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Liong's Reviews > Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets
Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets (Incerto Book 1)
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Liong's review
bookshelves: economics, education, management, philosophy, psychology, science
Apr 30, 2024
bookshelves: economics, education, management, philosophy, psychology, science
This is the first book I've read that suggests success is often more about luck than skill.
Can we create our luck? 🤔 I hope so..... 😅
We frequently mistake random chance for skill, particularly in life and financial markets.
The book highlights how unexpected events, like Black Swans, can lead to significant swings.
It's important not to be misled by short-term wins or losses because there are things we simply can't predict or control.
Humans tend to seek patterns and explanations even when events are purely random.
The first book in Nassim Nicholas Taleb's Incerto series (Incerto Book 1 of 5)
Can we create our luck? 🤔 I hope so..... 😅
We frequently mistake random chance for skill, particularly in life and financial markets.
The book highlights how unexpected events, like Black Swans, can lead to significant swings.
It's important not to be misled by short-term wins or losses because there are things we simply can't predict or control.
Humans tend to seek patterns and explanations even when events are purely random.
The first book in Nassim Nicholas Taleb's Incerto series (Incerto Book 1 of 5)
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Reading Progress
April 24, 2024
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Started Reading
April 24, 2024
– Shelved
April 24, 2024
– Shelved as:
economics
April 24, 2024
– Shelved as:
education
April 24, 2024
– Shelved as:
management
April 24, 2024
– Shelved as:
psychology
April 24, 2024
– Shelved as:
philosophy
April 24, 2024
– Shelved as:
science
April 30, 2024
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Finished Reading
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Barbara
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Apr 30, 2024 04:51AM
I agree, we have difficulty with random chance events. Great review Liong. Cheers to creating good luck!!
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Barbara wrote: "I agree, we have difficulty with random chance events. Great review Liong. Cheers to creating good luck!!"Thank you for your good luck, Barbara.
Daniel Ray wrote: "Do you believe it?"At this moment, I agree with Nassim Taleb.
Thomas Jefferson said, “I am a great believer in luck, and the harder I work, the more I have of it,” I always like your reviews on books I never thought I would enjoy. I think it’s your interpretation. :)
Thank you, Lynn.“Luck Is What Happens When Preparation Meets Opportunity" by Seneca.
We don't know when the Black Swan comes.
Aha! That quote is another agreement that we do indeed make our own luck… mostly.
Lynn wrote: "Aha! That quote is another agreement that we do indeed make our own luck… mostly."😂
To some it is a lucky role of the dice. To others it is the hand of God. Our actions improve our chances. Nice review, Liong.
Joe wrote: "To some it is a lucky role of the dice. To others it is the hand of God. Our actions improve our chances. Nice review, Liong."Nice comment, Joe.
It’s definitely all luck when someone hits the lottery. Terrific review, Liong! 😎
Zain wrote: "It’s definitely all luck when someone hits the lottery. Terrific review, Liong! 😎"Thank you, Zain.
"Can we create our luck?"Yeah, it's called an understanding of the stats and patterns. JMHO Personally, I don't believe in luck. I think that so much of what people believe is luck is nothing more than a pattern of statistics and probabilities.
There is something to be said for studying and understanding patterns. Yes, there are risks and probabilities, but the more you understand these, the less likely results will be totally random. Of course, this opinion (and it is simply that, my opinion) is regarding your reference to changing one's luck towards the market. That same question in regards to life is a whole other matter.
Donne wrote: ""Can we create our luck?"Yeah, it's called an understanding of the stats and patterns. JMHO Personally, I don't believe in luck. I think that so much of what people believe is luck is nothing mor..."
That is a good opinion from you. Donne. I like to listen to more opinions. Thank you for sharing your comment.
I always find these topics so interesting. There are many books about positive energy drawing positivity to your life… but then I wonder about the people that have terrible events happen and can’t believe they are causing them. So I believe in positivity but I also believe in luck and randomness and uncertainty. But living with a positive spirit will bring you more happiness regardless so that’s my inspiration. I’m off track but it sounds like an interesting book 😊
Keri wrote: "I always find these topics so interesting. There are many books about positive energy drawing positivity to your life… but then I wonder about the people that have terrible events happen and can’t ..."Well said, Keri. Thank you for your comment. 😉
