Ebook Download Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street By William Poundstone
Find many more experiences and skills by checking out Fortune's Formula: The Untold Story Of The Scientific Betting System That Beat The Casinos And Wall Street By William Poundstone This publication becomes a publication that you truly require currently, don't you? Are you still thinking that reading is nonsense activity? How silly, when many people are beginning to learn more about lots of points, will you stay completely with no progression? This is exactly what you will do to be the better individual?
Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street By William Poundstone
Ebook Download Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street By William Poundstone
Exactly how if your day is started by checking out a publication Fortune's Formula: The Untold Story Of The Scientific Betting System That Beat The Casinos And Wall Street By William Poundstone Yet, it is in your gadget? Everyone will constantly touch as well as us their device when waking up as well as in early morning tasks. This is why, we intend you to additionally check out a book Fortune's Formula: The Untold Story Of The Scientific Betting System That Beat The Casinos And Wall Street By William Poundstone If you still perplexed how you can obtain the book for your gizmo, you could follow the method below. As below, our company offer Fortune's Formula: The Untold Story Of The Scientific Betting System That Beat The Casinos And Wall Street By William Poundstone in this internet site.
Here, we have various e-book Fortune's Formula: The Untold Story Of The Scientific Betting System That Beat The Casinos And Wall Street By William Poundstone and collections to check out. We additionally offer variant kinds and sort of guides to look. The enjoyable publication, fiction, history, novel, scientific research, and other sorts of e-books are available here. As this Fortune's Formula: The Untold Story Of The Scientific Betting System That Beat The Casinos And Wall Street By William Poundstone, it becomes one of the recommended book Fortune's Formula: The Untold Story Of The Scientific Betting System That Beat The Casinos And Wall Street By William Poundstone collections that we have. This is why you are in the best website to see the remarkable e-books to possess.
Even you have guide to read only; it will certainly not make you really feel that your time is really limited. It is not only concerning the moment that could make you really feel so desired to sign up with the book. When you have selected guide to review, you could spare the moment, even couple of time to always check out. When you think that the moment is not only for getting the book, you could take it here. This is why we involve you to use the simple methods obtaining the book.
So, when you truly need the info and also knowledge related to this subject, this publication will be really excellent for you. You may not really feel that reading this book will give heavy idea to believe. It will come relying on how you take the message of the book. Fortune's Formula: The Untold Story Of The Scientific Betting System That Beat The Casinos And Wall Street By William Poundstone can be actually an option to finish your activity every day. Also it won't end up after some days; it will provide you extra relevance to expose.
- Amazon Sales Rank: #142881 in Books
- Brand: Brand: Hill and Wang
- Published on: 2005-09-14
- Released on: 2005-08-25
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x 1.00" w x 6.00" l, 1.41 pounds
- Binding: Hardcover
- 400 pages
- Used Book in Good Condition
Amazon.com Review Fortune's Formula is a fascinating study of the connections between such seemingly unrelated topics as gambling, information theory, stock investing, and applied mathematics. The story involves the stunning brainpower of men such as MIT professor Claude Shannon, who single-handedly invented information theory, the science behind the Internet and all digital media; Ed Thorpe; and John Kelly of Bell Laboratories, who developed the "Kelly criterion," a now-legendary investment strategy for maximizing growth while controlling risk. Initially, Shannon and Thorpe took Kelly's theory to Las Vegas and applied it to roulette and blackjack. Later, they took it to Wall Street and cleaned up--Shannon made a personal fortune while Thorpe created the highly successful hedge firm Princeton-Newport Partners. They both discovered that Kelly's system was particularly effective when applied to arbitrage (minute price differences that result from market inefficiencies). As Poundstone ably demonstrates, the merits of Kelly's criterion are still hotly debated today.
Poundstone has a tendency to meander in his writing, but his asides are so revealing and interesting that they add, rather than detract, from the narrative. The book also includes a cast of fascinating and colorful characters as varied as Ivan Boesky, Warren Buffet, Rudolph Giuliani, and notorious mobsters such as Bugsy Siegel and Meyer Lansky. In explaining the lasting impact of the work done by Shannon, Thorpe, and Kelly, Poundstone even explains Kelly's system for those wishing to follow his formula, offering readers both theoretical and practical lessons. Whether viewed as a how-to guide or straight scientific and financial history, Fortune's Formula proves an entertaining and illuminating analysis of "the most successful gambling system of all time." --Shawn Carkonen
From Publishers Weekly 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, Poundstone (How Would You Move Mt. Fuji?) tells not only what they did but how they did it. For 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 risk. (Thorp revealed the secret in 1966's Beat the Market, but investors proved harder to persuade than blackjack players.) Many other characters figure into Poundstone's entertaining saga: a forgotten French mathematician, two Nobel Prize–winning economists who declared war on the Kelly criterion, Rudy Giuliani, assorted mobsters, and winners and losers in all types of investing and gambling games. The subtitle is not a tease: the book explains and analyzes Kelly's system for turning small advantages into great wealth. The system works, but requires unusual amounts of patience, discipline and courage. The book is good fun for the rest of us. Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
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 Long-Term Capital Management, for one, could have avoided disaster by following the Kelly method.” --Business Week (four stars)“Poundstone, a two-time 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.com“’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 "A dazzling array of math geniuses, rogues, swindlers, Nobel Prize winners, gun-toting physicists--all 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 all–the 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 crunchers–the 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 you expect to win an intellectual battle between professional gamblers and Nobel Prize winners? This book confirms what I'd long suspected, that the successful gambler knows more about managing money than the most PhD-laden investment banker. Poundstone's book explains that knowledge, and you'll be surprised by its elegance and simplicity. A fascinating book, both a cracking good yarn and a practical guide for investment success." --Paul Wilmott, mathematician, bestselling author, and editor of Wilmott magazine
"From bookies to billionaires, you'll meet a motley cast of characters in this highly original, 'outside the box' look at gambling and investing. Read it for the stories alone, and you'll be surprised at how much else you can learn without even trying." --Edward O. Thorp, author of Beat the Dealer and Beat the Market
"What a fantabulous book! Fortune's Formula provides a deep but crystal-clear understanding of information theory, card-counting schemes, plunging necklines, mean-variance mapping, junk bonds sold short and gambler's ruin, all part of an epic suspense tale crowded with eccentric geniuses and cold-blooded killers. You'll never follow a horse race, push forward a casino chip or enter a market the same way again. Read this and weep for the edge you only thought that you had, then read it again for a real one." --James McManus, author of Positively Fifth Street
Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
By William Poundstone PDF
Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
By William Poundstone EPub
Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
By William Poundstone Doc
Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
By William Poundstone iBooks
Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
By William Poundstone rtf
Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
By William Poundstone Mobipocket
Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
By William Poundstone Kindle