Quotessence
Home / Books / Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street

Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street

Book by William Poundstone · 16 quotes · Shannon, Compounds, Entropy

Filter quotes by topic

Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street Quotes

“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.”

“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.”