Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets

Summary

«Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets» is a book by Nassim Nicholas Taleb, where the author explores the role of chance in business and human life. Taleb proposes the idea that many human achievements, especially in the financial sector, are mistakenly attributed to skill, when in fact they may be the result of random luck. The author analyzes various situations and stories, demonstrating how underestimating the role of randomness can lead to incorrect conclusions and decisions. The book encourages readers to reassess their perception of success and learn to distinguish genuine achievements from mere coincidences. Taleb uses concepts from statistics and probability to emphasize the importance of considering uncertainty and unpredictability in decision-making.