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A Wealth of Common Sense
A simple guide to a smarter strategy for the individual investor A Wealth of Common Sense sheds a refreshing light on investing, and shows you how a simplicity-based framework can lead to better investment decisions. The financial market is a complex system, but that doesn't mean it requires a complex strategy; in fact, this false premise is the driving force behind many investors' market "mistakes." Information is important, but understanding and perspective are the keys to better decision-making. This book describes the proper way to view the markets and your portfolio, and show you the simple strategies that make investing more profitable, less confusing, and less time-consuming. Without ...
The Kelly Capital Growth Investment Criterion
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 tha...
Beat the Dealer
New York Times Bestseller Edward O. Thorp is the father of card counting, and in Beat the Dealer he reveals the revolutionary point system that has been successfully used by professional and amateur card players for two generations. From Las Vegas to Monte Carlo, the tables have been turned and the house no longer has the advantage at blackjack. Containing the basic rules of the game, proven winning strategies, how to overcome casino counter measures and spot cheating. Beat the Dealer is the bible for players of this game of chance. Perforated cards included in the book are a convenient way to bring the strategies into the casino. A winning strategy for the game of 21. The essentials, consolidated in simple charts, can be understood and memorized by the average player.
The World's Greatest Blackjack Book
A revised and updated edition of the blackjack player’s bible with complete information on the odds, betting strategies, and much more “A significant contribution to the literature of blackjack . . . I recommend the book to beginners as well as experts.”—Edward O. Thorpe, author of Beat the Dealer This is the most comprehensive guide ever published on blackjack, the only casino game in which a knowledgeable player can gain an advantage over the house. It features the Hi-Opt I, the most powerful simple betting system available today, and has been revised and updated to include the rules of play in Atlantic City as well as the latest information on international playing rules. No matter what your level of experience, it will teach you how to make the most money possible playing your cards. You'll learn: • How to pick a casino, with ever major casino in the world evaluated by name • How to pick a dealer • How to keep from being cheated • How to play the cards, using the Basic Strategy to your best advantage • How to win at home and at “Las Vegas nights” • How to keep from being banned once you are a winner
A Winning Bet in Nevada Baccarat
2015 Reprint of 1963 Edition. Full Facsimile of the original edition. Not reproduced with Optical Recognition Software. Co-written by the author of the "Beat the Dealer," this work provides a mathematically based model intended to improve the chances of winning not only in Baccarat, but in black jack and other games of chance. Language is quite technical, but parts are accessible to the average player and the theory informs all of Thorp's and Walden's more popular work. A scarce scholarly treatise on probability and its application to games of chance.
Fortune's Formula
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 Quants
How would you feel if you outperformed the market, year after year?Would you become convinced that the good times were here to stay, that nothing could possibly go wrong? And how would you then feel if everything suddenly collapsed around you? Quants
Other People's Money
Shortlisted for the Orwell Prize 2016 We all depend on the finance sector. We need it to store our money, manage our payments, finance housing stock, restore infrastructure, fund retirement and support new business. But these roles comprise only a tiny sliver of the sector's activity: the vast majority of lending is within the finance sector. So what is it all for? What is the purpose of this activity? And why is it so profitable? John Kay, a distinguished economist with wide experience of the financial sector, argues that the industry's perceived profitability is partly illusory, and partly an appropriation of wealth created elsewhere - of other people's money. The financial sector, he show...
Quantitative Value, + Web Site
A must-read book on the quantitative value investment strategy Warren Buffett and Ed Thorp represent two spectrums of investing: one value driven, one quantitative. Where they align is in their belief that the market is beatable. This book seeks to take the best aspects of value investing and quantitative investing as disciplines and apply them to a completely unique approach to stock selection. Such an approach has several advantages over pure value or pure quantitative investing. This new investing strategy framed by the book is known as quantitative value, a superior, market-beating method to investing in stocks. Quantitative Value provides practical insights into an investment strategy t...
