Download - Fortune’s Formula
Transcript
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THE UNTOLD STORY OF THE SCIENTIFIC BETTING SYSTEM
THAT BEAT THE CASINOS AND WALLSTREEET
William Poundstone
Fortune’s Formula
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About the BookWilliam PoundstoneNon-fiction400 pagesPublished in 2005
What’s it about?Risk managementMobstersBlackjack, rouletteArbitrageHedge fundsMathematical modeling
OVERVIEW
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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
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THE END