Fooled by Randomness By Nassim Nicholas Taleb

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Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets (Incerto Book 1) By Nassim Nicholas Taleb


Book/Novel Author: Nassim Nicholas Taleb

Book/Novel Title: Fooled by Randomness



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Summary & Review

Fooled by Randomness is a standalone book in Nassim Nicholas Taleb’s landmark Incerto series, an investigation of opacity, luck, uncertainty, probability, human error, risk, and decision-making in a world we don’t understand. The other books in the series are The Black Swan, Antifragile, Skin in the Game, and The Bed of Procrustes.Fooled by Randomness is the word-of-mouthsensation that will change the way you think about business and the world. NassimNicholas Taleb–veteran trader, renowned risk expert, polymathic scholar, eruditeraconteur, and New York Times bestselling author of The Black Swan–has written amodern classic that turns on its head what we believe about luck and skill. Thisbook is about luck–or more precisely, about how we perceive and deal with luck inlife and business. Set against the backdrop of the most conspicuous forum in whichluck is mistaken for skill–the world of trading–Fooled by Randomness provides captivatinginsight into one of the least understood factors in all our lives. Writing in anentertaining narrative style, the author tackles major intellectual issues relatedto the underestimation of the influence of happenstance on our lives. The book ispopulated with an array of characters, some of whom have grasped, in their own way,the significance of chance: the baseball legend Yogi Berra; the philosopher of knowledgeKarl Popper; the ancient world’s wisest man, Solon; the modern financier George Soros;and the Greek voyager Odysseus. We also meet the fictional Nero, who seems to understandthe role of randomness in his professional life but falls victim to his own superstitiousfoolishness. However, the most recognizable character of all remains unnamed–thelucky fool who happens to be in the right place at the right time–he embodies the“survival of the least fit.” Such individuals attract devoted followers who believein their guru’s insights and methods. But no one can replicate what is obtained bychance. Are we capable of distinguishing the fortunate charlatan from the genuinevisionary? Must we always try to uncover nonexistent messages in random events? Itmay 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. Named by Fortune One of the Smartest Books of All Time A Financial Times Best Business Book of the Year





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