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Fooled by randomness

Fooled by Randomness is Nassim Nicholas Taleb’s landmark book that investigates the world of decision making, risk, human error, probability, uncertainty, luck and opacity, something that the average bettor or gambler needs very much to understand. One does not just gamble or bet and wait on his luck, one needs to read about luck and Fooled by Randomness is the right literature. When you come to understand the risks in life, than you can go and successfully choose where to gamble. A good source is CasinoShortlist Australia.

Malcolm Gladwell of The New Yorker says that this book conveys wisdom of the same level as Martin Luther’s theses. It’s somewhat true because by reading this book you can change the way you think about the world. It’s about how we perceive luck in our professional and most of all our personal experience. It’s an eye-opening and an endless exploration into one of the strongest forces in our lives.

Although this book is not about gambling and betting, it does give view on the world that can be applied to many spheres. The examples used in the book are thoughts and anecdotes as an explanation why the financial markets work like they work. It explains why so many fail to realize it and how it affects our everyday lives. It gives a realistic view of the world, and most of all explains why evolution is not a one way road to nirvana. According to Taleb evolution is a process and those that manage to adapt to current situations fare much better.

One must consider that the winners write the history books when judging the validity of any strategy. When you view a sample and want to deduce anything from it, you must also consider the forces that helped create that sample. There are many more good points that make you think about life, for example, Taleb asks whether people should feel unintelligent because they are behind their top classmates at a law school, or whether a bad outcome and a bad decision are the same thing, and likewise for a good outcome and good decision?

His primary conjecture with this book is that the psychology of humans makes them misinterpret random events. This is something that any successful bettor or gambler needs to understand that heavily relies on luck, and when he does he will think of betting and gambling in a much clearer perspective and won’t be fooled by randomness. He explains these things in terms that anyone could understand, and the book represents a critique to anyone who desires an objective view of how things came to be considering the complexity of the world we live in and the infinite forces and pull on our lives.

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