Oct 24 2023, 13:24
The stock market is overvalued and that the normal will be very painful for some:Taleb
In a recent interview with Bloomberg, Taleb said the global economy is facing a "debt crisis" and that "we are on the verge of a recession".
He has also been critical of central banks for their low interest-rate policies, which he believes have created a bubble in asset prices.
"I think Nassim Taleb is a very interesting and thought-provoking writer. I don't agree with everything he says, but I always find his work to be stimulating," Buffett said.
Taleb's concerns about cryptocurrency are unmistakable. He bluntly calls bitcoin the "detector of imbeciles" in a Tweet, and he forewarns of AI-induced unemployment and social turmoil in an interview with The Guardian.
Notably, Saifedean Ammous, author of "The Bitcoin Standard," counters Taleb's stance, accusing him of a fundamental misunderstanding of bitcoin's technology and economics.
In a tweet in April, Taleb said the AI bubble burst is "the next big crisis". He argued that the AI bubble is "a black swan in the making" and that it is "only a matter of time before it bursts".
In his books The Black Swan and Fooled by Randomness, he says we are too sure about our ability to predict the future, and we don't realise how much luck plays a role.
Taleb's family tree boasts quite the political lineage. His grandfather and great-grandfather served as deputy prime ministers. Rewinding the clock further, you will find his great-great-great- great grandfather holding the prestigious title of governor over Ottoman Mount Lebanon.
Taleb worked as an options trader for over 20 years, from the mid- 1970s to the mid-1990s. He was a very successful trader, making millions of dollars during his career.
In a world filled with critics, Taleb's ideas stand out for good reason. His insights, though often met with scepticism, hold undeniable wisdom.
We would be wise not to make the same mistake twice, as he rings the alarm on the looming AI bubble burst.
source:et
Oct 25 2023, 17:38
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