Fortune’s Formula: The Untold Story of the Scientific Betting System That Beat t

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Description

Cover

Fortune”s Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street

William Poundstone

ISBN:

9780809045990

Format:

Paperback

Pages:

386

Dimensions:

21 x 14 cm

Publisher:

Hill & Wang

Pub. year:

2006

Condition:

Brand new, unused

Please note that cover art may differ from the image displayed as publishers update covers occasionally. We usually send the latest version of the item. If you require a specific cover please contact us before buying.

Description

In 1956 two Bell Labs scientists discovered the scientific formula for getting rich. One was mathematician Claude Shannon, neurotic father of our digital age, whose genius is ranked with Einstein’s. The other was John L. Kelly Jr., a Texas-born, gun-toting physicist. 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 fast as possible.
Shannon and MIT mathematician Edward O. Thorp took the “Kelly formula” to Las Vegas. It worked. They realized that there was even more money to be made in the stock market. Thorp used the Kelly system with his phenomenonally successful hedge fund, Princeton-Newport Partners. Shannon became a successful investor, too, topping even Warren Buffett’s rate of return. “Fortune’s Formula “traces how the Kelly formula sparked controversy” “even as it made fortunes at racetracks, casinos, and trading” “desks. It reveals the dark side of this alluring scheme, which is” “founded on exploiting an insider’s edge.
“”
Shannon believed it was possible for a smart investor to beat” “the market–and “Fortune’s Formula “will convince you that he was right.

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Additional information

Format

Paperback

Language

English

ISBN

9780809045990