Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
Written by William Poundstone
Narrated by Jeremy Arthur
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About this audiobook
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 phenomenonally 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.
William Poundstone
William Poundstone is the author of seventeen books including How to Predict Everything, How to Predict the Unpredictable and Are You Smart Enough to Work at Google? He has written for the Economist, New York Times, Harper’s and Harvard Business Review, among others. You can find out more about him on his website: william-poundstone.com
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