Fortune S Formula

Author : William Poundstone
Publisher : Hill and Wang
Page : 400 pages
File Size : 46,7 Mb
Release : 2010-06-01
Category : Business & Economics
ISBN : 0374707081

Get Book

Fortune's Formula by William Poundstone Pdf

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 phenomenally 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 William Poundstone's Fortune's Formula will convince you that he was right.

Author : Leonard C. MacLean,Edward O. Thorp,W. T. Ziemba
Publisher : World Scientific
Page : 883 pages
File Size : 42,6 Mb
Release : 2011
Category : Business & Economics
ISBN : 9789814293495

Get Book

The Kelly Capital Growth Investment Criterion by Leonard C. MacLean,Edward O. Thorp,W. T. Ziemba Pdf

This volume provides the definitive treatment of fortune's formula or the Kelly capital growth criterion as it is often called. The strategy is to maximize long run wealth of the investor by maximizing the period by period expected utility of wealth with a logarithmic utility function. Mathematical theorems show that only the log utility function maximizes asymptotic long run wealth and minimizes the expected time to arbitrary large goals. In general, the strategy is risky in the short term but as the number of bets increase, the Kelly bettor's wealth tends to be much larger than those with essentially different strategies. So most of the time, the Kelly bettor will have much more wealth than these other bettors but the Kelly strategy can lead to considerable losses a small percent of the time. There are ways to reduce this risk at the cost of lower expected final wealth using fractional Kelly strategies that blend the Kelly suggested wager with cash. The various classic reprinted papers and the new ones written specifically for this volume cover various aspects of the theory and practice of dynamic investing. Good and bad properties are discussed, as are fixed-mix and volatility induced growth strategies. The relationships with utility theory and the use of these ideas by great investors are featured.

Author : William Poundstone
Publisher : Anchor
Page : 288 pages
File Size : 50,5 Mb
Release : 2011-07-20
Category : Philosophy
ISBN : 9780307763792

Get Book

Labyrinths of Reason by William Poundstone Pdf

This sharply intelligent, consistently provocative book takes the reader on an astonishing, thought-provoking voyage into the realm of delightful uncertainty--a world of paradox in which logical argument leads to contradiction and common sense is seemingly rendered irrelevant.

Author : Adam Kucharski
Publisher : Basic Books
Page : 288 pages
File Size : 51,8 Mb
Release : 2016-02-23
Category : Mathematics
ISBN : 9780465098590

Get Book

The Perfect Bet by Adam Kucharski Pdf

"An elegant and amusing account" of how gambling has been reshaped by the application of science and revealed the truth behind a lucky bet (Wall Street Journal). For the past 500 years, gamblers-led by mathematicians and scientists-have been trying to figure out how to pull the rug out from under Lady Luck. In The Perfect Bet, mathematician and award-winning writer Adam Kucharski tells the astonishing story of how the experts have succeeded, revolutionizing mathematics and science in the process. The house can seem unbeatable. Kucharski shows us just why it isn't. Even better, he demonstrates how the search for the perfect bet has been crucial for the scientific pursuit of a better world.

Author : Lester E. Dubins,Leonard J. Savage,William Sudderth,David Gilat
Publisher : Courier Corporation
Page : 307 pages
File Size : 53,8 Mb
Release : 2014-08-20
Category : Mathematics
ISBN : 9780486780641

Get Book

How to Gamble If You Must by Lester E. Dubins,Leonard J. Savage,William Sudderth,David Gilat Pdf

This classic of advanced statistics is geared toward graduate-level readers and uses the concepts of gambling to develop important ideas in probability theory. The authors have distilled the essence of many years' research into a dozen concise chapters. "Strongly recommended" by the Journal of the American Statistical Association upon its initial publication, this revised and updated edition features contributions from two well-known statisticians that include a new Preface, updated references, and findings from recent research. Following an introductory chapter, the book formulates the gambler's problem and discusses gambling strategies. Succeeding chapters explore the properties associated with casinos and certain measures of subfairness. Concluding chapters relate the scope of the gambler's problems to more general mathematical ideas, including dynamic programming, Bayesian statistics, and stochastic processes. Dover (2014) revised and updated republication of the 1976 Dover edition entitled Inequalities for Stochastic Processes. See every Dover book in print at www.doverpublications.com

Author : Ann Uhry Abrams
Publisher : iUniverse
Page : 362 pages
File Size : 54,5 Mb
Release : 2012
Category : Biography & Autobiography
ISBN : 9781462071685

Get Book

Formula for Fortune by Ann Uhry Abrams Pdf

Asa Candler rose from a rural background to reap a fortune. His windfall came from purchasing the Coca-Cola formula in 1888 and establishing the company that became a national phenomenon in less than a decade. In Formula for Fortune, author Ann Uhry Abrams narrates the life and times of Candler from his ancestral background to the death of the last of his five children. Formula for Fortune not only shows how he turned his entrepreneurial genius into an empire, but also relates his status in Atlanta, Georgia, as a prominent banker, realtor, philanthropist, civil servant, and mayor. Painting a lively portrait of the past, this biography tells a fascinating American story that covers a century of American and Southern life as seen through the eyes of a middle-class family elevated to prominence by their patriarch's incredible success. It not only provides a peek into the horse-and-buggy days of one of the nation's major corporations, but also follows Coca-Cola's fascinating transformation from patent-medicine to international phenomenon. Family dynamics weave through this drama of love, disappointments, and disaster played out against the background of four wars, a race riot, technological revolutions, and numerous courtroom dramas.

Author : William Poundstone
Publisher : Little, Brown Spark
Page : 320 pages
File Size : 41,5 Mb
Release : 2019-06-04
Category : Science
ISBN : 9780316440714

Get Book

The Doomsday Calculation by William Poundstone Pdf

From the author of Are You Smart Enough to Work at Google?, a fascinating look at how an equation that foretells the future is transforming everything we know about life, business, and the universe. In the 18th century, the British minister and mathematician Thomas Bayes devised a theorem that allowed him to assign probabilities to events that had never happened before. It languished in obscurity for centuries until computers came along and made it easy to crunch the numbers. Now, as the foundation of big data, Bayes' formula has become a linchpin of the digital economy. But here's where things get really interesting: Bayes' theorem can also be used to lay odds on the existence of extraterrestrial intelligence; on whether we live in a Matrix-like counterfeit of reality; on the "many worlds" interpretation of quantum theory being correct; and on the biggest question of all: how long will humanity survive? The Doomsday Calculation tells how Silicon Valley's profitable formula became a controversial pivot of contemporary thought. Drawing on interviews with thought leaders around the globe, it's the story of a group of intellectual mavericks who are challenging what we thought we knew about our place in the universe. The Doomsday Calculation is compelling reading for anyone interested in our culture and its future.

Author : Martin S. Fridson
Publisher : John Wiley & Sons
Page : 340 pages
File Size : 51,7 Mb
Release : 1999-12-24
Category : Business & Economics
ISBN : 047133202X

Get Book

How to be a Billionaire by Martin S. Fridson Pdf

In "How To Be A Billionaire" erfahren Sie, wie sich manche Leute in einem ganz bestimmten Bereich menschlichen Strebens hervorgetan haben, nämlich im Streben nach Geld. Hier geht es nicht um das halbe Prozent der amerikanerikanischen Bevölkerung, das über einen Kapitalwert von einer Million Dollar verfügt. Hier geht es um Amerikaner, die 1.000 bis 40.000 Millionen Dollar ihr eigen nennen. In diesem Buch wird zum ersten Mal diese massive Anhäufung von privatem Vermögen ausführlich untersucht. Hierbei stützt sich Fridson verstärkt auf Biographien und journalistische Reportagen, die die Findigkeit, den Elan und die Rücksichtslosigkeit dokumentieren, auf die sich diese Vermögen gründen. Er enthüllt die wichtigsten Taktiken, Prinzipien und Strategien, die die Reichen superreich gemacht haben, wie z. B: "Verstoße gegen die Regeln", "Nachahmung ist besser als Innovation", "Beherrsche den Markt", "Investiere in politischen Einfluß" und "Übertrumpfe die Konkurrenz". Erläutert wird das gesamte Repertoire, angefangen bei Verhandlungstechniken über Tipps für den besten Deal bis hin zur Wahl der Branche und zum Börsengang des Unternehmens. Eine unverzichtbare Lektüre für jeden, der (erfolg)reicher werden will. (12/99)

Author : Emery Lee
Publisher : Sourcebooks, Inc.
Page : 293 pages
File Size : 42,9 Mb
Release : 2011-11-01
Category : Fiction
ISBN : 9781402256455

Get Book

Fortune's Son by Emery Lee Pdf

"Lee brings the atmosphere of the Georgian era to life with lush descriptions that beg the reader to see, hear, feel and touch it all."—RT Book Reviews She is the ultimate gamble...And he'll risk everything on a toss of the dice Beautiful young widow Susannah, Lady Messingham, refuses to belong to any man again. Until she inadvertently draws handsome Lord Philip Drake into an exhilarating game of terrifying stakes and unimaginable rewards. Philip is a seasoned gambler who knows all the tricks and isn't afraid to use them. He'd do anything for Susannah, including sacrificing his honor and his freedom. Praise for The Highest Stakes: "A sweeping tale of romance, betrayal, intrigue, and the power of true love." - RT Book Reviews "Compelling...Allow yourself to be transported." - The Racing Journal "Brava to Ms. Lee on a brilliant first novel. Well-rounded characters, excellent research, realistic dialogue, and a unique plot." - Romance Reviews Today "Lee writes beautifully and passionately ... the plot moves at a rapid clip with extraordinary twists and turns, leaving the reader wanting to know more." - Rundpinne

Author : Anonim
Publisher : Abrazol Publishing
Page : 128 pages
File Size : 41,8 Mb
Release : 2024-05-20
Category : Electronic
ISBN : 9781887187022

Get Book

Bet Smart: The Kelly System for Gambling and Investing by Anonim Pdf

Author : William Poundstone
Publisher : Hill and Wang
Page : 356 pages
File Size : 51,7 Mb
Release : 2009-02-17
Category : Political Science
ISBN : 9781429957649

Get Book

Gaming the Vote by William Poundstone Pdf

Our Electoral System is Fundamentally Flawed, But There's a Simple and Fair Solution At least five U.S. presidential elections have been won by the second most popular candidate. The reason was a "spoiler"—a minor candidate who takes enough votes away from the most popular candidate to tip the election to someone else. The spoiler effect is more than a glitch. It is a consequence of one of the most surprising intellectual discoveries of the twentieth century: the "impossibility theorem" of Nobel laureate economist Kenneth Arrow. The impossibility theorem asserts that voting is fundamentally unfair—a finding that has not been lost on today's political consultants. Armed with polls, focus groups, and smear campaigns, political strategists are exploiting the mathematical faults of the simple majority vote. In recent election cycles, this has led to such unlikely tactics as Republicans funding ballot drives for Green spoilers and Democrats paying for right-wing candidates' radio ads. Gaming the Vote shows that there is a solution to the spoiler problem that will satisfy both right and left. A system called range voting, already widely used on the Internet, is the fairest voting method of all, according to computer studies. Despite these findings, range voting remains controversial, and Gaming the Vote assesses the obstacles confronting any attempt to change the American electoral system. The latest of several books by William Poundstone on the theme of how important scientific ideas have affected the real world, Gaming the Vote is a wry exposé of how the political system really works, and a call to action.

Author : Thomas A. Bass
Publisher : Henry Holt
Page : 332 pages
File Size : 43,8 Mb
Release : 1999-11-02
Category : Business & Economics
ISBN : 0805057560

Get Book

The Predictors by Thomas A. Bass Pdf

Readers were first made aware of maverick physicists Doyne Farmer and Norman Packard in "The Eudaemonic Pie, " which chronicled their assault on the casinos of Las Vegas. Now Bass takes readers inside their start-up company, as a motley collection of long-haired Ph.D.s nervously tests its computer forecasting models.

Author : William Poundstone
Publisher : Courier Corporation
Page : 258 pages
File Size : 46,9 Mb
Release : 2013-06-19
Category : Science
ISBN : 9780486490984

Get Book

The Recursive Universe by William Poundstone Pdf

This fascinating popular science journey explores key concepts in information theory in terms of Conway's "Game of Life" program. The author explains the application of natural law to a random system and demonstrates the necessity of limits. Other topics include the limits of knowledge, paradox of complexity, Maxwell's demon, Big Bang theory, and much more. 1985 edition.

Author : Bill Bonner
Publisher : John Wiley & Sons
Page : 359 pages
File Size : 55,6 Mb
Release : 2012-06-21
Category : Business & Economics
ISBN : 9781118239872

Get Book

Family Fortunes by Bill Bonner Pdf

Selected as one of Motley Fool’s “5 Great Books You Should Read” Advice on managing your wealth from bestselling author Bill Bonner From trusted New York Times bestselling author Bill Bonner comes a radical new way to look at family money and a practical, actionable guide to getting and maintaining multigenerational wealth. Family Fortunes: How to Build Family Wealth and Hold on to It for 100 Years is packed with useful information, interwoven with Bonner's stories about his own family's wealth philosophy and practices. A comprehensive guide that shows how families can successfully preserve their estates by ignoring most of what people think they know about "the rich" and, instead, training and motivating all family members to work together toward a very uncommon goal. This book is a must-read for all individual investors—even those who do not plan to leave money to their children—because it challenges many of the most ubiquitous principles and rules of investing. You might expect a book on family wealth to be extremely conservative in its outlook. Instead, the Bonners announce what is practically a revolutionary manifesto. They explain: Why family money should NOT be invested in "safe, conservative" investments Why charitable giving is usually a waste of money, or worse Why it is NOT a good idea to let children go their own way Why you can't trust wealth "professionals" and why you should never entrust your money to money managers Why giving your children as much education as possible is NOT a good idea Why Warren Buffett and the rest of the rich people asking for higher tax rates are wrong to take "the pledge" Why Wall Street is a graveyard for capital, why most celebrity CEOs are a threat to the businesses they run, why modern capitalism is a failure, and more You will come away with a very different idea as to what family wealth is all about. It is not stodgy. Not boring. Not moss-backed and reactionary. On the contrary, it is the most dynamic, forward-looking capital in the world. The essential guide to passing wealth from one generation to the next, Family Fortunes is filled with concrete, practical advice you can put to use right away.

Author : Mark Spitznagel
Publisher : John Wiley & Sons
Page : 247 pages
File Size : 52,8 Mb
Release : 2023-10-10
Category : Business & Economics
ISBN : 9781394214853

Get Book

Safe Haven by Mark Spitznagel Pdf

What is a safe haven? What role should they play in an investment portfolio? Do we use them only to seek shelter until the passing of financial storms? Or are they something more? Contrary to everything we know from modern financial theory, can higher returns actually come as a result of lowering risk? In Safe Haven, hedge fund manager Mark Spitznagel—one of the top practitioners of safe haven investing and portfolio risk mitigation in the world—answers these questions and more. Investors who heed the message in this book will never look at risk mitigation the same way again.