You may have heard the term “Black Swan Event“, particularly recently. But what exactly is a black swan event and what can, and should, we learn from them?
The notion of black swan events was first set forth by Nassim Nicholas Taleb. Taleb, a finance professor and former Wall Street trader, wrote about this concept in his 2001 book Fooled by Randomness which concerned financial events. In a later work, The Black Swan, Taleb extends the metaphor to events outside the financial markets. He defines three attributes that are common to all black swan events: