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a book by Nassim Nicholas Taleb
Fooled by Randomness is a splash
of water in the face of common reason.
Fooled By Randomness is also a
very pleasurable read.
but:
Fooled By Randomness is primarily
an entertaining book that teaches important concepts
From the Book: "Nero Tulip became
obsessed with trading after witnessing a strange scene
one spring day as he was visiting the Chicago Mercantile
Exchange"...
A version of the old saw:
it is not what we don't know that
hurts us, it is what we know and we are wrong that is
dangerous.
Life is not linear and life is not simple.
We are used to making decisions based
on obvious choices. Nassim Taleb shows that the complex
decisions required in investment do not respond to an
intuitive guess or obvious shortcuts. In short our educations
may have taught us the wrong thinking styles.
Those that would take our money are very
willing to use short-cut reasoning, and they may not even
know why it is flawed.
Taleb makes a point of showing errors
in the thought process or errors of logic that lead us
to improper decisions.
Each of Nassim Taleb's points can save
or make you money.
In Fooled By Randomness Taleb
disagrees with much of what goes for wisdom in financial
markets. He proves points with a minimum of math making
each chapter understandable.
I have read the book several times, I
will read it again.
For one thing, I enjoy reading Fooled
By Randomness.
I also like to win.
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