Fooled by Randomness

The Hidden Role of Chance in Life and in the Markets

By: Nassim Nicholas Taleb

Narrated by: Sean Pratt

Length: 10 hrs and 3 mins

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

Critic reviews

"[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)

Refreshing

I enjoyed his humor and clever observations. I found myself laughing out loud many times.

On predictable

Well done It would be nice if the author had included some philosophy of life from wisdom of living in Middle East. I

Great life lessons and advice for making better decisions

I loved this book! I have wanted to learn more about stats and making better data driven decisions for quite some time now and this is one of the best books I’ve come across to learn those skills. Definitely surface level but so informative and well worth the read!

Very interesting and fundamental ideas

I enjoyed learning the principles that can guide my decision making process. I also enjoyed the stories, examples and humor at times. It was bit too long and unnecessarily wordy or pompous style.

The narration was as amazing as the content

The narration made the already stimulating text, particularly enjoyable. While I feel this book is probably better enjoyed as a read rather than a listen, the narrator’s skills made this far less of an issue.

Changed my outlook on life

As the title suggests, this book will show you how easily our minds can be tricked into believing there is a cause->effect relationship where in many cases, randomness is the real cause. Using many colorful examples for every day situations as well as from examples in money and investing, you will go on a mental adventure that will bust illusions and stimulate your critical thinking muscles. When you're done you might not ever look at the world the same way again. I don't.

I've spent the first 12 years of my career doing everything this book rails against and I've come to one empirical conclusion - Nassim Taleb is correct.

Have fun.

Patience & Purpose

Don't be fooled into thinking this book isn't about randomness. Have patience and a purpose before starting this book.

Best book

Its a new way of thinking! One of the best books on randomness!! You have to read it if you are in the marked

Masterpiece!

I love this book. It's precise! No word is spared. Probability, practical uncertainty, are handled in a magisterial way. Mille merci nassim.

wonderful topic, creditworthy narration

What didn’t you like about Sean Pratt’s performance?

Sadly, I did not notice who the narrator was. Sean Pratt has a technically flawless way of delivery, but it soon grows too monotone as it seems he uses the same "melody" over and over again... makes it very hard to keep concentration and interests. Especially when the text requires deeper contemplation. Lacks life and interests, becomes humanless - perhaps he is a machine.

Shame for me, as we seem to share the same taste in books. I do try to avoid him (unlike those of Edward Herrmann and William Roberts, those guys are a pure pleasure to listen to in none fiction topics)