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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 William Poundstone’s Fortune’s Formula will convince you that he was right.
ASIN : 0809045990
Publisher : Hill and Wang
Publication date : September 19, 2006
Edition : First Edition
Language : English
Print length : 386 pages
ISBN-10 : 9780809045990
ISBN-13 : 978-0809045990
Item Weight : 2.31 pounds
Dimensions : 5.4 x 1.2 x 8.2 inches
Customers say
Customers find the book engaging, comparing it to a gangster racketeering novel, and appreciate its fascinating history of information theory. Moreover, the book features interesting characters, with one customer highlighting the incredible amount of information about dozens of world gamblers. Additionally, customers value the math content, with one noting the eleven-page bibliography, and find it well worth the money.
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