fortune's formula free pdf download
It looks like you're offline.
Fortune's Formula
The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
by William Poundstone
- ★ ★ ★ ★ 4.20
- 5 Ratings
- 39 Want to read
- 1 Currently reading
- 6 Have read
This edition was published in August 25, 2005 by Hill and Wang
Written in English
— 400 pages
This book is about Kelly's criterion developed in 1956 by two scientists (John Kelly Jr. and Claude Shannon) at Bell Labs for the transmission of information over copper wires but who immediately realized its application to gaming and investing. Many more professional gamblers used the formula than investors. One investor Edward Thorpe used it both to beat the casino's and as a hedge fund manager to beat the market. THE FORMULA does not tell one how to find edge but once one does the formula indicates how much one should bet to maximize the creation of wealth. Be warned that the use of a full Kelly will result in much volatility in the size of one's trading account. Many use a 1/2 Kelly which decrease volatility by 90% but decreases the size of the account after a 1000 trades by only 25%.
Read more
Read less
Previews available in: English
| Edition | Availability |
|---|---|
| 1 Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street Jun 01, 2010, Hill and Wang digital 0374707081 9780374707088 | zzzz
Libraries near you: WorldCat |
| 2 Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street September 19, 2006, Hill and Wang Paperback in English 0809045990 9780809045990 | zzzz
Libraries near you: WorldCat |
| 3 Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street August 25, 2005, Hill and Wang Hardcover in English 0809046377 9780809046379 | aaaa
Libraries near you: WorldCat |
Download for print-disabled Add another edition?
Fortune's Formula
The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
First published in 2005
Work Description
This book is about Kelly's criterion developed in 1956 by two scientists (John Kelly Jr. and Claude Shannon) at Bell Labs for the transmission of information over copper wires but who immediately realized its application to gaming and investing. Many more professional gamblers used the formula than investors. One investor Edward Thorpe used it both to beat the casino's and as a hedge fund manager to beat the market. THE FORMULA does not tell one how to find edge but once one does the formula indicates how much one should bet to maximize the creation of wealth. Be warned that the use of a full Kelly will result in much volatility in the size of one's trading account. Many use a 1/2 Kelly which decrease volatility by 90% but decreases the size of the account after a 1000 trades by only 25%.
Fortune's Formula
The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
This edition was published in August 25, 2005 by Hill and Wang
"THE STORY STARTS with a corrupt telegraph operator."
- Library of Congress
- HV6710 .P68 2005
No community reviews have been submitted for this work.
| July 15, 2019 | Edited by MARC Bot | import existing book |
| October 6, 2016 | Edited by Richard Sposato | better phrasing |
| October 6, 2016 | Edited by Richard Sposato | Edited without comment. |
| April 28, 2010 | Edited by Open Library Bot | Linked existing covers to the work. |
| October 18, 2009 | Created by WorkBot | add works page |
Posted by: lurawillinghame0191195.blogspot.com
Source: https://openlibrary.org/works/OL118144W/Fortune%27s_Formula