Fooled By Randomness / The Hidden Role of Chance in the Markets and in Life

Taleb, Nassim Nicholas

ISBN 10: 1587990717 / ISBN 13: 9781587990717

Published by Texere LLC, New York, 2001

About this Item

States "Published in 2001 by Texere LLC," New York. Number line reads 10 9 8 7 6 5 4, only -- the fourth printing. NO dust jacket. There is NO MENTION of "W.W. Norton" in this book. 203 pp. including Index. Reduced from $20. Seller Inventory # 010656

Bibliographic Details

Title: Fooled By Randomness / The Hidden Role of ...

Publisher: Texere LLC, New York

Publication Date: 2001

Binding: Hardcover

Condition: Fine

Dust Jacket Condition: No Jacket

About this title

Synopsis:

In Fooled by Randomness, Taleb takes the reader on a fascinating journey through our perceptions of success, failure and luck. He takes the mathematics and psychology of probability and explains them with reference to the financial markets and life in general. Concepts such as survivorship bias, induction and our genetic lack of fitness for the modern world are laid before the reader in a highly entertaining and accessible narrative that sweeps across the trading rooms of New York and Chicago, passing along the way Solon (the Ancient World's wisest man), the philosophy of Karl Popper and the pronouncements of Yogi Berra ("it ain't over 'till the fat lady sings") amongst others. At the end of the journey, the reader is left with a deep understanding of the role randomness plays in all our lives.

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