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Fooled by Randomness (English)

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Language: English
Length: 368 Pages
Publisher: Penguin Books
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Fooled by Randomness (English) By Nassim Nicholas Taleb
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Fooled by Randomness (English) (Paperback) Price: Rs.219

Fooled By Randomness: The Hidden Role Of Chance In The Markets And In Life explains in detail the theory of luck, our popular conception regarding luck and its applications in everyday life.

Summary Of The Book

Our lives and specifically the market are so full of random aspects and complex structures. Understanding the behaviour of markets and attributing specific reasons to its behaviour is totally impossible and sometimes a useless task. As the title explains, Taleb’s theory explains how all of us get fooled easily by randomness. Taleb goes on to elaborate how we misconstrue luck and skill. Wherever true luck plays a role, we assume it to be the work of individual skill. Most impressive situations in life are only due to luck, claims Taleb. He uses the theory of black swans (rare events) to propound his idea and says that black swans cannot be predicted.

Taleb elucidates his theory through some popular examples using people like the baseball expert Yogi Berra, the philosopher Karl Popper, the ancient wise man Solon, the financier George Soros and the Greek voyager Odysseus. Most of all, journalists and traders fall for the randomness as well. In addition to real-life examples, Taleb also brings in the case of the fictitious hero Nero, who is smart enough to understand the play of randomness in his professional life, but is superstitiously foolish.

Taleb also constructs an invincible, nameless fool who seems to be at the right place at the right time. The fool has a steady string of followers who are ready to do anything for their Guru. But, the fool’s actions cannot be imitated. His success is one obtained by chance.

The most unexpected things will happen for sure. But, we become creatures of routine that we fail to identify it when it happens. Moreover, detecting risks and accepting them is done only by the emotional part of the brain. If we understand probability, then we can perceive the role of luck in everyday situations. The trick lies in recognizing it. Taleb says we must be aware of the trap that luck sets for us.

How do we distinguish a lucky poseur from a far-sighted visionary? How do we read an incident? How do we decide whether it is luck or talent that made the person successful?

Fooled By Randomness: The Hidden Role Of Chance In The Markets And In Life received wide recognition. Fortune named it as one of the smartest books of all time and the Financial Times termed it as the Book of the Year.

About Nassim Nicholas Taleb

Nassim Nicholas Taleb is an essayist, statistician and best-selling author.

He is also the author of The Black Swan, The Bed of Procrustes: Philosophical and Practical Aphorisms and Antifragile: Things That Gain from Disorder.

Taleb was born in 1960 in Amioun, Lebanon. He graduated from the University of Paris with a Bachelor’s degree in Science and also holds a Master’s degree from the same university. He also has an MBA and Ph.D from Wharton School and the University of Paris respectively. Taleb has taught at London Business School, New York University and presently teaches at Oxford University and the Polytechnic Institute of New York University.

Specifications of Fooled by Randomness (English) (Paperback)

Contributors
Author Nassim Nicholas Taleb
Book Details
Publisher Penguin Books
Imprint Penguin Books Ltd
Publication Year 2007 May
ISBN-13 9780141031484
ISBN-10 0141031484
Language English
Edition 1stEdition
Binding Paperback
Number of Pages 368 Pages
Dimensions
Width 5.07 inch
Height 7.75 inch
Depth 0.94 inch
Weight 276 g
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Book Reviews of Fooled by Randomness (English)

TOP REVIEWS View All Top Reviews (14)

'Top Reviews' lists the most relevant product reviews only. Show ALL instead?
★★★★★
★★★★★
Chandan Pani
17 Mar 2012
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certified buyer
Good one

extremely good book to understand wht life is and how randomness plays a role.

1 of 1 users found this review helpful.
★★★★★
★★★★★
Ramanathan S
14 Dec 2011
first to review
Smart and relevant

Nassim's seminal follow up book to the Black Swan continues from where he left and goes on to explain the action or inaction caused by random events (volatility) on every day life esp. the markets.

Sometimes it gets quite dense and others preachy. The trick is to remain focused and what emerges at the end is the cardinal principles to manage risks for what they actually are and to rely on instinct grounded in reality and not gut before taking that major decision.

A must read for all traders, risk managers and otherwise people working in the financial markets.

1 of 3 users found this review helpful.
★★★★★
★★★★★
PG
21 Jul 2014
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certified buyer
Interesting read

Very interesting thought process which has gone into the writing of this book. Must read for all businessmen.

0 of 0 users found this review helpful.
★★★★★
★★★★★
Debolina Das
04 Jul 2014
SMART

"There are no underlying truths. The only truth is that whether you have a brain and it works!"

Taleb made the best effort to prove the above statement by picking up loads of examples related to financial trading, statistics, applied economics, and psychology at large.

It's all like 'False Positive' & 'False Negative'

0 of 0 users found this review helpful.
★★★★★
★★★★★
Sameer Saurabh
02 Jun 2014
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certified buyer
Good But Disconnected

In one line my personal opinion about the author:"OSHO of the business World"

Although I often pondered on many of his theories....even before I got my hands on this book....still I believe that not all things can be explained by a simple mathematics (probability)....there always is a good undercurrent of qualitative aspects that often makes the outer probability curve to look skewed...!!!

0 of 0 users found this review helpful.

Recent Top Reviews

View all
★★★★★
★★★★★
PG
21 Jul 2014
The 'certified buyer' badge indicates that this user has purchased this product on flipkart.com.
certified buyer
Interesting read

Very interesting thought process which has gone into the writing of this book. Must read for all businessmen. (View complete review)

★★★★★
★★★★★
Debolina Das
04 Jul 2014
SMART

"There are no underlying truths. The only truth is that whether you have a brain and it works!"

Taleb made the best effort to prove the above statement by picking up loads of examples related to financial trading, statistics, applied economics, and psychology at large.

It's all like...
(View complete review)

★★★★★
★★★★★
Sameer Saurabh
02 Jun 2014
The 'certified buyer' badge indicates that this user has purchased this product on flipkart.com.
certified buyer
Good But Disconnected

In one line my personal opinion about the author:"OSHO of the business World"

Although I often pondered on many of his theories....even before I got my hands on this book....still I believe that not all things can be explained by a simple mathematics (probability)....there always is a...
(View complete review)

★★★★★
★★★★★
Avirup Roy
09 Feb 2014
The 'certified buyer' badge indicates that this user has purchased this product on flipkart.com.
certified buyer
Another of Taleb's bestsellers

It's a must-read for anyone who wants to get a feel about the dynamics of stock markets. Unputdownable!! (View complete review)

★★★★★
★★★★★
Mohit S
19 Nov 2013
The 'certified buyer' badge indicates that this user has purchased this product on flipkart.com.
certified buyer
An "Off-track" book

A great book to be read by anyone who has any interest in the world business. This book implicitly rejects the idea of One Creator and explicitly explains that it's all luck and randomness of events and not some higher intellect. This book also rejects the idea that Great Men have become Great by... (View complete review)

    Book: Fooled by Randomness (English) by Nassim Nicholas Taleb
    ISBN Number: 0141031484, 9780141031484, 978-0141031484

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