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FORTUNE'S FORMULA

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$16.95
Item #:
789
ISBN:
9780809045990
Author:
William Poundstone
Qty:
 
 
 
 
Description
Product Reviews
In 1956 two Bell Labs scientists discovered the scientific formula for getting rich. One was mathematician Claude Shannon, and 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 the roulette and blackjack tables of Las Vegas. It worked. They realized that there was even more money to be made in the stock market, specifically in the risky trading known as arbitrage. 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 and using his wealth to drop out of the scientific world. This book traces how the Kelly formula sparked controversy even as it made fortunes at racetracks, casinos, and trading desks. 386 pgs, hardcover, 2005. Also available in paperback for $15.00
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