Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
| Author | : | |
| Rating | : | 4.74 (854 Votes) |
| Asin | : | B072VX7DCS |
| Format Type | : | |
| Number of Pages | : | 494 Pages |
| Publish Date | : | 2017-07-06 |
| Language | : | English |
DESCRIPTION:
One was mathematician Claude Shannon, neurotic father of our digital age, whose genius is ranked with Einstein's. Shannon and MIT mathematician Edward O. Thorp took the "Kelly formula" to Las Vegas. Fortune's Formula traces how the Kelly formula sparked controversy even as it made fortunes at racetracks, casinos, and trading desks. Shannon became a successful investor, too, topping even Warren Buffett's rate of return. It reveals the dark side of this alluring scheme, which is founded on exploiting an insider's edge. It worked. Thorp used the Kelly system with his phenomenally successful hedge fund, Princeton-Newport Partners. Together they applied the science of information theory - the basis of computers and the Internet - to the problem of making as much money as possible as fa
Very good book talking about the fundamentals between logic, information and probability Zizhuo Wang This book talks about the fundamentals about logic, information and probability. It talks a lot about Claude Shannon's story which is very attractive to me. And then it discusses the generation of information theory and the essence of it. As a scientific researcher in a very much related field (operations research), I find the discussion precise and accurate. It also talks about the story about several other important figures in the development of information theory, such as Kelly, Thorpe etc. In particular, it i. Ed Thorp the true genius Love the story about Kelly formula.Ed Thorp is very curious and brilliant. He tests the Kelly formula on gambling and investing. And made a lot of money.He further develops new tools for both gambling and investment, making more money. In fact, Thorp has one of the best track records in investing.The book also talks about Claude Shannon, a great mathematician and a great investor.Overall, a highly recommended book.. A. Brenninkmeijer said Entertaining and helps you understand investing. Excellent, educational and entertaining. Now I understand much more of the investing advice Warren Buffett gives and Charlie Munger's advice on understanding probablilities. The difference between geometric and mathematically averages, etc, etc. Fantastic.