Items related to Fortune's Formula: The Untold Story of the Scientific...

Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street

4.19 avg rating
( 3,795 ratings by Goodreads )
 
9780809045990: Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
View all copies of this ISBN edition:
 
 

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.

"synopsis" may belong to another edition of this title.

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

About the Author:
William Poundstone is the bestselling author of several nonfiction books, including Labyrinths of Reason and The Recursive Universe.

"About this title" may belong to another edition of this title.

Other Popular Editions of the Same Title

9780809046379: Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street

Featured Edition

ISBN 10: 0809046377 ISBN 13: 9780809046379
Publisher: Hill and Wang, 2005
Hardcover

9781422368107: Fortunes Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street

Hill &..., 2005
Hardcover

Top Search Results from the AbeBooks Marketplace

Seller Image

Poundstone, William
Published by Hill and Wang (2006)
ISBN 10: 0809045990 ISBN 13: 9780809045990
New Soft Cover Quantity: 20
Seller:
booksXpress
(Freehold, NJ, U.S.A.)

Book Description Soft Cover. Condition: new. Seller Inventory # 9780809045990

More information about this seller | Contact this seller

Buy New
US$ 15.66
Convert currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, rates & speeds
Stock Image

William Poundstone
Published by MacMillan Publishers (2006)
ISBN 10: 0809045990 ISBN 13: 9780809045990
New Softcover Quantity: > 20
Seller:
INDOO
(Avenel, NJ, U.S.A.)

Book Description Condition: New. Brand New. Seller Inventory # 0809045990

More information about this seller | Contact this seller

Buy New
US$ 12.02
Convert currency

Add to Basket

Shipping: US$ 3.99
Within U.S.A.
Destination, rates & speeds
Stock Image

Poundstone, William
Published by Hill and Wang (2006)
ISBN 10: 0809045990 ISBN 13: 9780809045990
New Softcover Quantity: 1
Seller:
GF Books, Inc.
(Hawthorne, CA, U.S.A.)

Book Description Condition: New. A+ Customer service! Satisfaction Guaranteed! Book is in NEW condition. Seller Inventory # 0809045990-2-1

More information about this seller | Contact this seller

Buy New
US$ 16.33
Convert currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, rates & speeds
Seller Image

Poundstone, William
Published by Hill & Wang 9/19/2006 (2006)
ISBN 10: 0809045990 ISBN 13: 9780809045990
New Paperback or Softback Quantity: 5
Seller:
BargainBookStores
(Grand Rapids, MI, U.S.A.)

Book Description Paperback or Softback. Condition: New. Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street. Book. Seller Inventory # BBS-9780809045990

More information about this seller | Contact this seller

Buy New
US$ 16.71
Convert currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, rates & speeds
Stock Image

Poundstone, William
Published by Hill and Wang (2006)
ISBN 10: 0809045990 ISBN 13: 9780809045990
New Softcover Quantity: 8
Seller:
Lakeside Books
(Benton Harbor, MI, U.S.A.)

Book Description Condition: New. Brand New! Not overstocks or remainder copy!. Seller Inventory # OTF-S-9780809045990

More information about this seller | Contact this seller

Buy New
US$ 12.74
Convert currency

Add to Basket

Shipping: US$ 3.99
Within U.S.A.
Destination, rates & speeds
Stock Image

Poundstone, William
Published by Hill and Wang (2006)
ISBN 10: 0809045990 ISBN 13: 9780809045990
New Softcover Quantity: 1
Seller:
Mega Buzz
(Bensalem, PA, U.S.A.)

Book Description Condition: New. . Seller Inventory # 531ZZZ008D1G_ns

More information about this seller | Contact this seller

Buy New
US$ 17.57
Convert currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, rates & speeds
Stock Image

Poundstone, William
Published by Hill and Wang (2006)
ISBN 10: 0809045990 ISBN 13: 9780809045990
New Softcover Quantity: 1
Seller:
Qwestbooks
(Philadelphia, PA, U.S.A.)

Book Description Condition: New. . Seller Inventory # 535ZZZ008CWK_ns

More information about this seller | Contact this seller

Buy New
US$ 17.57
Convert currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, rates & speeds
Stock Image

Poundstone, William
Published by Hill and Wang (2006)
ISBN 10: 0809045990 ISBN 13: 9780809045990
New Softcover Quantity: 1
Seller:
Vital Products
(Southampton, PA, U.S.A.)

Book Description Condition: New. . Seller Inventory # 536ZZZ008DFU_ns

More information about this seller | Contact this seller

Buy New
US$ 17.57
Convert currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, rates & speeds
Stock Image

Poundstone, William
Published by Hill and Wang (2006)
ISBN 10: 0809045990 ISBN 13: 9780809045990
New Softcover Quantity: 1
Seller:
BookShop4U
(PHILADELPHIA, PA, U.S.A.)

Book Description Condition: New. . Seller Inventory # 52ZZZZ008CT6_ns

More information about this seller | Contact this seller

Buy New
US$ 17.57
Convert currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, rates & speeds
Stock Image

Poundstone, William
Published by Hill and Wang (2006)
ISBN 10: 0809045990 ISBN 13: 9780809045990
New Softcover Quantity: 1
Seller:
Bookhouse
(Philadelphia, PA, U.S.A.)

Book Description Condition: New. . Seller Inventory # 532ZZZ008CYA_ns

More information about this seller | Contact this seller

Buy New
US$ 17.57
Convert currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, rates & speeds

There are more copies of this book

View all search results for this book