The Black Swan Theory of Drafting Pitchers
I wrote yesterday about the how the shelf life of draft rankings affects the finished product, using my “guy” from this year’s draft, Vanderbilt righty Carson Fulmer, as an example of a guy typically under-appreciated by this process. My history of scouting Fulmer goes back four years to his high school days, but my history of zeroing in on this type of pitcher goes back eight years.
Taking a Page from Wall Street
Nassim Taleb’s The Black Swan came out in 2007 and I read it toward the end of that year. Taleb made a lot of money during the stock market crash in 1987 and again during the financial crisis that started in 2007, a crisis he predicted in The Black Swan. The way he made his money is the underpinning of the book: better understanding how very rare events happen.
The human brain simplifies complex situations, which can often help us and conserve energy, but also makes us vulnerable when a seemingly unimportant piece of information is smoothed over by many individuals. Taleb names the unlikely event that few see coming a Black Swan, referring to the collective surprise exhibited when a black version of the (presumed exclusively) white bird was found in another part of the world.