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 Author William Poundstone
ISBN-10 0809045990
ISBN-13 9780809045990
Year 2006-09-19
Pages 386
Language English
Publisher Hill and Wang
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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 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 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 marketand Fortune s Formula will convince you that he was right

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