Fooled by Randomness
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Fooled by Randomness
The founder of a trading firm and risk management organization argues that randomness and probability have a profound influence on human life, as well as the consistent inability of humans to recognize that role, and explains how to differentiate between randomness in general and the financial mark
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Description
For readers who admire the works of Malcolm Gladwell, Peter Bernstein, Robert Shiller, and Richard Dawkins, Fooled by Randomness by Nassim Nicholas Taleb offers an intellectually stimulating journey into the heart of uncertainty. This remarkable book stands independently within Taleb's acclaimed Incerto series—a profound exploration of concepts including luck, risk, human error, decision-making, and the intricate interplay of chance and skill in our lives. The series also includes acclaimed titles such as The Black Swan, Antifragile, Skin in the Game, and The Bed of Procrustes.
Fooled by Randomness revolutionises the reader's perception of business and the world at large. Taleb—the veteran trader, esteemed risk expert, polymath, erudite raconteur, and New York Times bestselling author of The Black Swan—delivers a seminal work that critically examines our understanding of luck and skill. This modern classic challenges the conventional wisdom that often mistakes random events for patterns, especially in contexts like trading where such errors can have significant consequences.
The core theme of the book is luck, or more precisely, the human tendency to misconstrue luck as skill. Set against the high-stakes world of trading, Taleb's narrative unveils how randomness actually plays a pivotal role in many aspects of life and business, yet is frequently underestimated or overlooked. With an engaging and entertaining style, Taleb delves into profound intellectual quandaries, exposing the fallacies in our perception and the tendency to overvalue human foresight and control.
The narrative features an eclectic mix of characters who have each grasped the essence of chance in unique ways. Taleb references Yogi Berra, the baseball legend known for his paradoxical wisdom; Karl Popper, the philosopher of knowledge; Solon, the sage of ancient times; George Soros, the modern financier; and Odysseus, the legendary Greek voyager. Additionally, Taleb introduces the fictional Nero, a trader who understands randomness in his profession but is ultimately ensnared by his own superstitious beliefs. However, the most relatable figure is the "lucky fool"—an individual who prospers purely through being in the right place at the right time, epitomising the survival of the least fit. These individuals often gain devoted followers who misinterpret their chance successes as the result of profound insight or strategy, forgetting that such luck cannot be reliably replicated.
Taleb poses critical questions: Can we discern the genuinely insightful from the merely lucky? Are we doomed to seek meaning in random occurrences? While it may be impossible to completely shield ourselves from the whims of fortune, Taleb's insights in Fooled by Randomness can help us better navigate the unpredictable world we inhabit.
Acknowledged by Fortune as one of the "Smartest Books of All Time" and recognised by the Financial Times as a Best Business Book of the Year, Fooled by Randomness provides readers with a deeper appreciation of the hidden forces shaping our lives and encourages a more nuanced approach to understanding success and failure.
Series: Incerto
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Book Details
INFORMATION
ISBN: 9780812975215
Publisher: Random House USA Inc
Format: Paperback / softback
Date Published: 23 August 2005
Country: United States
Imprint: Random House USA Inc
Audience: General / adult, Tertiary education
DIMENSIONS
Spine width: 19.0mm
Width: 131.0mm
Height: 202.0mm
Weight: 261g
Pages: 368
About the Author
Nassim Nicholas Taleb has devoted his life to problems of uncertainty, probability, and knowledge. He spent nearly two decades as a businessman and quantitative trader before becoming a full-time philosophical essayist and academic researcher in 2006. Although he spends most of his time in the intense seclusion of his study, or as a fl neur meditating in cafes, he is currently Distinguished Professor of Risk Engineering at New York University's Polytechnic Institute. His main subject matter is "decision making under opacity"-that is, a map and a protocol on how we should live in a world we don't understand. Taleb's books have been published in forty-one languages.
Also by Nassim Nicholas Taleb
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