Edward O. Thorp – författare

Learn the tricks of the trade from a gambling and investment legendThe New York Times bestsellerMathematics professor. Professional gambler. Tech inventor. Hedge fund heavyweight. Bestselling author. Edward O. Thorp is one of a kind.In a remarkable career, Thorp rose from nothing to become a professor at MIT, invented card counting and the world’s first wearable computer, beat the casinos of Las Vegas at blackjack and roulette, then became a bestselling author and a hedge fund heavyweight, ushering in a revolution on Wall Street. Now he shares his incredible life story for the first time, revealing how he made his fortune and giving advice to the next generation of investors. An intellectual thrill ride, replete with practical wisdom, A Man for All Markets is a scarcely imaginable tale of ludicrous success.‘An extraordinary autobiography which reads like a novel.’ John Kay, author of Other People’s Money

The Book That Made Las Vegas Change the RulesOver 1,000,000 Copies in Print Edward O. Thorp is the father of card counting, and in this classic guide he shares the revolutionary point system that has been successfully used by professional and amateur card players for generations. This book provides: o   an overview of the basic rules of the game o   proven winning strategies ranging from simple to advanced o   methods to overcome casino counter measures o   ways to spot cheating  o   charts and tables that clearly illustrate key concepts A fascinating read and an indispensable resource for winning big, Beat the Dealer is the bible for players of this game of chance.  **Bring these strategies into the casino: Perforated cards included in the book**  

The Book That Made Las Vegas Change the RulesOver 1,000,000 Copies in Print Edward O. Thorp is the father of card counting, and in this classic guide he shares the revolutionary point system that has been successfully used by professional and amateur card players for generations. This book provides: o   an overview of the basic rules of the game o   proven winning strategies ranging from simple to advanced o   methods to overcome casino counter measures o   ways to spot cheating  o   charts and tables that clearly illustrate key concepts A fascinating read and an indispensable resource for winning big, Beat the Dealer is the bible for players of this game of chance.  **Bring these strategies into the casino: Perforated cards included in the book**  

The incredible true story of the card-counting mathematics professor who taught the world how to beat the dealer and, as the first of the great quantitative investors, ushered in a revolution on Wall Street. A child of the Great Depression, legendary mathematician Edward O. Thorp invented card counting, proving the seemingly impossible: that you could beat the dealer at the blackjack table. As a result he launched a gambling renaissance. His remarkable success—and mathematically unassailable method—caused such an uproar that casinos altered the rules of the game to thwart him and the legions he inspired. They barred him from their premises, even put his life in jeopardy. Nonetheless, gambling was forever changed. Thereafter, Thorp shifted his sights to “the biggest casino in the world”: Wall Street. Devising and then deploying mathematical formulas to beat the market, Thorp ushered in the era of quantitative finance we live in today. Along the way, the so-called godfather of the quants played bridge with Warren Buffett, crossed swords with a young Rudy Giuliani, detected the Bernie Madoff scheme, and, to beat the game of roulette, invented, with Claude Shannon, the world’s first wearable computer. Here, for the first time, Thorp tells the story of what he did, how he did it, his passions and motivations, and the curiosity that has always driven him to disregard conventional wisdom and devise game-changing solutions to seemingly insoluble problems. An intellectual thrill ride, replete with practical wisdom that can guide us all in uncertain financial waters, A Man for All Markets is an instant classic—a book that challenges its readers to think logically about a seemingly irrational world.Advance praise for A Man for All Markets“An amazing book by a true icon . . . Edward O. Thorp launched revolutions in Vegas and on Wall Street by turning math into magic, and here he weaves his own life lessons into a page-turner as hot as a deck full of aces. Loved it!”—Ben Mezrich, New York Times bestselling author of Bringing Down the House and The Accidental Billionaires “Whether you are an aspiring professional player, a casual gambler, or an occasional visitor to Las Vegas, you can feel the impact of Edward O. Thorp’s intellect on that desert city. In 1962, Thorp published the classic book Beat the Dealer. The text was based on Thorp’s original research that stemmed from his curiosity about the game of 21 and was billed as a how-to book for the layperson to beat the casinos at blackjack. Simply stated, it changed everything. A Man for All Markets chronicles Thorp’s personal journey in navigating the unexpected and sometimes dangerous obstacles that come along with challenging the status quo of a wealthy corporate adversary.”—Nicholas G. Colon, professional advantage gambler and managing director, Alea Consulting Group “What a CV! Figure out how to win at blackjack using card counting? Check. Build the world’s first wearable computer? Check. Find the formula for valuing financial options but use it to make money rather than win a Nobel Prize? Check. This book is in part the gripping story of how one man’s genius and dedication has solved so many problems in diverse fields. But more important, it’s a fascinating insight into the thought processes of someone with little interest in fame, who has mostly stayed under the radar, yet who has followed his inquisitive mind wherever it has led him, and reaped the resulting rewards. There is nothing more important than knowing how to think clearly. Read this book and learn from a master.”—Paul Wilmott, founder, Wilmott magazine

Learn the tricks of the trade from a gambling and investment legend The New York Times bestseller Mathematics professor. Professional gambler. Tech inventor. Hedge fund heavyweight. Bestselling author. Edward O. Thorp is one of a kind. In a remarkable career, Thorp rose from nothing to become a professor at MIT, invented card counting and the world’s first wearable computer, beat the casinos of Las Vegas at blackjack and roulette, then became a bestselling author and a hedge fund heavyweight, ushering in a revolution on Wall Street. Now he shares his incredible life story for the first time, revealing how he made his fortune and giving advice to the next generation of investors. An intellectual thrill ride, replete with practical wisdom, A Man for All Markets is a scarcely imaginable tale of ludicrous success. ‘An extraordinary autobiography which reads like a novel.’ John Kay, author of Other People’s Money

Edward Thorp ist eine lebende Legende – auf dem Gebiet des Glücksspiels UND im Bereich der Finanzmärkte. In den 60er-Jahren veränderte der Mathematik-Professor Blackjack für immer, weil er eine Methode entwickelte, die Bank zu schlagen. In der Folge wurden die Spielregeln geändert. Für seine Errungenschaften als Hedgefonds-Manager nahm Jack Schwager ihn in den illustren Kreis der "Magier der Märkte" auf. Mit "Ein Mann für alle Märkte" legt Thorp seine Autobiografie vor, die für Glücksspielbegeisterte wie Geldanleger – ob privat oder professionell – gleichermaßen faszinierende Lektüre ist.

"Na protyazhenii bolee chem poluveka menya chashche vsego sprashivayut, mozhno li po-prezhnemu obygrat'' kazino pri pomoshchi strategij, opisannyh v knige "Obygraj dilera". I nesmotrya na to, chto vremya idet, otvet na ehtot vopros ostaetsya utverditel''nym. Ispol''zuya ehtu knigu, vy mozhete bystro nauchit''sya, dazhe ne schitaya karty, igrat'' v blagopriyatnyh sluchayah s shansami, blizkimi k ravnym. Osvoiv prostejshie navyki podscheta kart, vy mozhete poluchit'' skromnoe preimushchestvo. Te odarennye chitateli, kotorye ne ispugayutsya trudnostej trenirovki i prakticheskogo primeneniya izuchennogo, smogut dostich'' professional''nogo urovnya. Kniga "Obygraj dilera" razoshlas'' tirazhom bolee chem million ehkzemplyarov, i tysyachi chitatelej rasskazali mne o tom, kak ona povliyala na nih. Nekotorye ispol''zovali ee v kachestve posobiya po obogashcheniyu. Drugih bol''she interesovali rasskazannye v nej istorii i vozmozhnost'' zaglyanut'' v tajny mira azartnyh igr. CHitatelyam, imeyushchim otnoshenie k matematike, estestvoznaniyu i tekhnike, bylo interesno uznat'' o novatorskih metodah ispol''zovaniya komp''yuternogo programmirovaniya i teorii veroyatnostej. Mne bol''she vsego nravyatsya istorii chitatelej, kotorye primenyali to, chto oni uznali iz ehtoj knigi, v mire, lezhashchem za predelami kazino. Bankrolly blehkdzheka porodili konnosportivnye sindikaty, birzhevye trejdingovye firmy i specialistov po upravleniyu investicionnymi fondami. Metod opredeleniya razmera stavok v kazhdoj konkretnoj situacii, kotoryj ya ispol''zoval i populyarizoval v primenenii k blehkdzheku, teper'' ispol''zuyut investory, brokery i rasporyaditeli aktivami na fondovyh i dolgovyh rynkah". (EH. Torp)

Kogda legendarnyj matematik EHdvard O. Torp izobrel metodiku podscheta kart, on dokazal to, chto kazalos'' nevozmozhnym: obygrat'' dilera v blehkdzhek vpolne real''no. Ego udivitel''nye uspekhi – i matematicheski bezuprechnyj metod — porodili takuyu sensaciyu, chto kazino peresmotreli pravila i mir azartnyh igr neobratimo izmenilsya. Potom Torp pereklyuchil svoe vnimanie na "velichajshee kazino v mire" – Uoll-strit. Razrabotannye i vnedrennye Torpom matematicheskie formuly, pozvolyayushchie obygrat'' rynok, vozvestili o nachale ehry finansovoj matematiki, v kotoroj my zhivem i po sej den''.

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.