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.
The index is based on two ideas: the expected return of commodities futures depends upon the degree of hedging by producers or consumers — as evidenced by the shape of the futures curve for each commodity (Brennan et al., 1997).
The book covers the importance of creative thinking, ways to get a leg up on the competition, what your Facebook page says about you, and much more.
How Would You Move Mount Fuji? is an indispensable book for anyone in business. Managers seeking the most talented employees will learn to incorporate puzzle interviews in their search for the top candidates.
Their dream choice , unquestionably , would have been William F. Buckley , Jr. Founder of the National Review , Buckley had run for New York City mayor as a Conservative in 1965 and had charmed even the liberal press with his wit .
Matson, John (2012). “The Not So Hot Hand. ... “Can Benford's Law Be Used in Forensic Accounting?” Balance Sheet, Jun. 1993, 7–8. ______(1996). “A Taxpayer Compliance Application of Benford's Law.” Journal of the American Taxation ...
The same month Danish physicist Holger Bech Nielsen, a pioneer of string theory, outlined the idea in a physics paper, “Random Dynamics and Relations Between the Number of Fermion Generations and the Fine Structure Constants,” in the ...
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 ...
The Arthurian Formula, was the last major work of Dion Fortune and formed the corner stone of the inner work of her Society of the Inner Light for the following twenty years, supplemented by the remarkably gifted psychic Margaret Lumley ...
Input to Output 49 49 Mob types: See Tuohy 2001. Goffstein took over the Riviera after his boss, Gus Greenbaum, was murdered by the Chicago mob (apparently). Murphy biography: See Wikipedia entry, “Charles B. G. Murphy,” en.wikipedia ...
With brief detours into archaeology, philology, and overdue library books, William Poundstone explains how we can use it to predict pretty much anything. What is the chance that there are multiple universes? How long will Hamilton run?