Category: 3 – SHELF it (All Categories are 1 – Read ASAP!, 2 – BUY it!, 3 – SHELF it, 4 – SOMEDAY it)
Comments: Fooled by Randomness is classic Nassim Taleb in that it is insightful and provocative. It just didn’t hit the heights of “Skin in the Game” in terms of what I took away. Perhaps it is because I had given a lot more thought to the role of chance in our lives – the topic of this book.
Insights that resonated:
1. We habitually underestimate the role of chance in our lives.
2. On randomness and stoicism.
“Having control over randomness can be expressed in the manner in which one acts in the small and the large. Recall that epic heroes were judged by their actions, not by the results.
No matter how sophisticated our choices, how good we are at dominating the odds, randomness will have the last word. There is nothing wrong and undignified with emotions—we are cut to have them. What is wrong is not following the heroic or, at least, the dignified path.
That is what stoicism truly means. It is the attempt by man to get even with probability. Stoicism has rather little to do with the stiff-upper-lip notion that we believe it means. The stoic is a person who combines the qualities of wisdom, upright dealing, and courage. The stoic will thus be immune from life’s gyrations as he will be superior to the wounds from some of life’s dirty tricks.”