In his book Fooled by Randomness: The Hidden Role of Chance in Life and the Markets, Nassim Nicholas Taleb explains the significant but often overlooked role that luck plays in people’s lives and in the economy.
In particular, Taleb makes the case that success is more often than not the product of random chance and a string of fortunate breaks than it is of innate ability or sound reasoning. The author demonstrates that individuals believe that logic is superior, but there are many possibilities that our minds simply cannot grasp.
Furthermore, whether we acknowledge it or not, feelings influence logic. As a result, we cannot be perfectly logical since our brains were not designed to process or function in a completely unbiased manner. Taleb strongly condemns many businessmen who profess to be market forecasters. He says that they are all charlatans since the possibilities are too broad for anyone to forecast.
Another topic addressed by the author to demonstrate that humans have a tendency to rationally explain change is hindsight bias. It is a form of bias that occurs when people try to embody things that they know from hindsight to explain past events. As a result, prior occurrences appear less random than they were.
Overall, Taleb’s book is an experience since he makes the reader question their perception of things. He approaches intriguing and challenging topics in an entertaining way. His writing provokes the reader by pedantically refuting any notion that humans have a say in randomness.
