Nicholas Taleb, author of The Black Swan: The Impact of the Highly Improbable and a scathing critic of VaR: “The greatest risks are never the ones you can see and measure, but the ones you can’t see and therefore can never measure. The ones that seem so far outside the boundary of normal probability that you can’t imagine they could happen in your lifetime—even though, of course, they do happen, more often than you care to realize.”
