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Business/Investing Fortune\'s Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
Posted on 2010-09-25
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Members of the finance and investment community are often loath to acknowledge any connection between investing and gambling. William Poundstone, a Pulitzer Prize nominee, has written an interesting book,
, that goes beyond the mathematics and brings to life the sometimes seamy underbelly of business and investment management. Poundstone attempts to marry the two by examining the theory and history of something called, the . This formula prescribes how much a gambler (or investor) should wager on a given outcome so as to maximize the compound growth of one’s bankroll. The Kelly criterion is well known in the world of gambling, but according to Poundstone is seriously unacknowledged in the world of academic finance and investment management. The book is in large part the story of Ed Thorpe and his rise in the worlds of academic mathematics, gambling and investment management. Thorpe has written himself about these topics, but this book puts his work into a larger context. Although less well known the genius of Claude Shannon, and John Kelly himself, also play an important role in the manuscript. Most investment books are poorly conceived and poorly written. Investors are better off trying to better educate themselves about the broader world of science, mathematics and finance than to read about the latest and greatest, foolproof investment strategy. , while flawed, is a good addition to an investor’s reading list.
Rating:
2.5 out of 5 by Book123 |
| Download Links | |
| Server | Status |
|---|---|
| Direct Download Link 1 | Alive |
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| Download Link (Kelly criterion) | Alive |
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