Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets

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• ISBN13: 9781400067930
• Condition: NEW
• Notes: Brand New from Publisher. No Remainder Mark.

Product Description
Now in a arresting new hardcover edition, Fooled by Randomness is the word-of-mouth sensation that will change the way you reflect about business and the world. Nassim Nicholas Taleb–veteran trader, renowned risk practiced, polymathic scholar, erudite raconteur, and New York Times bestselling leader of The Black Swan–has written a modern classic that turns on its head what we judge about luck and skill.

This book is about luck–or more precisely, about how we perceive and deal with luck in life and business. Set against the backdrop of the most conspicuous forum in which luck is flawed for skill–the world of trading–Fooled by Randomness provides captivating insight into one of the least understood factors in all our lives. Writing in an entertaining narrative style, the leader tackles major intellectual issues related to the underestimation of the influence of fluke on our lives.

The book is populated with an array of characters, some of whom have grasped, in their own way, the significance of chance: the baseball legend Yogi Berra; the philosopher of knowledge Karl Popper; the very ancient world’s wisest man, Solon; the modern supporter George Soros; and the Greek voyager Odysseus. We also meet the fictional Nero, who seems to know the role of randomness in his professional life but falls victim to his own superstitious foolishness.

But, the most recognizable character of all remains unnamed–the lucky fool who happens to be in the right place at the right time–he embodies the “survival of the least fit.” Such individuals attract devoted followers who judge in their guru’s insights and methods. But no one can replicate what is obtained by chance.

Are we capable of distinguishing the fortunate charlatan from the genuine visionary? Must we permanently try to uncover nonexistent messages in random events? It may be impossible to guard ourselves against the vagaries of the goddess Fortuna, but after reading Fooled by Randomness we can be a small better prepared.

PRAISE FOR FOOLED BY RANDOMNESS:

Named by Chance One of the Smartest Books of All Time

A Financial Times Best Business Book of the Year

“[Fooled by Randomness] is to conventional Wall Street wisdom approximately what Martin Luther’s ninety-five theses were to the Catholic Church.”
–Malcolm Gladwell, leader of Blink

“The book that rolled down Wall Street like a hand grenade.”
–Maggie Mahar, leader of Bull! A History of the Boom, 1982—1999

“Fascinating . . . Taleb will grab you.”
–Peter L. Bernstein, leader of Capital Thoughts Evolving

“Recalls the best of scientist/essayists like Richard Dawkins . . . and Stephen Jay Gould.”
–Michael Schrage, leader of Serious Play: How the World’s Best Companies Simulate to Innovate

“We need a book like this. . . . Fun to read, refreshingly independent-minded.”
–Robert J. Shiller, leader of Irrational Exuberance

“Powerful . . . loaded with crackling small insights [and] extreme brilliance.”
–National Review

“If questioned to name the five best books written about markets, Fooled by Randomness would be on my list.”
–Jack D. Schwager, leader of Market Wizards: Interviews with Top Traders

“Brilliant and thought-provoking . . . an entertaining book.”
–Financial TimesAmazon.com Review
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 question, 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 scenery 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 excellent is Taleb’s ability to make seemingly arcane algebraic concepts (at least to this reviewer) entirely significant in evaluating and understanding everything from the stock market to the success of persons millionaires cited in the aforementioned bestsellers. Here’s an articulate, wise, and humorous meditation on the scenery of success and failure that anyone who wants a small more of the ex- would do well to consider. Highly recommended. –Harry C. Edwards

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