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A Man for All Markets

A Man for All Markets
  • Author : Edward O. Thorp
  • Publisher :Unknown
  • Release Date :2017
  • Total pages :396
  • ISBN : 9781400067961
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Summary : Traces the author's experiences as a mathematics wizard, author, inventor, hedge-fund manager, and card-counter who revealed casino-beating strategies, invented the first wearable computer, and launched a Wall Street revolution.

A Man for All Markets

A Man for All Markets
  • Author : Edward O. Thorp
  • Publisher :Unknown
  • Release Date :2017-01-24
  • Total pages :416
  • ISBN : 9780812998740
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Summary : The incredible true story of the card-counting mathematics professor who taught the world how to beat the dealer and, as the first of the great quantitative investors, ushered in a revolution on Wall Street. A child of the Great Depression, legendary mathematician Edward O. Thorp invented card counting, proving the seemingly impossible: that you could beat the dealer at the blackjack table. As a result he launched a gambling renaissance. His remarkable success—and mathematically unassailable method—caused such an uproar that casinos altered the rules of the game to thwart him and the legions he inspired. They barred him from their premises, even put his life in jeopardy. Nonetheless, gambling was forever changed. Thereafter, Thorp shifted his sights to “the biggest casino in the world”: Wall Street. Devising and then deploying mathematical formulas to beat the market, Thorp ushered in the era of quantitative finance we live in today. Along the way, the so-called godfather of the quants played bridge with Warren Buffett, crossed swords with a young Rudy Giuliani, detected the Bernie Madoff scheme, and, to beat the game of roulette, invented, with Claude Shannon, the world’s first wearable computer. Here, for the first time, Thorp tells the story of what he did, how he did it, his passions and motivations, and the curiosity that has always driven him to disregard conventional wisdom and devise game-changing solutions to seemingly insoluble problems. An intellectual thrill ride, replete with practical wisdom that can guide us all in uncertain financial waters, A Man for All Markets is an instant classic—a book that challenges its readers to think logically about a seemingly irrational world. Praise for A Man for All Markets “In A Man for All Markets, [Thorp] delightfully recounts his progress (if that is the word) from college teacher to gambler to hedge-fund manager. Along the way we learn important lessons about the functioning of markets and the logic of investment.”—The Wall Street Journal “[Thorp] gives a biological summation (think Richard Feynman’s Surely You’re Joking, Mr. Feynman!) of his quest to prove the aphorism ‘the house always wins’ is flawed. . . . Illuminating for the mathematically inclined, and cautionary for would-be gamblers and day traders”— Library Journal

A Man for All Markets

A Man for All Markets
  • Author : Edward O. Thorp
  • Publisher :Unknown
  • Release Date :2017-02-02
  • Total pages :432
  • ISBN : 9781786070296
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Summary : A New York Times bestseller In a remarkable career, Edward O. Thorp rose up 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.

Beat the Market

Beat the Market
  • Author : Edward O. Thorp,Sheen T. Kassouf
  • Publisher :Unknown
  • Release Date :1967
  • Total pages :221
  • ISBN : STANFORD:36105003213290
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Summary :

The Man Who Solved the Market

The Man Who Solved the Market
  • Author : Gregory Zuckerman
  • Publisher :Unknown
  • Release Date :2019-11-05
  • Total pages :384
  • ISBN : 9780735217997
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Summary : NEW YORK TIMES BESTSELLER Shortlisted for the Financial Times/McKinsey Business Book of the Year Award The unbelievable story of a secretive mathematician who pioneered the era of the algorithm--and made $23 billion doing it. Jim Simons is the greatest money maker in modern financial history. No other investor--Warren Buffett, Peter Lynch, Ray Dalio, Steve Cohen, or George Soros--can touch his record. Since 1988, Renaissance's signature Medallion fund has generated average annual returns of 66 percent. The firm has earned profits of more than $100 billion; Simons is worth twenty-three billion dollars. Drawing on unprecedented access to Simons and dozens of current and former employees, Zuckerman, a veteran Wall Street Journal investigative reporter, tells the gripping story of how a world-class mathematician and former code breaker mastered the market. Simons pioneered a data-driven, algorithmic approach that's sweeping the world. As Renaissance became a market force, its executives began influencing the world beyond finance. Simons became a major figure in scientific research, education, and liberal politics. Senior executive Robert Mercer is more responsible than anyone else for the Trump presidency, placing Steve Bannon in the campaign and funding Trump's victorious 2016 effort. Mercer also impacted the campaign behind Brexit. The Man Who Solved the Market is a portrait of a modern-day Midas who remade markets in his own image, but failed to anticipate how his success would impact his firm and his country. It's also a story of what Simons's revolution means for the rest of us.

The Kelly Capital Growth Investment Criterion

The Kelly Capital Growth Investment Criterion
  • Author : Leonard C. MacLean,Edward O. Thorp,W. T. Ziemba
  • Publisher :Unknown
  • Release Date :2011
  • Total pages :853
  • ISBN : 9789814293495
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Summary : 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.

The Success Equation

The Success Equation
  • Author : Michael J. Mauboussin
  • Publisher :Unknown
  • Release Date :2012
  • Total pages :293
  • ISBN : 9781422184233
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Summary : Examines the importance of skill and luck, describes how to develop analytical tools to understand them, and offers suggestions on putting these findings to work to achieve success.

Elementary Probability

Elementary Probability
  • Author : Edward O. Thorp
  • Publisher :Unknown
  • Release Date :1977
  • Total pages :152
  • ISBN : STANFORD:36105032980307
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Summary :

The (Mis)Behaviour of Markets

The (Mis)Behaviour of Markets
  • Author : Benoit B. Mandelbrot,Richard L. Hudson
  • Publisher :Unknown
  • Release Date :2010-10-01
  • Total pages :352
  • ISBN : 9781847651556
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Summary : This international bestseller, which foreshadowed a market crash, explains why it could happen again if we don't act now. Fractal geometry is the mathematics of roughness: how to reduce the outline of a jagged leaf or static in a computer connection to a few simple mathematical properties. With his fractal tools, Mandelbrot has got to the bottom of how financial markets really work. He finds they have a shifting sense of time and wild behaviour that makes them volatile, dangerous - and beautiful. In his models, the complex gyrations of the FTSE 100 and exchange rates can be reduced to straightforward formulae that yield a much more accurate description of the risks involved.

Triumph of the Optimists

Triumph of the Optimists
  • Author : Elroy Dimson,Paul Marsh,Mike Staunton
  • Publisher :Unknown
  • Release Date :2009-04-11
  • Total pages :352
  • ISBN : 140082947X
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Summary : Investors have too often extrapolated from recent experience. In the 1950s, who but the most rampant optimist would have dreamt that over the next fifty years the real return on equities would be 9% per year? Yet this is what happened in the U.S. stock market. The optimists triumphed. However, as Don Marquis observed, an optimist is someone who never had much experience. The authors of this book extend our experience across regions and across time. They present a comprehensive and consistent analysis of investment returns for equities, bonds, bills, currencies and inflation, spanning sixteen countries, from the end of the nineteenth century to the beginning of the twenty-first. This is achieved in a clear and simple way, with over 130 color diagrams that make comparison easy. Crucially, the authors analyze total returns, including reinvested income. They show that some historical indexes overstate long-term performance because they are contaminated by survivorship bias and that long-term stock returns are in most countries seriously overestimated, due to a focus on periods that with hindsight are known to have been successful. The book also provides the first comprehensive evidence on the long-term equity risk premium--the reward for bearing the risk of common stocks. The authors reveal whether the United States and United Kingdom have had unusually high stock market returns compared to other countries. The book covers the U.S., the U.K., Japan, France, Germany, Canada, Italy, Spain, Switzerland, Australia, the Netherlands, Sweden, Belgium, Ireland, Denmark, and South Africa. Triumph of the Optimists is required reading for investment professionals, financial economists, and investors. It will be the definitive reference in the field and consulted for years to come.

Practical Speculation

Practical Speculation
  • Author : Victor Niederhoffer,Laurel Kenner
  • Publisher :Unknown
  • Release Date :2011-01-06
  • Total pages :400
  • ISBN : 111804567X
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Summary : The follow-up to Victor Niederhoffer's critically and commercially acclaimed book The Education of a Speculator has finally arrived. Practical Speculation continues the story of a true market legend who ran a hugely successful futures trading firm that had annual returns of over thirty percent until unforeseen losses forced him to close operations. Like a phoenix rising from the ashes, Niederhoffer returned to the world of trading stocks, futures, and options, with a new colleague and a new approach and found success. Order your copy of this compelling story of risk and survival today.

The Crisis of Crowding

The Crisis of Crowding
  • Author : Ludwig B. Chincarini
  • Publisher :Unknown
  • Release Date :2012-07-30
  • Total pages :512
  • ISBN : 9781118282717
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Summary : A rare analytical look at the financial crisis using simpleanalysis The economic crisis that began in 2008 revealed the numerousproblems in our financial system, from the way mortgage loans wereproduced to the way Wall Street banks leveraged themselves.Curiously enough, however, most of the reasons for the bankingcollapse are very similar to the reasons that Long-Term CapitalManagement (LTCM), the largest hedge fund to date, collapsed in1998. The Crisis of Crowding looks at LTCM in greaterdetail, with new information, for a more accurate perspective,examining how the subsequent hedge funds started by Meriwether andformer partners were destroyed again by the lapse of judgement inallowing Lehman Brothers to fail. Covering the lessons that were ignored during LTCM's collapsebut eventually connected to the financial crisis of 2008, the bookpresents a series of lessons for hedge funds and financial markets,including touching upon the circle of greed from homeowners to realestate agents to politicians to Wall Street. Guides the reader through the real story of Long-Term CapitalManagement with accurate descriptions, previously unpublished data,and interviews Describes the lessons that hedge funds, as well as the market,should have learned from LTCM's collapse Explores how the financial crisis and LTCM are a globalphenomena rooted in failures to account for risk in crowded spaceswith leverage Explains why quantitative finance is essential for everyfinancial institution from risk management to valuation modeling toalgorithmic trading Is filled with simple quantitative analysis about the financialcrisis, from the Quant Crisis of 2007 to the failure of LehmanBrothers to the Flash Crash of 2010 A unique blend of storytelling and sound quantitative analysis,The Crisis of Crowding is one of the first books to offer ananalytical look at the financial crisis rather than just an accountof what happened. Also included are a layman's guide to theDodd-Frank rules and what it means for the future, as well as anevaluation of the Fed's reaction to the crisis, QE1, QE2, andQE3.

Fortune's Formula

Fortune's Formula
  • Author : William Poundstone
  • Publisher :Unknown
  • Release Date :2010-06-01
  • Total pages :400
  • ISBN : 0374707081
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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 William Poundstone's Fortune's Formula will convince you that he was right.

Investment Biker

Investment Biker
  • Author : Jim Rogers
  • Publisher :Unknown
  • Release Date :2011-11-23
  • Total pages :440
  • ISBN : 9780307809285
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Summary : Legendary investor Jim Rogers gives us his view of the world on a twenty-two-month, fifty-two-country motorcycle odyssey in his bestselling business/adventure book, Investment Biker, which has already sold more than 200,000 copies. Before you invest another dollar anywhere in the world (including the United States), read this book by the man Time magazine calls “the Indiana Jones of finance.” Jim Rogers became a Wall Street legend when he co-founded the Quantum Fund. Investment Biker is the fascinating story of Rogers’s global motorcycle journey/investing trip, with hardheaded advice on the current state and future direction of international economies that will guide and inspire investors interested in foreign markets. NOTE: This edition does not include a photo insert.

More Money Than God

More Money Than God
  • Author : Sebastian Mallaby
  • Publisher :Unknown
  • Release Date :2011-05-03
  • Total pages :496
  • ISBN : 9781408809754
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Summary : The first book of its kind: a fascinating and entertaining examination of hedge funds today Shortlisted for the Financial Times/Goldman Sachs Business Book of the Year Award The New York Times bestseller

The Money Formula

The Money Formula
  • Author : Paul Wilmott,David Orrell
  • Publisher :Unknown
  • Release Date :2017-03-06
  • Total pages :264
  • ISBN : 9781119358619
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Summary : Explore the deadly elegance of finance's hidden powerhouse The Money Formula takes you inside the engine room of the global economy to explore the little-understood world of quantitative finance, and show how the future of our economy rests on the backs of this all-but-impenetrable industry. Written not from a post-crisis perspective – but from a preventative point of view – this book traces the development of financial derivatives from bonds to credit default swaps, and shows how mathematical formulas went beyond pricing to expand their use to the point where they dwarfed the real economy. You'll learn how the deadly allure of their ice-cold beauty has misled generations of economists and investors, and how continued reliance on these formulas can either assist future economic development, or send the global economy into the financial equivalent of a cardiac arrest. Rather than rehash tales of post-crisis fallout, this book focuses on preventing the next one. By exploring the heart of the shadow economy, you'll be better prepared to ride the rough waves of finance into the turbulent future. Delve into one of the world's least-understood but highest-impact industries Understand the key principles of quantitative finance and the evolution of the field Learn what quantitative finance has become, and how it affects us all Discover how the industry's next steps dictate the economy's future How do you create a quadrillion dollars out of nothing, blow it away and leave a hole so large that even years of "quantitative easing" can't fill it – and then go back to doing the same thing? Even amidst global recovery, the financial system still has the potential to seize up at any moment. The Money Formula explores the how and why of financial disaster, what must happen to prevent the next one.

The Hedge Fund Mirage

The Hedge Fund Mirage
  • Author : Simon A. Lack
  • Publisher :Unknown
  • Release Date :2012-01-03
  • Total pages :208
  • ISBN : 9781118164310
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Summary : The dismal truth about hedge funds and how investors can get a greater share of the profits Shocking but true: if all the money that's ever been invested in hedge funds had been in treasury bills, the results would have been twice as good. Although hedge fund managers have earned some great fortunes, investors as a group have done quite poorly, particularly in recent years. Plagued by high fees, complex legal structures, poor disclosure, and return chasing, investors confront surprisingly meager results. Drawing on an insider's view of industry growth during the 1990s, a time when hedge fund investors did well in part because there were relatively few of them, The Hedge Fund Mirage chronicles the early days of hedge fund investing before institutions got into the game and goes on to describe the seeding business, a specialized area in which investors provide venture capital-type funding to promising but undiscovered hedge funds. Today's investors need to do better, and this book highlights the many subtle and not-so-subtle ways that the returns and risks are biased in favor of the hedge fund manager, and how investors and allocators can redress the imbalance. The surprising frequency of fraud, highlighted with several examples that the author was able to avoid through solid due diligence, industry contacts, and some luck Why new and emerging hedge fund managers are where generally better returns are to be found, because most capital invested is steered towards apparently safer but less profitable large, established funds rather than smaller managers that evoke the more profitable 1990s Hedge fund investors have had it hard in recent years, but The Hedge Fund Mirage is here to change that, by turning the tables on conventional wisdom and putting the hedge fund investor back on top.

So You Want to Start a Hedge Fund

So You Want to Start a Hedge Fund
  • Author : Ted Seides
  • Publisher :Unknown
  • Release Date :2016-01-12
  • Total pages :240
  • ISBN : 9781119156987
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Summary : Helpful, Accessible Guidance for Budding Hedge Funds So You Want to Start a Hedge Fund provides critical lessons and thoughtful insights to those trying to decipher the industry, as well as those seeking to invest in the next generation of high performers. This book foregoes the sensational, headline-grabbing stories about the few billionaire hedge fund managers to reach the top of the field. Instead, it focuses on the much more common travails of start-ups and small investment firms. The successes and failures of a talented group of competitive managers—all highly educated and well trained—show what it takes for managers and allocators to succeed. These accounts include lessons on funding, team development, strategy, performance, and allocation. The hedge fund industry is concentrated in the largest funds, and the big funds are getting bigger. In time, some of these funds will not survive their founders and large sums will get reallocated to a broader selection of different managers. This practical guide outlines the allocation process for fledgling funds, and demonstrates how allocators can avoid pitfalls in their investments. So You Want to Start a Hedge Fund also shows how to: Develop a sound strategy and raise the money you need Gain a real-world perspective about how allocators think and act Structure your team and investment process for success Recognize the patterns of successful start-ups The industry is approaching a significant crossroads. Aggregate growth is slowing and competition is shifting away from industry-wide growth, at the expense of traditional asset classes, to market share capture within the industry. So You Want to Start a Hedge Fund provides guidance for the little funds—the potential future leaders of the industry.

Speculation As a Fine Art and Thoughts On Life

Speculation As a Fine Art and Thoughts On Life
  • Author : Dickson G. Watts
  • Publisher :Unknown
  • Release Date :2015-02-19
  • Total pages :229
  • ISBN : 1230987654XX
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Summary : A timeless investing classic from 1880. Dickson G. Watts shares his thoughts about the art of speculation, and life in general. "All business is more or less speculation." (…) "Our effort will be to set for the great underlying principles of the 'art' in the application of which must depend on circumstance, the time and the man." This concise book is a small gem for all investors.

Big Mistakes

Big Mistakes
  • Author : Michael Batnick
  • Publisher :Unknown
  • Release Date :2018-05-22
  • Total pages :192
  • ISBN : 9781119366416
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Summary : A Must-Read for Any Investor Looking to Maximize Their Chances of Success Big Mistakes: The Best Investors and Their Worst Investments explores the ways in which the biggest names have failed, and reveals the lessons learned that shaped more successful strategies going forward. Investing can be a rollercoaster of highs and lows, and the investors detailed here show just how low it can go; stories from Warren Buffet, Bill Ackman, Chris Sacca, Jack Bogle, Mark Twain, John Maynard Keynes, and many more illustrate the simple but overlooked concept that investing is really hard, whether you're managing a few thousand dollars or a few billion, failures and losses are part of the game. Much more than just anecdotal diversion, these stories set the basis for the book's critical focus: learning from mistakes. These investors all recovered from their missteps, and moved forward armed with a wealth of knowledge than can only come from experience. Lessons learned through failure carry a weight that no textbook can convey, and in the case of these legendary investors, informed a set of skills and strategy that propelled them to the top. Research-heavy and grounded in realism, this book is a must-read for any investor looking to maximize their chances of success. Learn the most common ways even successful investors fail Learn from the mistakes of the greats to avoid losing ground Anticipate challenges and obstacles, and develop an advance plan Exercise caution when warranted, and only take the smart risks While learning from your mistakes is always a valuable experience, learning from the mistakes of others gives you the benefit of wisdom without the consequences of experience. Big Mistakes: The Best Investors and Their Worst Investments provides an incomparable, invaluable resource for investors of all stripes.

The Mathematics of Gambling

The Mathematics of Gambling
  • Author : Edward Thorp
  • Publisher :Unknown
  • Release Date :1984
  • Total pages :161
  • ISBN : 0897460197
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Summary :