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This book is about Kelly's criterion developed in 1956 by two scientists (John Kelly Jr. and Claude Shannon) at Bell Labs for the transmission of information over copper wires but who immediately realized its application to gaming and investing. Many more professional gamblers used the formula than investors. One investor Edward Thorpe used it both to beat the casino's and as a hedge fund manager to beat the market. THE FORMULA does not tell one how to find edge but once one does the formula indicates how much one should bet to maximize the creation of wealth. Be warned that the use of a full Kelly will result in much volatility in the size of one's trading account. Many use a 1/2 Kelly which decrease volatility by 90% but decreases the size of the account after a 1000 trades by only 25%.
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Previews available in: English
Subjects
gaming, investing, casinos, gambling, hedge funds, trade sizing, bet sizing, History, Mathematical modelsPeople
Edward Thorpe, John Kelly Jr., Claude ShannonPlaces
Reno, Los Vagas, New York CityTimes
1950-2016Showing 3 featured editions. View all 3 editions?
Edition | Availability |
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1
Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
Jun 01, 2010, Hill and Wang
digital
0374707081 9780374707088
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Libraries near you:
WorldCat
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2
Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
September 19, 2006, Hill and Wang
Paperback
in English
0809045990 9780809045990
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aaaa
Libraries near you:
WorldCat
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3
Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
August 25, 2005, Hill and Wang
Hardcover
in English
0809046377 9780809046379
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Book Details
First Sentence
"THE STORY STARTS with a corrupt telegraph operator."
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- Created April 29, 2008
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October 12, 2020 | Edited by ImportBot | import existing book |
August 14, 2020 | Edited by ImportBot | import existing book |
April 6, 2014 | Edited by ImportBot | Added IA ID. |
April 26, 2011 | Edited by OCLC Bot | Added OCLC numbers. |
April 29, 2008 | Created by an anonymous user | Imported from amazon.com record |