How to Lie with statistics !
As investors , we have been bombarded by news and statistics every minutes and seconds , as we know well, some of these news been exaggerated and statistics or figures used also questionable .
We need to understand the figure behind these statistics and how is it derived to ensure that we have not been lied by statistics.
“ How to Lie with statistics “ is a fascinating and short book ( only 122 pages ) . Although this book is written in 1954 , but the contents & principles still very much relevant and just as valid in today’s context (perhaps even more so, as it's so easy to acquire statistics due to our current technology) .
Darrell Huff gives people the tools to talk back to statistics.
"There is terror in numbers and nowhere does this terror translate to blind acceptance of authority more than in the slippery world of averages, correlations, graphs, and trends. “ writes Darrell Huff......