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Turkeys & Risk Management
There is a story in the book Anti-Fragile of a turkey that is fed for 1,000 days by a butcher, and every day confirms to the turkey and the turkey’s economics department and the turkey’s risk management department and the turkey’s analytical department that the butcher loves turkeys, and every day brings more confidence to the statement. So it’s fed for 1,000 days until maturity. Fatter and fatter. On the day when its comfort will be at its maximum, there is going to be a surprise. There will be a surprise for the turkey. There will be a surprise for the turkey’s economics department, all those Ph.D.’s. ... (full story)