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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 alternate Hardcover edition.
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 alternate Hardcover edition. See all Product Description
I like this book better than The Black Swan. It goes deeper into the issue of probability and techniques to ensure you are not fooled by ignorance or human mental habits and bias. Read morePublished 2 months ago by Brant
No one knows this reality better than the author of this quote, Nassim Taleb. Sadly the media overlooked this great work by Mr. Read morePublished 15 months ago by James DiCenzo
In summer, I sail. It get's me away from trading. And one of life's most looked forward to pleasures is a good book in a quiet anchorage. Alas often about trading but, never mind. Read morePublished on June 8 2013 by Sailor Dunc
Mr. Taleb has an uncanny insight. I believe it was Winston Churchill who stated "Those who do not study history are doomed to repeat it". Read morePublished on April 24 2013 by Michael J. Dube
The book is very entertaining. The author is a storyteller who makes some excellent observations about financial life and the futility of trying to look for patterns amongst the... Read morePublished on March 3 2013 by NeroTulip1961
Working in the financial field I purchased this book at the recommendation of a very sophisticated client. Read morePublished on Sept. 3 2011 by RDP
This book is a real page turner. It incorporates a lot of research from many fields of study and points out a lot of logical fallacies among 'so called' experts in said fields. Read morePublished on Aug. 15 2010 by C. Kinchen
I consider myself a skeptic, as does author Taleb, so it is not surprising that Taleb's skeptical viewpoint resonated so well with me. Read morePublished on Jan. 2 2010 by Peter Mosier
Based on the positive reviews I had high hopes for this book. Unfortunately it was one of the most boring and annoying books I have ever read. Read morePublished on April 3 2009 by Marc