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Led By Nassim Taleb Summary

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FOOLED BY RANDOMNESS – The Hidden Role of Chance in the Markets and in Life By NASSIM NICHOLAS TALEB “Random events”, on how we view and deal with them in our lives and in business are the main topics of the book. The author explains what randomness means in our lives and why human beings mistake dumb luck for skill. Nassim Taleb is a professional trader and a mathematics professor examines how and why we attempt to explain occurrences that tends to happen only because they just tend to happen. He provides captivating insight about the financial world and how we commonly mistake luck for skill. His lessons are impactful and scary. While it may be impossible to safeguard ourselves against the unpredictable situations but the lessons provide us the reason that why they tend to occur. PART – ONE: SOLON’S WARNING – SKEWNESS, ASYMMETRY, AND INDUCTION The beginning of book is with short story of Croesus the King of Lydia, the richest man of his time and Solon the Greek legislator known for his wisdom. Croesus asked him if he knew anyone happier than Croesus himself with so much wealth to which Solon gave examples of …show more content…

This is the google definition but in the book is explained with black swan problem where how to find a black swan from the white swans quoted by philosopher David Hume. Not all swans are white is just an inference which can nullify the single observation made that a single swan is black. Author talks about Niederhoffer who is the first in the league of champion investors who stood against market in 1960’s when it was at its worst. He explains that every single action needs to be broken quantitatively to actually analyse it, an example of accidents happen close to home is given in the same respect. The main idea is that we should not go with our own instincts into the market and invest but instead be logical that there can be a glitch at any

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