- Hardcover: 312 pages
- Publisher: Texere; 2 edition (April 16, 2004)
- Language: English
- ISBN-10: 158799190X
- ISBN-13: 978-1587991905
- Product Dimensions: 6.5 x 1.5 x 9 inches
- Shipping Weight: 1.2 pounds
- Average Customer Review: 719 customer reviews
- Amazon Best Sellers Rank: #2,073,553 in Books (See Top 100 in Books)
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Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets Hardcover – April 16, 2004
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"I really like this book. We need a book like this, that helps deal with our tendency to underestimate randomness." -- Robert J. Shiller, Yale University, author of Irrational Exuberance
"If asked to name the five best books written about markets, Fooled by Randomness would be on my list." -- Jack Schwager, author of Market Wizards
"In many ways, his writing recalls the best of scientist/essayists like Richard Dawkins, George Gamow, and Stephen J. Gould." -- Michael Schrage, MIT Media Lab, author of Serious Play
"Taleb is a true intellectual in a world filled with too many resume builders." -- Terry Burnham, Harvard University, co-author of Mean Genes
"This book is fascinating. Taleb will grab you. As a non-random consequence, your understanding of life (money) will expand exponentially." -- Peter L. Bernstein, author of Against the Gods: The Remarkable Story of Risk
About the Author
Nassim Nicholas Taleb is an essayist principally concerned with the problems of uncertainty and knowledge. Taleb?s interests lie at the intersection of philosophy,
mathematics, finance, literature, and cognitive science but he has stayed extremely
close to the ground thanks to an uninterrupted two-decade career as a mathematical
trader. Specializing in the risks of unpredicted rare events (?black swans?), he held senior trading positions in New York and London before founding Empirica LLC, a trading firm and risk research laboratory. Taleb is a fellow at the Courant Institute
of Mathematical Sciences of New York University where he has been teaching a
class on the failure of models since 1999. His degrees include an MBA from the Wharton School and a Ph.D. from the University of Paris Dauphine. The author?s ideas on skeptical empiricism have been covered by hundreds of articles around the world. Since childhood, Taleb has been obsessed with the defects of his own thinking. In addition to his scientific and literary interests, Taleb enjoys cafe
lounging and museum hopping.
Top customer reviews
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The author has thought deeply about risk and uncertainty. Before reading this I thought I had too. No longer. Perhaps reading this while young would produce a more positive asessment of its value but in one's later years it is more depressing than enlightening. Yes, most of us are fools so what's new in that? Will any readers be made less foolish by reading this? That is really the question.
In our society we look at people like Bill Gates and Warren Buffet as having some secret to success and never consider the fact that with millions of investors someone will rise to the top regardless if they are smarter. Men like Buffet are seen as successful because they took risks and therefore you are told to take risks and you will be successful. You are never shown all those who risked in business and investing who failed.
My favorite part of the book was the analogy of Russian Roulette and also the end about living with randomness. The analysis about the book The Millionaire Next Door was excellent as well. The author also explains how you can set yourself up to succeed through randomness although I wish this were a larger part of the book.
The author himself has a very high opinion of himself and can come across as bragging (especially about his extensive education) and that can turn off some readers. Also remember that he was relatively unknown until he predicted the crash in 2008 but he also could have just been lucky as out of millions of investors someone will always get it right. The author would agree I'm sure.
I enjoyed this book and will be reading other books by Nassim Nicholas Taleb soon.
Yes, as many of the other reviewers note, Taleb is excessively critical of journalists, economists and MBAs, however I didn't find it off putting. Rather, it gives his writing personality and makes it more interesting.
Most recent customer reviews
- Nassim provides an extensive bibliography which is priceless if the reader wants to explore any of the topics further.Read more