Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
Macmillan, 01.06.2010 - 400 Seiten
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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Review: Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall StreetNutzerbericht - Goodreads
Mostly this book is good and in parts it's great. The great parts are around the biographical sections relating to Shannon and the use of the Kelly formula in famous financial investment firm ... Vollständige Rezension lesen
Review: Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall StreetNutzerbericht - Chris Peterson - Goodreads
The nerd in me expected more discussion of how/why the Kelly criterion formula works. More of a history book than a math/gambling book. Vollständige Rezension lesen
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