Book Review – Fooled by Randomness

Image: Fooled by Randomness by Lucy Lantz (CC BY-NC-ND)

5 out of 5 stars

Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets by Nassim Taleb is one of most outstanding books I have read. Taleb is an engaging and unique narrator, adept at illustrating complex concepts and applying them to everyday life. His book is divided into three parts, each of which is scattered with insights and stories, which, when combined with Taleb’s narration style and frank skepticism, make a book about probability surprisingly gripping.

The first section of Taleb’s book addresses his view of probability and its influence on our lives. He supports his logical, unusual take on the world through revealing his own experiences as well as referencing relevant, if largely ignored, historical figures. I personally found this section to be the most enjoyable to read, due to its freshness and organization. 

The second part of the book explains the cognitive biases we as human beings are all prone to. Taleb focuses on the survivorship bias, commonly known as “monkeys on typewriters,” and how it influences our perception of probability and success.

Taleb concludes his book by examining biases and probability in his own life and how he attempts to remain logical despite human irrationality. This section is less focused but provides valuable advice.

While I thoroughly enjoyed Fooled by Randomness, it is by no means perfect. Taleb presents himself as a selfish, disagreeable man, and his book is riddled with grammatical errors, which Taleb admits he refused to fix. Fooled by Randomness is a complex book that requires effort to digest, however, it offers a new perspective on the world. I rate Fooled by Randomness 5 out of 5 stars, and I would recommend that any aspiring skeptics add it to their reading list.