Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets
by Nassim Nicholas Taleb
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Book Summary Information
Author: Nassim Nicholas TalebEdition: Paperback
Audio: English (Original Language); English (Unknown); English (Published)
Published: 2005-08-23
ISBN: 0812975219
Number of pages: 368
Publisher: Random House Trade Paperbacks
Book Reviews of Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets
Book Review: Excellent points on all fronts - even if a little haughty
Summary: 5 Stars
If you are an economist, financial analyst or MBA you will probably feel insulted by Taleb at least once every 10 pages or so. But Taleb makes a point and makes it well. A lot of analysis is no better than astrology. People see patterns even where there are none.
And its about time someone really exposed the whole hoax with the "Nobel" prize for economics (It's really the Royal Bank of Sweden Alfred Nobel Memorial Prize, not created by the original Nobel foundation). For all its psuedo-scientific mathematical models, economics is really not a science at all. If it were, it would have noticed that it's heralded models don't match reality.
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Summary of Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets
"[Taleb is] Wall Street's principal dissident. . . . [Fooled By Randomness] is to conventional Wall Street wisdom approximately what Martin Luther's ninety-nine theses were to the Catholic Church."-Malcolm Gladwell, The New Yorker
Finally in paperback, the word-of-mouth sensation that will change the way you think about the markets and the world.This book is about luck: more precisely how we perceive luck in our personal and professional experiences.
Set against the backdrop of the most conspicuous forum in which luck is mistaken for skill-the world of business-Fooled by Randomness is an irreverent, iconoclastic, eye-opening, and endlessly entertaining exploration of one of the least understood forces in all of our lives.
If the prescriptions for getting rich that are outlined in books such as The Millionaire Next Door and Rich Dad Poor Dad are successful enough to make the books bestsellers, then one must ask, Why aren't there more millionaires? In Fooled by Randomness, Nassim Nicholas Taleb, a professional trader and mathematics professor, examines what randomness means in business and in life and why human beings are so prone to mistake dumb luck for consummate skill. This eccentric and highly personal exploration of the nature of randomness meanders from the court of Croesus and trading rooms in New York and London to Russian roulette, Monte Carlo engines, and the philosophy of Karl Popper. Part of what makes this book so good is Taleb's ability to make seemingly arcane mathematical concepts (at least to this reviewer) entirely relevant in evaluating and understanding everything from the stock market to the success of those millionaires cited in the aforementioned bestsellers. Here's an articulate, wise, and humorous meditation on the nature of success and failure that anyone who wants a little more of the former would do well to consider. Highly recommended. --Harry C. Edwards
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