"[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 Randomnessis 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
Customer Reviews:
Avg. Customer Rating: 4.0 / 5.0
An exercise in self-justification:
One of the most self-congratulatory, didactic books I've ever read. Taleb is a convinced ideologue whose expertise in stock trading has created the conviction that he sees the invisible hand at work. He constantly reminds the reader that he is writing, restating and recasting sections with a reference to his earlier statements (never trust a writer that quotes himself) while dismissing whole schools of thought by selectively quoting from philosophers to make them look silly and misguided--if you read... more info
A Must Read:
My husband has been struggling in the market for a good 5 or 6 years. Its really opened his eyes though. Of course its all common senses but when you've lived in denial for so long its a real eye opener. He was able to put himself into many of the positions and has stopped living on the if's and could've or should've been position. There's no more hoping for him he's looking for the signs now.
Use Your Luck To Your Advantage:
Many concepts in "Fooled by Randomness" can be mentally applied to many areas and circumstances of our lives. This book has a lot of variety both past and present that can help us in the future in how we *think* about things, our environment, and more importantly, ourselves. This review will take a different path because there have been so many written about this book already. Author Nassim Taleb believes that Randomness and luck is more of a factor regarding people's positions and successes than most... more info
I'm still a fool after reading this book:
PROS:
* The book argues an important message (that we underestimate the role of luck in our results/outcome).
* A few interesting anecdotes. CONS:
* Although the author is self-deprecating at times, it smells more of false modesty rather than geniune humility (which he argues everyone should have). Most of the time (as other reviewers have noted) his arrogance comes out loud and clear, and that's annoying.
* Disjointed style of writing. He rambles, jumps around, and writes... more info
