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  #1  
Old 09-11-2005, 02:46 PM
imported_Chuck Weinstock imported_Chuck Weinstock is offline
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Default Fortune\'s Formula

I have just finished reading Fortune's Formula by William Poundstone. This is a terrific book that is essentially about the Kelly Criterion and those who believe in it and those (like Paul Samuelson) who don't. The book is more about the stock market and hedge funds than about gambling, but of course they are the same thing.

The book starts with the value of information and the private race wires and moves on to the mob and the Kinney Parking -> Time Warner connection. AT&T labs, with Claude Shannon and John Kelly are there, as is Ed Thorp and (eventually) Long Term Capital Management, Michael Milken, Ivan Boesky, Rudy Gulliani, etc.

I'll be adding it to the ConJelCo catalog but whether you buy it there or not, I highly recommend this book.

Chuck
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  #2  
Old 09-11-2005, 09:34 PM
maryfield48 maryfield48 is offline
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Default Re: Fortune\'s Formula

We'll need a score out of 10 to really 'get' your review, Chuck.
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  #3  
Old 09-12-2005, 03:17 AM
Robk Robk is offline
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Default thanks Chuck nt

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  #4  
Old 09-19-2005, 10:00 PM
felson felson is offline
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Default Re: Fortune\'s Formula

Chuck, thanks for the recommendation. This was a great read. I've read about Long Term Capital before, but this was the first time that I personally had read about Shannon's and Thorp's investing.
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  #5  
Old 12-18-2005, 07:20 PM
fyodor fyodor is offline
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Default Re: Fortune\'s Formula

A very informative and entertaining read.

My favourite quote:

"There is no better way of demonstrating the need for money management than seeing your own money vanish while making positive-expectation bets." p.304
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  #6  
Old 12-24-2005, 02:31 PM
Voltron87 Voltron87 is offline
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Default Re: Fortune\'s Formula

I picked this up at barnes and nobles this morning, i read 30 pages on the subway ride home and can tell that it is going to be excellent. well written and very interesting stuff. i cant exactly put my finger what it is about, but not in a bad way at all. a lot of gambling content. i second the recommendation, definitely buy this.
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  #7  
Old 12-24-2005, 11:17 PM
mshalen mshalen is offline
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Default Re: Fortune\'s Formula

Excellent book. I never would have known about the connection between mob owned parking lots evolving into Time Warner. The way the author drew connections between seemingly random events was amazing. The background and history of events and people makes this an excellent read.
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  #8  
Old 12-25-2005, 04:46 PM
vistaplayer vistaplayer is offline
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Default Re: Fortune\'s Formula

I just picked this up at the library and looking forward to reading it. William Poundstone writes some interesting stuff.
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