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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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Skin in the Game summary
Hidden Asymmetries in Daily Life
18 mins
Brief summary
'Skin in the Game' by Nassim Nicholas Taleb is a thought-provoking book that challenges conventional thinking on risk-taking, accountability, and decision-making. It highlights the importance of having personal stakes in the game and not relying solely on abstract concepts or incentives.
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Skin in the Game
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Key idea 1 of 6
Any asymmetry of information between buyer and seller is morally wrong.
Are you familiar with the ancient Roman myth about a group of fishermen who caught and cooked some turtles?
The turtles turned out to be inedible, and the group was discussing how to dispose of them when the god Mercury passed by. Seeing an opportunity to offload their disastrous dish, they invited him to eat with them. However, Mercury was wise to their tricks and forced them to eat the turtles instead.
Although they might not be dealing with turtles and Roman gods, modern-day salespeople could learn a lot from this story. Why?
Well, this myth establishes an important lesson that the fisherman learned the hard way: it's immoral to disguise a sales pitch as well-intentioned advice.
Sadly, in today’s commercial world, many people do just that.
For instance, when the author worked for an investment bank, he frequently saw the underhand tactics that traders used to sell their excess or unwanted stocks to clients.
Instead of being honest about why they wanted to sell the stocks – that is, they had a surplus – the traders told clients the stocks would be great for their particular portfolios, that their value would almost definitely increase, and that they would sorely regret missing such an opportunity. In other words, the traders held back important information about their true reasons for selling and made their desperate sales pitch and psychological manipulation seem like good advice.
But is there really something wrong with this? After all, their behavior was legal, and we’re all familiar with these sales tactics. Interestingly though, while this behavior may be legal in many secular countries, it’s much less acceptable under some religious legal systems.
For instance, Sharia law, the Islamic legal code, contains the concept of Gharar.
This term refers to an asymmetry of information between two agents. If one agent, the seller, has much more information about the transaction than the other agent, the buyer, then the seller could be said to have too much certainty about the outcome of the transaction, and the buyer too little. In this case, Gharar would exist in the transaction, and thus it might be forbidden from taking place until the information asymmetry was redressed, and the buyer was given more information.
Therefore, in the example above, although the traders’ behavior is permitted in some countries, it could be found legally and ethically wanting in others.
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What is Skin in the Game about?
Skin in the Game (2018) explores the ways in which our interactions with others are secretly influenced by risk and symmetry. By drawing on ideas from the field of probability, and applying them to everyday scenarios, Taleb reveals unexpected and often dazzling insights about what really makes society tick.
Skin in the Game Review
Skin in the Game (2018) by Nassim Nicholas Taleb is a thought-provoking exploration of the importance of personal risk and accountability in our modern world. Here's why this book is worth reading:
- With sharp insights and a unique perspective, it challenges conventional wisdom and encourages readers to question the systems that surround them.
- Taleb blends philosophy, history, and anecdotes to create a compelling narrative that keeps readers engaged and eager to uncover the next revelation.
- The book's emphasis on personal responsibility offers a refreshing perspective on decision-making and accountability, making it anything but boring.
Who should read Skin in the Game?
- Anyone interested in risk analysis
- Anyone looking for fresh insights into economics
- Social psychology students and enthusiasts
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Skin in the Game FAQs
What is the main message of Skin in the Game?
Skin in the Game argues that decision makers should have a personal stake in the outcomes of their choices.
How long does it take to read Skin in the Game?
The reading time for Skin in the Game varies depending on the reader's speed. However, the Blinkist summary can be read in just a few minutes.
Is Skin in the Game a good book? Is it worth reading?
Skin in the Game is worth reading for its insights into decision making and accountability. It offers valuable perspectives on ethics and risk-taking.
Who is the author of Skin in the Game?
Nassim Nicholas Taleb is the author of Skin in the Game.
What to read after Skin in the Game?
If you're wondering what to read next after Skin in the Game, here are some recommendations we suggest:
- Antifragile by Nassim Nicholas Taleb
- Fooled by Randomness by Nassim Nicholas Taleb
- The Black Swan by Nassim Nicholas Taleb
- MegaThreats by Nouriel Roubini
- The Beginning of Infinity by David Deutsch
- Superintelligence by Nick Bostrom
- The Paradox of Choice by Barry Schwartz
- Future Stories by David Christian
- Charlie Munger by Tren Griffin
- Freakonomics by Steven D. Levitt and Stephen J. Dubner