|Photo by Olivier Ffrench|
Scholar, former Wall Street trader and author Nassim Nicholas Taleb is in his native Lebanon this week shopping for olive groves, according to an article in today’s Wall Street Journal (enter “Taleb’s Pessimism Lures CIC” in Google to get around the pay wall). Taleb explains, “Healthy investments are those that produce goods that humans need to consume, not flat-screen TVs. Stocks are not a robust investment. Make sure you have a garden that bears fruits.”
Amen to that. Taleb’s book, The Black Swan: The Impact of the Highly Improbable along with Seneca’s Letters from a Stoic and the fragments of Heraclitus are what I point people to when they ask, “so why do you do these things, gardening, pickling, brewing etc.” Invoking these stoic philosophers both ancient and modern is along winded and perhaps pretentious way of saying that I believe, along with Taleb, that the “highly improbable” is more probable than we think and that it’s best to do the things within our power to do and not worry about what’s going on beyond what we can change.
That China’s Sovereign-Wealth Fund is considering investing in the bearish (to put it mildly) investment fund Taleb advises worries me. Time to turn that RiteAid parking lot into an olive grove! I’ll rent the jackhammers–any volunteers?