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Author: William Poundstone
Publisher: Hill and Wang
ISBN: 0374707081
Category : Business & Economics
Languages : en
Pages : 399
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Book Description
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: William Poundstone
Publisher: Hill and Wang
ISBN: 0374707081
Category : Business & Economics
Languages : en
Pages : 399
Get Book Here
Book Description
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: Ann Uhry Abrams
Publisher: iUniverse
ISBN: 1462071686
Category : Biography & Autobiography
Languages : en
Pages : 362
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Book Description
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: Richard C. Powelson
Publisher: Skyward Publishing Company
ISBN: 9781881554080
Category : Business & Economics
Languages : en
Pages : 352
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Book Description
Three consecutive years on the New York Times Best Sellers list, Albert J. Lowry Ph.D. has combined with real estate guru Richard C. Powelson Ph.D to offer truly genius methods that show anyone how to increase personal income. These tried and proven methods teach anyone how to make thousands of dollars in one day, how to become a millionaire, how to be self-employed, and how to build a fortune with No-Money-Down. A must for anyone serious about increasing wealth. This book has received top reviews.
Author: Dion Fortune
Publisher:
ISBN: 9781870450904
Category : Arthurian romances
Languages : en
Pages : 0
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Book Description
The Arthurian Formula, the last major work of Dion Fortune, formed the cornerstone of the inner work of her Society of the Inner Light for the following twenty years. It later formed the basis for work by Gareth Knight with the Company of Hawkwood and allied groups in later years, inspiring his book The Secret Tradition in Arthurian Legend. Dion Fortunes contribution explores the remote sources of the Arthurian legends and the mission of Merlin, played out in the polar relationships between Arthur, Guenivere and Lancelot in both human and faery dynamics, and leading to aspects of the Grail. explores the labyrinth of archetypal patterns of knights and ladies, including Morgan le Fay Gareth Knights commentary is an overview of the traditions behind the Arthurian Formula of Glastonbury, Atlantis, the world of Faery, Merlin, the Troubadours, the cult of Queen Venus application to the practical Mysteries of today
Author: William Poundstone
Publisher: Anchor
ISBN: 030776379X
Category : Philosophy
Languages : en
Pages : 289
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Book Description
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: William Poundstone
Publisher: Little, Brown Spark
ISBN: 031644071X
Category : Science
Languages : en
Pages : 320
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Book Description
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: Ann Uhry Abrams
Publisher: iUniverse
ISBN: 9781462071845
Category : Biography & Autobiography
Languages : en
Pages : 362
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Book Description
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 Candlerfrom 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 patriarchs incredible success. It not only provides a peek into the horse-and-buggy days of one of the nations major corporations, but also follows Coca-Colas 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: Macmillan
ISBN: 9780809048922
Category : Mathematics
Languages : en
Pages : 360
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Book Description
At least five U.S. presidential elections have been won by the second most popular candidate, because of "spoilers"--Minor candidates who take enough votes away from the most popular candidate to tip the election. The spoiler effect is a consequence of the "impossibility theorem," discovered by Nobel laureate economist Kenneth Arrow, which asserts that voting is fundamentally unfair--and political strategists are exploiting the mathematical faults of the simple majority vote. This book presents a solution to the spoiler problem: a system called range voting, already widely used on the Internet, which is the fairest voting method of all, according to computer studies. Range voting remains controversial, however, and author Poundstone assesses the obstacles confronting any attempt to change the American electoral system.--From publisher description.
Author: Leonard C. MacLean
Publisher: World Scientific
ISBN: 9814293490
Category : Business & Economics
Languages : en
Pages : 883
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Book Description
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: Stuart Lacey
Publisher: Advantage Media Group
ISBN: 9781642251333
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
If you have ever felt unlucky, The Formula for Luck will teach you skills that are foundational to building a Luck Mindset and that will significantly improve the quality and quantity of your successful outcomes. This book offers readers a clear understanding of the everyday, practical steps they can take toward boosting their luck and changing their lives for the better. Author Stuart Lacey brings a scholar's curiosity and an innovator's creativity to bear on this thorough exploration of the habits, behaviors, and actions we can cultivate and practice in order to increase luck in our lives. The Formula for Luck includes concrete exercises that can be completed as readers progress through the chapters and offers access to a workbook and an entire curriculum for helping teams and communities take charge of their journeys toward amplifying luck.
