Fooled by Randomness Revision (Not Available in US): The Hidden Role of Chance in the Markets and Life
Author: Nassim Nicholas Taleb Publisher: Texere ISBN: 1587991845 ISBN-13: 9781587991844 Binding: PaperbackSelected by Amazon.com and The Financial Times as one of the best business books of the year, Fooled by Randomness is an instant classic. Already published in 14 languages, the book?s title has entered our vocabulary. After reading the excitement expressed below for Fooled by Randomness one realizes that its world-wide bestseller status is no random event. This book is about luck ? or more precisely how we perceive and deal with luck in life and business. It is already a landmark work and its title has entered our vocabulary. In its second edition, Fooled by Randomness is now a cornerstone for anyone interested in random outcomes. Set against the backdrop of the most conspicuous forum in which luck is mistaken for skill ? the world of trading ? Fooled by Randomness is a captivating insight into one of the least understood factors of all our lives. Writting in an entertaining and narrative style, the author succeeds in tackling three major intellectual issues: the problem of induction, the survivorship biases, and our genetic unfitness to the modern word. In this second edition, Taleb manages to use stories and anecdotes to illustrate our overestimation of causality and the heuristics that make us view the world as far more explainable than it actually is. But no one can replicate what is obtained by chance. Are we capable of distinguishing the fortunate charlatan from the genuine visionary? Must we always try to uncover nonexistent messages in random events? It may be impossible to guard ourselves against the vagaries of the Goddess Fortuna, but after reading Fooled by Randomness we can be a little better prepared.
This is an insightful book written in a unique style that challenges superficial thinking about events that some may ascribe a cause and effect relationship but can be more simply seen as an event that is possible within `normal' variability. This is not a fast read. If you enjoy thinking, you will enjoy this book. I had to use a `big' dictionary to understand more fully some of the author's statements. I have a background in chemistry, physics and mathematics, professional experience in process and product design engineering and an amateur, limited but mostly successful experience in investing. My many years of these experiences and those of life are generally consistent with the author's assertions. I would also recommend "The Black Swan" written by the same author. (I bought copies of the Black Swan to give as gifts to thoughtful acquaintances.) — by P. Hahm
I think that it is important to review a book by concentrating on its coherency, strength of its ideas and originality. Whether a person agrees with the author or not should not be a factor. This is why I give this book four stars although I do not completely agree with the author.
This book raises some very interesting points and is in many ways an eye opener. Bookshops are filled with books about the "characteristics" of successful people. In business articles and books we always read about the leader that helped transform the company. We read about the stars of the company and how their attitudes helped them to lead a successful life. N. Taleb shows us that success depends on many factors that we don't control. The author also shows us that luck plays a larger role than we think. The author also raises an important point when he concentrates on the magnitude of a scenario no matter how low its probability is. Most people ignore low probability scenarios although if they do happen, and they often happen, the consequences will be severe.
That said, I think that the author is too extreme is his views. He seems to attribute everything to randomness. The real problem is when he takes his theories about the financial market (which are extremely true) and tries to implement them onto broader subjects. Yes the financial market is chaotic, yes it is unpredictable and yes it certainly is no science, but life is not the same as the financial market. However, the author managed to defend his opinion well, even though he didn't convince me.
The reason I give this book four stars although it was very hard to put down once you pick it up is that Nassim Taleb is simply the greatest fan of.....Nassim Taleb. I was really amazed at how much the author is in love with himself. Nassim Taleb is clearly well read and he manages to pull ideas from a broad range of subjects, but he keeps reminding us that he reads many topics. We are constantly reading how he is a "voracious" reader of medical journals. He also finds the time to tell us that at one time he had little furniture because every time he went out to buy some he would end up buying books. Again and again we read how he has a stack of books in his house, and how he reads anything that he gets his hands one. The author also quotes many poems (which are in French so we know he speaks French) and inserts book titles in places where there was no need to do so.
Mr. Taleb has written an excellent book. Once you start reading you just have to go on. I agree with many things he said but he is too extreme for my taste. I admire his knowledge of many subjects, but he could have kept his love affair with himself a secret.
— by N. Mozahem
Your Reviews
Reviews from weRead (10)Absolutely fantastic look at hubris and randomness. A must for those involved in the market.
Fabulous, hilarious... just a fantastic book... a very well recommended for any mortal human being.
Insightly. But not an easy read.
Must read for all traders.
A must for anyone working in the markets, or anyone who knows someone working in the markets. Made me see my profession in a new light.
See more reviews from weReadBook: Fooled by Randomness Revision (Not Available in US): The Hidden Role of Chance in the Markets and Life
Author: Nassim Nicholas Taleb
ISBN: 1587991845
ISBN-13:9781587991844, 978-1587991844
Publishing Date: Not Available
Publisher : Not Available
Binding: Paperback
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