Fooled By Randomness: The Hidden Role of Chance in Life and in the Markets | 
 enlarge | Author: Nassim Nicholas Taleb
Publisher: Random House Trade Paperbacks
Category: Book
List Price: CDN$ 19.00
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Rating:  207 reviews
Sales Rank: 108
Media: Paperback
Edition: 2 Updated
Pages: 368
Shipping Weight (lbs): 0.6
Dimensions (in): 8 x 5.2 x 0.9
ISBN: 0812975219
Dewey Decimal Number: 123.3
EAN: 9780812975215
ASIN: 0812975219
Publication Date: August 23, 2005
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Condition: 100% Brand New!
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From Amazon.com
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
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| Customer Reviews: Read 202 more reviews...
Fallible ruminations August 23, 2008
Richard Lubbock (Toronto Ontario Canada)
On a first reading, Fooled by Randomness presents itself as a wise, deep and disjointed introduction to Futility Theory.
 Abstract, but thought-provoking March 20, 2008
B. Piche (Montreal, QC Canada)
Taleb's Fooled by Randomness is an interesting alternative to the large majority of financial literature. In effect, its goal is to portray the significance and the use of rationality and irrationality while dealing with markets (or any other foreseeable discipline).
Generally speaking, this book is written in a concise and understandable style with several anecdotes facilitating the reading experience. Where most of the readers will experience difficulty, however, is in the comprehension of some of the concepts presented by Taleb, as they do not always relate to every day's routine.
Drawing from works in many subjects (including biology, psychology, probability and economics), Taleb attempts to show how the human being is thoroughly incapable of dealing with random events. He discusses diverse problems related to the prediction of the market's yield, including, most notably, the problem of induction (how can one believe that summarizing past history into a model is possible, thus reducing finance to a single equation?). Also, I have found this book to be applicable in a much broader context than security analysis and risk management.
Similar books in the same category include A Random Walk Down Wall Street, by B. Malkiel, Against the Gods: The Remarkable Story of Risk, by P. Bernstein and Irrational Exuberance, by R. Shiller. Overall, this book seems to have been written for the author more that for anyone else, but it does contain interesting knowledge often forgotten by other authors. I was not disappointed by this book, but it has failed to exceed my expectations, thereby ranking it a ``good'' read.
A should read, but as an eye opener September 11, 2007
Jacques Warren (Montreal, Canada)
I give it 4 stars because I thnk it is a good book for introducing some epistemology in everyday life, although I agree with everything Daniel Maniov says. The second part is not as strong, with several not enough developed examples and situations that makes it an eclectic essay more than one that wants to deeply forage into the topic.
 A Different and Worthwhile Look at the Market (and More) February 19, 2007
Steve S. (Los Angeles)
11 out of 12 found this review helpful
Fooled by Randomness is based on a basic truth about humans: we are not very good at statistics, especially if we simply rely on our instincts. For example, we fear airplanes, sharks and terrorists, yet we rarely think about mundane risks like cancer and car accidents. Similarly, we are not good at judging investments. We think that the broker who picked three winners in a row must know something; not necessarily so, says Taleb.
This book is well worth reading, especially if you ever invest in individual stocks or managed stock funds (it will probably talk you out of doing so). It certainly is not an investment guide, however, so do not buy it if you are looking for a hot stock tip.
Taleb has a quirky writing style. This certaintly is not a "pretty" book. Nevertheless, it is easy enough to read.
Taleb, a stock trader himself, does to seem to hold most other traders in high regard.
Taleb has a unusual way of looking at things; one gets the idea that he is somewhat arrogant and a bit of a crank. That being said
Fooled by Randomness December 19, 2006
J. Estill
2 out of 7 found this review helpful
I read a great book last night (although it won't be for everyone) called "Fooled by Randomness - The Hidden Role of Chance in the Markets and in Life" by Nassim Taleb. He is a mathematician who studies randomness (but the book is not a boring math book - not that math is boring)
In simple terms it talks about luck and the problems it causes if we start to think it is skill or knowledge and not luck.
Much of the book is about stock markets and I am not really a stock market guy (too focused on running SYNNEX to spend much time on the markets).
He talks a lot about learning from mistakes and the fact that people are not very good at it.. True wisdom is being able to learn from other people's mistakes. I am still trying to learn true wisdom.
One interesting story he told was of a person who lost $15,000,000 but was still worth a million dollars and how devastated he was. To quote: "There is a difference between wealth level reached from above and wealth reached from below."
Still, all this said, I am a great believer in the following quote which is attributed to Thomas Jefferson (and also Stephen Leacock (1869-1944) but since Jefferson came first (1743-1826), I accept him at the originator)
"I am a great believer in luck and I find the harder I work, the more I have of it"
At the same time, I know I am a very lucky person. There are few that have been able to live the experiences that I have.
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