Sinewave Securities

The book as the title suggest Fooled by Randomness brings out the role of chance and luck over widely proclaimed qualities marketed more often in the world of randomness. It lays an alternative perspective to various aspects like luck, probability, theory etc. As Taleb proclaims in the preface “my motto is to tease those who take themselves and quality of their knowledge too seriously”. Being a mathematician and an long standing advocate of probability theory Taleb does not refrain from trolling the concept of “certain knowledge” and its practitioners. Qualities like perseverance, persistence and doggedness may be necessary but not enough  in order to win. The prologue gives brief outline regarding the flow of the book and what does it stand for. It lays down the “Table of confusion” covering the central distinctions used in the book.

Nasim gives a brief intro about Procrustes. A cruel ruler who put small people on large beds and large ones on the small to torture them. While he distinguishes between the bed and the person lying on the bed situation- Taleb shares that rather than changing the beds, the person who lays on them can be provided with worldly knowledge and saved from Procrustes's torture. Taleb gives some plain aphorisms, in his own blunt and bold manner. The Taleb way has always been harsh and brutal but the credibility with which he comes just overpowers everything. I have quoted a few of them here :  1. Your brain is more intelligent when you don't instruct it on what to do -ideas while walking, shower. 2. Life is repetitive stress injury - Eg gym, work and home over and over. 3. MORE THE PRECISION MORE DEAD YOU ARE. 4. If anger is increasing you are getting injustice, if decreasing you are doing injustice. 5. Nothing is more permanent than temporary arrangements -truces, deficits and r...