<P> However, in 1697, Dutch explorers led by Willem de Vlamingh became the first Europeans to see black swans, in Western Australia . The term subsequently metamorphosed to connote the idea that a perceived impossibility might later be disproven . Taleb notes that in the 19th century, John Stuart Mill used the black swan logical fallacy as a new term to identify falsification . </P> <P> Black swan events were discussed by Nassim Nicholas Taleb in his 2001 book Fooled By Randomness, which concerned financial events . His 2007 book The Black Swan extended the metaphor to events outside of financial markets . Taleb regards almost all major scientific discoveries, historical events, and artistic accomplishments as "black swans"--undirected and unpredicted . He gives the rise of the Internet, the personal computer, World War I, dissolution of the Soviet Union, and the September 2001 attacks as examples of black swan events . </P> <P> Taleb asserts: </P> <P> What we call here a Black Swan (and capitalize it) is an event with the following three attributes . </P>

What is a black swan in risk management