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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: 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: Bill Bonner
Publisher: John Wiley & Sons
ISBN: 1118171411
Category : Business & Economics
Languages : en
Pages : 359
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Book Description
Selected as one of Motley Fool’s “5 Great Books You Should Read” Advice on managing your wealth from bestselling author Bill Bonner From trusted New York Times bestselling author Bill Bonner comes a radical new way to look at family money and a practical, actionable guide to getting and maintaining multigenerational wealth. Family Fortunes: How to Build Family Wealth and Hold on to It for 100 Years is packed with useful information, interwoven with Bonner's stories about his own family's wealth philosophy and practices. A comprehensive guide that shows how families can successfully preserve their estates by ignoring most of what people think they know about "the rich" and, instead, training and motivating all family members to work together toward a very uncommon goal. This book is a must-read for all individual investors—even those who do not plan to leave money to their children—because it challenges many of the most ubiquitous principles and rules of investing. You might expect a book on family wealth to be extremely conservative in its outlook. Instead, the Bonners announce what is practically a revolutionary manifesto. They explain: Why family money should NOT be invested in "safe, conservative" investments Why charitable giving is usually a waste of money, or worse Why it is NOT a good idea to let children go their own way Why you can't trust wealth "professionals" and why you should never entrust your money to money managers Why giving your children as much education as possible is NOT a good idea Why Warren Buffett and the rest of the rich people asking for higher tax rates are wrong to take "the pledge" Why Wall Street is a graveyard for capital, why most celebrity CEOs are a threat to the businesses they run, why modern capitalism is a failure, and more You will come away with a very different idea as to what family wealth is all about. It is not stodgy. Not boring. Not moss-backed and reactionary. On the contrary, it is the most dynamic, forward-looking capital in the world. The essential guide to passing wealth from one generation to the next, Family Fortunes is filled with concrete, practical advice you can put to use right away.
Author: Paulo Mourão
Publisher: Springer
ISBN: 113760249X
Category : Business & Economics
Languages : en
Pages : 318
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Book Description
This book, the first study of its kind, examines the economics behind motorsports, in particular Formula One. Chapters discuss the costs involved in Formula racing and how they are borne by teams, promoters and racers. The book also looks at how society, the public and the private sectors stand to benefit economically from the motorsport industry. Other issues like the economics of TV rights, sponsorship and sustainability are also addressed, again for the first time in an economics book. Moving beyond the economics of what happens off the track, the book also undertakes a serious examination of what goes in to making a winning team and what having a winning racer can do for a team’s fortunes. Mourão’s highly relevant and contemporary book also looks at how motorsport teams confront the challenges of the modern sporting world, including the changing dynamics of sports media and considers the future of Formula 1 as motorsports evolve.
Author: Jim Paul
Publisher: Columbia University Press
ISBN: 0231164688
Category : Business & Economics
Languages : en
Pages : 192
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Book Description
Jim Paul's meteoric rise took him from a small town in Northern Kentucky to governor of the Chicago Mercantile Exchange, yet he lost it all--his fortune, his reputation, and his job--in one fatal attack of excessive economic hubris. In this honest, frank analysis, Paul and Brendan Moynihan revisit the events that led to Paul's disastrous decision and examine the psychological factors behind bad financial practices in several economic sectors. This book--winner of a 2014 Axiom Business Book award gold medal--begins with the unbroken string of successes that helped Paul achieve a jet-setting lifestyle and land a key spot with the Chicago Mercantile Exchange. It then describes the circumstances leading up to Paul's $1.6 million loss and the essential lessons he learned from it--primarily that, although there are as many ways to make money in the markets as there are people participating in them, all losses come from the same few sources. Investors lose money in the markets either because of errors in their analysis or because of psychological barriers preventing the application of analysis. While all analytical methods have some validity and make allowances for instances in which they do not work, psychological factors can keep an investor in a losing position, causing him to abandon one method for another in order to rationalize the decisions already made. Paul and Moynihan's cautionary tale includes strategies for avoiding loss tied to a simple framework for understanding, accepting, and dodging the dangers of investing, trading, and speculating.
Author: Lou Holtz
Publisher: Harper Collins
ISBN: 0887309046
Category : Business & Economics
Languages : en
Pages : 228
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Book Description
"Your talent determines what you can do. Your motivation determines how much you are willing to do. Your attitude determines how well you do it." -- Lou Holtz Meet Lou Holtz, the motivational miracle worker who revitalized the Notre Dame football program by leading the legendary Fighting Irish to nine bowl games and a national championship. During his twenty-seven years as a head football coach, Holtz garnered a 216-95-7 career record. Each new assignment brought a different team with different players, but, invariably, the same result--success. How did he do it? By designing a game plan for his players that minimized obstacles while maximizing opportunities. Now he wants to pass his game plan on to you. In Winning Every Day, you'll discover ten strategies that will drive you to the top of your professional and personal life. Coach Holtz will reveal how you can acquire the focus and commitment it takes to be a champion. It won't be easy; it takes sacrifice to be the best. But now you'll have a proven winner alongside you in the trenches. Winning Every Day demonstrates how you can elevate your performance while raising the standards of everyone around you. Follow Coach's strategies and winning becomes habitual. You will learn to welcome sacrifice as you dedicate yourself to excellence. He will show you how to clearly define your short-term and long-term goals, to develop an unwavering sense of purpose without compromising flexibility. Through it all, Coach Holtz will help you discover the courage you need to live a life of unremitting triumph. You couldn't have a better guide. He will provide you with the strategies he has shared with Fortune 500 companies, groups, and organizations. Voted the top motivational speaker two years running by a survey of speakers' bureaus, Coach is going to present you with all the Xs and Os, the basics of his game plan for success in life and business.
Author: Frederick Allen
Publisher: Open Road Media
ISBN: 1504019830
Category : Business & Economics
Languages : en
Pages : 587
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Book Description
A "highly entertaining history [of] global hustling, cola wars and the marketing savvy that carved a niche for Coke in the American social psyche” (Publishers Weekly). Secret Formula follows the colorful characters who turned a relic from the patent medicine era into a company worth $80 billion. Award-winning reporter Frederick Allen’s engaging account begins with Asa Candler, a nineteenth-century pharmacist in Atlanta who secured the rights to the original Coca-Cola formula and then struggled to get the cocaine out of the recipe. After many tweaks, he finally succeeded in turning a backroom belly-wash into a thriving enterprise. In 1919, an aggressive banker named Ernest Woodruff leveraged a high-risk buyout of the Candlers and installed his son at the helm of the company. Robert Woodruff spent the next six decades guiding Coca-Cola with a single-minded determination that turned the soft drink into a part of the landscape and social fabric of America. Written with unprecedented access to Coca-Cola’s archives, as well as the inner circle and private papers of Woodruff, Allen’s captivating business biography stands as the definitive account of what it took to build America’s most iconic company and one of the world’s greatest business success stories.
Author: Ross Brawn
Publisher: Simon & Schuster UK
ISBN: 9781471162381
Category : Self-Help
Languages : en
Pages : 0
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Book Description
From Ross Brawn—one of the most successful figures in Formula One auto racing—comes a compelling insider’s account of what it takes to win, featuring practical advice for overcoming obstacles and becoming a champion both on and off the racetrack. Formula One racing is a wildly popular global sport with millions of fans and billions more engineering dollars at stake. For four decades, Ross Brawn has been one of the most innovative technical directors and team principals in the high-stakes world of Formula One. He is considered the most successful competitor in the history of Formula One to date, and “the closest thing there is to a certifiable genius” (The Wall Street Journal). Leading Benetton, Ferrari, Honda, and Mercedes, he has worked with legendary drivers such as Michael Schumacher, Jenson Button, and Lewis Hamilton to make them Grand Prix champions. Now, in this fascinating book, presented as a frank conversation between Brawn and fellow Formula One competitor Adam Parr, Brawn reflects upon his career, shares the philosophies and methods that led to his success, and offers lessons that every leader working with teams—at work, play, or home—can use to achieve their own goals, too. Brawn and Parr share details about the unique pressures of Formula One racing and the intense, cutthroat world they inhabited, where coming in second place is never good enough. Just as Phil Knight recounted his accomplishments and devastating setbacks in the building of the Nike brand in the New York Times bestseller Shoe Dog, this book also provides a blueprint for leading teams, imparting lessons such as “Embrace Humility,” “Invest in People and Culture,” “Strive for Simplicity, Manage Complexity,” and much more.
Author: Mark Joyner
Publisher: John Wiley & Sons
ISBN: 0470038888
Category : Business & Economics
Languages : en
Pages : 256
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Book Description
Praise for THE GREAT FORMULA "This book reminds me of Isaac Newton's discovery of gravity-a stunningly simple idea that changed the course of history. I've seen The Great Formula create millionaires with surprising speed. It's an exact recipe to turn a marginal business into a successful one." —David Garfinkel, author, Customers on Demand "Mark Joyner has once again succeeded at coming up with an entertaining and educational marketing masterpiece." —Dr. Mani Sivasubramanian, infopreneur and heart surgeon "With all the fancy buzzwords used to describe how to achieve success, here is a commonsense formula that cuts through the chatter and goes straight to the heart of what really works. This is truly a new perspective." —Joseph Sugarman, Chairman, BluBlocker Corporation "Save yourself a couple hundred thousand dollars on that degree. Clear out your bookcase. The MBA curriculum for this generation is The Irresistible Offer and The Great Formula." —Lou D'Alo, PowerUp! Coaching and Consulting
Author: Marie Ferrarella
Publisher: Harlequin
ISBN: 1459220676
Category : Fiction
Languages : en
Pages : 153
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Book Description
Blake Fortune might not have been the easiest boss in the world, but Katie Wallace knew him better than anyone. Neighbors and longtime friends, she and Blake made a great team. Katie dreamed they'd someday be more…. But time was running out. Spurred on by last month's life-altering tornado, Blake had decided it was time for him to marry—somebody else! With the rest of the Fortunes rooting her on, the spunky secretary had to find a way to change his mind fast. Could her plan really win over the Fortune of her dreams?
