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Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets,   ISBN:9781400067930

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

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Binding: Hardcover
Release Date: October 2008
Edition: 2 Updated
List Price: $28.00

Average Customer Rating:
Score = 4.0 Score = 4.0 Score = 4.0 Score = 4.0 Score = 4.0

ISBN-13: 9781400067930
ISBN-10: 1400067936
Author: Nassim Nicholas Taleb
Publisher: Random House
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Summaries and Customer Reviews are supplied by Amazon.com

Summary:

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:

Average Customer Rating: Score = 4.0 Score = 4.0 Score = 4.0 Score = 4.0 Score = 4.0

Great insight
Customer Rating:  Score = 5 Score = 5 Score = 5 Score = 5 Score = 5

Taleb changed the way I thought about skill and luck. The book was not made to prove things one way or the other but to get you to think. Don't take anyones supposed skill to your bank. You need to be aware of the risk of what you are purchasing. This book applies not only to investing but to life in general. The book is easy and fun to read.

Anecdotes and science
Customer Rating:  Score = 4 Score = 4 Score = 4 Score = 4 Score = 4

Found the book strangely absorbing and innovative. Myself, I have very little knowledge of things mathematical or statistical, but a rather strong interest in them. Nassim Taleb delivers a spirited defence of skepticism, which I always like. His examples from the world of financial trading (and gaming) are entertaining and probably(!) illustrative, as are his anectodes from other fields of life and his obviously very extensive reading.
I should have liked to read a non-polemical discussion of his thesis. But it would have to be written in the same and wonderfully popular and humorous vein that runs thru this fine book.

some interesting provocative ideas but the book is quite bad
Customer Rating:  Score = 2 Score = 2 Score = 2 Score = 2 Score = 2

There are some interesting ideas in the book. That's why I would give it 2 stars and not 1.
Other than that the style is quite bad (IMHO of course) but the one biggest problem for me is that
the author lacks even a single smallest drop of humility. Most of the book is about how smart
the author is and how stupid everybody else is. I did not need all that.

The message of the book if there was any is lost in all this bragging.

Fooled by Ramdomness
Customer Rating:  Score = 5 Score = 5 Score = 5 Score = 5 Score = 5

A book that all of the overpaid egomaniacs on Wall Street will hate. Answers to the questions about what role luck plays in our financial lives. A must read before you overpay for financial advise.

Interesting Content in an Easy-To-Read style
Customer Rating:  Score = 5 Score = 5 Score = 5 Score = 5 Score = 5

The topics are very engaging, and the author's style is very verbal (write's the way people talk). Highly recommended.

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