{"product_id":"9780809045990","title":"Fortune's Formula : The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street","description":"\u003cstrong\u003eFortune's Formula\u003c\/strong\u003e\u003cbr\u003e\u003cb\u003eAuthor(s): William Poundstone\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e\u003cp\u003eIn 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.\u003cbr\u003e\u003cbr\u003eShannon 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. \u003ci\u003eFortune's Formula \u003c\/i\u003etraces 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.\u003cbr\u003e\u003cbr\u003eShannon believed it was possible for a smart investor to beat the market—and William Poundstone's \u003ci\u003eFortune's Formula \u003c\/i\u003ewill convince you that he was right.\u003c\/p\u003e\u003cbr\u003e\u003cbr\u003eReview(s):\u003cbr\u003e\u003cp\u003e“Seldom have true crime and smart math been blended together so engagingly.” —\u003ci\u003eThe Wall Street Journal\u003c\/i\u003e\u003cbr\u003e\u003cbr\u003e“An amazing story that gives a big idea the needed star treatment . . . \u003ci\u003eFortune's Formula\u003c\/i\u003e will appeal to readers of such books as Peter L. Bernstein's \u003ci\u003eAgainst the Gods\u003c\/i\u003e, Nassim Nicholas Taleb's \u003ci\u003eFooled by Randomness\u003c\/i\u003e, and Roger Lowenstein's \u003ci\u003eWhen Genius Failed\u003c\/i\u003e. All try to explain why smart people take stupid risks. Poundstone goes them one better by showing how hedge fund Long-Term Capital Management, for one, could have avoided disaster by following the Kelly method.” —\u003ci\u003eBusiness Week (four stars)\u003c\/i\u003e\u003cbr\u003e\u003cbr\u003e“'Fortune's Formula' may be the world's first history book, gambling primer, mathematics text, economics manual, personal finance guide and joke book in a single volume. Poundstone comes across as the best college professor you ever hand, someone who can turn almost any technical topic into an entertaining and zesty lecture.” —\u003ci\u003eThe New York Times Book Review\u003c\/i\u003e\u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003eISBN:  9780809045990\u003cbr\u003e\u003cbr\u003e ","brand":"Hill and Wang","offers":[{"title":"Paperback \/ softback","offer_id":40656512057550,"sku":"9780809045990","price":19.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0600\/7029\/7806\/products\/getimage_8670e9fa-de12-459e-9f05-9dd046bcfea1.jpg?v=1639449291","url":"https:\/\/pickwickbookshop.com\/products\/9780809045990","provider":"Pickwick Bookshop","version":"1.0","type":"link"}