Author: William Poundstone
Translator: Hyun-goo Kim
Publisher: Soso
Hardcover | 448 pages | 223*152mm
| Important! Please read before you order! |
| >>>This book is written in Korean only. |
About This Book
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 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.
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