Nassim Taleb, author of ‘The Black Swan,’ is calling on investors to sue the Swedish Central Bank for several of its Nobel Prize for Economics awards, according to Bloomberg.
Bberg: “I want to make the Nobel accountable,” Taleb said today in an interview in London. “Citizens should sue if they lost their job or business owing to the breakdown in the financial system.”
Taleb takes aim at the Nobel Laureates Harry Markowitz, Merton Miller and William Sharpe in 1990 for their work on portfolio theory and asset-pricing models.
“People are using Sharpe theory that vastly underestimates the risks they’re taking and overexposes them to equities,” Taleb said. “I’m not blaming them for coming up with the idea, but I’m blaming the Nobel for giving them legitimacy. No one would have taken Markowitz seriously without the Nobel stamp.”
Taleb also said that “If no one else sues them, I will.”