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Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street Audiobook

Name: Fortunes Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street Audiobook
Brand: Macmillan Audio
SKU: cahb
Availability: InStock
Author: William Poundstone
ISBN: 9781427294821

By: William Poundstone

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Read By: Jeremy Arthur Publisher: Macmillan Audio Listen Time: 10.00 hours at 1.0x Speed 6.67 hours at 1.5x Speed 5.00 hours at 2.0x Speed Release Date: June 2017 Format: Unabridged Audiobook ISBN: 9781427294821

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Quick Stats About this Audiobook

Total Audiobook Chapters:

Longest Chapter Length:

20:46 minutes

Shortest Chapter Length:

40 seconds

Average Chapter Length:

08:14 minutes

Audiobooks by this Author:

Other Audiobooks Written by William Poundstone: > View All...

Are You Smart Enough to Work at Google?: Trick Questions, Zen-like Riddles, Insanely Difficult Puzzles, and Other Devious Interviewing Techniques You Need to Know to Get a Job in the New Economy Audibook, by William Poundstone

Head in the Cloud: Why Knowing Things Still Matters When Facts Are So Easy to Look Up Audibook, by William Poundstone

The Doomsday Calculation: How an Equation that Predicts the Future Is Transforming Everything We Know About Life and the Universe Audibook, by William Poundstone

How Do You Fight a Horse-Sized Duck?: Secrets to Succeeding at Interview Mind Games and Getting the Job You Want Audibook, by William Poundstone

Prisoner's Dilemma: John von Neumann, Game Theory, and the Puzzle of the Bomb Audibook, by William Poundstone

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Publisher Description

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 phenomenonally 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 William Poundstone's Fortune's Formula will convince you that he was right.

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"An amazing story that gives a big idea the needed star treatment . . . Fortune's Formula will appeal to readers of such books as Peter L. Bernstein's Against the Gods, Nassim Nicholas Taleb's Fooled by Randomness, and Roger Lowenstein's When Genius Failed. All try to explain why smart people take stupid risks. Poundstone goes them one better by showing how hedge fund Long-Term Capital Management, for one, could have avoided disaster by following the Kelly method."
— Business Week (four stars)

Quotes

“Seldom have true crime and smart math been blended together so engagingly.
— The Wall Street Journal
'Fortune's Formula' may be the world's first history book, gambling primer, mathematics text, economics manual, personal finance guide and joke book in a single volume. Poundstone comes across as the best college professor you ever hand, someone who can turn almost any technical topic into an entertaining and zesty lecture.
— The New York Times Book Review

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About William Poundstone

William Poundstone is the author of twelve books, including How Would You Move Mount Fuji? and Fortune’s Formula, which was Amazon Editors’ pick for the #1 nonfiction book of the year in 2005. He has written for the New York Times, Harper’s, Harvard Business Review, and the Village Voice, among other publications. He lives in Los Angeles.

About Jeremy Arthur

Fred Berman has won several AudioFile Earphones Awards as well as the prestigious Audie Award for best narration. He is an actor of theater, film, and television whose credits include Broadway’s The Lion King, Law & Order, and Directing Eddie, among others. He was featured in Entertainment Weekly for his work on the Walking Dead audiobook series.