—that shape history, markets, and society. These events are difficult to foresee because they lie outside normal experience and data. Once they occur, people often rationalize them after the fact, ignoring their unpredictability. The book highlights how traditional models underestimate these events' impact and encourages openness to uncertainty, emphasizing that recognizing our limitations can better prepare us for unexpected, transformative happenings.