
Fooled by Randomness
The Hidden Role of Chance in Life and in the Markets
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Narrated by:
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Sean Pratt
About this listen
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.
©2004 Nassim Nicholas Taleb (P)2008 Gildan Media CorpCritic reviews
"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." (Amazon.com)
Interesting quick listen
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Absolutely must - read
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Opens your eyes to randomness
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Will listen again
Essential listening for any human being. It's a shame I'll go back to my old behaviour
Very good
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Like every other good book I have read, the essential lessons in this one too will be forgotten with time. But one key learning will stay with me -- that despite the best intentions of all involved, including ourselves, we don't really learn from instruction; we only really learn from our own experiences, and those are often very flawed and very expensive.
So just read this one, and anything else you read, for the sheer fun of it.
Best takeaway: l learnt why I never seem to learn.
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Whilst full of doubt and examples where people are more certain than they ought to be the book doesn't go as far as to show how Taleb himself uses randomness despite him stating a number of times that he still trades and tries to lose little and often but win big on rare events (termed black swans)
The Audio contains odd, and as far as I can tell, random (I appreciate the irony) pauses at the end of chapters that keeps making me wonder if my app has crashed or not.
Interesting thoughts on Randomness in Life
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Nevertheless, there is a core set of important learnings gained from going through the book.
Very unique style. Feels disjointed and random until something suddenly clicks. Nice change of pace.
Excellent but the hype is a bit much.
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Brilliant!
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An interesting take on randomness
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outstanding!
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