Fooled By Randomness

By: Nassim Nicholas Taleb

 

Hands down my favorite Michael Lewis book, short and sweet. Boomerang is packed with insightful information about the 2008 financial crisis. Lewis takes a sort of world tour where he summarizes his travels to Ireland, Iceland, Greece and Germany. In each chapter he explains his findings and observations of the country he is currently visiting. Lewis embarks on this journey to find answers to questions he had in regards to the 2008 financial crisis.

 

When visiting each of the countries, he meets with important figures and shares a vast amount of detail in regard to the business practices in each of the countries. What he shares explains the root of each country's trigger in the financial meltdown. In Greece for example, normal civilians don't pay taxes to the government. It is common practice to simply pay-off the tax man. The country doesn't even have an official real estate record. This means the buying and selling of homes is done completely off the books. The true value of majority of Greece's real estate is kept a secret to the government. Lewis actually sat down with locals in Greece to acquire much of this information and also made connections to how these issues contributed to the 2008 crisis. Although this book answered a lot of questions I had about 2008, it left me with even more. I anticipate Lewis to release a sort of 'sequel' to this fascinating book. 

Is this Book for You?

If you're a fan of any other Michael Lewis book, this book is a must read. It will provide you with an inside scoop, a new perspective on the most recent recession.  

 

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