A Man For All Markets
You are FREE to Read and Download any Book. Click the button below and Create a FREE account. Don't waste your time, continue to see developments from around the world through BOOK.
|Author||: Edward O. Thorp|
|Editor||: Random House Incorporated|
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.
|Author||: Edward O. Thorp|
|Editor||: Random House|
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
|Author||: Edward O. Thorp|
|Editor||: Simon and Schuster|
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.
|Author||: Edward O Thorp|
|Editor||: Oneworld Publications|
Mathematics professor. Professional gambler. Tech inventor. Hedge fund heavyweight. Bestselling author. One of a kind. Edward O Thorp worked his way up from nothing to become a professor at MIT. Using one of their early computers for his calculations, he invented card counting, making huge winnings at blackjack, roulette and baccarat in Las Vegas and brushing shoulders with mobsters along the way. Thorp then went on to Wall Street, where he began a hugely successful career in the stock market, attracting the attention of global investors such as Warren Buffett. He used statistical techniques to find and exploit pricing anomalies in the securities markets and built a significant fortune, earning him the nickname 'The Godfather of Quants'. For the first time, Thorp shares his incredible life story, explaining how he made his money and giving advice to the next generation of investors.
|Author||: Gregory Zuckerman|
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.
|Author||: William Poundstone|
|Editor||: Hill and Wang|
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.
|Author||: Leonard C. MacLean,Edward O. Thorp,W. T. Ziemba|
|Editor||: World Scientific|
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.
|Author||: Ludwig B. Chincarini|
|Editor||: John Wiley & Sons|
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.
Abstract : In lieu of the conversation with Ed Thorp that everybody would benefit from, we finally have his autobiography, A Man for All Markets . Dan Tudball speaks to Ed about the book...
|Author||: Jim Rogers|
|Editor||: Random House|
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.
|Author||: Victor Niederhoffer,Laurel Kenner|
|Editor||: John Wiley & Sons|
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.
|Author||: Elroy Dimson,Paul Marsh,Mike Staunton|
|Editor||: Princeton University Press|
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.
|Author||: Michael Shearn|
|Editor||: John Wiley & Sons|
A practical guide to making more informed investmentdecisions Investors often buy or sell stocks too quickly. When you baseyour purchase decisions on isolated facts and don't take the timeto thoroughly understand the businesses you are buying, stock-priceswings and third-party opinion can lead to costly investmentmistakes. Your decision making at this point becomes dangerousbecause it is dominated by emotions. The InvestmentChecklist has been designed to help you develop an in-depthresearch process, from generating and researching investment ideasto assessing the quality of a business and its management team. The purpose of The Investment Checklist is to help youimplement a principled investing strategy through a series ofchecklists. In it, a thorough and comprehensive research process ismade simpler through the use of straightforward checklists thatwill allow you to identify quality investment opportunities. Eachchapter contains detailed demonstrations of how and where to findthe information necessary to answer fundamental questions aboutinvestment opportunities. Real-world examples of how investmentmanagers and CEOs apply these universal principles are alsoincluded and help bring the concepts to life. These checklists willhelp you consider a fuller range of possibilities in yourinvestment strategy, enhance your ability to value your investmentsby giving you a holistic view of the business and each of itsmoving parts, identify the risks you are taking, and much more. Offers valuable insights into one of the most important aspectsof successful investing, in-depth research Written in an accessible style that allows aspiring investorsto easily understand and apply the concepts covered Discusses how to think through your investment decisions morecarefully With The Investment Checklist, you'll quickly be able toascertain how well you understand your investments by the questionsyou are able to answer, or not answer, without making the costlymistakes that usually hinder other investors.
|Author||: Joel Greenblatt|
|Editor||: Columbia Business School Publishing|
In Common Sense, the New York Times best-selling author Joel Greenblatt offers an investor's perspective on building an economy that truly works for everyone. With dry and self-deprecating wit, he makes a lively and provocative case for disruptive new approaches.
|Author||: Michael Becket|
|Editor||: Kogan Page Publishers|
Now more than ever, people are being affected by the fluctuations in the global economy and by financial uncertainty - with major impacts on their savings, portfolios and pensions. Fully updated for this fourth edition, How the Stock Market Works tells investors what is being traded and how, who does what with whom, and how to evaluate a particular share or bond in light of rival claims from critics and admirers. From the practical consequences of being a shareholder to a basic coverage of the taxation regime, the book provides a wealth of information on individual product types as well as the key players themselves.
|Author||: Jack D. Schwager|
|Editor||: John Wiley & Sons|
An accessible look at the art of investing and how to adopt the practices of top professionals What differentiates the highly successful market practitioners—the Market Wizards—from ordinary traders? What traits do they share? What lessons can the average trader learn from those who achieved superior returns for decades while still maintaining strict risk control? Jack Schwager has spent the past 25 years interviewing the market legends in search of the answers—a quest chronicled in four prior Market Wizards volumes totaling nearly 2,000 pages. In The Little Book of Market Wizards, Jack Schwager seeks to distill what he considers the essential lessons he learned in conducting nearly four dozen interviews with some of the world's best traders. The book delves into the mindset and processes of highly successful traders, providing insights that all traders should find helpful in improving their trading skills and results. Each chapter focuses on a specific theme essential to market success Describes how all market participants can benefit by incorporating the related traits, behaviors, and philosophies of the Market Wizards in their own trading Filled with compelling anecdotes that bring the trading messages to life, and direct quotes from the market greats that resonate with the wisdom born of experience and skill Stepping clearly outside the narrow confines of most investment books, The Little Book of Market Wizards focuses on the value of understanding one's self within the context of successful investing.
|Author||: Ted Seides|
|Editor||: John Wiley & Sons|
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.