作者:
William Poundstone 出版社: Hill and Wang 副标题: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street 出版年: 2005-09-14 页数: 386 定价: USD 27.00 装帧: Hardcover ISBN: 9780809046379
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 proble...
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 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 phenomenonally 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 of character spans J. Edgar Hoover, Rudolph Giuliani, Michael Milken and Warren Buffett; Hollywood producers, Wall Street crooks, snarky Nobel Laureates, and the Jewish mob.
Fortune's Formula explores a new and surprising side to the Shannon legacy. Based in part on Shannon's previously unseen personal records as well as interviews with both of Shannon's wives, Thorp, and many others, it is the first full-length treatment of a subject that is changing ideas about finance. Claude Shannon believed it was possible for a smart investor to beat the market--and Fortune's Formula will convince you he was right.
In the long run, “bet your beliefs” will earn you the maximum possible compound return—provided that your assessment of the odds is more accurate than the public’s.
The executives worried about the title, “Information Theory and Gambling.” They feared the press might get hold of the article and conclude that Bell Labs was doing work to benefit illegal bookies. That was still a touchy subject with AT&T. Bookies were still big customers.
Nevertheless, people who skimmed Thorp’s book probably did not understand the importance of scaling their bets to their bankroll. It is a natural impulse to make large wagers when the deck is hot. For many, this must have been a costly mistake.
Having a computer “sing” a popular song is cheating slightly—the familiar tune cues listeners to the words. It is t... (查看原文)
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0 有用 K2 2008-12-25 23:08:43
Recommended by Charlie Munger - 2006 WESCO Annual Meeting
0 有用 bingo 2012-07-10 23:09:59
居然是通过黑手党，香农，索普，赌博等几条主线平行推进，八卦，精彩，如果能用英剧的手法拍出来多好
0 有用 bingo 2012-07-10 23:09:59
居然是通过黑手党，香农，索普，赌博等几条主线平行推进，八卦，精彩，如果能用英剧的手法拍出来多好
0 有用 K2 2008-12-25 23:08:43
Recommended by Charlie Munger - 2006 WESCO Annual Meeting