Monday, September 22, 2008

Why do I buy books

Old Books
I always read books twice. If possible within 6 months. I have experienced that re-reading a book within that duration ensures long term memory retention. That is why I need to buy books. So every book that I discuss on this blog has been purchased by me. Some on Amazon but most during trips. Nothing beats reading something interesting while waiting at airports.

Right now I am re-reading Fooled By Randomness by Nassim Nicholas Taleb. It has been dubbed "One of the smartest books of all time' by Fortune. I would agree, although I cannot claim any mastery over economics and finance.

The following extracts from the preface of the 2nd edition will tell you what to expect:

"Past events will always look less random that they were (it is called hindsight bias)."

"... we don't have much of a clue in the social "sciences" like economics in spite of the fanfares of experts."

"... the kind of luck in finance is of the kind nobody understands but most operators think they understand ..."

This is just the book I need to read (re-read?) to put the Wall St. happenings in perspective.

Note: The photograph used belongs to Zsuzsanna Kilián. Please go here to see more such photographs.

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