May 27, 2007

Fooled by Randomness by Nassim Taleb should be required reading for all traders and investors if only to remind oneself that most of what passes for talent, gut or genius in this business can be attributed in large part to luck and randomness.
Some flare-ups of arrogance and a very trader-like short attention span are to be reckoned with here and there in the book but overall as good an intellectual experience as one can find among the recent output on trading and the markets. Definitely a wake-up call as far as my needing to brush up on my knowledge of probability and statistics.

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