Fooled by Randomness : The Hidden Role
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    Fooled by Randomness : The Hidden Role (English, Paperback, Nassim Nicholas Taleb)

    Fooled by Randomness : The Hidden Role  (English, Paperback, Nassim Nicholas Taleb)

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    Highlights
    • Language: English
    • Binding: Paperback
    • Publisher: Penguin Books Ltd
    • ISBN: 9780141031484, 0141031484
    Services
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    Description

    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.

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    Specifications
    Book Details
    • Imprint
      • Penguin
    Contributors
    • Author
      • Nassim Nicholas Taleb
    Dimensions
    • Width
      • 0.83 Inches (US)
    • Height
      • 7.8 Inches (US)
    • Length
      • 5.08 in
    • Weight
      • 269.0 Grams
    Frequently Bought Together
    Fooled by Randomness : The Hidden Role
    Fooled by Randomness : The Hidden Role
    4.3
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    409
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    18% off
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    Ratings and Reviews
    4.3
    168 Ratings &
    21 Reviews
    • 5
       90
    • 4
       51
    • 3
       16
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    5

    Fooled by Randomness

    Ranked amongst 'the smartest books' by Fortune!

    I bought it because my Finance Professor at the B.School recommended it and I thank him for that.

    Taleb brilliantly proposes and proves that what we term as 'analysis' in the context of the markets is only 'play of chance for a non repeatable situation' and that 99% chance of success IS NOT EQUAL TO 100%,the decisions taken on this information weigh very lightly the possible consequences of that doomed 1%,one Black swan is sufficient to turn a...
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    Mayank B.Saraswat

    Certified Buyer

    4 Apr, 2012

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    4

    Good one

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

    Certified Buyer

    17 Mar, 2012

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    4

    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...!!!
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    Sameer Saurabh

    Certified Buyer

    2 Jun, 2014

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    4

    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 trade...
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    Ramanathan S

    Certified Buyer

    14 Dec, 2011

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    5

    Great product

    Excellent
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    Shanaya

    Certified Buyer

    18 Sep, 2017

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    5

    Must Read Book!

    If you want to buy this book (have got a recommendation from someone, or are interested to go through it), then just buy and read it once. It definitely is worth reading!
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    Anugrah Nagaich

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    7 Jan, 2017

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    5

    Great book

    This 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.
    Go read it, not for some understanding of a particular subject, but, to gain some very interes...
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    Vaibhav Bansal

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    3 Jan, 2016

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    5

    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.
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    S.G. Arun

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    20 Aug, 2015

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    4

    Fooled by Randomness by Nassim Nicholas Taleb

    I 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 ...
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    MAHADEVA SARMA

    Certified Buyer

    14 Jun, 2015

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    5

    Superb Delivery

    I think out of all the e-retailers, Flipkart has maintained a highly professional standard. I appreciated their delivery and overall professionalism.

    I haven't read the book yet, but Mr. Taleb is quite the entertainer. I guess I may update this once I'm through.
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    Rijul Bhatia

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    8 Jan, 2015

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    Questions and Answers
    Q:Is it novel based
    A:No...it's based on personal experience of the writer. Various chapters can be read independently as well.
    Flipkart UserCertified buyer
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    Q:how many pages this book contains
    A:316 pages, excluding xxxviii pages of Preface and 8 pages of prologue.
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