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Fooled By Randomness: The Hidden Role Of Chance In Life And In The Markets
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Bibliographic Detail
Publisher Random House Inc
Publication date August 9, 2005
Pages 316
Binding Paperback
Edition 2 updated
Book category Adult Non-Fiction
ISBN-13 9780812975215
ISBN-10 0812975219
Dimensions 1 by 5.25 by 8 in.
Weight 0.58 lbs.
Original list price $17.00
Summaries and Reviews
Summary
The founder of a trading firm and risk management organization argues that randomness and probability have a profound influence on human life, as well as the consistent inability of humans to recognize that role, and explains how to differentiate between randomness in general and the financial markets in particular. Reprint. 25,000 first printing.
Amazon.com description: Product Description: Fooled by Randomness is a standalone book in Nassim Nicholas Taleb’s landmark Incerto series, an investigation of opacity, luck, uncertainty, probability, human error, risk, and decision-making in a world we don’t understand. The other books in the series are The Black Swan, Antifragile, Skin in the Game, and The Bed of Procrustes.

Fooled by Randomness is the word-of-mouth sensation that will change the way you think about business and the world. Nassim Nicholas Taleb–veteran trader, renowned risk expert, polymathic scholar, erudite raconteur, and New York Times bestselling author of The Black Swan–has written a modern classic that turns on its head what we believe 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 mistaken 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 author tackles major intellectual issues related to the underestimation of the influence of happenstance 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 ancient world’s wisest man, Solon; the modern financier George Soros; and the Greek voyager Odysseus. We also meet the fictional Nero, who seems to understand the role of randomness in his professional life but falls victim to his own superstitious foolishness.

However, 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 believe 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 always 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 little better prepared.

Named by Fortune One of the Smartest Books of All Time

A Financial Times Best Business Book of the Year


Editions
Hardcover
Book cover for 9781400067930 Book cover for 9781587991905
 
2 updated edition from Random House Inc (October 14, 2008)
9781400067930 | details & prices | 316 pages | 6.50 × 9.50 × 1.25 in. | 1.30 lbs | List price $28.00
About: Fooled by Randomness is a standalone book in Nassim Nicholas Taleb’s landmark Incerto series, an investigation of opacity, luck, uncertainty, probability, human error, risk, and decision-making in a world we don’t understand.
2 edition from Texere (April 1, 2004)
9781587991905 | details & prices | 6.50 × 9.00 × 1.50 in. | 1.30 lbs | List price $27.95
About: Fooled by Randomness is a standalone book in Nassim Nicholas Taleb’s landmark Incerto series, an investigation of opacity, luck, uncertainty, probability, human error, risk, and decision-making in a world we don’t understand.
Paperback
Book cover for 9780812975215
 
The price comparison is for this edition
2 updated edition from Random House Inc (August 9, 2005)
9780812975215 | details & prices | 316 pages | 5.25 × 8.00 × 1.00 in. | 0.58 lbs | List price $17.00
About: Contends that randomness and probability have a large impact on life, claims that people regularly fail to recognize that role, and tells how to differentiate between randomness in general and the financial markets in particular.
Miscellaneous
Book cover for 9781588367679
 
from Random House Inc (October 14, 2008)
9781588367679 | details & prices | List price $17.00

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