Catalog
Fortune's Formula
by William Poundstone
💰Finance~386 pages
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About this book
At Bell Labs in the 1950s, the physicist John Kelly worked out a formula for how much a gambler should bet when they have an edge. Claude Shannon, the father of information theory, and the young mathematician Edward Thorp saw what it could do. They took it first to the blackjack tables and roulette wheels of Las Vegas, and then to Wall Street. Along the way the story takes in mobsters, wire services, hedge funds and fierce academic arguments over whether the formula works. It is a page-turning piece of narrative nonfiction that weaves mathematics, money and colourful characters into one surprising story.
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