A Different and Worthwhile Look at the Market (and More) Fooled by Randomness is based on a basic truth about humans: we are not very good at statistics, especially if we simply rely on our instincts. For example, we fear airplanes, sharks and terrorists, yet we rarely think about mundane risks like cancer and car accidents. Similarly, we are not good at judging investments. We think that the broker who picked three winners in a row must know something; not necessarily so, says Taleb. This book is well worth reading, especially if you ever invest in... more info
Managing Unpredictable Variations in Order to Prosper! Every person who is interested in investing should read this book!
In investing, few can tell the difference between being lucky and smart. Being successful in the short term can come from either source. If it is coming from unrecognized sources of luck, however, the behavior that the investor associates with success can sink the ship. The cautionary tale of Long Term Capital Management is cited in the book as an example of this point. 'If you're so rich, why aren't you smart?' is the wonderful reversal... more info
All I need is the beef As someone who agrees with the Amazon reviews of Nassim's "Dynamic Hedging" that if there's a better book on options trading I haven't read it, I was immensely looking forward to reading "Fooled by randomness". It is however a very different book. Rather than the technical detail of the earlier book, this is more the personal musings of a trader. A collection of anecdotes, quotes and personal thoughts tied together with a few ideas from statistics. It did remind me of his quote in the previous book "I hear... more info
All I need is the beef As someone who agrees with the Amazon reviews of Nassim's "Dynamic Hedging" that if there's a better book on options trading I haven't read it, I was immensely looking forward to reading "Fooled by randomness". It is however a very different book. Rather than the technical detail of the earlier book, this is more the personal musings of a trader. A collection of anecdotes, quotes and personal thoughts tied together with a few ideas from statistics. It did remind me of his quote in the previous book "I hear... more info
