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Fortune's Formula
- The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
- Narrated by: Jeremy Arthur
- Length: 10 hrs and 2 mins
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Publisher's summary
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 Fortune's Formula will convince you that he was right.
PLEASE NOTE: When you purchase this title, the accompanying reference material will be available in your Library section along with the audio.
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Doesn't add much more that a lot of details.
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The Little Book of Big Profits from Small Stocks + Website
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The key to building wealth the low-priced stock wayLow-priced gems, or what author Hilary Kramer calls "breakout stocks" come in all kinds of shapes and sizes but they all have three things in common: (1) they are mostly under $10; (2) they are undervalued; and (3) they have specific catalysts in the near future that put them on the threshold of breaking out to much higher prices. In The Little Book of Big Profits from Small Stocks, small stock expert Hilary Kramer looks for stocks with fifty to two hundred percent upside potential!
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Insightful, specific and resourceful!!!
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Hedgehogging
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Rare is the opportunity to chat with a legendary figure and hear the unvarnished truth about what really goes on behind the scenes. Step inside the world of Wall Street with Barton Biggs as he discusses investing in general, hedge funds in particular, and how he has learned to find and profit from the best moneymaking opportunities in an eat-what-you-kill, cutthroat investment world.
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HedgeHotDogging
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In The Rule, legendary trader and hedge fund pioneer Larry Hite recounts his working-class upbringing in Brooklyn as a dyslexic, partially blind kid who was anything but a model student - and how he went on to found and run Mint Investment Management Company, one of the most profitable and largest quantitative hedge funds in the world.
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Amazing story of how Larry Hite won at life
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The 1980s was the most outrageous and turbulent era in the financial market since the crash of ’29, not only on Wall Street but around the world. Michael Lewis, as a trainee at Salomon Brothers in New York and as an investment banker and later financial journalist, was uniquely positioned to chronicle the ambition and folly that fueled the decade. In these trenchant, often hilarious true tales we meet the colorful movers and shakers who commanded the headlines and rewrote the rules.
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Not the normal great Michael Lewis
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The Index Revolution argues that active investing is a loser's game, and that a passive approach is more profitable in today's market. By adjusting your portfolio asset weights to match a performance index, you consistently earn higher rates of returns and come out on top in the long run. This book explains why, and describes how individual investors can take advantage of indexing to make their portfolio stronger and more profitable.
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A better way to invest
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Charlie Munger, Berkshire Hathaway's visionary vice chairman and Warren Buffett's indispensable financial partner, has outperformed market indexes again and again, and he believes any investor can do the same. His notion of "elementary, worldly wisdom" - a set of interdisciplinary mental models involving economics, business, psychology, ethics, and management - allows him to keep his emotions out of his investments and avoid the common pitfalls of bad judgment.
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Good, but... one major annoyance
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The Motley Fool Million Dollar Portfolio
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Listeners are offered a first-class education in building, growing, and defending an individual portfolio, one investment strategy at a time. From learning to think like an investor to finding a first stock, from international investing to community-based online tools, this audiobook takes the reader through the essential strategies for building any portfolio, no matter how small its start or how big its ambitions.
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Great Introduction to Investing
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The Greatest Trade Ever
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In 2006, hedge fund manager John Paulson realized something few others suspected - that the housing market and the value of subprime mortgages were grossly inflated and headed for a major fall. Paulson's background was in mergers and acquisitions, however, and he knew little about real estate or how to wager against housing. He had spent a career as an also-ran on Wall Street. But Paulson was convinced this was his chance to make his mark. He just wasn't sure how to do it. Colleagues at investment banks scoffed at him and investors dismissed him.
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Better Books Now Available
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The Education of a Value Investor
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Malk Williams does a superb job.
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Perfect Bet
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From the simple to the intricate and the audacious to the absurd, Adam Kucharski reveals the long and tangled history between betting and science and explains why gambling continues to generate insights into luck and decision making today. Covering exploits and ideas from across the globe, he meets the teams behind hedge funds that capitalize on inaccurate sports betting odds and explains how PhD-level pundits are using methods originally developed for the US nuclear program to predict sports results.
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Nontechnical, wandering far beyond "gaming"
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What listeners say about Fortune's Formula
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
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- Robert wallace
- 07-28-22
One of my favorite books now
So many big names connected. If you are interested in gambling, markets, information theory, the mob, and the history of many famous smart people, you will love this book. It connects the histories of so many people, it is hard to really summarize. I think overall it is about the kelly formula, but it covers so many other formulas as well, and mostly covers people as they try to beat the systems and make money
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- K. Cuddeback
- 06-19-20
Great story. Small pronunciation quirks
I am used to "arithmetic" as a noun being pronounced differently from arithmetic as an adjective
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- Melinda C. Spears
- 08-15-21
Fascinating and gripping
Mobs, Fixed horse races, hedge funds losing billions in a few months. Fascinating.
I wish it had went over how to use the Kelly criterion which is what I came for but the story and reasoning in this book is incredible.
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- Evan Ratner
- 02-21-23
Kelly criterion but much more
This book has a rich detail of organized crime in America to the rise of quant hedge funds all tying back to Ed Thorpe. While Thorpe has his own autobiography the man who beat the market this book is an interesting companion
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- hasan
- 02-09-22
loved the book and recommended it.
awesome book. learned about statics and investment relationships. highly recommend thus book. it is not just about investment it could be used for life lesson.
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- William C Scott
- 10-28-20
Very entertaining. Also leads to much further research
I really enjoyed this book. It references most of the important figures that occupy the Venmo diagram of quantitative finance, gambling, and statistics/probability theory. Really cool listen.
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- Seamus Farrell
- 02-14-20
Incredible
A surprisingly varied and engaging story that connects wildly different ideas. A great story for any day
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- Felipe Politano Lange
- 01-11-22
Complete
A little long, but complete briefing of real (important) financial market for comum investor.
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- Michael
- 11-08-17
Could be MUCH shorter
Oddly the narrator repeatedly refers to the accompanying PDF which I could not find. I emailed support about this.
Nevertheless this was a fine book describing the Kelly formula for investment/betting decisions. This remarkably simple formula is powerful, widely applicable, and easy to understand. In fact, it is so easy to understand most of this book is unnecessary to understanding the formula. Much of the book is very mildly interesting stories about shady bookies and investment managers that have little, or nothing, to do with the Kelly Formula along with various other investment/betting strategies having nothing to do with the Kelly Formula.
I was not impressed with the presentation of the St. Petersburg Paradox. It is well described, but the underlying reason for the paradox seems to be completely missed. This is important because the book later discusses the differences between using the arithmetic verse geometric means. The important take away from the St. Petersburg Paradox is that any mean is worthless if the variance is too large. This variance problem is touched on elsewhere in the book, but it is not appropriately highlighted.
The narration is really excellent.
I enjoyed this book but it would have been better if much more focused on simply understanding the Kelly Formula.
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Overall
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Performance
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Story
- 2LC
- 07-18-18
A must read or in this case a must listen
Biography of finding the perfect investment. a brief history of bright people and the association of money putting it to work correctly.
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