| Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street Contributor(s): Poundstone, William (Author) |
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ISBN: 0809045990 ISBN-13: 9780809045990 Publisher: Hill & Wang OUR PRICE: $18.00 Product Type: Paperback - Other Formats Published: September 2006 Annotation: In 1961, MIT mathematics professor Ed Thorp made a small Vegas fortune by "counting cards"; his 1962 bestseller, "Beat the Dealer," made the phrase a household word. With Claude Shannon, the father of information theory, Thorp next conquered the roulette tables. In this prosaic but fascinating cultural history, the author tells not only what they did but how they did it. |
| Additional Information |
| BISAC Categories: - Games & Activities | Gambling - General (see Also Self-help - Compulsive Behavior) - Business & Economics | Investments & Securities - Stocks - Business & Economics | Personal Finance - Investing |
| Dewey: 795.015 |
| Physical Information: 1.1" H x 5.5" W x 8.2" (0.75 lbs) 408 pages |
| Descriptions, Reviews, Etc. |
| Publisher 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 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. |
Contributor Bio(s): Poundstone, William: - William Poundstone is the bestselling author of more than a dozen nonfiction books, including Fortune's Formula, Gaming the Vote and Priceless. His books Labyrinths of Reason and The Recursive Universe were both nominated for the Pulitzer Prize. |