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William Poundstone

William Poundstone Biography

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“Carl Friedrich Gauss, often rated the greatest mathematician of all time, played the market. On a salary of 1,000 thalers a year, Euler left an estate of 170,587 thalers in cash and securities. Nothing is known of Gauss's investment methods.”

YearsLeftKnownSecurityMethodInvestmentAll TimeCashMathematicianEstatesSalaryEuler
Book:Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
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“The engine driving the Kelly system is the "law of large numbers." In a 1713 treatise on probability, Swiss mathematician Jakob Bernoulli propounded a law that has been misunderstood by gamblers (and investors) ever since.”

Has BeensLawNumbersDrivingInvestorsEnginesMathematicianProbabilityMisunderstoodLarge NumbersSwiss
Book:Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
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“People tend to be clueless about prices. Contrary to economic theory, we don't really decide between A and B by consulting our invisible price tags and purchasing the one that yields the higher utility, he says. We make do with guesstimates and a vague recollection of what things are “supposed to cost.””

PeopleEconomicTheoryHigherCostContraryInvisibleYieldVagueUtilityRecollectionTagConsultingCluelessPurchasingPrice TagEconomic Theory
Author:William Poundstone
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