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**  

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.