![]() ![]() ![]() ![]() Taleb also constructs an invincible, nameless fool who seems to be at the right place at the right time. In addition to real-life examples, Taleb also brings in the case of the fictitious hero Nero, who is smart enough to understand the play of randomness in his professional life, but is superstitiously foolish. Most of all, journalists and traders fall for the randomness as well. Taleb elucidates his theory through some popular examples using people like the baseball expert Yogi Berra, the philosopher Karl Popper, the ancient wise man Solon, the financier George Soros and the Greek voyager Odysseus. He uses the theory of black swans (rare events) to propound his idea and says that black swans cannot be predicted. Most impressive situations in life are only due to luck, claims Taleb. Wherever true luck plays a role, we assume it to be the work of individual skill. Taleb goes on to elaborate how we misconstrue luck and skill. As the title explains, Taleb’s theory explains how all of us get fooled easily by randomness. Understanding the behaviour of markets and attributing specific reasons to its behaviour is totally impossible and sometimes a useless task. Our lives and specifically the market are so full of random aspects and complex structures. Fooled By Randomness: The Hidden Role Of Chance In The Markets And In Life explains in detail the theory of luck, our popular conception regarding luck and its applications in everyday life. ![]()
0 Comments
Leave a Reply. |