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Fortune's formula : the untold story of the scientific betting system that beat the casinos and Wall Street by William Poundstone is a science book available to read on EtoBox.

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"In 1956 two Bell Labs scientists discovered the scientific formula for getting rich. One was the mathematician Claude Shannon, neurotic father of our digital age, whose genius is ranked with Einstein's. The other was John L. Kelly, Jr., a gun-toting Texas-born 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. 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. The cast

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Author

William Poundstone

Publisher

Hill and Wang

Published

2019

Language

EN

ISBN

9780809046379

Category

science

Subjects

Social Science, Fiction, Finance

Rating

4.17 / 5 (71 ratings)

Updated

2026-03-14