6/12/2023 0 Comments Taleb fooled by randomnessThe following book summary is a collection of my notes and highlights taken straight from the book. We do not make rational choices, but emotional ones. Small acts can have disproportionate consequences (good or bad). Individual probabilities are meaningless without knowing the magnitude of their outcomes. One cannot judge a performance in any given field (war, politics, medicine, investments) by the results, but by the costs of the alternative. Consider alternative histories-what could have happened.Especially in endeavors with high degrees of randomness and large sample sizes. We underestimate the share of randomness and luck.Eye-opening, independent-minded and insightful – if Fooled by Randomness does its job, then you’ll walk away convinced that you know even less about how the world works than before. Taleb writes incredibly smart, yet refreshingly informal, in his personal treatise on the role of randomness in life and business. This book will alter your worldview and change the way you think about perceived luck.
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