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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 --This text refers to an out of print or unavailable edition of this title.
In this look at financial luck, hedge fund manager Taleb (Dynamic Hedging) addresses the apparently irrational movement of money markets around the world. Using his own investing experience and examples of others' successes and disappointments, he discusses theories like Monte Carlo math (easy; considered cheating by purists) and the concept of Russian roulette. Taleb tells interesting, well-wrought stories about individual behavior: "While Nero has succeeded beyond his wildest dreams, both personally and intellectually, he is starting to consider himself as having missed a chance somewhere." While serious investors and mathematics enthusiasts will be intrigued, readers looking for practical investment strategies will be disappointed by this rambling intellectual discourse. Tables. 40,000-copy first printing; $150,000 marketing budget.
Copyright 2001 Cahners Business Information, Inc.--This text refers to an out of print or unavailable edition of this title. See all Editorial Reviews
Possibly one of the most illuminating books I have read. A book I would recommend to anyone who wants to think critically.Published 5 days ago by Ben Van Adrichem
FBR was recommended to me by a friend. It's a quick one-day read that I enjoyed while on vacation, although it's a bit dated. Read morePublished 8 days ago by David Cardon
The examples to illustrate his points were by far the best part of the book. He's really pretty funny. Read morePublished 19 days ago by Chip Battoe
I really like Nassim's rebel disposition and skepticism when it comes to science. I do, like many people, lean on science to get me closer to the truth. Sometimes too much. Read morePublished 1 month ago by Steve Schubert
I really liked this book. The notion that we are all significantly fooled by randomness (in short, we attribute our successes completely to skill when in fact luck often plays a... Read morePublished 1 month ago by Chris Aram
This is my third book of Mr. Taleb that I read. Similar to the first two, the book focuses on the philosophical aspect of the concept more than the subject that it is... Read morePublished 1 month ago by Monson Marukatat