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Fooled By Randomness Nassim Nicholas Taleb

Updated on June 19, 2014

Fooled by Randomness, by Nassim Nicholas Taleb, author of The Black Swan, looks at the effects of randomness in life and in business and how humans tend to interpret luck for skill and assess risk very inaccurately. How much of a person's success is down to skill and strategy or something far more unpredictable. If you're so rich, why aren't you so smart?

Nassim Nicholas Taleb is a professional trader and mathematics professor and uses many stories of risk taking from the financial trading floor, from normal life, historical examples and mathematics to illustrate his point; Why are traders successful or unsuccessful, Russian Roulette and Monte Carlo simulation (the use of repeated random sampling in computational algorithms to achieve numerical results) He introduces the concept of the Black Swan event - things considered impossible or highly improbable, until they happen (i.e. like the existence of a black swan, before they were discovered) - the theme of his other, popular Black Swan books.

This bestselling book is highly readable, thought-provoking and funny and could well change the way you think about risk in your life and in particular in your financial investments. It is however controversial and many people who's careers are in finance and money management may not agree with the conclusions of the book.

Nassim Nicholas Taleb specialises in probability and uncertainty and spent two decades as a financial trader before concentrating on philosophical academic research. He is Distinguished Professor of Risk Engineering at New York University's Polytechnic Institute. Taleb's books have been published in thirty-three languages.

Nassim Nicholas Taleb is a prolific writer and as well as being a statistician, academic and frequent TV pundit he has written several bestselling books on the subject of randomness. Here are three of his most popular works.

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

Fooled by Randomness. The classic, bestseller, introducing the concept of "Black Swan" events

 
The Black Swan: Second Edition: The Impact of the Highly Improbable: With a new section: "On Robustness and Fragility" (Incerto)
The Black Swan: Second Edition: The Impact of the Highly Improbable: With a new section: "On Robustness and Fragility" (Incerto)

Another bestseller by Nassim Nicholas Taleb all about "Black Swan" - Unexpected unpredictable events

 

Nassim Nicholas Taleb talks about his theories about how we are fooled by randomness: misled by the way we process information, especially when analysing the risk of our investments

Please leave some feedback: Have you read any of Nasim Nicholas Taleb's books about probability, randomness, finance and economics?

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