Recently, author and former trader Nassim Taleb published his latest book Skin in the Game. He is widely praised for his previous bestsellers, The Black Swan and Antifragility. Nassim Taleb has a decades-long track record as a pit trader (as early as in the 1980s). Two months ago, I had the pleasure to spend an entire week with this controversial and no-nonsense thinker. What are some of the lessons that we can draw from Taleb’s work as gold investors and what did he have to say about gold? (The answer to the latter question is not something you will find in his books or elsewhere.)

Fragile or Antifragile?

The robust, fragile and antifragile: robust investments have little downside and little upside, whereas fragile investments have a lot of downside but little upside. Antifragile investments have a lot of upside and a limited downside and therefore gain from volatility rather than being harmed by volatility.

Taleb’s Barbell Investment Strategy

Taleb’s “Barbell Strategy”: take the extremes rather than the middle: invest a large part of your portfolio in extremely safe, robust investments and a smaller part in risky but potentially very profitable investments.


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