To gain deeper understanding of strategic management, this video delves into the concept of black swan events as outlined by Nassim Nicholas Taleb in "The Black Swan: The Impact of the Highly Improbable." In his book, Taleb defines a black swan as an event that is highly improbable yet has a profound impact and is often rationalized in hindsight as if it were predictable. Taleb argues that many historically significant events, particularly in finance and economics, fit this description of black swans. This video provides an indepth exploration of this topic and collate it with strategy formulation and implementation.