| Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets |
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 Fooled by Randomness: The Hidden Role of Chance in Life and in the MarketsBinding: HardcoverDewey Decimal Number: 123.3 EAN: 9781587991905 Edition: 2 ISBN: 158799190X Label: Texere Manufacturer: Texere Number Of Items: 1 Number Of Pages: 312 Publication Date: April 16, 2004 Publisher: Texere Studio: Texere Related Items:
Browse for similar items by category: Click to Display Editorial Review: 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: Selected by Amazon.com and the Financial Times as one of the best business books of the year, Fooled by Randomness is an instant classic. It's uniqueness has drawn to it a wide following - from the New Yorker to the Pentagon. Already published in 14 languages, this new edition, expanded by over 80 pages, includes up-to-date advances from behavioral finance and cognitive science This book is about luck ? or more precisely how we perceive and deal with luck in life and business. It is already a landmark work and its title has entered our vocabulary. In its second edition, Fooled by Randomness is now a cornerstone for anyone interested in random outcomes. Set against the backdrop of the most conspicuous forum in which luck is mistaken for skill ? the world of trading ? Fooled by Randomness is a captivating insight into one of the least understood factors of all our lives. Writting in an entertaining and narrative style, the author succeeds in tackling three major intellectual issues: the problem of induction, the survivorship biases, and our genetic unfitness to the modern word. In this second edition, Taleb manages to use stories and anecdotes to illustrate our overestimation of causality and the heuristics that make us view the world as far more explainable than it actually is. But no one can replicate what is obtained by chance. Are we capable of distinguishing the fortunate charlatan from the genuine visionary? Must we always try to uncover nonexistent messages in random events? It may 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. Average Rating:  Rating:  - An interesting perspective on randomnessOverall I give this book five stars despite what I might view as a few shortcomings because I found it to offer a unique way of looking at randomness and risk. I thought it was even more interesting to read this book ex post the recent "Subprime meltdown". Pros: - Contains a wide bredth of thought-provoking ideas. - Provides a unique perspective on how to look at the role of randomness/risk, specifically but not limited to the area of finance. Cons: - ... Read More Rating: - Tore through the pagesThis work is written in a friendly and engaging tone. I tore right through the pages. The author makes you feel as you are conversing with him in his living room. Don't expect to pick up a great deal of insight on how to become successful trader, do not expect a tutorial in how to trade stocks and options, that is not what this book is about. This book is mainly about mistakes that people can make, and that they make these mistakes because they are lulled into a false sense of security due to past ... Read More Rating:  - This Book Is A Waste of Tijme!This is book is a total waste of time. It just a lot of gibberish and doesn't make for an interesting read. The peoples that rated this anything above 1 star a delusional and sleeping with the author! Rating: - Required reading for every investor...you won't want to put this book down. Without question "fooled by randomness" is my favorite investment book. Nasim's insights are too many to recount in my review, but mark my word one reading is not enough. You will find yourself going back to this book on more occasions than one. Far better to see the world through nasim eyes than stumble randomly through the investment world mosaic of head i win/tails i win foolishness. He clearly surmises that violent, hidden events occur far more often than ... Read More Rating: - Many will find mind-boggling; the mathematical mind will find enlighteningLearned, irreverent and no-nonsense ex-option trader N. Taleb enumerates instances where people, experts and non-experts alike, make mathematically unsound statements about a probabilistic reality and cites biological and social reasons for such fallacies. Taleb mentions some seemingly outrageous points, such as calling some renowned experts intellectual charlatans and suggesting a higher attribution of the success of prominent business figures to luck rather than skills. He wants the readers ... Read More  |
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