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OF ALL THE DANGERS THAT INVESTORS FACE, perhaps none is more seductive than the siren song of stories. Stories essentially govern the way we think. We will abandon evidence in favour of a good story. Taleb calls this tendency to be suckered by stories the narrative fallacy. As he writes in The Black Swan, “The fallacy is associated with our vulnerability to over-interpretation and our predilection for compact stories over raw truths. It severely distorts our mental representation of the world.”
