We've known about 'unknown unknowns' for years

With Donald Rumsfeld's book Known and Unknown making the rounds, I keep hearing the speech that gave the book its title:


[T]here are known knowns; there are things we know we know.

We also know there are known unknowns; that is to say we know there are some things we do not know.

But there are also unknown unknowns – the ones we don't know we don't know.


This idea is not new. I don't know who was the first ever to use this concept, but an old usage and favorite of mine comes from the best book every written on investing, Reminiscences of a Stock Operator:


Among the hazards of speculation the happening of the unexpected–I might even say of the unexpectable–ranks high.



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Published on February 09, 2011 15:42
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