This audiobook is about luck, or more precisely, how we perceive and deal with luck in life and business. It is already a landmark work and its title has entered our vocabulary. In its second edition, Fooled by Randomness is now a cornerstone for anyone interested in random outcomes. Set against the backdrop of the most conspicuous forum in which luck is mistaken for skill, the world of trading, this audiobook is a captivating insight into one of the least understood factors of all our lives. In an entertaining narrative style, the author succeeds in tackling three major intellectual issues: the problem of induction, the survivorship biases, and our genetic unfitness to the modern word. Taleb uses stories and anecdotes to illustrate our overestimation of causality and the heuristics that make us view the world as far more explainable than it actually is. The audiobook is populated with an array of characters, some of whom have grasped, in their own way, the significance of chance: Yogi Berra, the baseball legend; Karl Popper, the philosopher of knowledge; Solon, the ancient world's wisest man; the modern financier George Soros; and the Greek voyager Ulysses. We also meet the fictional Nero, who seems to understand the role of randomness in his professional life, but who also falls victim to his own superstitious foolishness. But the most recognizable character remains unnamed, the lucky fool in the right place at the right time - the embodiment of 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 through chance. It may be impossible to guard against the vagaries of the Goddess Fortuna, but after listening to Fooled by Randomness we can be a little better prepared.
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"I am always amazed when most people think they out smart the market. They seem to forget how many times they did not. Like when people sold at the height of the market because of some external factor and then take credit for the money they made when others were just unlucky when they had to sell at the bottom. This will give a different perspective to leverage and risk taking and black swans. If you trade stock or options, this might be a must read."
— ACB Broker (5 out of 5 stars)
“Taleb tells interesting, well-wrought stories about individual behavior…serious investors and mathematics enthusiasts will be intrigued.”
— Publishers Weekly“Taleb's book is mathematically sound as well as entertaining and informative for the general public, which is quite an achievement.”
— Donald Geman, professor, Johns Hopkins University“[Taleb is] Wall Street’s principal dissident…[Fooled By Randomness] is to conventional Wall Street wisdom approximately what Martin Luther’s ninety-nine theses were to the Catholic Church.”
— Malcolm Gladwell author of Outliers“We need a book like this…fun to read, refreshingly independent-minded.”
— Robert J. Schiller, author of Irrational Exuberance" It is an amazing feeling when you uncover something that was in the area of "what you don’t know that you don’t know". The same feeling will capture you several times when you read "listen" to this fascinating book. Taleb, with his intellectual and thought provoking style, takes you into rooms you have never thought they exist. At the end, you will get in love with Randomness around us and see the beauty in it "
— Hussein, 1/4/2020" Extremely interesting topic but the presentation left a lot to be desired in my opinion. The author's writing style seemed wandering and haphazard. Each time I felt he was beginning to convey an interesting insight he'd abruptly end his treatment of the subject or veer off onto a tangent. Additionally, the book's focus on philosophy and the author's constant name dropping of obscure literary figures became tiresome. It struck me as a poorly organized stream of consciousness dump / "look at how cultured I am" piece. To be fair, I do believe this may have been the author's intention to some degree. In the end, there were just enough interesting anecdotes, descriptions of common biases, and descriptions of common logical flaws to hold my attention but they could have been condensed and reorganized into a much more enjoyable book of about 1/3 the length. "
— Ryan, 2/20/2014" Very good... and very challenging. "
— Andrew, 1/7/2014" Good. It's true that we tend to take credit for things that are pure luck, and proceed with our lives as if we know what we're doing "
— Andrea, 1/4/2014" Taleb has some good points, but you've got to wade through 20 meaningless points to find them. If you don't have the time or patience to read Taleb's rants and non-sequiturs, just ask someone who's read it to give you the highlights. "
— Jeff, 12/14/2013" This is a great primer on critical thinking and understanding of logical fallacies, dressed-up as a story about investing and markets. I'd thoroughly recommend it as a Trojan horse for teaching people about not letting illogical thinking foil their hard work. "
— Conor, 12/14/2013" Read this book cover to cover while soaking in a tub in a Kyoto hotel! "
— Jeffrey, 12/11/2013" Long winded, opinionated and still a great read. "
— Aditya, 11/15/2013" Such an arrogant bastard, but has fundamentally influenced the way I think about asset prices. "
— Bryce, 11/14/2013" The author is an opinionated, arrogant, pompous ass, but you can't work in financial markets without having read this book. "
— Clare, 11/12/2013" Doesn't even attempt any semblance of scientific rigour, but throws together a collection of interesting counterintuitive ideas and references that seem to make sense. Definitely worth following up on, but on the other hand pretty useless if not followed up on. "
— Prachi, 11/6/2013Nassim Nicholas Taleb is the New York Times bestselling author of The Black Swan: The Impact of the Highly Improbable, Fooled By Randomness: The Hidden Role of Chance in Life and in the Markets, Antifragile: Things that Gain from Disorder, and others. In addition to his books, he has written many academic essays and articles for scholarly journals. He received a PhD, MS, and BS from the University of Paris and an MBA from the University of Pennsylvania. He is currently Distinguished Professor of Risk Engineering at New York University’s Polytechnic Institute and has given lectures at Oxford University, Stanford University, and the Massachusetts Institute of Technology, among others.
Lloyd James (a.k.a. Sean Pratt) has been a working professional actor in theater, film, television, and voice-overs for more than thirty years. He has narrated over one thousand audiobooks and won numerous Earphones Awards and nominations for the Audie Award and the Voice Arts Award. He holds a BFA degree in acting from Santa Fe University, New Mexico.