SharperDingaan Posted November 16, 2011 Share Posted November 16, 2011 [amazonsearch]Fooled By Randomness[/amazonsearch] Very good ‘heretic’ read for those statistically & market minded. To get the most out of it, expect to re-read each chapter & map out what you are being told - as it is not intuitive. Then expect it to completely changes your view of markets. Snippets from Chapter 2: You will probably not do very well if you ... - Don’t recognize that history is written by the winners, not the losers. If you’re a despot but invade someone & win, you’re a hero. You’re still a despot - but no one will hold it against you! - Don’t recognize that the idiot who can present well - comes off as the expert. The alchemy of the CNN talking head! - Don’t recognize the Risk Management is done to give the impression of Risk Management – not actually do it. - Don’t recognize that you should insure against the abstract risk, not the vivid one. The vivid risk is already priced in - the abstract is not, & the reason why HW can occasionally make 2B on CDS swaps! SD Link to comment Share on other sites More sharing options...
gaf63 Posted November 16, 2011 Share Posted November 16, 2011 This book was also highly recommended by Howard Marks in his book " The Most Important Thing" Link to comment Share on other sites More sharing options...
enoch01 Posted November 16, 2011 Share Posted November 16, 2011 Fantastic book. I can't believe it hasn't been mentioned yet. When people ask me about investing, I tell them to read Fooled By Randomness and the Berkshire annual letters before doing anything. Link to comment Share on other sites More sharing options...
Uccmal Posted November 16, 2011 Share Posted November 16, 2011 SD, Is it alot better than Black Swan. Black Swan was barely readable. Also, anyony read Andrew Ross Sorkin... Toobig too fail. I skimmed it into the first chapter and it seems worth reading. Link to comment Share on other sites More sharing options...
Liberty Posted November 16, 2011 Share Posted November 16, 2011 I liked it a lot. Better than Black Swan. Taleb is quite the character, and has a huge ego. But he also has interesting things to say. If you can get over the fact that he puts A LOT of himself in the text, I highly recommend this book. Link to comment Share on other sites More sharing options...
racemize Posted April 27, 2012 Share Posted April 27, 2012 I just got around to this book and found it amazing. On the other hand, it was pretty much exactly what I was thinking when I posted my essay on risk (though I'm not sure anyone bothered with that)--apparently was recreating the wheel, though mine perhaps was a bit lumpy in comparison. Link to comment Share on other sites More sharing options...
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