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Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street

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 Fortune?s Formula will convince you that he was right.
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Paperback, Fortune's Formula: The...

In 1961, MIT mathematics professor Ed Thorp made a small Vegas fortune by counting cards ; his 1962 bestseller, Beat...

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Fortune's Formula: The Untold Story...

William Poundstone / 2006 / 386 pages Books

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Fortune's Formula: The Untold Story...

Investments and Securities - General Business & Economics - In 1956 two Bell Labs scientists discovered the...

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Pages: 400, Edition: 1st, Paperback, Hill and Wang

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ProductReviews83/100 (63 Reviews)

Recent Reviews

5/5
From: Amazon
Posted: Aug-15-2009
Kelly formula for calculating investment bets

I picked up this book because Mohnish Pabrai, the author of The Dhandho Investor, recommended it. The author describes the Kelly Formula that was developed by John Kelly at Bell Labs in New Jersey and applied by the individuals featured...

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4/5
From: Amazon
Posted: Jun-28-2009
Quick, entertaining, informative

FF is a gentle introduction to information science and the 'science' of gambling and the stock market. Well worth the read. Fans of WP might be interested to know: FF is something of a departure from WP's earlier books, which are...

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1/5
From: Amazon
Posted: May-12-2009
adjectively and adverbly stretched introduction to the subject

The cover says this is the "untold story" and it's no wonder why--I really wonder if William Poundstone is enjoying playing a great joke on his agent and publisher - or helping them put over a huge joke on us. The back of the book says...

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5/5
From: Amazon
Posted: Nov-23-2008
Enjoyable and inspiring tale

It might be a matter of personal taste, since I've found other reviewers with exactly the opposite opinion, but I really enjoyed the book and, given the fact that English is not my first language, it can't be possibly be written as badly...

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Selected Reviews

5/5
From: Amazon
Posted: Aug-15-2009
Kelly formula for calculating investment bets

I picked up this book because Mohnish Pabrai, the author of The Dhandho Investor, recommended it. The author describes the Kelly Formula that was developed by John Kelly at Bell Labs in New Jersey and applied by the individuals featured...

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3/5
From: Amazon
Posted: May-29-2008
OK, but not great

Having just finished Poundstone's book on Gaming the Vote, I was hoping for a book equally as interesting. Although this book was worth reading, and there are a few aspects from it that I will put into practice, I did not walk away...

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1/5
From: Amazon
Posted: May-12-2009
adjectively and adverbly stretched introduction to the subject

The cover says this is the "untold story" and it's no wonder why--I really wonder if William Poundstone is enjoying playing a great joke on his agent and publisher - or helping them put over a huge joke on us. The back of the book says...

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