Fortunes Formula William Poundstone Pdf
William Poundstone is an American author, columnist, and skeptic. He has written a number of books including the Big Secrets series and a biography of Carl Sagan. He is a cousin[vague] of comedian Paula Poundstone.[citation needed]
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- William Poundstone Written Works
- Fortune S Formula William Poundstone Pdf
- Fortune's Formula William Poundstone Pdf File
An enthusiast of Harry Stephen Keeler, he maintains the Keeler homepage and contributed to the anthology A to Izzard: A Harry Stephen Keeler Companion (2002).
Poundstone attended MIT and studied physics.[1]
- A scientist at Bell Labs, John Kelly, Jr., solved this riddle. According to the Kelly formula, one should wager the fraction of one's bankroll on a bet equal to your edge over the odds.
- Fortune's Formula by William Poundstone Book Resume: 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.
Fortune’s Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street – William Poundstone Home. Fortune’s Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street – William Poundstone. Buy Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street by William Poundstone (ISBN: 604) from Amazon's Book Store. Everyday low prices and free delivery on eligible orders.
Bibliography[edit]
- Big Secrets: The Uncensored Truth About All Sorts of Stuff You Are Never Supposed to Know. 1983.
- The Recursive Universe: Cosmic Complexity and the Limits of Scientific Knowledge. 1984. ISBN978-0809252022.
- Bigger Secrets: More Than 125 Things They Prayed You'd Never Find Out. 1986.
- Labyrinths of Reason: Paradox, Puzzles, and the Frailty of Knowledge. 1988.
- The Ultimate: The Great Armchair Debates Settled Once and for All. 1990.
- Prisoner's Dilemma: John von Neumann, Game Theory, and the Puzzle of the Bomb. 1992. ISBN978-0385415804.
- Biggest Secrets: More Uncensored Truth About All Sorts of Stuff You Are Never Supposed to Know. 1993.
- Carl Sagan: A Life in the Cosmos. 1999.
- The Big Book of Big Secrets. 2001. reprints Big Secrets and Biggest Secrets
- How Would You Move Mount Fuji? : Microsoft's Cult of the Puzzle—How the World's Smartest Companies Select the Most Creative Thinkers. 2003.
- Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street. 2005. ISBN978-0809045990.
- Gaming the Vote: Why Elections Aren't Fair (and What We Can Do About It). 2008.
- Priceless: The Myth of Fair Value (and How to Take Advantage of It). 2010.
- Are You Smart Enough to Work at Google?. 2011.
- Rock Breaks Scissors: A Practical Guide to Outguessing and Outwitting Almost Everybody. 2014. ISBN978-0316228060.
- Head in the Cloud: Why Knowing Things Still Matters When Facts Are So Easy to Look Up. 2016. ISBN978-0316256544.
- The Doomsday Calculation: How an Equation that Predicts the Future Is Transforming Everything We Know About Life and the Universe. 2019. ISBN978-0316423922. Released as How to Predict Everything in the UK[2]
References[edit]
- ^'Once a physicist: William Poundstone'. Institute of Physics. November 2012.
- ^Smith, Nick (4 June 2019). 'Book review: 'How to Predict Everything' by William Poundstone'. Engineering & Technology. Institution of Engineering and Technology. Retrieved 16 July 2019.
External links[edit]
Wikiquote has quotations related to: William Poundstone |
- Official website
- Poundstone, William. 'Web Projects'. Retrieved 9 October 2012.
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William Poundstone Written Works
An engaging multi-biography/history of the repeatedly-reinvented Kelly criterion, mixed in with overviews of Claude Shannon, John Larry Kelly, Jr., Ed Thorp, and their famous gambling adventures in beating blackjack and roulette and, as some of the first ‘quants’, the stock market. (Like Thompson sampling, the Kelly criterion has been reinvented many times; Poundstone lists at least 4 inventors: Kelly, Leo Breiman, Bernoulli, and Henry Latané.)
Poundstone starts with the early mob and the ‘number
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..moreJan 27, 2009Trevor rated it really liked itThe formula to make a fortune is essentially this – if you are going to bet you need to be sure you have some sort of edge (not necessarily a ‘sure thing’, but an edge), in this book the gamblers gener..more
The title and subtitle are pretty overblown and don't really indicate what the book is about. The 'fortune's forumula' referred to in the title is pretty dang interesting though -- the Kelly criteria, which is the optimal percentage that should be wagered given the odds.
I didn't realize that there even was a optimal bet, but it turns out that overbetting is actually worse t..more
I feel I came away with a better understanding of the hedge fund/junk bond scandals of the 80's and 90's, as well as an appreciation of the e..more
Very interesting subject, but author bogged it down with an endless barrage of trivial irrelevant minutiae. All those disparate useless factoids about the Mob, Claude Shannon's marriage life, LTCM, Paul Samuelson's biography - all these seemingly unrelated strands were forcibly meshed together in a disjointed manner. Many chapters flash by without any link to the Kelly Criterion itself.
For a better book on Edward Thorp, read his biography A Man For All M..more
A well-researched, entertaining narrative spanning from the early days of Bell Labs and the information age, to wall street scandals and racketeering charges. Full of history and biographical nuggets, it's a tale ultimately about risk, uncertainty, and putting your money where your mouth is.
Utterly fascinating. Gambling, mobsters, mathematicians, economists, hedge funds, greed, and how it’s linked together by some early genius and freak timing. Part history lesson, part text book, part novel, all true, it flows beautifully. For anyone who is interested in math, the financial markets, or Las Vegas, this book is a fun read.
Poundstone tells the story of how one formula changed the way casinos look at card counters, how a mathematical co..more
It's non fictional account of a few people who were behind 'fortune's formula'. This formula tells you how much of your total net worth to invest in any particular investment. All you have to do is figure out the expected payout of the investment based on information you have.
Does it work? Yes, if you have accurate data.
The investments have to have an expected payoff of greater than 0: meaning you will make some money on average--even though there is some chance of losing..more
“Fortune’s Formula” is the Kelly Criterion from J.L. Kelly Jr. who was a mathematician at Bell Labs in the 1950s. Essentially the formula gives the optimal size of bets in order to win as much as possible over time while reducing the risk of ruin. The thing for the reader to realize is that the Kelly Criterion has no utility unless the bettor or investor has an advantage. That needs to be repeated: on an even bet, such as..more
Where the real value of this book lies is its extended discussion on what risk is and how you can go about handling it in your own investments and life. It's for this I'd recommend it to anyone. The Kelly formula is less about mathematics and mostly about dealing with risk in an op..more
With that said, I wish Poundstone had gone into more detail explaining how the Kelly Criterion works in games (or investments) with more than 2 possible outcomes. Instead, he just informs us that there are people out there using this formula for such scenarios such as horse racing, investing, etc.
Most importantly, I like that Fortune's Formula caused me to go and..more
I highly recommend this book. Not just for investors, but also for any curious mind.
Fortune S Formula William Poundstone Pdf
Poundstone is an excellent writer, but I found myself wanting a little more in the way of technical detail. But that is less a criticism of him and more revealing of my tastes.
With that said, I would recommend this book to people who are nerdy in certain ways.