Fooled by Randomness : The Hidden Role of Chance in the Markets and Life
This is a book about luck. More specifically, it is a book about how we perceive luck, twist it around and regard it as intention or purpose. What better setting than the world of trading to invesdtigate the subject? How often has the brilliant trader, who seems to the outside world to have been granted the gift of second sight in the implementation of his strategies, been suddenly wiped out by an unexpected shift in the markets? The book may have its roots firmly in the financial arena, but it also incorporates and explains the effects and repercussions of randomness in many varied fields - ranging from philosophy to literature and science - to create an insight into how randomness cannot be conquered, but can be embraced.
- Hardback | 256 pages
- 166.9 x 231.9 x 28.2mm | 453.6g
- 04 Oct 2001
- Cengage Learning, Inc
- Texere Publishing
- Florence, United States
Table of contents
Part I: Solon's Warning - Skewness, Asymmetry, Induction One: If You're So Rich Why Aren't You So Smart? Two: A Bizarre Accounting Method Three: A Mathematical Meditation on History Four: Randomness, Nonsense, and the Scientific Intellectual Five: Survival of the Least Fit - Can Evolution Be Fooled by Randomness? Six: Skewness and Asymmetry Seven: The Problem of Induction Part II Eight: Too Many Millionaires Next Door Nine: It Is Easier to Buy and Sell Than Fry and Egg Ten: Loser Takes All - On the Nonlinearities of Life Eleven: Randomness and Our Brain: We Are Probability Blind Part III Twelve: Gamblers' Ticks and Pigeons in a Box Thirteen: Carneades Comes to Rome: On Probability and Skepticism Fourteen: Bacchus Abandons Antony Epilogue: Solon Told You So
About Nassim Nicholas Taleb
Nassim Nicholas Taleb is the founder of Empirica Capital LLC, and Fellow of the Courant Institute of Mathematical Sciences of New York University. He was inducted into the Derivatives Strategy Hall of Fame in 2001. He lives in New York.
erivativesreview.com, September 28, 2001 The book struck a distinct chord as the author seemed to have various wonderful and illuminating insights with which I could readily identify. Robert J. Shiller, author of Irrational Exuberance It is fun to read, refreshingly independently-minded and at the same time playful. Peter L. Bernstein, author of Against the Gods: The Remarkable Story of Risk Fascinating. Stick with it: Taleb will grab you... Scotland on Sunday, October 7, 2001 Taleb offers a candid assessment of the stock market in which he himself is a trader.