Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets
by: Nassim Nicholas Taleb
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Amazon.com Review:
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
Product Description:
“[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
Product Description:
“[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.
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Customer Reviews
Average Rating:
Rating: 
- Wow
This is by far the smartest book I have ever read.As a PhD statistician I thought I was pretty sophisticated about randomness.Wrong, this book made me think about it in ways that I had not before.Every student of life or mathematics must read this book before they can consider themselves educated.
Rating: - a fun read
"Fooled by Randomness" may not make you a better person or even a better Wall Street trader, but it is fun to read. I took a couple of the typical Statistics courses in college and understood enough to realize that statistics was being misapplied by lots of academics (and others).
It is really pretty subtle and easy to make mistakes.
Taleb is now a personal hero of mine. My hats off to someone that can make a living from the market with seemingly so little effort.
Rating: - Randomness in life and business, other than finance
I've always thought it was funny for some executives whose company lost major amounts of money to say something like: "so and so, unexpected event occurred, and we lost money. (It's not my fault), just look at all my competitors (who also lost money)".How is this a justification? Did your mother tell you don't jump off the bridge just because everyone else is going to?Don't drink that poison Kool-aid!
Whether it's the dot-com meltdown, the mortage meltdown, the Enron collapse, ... Read More
Rating: - Very serious philosophical work
I have been trading markets for long time and have been exposed to volatility and its devastating impact on portfolio. I have been trading professionally too (in a bank, different markets).I read numerous books before on trading (technical analysis, strategies, etc..).But trading is more than just fundamental and quantitative analysis. Good trading skillshave deep roots into psychology and philosophy.I decided to buy the book and read it after noticing so many negative reviews and I became curious. ... Read More
Rating: - It will encourage you to look at things differently
The first cautionary point I would make the prospective reader of Nassim Taleb (in any form) is that he can definitely come off as extremely arrogant. He pulls very view punches in sharing his opinions, particularly about people, be it groups or individuals. His fellow Wall Street professional are vilified, as are those who can be considered the luminaries of financial theory and plenty of others. Taleb is free with his criticism, though he does also offer complimentary words for some others, like George Soros, ... Read More
- WowThis is by far the smartest book I have ever read.As a PhD statistician I thought I was pretty sophisticated about randomness.Wrong, this book made me think about it in ways that I had not before.Every student of life or mathematics must read this book before they can consider themselves educated.
- a fun read"Fooled by Randomness" may not make you a better person or even a better Wall Street trader, but it is fun to read. I took a couple of the typical Statistics courses in college and understood enough to realize that statistics was being misapplied by lots of academics (and others).
It is really pretty subtle and easy to make mistakes.
Taleb is now a personal hero of mine. My hats off to someone that can make a living from the market with seemingly so little effort.
- Randomness in life and business, other than financeI've always thought it was funny for some executives whose company lost major amounts of money to say something like: "so and so, unexpected event occurred, and we lost money. (It's not my fault), just look at all my competitors (who also lost money)".How is this a justification? Did your mother tell you don't jump off the bridge just because everyone else is going to?Don't drink that poison Kool-aid!
Whether it's the dot-com meltdown, the mortage meltdown, the Enron collapse, ... Read More
- Very serious philosophical workI have been trading markets for long time and have been exposed to volatility and its devastating impact on portfolio. I have been trading professionally too (in a bank, different markets).I read numerous books before on trading (technical analysis, strategies, etc..).But trading is more than just fundamental and quantitative analysis. Good trading skillshave deep roots into psychology and philosophy.I decided to buy the book and read it after noticing so many negative reviews and I became curious. ... Read More
- It will encourage you to look at things differentlyThe first cautionary point I would make the prospective reader of Nassim Taleb (in any form) is that he can definitely come off as extremely arrogant. He pulls very view punches in sharing his opinions, particularly about people, be it groups or individuals. His fellow Wall Street professional are vilified, as are those who can be considered the luminaries of financial theory and plenty of others. Taleb is free with his criticism, though he does also offer complimentary words for some others, like George Soros, ... Read More
