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

By William Poundstone

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.



STAFF PICKS: Personal Days

Posted June 16, 2008, 2:00 PM with category of Management & Workplace Culture
Just how absurd (silly, mundane, hypocritical, etc - pick one or use your own) has the workplace gotten since the introduction of new technologies and the seemingly endless barrage of office politics? In his new novel, Personal Days, Ed Park examines the culture of business like it has never been examined before. He makes up a New York company, adds a bit of George Orwell, dabbles in office romances and starts it all off with a certain employee getting a phone call on a Sunday from the office. Read more


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ISBN: 9780809045990

About the Paperback

Publisher Hill & Wang
Publish date 09/19/2006
Pages 386
ISBN-13 9780809045990
ISBN-10 0809045990
Language English

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