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Chapter Overview
Chapter 1: AudiobookHub Recommendation
Chapter 2: No theory is ever certain; constant change means the very next observation could overturn our assumptions and prove us mistaken.
Chapter 3: Life is uneven and non-linear; the most skilled don’t always triumph.
Chapter 4: Our thinking is context-bound and largely relies on simple heuristics.
Chapter 5: Emotions aid decision-making, yet they can overpower our ability for rational thought at times.
Chapter 6: Looking back, we inevitably spot patterns, causes, and explanations, yet they’re mostly useless for forecasting what comes next in the future.
Chapter 7: We are naturally bad at grasping the effects of rare events.
Chapter 8: Savor benign randomness and apply stoicism to manage the harmful kind.
Chapter 9: In media and markets alike, random noise isn’t worth paying attention to at all.
Description
Fooled by Randomness (2001) is a collection of essays on the impact of randomness on financial markets and life itself. Through a mixture of statistics, psychology and philosophical reflection, the author outlines how randomness dominates the world.
Who Should Listen
- Investors and financial professionals who think they understand the nature of risk and performance
- Anyone interested in human decision-making
- Anyone who reads the newspaper every day to gain valuable information