The black swan title is derived from the discovery of black swans in Australia at a point in time when the prevailing opinion was that all swans are white. The philosophical argument that you can only disprove a theory by observation of events and never prove it.

Black swans in Nassim Taleeb book are events no one suspected to happen before they happen. It was written before the 2008 crisis and made a huge splash during it. For obvious reasons.

One of his philosophies that rings very true to any professional gambler is that luck is more important then skill in the achievement of most worldy results. Yet humans continuously overestimate their skill in succes and underestimate their own doings in any unexpected disasters.

The writer is a retired trader who still sits on the board of a fund specializing in hedging tail risks. The book is an absolute classic that every trader should read. Start thinking about black swans and how you can implement them within your trading strategy. As a bonus that could give your investments an unexpected boost or as threats that are not suspected yet but that might wipe you out at any moment. Thinking about the concept can only make you a wiser and better trader. Even if you find it not that usefull in your day to day operations.

The only bad thing about the book is the author's disgusting habit of name dropping. Him showing off his eloquentness and intelligence. His extensive travelling, refined taste and ofcourse his disregard for money. Other then that, it's a must read.