Via Negativa

One of Taleb's most powerful concepts is via negativa — improving by removing rather than adding. In investing, this means focusing on what not to do:

• Do not use leverage you cannot afford to lose
• Do not concentrate in a single stock or thesis
• Do not trust models that claim to predict the unpredictable
• Do not invest money you will need in the next 5 years
• Do not check your portfolio daily — it creates noise-driven decisions

Avoiding catastrophic mistakes matters more than finding brilliant strategies. An investor who avoids blowing up will outperform most "sophisticated" investors over a lifetime. Survival is the prerequisite for compounding.