Fortune's Formula: The Untold Story of the Scientific Betting System That Beat The Casinos And Wall Street
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- Synopsis
- 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 phenomenally 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. "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 had, someone who can turn almost any technical topic into an entertaining and zesty lecture. "-The New York Times Book Review
- Copyright:
- 2005
Book Details
- Book Quality:
- Excellent
- Book Size:
- 386 Pages
- ISBN-13:
- 9780809046379
- Publisher:
- Hill and Wang
- Date of Addition:
- 04/30/14
- Copyrighted By:
- William Poundstone
- Adult content:
- No
- Language:
- English
- Has Image Descriptions:
- No
- Categories:
- History, Nonfiction
- Submitted By:
- Daproim Africa
- Proofread By:
- Daproim Africa
- Usage Restrictions:
- This is a copyrighted book.