Now in a striking new hardcover edition, 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.
PRAISE FOR FOOLED BY RANDOMNESS:
Named by Fortune 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, author of Blink
“The book that rolled down Wall Street like a hand
grenade.”
–Maggie Mahar, author of Bull! A History of the Boom,
1982—1999
“Fascinating . . . Taleb will grab you.”
–Peter L. Bernstein, author of Capital Ideas Evolving
“Recalls the best of scientistessayists like Richard Dawkins . .
. and Stephen Jay Gould.”
–Michael Schrage, author 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, author of Irrational Exuberance
“Powerful . . . loaded with crackling little insights [and]
extreme brilliance.”
–National Review
“If asked to name the five best books written about markets,
Fooled by Randomness would be on my list.”
–Jack D. Schwager, author of Market Wizards: Interviews with Top
Traders
“Excellent and thought-provoking . . . an entertaining
book.”
–Financial Times