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

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Macmillan, 01.06.2010 - 400 Seiten
30 Rezensionen

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 Street

Nutzerbericht  - 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

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

Nutzerbericht  - Mark Schulz - Goodreads

An interesting side to the genius of Claude Shannon. An enjoyable read, but I would have liked to have seen more of the maths. Now I have to read Kelly's paper. If you have an interest in the stock ... Vollständige Rezension lesen

Inhalt

ENTROPY
13
BLACKJACK
79
ARBITRAGE
115
ST PETERSBURG WAGER
179
RICO
239
BLOWING UP
275
SIGNAL AND NOISE
305
Notes
331
Bibliography
357
Acknowledgments
369
Index
371
Urheberrecht

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Über den Autor (2010)

William Poundstone is the bestselling author of nine nonfiction books, including Labyrinths of Reason and The Recursive Universe.

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