Track using Order ID
Login and do more!
- Track individual Orders
- View your entire Order history
- Cancel individual Orders
- Conveniently review products and sellers
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.
|Publisher||Penguin Books Ltd|
|Height||7.8 Inches (US)|
|Width||0.83 Inches (US)|
|Author||Nassim Nicholas Taleb|
Have you used this product?
Rate it now.Write a Review
Jan 3, 2016
Aug 20, 2015
This is where it all began...
Jun 14, 2015
Fooled by Randomness by Nassim Nicholas Taleb
Jan 8, 2015
Jul 21, 2014
Mar 17, 2012
Good oneextremely good book to understand wht life is and how randomness plays a role.
Dec 14, 2011
Smart and relevantNassim'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.
Jan 3, 2016
Great bookThis book is a classic read, the context is around how we keep deriving patterns from random events to build a correlation where none exists. The knowledge of maths will help in easier understanding of the various examples cited in the book. I have become particularly fond of the author's views after reading this book, and he certainly is an authority on subject of probability/ stochastic processes.
Aug 20, 2015
This is where it all began...Naseem is an amazing author who can tie in statistics with Sociology, History with mathematics and make a coherent case for how easy it is to mistake randomness for luck. Books by Naseem belong to the genre which can change the way one thinks, and lives. Of course highly recommended.
Jun 14, 2015
Fooled by Randomness by Nassim Nicholas TalebI learned about this book from the cover blurb of the author's other title the follow-up book, the Black Swan. In fact I was attracted to the title "Fooled by randomness" which I mistook to pre-guess what the author was trying to establish-the deceptive reality for randomness itself. For, personally, I am a determinist and I pick and choose my reading in keeping with this inclination. But the tone and tenor of the book turned out to be quite the contrary. I had read long back an essay in the Scientific American(My memory fails me- maybe somewhere else)- that "By changing one's vantage point i.… (Expand)
Jan 8, 2015
Superb DeliveryI think out of all the e-retailers, Flipkart has maintained a highly professional standard. I appreciated their delivery and overall professionalism.
Jul 21, 2014
Interesting readVery interesting thought process which has gone into the writing of this book. Must read for all businessmen.
Jul 4, 2014
SMART"There are no underlying truths. The only truth is that whether you have a brain and it works!"
Jun 2, 2014
Good But DisconnectedIn one line my personal opinion about the author:"OSHO of the business World"
Feb 9, 2014
Another of Taleb's bestsellersIt's a must-read for anyone who wants to get a feel about the dynamics of stock markets. Unputdownable!!