Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets

Nassim Nicholas Taleb

ISBN 10: 0141031484 / ISBN 13: 9780141031484

Published by Penguin Books Ltd, 2007

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Synopsis:

Everyone wants to succeed in life. But what causes some of us to be more successful than others? Is it really down to skill and strategy - or something altogether more unpredictable?

This book is the bestselling sensation that will change the way you think about business and the world. It is all about luck: more precisely, how we perceive luck in our personal and professional experiences. Nowhere is this more obvious than in the markets - we hear an entrepreneur has ''vision'' or a trader is ''talented'', but all too often their performance is down to chance rather than skill. It is only because we fail to understand probability that we continue to believe events are non-random, finding reasons where none exist.

''One of the smartest books of all time'' Fortune

''An iconoclastic tour de force ... nothing escapes his Exocets'' Evening Standard

''Brilliant'' John Kay

''Excellent and thought-provoking ... an entertaining book'' Financial Times

''Wall Street''s principal dissident'' Malcolm Gladwell

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

Bibliographic Details

Title: Fooled by Randomness: The Hidden Role of ...
Publisher: Penguin Books Ltd
Publication Date: 2007
Binding: Paperback
Condition: Used; Very Good