Skin in the Game: main ideas and review

Silver rule over the golden rule

Taleb established that the silver rule is more ethical than the golden rule, i.e.

“do not do unto others as you would not have them do unto you” rather than

“do unto others as you would have them do unto you”.

I think it is rather obvious that avoiding injustice is more robust than trying to pursue justice because not even the most well-intentioned and intelligent know what harm they could do as an n-th order consequence of their pursuits.

In opinion, it’s for the same reason why doctors try to do no harm rather than to make people healthy.

“Pseudoleftist caviar eaters”

Taleb has been on Twitter a lot, and by god, he didn’t just take the red pill, he took the whole box. He used the terms “social justice warrior”, “white knight”, etc to talk about people who signal their generosity of spirit without being exposed to the consequences of that which they advocate. Next, he will be on Alex Jones. 

He implied that the very prominence of Bernie Sanders is a testament to how unequal the Unites States became under the preceding presidency. He also brought up some jaw-dropping statistics about the dynamics of (in)equality: a large portion of the US population will be among the richest at some point in their lives, unlike in Europe where, if you are rich, you’ve been rich since the middle ages.


Taleb exposed a very interesting feature of atheism while calling it a “monotheistic religion”. I think what he was getting at is that pagan religions are inherently pluralist. There is a kind of competition between the gods, whereas monotheistic religions involve an absolute as, one could argue, does atheism (but not agnosticism).


Taleb spoke about not being comfortable to get naturalised in France, as he was entitled, as he wasn’t part of the culture (but would have been on with a Greek or Cypriot passport). He admitted to wanting to accept the honorary degree from a Lebanese university as an exception.

He backed the United States’ policy of making its citizens pay tax on all their income obtained elsewhere, to the United States. He endorsed a certain amount of protectionism.

This is a stark change from his stance in the now 11 year old The Black Swan.


He spoke once again about the benefits of decentralisation, the damage caused by regulation, etc. He mentioned the paradox of tolerating intolerance under a democratic system, but, in my view, didn’t address it properly.

He compared entrepreneurs to wolves and employees to dogs and argued that freedom always involves risk.

In a strange, conflicted way, he portrayed autocrats as entrepreneurs: it is easier to deal with a business owner (autocrat) than an employee (elected representative held accountable by committees and the media) when trying to make a deal.

Genetics vs language

Taleb argues that when it comes to language, the one that suits the most intransigent group and doesn’t inconvenience the majority becomes the lingua franca. Another example of this process is that a lot of schools don’t allow peanuts, or why commonly available juice is being labeled as kosher. He calls this the minority rule.

His argument about genetics is the opposite, the majority rule, as in the genetics of certain populations remain the same despite invasions.

I am not so sure he is right because what you find studying non-autosomal genetics (Y chromosomes and mitochondria) is that a version of the minority rule applies. It’s the same mechanism as why surnames die out and in theory, as time goes to infinity, we will all end up with the same surname.

Does Taleb have skin in the game?

Taleb denounces as charlatans the people who give advice without being held accountable for it. He feels that a life coach can only teach you to be a life coach and a professor can only teach you to be a professor. Does it follow that Taleb can only impart the knowledge on how to be a contrarian writer?

What skin does he have in the game? Reputation? Family? So do politicians, who he argues aren’t exposed to the consequences of their actions. He has long left his area of risk management and moved on to cultural, political and economic issues. I guess he is a successful practitioner of risk, a man who lived an interesting life and an erudite. He doesn’t impose his policies and regulations onto people. He does seem to have soul in the game as there appears to be consistency and integrity in his writing. It seems that he is doing it for posterity. Through his f*** you money, as he calls it, I think he has to an extent isolated his skin from the game. He seems to think this is freedom.

Should you read it?

If you are going to read just one book by Taleb, I recommend Fooled by Randomness. Otherwise, yes. You can get it on Amazon.