Fooled by Randomness
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| Author | Nassim Nicholas Taleb |
|---|---|
| Country | United States |
| Language | English |
| Series | Incerto |
| Subject | Human knowledge, Statistics, Philosophy, Finance |
| Publisher | Random House |
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Publication date
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2001 |
| Media type | Print, e-book |
| Pages | 316 |
| ISBN | |
| OCLC | 60349198 |
| 123/.3 22 | |
| LC Class | HG4521 .T285 2005 |
| Followed by | The Black Swan |
Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets is a book by Nassim Nicholas Taleb that deals with the fallibility of human knowledge. The book is the first part of Taleb's four-volume philosophical essay on uncertainty, titled the Incerto. The following books include: The Black Swan (2007–2010), The Bed of Procrustes (2010-2016), and Antifragile (2012).
Taleb sets forth the idea that modern humans are often unaware of the existence of randomness. They tend to explain random outcomes as non-random.
Human beings:
Other misperceptions of randomness that are discussed include:
The book was selected by Fortune as one of the 75 "Smartest Books of All Time."U.S.A Today recounted that many criticisms raised in this book of the financial industry turned out to be justified.Forbes admitted to the book being playful, self-effacing and at times insufferably arrogant, but always thought provoking.The Wall Street Journal (one of the publications that Taleb pokes fun at in his book) called Universa Investments' buys in October 2008 a "Black Swan gain" (alluding to the Black Swans mentioned in the book).The New Yorker (one of the publications which receives more favourable comments in this book) said that the book was to conventional Wall Street wisdom what Martin Luther’s ninety-nine [sic] theses were to the Catholic Church.
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