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Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets | [Nassim Nicholas Taleb]

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

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.
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Publisher's Summary

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.

©2004 Nassim Nicholas Taleb; (P)2008 Gildan Media Corp

What the Critics Say

"[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, The New Yorker)
"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)

What Members Say

Average Customer Rating

4.2 (1255 )
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4.2 (669 )
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Performance
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  •  
    morton Rego Park, NY, United States 01-30-08
    morton Rego Park, NY, United States 01-30-08
    HELPFUL VOTES
    738
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    95
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    "A Great Listen!"

    Taleb offers a wise and humorous look at financial luck and the seemingly irrational swing of many markets around the world. Is it dumb luck or real skill? A great listen and so very interesting.

    7 of 10 people found this review helpful
  •  
    Aryn 07-07-08
    Aryn 07-07-08
    HELPFUL VOTES
    327
    ratings
    REVIEWS
    875
    95
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    30
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    "Amazingly well thought out"

    I really enjoyed this book, although trying to listen to it AND doing whatever is a little tough; requires some thought or multiple listenings. It's an easier read than his other book, The Black Swan, but what great information and what a cogent system he has worked out. I highly recommend it.

    6 of 9 people found this review helpful
  •  
    Marten Washington, DC, USA 01-22-08
    Marten Washington, DC, USA 01-22-08 Member Since 2012
    HELPFUL VOTES
    7
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    "Taleb tells it like it is"

    An eye opening and thought provoking book. Essential for anyone interested in the stock market, but also for those involved in science.

    7 of 11 people found this review helpful
  •  
    Michael West Hollywood, CA, United States 04-09-09
    Michael West Hollywood, CA, United States 04-09-09
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    "Fooled by Random House"

    After nearly 2 hrs of listening I had to give up. There are endless teasers about "what's to come" but very little is ultimately delivered. What little there is comes capped by unbelievable shoddiness: "and I imagine that few of those people today are . . ." How about doing a little investigating and THEN writing a book? Random House published this "outline for a book" and fooled us all.

    13 of 22 people found this review helpful
  •  
    Raised by Wolves 05-20-10 Member Since 2011
    HELPFUL VOTES
    8
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    2
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    "Fooled, for certain"

    Do I have to give it a star? I wonder what book the positive reviewers listened to. I wish I had bought that one instead. I have to admit that there was fair warning in the opening pages that what was to follow would be a stream-of-consciousness opinionated diatribe without the slightest foundation of research or reason. I cannot decide whether the narrator's smarminess was artistic contribution or an unavoidable consequence of reading these empty egotistical prattlings.

    Read "The Drunkard's Walk: How Randomness Rules Our Lives" by Leonard Mlodinow instead, if you prefer to be entertained or enlightened by the subject, but still don't want to do any math.

    7 of 12 people found this review helpful
  •  
    Kamran Houston, TX, United States 02-22-09
    Kamran Houston, TX, United States 02-22-09 Member Since 2013
    HELPFUL VOTES
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    "Disappointing! Get Black Swan Instead."

    In this book, among other things, Taleb tries too hard to prove that he's personally made it, perhaps, as an evidence of his "hyper conservative" approach to investing. I'm sure he knows that had he started his carrier in early 1930s, he would be broke before he had the opportunity to write a book about hyper conservatism. His obsession with randomness to the point of elevating it to "the reason" for almost anyone's success is border line absurd. He argues that a group of incompetent investors (20% win, 80% loss) can produce a few winners by pure luck, but he seems to ignore the other side of the argument. A group of highly competent investors (80% win, 20% loss) will produce the same results over time. The end result can not be used to label everybody a lucky fool. A competent investor will be the victim of own success since everybody will imitate his strategy causing opportunists to diminish hence requiring ever greater risk taking to match previous earnings. This endless re-use of the same formula for success is what ultimately will do him in.

    In another example, he sees Microsoft vs. Apple dominance in personal computers as another random luck. Perhaps he despises economists so much he's forgot to apply basic economics to the situation. Apple didn't succeed not because people didn't know how great it was, it didn't because it was too expensive and people, myself included, couldn't afford it.

    If you see randomness everywhere you look, stop looking. Making fun of business people because they're too uptight is not too convincing when it comes from somebody who has the luxury of pondering philosophical points while sipping latte in a cafe near by a Swiss ski resort. He just needs to be thankful for how lucky he is, period.

    13 of 23 people found this review helpful
  •  
    Manie Florida, USA 11-26-08
    Manie Florida, USA 11-26-08
    HELPFUL VOTES
    12
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    "A Black Swan Experience"

    The book was for me, a 'black swan experience'. Audible's statistical rating system does not allow for due credit. I would have given it 10 stars!

    4 of 7 people found this review helpful
  •  
    PugFamily 02-03-08
    PugFamily 02-03-08 Member Since 2014
    HELPFUL VOTES
    12
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    "The Author Thinks He Is Great!"

    The book has some good points and interesting thoughts but it is difficult to get by how much the author clearly thinks he is better then anyone else. This book is not worth the listen.

    12 of 22 people found this review helpful
  •  
    Ary R. Mize 05-01-15
    Ary R. Mize 05-01-15

    Lance

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    2
    2
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    Story
    "Excellent"

    A very insightful book. Explores topics and points I had not previously considered. Not an easy read, but worth it.

    0 of 0 people found this review helpful
  •  
    Kirk 04-01-15
    Kirk 04-01-15 Member Since 2015
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    "Deep stuff"

    NNT sure knows how to think. I would argue he is one of the foremost thinkers of our time. He writes profoundly and with finesse. This is definitely one I will have to re-read multiple times coupled with discussions with other readers. Love this and would recommend it to others.

    0 of 0 people found this review helpful
  • Showing: 11-20 of 47 results PREVIOUS1235NEXT
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  • J. K. Moon
    UK
    2/28/15
    Overall
    Performance
    Story
    "Very good"

    Met expectations
    Will listen again
    Essential listening for any human being. It's a shame I'll go back to my old behaviour

    0 of 0 people found this review helpful
  • Ant
    St Albans, United Kingdom
    7/30/13
    Overall
    Performance
    Story
    "Does what it says on the tin"

    If the title of the book intrigues you, I would suggest it is worth purchasing. The book is a very personal look at our natural biases in predicting the outcome of chance events, with particular reference to the stock market.
    I found this book thoroughly entertaining despite having no interest in trading. For each new concept or topic of discussion well prepared real world examples are included which illustrate the author's point very well.
    As the author has taken pains in include his personality in his style of writing I can understand why some readers may find this quite an opinionated work, however, this was not an issue for me as I found myself grasping and accepting the author's view at almost every turn.
    The narrator was easy to listen to - but, I think he had a pretty easy job with no character reading to do.

    0 of 0 people found this review helpful
  • Johan
    LONDON, United Kingdom
    4/7/13
    Overall
    "Opens your eyes to randomness"

    If you can look past the fact that the author does on occasion come across as a bit full of himself, you'll be rewarded by some enlightening insights that will change the way you see the impact of randomness on the world. This book will help you on your way to distinguishing the signal from the noise and there is more noise than you might have thought.

    0 of 0 people found this review helpful
  • Niall
    Longniddry, East Lothian, United Kingdom
    6/16/09
    Overall
    "Fooled By Randomness"

    For any one who works (or thinks they might work) in a profession, or who has an interest in a subject or behaviour that is affected by randomness this is a must read (listen).

    0 of 1 people found this review helpful
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