60 pages 2 hours read

Nassim Nicholas Taleb

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

Nonfiction | Book | Adult | Published in 2001

A modern alternative to SparkNotes and CliffsNotes, SuperSummary offers high-quality Study Guides with detailed chapter summaries and analysis of major themes, characters, and more.

Prologue

Chapter Summaries & Analyses

Prologue Summary: “Mosque in the Clouds”

In the Prologue, Taleb introduces the book’s main topic: “luck disguised and perceived as nonluck (that is, skills)” (26). Taleb says that humans are not very far removed from their ancestors and that much of how humans perceive the world is influenced by their primal nature: “We are still very close to our ancestors who roamed the savannah. The formation of our beliefs is fraught with superstitions—even today” (26). He connects the “primitive” tendency toward superstition to certain patterns of thought, such as the “literary mind,” that lead people to mistake noise for meaning. Symbolism, Taleb claims, is “the child of our inability and unwillingness to accept randomness” (27). Taleb also claims that randomness is consistently overlooked as a causal factor, particularly by experts in economics. As a result of these tendencies, Taleb claims that risk-takers in general are not courageous; rather, they experience delusions and underestimate randomness.

Taleb presents the thesis of the book in the form of a table that highlights the ways people mistakenly attribute a cause, such as “skill,” to an outcome that is actually the result of luck. Taleb announces that his aim is “to defend science (as a light beam across the noise of randomness) and to attack the scientist when he strays from his course” (31).

Related Titles

By Nassim Nicholas Taleb

Study Guide

logo

Antifragile

Nassim Nicholas Taleb

Antifragile: Things That Gain from Disorder

Nassim Nicholas Taleb

Study Guide

logo

The Black Swan

Nassim Nicholas Taleb

The Black Swan: The Impact of the Highly Improbable

Nassim Nicholas Taleb