Fooled by Randomness, as the title depicts, is a book which is about randomness. The idea of this book is that randomness is often perceived as something non-existent in the modern world by humans.
Fooled by Randomness pdf Review:
It is the first book in the philosophical volume of Nicholas Nassim Taleb’s books. His four essays are a part of his volume about uncertainty names as Incerto. The other three books in this volume are The Black Swan, The Bed of Procrustes and Antifragile. The book has the ideas of human philosophy, statistics, and finance. Published by Random House in 2001, this book has 236 pages and is quite popular among the readers of this genre. The book was selected by Fortune as one of the 75 “Smartest Books of All Times.
Fooled by Randomness PDF Features:
- One of the things discussed in the book is that human beings overestimate casually. The example given is that people see elephants in the sky. They do not see the fact that it is just some random clouds which seem to appear like elephants.
- Another aspect mentioned is that humans think this world is more easily explainable than it is. They tend to find explanations for everything even when there is no explanation for anything.
- According to Taleb: “Option sellers, it is said, eat like chickens and go to the bathroom like elephants”
- What he means is that option sellers do make a consistent income from selling what they do but if they suffer a loss then it is a big one.
- They lose everything. So not everything is a 50:50 chance as humans think. The odds are not always about winning or losing. Sometimes there is more than that which we do not seem to comprehend or take into consideration.
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