Title
Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street,Used
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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 Einsteins. The other was John L. Kelly Jr., a Texasborn, guntoting physicist. Together they applied the science of information theorythe basis of computers and the Internetto 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, PrincetonNewport Partners. Shannon became a successful investor, too, topping even Warren Buffetts rate of return. Fortunes Formula traces how the Kelly formula sparked controversyeven as it made fortunes at racetracks, casinos, and tradingdesks. It reveals the dark side of this alluring scheme, which isfounded on exploiting an insiders edge.Shannon believed it was possible for a smart investor to beatthe marketand Fortunes 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 Texasborn, guntoting physicist. Together they applied the science of information theorythe basis of computers and the Internetto 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, PrincetonNewport Partners. Shannon became a successful investor, too, topping even Warren Buffett's rate of return. Fortune's Formula traces how the Kelly formula sparked controversyeven as it made fortunes at racetracks, casinos, and tradingdesks. It reveals the dark side of this alluring scheme, which isfounded on exploiting an insider's edge.Shannon believed it was possible for a smart investor to beatthe marketand 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 LongTerm Capital Management, for one, could have avoided disaster by following the Kelly method.'Business Week 'Poundstone, a twotime 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, guntoting physicistsall 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 allthe 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 crunchersthe 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 crooked mobsters. Who would y
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- Q: How many pages does this book have? A: This book contains four hundred pages. It offers an in-depth exploration of the scientific betting system.
- Q: What are the dimensions of the book? A: The book measures six inches in length, one inch in width, and nine point zero two inches in height. This size makes it convenient for reading.
- Q: What type of binding does this book have? A: This book is bound in hardcover. This binding ensures durability and a premium feel.
- Q: Who is the author of Fortune's Formula? A: The author is William Poundstone. He is known for writing several bestselling nonfiction books.
- Q: What is the main theme of the book? A: The main theme revolves around the scientific application of information theory to gambling and investing. It delves into the life and work of Claude Shannon and John L. Kelly Jr.
- Q: Is this book suitable for beginners in investing? A: Yes, the book is suitable for beginners in investing. It explains complex concepts in an engaging and accessible manner.
- Q: Can I use this book as a reference for advanced investment strategies? A: Yes, this book can serve as a reference for advanced investment strategies. It discusses the Kelly formula, which is used by many successful investors.
- Q: Is there a specific age group recommended for readers of this book? A: This book is generally recommended for readers aged sixteen and older due to its complex themes. It is suitable for anyone interested in finance, mathematics, and gambling.
- Q: How does the book explain the Kelly formula? A: The book explains the Kelly formula through historical anecdotes and mathematical principles. It uses real-life examples from gambling and investing.
- Q: What should I do to keep this book in good condition? A: To keep this book in good condition, store it upright in a cool, dry place. Avoid exposure to direct sunlight and moisture.
- Q: Are there any special care instructions for this hardcover book? A: Yes, avoid placing heavy objects on top of the book to prevent damage. Clean the cover with a dry cloth if necessary.
- Q: What if the book arrives damaged? A: If the book arrives damaged, you should contact the seller for a return or replacement. Most sellers have policies in place for damaged items.
- Q: Is there a warranty or guarantee for this book? A: Typically, books do not come with a warranty. However, many retailers offer return policies if the book is not as described.
- Q: Can I find similar books on gambling or investing? A: Yes, you can find similar books that cover gambling and investing. Titles like 'Against the Gods' and 'Fooled by Randomness' are often recommended.
- Q: What makes this book different from other finance books? A: This book combines history, mathematics, and personal finance in a narrative style. It uniquely interweaves stories of gambling and investment strategies.
- Q: Is this book a good gift for someone interested in mathematics? A: Yes, this book makes a great gift for anyone interested in mathematics, finance, or gambling. It presents complex ideas in an engaging way.