August 22, 2011
The book “The Black Swan” by Nassim Taleb became very popular at the height of the recent financial crisis.  It highlighted the difference between theory and reality.  Its title comes from a prior belief of scientists in Europe. They believed that all swans were white.  The discovery of black swans in Australia was the real-world reality that shattered their theoretical belief.

Full text of the Letter to the Editor of the Journal of Financial Planning