Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets Audiobook [Free Download by Trial]

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

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Summary

This audiobook is about luck, or more precisely, how we perceive and deal with luck in life and business. It is already a landmark work and its title has entered our vocabulary. In its second edition, Fooled by Randomness is now a cornerstone for anyone interested in random outcomes. Set against the backdrop of the most conspicuous forum in which luck is mistaken for skill, the world of trading, this audiobook is a captivating insight into one of the least understood factors of all our lives. In an entertaining narrative style, the author succeeds in tackling three major intellectual issues: the problem of induction, the survivorship biases, and our genetic unfitness to the modern word. Taleb uses stories and anecdotes to illustrate our overestimation of causality and the heuristics that make us view the world as far more explainable than it actually is. The audiobook is populated with an array of characters, some of whom have grasped, in their own way, the significance of chance: Yogi Berra, the baseball legend; Karl Popper, the philosopher of knowledge; Solon, the ancient world's wisest man; the modern financier George Soros; and the Greek voyager Ulysses. We also meet the fictional Nero, who seems to understand the role of randomness in his professional life, but who also falls victim to his own superstitious foolishness. But the most recognizable character remains unnamed, the lucky fool in the right place at the right time - the embodiment of the "Survival of the Least Fit". Such individuals attract devoted followers who believe in their guru's insights and methods. But no one can replicate what is obtained through chance. It may be impossible to guard against the vagaries of the Goddess Fortuna, but after listening to Fooled by Randomness we can be a little better prepared.

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10 comments

  • Duane Beltramo
    •October 28, 2023 at 5:32 pm
    This book has a patronizing and disdainful tone, offering little or no worth. It was written by an egotistical and resentful individual, but the audiobook benefits from the exceptional skills of the narrator. It would have been better as a short article. To save you some time, the main message can be summarized as follows: the majority of successful individuals simply had luck on their side. That's pretty much it.
    0 0 •Reply
  • Carol Birkenmeier
    •October 28, 2023 at 4:46 am
    This book is quite fascinating, written by an author who exudes confidence. Taleb effectively addresses critical points that really resonate with me. I truly believe that if I had come across this book earlier in life, it could have spared me from many of the mistakes I made. It is an absolute must-read for traders, as it serves as a valuable remedy for deflating one's ego. However, I do think that the author may exaggerate the influence of randomness. Nevertheless, simply by raising awareness of its existence and significance, the book becomes highly worthwhile to read!
    0 0 •Reply
  • Trinidad Leski
    •October 17, 2023 at 12:22 am
    I had a great time with this book, although it can be a bit challenging to listen to and multitask at the same time; it requires some mental effort or multiple listens. It's definitely a more accessible read compared to the author's other book, The Black Swan, but the information it provides is fantastic and the author has developed a well-structured system. I strongly suggest giving it a shot.
    0 0 •Reply
  • Anisha Amous
    •October 15, 2023 at 7:22 pm
    The book presents the disorganized ideas of a trader who stumbled upon the scientific relevance of his actions after playing with computers. The author portrays himself as a prophet throughout the majority of the book, introducing anonymous characters and using his own terminology for concepts that already exist, which is disappointing for those seeking a scientific read. This book has convinced me to avoid purchasing non-scientist authored books on scientific concepts in the future. In terms of the audio editing, the division of chapters in the audio version does not align with the book. Additionally, there are excessively long pauses between chapters and paragraphs, which can be quite frustrating for listeners.
    0 0 •Reply
  • Branden Sackey
    •October 15, 2023 at 6:49 pm
    If you're looking for a book that will really make you think and open your eyes, then "Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets" is a must-read. It's not just for stock market enthusiasts, but also for those who are interested in the world of science.
    0 0 •Reply
  • Karl Butremovic
    •October 15, 2023 at 6:15 pm
    Taleb presents a clever and amusing exploration of the influence of chance in finance, as well as the seemingly illogical fluctuations in global markets. Is it mere coincidence or actual expertise? A fantastic audiobook that is incredibly engaging.
    0 0 •Reply
  • Perry Haufler
    •October 12, 2023 at 8:33 pm
    I loved the concepts presented in this book and believe that gaining a deeper understanding of randomness and statistics is crucial for society. However, the author tends to be verbose, arrogant, and overly self-involved. The book is filled with constant use of the word "I," and the author exhibits a disdain towards his colleagues on Wall Street, his fellow MBA's, and other academics. Nevertheless, if you can overlook the author's flaws, the ideas and information presented in the book are definitely worth exploring. It may require some effort, but it is worth it in the end.
    0 0 •Reply
  • Linwood Westphal
    •September 20, 2023 at 10:51 am
    Should I even bother giving it a rating? I'm curious as to which book the positive reviewers actually listened to. I really wish I had purchased that one instead. I have to confess that there was a clear warning in the beginning pages that what was to come would be an unfiltered, opinionated rant lacking any research or logical reasoning. I can't decide if the narrator's smugness was an intentional artistic choice or an inevitable result of reading these superficial, self-centered ramblings. If you're looking for an engaging and enlightening read on the topic without the need for complex mathematics, I recommend checking out "The Drunkard's Walk: How Randomness Rules Our Lives" by Leonard Mlodinow instead.
    0 0 •Reply
  • Henry Wootton
    •September 18, 2023 at 1:21 pm
    Don't bother with this author and his "rant" – it's a complete time-waster. The actual substance of the book is only around 10 pages, while the rest is unnecessary padding. By the end of the first hour of listening, you'll find yourself wondering, "When does the real content begin?" The author makes grand claims without providing much evidence to support them. It's poorly written, and it's clear that the author believed they were more intelligent than anyone who could have assisted in creating a coherent book.
    0 0 •Reply

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