In “Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets,” Lebanese American essayist Nassim Nicholas Taleb discusses cognitive biases and irrationalities that drive human behavior and decision-making.
Principal ideas:
- Luck, chance, and randomness play a larger role in the happenings of the world than most people acknowledge.
- People tend to justify random outcomes as non-random and rationalize chance outcomes as results of deliberate actions.
- Correlation does not translate to causation.
- People tend to assume patterns in their analysis even when such patterns do not exist.
- Variations in performance and ability can cause disproportionate rewards, difficulties, punishments, or returns.



No other holiday boasts a richer variety of rituals, traditions, and customs. Christmas celebrations vary around the world in length and style. The Christians attend midnight or Christmas day Church services and set up a Tyrolean crib at home featuring the town of Bethlehem and the manger to commemorate the birth of Jesus Christ.
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