Nassim Nicholas Taleb, a New York-based professor of finance and a former finance practitioner, used the black swan analogy in his book of the same title to explain how past events are limited in forecasting the future.2 He mentions the surprise of the European settlers when they first arrived in Western Australia and spotted a black swan. Until then, Europeans believed all swans to be white. However, a single sighting of a black swan changed that conclusion forever.
Nassim Nicholas Taleb, a New York-based professor of finance and a former finance practitioner, used the black swan analogy in his book of the same title to explain how past events are limited in forecasting the future.2 He mentions the surprise of the European settlers when they first arrived in Western Australia and spotted a black swan. Until then, Europeans believed all swans to be white. However, a single sighting of a black swan changed that conclusion forever.