fortune’s formula
Post on 01-Apr-2015
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THE UNTOLD STORY OF THE SCIENTIFIC BETTING SYSTEM
THAT BEAT THE CASINOS AND WALLSTREEET
William Poundstone
Fortune’s Formula
About the BookWilliam PoundstoneNon-fiction400 pagesPublished in 2005
What’s it about?Risk managementMobstersBlackjack, rouletteArbitrageHedge fundsMathematical modeling
OVERVIEW
Ed ThorpMIT mathematicianDeveloped “card counting” in blackjackSuccessful hedge fund manager
John KellyDeveloped the “Kelly formula”Quantifies economic advantages
Claude ShannonSuccessful investorFrom 1966-1986, produced returns of 28%
CHARACTERS
THE END
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