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Fortunes Formula The Untold Story Of The Scientific Betti

 
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MessagePosté le: Dim 9 Juil - 18:34 (2017)    Sujet du message: Fortunes Formula The Untold Story Of The Scientific Betti Répondre en citant


Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
by William Poundstone
rating: 4.3 (148 reviews)


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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 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 market―and Fortune's Formula will convince you that he was right.



Details:
rank: #19,555
price: $10.47
bound: 386 pages
publisher: Hill and Wang; 1st edition (September 19, 2006)
lang: English
asin:
isbn: 0809045990, 978-0809045990,
weight: 13.4 ounces (
filesize:



Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street William Poundstone
Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street book SkyDrive Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street free fb2





He was a smart guy who lived modestly, made some smart stock picks, never sold them, and hit really big on one of them, but I certainly wouldn't call him an investor who beat Wall StreetPermission to reproduce the material in any manner or medium must be secured from the PublisherPublisher's Description In 1956 two Bell Labs scientists discovered the scientific formula for getting richShe tried to convince Claude to seek psychiatric helpFor roulette, Poundstone shows, Thorp and Shannon used a betting scheme invented by Shannon's Bell Labs colleague John Kelly, eventually applying Kelly's technique to investing, resulting in long-term records of extraordinary return with low riskFrom 1958 through 1974, he published only nine articlesShop Now Apr 09, 2016 Matt Austin rated it it was amazing While this book has its ups and downs, the majority of the book is extremely interestingShannons reputation burgeonedSee next articles See previous articles Site Navigation Site Mobile Navigation Advertisement Supported by Sunday Book Review 'Fortune's Formula': Wanna Bet? By DAVID POGUESEPT

Vannevar Bush was so impressed that he insisted that the mathematics department accept Shannon for his doctoral workflag 2 likesLike see review Ed could get six glasses from a pack for a penny profitThe fast-paced tale begins with the history of the "private wire" in gaming, an informational edge that allows one party to bet with a durable advantageAt its heart, Kelly works because of the law of large numbers, which says that the percentage of a given outcome approaches the expected percentage as the number of iterations increases

Youd better be prepared for themIt 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 rightEssentially the formula gives the optimal size of bets in order to win as much as possible over time while reducing the risk of ruinWeaver praised his work; then this too was cut shortBlends Mafia stories, Bell Lab star's anecdotes, gambling, a compelling betting and investment strategy via Kelly criterion and Wall Street greed storiesOne was mathematician Claude Shannon, neurotic father of our digital age, whose genius is ranked with Einstein'sShannon and MIT mathematician took the formula to Vegas and soon realized there was even more money to be made in the stock marketSince you bet only a prescribed fraction of what you've currently got, you can never run out of money." Newsletter Sign Up Continue reading the main story Please verify you're not a robot by clicking the boxAccording to this book, smart real-world folks have often used the Kelly Criterion or variants, while academic economists vehemently slammed itIt's those stories that provide a selective picture of our civilization, a sociological survey of how risk is taken

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 possibleFortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street brings together gaming, mathematics, and investing in a fascinating and applicable storyMathematically, this makes the theory and formula simplerYet Bush worried about ShannonIt's just not as cohesive as I would preferwho was a mathematician at Bell Labs in the 1950sIn market parlance, the correct percentage of a portfolio's equity allocated to a position should be based upon the variance of the probability of the upside over the downside compared to the market price all divided by the market's implied probability, which is the odds that the capital markets offerThe gift consists of one million dollars to be invested entirely in stocks, with the university limited to withdrawing only 2 percent a yearPoundstone goes them one better by showing how hedge fund Long-Term Capital Management, for one, could have avoided disaster by following the Kelly method.” Business Week (four stars)“'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 5d8a9798ff



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