Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets

This book examines our failures to recognise the role chance plays in life and our tendency to assign meaning to random events.

This book changed my perspective on ‘non-realized’ outcomes when analysing decisions. (eg. If a man were to get rich playing Russian roulette, can he be said to have made a good decision when one of the five alternative scenarios involved death!?)

It does not matter how frequently something succeeds if failure is too costly to bear.
Professionals forget the following reality. It is not the estimate or the forecast that matters so much as the degree of confidence with the opinion.


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