# Taleb, more BS

When I made a post a few weeks about Taleb being called out on his BS, I was not cherry picking, but rather this habitual on the part of Taleb.

So a few days ago, Coinbase announced its IPO, valuing the cryptocurrency exchange, founded in 2012, at around $60-80 billion. Taleb retweeted approvingly a tweet by Peter Schiff (whose predictions have all been wrong and whose investment ideas have produced terrible returns, and yet for some reason is very popular) that the founders and early investors of Coinbase had sold almost the entirety of their stake after it had gone public on unsuspecting investors, who are left ‘holding the bag.’ Taleb calls this ‘reverse skin in the game’. In the comments, people were quick the point out that Taleb and Schiff had egregiously misinterpreted the data. The purported sales represent a small fraction of the total shares owned by said individuals. Founder and CEO Brian Armstrong only sold 2% of his$14 billion stake, not 70% as purported by Taleb and Schiff.

So Taleb gets called out yet again for spreading bullshit. This is not even subjective but rather an outright misconstruction of the data. Does Taleb fess up? No, he doubles down, as the left tends to do when confronted for being wrong.



This post is especially interesting and revealing because it offers a glimpse into how much wealth Taleb has, which has always been shrouded in mystery even though one can reasonably infer he is wealthy, but now we have a way of estimating an actual figure. Some Googling shows Taleb as of 2011 sold 3 million copies of his bestseller The Black Swan, probably by far the most successful of his 4 books. So I estimate he sold a combined 7 million books, maybe 5 million of them being The Black Swan. If his books retail for $20 and the he gets a 10% cut, which is the industry average, then he probably made at least$14 million, for a total net worth of \$90 million, altough this is a very crude estimate and assumes no large expenses. It may also explain why Taleb has so much resentment it seems against the ultrawealthy and dismisses billionaires as not having skin in the game or as being crony capitalists, and doesnt count Coinbase astrue capitalismortrue entrepreneurism’ (even though Coinbase was funded 100% by private money), because even though Taleb is very wealthy, he is not among the upperupper crust, so I am guessing there is some envy and resentment.

Much of class warfare in America is the .1-1% vs. the <.001% , not the 99% vs 1% as the media tries to frame it. For example Bernie Sanders is rich, but not among the top .001%, and, similar to Taleb, much of Sanders’ rhetoric is directed against the ultra-wealthy, whose wealth is ill-gotten and does not count as ‘true capitalism’, but, in invoking Marx, Taleb and Sanders are in agreement that billionaire wealth must be attributable to exploitation of some form.