The past decade has witnessed the release of many books about risk management and assessment, but none have managed to illustrate the role that random events play in life and markets as well as Nissim Nicholas Taleb’s latest work. Writing in a leisurely and personal style that makes his complex subject utterly accessible, Taleb instructs us on how to account for randomness in our decision making, and illustrates the many ways in which we confuse luck with skill. getAbstract highly recommends this book, which many investors will wish they had read in, say, 1994.
In this summary, you will learn
- The role that randomness plays in everyday life and in financial markets;
- The many ways in which people are mislead by random events into making assumptions about future success and failure, and
- How to take randomness into account in your own personal and financial decision making.
About the Author
Nassim Nicholas Taleb is the founder of Empirica Capital LLC and an adjunct professor at the Courant Institute of Mathematical Sciences of New York University. He held senior trading positions in New York and London, and worked as a floor trader in Chicago. He is the author of Dynamic Hedging, and was inducted into the Derivates Strategy Hall of Fame in 2001 for his record of debunking myths and false gurus. He received his MBA from the Wharton School at the University of Pennsylvania and has a Ph.D. from the University of Paris Dauphine.