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

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

William Poundstone

4.9/5 (15858 ratings)

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. William Poundstone is the bestselling author of nine nonfiction books, including Labyrinths of Reason and The Recursive Universe . 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. " Fortune's Formula may be the world's first history book, gambling primer, mathematics text, economics manual, personal finance guide and joke book in a single volume. Poundstone comes across as the best college professor you ever hand, someone who can turn almost any technical topic into an entertaining and zesty lecture."— The New York Times Book Review " Fortune's Formula may be the world's first history book, gambling primer, mathematics text, economics manual, personal finance guide and joke book in a single volume. Poundstone comes across as the best college professor you ever hand, someone who can turn almost any technical topic into an entertaining and zesty lecture."— The New York Times Book Review "Seldom have true crime and smart math been blended together so engagingly"— The Wall Street Journal"An amazing story that gives a big idea the needed star treatment . . . Fortune's Formula will appeal to readers of such books as Peter L. Bernstein's Against the Gods , Nassim Nicholas Taleb's Fooled by Randomness , and Roger Lowenstein's When Genius Failed . All try to explain why smart people take stupid risks. Poundstone goes them one better by showing how hedge fund Long-Term Capital Management, for one, could have avoided disaster by following the Kelly method."— Business Week "Poundstone, a two-time Pulitzer Prize nominee, takes us from chalkboard to stock market and back as he explains the 'Kelly formula' for gambling through the lives of those who developed and exploited the system. It is a rollicking tale about money, mathematics and greed."— Bloomberg "A dazzling array of math geniuses, rogues, swindlers, Nobel Prize winners, gun-toting physicists—all massaging the formulas that give them an edge in creating fortunes."— George J. W. Goodman (aka "Adam Smith"), author of The Money Game and Supermoney "This is a wonderful tale of how mathematics got married to gambling and went off to honeymoon in Las Vegas, before finding ultimate happiness in the biggest casino of all—the world financial markets. Poundstone has produced a rogues' gallery of mobsters and mathematicians, kneecappers and handicappers, card sharps, professors, systems players, numbers runners, and number crunchers—the best 'investment advisers' you can find. Anyone interested in playing the markets should buy this book and read it immediately."— Thomas A. Bass, author of The Eudaemonic Pie and The Predictors "The true story of the intertwining lives of financial legends, mathematical geniuses and crook...We have made it easy for you to find a PDF Ebooks without any digging. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street. To get started finding Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street, you are right to find our website which has a comprehensive collection of manuals listed.
Our library is the biggest of these that have literally hundreds of thousands of different products represented.

Pages: —

Format: PDF, EPUB & Kindle Edition

Publisher: —

Release: —

ISBN: 0809046377

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. William Poundstone is the bestselling author of nine nonfiction books, including Labyrinths of Reason and The Recursive Universe . 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. " Fortune's Formula may be the world's first history book, gambling primer, mathematics text, economics manual, personal finance guide and joke book in a single volume. Poundstone comes across as the best college professor you ever hand, someone who can turn almost any technical topic into an entertaining and zesty lecture."— The New York Times Book Review " Fortune's Formula may be the world's first history book, gambling primer, mathematics text, economics manual, personal finance guide and joke book in a single volume. Poundstone comes across as the best college professor you ever hand, someone who can turn almost any technical topic into an entertaining and zesty lecture."— The New York Times Book Review "Seldom have true crime and smart math been blended together so engagingly"— The Wall Street Journal"An amazing story that gives a big idea the needed star treatment . . . Fortune's Formula will appeal to readers of such books as Peter L. Bernstein's Against the Gods , Nassim Nicholas Taleb's Fooled by Randomness , and Roger Lowenstein's When Genius Failed . All try to explain why smart people take stupid risks. Poundstone goes them one better by showing how hedge fund Long-Term Capital Management, for one, could have avoided disaster by following the Kelly method."— Business Week "Poundstone, a two-time Pulitzer Prize nominee, takes us from chalkboard to stock market and back as he explains the 'Kelly formula' for gambling through the lives of those who developed and exploited the system. It is a rollicking tale about money, mathematics and greed."— Bloomberg "A dazzling array of math geniuses, rogues, swindlers, Nobel Prize winners, gun-toting physicists—all massaging the formulas that give them an edge in creating fortunes."— George J. W. Goodman (aka "Adam Smith"), author of The Money Game and Supermoney "This is a wonderful tale of how mathematics got married to gambling and went off to honeymoon in Las Vegas, before finding ultimate happiness in the biggest casino of all—the world financial markets. Poundstone has produced a rogues' gallery of mobsters and mathematicians, kneecappers and handicappers, card sharps, professors, systems players, numbers runners, and number crunchers—the best 'investment advisers' you can find. Anyone interested in playing the markets should buy this book and read it immediately."— Thomas A. Bass, author of The Eudaemonic Pie and The Predictors "The true story of the intertwining lives of financial legends, mathematical geniuses and crook...We have made it easy for you to find a PDF Ebooks without any digging. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street. To get started finding Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street, you are right to find our website which has a comprehensive collection of manuals listed.
Our library is the biggest of these that have literally hundreds of thousands of different products represented.

Special Offer | $0.00

Special Offer! | $0.00

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

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

More Books

Priceless: The Myth of Fair Value (and How to Take Advantage of It)

Priceless: The Myth of Fair Value (and How to Take Advantage of It)

Prisoner's Dilemma: John von Neumann, Game Theory, and the Puzzle of the Bomb

Prisoner's Dilemma: John von Neumann, Game Theory, and the Puzzle of the Bomb

Are You Smart Enough to Work at Google?

Are You Smart Enough to Work at Google?

Carl Sagan: A Life in the Cosmos

Carl Sagan: A Life in the Cosmos

Labyrinths of Reason: Paradox, Puzzles and the Frailty of Knowledge

Labyrinths of Reason: Paradox, Puzzles and the Frailty of Knowledge

Priceless: Summary of the Key Ideas - Original Book by William Poundstone: The Myth of Fair Value (and How to Take Advantage of It)

Priceless: Summary of the Key Ideas - Original Book by William Poundstone: The Myth of Fair Value (and How to Take Advantage of It)

How Would You Move Mount Fuji? Microsoft's Cult of the Puzzle--How the World's Smartest Companies Select the Most Creative Thinkers

How Would You Move Mount Fuji? Microsoft's Cult of the Puzzle--How the World's Smartest Companies Select the Most Creative Thinkers

Rock Breaks Scissors: A Practical Guide to Outguessing and Outwitting Almost Everybody

Rock Breaks Scissors: A Practical Guide to Outguessing and Outwitting Almost Everybody

Head in the Cloud: Why Knowing Things Still Matters When Facts Are So Easy to Look Up

Head in the Cloud: Why Knowing Things Still Matters When Facts Are So Easy to Look Up