A Man for All Markets
Author | : Edward O. Thorp |
Publisher | : |
Total Pages | : 432 |
Release | : 2017-10 |
Genre | : |
ISBN | : 9781786071972 |
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Author | : Edward O. Thorp |
Publisher | : |
Total Pages | : 432 |
Release | : 2017-10 |
Genre | : |
ISBN | : 9781786071972 |
Author | : Gregory Zuckerman |
Publisher | : Penguin |
Total Pages | : 401 |
Release | : 2019-11-05 |
Genre | : Business & Economics |
ISBN | : 0735217998 |
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 | : Edward O. Thorp |
Publisher | : |
Total Pages | : 248 |
Release | : 1967 |
Genre | : Business & Economics |
ISBN | : |
Author | : Ben Carlson |
Publisher | : John Wiley & Sons |
Total Pages | : 231 |
Release | : 2015-06-22 |
Genre | : Business & Economics |
ISBN | : 1119024927 |
A simple guide to a smarter strategy for the individual investor A Wealth of Common Sense sheds a refreshing light on investing, and shows you how a simplicity-based framework can lead to better investment decisions. The financial market is a complex system, but that doesn't mean it requires a complex strategy; in fact, this false premise is the driving force behind many investors' market "mistakes." Information is important, but understanding and perspective are the keys to better decision-making. This book describes the proper way to view the markets and your portfolio, and show you the simple strategies that make investing more profitable, less confusing, and less time-consuming. Without the burden of short-term performance benchmarks, individual investors have the advantage of focusing on the long view, and the freedom to construct the kind of portfolio that will serve their investment goals best. This book proves how complex strategies essentially waste these advantages, and provides an alternative game plan for those ready to simplify. Complexity is often used as a mechanism for talking investors into unnecessary purchases, when all most need is a deeper understanding of conventional options. This book explains which issues you actually should pay attention to, and which ones are simply used for an illusion of intelligence and control. Keep up with—or beat—professional money managers Exploit stock market volatility to your utmost advantage Learn where advisors and consultants fit into smart strategy Build a portfolio that makes sense for your particular situation You don't have to outsmart the market if you can simply outperform it. Cut through the confusion and noise and focus on what actually matters. A Wealth of Common Sense clears the air, and gives you the insight you need to become a smarter, more successful investor.
Author | : Michael J. Sandel |
Publisher | : Farrar, Straus and Giroux |
Total Pages | : 256 |
Release | : 2012-04-24 |
Genre | : Philosophy |
ISBN | : 1429942584 |
Should we pay children to read books or to get good grades? Should we allow corporations to pay for the right to pollute the atmosphere? Is it ethical to pay people to test risky new drugs or to donate their organs? What about hiring mercenaries to fight our wars? Auctioning admission to elite universities? Selling citizenship to immigrants willing to pay? In What Money Can't Buy, Michael J. Sandel takes on one of the biggest ethical questions of our time: Is there something wrong with a world in which everything is for sale? If so, how can we prevent market values from reaching into spheres of life where they don't belong? What are the moral limits of markets? In recent decades, market values have crowded out nonmarket norms in almost every aspect of life—medicine, education, government, law, art, sports, even family life and personal relations. Without quite realizing it, Sandel argues, we have drifted from having a market economy to being a market society. Is this where we want to be?In his New York Times bestseller Justice, Sandel showed himself to be a master at illuminating, with clarity and verve, the hard moral questions we confront in our everyday lives. Now, in What Money Can't Buy, he provokes an essential discussion that we, in our market-driven age, need to have: What is the proper role of markets in a democratic society—and how can we protect the moral and civic goods that markets don't honor and that money can't buy?
Author | : Edward O. Thorp |
Publisher | : Vintage |
Total Pages | : 246 |
Release | : 1966-04-12 |
Genre | : Games & Activities |
ISBN | : 0394703103 |
The Book That Made Las Vegas Change the Rules Over 1,000,000 Copies in Print Edward O. Thorp is the father of card counting, and in this classic guide he shares the revolutionary point system that has been successfully used by professional and amateur card players for generations. This book provides: o an overview of the basic rules of the game o proven winning strategies ranging from simple to advanced o methods to overcome casino counter measures o ways to spot cheating o charts and tables that clearly illustrate key concepts A fascinating read and an indispensable resource for winning big, Beat the Dealer is the bible for players of this game of chance. **Bring these strategies into the casino: Perforated cards included in the book**
Author | : Edward O. Thorp |
Publisher | : |
Total Pages | : 170 |
Release | : 1977 |
Genre | : Mathematics |
ISBN | : |
Author | : Eric A. Posner |
Publisher | : Princeton University Press |
Total Pages | : 208 |
Release | : 2019-10-08 |
Genre | : Business & Economics |
ISBN | : 0691196974 |
Revolutionary ideas on how to use markets to achieve fairness and prosperity for all Many blame today's economic inequality, stagnation, and political instability on the free market. The solution is to rein in the market, right? Radical Markets turns this thinking on its head. With a new foreword by Ethereum creator Vitalik Buterin and virtual reality pioneer Jaron Lanier as well as a new afterword by Eric Posner and Glen Weyl, this provocative book reveals bold new ways to organize markets for the good of everyone. It shows how the emancipatory force of genuinely open, free, and competitive markets can reawaken the dormant nineteenth-century spirit of liberal reform and lead to greater equality, prosperity, and cooperation. Only by radically expanding the scope of markets can we reduce inequality, restore robust economic growth, and resolve political conflicts. But to do that, we must replace our most sacred institutions with truly free and open competition—Radical Markets shows how.
Author | : Garrett Hardin |
Publisher | : Oxford University Press |
Total Pages | : 350 |
Release | : 1995-04-06 |
Genre | : Business & Economics |
ISBN | : 0198024037 |
"We fail to mandate economic sanity," writes Garrett Hardin, "because our brains are addled by...compassion." With such startling assertions, Hardin has cut a swathe through the field of ecology for decades, winning a reputation as a fearless and original thinker. A prominent biologist, ecological philosopher, and keen student of human population control, Hardin now offers the finest summation of his work to date, with an eloquent argument for accepting the limits of the earth's resources--and the hard choices we must make to live within them. In Living Within Limits, Hardin focuses on the neglected problem of overpopulation, making a forceful case for dramatically changing the way we live in and manage our world. Our world itself, he writes, is in the dilemma of the lifeboat: it can only hold a certain number of people before it sinks--not everyone can be saved. The old idea of progress and limitless growth misses the point that the earth (and each part of it) has a limited carrying capacity; sentimentality should not cloud our ability to take necessary steps to limit population. But Hardin refutes the notion that goodwill and voluntary restraints will be enough. Instead, nations where population is growing must suffer the consequences alone. Too often, he writes, we operate on the faulty principle of shared costs matched with private profits. In Hardin's famous essay, "The Tragedy of the Commons," he showed how a village common pasture suffers from overgrazing because each villager puts as many cattle on it as possible--since the costs of grazing are shared by everyone, but the profits go to the individual. The metaphor applies to global ecology, he argues, making a powerful case for closed borders and an end to immigration from poor nations to rich ones. "The production of human beings is the result of very localized human actions; corrective action must be local....Globalizing the 'population problem' would only ensure that it would never be solved." Hardin does not shrink from the startling implications of his argument, as he criticizes the shipment of food to overpopulated regions and asserts that coercion in population control is inevitable. But he also proposes a free flow of information across boundaries, to allow each state to help itself. "The time-honored practice of pollute and move on is no longer acceptable," Hardin tells us. We now fill the globe, and we have no where else to go. In this powerful book, one of our leading ecological philosophers points out the hard choices we must make--and the solutions we have been afraid to consider.
Author | : Leonard C. MacLean |
Publisher | : World Scientific |
Total Pages | : 883 |
Release | : 2011 |
Genre | : Business & Economics |
ISBN | : 9814293490 |
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.